# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001193125-26-085171
**Filing Date:** 2026-3
**Character Count:** 4120475
**Document Hash:** 8e8dffbc79c1f8d870160f828e4ff2db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-085171.hdr.sgml**: 20260302

**ACCESSION NUMBER**: 0001193125-26-085171

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 248

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260302

**DATE AS OF CHANGE**: 20260302

**EFFECTIVENESS DATE**: 20260302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMorgan Trust I
- **CENTRAL INDEX KEY:** 0001217286

**ORGANIZATION NAME:**
- **EIN:** 331043149
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 26706887

**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:** JP MORGAN MUTUAL FUND SERIES
- **DATE OF NAME CHANGE:** 20030204

## Series and Classes Contracts Data

### JPMorgan U.S. Equity Fund (Series ID: S000001447)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000003854 | Class A      | JUEAX           |
| C000007404 | Class I      | JUESX           |
| C000007405 | Class L      | JMUEX           |
| C000007566 | Class C      | JUECX           |
| C000033526 | Class R5     | JUSRX           |
| C000070617 | Class R2     | JUEZX           |
| C000093771 | Class R6     | JUEMX           |
| C000173553 | Class R3     | JUEPX           |
| C000173554 | Class R4     | JUEQX           |

### JPMorgan U.S. Research Enhanced Equity Fund (Series ID: S000002765)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007571 | Class I      | JDESX           |
| C000007573 | Class A      | JDEAX           |
| C000007982 | Class R6     | JDEUX           |

### JPMorgan Diversified Fund (Series ID: S000002766)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007574 | Class I      | JDVSX           |
| C000007575 | Class L      | JPDVX           |
| C000007576 | Class A      | JDVAX           |
| C000007578 | Class C      | JDVCX           |
| C000195232 | Class R6     | JDVZX           |

### JPMorgan Small Cap Blend Fund (Series ID: S000002767)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007579 | Class I      | JDSCX           |
| C000007580 | Class A      | VSCOX           |
| C000007582 | Class C      | VSCCX           |
| C000200711 | Class R6     | JSCHX           |

### JPMorgan U.S. Value Fund (Series ID: S000002768)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007583 | Class I      | VGIIX           |
| C000007584 | Class A      | VGRIX           |
| C000007586 | Class C      | VGICX           |
| C000162364 | Class R2     | VGRTX           |
| C000162365 | Class R5     | VGIFX           |
| C000162366 | Class R6     | VGINX           |
| C000190876 | Class R3     | JGAVX           |
| C000190877 | Class R4     | JGRUX           |

### JPMorgan U.S. GARP Equity Fund (Series ID: S000002790)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007641 | Class I      | JPGSX           |
| C000007642 | Class A      | JIGAX           |
| C000007643 | Class C      | JCICX           |
| C000033529 | Class R5     | JGIRX           |
| C000070623 | Class R2     | JIGZX           |
| C000162368 | Class R6     | JGISX           |

### JPMorgan U.S. Sustainable Leaders Fund (Series ID: S000002791)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007644 | Class I      | JIISX           |
| C000007645 | Class A      | JICAX           |
| C000007646 | Class C      | JICCX           |
| C000222263 | Class R6     | JIIGX           |

### JPMorgan Mid Cap Equity Fund (Series ID: S000002793)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007650 | Class I      | VSNGX           |
| C000007895 | Class A      | JCMAX           |
| C000081076 | Class C      | JMCCX           |
| C000136840 | Class R2     | JMCEX           |
| C000136841 | Class R5     | JMEEX           |
| C000136842 | Class R6     | JPPEX           |

### JPMorgan Small Cap Equity Fund (Series ID: S000002794)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007651 | Class I      | VSEIX           |
| C000007653 | Class A      | VSEAX           |
| C000007655 | Class C      | JSECX           |
| C000033531 | Class R5     | JSERX           |
| C000070625 | Class R2     | JSEZX           |
| C000169974 | Class R6     | VSENX           |
| C000173555 | Class R3     | JSEPX           |
| C000173556 | Class R4     | JSEQX           |

### JPMorgan U.S. Small Company Fund (Series ID: S000002795)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007656 | Class I      | JSCSX           |
| C000007657 | Class L      | JUSSX           |
| C000054337 | Class A      | JTUAX           |
| C000054338 | Class C      | JTUCX           |
| C000106052 | Class R2     | JSCZX           |
| C000106053 | Class R6     | JUSMX           |
| C000173220 | Class R5     | JUSYX           |
| C000173557 | Class R3     | JUSPX           |
| C000173558 | Class R4     | JUSQX           |

### JPMorgan Value Advantage Fund (Series ID: S000002796)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007658 | Class I      | JVASX           |
| C000007659 | Class L      | JVAIX           |
| C000007660 | Class A      | JVAAX           |
| C000007661 | Class C      | JVACX           |
| C000173221 | Class R3     | JVAPX           |
| C000173222 | Class R4     | JVAQX           |
| C000173223 | Class R5     | JVARX           |
| C000173224 | Class R6     | JVAYX           |
| C000190878 | Class R2     | JGAQX           |

### JPMorgan U.S. Large Cap Core Plus Fund (Series ID: S000002849)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007809 | Class I      | JLPSX           |
| C000007811 | Class A      | JLCAX           |
| C000007812 | Class C      | JLPCX           |
| C000033532 | Class R5     | JCPRX           |
| C000070626 | Class R2     | JLPZX           |
| C000195233 | Class R6     | JLPYX           |

### JPMorgan SmartRetirement Income Fund (Series ID: S000011871)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000032433 | Class A      | JSRAX           |
| C000032434 | Class C      | JSRCX           |
| C000032435 | Class I      | JSRSX           |
| C000032436 | Class R5     | JSIIX           |
| C000070627 | Class R2     | JSIZX           |
| C000148425 | Class R6     | JSIYX           |
| C000169479 | Class R3     | JSIPX           |
| C000169480 | Class R4     | JSIQX           |

### JPMorgan SmartRetirement 2030 Fund (Series ID: S000011875)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000032449 | Class A      | JSMAX           |
| C000032450 | Class C      | JSMCX           |
| C000032451 | Class I      | JSMSX           |
| C000032452 | Class R5     | JSMIX           |
| C000070631 | Class R2     | JSMZX           |
| C000148428 | Class R6     | JSMYX           |
| C000169485 | Class R3     | JSMNX           |
| C000169486 | Class R4     | JSMQX           |

### JPMorgan SmartRetirement 2040 Fund (Series ID: S000011876)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000032453 | Class A      | SMTAX           |
| C000032454 | Class C      | SMTCX           |
| C000032455 | Class I      | SMTSX           |
| C000032456 | Class R5     | SMTIX           |
| C000070632 | Class R2     | SMTZX           |
| C000148429 | Class R6     | SMTYX           |
| C000169487 | Class R4     | SMTQX           |
| C000169488 | Class R3     | SMTPX           |

### JPMorgan SmartRetirement 2025 Fund (Series ID: S000018065)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000050048 | Class A      | JNSAX           |
| C000050049 | Class C      | JNSCX           |
| C000050050 | Class I      | JNSSX           |
| C000050051 | Class R5     | JNSIX           |
| C000070633 | Class R2     | JNSZX           |
| C000148430 | Class R6     | JNSYX           |
| C000169489 | Class R3     | JNSPX           |
| C000169490 | Class R4     | JNSQX           |

### JPMorgan SmartRetirement 2035 Fund (Series ID: S000018066)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000050052 | Class A      | SRJAX           |
| C000050053 | Class C      | SRJCX           |
| C000050054 | Class I      | SRJSX           |
| C000050055 | Class R5     | SRJIX           |
| C000070634 | Class R2     | SRJZX           |
| C000148431 | Class R6     | SRJYX           |
| C000169491 | Class R3     | SRJPX           |
| C000169492 | Class R4     | SRJQX           |

### JPMorgan SmartRetirement 2045 Fund (Series ID: S000018067)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000050056 | Class C      | JSACX           |
| C000050057 | Class I      | JSASX           |
| C000050058 | Class R5     | JSAIX           |
| C000050059 | Class A      | JSAAX           |
| C000070635 | Class R2     | JSAZX           |
| C000148432 | Class R6     | JSAYX           |
| C000169493 | Class R3     | JSAPX           |
| C000169494 | Class R4     | JSAQX           |

### JPMorgan SmartRetirement 2050 Fund (Series ID: S000018068)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000050060 | Class A      | JTSAX           |
| C000050061 | Class C      | JTSCX           |
| C000050062 | Class I      | JTSSX           |
| C000050063 | Class R5     | JTSIX           |
| C000070636 | Class R2     | JTSZX           |
| C000148433 | Class R6     | JTSYX           |
| C000169495 | Class R3     | JTSPX           |
| C000169496 | Class R4     | JTSQX           |

### JPMorgan SmartRetirement 2055 Fund (Series ID: S000035832)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000109814 | Class A      | JFFAX           |
| C000109815 | Class C      | JFFCX           |
| C000109816 | Class I      | JFFSX           |
| C000109817 | Class R2     | JFFRX           |
| C000109818 | Class R5     | JFFIX           |
| C000148434 | Class R6     | JFFYX           |
| C000169497 | Class R3     | JFFPX           |
| C000169498 | Class R4     | JFFQX           |

### JPMorgan SmartRetirement* Blend Income Fund (Series ID: S000037359)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115298 | Class I      | JIJSX           |
| C000115299 | Class R2     | JIRBX           |
| C000115300 | Class R5     | JIBBX           |
| C000115301 | Class R6     | JIYBX           |
| C000186783 | Class R3     | JITLX           |
| C000186784 | Class R4     | JITKX           |

### JPMorgan SmartRetirement* Blend 2055 Fund (Series ID: S000037360)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115304 | Class I      | JPTBX           |
| C000115305 | Class R2     | JTRBX           |
| C000115306 | Class R5     | JTBBX           |
| C000115307 | Class R6     | JTYBX           |
| C000186785 | Class R3     | JTTUX           |
| C000186786 | Class R4     | JTTLX           |

### JPMorgan SmartRetirement* Blend 2025 Fund (Series ID: S000037365)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115334 | Class I      | JBSSX           |
| C000115335 | Class R2     | JBRSX           |
| C000115336 | Class R5     | JBBSX           |
| C000115337 | Class R6     | JBYSX           |
| C000186789 | Class R3     | JBTUX           |
| C000186790 | Class R4     | JBTBX           |

### JPMorgan SmartRetirement* Blend 2030 Fund (Series ID: S000037366)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115340 | Class I      | JRBEX           |
| C000115341 | Class R2     | JRBRX           |
| C000115342 | Class R5     | JRBBX           |
| C000115343 | Class R6     | JRBYX           |
| C000186791 | Class R3     | JUTPX           |
| C000186792 | Class R4     | JUTUX           |

### JPMorgan SmartRetirement* Blend 2035 Fund (Series ID: S000037367)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115346 | Class I      | JPSRX           |
| C000115347 | Class R2     | JPRRX           |
| C000115348 | Class R5     | JPBRX           |
| C000115349 | Class R6     | JPYRX           |
| C000186793 | Class R4     | JPTKX           |
| C000186794 | Class R3     | JPTLX           |

### JPMorgan SmartRetirement* Blend 2040 Fund (Series ID: S000037368)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115352 | Class I      | JOBEX           |
| C000115353 | Class R2     | JOBRX           |
| C000115354 | Class R5     | JOBBX           |
| C000115355 | Class R6     | JOBYX           |
| C000186795 | Class R3     | JNTEX           |
| C000186796 | Class R4     | JNTNX           |

### JPMorgan SmartRetirement* Blend 2045 Fund (Series ID: S000037369)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115358 | Class I      | JMSSX           |
| C000115359 | Class R2     | JNARX           |
| C000115360 | Class R5     | JMBRX           |
| C000115361 | Class R6     | JMYAX           |
| C000186797 | Class R3     | JNTOX           |
| C000186798 | Class R4     | JNTLX           |

### JPMorgan SmartRetirement* Blend 2050 Fund (Series ID: S000037370)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115364 | Class I      | JNEAX           |
| C000115365 | Class R2     | JNNRX           |
| C000115366 | Class R5     | JNABX           |
| C000115367 | Class R6     | JNYAX           |
| C000186799 | Class R3     | JNTKX           |
| C000186800 | Class R4     | JNTPX           |

### JPMorgan Hedged Equity Fund (Series ID: S000043249)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000133811 | Class A      | JHQAX           |
| C000133812 | Class C      | JHQCX           |
| C000133813 | Class I      | JHEQX           |
| C000133814 | Class R5     | JHQPX           |
| C000133815 | Class R6     | JHQRX           |

### JPMorgan SmartRetirement 2060 Fund (Series ID: S000054775)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000172118 | Class A      | JAKAX           |
| C000172119 | Class C      | JAKCX           |
| C000172120 | Class I      | JAKSX           |
| C000172121 | Class R5     | JAKIX           |
| C000172122 | Class R2     | JAKZX           |
| C000172123 | Class R3     | JAKPX           |
| C000172124 | Class R4     | JAKQX           |
| C000172125 | Class R6     | JAKYX           |

### JPMorgan SmartRetirement Blend 2060 Fund (Series ID: S000054776)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000172127 | Class I      | JACSX           |
| C000172128 | Class R2     | JATPX           |
| C000172129 | Class R5     | JAABX           |
| C000172130 | Class R6     | JAAYX           |
| C000186801 | Class R3     | JATQX           |
| C000186802 | Class R4     | JATUX           |

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

#### 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

#### 811-21295

#### JPMorgan Trust I
(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 Diversified Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JDVAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Diversified 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 Diversified Fund<br>(Class A Shares) | $47 | 0.90% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $418418 |
| **Total number of portfolio holdings** | 1152 |
| **Portfolio turnover rate** | 28% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115169.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JDVAX-1225

JPMorgan Diversified Fund - Class A

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

JPMorgan Diversified Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JDVCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Diversified 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 Diversified Fund<br>(Class C Shares) | $73 | 1.40% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $418418 |
| **Total number of portfolio holdings** | 1152 |
| **Portfolio turnover rate** | 28% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115217.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JDVCX-1225

JPMorgan Diversified Fund - Class C

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

JPMorgan Diversified Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JDVSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Diversified 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 Diversified Fund<br>(Class I Shares) | $34 | 0.65% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $418418 |
| **Total number of portfolio holdings** | 1152 |
| **Portfolio turnover rate** | 28% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115265.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JDVSX-1225

JPMorgan Diversified Fund - Class I

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

JPMorgan Diversified Fund

![FrontCoverImage](g86821images_2694.jpg)

Class L Shares/Ticker: JPDVX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Diversified 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 Diversified Fund<br>(Class L Shares) | $31 | 0.59% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $418418 |
| **Total number of portfolio holdings** | 1152 |
| **Portfolio turnover rate** | 28% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115313.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JPDVX-1225

JPMorgan Diversified Fund - Class L

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

JPMorgan Diversified Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JDVZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Diversified 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 Diversified Fund<br>(Class R6 Shares) | $27 | 0.52% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $418418 |
| **Total number of portfolio holdings** | 1152 |
| **Portfolio turnover rate** | 28% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115361.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JDVZX-1225

JPMorgan Diversified Fund - Class R6

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

JPMorgan Hedged Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JHQAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Hedged Equity 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 Hedged Equity Fund<br>(Class A Shares) | $43 | 0.82% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $21329400 |
| **Total number of portfolio holdings** | 155 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114929.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g86821images_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 

JHQAX-1225

JPMorgan Hedged Equity Fund - Class A

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

JPMorgan Hedged Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JHQCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Hedged Equity 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 Hedged Equity Fund<br>(Class C Shares) | $69 | 1.32% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $21329400 |
| **Total number of portfolio holdings** | 155 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114977.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g86821images_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 

JHQCX-1225

JPMorgan Hedged Equity Fund - Class C

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

JPMorgan Hedged Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JHEQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Hedged Equity 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 Hedged Equity Fund<br>(Class I Shares) | $30 | 0.57% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $21329400 |
| **Total number of portfolio holdings** | 155 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115025.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g86821images_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 

JHEQX-1225

JPMorgan Hedged Equity Fund - Class I

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

JPMorgan Hedged Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JHQPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Hedged Equity 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 Hedged Equity Fund<br>(Class R5 Shares) | $23 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $21329400 |
| **Total number of portfolio holdings** | 155 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115073.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g86821images_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 

JHQPX-1225

JPMorgan Hedged Equity Fund - Class R5

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

JPMorgan Hedged Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JHQRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Hedged Equity 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 Hedged Equity Fund<br>(Class R6 Shares) | $17 | 0.32% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $21329400 |
| **Total number of portfolio holdings** | 155 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115121.jpg)

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

(a) Put Options Purchased

**Availability of Additional Information**

![QRCode](g86821images_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 

JHQRX-1225

JPMorgan Hedged Equity Fund - Class R6

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

JPMorgan Mid Cap Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JCMAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Mid Cap Equity 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 Mid Cap Equity Fund<br>(Class A Shares) | $56 | 1.09% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5737280 |
| **Total number of portfolio holdings** | 195 |
| **Portfolio turnover rate** | 41% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114257.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JCMAX-1225

JPMorgan Mid Cap Equity Fund - Class A

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

JPMorgan Mid Cap Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JMCCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Mid Cap Equity 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 Mid Cap Equity Fund<br>(Class C Shares) | $81 | 1.59% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5737280 |
| **Total number of portfolio holdings** | 195 |
| **Portfolio turnover rate** | 41% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114305.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JMCCX-1225

JPMorgan Mid Cap Equity Fund - Class C

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

JPMorgan Mid Cap Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: VSNGX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Mid Cap Equity 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 Mid Cap Equity Fund<br>(Class I Shares) | $43 | 0.84% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5737280 |
| **Total number of portfolio holdings** | 195 |
| **Portfolio turnover rate** | 41% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114353.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

VSNGX-1225

JPMorgan Mid Cap Equity Fund - Class I

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

JPMorgan Mid Cap Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JMCEX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Mid Cap Equity 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 Mid Cap Equity Fund<br>(Class R2 Shares) | $69 | 1.35% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5737280 |
| **Total number of portfolio holdings** | 195 |
| **Portfolio turnover rate** | 41% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114449.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JMCEX-1225

JPMorgan Mid Cap Equity Fund - Class R2

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

JPMorgan Mid Cap Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JMEEX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Mid Cap Equity 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 Mid Cap Equity Fund<br>(Class R5 Shares) | $36 | 0.70% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5737280 |
| **Total number of portfolio holdings** | 195 |
| **Portfolio turnover rate** | 41% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114497.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JMEEX-1225

JPMorgan Mid Cap Equity Fund - Class R5

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

JPMorgan Mid Cap Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JPPEX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Mid Cap Equity 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 Mid Cap Equity Fund<br>(Class R6 Shares) | $31 | 0.60% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $5737280 |
| **Total number of portfolio holdings** | 195 |
| **Portfolio turnover rate** | 41% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114401.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JPPEX-1225

JPMorgan Mid Cap Equity Fund - Class R6

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

JPMorgan Small Cap Blend Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: VSCOX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Small Cap Blend 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 Small Cap Blend Fund<br>(Class A Shares) | $65 | 1.24% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1486074 |
| **Total number of portfolio holdings** | 241 |
| **Portfolio turnover rate** | 30% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114065.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

VSCOX-1225

JPMorgan Small Cap Blend Fund - Class A

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

JPMorgan Small Cap Blend Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: VSCCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Small Cap Blend 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 Small Cap Blend Fund<br>(Class C Shares) | $91 | 1.74% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1486074 |
| **Total number of portfolio holdings** | 241 |
| **Portfolio turnover rate** | 30% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114113.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

VSCCX-1225

JPMorgan Small Cap Blend Fund - Class C

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

JPMorgan Small Cap Blend Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JDSCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Small Cap Blend 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 Small Cap Blend Fund<br>(Class I Shares) | $52 | 0.99% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1486074 |
| **Total number of portfolio holdings** | 241 |
| **Portfolio turnover rate** | 30% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114161.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JDSCX-1225

JPMorgan Small Cap Blend Fund - Class I

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

JPMorgan Small Cap Blend Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JSCHX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Small Cap Blend 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 Small Cap Blend Fund<br>(Class R6 Shares) | $39 | 0.74% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1486074 |
| **Total number of portfolio holdings** | 241 |
| **Portfolio turnover rate** | 30% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114209.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSCHX-1225

JPMorgan Small Cap Blend Fund - Class R6

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

JPMorgan Small Cap Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: VSEAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Small Cap Equity 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 Small Cap Equity Fund<br>(Class A Shares) | $63 | 1.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3090498 |
| **Total number of portfolio holdings** | 105 |
| **Portfolio turnover rate** | 18% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5111761.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

VSEAX-1225

JPMorgan Small Cap Equity Fund - Class A

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

JPMorgan Small Cap Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JSECX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Small Cap Equity 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 Small Cap Equity Fund<br>(Class C Shares) | $89 | 1.77% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3090498 |
| **Total number of portfolio holdings** | 105 |
| **Portfolio turnover rate** | 18% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5111809.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSECX-1225

JPMorgan Small Cap Equity Fund - Class C

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

JPMorgan Small Cap Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: VSEIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Small Cap Equity 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 Small Cap Equity Fund<br>(Class I Shares) | $50 | 0.99% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3090498 |
| **Total number of portfolio holdings** | 105 |
| **Portfolio turnover rate** | 18% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5111857.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

VSEIX-1225

JPMorgan Small Cap Equity Fund - Class I

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

JPMorgan Small Cap Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JSEZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Small Cap Equity 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 Small Cap Equity Fund<br>(Class R2 Shares) | $75 | 1.49% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3090498 |
| **Total number of portfolio holdings** | 105 |
| **Portfolio turnover rate** | 18% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5111905.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSEZX-1225

JPMorgan Small Cap Equity Fund - Class R2

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

JPMorgan Small Cap Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JSEPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Small Cap Equity 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 Small Cap Equity Fund<br>(Class R3 Shares) | $65 | 1.28% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3090498 |
| **Total number of portfolio holdings** | 105 |
| **Portfolio turnover rate** | 18% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5111953.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSEPX-1225

JPMorgan Small Cap Equity Fund - Class R3

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

JPMorgan Small Cap Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JSEQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Small Cap Equity 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 Small Cap Equity Fund<br>(Class R4 Shares) | $50 | 0.99% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3090498 |
| **Total number of portfolio holdings** | 105 |
| **Portfolio turnover rate** | 18% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112001.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSEQX-1225

JPMorgan Small Cap Equity Fund - Class R4

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

JPMorgan Small Cap Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JSERX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Small Cap Equity 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 Small Cap Equity Fund<br>(Class R5 Shares) | $40 | 0.80% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3090498 |
| **Total number of portfolio holdings** | 105 |
| **Portfolio turnover rate** | 18% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112049.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSERX-1225

JPMorgan Small Cap Equity Fund - Class R5

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

JPMorgan Small Cap Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: VSENX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Small Cap Equity 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 Small Cap Equity Fund<br>(Class R6 Shares) | $37 | 0.74% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3090498 |
| **Total number of portfolio holdings** | 105 |
| **Portfolio turnover rate** | 18% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112097.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

VSENX-1225

JPMorgan Small Cap Equity Fund - Class R6

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

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

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JIJSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend Income 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 SmartRetirement<sup>®</sup> Blend Income Fund<br>(Class I Shares) | $15 | 0.29% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1593589 |
| **Total number of portfolio holdings** | 939 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115793.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JIJSX-1225

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

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

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

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JIRBX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend Income 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 SmartRetirement<sup>®</sup> Blend Income Fund<br>(Class R2 Shares) | $41 | 0.79% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1593589 |
| **Total number of portfolio holdings** | 939 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115841.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JIRBX-1225

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

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

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

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JITLX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend Income 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 SmartRetirement<sup>®</sup> Blend Income Fund<br>(Class R3 Shares) | $28 | 0.54% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1593589 |
| **Total number of portfolio holdings** | 939 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115889.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JITLX-1225

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

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

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

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JITKX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend Income 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 SmartRetirement<sup>®</sup> Blend Income Fund<br>(Class R4 Shares) | $15 | 0.29% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1593589 |
| **Total number of portfolio holdings** | 939 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115937.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JITKX-1225

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

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

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

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JIBBX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend Income 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 SmartRetirement<sup>®</sup> Blend Income Fund<br>(Class R5 Shares) | $7 | 0.14% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1593589 |
| **Total number of portfolio holdings** | 939 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115697.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JIBBX-1225

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

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

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

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JIYBX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend Income 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 SmartRetirement<sup>®</sup> Blend Income Fund<br>(Class R6 Shares) | $2 | 0.04% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1593589 |
| **Total number of portfolio holdings** | 939 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115745.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JIYBX-1225

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

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2025 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JBSSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2025 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 SmartRetirement<sup>®</sup> Blend 2025 Fund<br>(Class I Shares) | $15 | 0.29% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1962672 |
| **Total number of portfolio holdings** | 927 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115985.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JBSSX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2025 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2025 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JBRSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2025 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 SmartRetirement<sup>®</sup> Blend 2025 Fund<br>(Class R2 Shares) | $41 | 0.79% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1962672 |
| **Total number of portfolio holdings** | 927 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116033.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JBRSX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2025 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2025 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JBTUX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2025 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 SmartRetirement<sup>®</sup> Blend 2025 Fund<br>(Class R3 Shares) | $28 | 0.54% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1962672 |
| **Total number of portfolio holdings** | 927 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116081.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JBTUX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2025 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2025 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JBTBX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2025 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 SmartRetirement<sup>®</sup> Blend 2025 Fund<br>(Class R4 Shares) | $15 | 0.29% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1962672 |
| **Total number of portfolio holdings** | 927 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116129.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JBTBX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2025 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2025 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JBBSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2025 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 SmartRetirement<sup>®</sup> Blend 2025 Fund<br>(Class R5 Shares) | $7 | 0.14% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1962672 |
| **Total number of portfolio holdings** | 927 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116177.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JBBSX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2025 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2025 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JBYSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2025 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 SmartRetirement<sup>®</sup> Blend 2025 Fund<br>(Class R6 Shares) | $2 | 0.04% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1962672 |
| **Total number of portfolio holdings** | 927 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116225.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JBYSX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2025 Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2030 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JRBEX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2030 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 SmartRetirement<sup>®</sup> Blend 2030 Fund<br>(Class I Shares) | $16 | 0.31% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3124584 |
| **Total number of portfolio holdings** | 1074 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116273.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JRBEX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2030 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2030 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JRBRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2030 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 SmartRetirement<sup>®</sup> Blend 2030 Fund<br>(Class R2 Shares) | $42 | 0.81% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3124584 |
| **Total number of portfolio holdings** | 1074 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116321.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JRBRX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2030 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2030 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JUTPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2030 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 SmartRetirement<sup>®</sup> Blend 2030 Fund<br>(Class R3 Shares) | $29 | 0.56% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3124584 |
| **Total number of portfolio holdings** | 1074 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116369.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JUTPX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2030 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2030 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JUTUX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2030 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 SmartRetirement<sup>®</sup> Blend 2030 Fund<br>(Class R4 Shares) | $16 | 0.31% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3124584 |
| **Total number of portfolio holdings** | 1074 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116417.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JUTUX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2030 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2030 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JRBBX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2030 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 SmartRetirement<sup>®</sup> Blend 2030 Fund<br>(Class R5 Shares) | $8 | 0.16% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3124584 |
| **Total number of portfolio holdings** | 1074 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116465.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JRBBX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2030 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2030 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JRBYX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2030 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 SmartRetirement<sup>®</sup> Blend 2030 Fund<br>(Class R6 Shares) | $3 | 0.06% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3124584 |
| **Total number of portfolio holdings** | 1074 |
| **Portfolio turnover rate** | 7% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116513.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JRBYX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2030 Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2035 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JPSRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2035 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 SmartRetirement<sup>®</sup> Blend 2035 Fund<br>(Class I Shares) | $14 | 0.27% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3565766 |
| **Total number of portfolio holdings** | 858 |
| **Portfolio turnover rate** | 4% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116561.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JPSRX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2035 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2035 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JPRRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2035 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 SmartRetirement<sup>®</sup> Blend 2035 Fund<br>(Class R2 Shares) | $41 | 0.77% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3565766 |
| **Total number of portfolio holdings** | 858 |
| **Portfolio turnover rate** | 4% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116609.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JPRRX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2035 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2035 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JPTLX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2035 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 SmartRetirement<sup>®</sup> Blend 2035 Fund<br>(Class R3 Shares) | $27 | 0.52% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3565766 |
| **Total number of portfolio holdings** | 858 |
| **Portfolio turnover rate** | 4% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116657.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JPTLX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2035 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2035 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JPTKX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2035 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 SmartRetirement<sup>®</sup> Blend 2035 Fund<br>(Class R4 Shares) | $14 | 0.27% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3565766 |
| **Total number of portfolio holdings** | 858 |
| **Portfolio turnover rate** | 4% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116705.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JPTKX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2035 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2035 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JPBRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2035 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 SmartRetirement<sup>®</sup> Blend 2035 Fund<br>(Class R5 Shares) | $6 | 0.12% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3565766 |
| **Total number of portfolio holdings** | 858 |
| **Portfolio turnover rate** | 4% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116753.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JPBRX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2035 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2035 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JPYRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2035 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 SmartRetirement<sup>®</sup> Blend 2035 Fund<br>(Class R6 Shares) | $1 | 0.02% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3565766 |
| **Total number of portfolio holdings** | 858 |
| **Portfolio turnover rate** | 4% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116801.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JPYRX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2035 Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2040 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JOBEX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2040 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 SmartRetirement<sup>®</sup> Blend 2040 Fund<br>(Class I Shares) | $15 | 0.28% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3312728 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116849.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JOBEX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2040 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2040 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JOBRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2040 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 SmartRetirement<sup>®</sup> Blend 2040 Fund<br>(Class R2 Shares) | $41 | 0.78% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3312728 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116897.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JOBRX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2040 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2040 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JNTEX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2040 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 SmartRetirement<sup>®</sup> Blend 2040 Fund<br>(Class R3 Shares) | $28 | 0.53% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3312728 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116945.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNTEX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2040 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2040 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JNTNX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2040 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 SmartRetirement<sup>®</sup> Blend 2040 Fund<br>(Class R4 Shares) | $15 | 0.28% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3312728 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5116993.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNTNX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2040 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2040 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JOBBX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2040 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 SmartRetirement<sup>®</sup> Blend 2040 Fund<br>(Class R5 Shares) | $7 | 0.13% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3312728 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117041.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JOBBX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2040 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2040 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JOBYX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2040 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 SmartRetirement<sup>®</sup> Blend 2040 Fund<br>(Class R6 Shares) | $2 | 0.03% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3312728 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117089.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JOBYX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2040 Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2045 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JMSSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2045 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 SmartRetirement<sup>®</sup> Blend 2045 Fund<br>(Class I Shares) | $16 | 0.31% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2888951 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 4% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117137.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JMSSX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2045 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2045 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JNARX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2045 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 SmartRetirement<sup>®</sup> Blend 2045 Fund<br>(Class R2 Shares) | $43 | 0.81% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2888951 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 4% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117185.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNARX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2045 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2045 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JNTOX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2045 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 SmartRetirement<sup>®</sup> Blend 2045 Fund<br>(Class R3 Shares) | $29 | 0.56% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2888951 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 4% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117233.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNTOX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2045 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2045 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JNTLX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2045 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 SmartRetirement<sup>®</sup> Blend 2045 Fund<br>(Class R4 Shares) | $16 | 0.31% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2888951 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 4% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117281.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNTLX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2045 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2045 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JMBRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2045 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 SmartRetirement<sup>®</sup> Blend 2045 Fund<br>(Class R5 Shares) | $8 | 0.16% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2888951 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 4% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117329.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JMBRX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2045 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2045 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JMYAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2045 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 SmartRetirement<sup>®</sup> Blend 2045 Fund<br>(Class R6 Shares) | $3 | 0.06% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2888951 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 4% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117377.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JMYAX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2045 Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2050 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JNEAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2050 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 SmartRetirement<sup>®</sup> Blend 2050 Fund<br>(Class I Shares) | $17 | 0.32% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2434377 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117425.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNEAX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2050 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2050 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JNNRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2050 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 SmartRetirement<sup>®</sup> Blend 2050 Fund<br>(Class R2 Shares) | $43 | 0.82% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2434377 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117473.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNNRX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2050 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2050 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JNTKX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2050 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 SmartRetirement<sup>®</sup> Blend 2050 Fund<br>(Class R3 Shares) | $30 | 0.57% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2434377 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117521.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNTKX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2050 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2050 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JNTPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2050 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 SmartRetirement<sup>®</sup> Blend 2050 Fund<br>(Class R4 Shares) | $17 | 0.32% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2434377 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117569.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNTPX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2050 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2050 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JNABX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2050 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 SmartRetirement<sup>®</sup> Blend 2050 Fund<br>(Class R5 Shares) | $9 | 0.17% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2434377 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117617.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNABX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2050 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2050 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JNYAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2050 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 SmartRetirement<sup>®</sup> Blend 2050 Fund<br>(Class R6 Shares) | $4 | 0.07% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2434377 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117665.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNYAX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2050 Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JPTBX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund (the "Fund") for the period of 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.

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

#### 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 SmartRetirement<sup>®</sup> Blend 2055 Fund<br>(Class I Shares) | $17 | 0.32% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1472963 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 2% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117857.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JPTBX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JTRBX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund (the "Fund") for the period of 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.

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

#### 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 SmartRetirement<sup>®</sup> Blend 2055 Fund<br>(Class R2 Shares) | $44 | 0.82% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1472963 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 2% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117905.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JTRBX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JTTUX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund (the "Fund") for the period of 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.

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

#### 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 SmartRetirement<sup>®</sup> Blend 2055 Fund<br>(Class R3 Shares) | $30 | 0.57% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1472963 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 2% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117953.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JTTUX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JTTLX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2055 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 SmartRetirement<sup>®</sup> Blend 2055 Fund<br>(Class R4 Shares) | $17 | 0.32% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1472963 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 2% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117713.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JTTLX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JTBBX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2055 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 SmartRetirement<sup>®</sup> Blend 2055 Fund<br>(Class R5 Shares) | $9 | 0.17% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1472963 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 2% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117761.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JTBBX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JTYBX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2055 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 SmartRetirement<sup>®</sup> Blend 2055 Fund<br>(Class R6 Shares) | $4 | 0.07% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1472963 |
| **Total number of portfolio holdings** | 15 |
| **Portfolio turnover rate** | 2% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5117809.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JTYBX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2060 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JACSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2060 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 SmartRetirement<sup>®</sup> Blend 2060 Fund<br>(Class I Shares) | $17 | 0.32% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $887891 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115409.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JACSX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2060 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2060 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JATPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2060 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 SmartRetirement<sup>®</sup> Blend 2060 Fund<br>(Class R2 Shares) | $44 | 0.82% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $887891 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115457.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JATPX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2060 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2060 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JATQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2060 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 SmartRetirement<sup>®</sup> Blend 2060 Fund<br>(Class R3 Shares) | $30 | 0.57% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $887891 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115505.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JATQX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2060 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2060 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JATUX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2060 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 SmartRetirement<sup>®</sup> Blend 2060 Fund<br>(Class R4 Shares) | $17 | 0.32% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $887891 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115553.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JATUX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2060 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2060 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JAABX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2060 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 SmartRetirement<sup>®</sup> Blend 2060 Fund<br>(Class R5 Shares) | $9 | 0.17% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $887891 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115601.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JAABX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2060 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> Blend 2060 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JAAYX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Blend 2060 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 SmartRetirement<sup>®</sup> Blend 2060 Fund<br>(Class R6 Shares) | $4 | 0.07% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $887891 |
| **Total number of portfolio holdings** | 16 |
| **Portfolio turnover rate** | 3% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5115649.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JAAYX-1225

JPMorgan SmartRetirement<sup>®</sup> Blend 2060 Fund - Class R6

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

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

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JSRAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Income 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 SmartRetirement<sup>®</sup> Income Fund<br>(Class A Shares) | $18 | 0.35% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1890381 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118385.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSRAX-1225

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

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

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

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JSRCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Income 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 SmartRetirement<sup>®</sup> Income Fund<br>(Class C Shares) | $51 | 0.98% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1890381 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118433.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSRCX-1225

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

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

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

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JSRSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Income 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 SmartRetirement<sup>®</sup> Income Fund<br>(Class I Shares) | $12 | 0.23% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1890381 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118481.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSRSX-1225

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

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

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

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JSIZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Income 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 SmartRetirement<sup>®</sup> Income Fund<br>(Class R2 Shares) | $39 | 0.75% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1890381 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118529.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSIZX-1225

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

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

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

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JSIPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Income 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 SmartRetirement<sup>®</sup> Income Fund<br>(Class R3 Shares) | $26 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1890381 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118577.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSIPX-1225

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

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

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

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JSIQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Income 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 SmartRetirement<sup>®</sup> Income Fund<br>(Class R4 Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1890381 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118625.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSIQX-1225

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

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

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

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JSIIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Income 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 SmartRetirement<sup>®</sup> Income Fund<br>(Class R5 Shares) | $5 | 0.10% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1890381 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118673.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSIIX-1225

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

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

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

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JSIYX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> Income 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 SmartRetirement<sup>®</sup> Income Fund<br>(Class R6 Shares) | $0 | 0.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1890381 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118721.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSIYX-1225

JPMorgan SmartRetirement<sup>®</sup> Income Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JNSAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2025 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 SmartRetirement<sup>®</sup> 2025 Fund<br>(Class A Shares) | $23 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2029206 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119537.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNSAX-1225

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund - Class A

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

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JNSCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2025 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 SmartRetirement<sup>®</sup> 2025 Fund<br>(Class C Shares) | $52 | 1.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2029206 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119585.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNSCX-1225

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund - Class C

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

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JNSSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2025 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 SmartRetirement<sup>®</sup> 2025 Fund<br>(Class I Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2029206 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119633.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNSSX-1225

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JNSZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2025 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 SmartRetirement<sup>®</sup> 2025 Fund<br>(Class R2 Shares) | $39 | 0.75% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2029206 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119681.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNSZX-1225

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JNSPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2025 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 SmartRetirement<sup>®</sup> 2025 Fund<br>(Class R3 Shares) | $26 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2029206 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119729.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNSPX-1225

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JNSQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2025 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 SmartRetirement<sup>®</sup> 2025 Fund<br>(Class R4 Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2029206 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119777.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNSQX-1225

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JNSIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2025 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 SmartRetirement<sup>®</sup> 2025 Fund<br>(Class R5 Shares) | $5 | 0.10% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2029206 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119825.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNSIX-1225

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JNSYX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2025 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 SmartRetirement<sup>®</sup> 2025 Fund<br>(Class R6 Shares) | $0 | 0.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2029206 |
| **Total number of portfolio holdings** | 20 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119873.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JNSYX-1225

JPMorgan SmartRetirement<sup>®</sup> 2025 Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JSMAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2030 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 SmartRetirement<sup>®</sup> 2030 Fund<br>(Class A Shares) | $23 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3572107 |
| **Total number of portfolio holdings** | 22 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118769.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSMAX-1225

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund - Class A

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

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JSMCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2030 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 SmartRetirement<sup>®</sup> 2030 Fund<br>(Class C Shares) | $52 | 1.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3572107 |
| **Total number of portfolio holdings** | 22 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118817.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSMCX-1225

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund - Class C

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

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JSMSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2030 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 SmartRetirement<sup>®</sup> 2030 Fund<br>(Class I Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3572107 |
| **Total number of portfolio holdings** | 22 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118865.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSMSX-1225

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JSMZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2030 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 SmartRetirement<sup>®</sup> 2030 Fund<br>(Class R2 Shares) | $39 | 0.75% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3572107 |
| **Total number of portfolio holdings** | 22 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118913.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSMZX-1225

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JSMNX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2030 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 SmartRetirement<sup>®</sup> 2030 Fund<br>(Class R3 Shares) | $26 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3572107 |
| **Total number of portfolio holdings** | 22 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118961.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSMNX-1225

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JSMQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2030 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 SmartRetirement<sup>®</sup> 2030 Fund<br>(Class R4 Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3572107 |
| **Total number of portfolio holdings** | 22 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119009.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSMQX-1225

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JSMIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2030 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 SmartRetirement<sup>®</sup> 2030 Fund<br>(Class R5 Shares) | $5 | 0.10% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3572107 |
| **Total number of portfolio holdings** | 22 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119057.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSMIX-1225

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JSMYX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2030 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 SmartRetirement<sup>®</sup> 2030 Fund<br>(Class R6 Shares) | $0 | 0.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3572107 |
| **Total number of portfolio holdings** | 22 |
| **Portfolio turnover rate** | 5% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119105.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSMYX-1225

JPMorgan SmartRetirement<sup>®</sup> 2030 Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: SRJAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2035 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 SmartRetirement<sup>®</sup> 2035 Fund<br>(Class A Shares) | $23 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3300480 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119921.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SRJAX-1225

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund - Class A

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

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: SRJCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2035 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 SmartRetirement<sup>®</sup> 2035 Fund<br>(Class C Shares) | $52 | 1.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3300480 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119969.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SRJCX-1225

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund - Class C

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

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: SRJSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2035 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 SmartRetirement<sup>®</sup> 2035 Fund<br>(Class I Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3300480 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120017.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SRJSX-1225

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: SRJZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2035 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 SmartRetirement<sup>®</sup> 2035 Fund<br>(Class R2 Shares) | $39 | 0.75% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3300480 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120065.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SRJZX-1225

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: SRJPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2035 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 SmartRetirement<sup>®</sup> 2035 Fund<br>(Class R3 Shares) | $26 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3300480 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120113.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SRJPX-1225

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: SRJQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2035 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 SmartRetirement<sup>®</sup> 2035 Fund<br>(Class R4 Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3300480 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120161.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SRJQX-1225

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: SRJIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2035 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 SmartRetirement<sup>®</sup> 2035 Fund<br>(Class R5 Shares) | $5 | 0.10% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3300480 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120209.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SRJIX-1225

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: SRJYX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2035 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 SmartRetirement<sup>®</sup> 2035 Fund<br>(Class R6 Shares) | $0 | 0.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3300480 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120257.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SRJYX-1225

JPMorgan SmartRetirement<sup>®</sup> 2035 Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: SMTAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2040 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 SmartRetirement<sup>®</sup> 2040 Fund<br>(Class A Shares) | $23 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3490001 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119489.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SMTAX-1225

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund - Class A

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

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: SMTCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2040 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 SmartRetirement<sup>®</sup> 2040 Fund<br>(Class C Shares) | $52 | 1.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3490001 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119153.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SMTCX-1225

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund - Class C

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

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: SMTSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2040 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 SmartRetirement<sup>®</sup> 2040 Fund<br>(Class I Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3490001 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119201.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SMTSX-1225

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: SMTZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2040 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 SmartRetirement<sup>®</sup> 2040 Fund<br>(Class R2 Shares) | $39 | 0.75% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3490001 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119249.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SMTZX-1225

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: SMTPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2040 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 SmartRetirement<sup>®</sup> 2040 Fund<br>(Class R3 Shares) | $26 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3490001 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119297.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SMTPX-1225

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: SMTQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2040 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 SmartRetirement<sup>®</sup> 2040 Fund<br>(Class R4 Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3490001 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119345.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SMTQX-1225

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: SMTIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2040 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 SmartRetirement<sup>®</sup> 2040 Fund<br>(Class R5 Shares) | $5 | 0.10% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3490001 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119393.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SMTIX-1225

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: SMTYX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2040 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 SmartRetirement<sup>®</sup> 2040 Fund<br>(Class R6 Shares) | $0 | 0.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3490001 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 8% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5119441.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

SMTYX-1225

JPMorgan SmartRetirement<sup>®</sup> 2040 Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JSAAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2045 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 SmartRetirement<sup>®</sup> 2045 Fund<br>(Class A Shares) | $23 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2719889 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120305.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSAAX-1225

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund - Class A

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

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JSACX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2045 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 SmartRetirement<sup>®</sup> 2045 Fund<br>(Class C Shares) | $52 | 1.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2719889 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120353.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSACX-1225

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund - Class C

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

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JSASX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2045 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 SmartRetirement<sup>®</sup> 2045 Fund<br>(Class I Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2719889 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120401.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSASX-1225

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JSAZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2045 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 SmartRetirement<sup>®</sup> 2045 Fund<br>(Class R2 Shares) | $39 | 0.75% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2719889 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120449.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSAZX-1225

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JSAPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2045 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 SmartRetirement<sup>®</sup> 2045 Fund<br>(Class R3 Shares) | $26 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2719889 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120497.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSAPX-1225

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JSAQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2045 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 SmartRetirement<sup>®</sup> 2045 Fund<br>(Class R4 Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2719889 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120545.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSAQX-1225

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JSAIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2045 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 SmartRetirement<sup>®</sup> 2045 Fund<br>(Class R5 Shares) | $5 | 0.10% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2719889 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120593.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSAIX-1225

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JSAYX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2045 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 SmartRetirement<sup>®</sup> 2045 Fund<br>(Class R6 Shares) | $0 | 0.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2719889 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120641.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSAYX-1225

JPMorgan SmartRetirement<sup>®</sup> 2045 Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JTSAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2050 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 SmartRetirement<sup>®</sup> 2050 Fund<br>(Class A Shares) | $23 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2642600 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120689.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JTSAX-1225

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund - Class A

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

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JTSCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2050 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 SmartRetirement<sup>®</sup> 2050 Fund<br>(Class C Shares) | $52 | 1.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2642600 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120737.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JTSCX-1225

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund - Class C

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

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JTSSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2050 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 SmartRetirement<sup>®</sup> 2050 Fund<br>(Class I Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2642600 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120785.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JTSSX-1225

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JTSZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2050 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 SmartRetirement<sup>®</sup> 2050 Fund<br>(Class R2 Shares) | $39 | 0.75% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2642600 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120833.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JTSZX-1225

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JTSPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2050 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 SmartRetirement<sup>®</sup> 2050 Fund<br>(Class R3 Shares) | $26 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2642600 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120881.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JTSPX-1225

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JTSQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2050 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 SmartRetirement<sup>®</sup> 2050 Fund<br>(Class R4 Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2642600 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120929.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JTSQX-1225

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JTSIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2050 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 SmartRetirement<sup>®</sup> 2050 Fund<br>(Class R5 Shares) | $5 | 0.10% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2642600 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5120977.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JTSIX-1225

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JTSYX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2050 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 SmartRetirement<sup>®</sup> 2050 Fund<br>(Class R6 Shares) | $0 | 0.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2642600 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 9% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5121025.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JTSYX-1225

JPMorgan SmartRetirement<sup>®</sup> 2050 Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JFFAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2055 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 SmartRetirement<sup>®</sup> 2055 Fund<br>(Class A Shares) | $23 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1787194 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 11% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118001.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JFFAX-1225

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund - Class A

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

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JFFCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2055 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 SmartRetirement<sup>®</sup> 2055 Fund<br>(Class C Shares) | $52 | 1.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1787194 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 11% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118049.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JFFCX-1225

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund - Class C

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

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JFFSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2055 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 SmartRetirement<sup>®</sup> 2055 Fund<br>(Class I Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1787194 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 11% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118097.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JFFSX-1225

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JFFRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2055 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 SmartRetirement<sup>®</sup> 2055 Fund<br>(Class R2 Shares) | $39 | 0.75% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1787194 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 11% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118145.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JFFRX-1225

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JFFPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2055 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 SmartRetirement<sup>®</sup> 2055 Fund<br>(Class R3 Shares) | $26 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1787194 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 11% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118193.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JFFPX-1225

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JFFQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2055 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 SmartRetirement<sup>®</sup> 2055 Fund<br>(Class R4 Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1787194 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 11% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118241.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JFFQX-1225

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JFFIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2055 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 SmartRetirement<sup>®</sup> 2055 Fund<br>(Class R5 Shares) | $5 | 0.10% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1787194 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 11% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118289.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JFFIX-1225

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JFFYX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2055 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 SmartRetirement<sup>®</sup> 2055 Fund<br>(Class R6 Shares) | $0 | 0.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1787194 |
| **Total number of portfolio holdings** | 23 |
| **Portfolio turnover rate** | 11% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5118337.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JFFYX-1225

JPMorgan SmartRetirement<sup>®</sup> 2055 Fund - Class R6

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

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JAKAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2060 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 SmartRetirement<sup>®</sup> 2060 Fund<br>(Class A Shares) | $23 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $807366 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5121073.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JAKAX-1225

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund - Class A

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

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JAKCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2060 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 SmartRetirement<sup>®</sup> 2060 Fund<br>(Class C Shares) | $53 | 1.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $807366 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5121121.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JAKCX-1225

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund - Class C

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

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JAKSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2060 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 SmartRetirement<sup>®</sup> 2060 Fund<br>(Class I Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $807366 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5121169.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JAKSX-1225

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund - Class I

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

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JAKZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2060 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 SmartRetirement<sup>®</sup> 2060 Fund<br>(Class R2 Shares) | $40 | 0.75% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $807366 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5121217.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JAKZX-1225

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund - Class R2

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

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JAKPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2060 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 SmartRetirement<sup>®</sup> 2060 Fund<br>(Class R3 Shares) | $26 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $807366 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5121265.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JAKPX-1225

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund - Class R3

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

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JAKQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2060 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 SmartRetirement<sup>®</sup> 2060 Fund<br>(Class R4 Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $807366 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5121313.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JAKQX-1225

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund - Class R4

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

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JAKIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2060 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 SmartRetirement<sup>®</sup> 2060 Fund<br>(Class R5 Shares) | $5 | 0.10% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $807366 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5121361.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JAKIX-1225

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund - Class R5

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

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JAKYX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan SmartRetirement<sup>®</sup> 2060 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 SmartRetirement<sup>®</sup> 2060 Fund<br>(Class R6 Shares) | $0 | 0.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $807366 |
| **Total number of portfolio holdings** | 24 |
| **Portfolio turnover rate** | 15% |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5121409.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JAKYX-1225

JPMorgan SmartRetirement<sup>®</sup> 2060 Fund - Class R6

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

JPMorgan U.S. Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JUEAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Equity 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 U.S. Equity Fund<br>(Class A Shares) | $49 | 0.94% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $34321406 |
| **Total number of portfolio holdings** | 53 |
| **Portfolio turnover rate** | 24% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112145.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JUEAX-1225

JPMorgan U.S. Equity Fund - Class A

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

JPMorgan U.S. Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JUECX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Equity 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 U.S. Equity Fund<br>(Class C Shares) | $76 | 1.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $34321406 |
| **Total number of portfolio holdings** | 53 |
| **Portfolio turnover rate** | 24% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112193.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JUECX-1225

JPMorgan U.S. Equity Fund - Class C

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

JPMorgan U.S. Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JUESX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Equity 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 U.S. Equity Fund<br>(Class I Shares) | $36 | 0.69% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $34321406 |
| **Total number of portfolio holdings** | 53 |
| **Portfolio turnover rate** | 24% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112241.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JUESX-1225

JPMorgan U.S. Equity Fund - Class I

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

JPMorgan U.S. Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class L Shares/Ticker: JMUEX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Equity 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 U.S. Equity Fund<br>(Class L Shares) | $28 | 0.54% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $34321406 |
| **Total number of portfolio holdings** | 53 |
| **Portfolio turnover rate** | 24% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112289.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JMUEX-1225

JPMorgan U.S. Equity Fund - Class L

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

JPMorgan U.S. Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JUEZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Equity 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 U.S. Equity Fund<br>(Class R2 Shares) | $63 | 1.19% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $34321406 |
| **Total number of portfolio holdings** | 53 |
| **Portfolio turnover rate** | 24% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112337.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JUEZX-1225

JPMorgan U.S. Equity Fund - Class R2

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

JPMorgan U.S. Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JUEPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Equity 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 U.S. Equity Fund<br>(Class R3 Shares) | $49 | 0.94% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $34321406 |
| **Total number of portfolio holdings** | 53 |
| **Portfolio turnover rate** | 24% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112385.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JUEPX-1225

JPMorgan U.S. Equity Fund - Class R3

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

JPMorgan U.S. Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JUEQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Equity 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 U.S. Equity Fund<br>(Class R4 Shares) | $36 | 0.69% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $34321406 |
| **Total number of portfolio holdings** | 53 |
| **Portfolio turnover rate** | 24% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112433.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JUEQX-1225

JPMorgan U.S. Equity Fund - Class R4

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

JPMorgan U.S. Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JUSRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Equity 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 U.S. Equity Fund<br>(Class R5 Shares) | $28 | 0.54% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $34321406 |
| **Total number of portfolio holdings** | 53 |
| **Portfolio turnover rate** | 24% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112481.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JUSRX-1225

JPMorgan U.S. Equity Fund - Class R5

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

JPMorgan U.S. Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JUEMX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Equity 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 U.S. Equity Fund<br>(Class R6 Shares) | $23 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $34321406 |
| **Total number of portfolio holdings** | 53 |
| **Portfolio turnover rate** | 24% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112529.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JUEMX-1225

JPMorgan U.S. Equity Fund - Class R6

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

JPMorgan U.S. GARP Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JIGAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. GARP Equity 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 U.S. GARP Equity Fund<br>(Class A Shares) | $45 | 0.84% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1984981 |
| **Total number of portfolio holdings** | 88 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113153.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JIGAX-1225

JPMorgan U.S. GARP Equity Fund - Class A

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

JPMorgan U.S. GARP Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JCICX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. GARP Equity 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 U.S. GARP Equity Fund<br>(Class C Shares) | $72 | 1.34% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1984981 |
| **Total number of portfolio holdings** | 88 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113201.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JCICX-1225

JPMorgan U.S. GARP Equity Fund - Class C

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

JPMorgan U.S. GARP Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JPGSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. GARP Equity 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 U.S. GARP Equity Fund<br>(Class I Shares) | $32 | 0.59% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1984981 |
| **Total number of portfolio holdings** | 88 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113249.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JPGSX-1225

JPMorgan U.S. GARP Equity Fund - Class I

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

JPMorgan U.S. GARP Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JIGZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. GARP Equity 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 U.S. GARP Equity Fund<br>(Class R2 Shares) | $59 | 1.09% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1984981 |
| **Total number of portfolio holdings** | 88 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113345.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JIGZX-1225

JPMorgan U.S. GARP Equity Fund - Class R2

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

JPMorgan U.S. GARP Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JGIRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. GARP Equity 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 U.S. GARP Equity Fund<br>(Class R5 Shares) | $24 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1984981 |
| **Total number of portfolio holdings** | 88 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113393.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JGIRX-1225

JPMorgan U.S. GARP Equity Fund - Class R5

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

JPMorgan U.S. GARP Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JGISX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. GARP Equity 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 U.S. GARP Equity Fund<br>(Class R6 Shares) | $18 | 0.34% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1984981 |
| **Total number of portfolio holdings** | 88 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113297.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JGISX-1225

JPMorgan U.S. GARP Equity Fund - Class R6

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

JPMorgan U.S. Large Cap Core Plus Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JLCAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Large Cap Core Plus 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 U.S. Large Cap Core Plus Fund<br>(Class A Shares) | $82 | 1.56% |

---

\* This charge is annualized. <br> \*\* Includes dividend and interest expenses on short sales.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3512409 |
| **Total number of portfolio holdings** | 268 |
| **Portfolio turnover rate** | 48% |

---

PORTFOLIO COMPOSITION - LONG

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5111473.jpg)

PORTFOLIO COMPOSITION - SHORT

(% of Total Investments)

![Graphical Representation - Allocation 2 Chart](g86821chartimages_5111480.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JLCAX-1225

JPMorgan U.S. Large Cap Core Plus Fund - Class A

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

JPMorgan U.S. Large Cap Core Plus Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JLPCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Large Cap Core Plus 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 U.S. Large Cap Core Plus Fund<br>(Class C Shares) | $108 | 2.06% |

---

\* This charge is annualized. <br> \*\* Includes dividend and interest expenses on short sales.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3512409 |
| **Total number of portfolio holdings** | 268 |
| **Portfolio turnover rate** | 48% |

---

PORTFOLIO COMPOSITION - LONG

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5111521.jpg)

PORTFOLIO COMPOSITION - SHORT

(% of Total Investments)

![Graphical Representation - Allocation 2 Chart](g86821chartimages_5111528.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JLPCX-1225

JPMorgan U.S. Large Cap Core Plus Fund - Class C

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

JPMorgan U.S. Large Cap Core Plus Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JLPSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Large Cap Core Plus 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 U.S. Large Cap Core Plus Fund<br>(Class I Shares) | $69 | 1.31% |

---

\* This charge is annualized. <br> \*\* Includes dividend and interest expenses on short sales.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3512409 |
| **Total number of portfolio holdings** | 268 |
| **Portfolio turnover rate** | 48% |

---

PORTFOLIO COMPOSITION - LONG

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5111569.jpg)

PORTFOLIO COMPOSITION - SHORT

(% of Total Investments)

![Graphical Representation - Allocation 2 Chart](g86821chartimages_5111576.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JLPSX-1225

JPMorgan U.S. Large Cap Core Plus Fund - Class I

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

JPMorgan U.S. Large Cap Core Plus Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JLPZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Large Cap Core Plus 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 U.S. Large Cap Core Plus Fund<br>(Class R2 Shares) | $105 | 2.00% |

---

\* This charge is annualized. <br> \*\* Includes dividend and interest expenses on short sales.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3512409 |
| **Total number of portfolio holdings** | 268 |
| **Portfolio turnover rate** | 48% |

---

PORTFOLIO COMPOSITION - LONG

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5111617.jpg)

PORTFOLIO COMPOSITION - SHORT

(% of Total Investments)

![Graphical Representation - Allocation 2 Chart](g86821chartimages_5111624.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JLPZX-1225

JPMorgan U.S. Large Cap Core Plus Fund - Class R2

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

JPMorgan U.S. Large Cap Core Plus Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JCPRX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Large Cap Core Plus 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 U.S. Large Cap Core Plus Fund<br>(Class R5 Shares) | $72 | 1.36% |

---

\* This charge is annualized. <br> \*\* Includes dividend and interest expenses on short sales.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3512409 |
| **Total number of portfolio holdings** | 268 |
| **Portfolio turnover rate** | 48% |

---

PORTFOLIO COMPOSITION - LONG

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5111665.jpg)

PORTFOLIO COMPOSITION - SHORT

(% of Total Investments)

![Graphical Representation - Allocation 2 Chart](g86821chartimages_5111672.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JCPRX-1225

JPMorgan U.S. Large Cap Core Plus Fund - Class R5

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

JPMorgan U.S. Large Cap Core Plus Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JLPYX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Large Cap Core Plus 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 U.S. Large Cap Core Plus Fund<br>(Class R6 Shares) | $67 | 1.26% |

---

\* This charge is annualized. <br> \*\* Includes dividend and interest expenses on short sales.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3512409 |
| **Total number of portfolio holdings** | 268 |
| **Portfolio turnover rate** | 48% |

---

PORTFOLIO COMPOSITION - LONG

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5111713.jpg)

PORTFOLIO COMPOSITION - SHORT

(% of Total Investments)

![Graphical Representation - Allocation 2 Chart](g86821chartimages_5111720.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JLPYX-1225

JPMorgan U.S. Large Cap Core Plus Fund - Class R6

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

JPMorgan U.S. Research Enhanced Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JDEAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Research Enhanced Equity 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 U.S. Research Enhanced Equity Fund<br>(Class A Shares) | $32 | 0.60% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $10948962 |
| **Total number of portfolio holdings** | 152 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112577.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JDEAX-1225

JPMorgan U.S. Research Enhanced Equity Fund - Class A

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

JPMorgan U.S. Research Enhanced Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JDESX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Research Enhanced Equity 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 U.S. Research Enhanced Equity Fund<br>(Class I Shares) | $19 | 0.35% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $10948962 |
| **Total number of portfolio holdings** | 152 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112625.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JDESX-1225

JPMorgan U.S. Research Enhanced Equity Fund - Class I

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

JPMorgan U.S. Research Enhanced Equity Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JDEUX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Research Enhanced Equity 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 U.S. Research Enhanced Equity Fund<br>(Class R6 Shares) | $13 | 0.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $10948962 |
| **Total number of portfolio holdings** | 152 |
| **Portfolio turnover rate** | 14% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112673.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JDEUX-1225

JPMorgan U.S. Research Enhanced Equity Fund - Class R6

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

JPMorgan U.S. Small Company Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JTUAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Small Company 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 U.S. Small Company Fund<br>(Class A Shares) | $64 | 1.19% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $936737 |
| **Total number of portfolio holdings** | 620 |
| **Portfolio turnover rate** | 46% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112721.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JTUAX-1225

JPMorgan U.S. Small Company Fund - Class A

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

JPMorgan U.S. Small Company Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JTUCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Small Company 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 U.S. Small Company Fund<br>(Class C Shares) | $91 | 1.69% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $936737 |
| **Total number of portfolio holdings** | 620 |
| **Portfolio turnover rate** | 46% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112769.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JTUCX-1225

JPMorgan U.S. Small Company Fund - Class C

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

JPMorgan U.S. Small Company Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JSCSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Small Company 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 U.S. Small Company Fund<br>(Class I Shares) | $51 | 0.94% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $936737 |
| **Total number of portfolio holdings** | 620 |
| **Portfolio turnover rate** | 46% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112817.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSCSX-1225

JPMorgan U.S. Small Company Fund - Class I

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

JPMorgan U.S. Small Company Fund

![FrontCoverImage](g86821images_2694.jpg)

Class L Shares/Ticker: JUSSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Small Company 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 U.S. Small Company Fund<br>(Class L Shares) | $44 | 0.82% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $936737 |
| **Total number of portfolio holdings** | 620 |
| **Portfolio turnover rate** | 46% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112865.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JUSSX-1225

JPMorgan U.S. Small Company Fund - Class L

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

JPMorgan U.S. Small Company Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JSCZX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Small Company 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 U.S. Small Company Fund<br>(Class R2 Shares) | $80 | 1.48% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $936737 |
| **Total number of portfolio holdings** | 620 |
| **Portfolio turnover rate** | 46% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112913.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JSCZX-1225

JPMorgan U.S. Small Company Fund - Class R2

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

JPMorgan U.S. Small Company Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JUSPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Small Company 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 U.S. Small Company Fund<br>(Class R3 Shares) | $65 | 1.22% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $936737 |
| **Total number of portfolio holdings** | 620 |
| **Portfolio turnover rate** | 46% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5112961.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JUSPX-1225

JPMorgan U.S. Small Company Fund - Class R3

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

JPMorgan U.S. Small Company Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JUSQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Small Company 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 U.S. Small Company Fund<br>(Class R4 Shares) | $52 | 0.97% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $936737 |
| **Total number of portfolio holdings** | 620 |
| **Portfolio turnover rate** | 46% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113009.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JUSQX-1225

JPMorgan U.S. Small Company Fund - Class R4

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

JPMorgan U.S. Small Company Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JUSYX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Small Company 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 U.S. Small Company Fund<br>(Class R5 Shares) | $44 | 0.82% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $936737 |
| **Total number of portfolio holdings** | 620 |
| **Portfolio turnover rate** | 46% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113057.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JUSYX-1225

JPMorgan U.S. Small Company Fund - Class R5

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

JPMorgan U.S. Small Company Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JUSMX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Small Company 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 U.S. Small Company Fund<br>(Class R6 Shares) | $39 | 0.72% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $936737 |
| **Total number of portfolio holdings** | 620 |
| **Portfolio turnover rate** | 46% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113105.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JUSMX-1225

JPMorgan U.S. Small Company Fund - Class R6

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

JPMorgan U.S. Sustainable Leaders Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JICAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Sustainable Leaders 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 U.S. Sustainable Leaders Fund<br>(Class A Shares) | $34 | 0.65% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $302562 |
| **Total number of portfolio holdings** | 64 |
| **Portfolio turnover rate** | 27% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113441.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JICAX-1225

JPMorgan U.S. Sustainable Leaders Fund - Class A

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

JPMorgan U.S. Sustainable Leaders Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JICCX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Sustainable Leaders 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 U.S. Sustainable Leaders Fund<br>(Class C Shares) | $61 | 1.15% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $302562 |
| **Total number of portfolio holdings** | 64 |
| **Portfolio turnover rate** | 27% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113489.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JICCX-1225

JPMorgan U.S. Sustainable Leaders Fund - Class C

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

JPMorgan U.S. Sustainable Leaders Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JIISX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Sustainable Leaders 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 U.S. Sustainable Leaders Fund<br>(Class I Shares) | $21 | 0.40% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $302562 |
| **Total number of portfolio holdings** | 64 |
| **Portfolio turnover rate** | 27% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113537.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JIISX-1225

JPMorgan U.S. Sustainable Leaders Fund - Class I

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

JPMorgan U.S. Sustainable Leaders Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JIIGX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Sustainable Leaders 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 U.S. Sustainable Leaders Fund<br>(Class R6 Shares) | $18 | 0.35% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $302562 |
| **Total number of portfolio holdings** | 64 |
| **Portfolio turnover rate** | 27% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113585.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JIIGX-1225

JPMorgan U.S. Sustainable Leaders Fund - Class R6

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

JPMorgan U.S. Value Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: VGRIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Value 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 U.S. Value Fund<br>(Class A Shares) | $49 | 0.94% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6476739 |
| **Total number of portfolio holdings** | 90 |
| **Portfolio turnover rate** | 10% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114785.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

VGRIX-1225

JPMorgan U.S. Value Fund - Class A

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

JPMorgan U.S. Value Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: VGICX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Value 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 U.S. Value Fund<br>(Class C Shares) | $75 | 1.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6476739 |
| **Total number of portfolio holdings** | 90 |
| **Portfolio turnover rate** | 10% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114833.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

VGICX-1225

JPMorgan U.S. Value Fund - Class C

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

JPMorgan U.S. Value Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: VGIIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Value 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 U.S. Value Fund<br>(Class I Shares) | $36 | 0.69% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6476739 |
| **Total number of portfolio holdings** | 90 |
| **Portfolio turnover rate** | 10% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114881.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

VGIIX-1225

JPMorgan U.S. Value Fund - Class I

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

JPMorgan U.S. Value Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: VGRTX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Value 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 U.S. Value Fund<br>(Class R2 Shares) | $62 | 1.19% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6476739 |
| **Total number of portfolio holdings** | 90 |
| **Portfolio turnover rate** | 10% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114689.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

VGRTX-1225

JPMorgan U.S. Value Fund - Class R2

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

JPMorgan U.S. Value Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JGAVX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Value 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 U.S. Value Fund<br>(Class R3 Shares) | $49 | 0.94% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6476739 |
| **Total number of portfolio holdings** | 90 |
| **Portfolio turnover rate** | 10% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114737.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JGAVX-1225

JPMorgan U.S. Value Fund - Class R3

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

JPMorgan U.S. Value Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JGRUX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Value 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 U.S. Value Fund<br>(Class R4 Shares) | $36 | 0.69% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6476739 |
| **Total number of portfolio holdings** | 90 |
| **Portfolio turnover rate** | 10% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114545.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JGRUX-1225

JPMorgan U.S. Value Fund - Class R4

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

JPMorgan U.S. Value Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: VGIFX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Value 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 U.S. Value Fund<br>(Class R5 Shares) | $28 | 0.54% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6476739 |
| **Total number of portfolio holdings** | 90 |
| **Portfolio turnover rate** | 10% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114593.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

VGIFX-1225

JPMorgan U.S. Value Fund - Class R5

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

JPMorgan U.S. Value Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: VGINX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan U.S. Value 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 U.S. Value Fund<br>(Class R6 Shares) | $23 | 0.44% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6476739 |
| **Total number of portfolio holdings** | 90 |
| **Portfolio turnover rate** | 10% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114641.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

VGINX-1225

JPMorgan U.S. Value Fund - Class R6

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

JPMorgan Value Advantage Fund

![FrontCoverImage](g86821images_2694.jpg)

Class A Shares/Ticker: JVAAX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Value 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 Value Advantage Fund<br>(Class A Shares) | $51 | 0.99% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8457196 |
| **Total number of portfolio holdings** | 121 |
| **Portfolio turnover rate** | 25% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113777.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JVAAX-1225

JPMorgan Value Advantage Fund - Class A

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

JPMorgan Value Advantage Fund

![FrontCoverImage](g86821images_2694.jpg)

Class C Shares/Ticker: JVACX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Value 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 Value Advantage Fund<br>(Class C Shares) | $77 | 1.49% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8457196 |
| **Total number of portfolio holdings** | 121 |
| **Portfolio turnover rate** | 25% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113825.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JVACX-1225

JPMorgan Value Advantage Fund - Class C

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

JPMorgan Value Advantage Fund

![FrontCoverImage](g86821images_2694.jpg)

Class I Shares/Ticker: JVASX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Value 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 Value Advantage Fund<br>(Class I Shares) | $38 | 0.74% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8457196 |
| **Total number of portfolio holdings** | 121 |
| **Portfolio turnover rate** | 25% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113873.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JVASX-1225

JPMorgan Value Advantage Fund - Class I

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

JPMorgan Value Advantage Fund

![FrontCoverImage](g86821images_2694.jpg)

Class L Shares/Ticker: JVAIX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Value 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 Value Advantage Fund<br>(Class L Shares) | $31 | 0.60% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8457196 |
| **Total number of portfolio holdings** | 121 |
| **Portfolio turnover rate** | 25% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113921.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JVAIX-1225

JPMorgan Value Advantage Fund - Class L

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

JPMorgan Value Advantage Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R2 Shares/Ticker: JGAQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Value 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 Value Advantage Fund<br>(Class R2 Shares) | $65 | 1.25% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8457196 |
| **Total number of portfolio holdings** | 121 |
| **Portfolio turnover rate** | 25% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113969.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JGAQX-1225

JPMorgan Value Advantage Fund - Class R2

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

JPMorgan Value Advantage Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R3 Shares/Ticker: JVAPX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Value 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 Value Advantage Fund<br>(Class R3 Shares) | $52 | 1.00% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8457196 |
| **Total number of portfolio holdings** | 121 |
| **Portfolio turnover rate** | 25% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5114017.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JVAPX-1225

JPMorgan Value Advantage Fund - Class R3

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

JPMorgan Value Advantage Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R4 Shares/Ticker: JVAQX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Value 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 Value Advantage Fund<br>(Class R4 Shares) | $39 | 0.75% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8457196 |
| **Total number of portfolio holdings** | 121 |
| **Portfolio turnover rate** | 25% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113633.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JVAQX-1225

JPMorgan Value Advantage Fund - Class R4

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

JPMorgan Value Advantage Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R5 Shares/Ticker: JVARX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Value 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 Value Advantage Fund<br>(Class R5 Shares) | $31 | 0.60% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8457196 |
| **Total number of portfolio holdings** | 121 |
| **Portfolio turnover rate** | 25% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113681.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JVARX-1225

JPMorgan Value Advantage Fund - Class R5

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

JPMorgan Value Advantage Fund

![FrontCoverImage](g86821images_2694.jpg)

Class R6 Shares/Ticker: JVAYX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Value 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 Value Advantage Fund<br>(Class R6 Shares) | $26 | 0.50% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $8457196 |
| **Total number of portfolio holdings** | 121 |
| **Portfolio turnover rate** | 25% |

---

PORTFOLIO COMPOSITION - SECTOR

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g86821chartimages_5113729.jpg)

**Availability of Additional Information**

![QRCode](g86821images_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 

JVAYX-1225

JPMorgan Value 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 SmartRetirement® Funds

December 31, 2025 (Unaudited)

---

| |
|:---|
| JPMorgan SmartRetirement® Income Fund |
| JPMorgan SmartRetirement® 2025 Fund |
| JPMorgan SmartRetirement® 2030 Fund |
| JPMorgan SmartRetirement® 2035 Fund |
| JPMorgan SmartRetirement® 2040 Fund |
| JPMorgan SmartRetirement® 2045 Fund |
| JPMorgan SmartRetirement® 2050 Fund |
| JPMorgan SmartRetirement® 2055 Fund |
| JPMorgan SmartRetirement® 2060 Fund |
| JPMorgan SmartRetirement® 2065 Fund |

---

![](g46960img5244ff861.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_f27ceb62-469a-4cf8-ae07-16541a83e77a_SOI-TOC-ScheduleofInvestments-772_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_f27ceb62-469a-4cf8-ae07-16541a83e77a_FS-TOC-FinancialStatement-772_1) | &nbsp;&nbsp; **19** |
| [Financial Highlights](#xx_f27ceb62-469a-4cf8-ae07-16541a83e77a_FIHI-TOC-FinancialHighlights-772_2) | &nbsp;&nbsp; **52** |
| [Notes to Financial Statements](#xx_f27ceb62-469a-4cf8-ae07-16541a83e77a_NTF-NTFRunningFooter-772_1) | &nbsp;&nbsp; **92** |
| [Tax Letter](#xx_f27ceb62-469a-4cf8-ae07-16541a83e77a_TL-TAXLETTERCC-772_1) | &nbsp;&nbsp; **117** |

---

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

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

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

------

JPMorgan SmartRetirement® Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 77.2%** | **Investment Companies — 77.2%** | **Investment Companies — 77.2%** |
| **Fixed Income — 52.4%** | **Fixed Income — 52.4%** | **Fixed Income — 52.4%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 58904 | 614959 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 28016 | 205081 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 5167 | 34465 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 20613 | 135837 |
| Total Fixed Income |  | 990342 |
| **International Equity — 5.0%** | **International Equity — 5.0%** | **International Equity — 5.0%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 339 | 14210 |
| JPMorgan Emerging Markets Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 1011 | 21234 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 2666 | 58615 |
| Total International Equity |  | 94059 |
| **U.S. Equity — 19.8%** | **U.S. Equity — 19.8%** | **U.S. Equity — 19.8%** |
| JPMorgan Small Cap Equity Fund Class R6 Shares (a) | 218 | 9821 |
| JPMorgan Small Cap Growth Fund Class R6 Shares (a) | 422 | 9495 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 338 | 9583 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 6389 | 172951 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 3611 | 173066 |
| Total U.S. Equity |  | 374916 |
| Total Investment Companies <br>(Cost $1,213,220)<br>|  | 1459317 |
| **Exchange-Traded Funds — 20.2%** | **Exchange-Traded Funds — 20.2%** | **Exchange-Traded Funds — 20.2%** |
| **Alternative Assets — 0.8%** | **Alternative Assets — 0.8%** | **Alternative Assets — 0.8%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 41 | 3812 |
| JPMorgan Realty Income ETF (a) | 245 | 11424 |
| Total Alternative Assets |  | 15236 |
| **Fixed Income — 5.0%** | **Fixed Income — 5.0%** | **Fixed Income — 5.0%** |
| JPMorgan Inflation Managed Bond ETF (a) | 1974 | 95110 |
| **International Equity — 11.6%** | **International Equity — 11.6%** | **International Equity — 11.6%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 719 | 35220 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **International Equity — continued** | **International Equity — continued** | **International Equity — continued** |
| JPMorgan Global Select Equity ETF (a) | 1120 | 75798 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 1450 | 108604 |
| Total International Equity |  | 219622 |
| **U.S. Equity — 2.8%** | **U.S. Equity — 2.8%** | **U.S. Equity — 2.8%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 492 | 52474 |
| Total Exchange-Traded Funds <br>(Cost $282,988)<br>|  | 382442 |
| **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** |
| **Investment Companies — 2.5%** | **Investment Companies — 2.5%** | **Investment Companies — 2.5%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (b) <br>(Cost $46,545)<br>| 46545 | 46545 |
| **Total Investments — 99.9%** <br>**(Cost $1,542,753)**<br>|  | **1888304** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **2077** |
| **NET ASSETS — 100.0%** |  | **1890381** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the current yield as of December 31, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 1

------

JPMorgan SmartRetirement® 2025 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>|
| **Investment Companies — 78.2%** | **Investment Companies — 78.2%** | **Investment Companies — 78.2%** |
| **Fixed Income — 51.6%** | **Fixed Income — 51.6%** | **Fixed Income — 51.6%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 62570 | 653229 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 29760 | 217847 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 5344 | 35642 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 21395 | 140994 |
| Total Fixed Income |  | 1047712 |
| **International Equity — 5.3%** | **International Equity — 5.3%** | **International Equity — 5.3%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 391 | 16381 |
| JPMorgan Emerging Markets Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 1165 | 24470 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 3070 | 67510 |
| Total International Equity |  | 108361 |
| **U.S. Equity — 21.3%** | **U.S. Equity — 21.3%** | **U.S. Equity — 21.3%** |
| JPMorgan Small Cap Equity Fund Class R6 Shares (a) | 250 | 11288 |
| JPMorgan Small Cap Growth Fund Class R6 Shares (a) | 485 | 10909 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 389 | 11019 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 7357 | 199153 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 4159 | 199308 |
| Total U.S. Equity |  | 431677 |
| Total Investment Companies <br>(Cost $1,345,771)<br>|  | 1587750 |
| **Exchange-Traded Funds — 20.9%** | **Exchange-Traded Funds — 20.9%** | **Exchange-Traded Funds — 20.9%** |
| **Alternative Assets — 0.8%** | **Alternative Assets — 0.8%** | **Alternative Assets — 0.8%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 48 | 4385 |
| JPMorgan Realty Income ETF (a) | 281 | 13140 |
| Total Alternative Assets |  | 17525 |
| **Fixed Income — 4.6%** | **Fixed Income — 4.6%** | **Fixed Income — 4.6%** |
| JPMorgan Inflation Managed Bond ETF (a) | 1922 | 92625 |
| **International Equity — 12.5%** | **International Equity — 12.5%** | **International Equity — 12.5%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 828 | 40586 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **International Equity — continued** | **International Equity — continued** | **International Equity — continued** |
| JPMorgan Global Select Equity ETF (a) | 1291 | 87335 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 1671 | 125126 |
| Total International Equity |  | 253047 |
| **U.S. Equity — 3.0%** | **U.S. Equity — 3.0%** | **U.S. Equity — 3.0%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 566 | 60385 |
| Total Exchange-Traded Funds <br>(Cost $307,800)<br>|  | 423582 |
| **Short-Term Investments — 2.3%** | **Short-Term Investments — 2.3%** | **Short-Term Investments — 2.3%** |
| **Investment Companies — 2.3%** | **Investment Companies — 2.3%** | **Investment Companies — 2.3%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (b) <br>(Cost $46,667)<br>| 46667 | 46667 |
| **Total Investments — 101.4%** <br>**(Cost $1,700,238)**<br>|  | **2057999** |
| **Liabilities in Excess of Other Assets — (1.4)%** |  | **(28793)**<br>|
| **NET ASSETS — 100.0%** |  | **2029206** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the current yield as of December 31, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

JPMorgan SmartRetirement® 2030 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>|
| **Investment Companies — 76.8%** | **Investment Companies — 76.8%** | **Investment Companies — 76.8%** |
| **Fixed Income — 43.0%** | **Fixed Income — 43.0%** | **Fixed Income — 43.0%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 92910 | 969979 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 44176 | 323366 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 7193 | 47981 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 29596 | 195037 |
| Total Fixed Income |  | 1536363 |
| **International Equity — 6.2%** | **International Equity — 6.2%** | **International Equity — 6.2%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 242 | 10140 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 2667 | 55998 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 7036 | 154715 |
| Total International Equity |  | 220853 |
| **U.S. Equity — 27.6%** | **U.S. Equity — 27.6%** | **U.S. Equity — 27.6%** |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 569 | 25679 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 1104 | 24815 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 883 | 25066 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 16856 | 456298 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 9528 | 456577 |
| Total U.S. Equity |  | 988435 |
| Total Investment Companies <br>(Cost $2,210,104)<br>|  | 2745651 |
| **Exchange-Traded Funds — 22.2%** | **Exchange-Traded Funds — 22.2%** | **Exchange-Traded Funds — 22.2%** |
| **Alternative Assets — 1.1%** | **Alternative Assets — 1.1%** | **Alternative Assets — 1.1%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 107 | 9954 |
| JPMorgan Realty Income ETF (a) | 639 | 29831 |
| Total Alternative Assets |  | 39785 |
| **Fixed Income — 2.0%** | **Fixed Income — 2.0%** | **Fixed Income — 2.0%** |
| JPMorgan Inflation Managed Bond ETF (a) | 1499 | 72214 |
| **International Equity — 15.2%** | **International Equity — 15.2%** | **International Equity — 15.2%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 1158 | 56741 |
| JPMorgan Global Select Equity ETF (a) | 2954 | 199930 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 3829 | 286717 |
| Total International Equity |  | 543388 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Equity — 3.9%** | **U.S. Equity — 3.9%** | **U.S. Equity — 3.9%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 1293 | 137876 |
| Total Exchange-Traded Funds <br>(Cost $558,890)<br>|  | 793263 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.13%, 1/31/2027 (b) (Cost $2,380)<br>| 2366 | 2381 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** | **Short-Term Investments — 1.4%** |
| **Investment Companies — 1.4%** | **Investment Companies — 1.4%** | **Investment Companies — 1.4%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (c) <br>(Cost $50,313)<br>| 50313 | 50313 |
| **Total Investments — 100.5%** <br>**(Cost $2,821,687)**<br>|  | **3591608** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(19501)**<br>|
| **NET ASSETS — 100.0%** |  | **3572107** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

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

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 3

------

JPMorgan SmartRetirement® 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 897 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 63301 | &nbsp;&nbsp;&nbsp;&nbsp; 1181 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

JPMorgan SmartRetirement® 2035 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>|
| **Investment Companies — 75.9%** | **Investment Companies — 75.9%** | **Investment Companies — 75.9%** |
| **Fixed Income — 32.3%** | **Fixed Income — 32.3%** | **Fixed Income — 32.3%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 21575 | 225241 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 92324 | 675812 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 4747 | 31663 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 20479 | 134958 |
| Total Fixed Income |  | 1067674 |
| **International Equity — 7.8%** | **International Equity — 7.8%** | **International Equity — 7.8%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 414 | 17306 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 3033 | 63702 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 8013 | 176202 |
| Total International Equity |  | 257210 |
| **U.S. Equity — 35.8%** | **U.S. Equity — 35.8%** | **U.S. Equity — 35.8%** |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 6167 | 274755 |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 391 | 17654 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 759 | 17056 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 607 | 17238 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 10681 | 289126 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 6039 | 289369 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 7564 | 276023 |
| Total U.S. Equity |  | 1181221 |
| Total Investment Companies <br>(Cost $1,763,925)<br>|  | 2506105 |
| **Exchange-Traded Funds — 23.3%** | **Exchange-Traded Funds — 23.3%** | **Exchange-Traded Funds — 23.3%** |
| **Alternative Assets — 1.4%** | **Alternative Assets — 1.4%** | **Alternative Assets — 1.4%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 122 | 11322 |
| JPMorgan Realty Income ETF (a) | 727 | 33934 |
| Total Alternative Assets |  | 45256 |
| **International Equity — 19.0%** | **International Equity — 19.0%** | **International Equity — 19.0%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 1473 | 72170 |
| JPMorgan Global Select Equity ETF (a) | 3358 | 227195 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 4362 | 326650 |
| Total International Equity |  | 626015 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Equity — 2.9%** | **U.S. Equity — 2.9%** | **U.S. Equity — 2.9%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 904 | 96421 |
| Total Exchange-Traded Funds <br>(Cost $543,761)<br>|  | 767692 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.13%, 1/31/2027 (b) (Cost $2,306)<br>| 2292 | 2306 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |
| **Investment Companies — 1.9%** | **Investment Companies — 1.9%** | **Investment Companies — 1.9%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (c) <br>(Cost $63,570)<br>| 63570 | 63570 |
| **Total Investments — 101.2%** <br>**(Cost $2,373,562)**<br>|  | **3339673** |
| **Liabilities in Excess of Other Assets — (1.2)%** |  | **(39193)**<br>|
| **NET ASSETS — 100.0%** |  | **3300480** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

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

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 5

------

JPMorgan SmartRetirement® 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 831 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 58644 | &nbsp;&nbsp;&nbsp;&nbsp; 1107 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

JPMorgan SmartRetirement® 2040 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>|
| **Investment Companies — 72.2%** | **Investment Companies — 72.2%** | **Investment Companies — 72.2%** |
| **Fixed Income — 21.8%** | **Fixed Income — 21.8%** | **Fixed Income — 21.8%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 15208 | 158774 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 65080 | 476383 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 3475 | 23174 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 15514 | 102238 |
| Total Fixed Income |  | 760569 |
| **International Equity — 9.1%** | **International Equity — 9.1%** | **International Equity — 9.1%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 605 | 25326 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 3710 | 77897 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 9773 | 214917 |
| Total International Equity |  | 318140 |
| **U.S. Equity — 41.3%** | **U.S. Equity — 41.3%** | **U.S. Equity — 41.3%** |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 7530 | 335473 |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 485 | 21877 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 940 | 21138 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 753 | 21358 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 12973 | 351173 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 7334 | 351466 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 9236 | 337036 |
| Total U.S. Equity |  | 1439521 |
| Total Investment Companies <br>(Cost $1,571,983)<br>|  | 2518230 |
| **Exchange-Traded Funds — 27.0%** | **Exchange-Traded Funds — 27.0%** | **Exchange-Traded Funds — 27.0%** |
| **Alternative Assets — 1.6%** | **Alternative Assets — 1.6%** | **Alternative Assets — 1.6%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 151 | 14024 |
| JPMorgan Realty Income ETF (a) | 900 | 42031 |
| Total Alternative Assets |  | 56055 |
| **International Equity — 22.0%** | **International Equity — 22.0%** | **International Equity — 22.0%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 1914 | 93757 |
| JPMorgan Global Select Equity ETF (a) | 4096 | 277204 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 5320 | 398374 |
| Total International Equity |  | 769335 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Equity — 3.4%** | **U.S. Equity — 3.4%** | **U.S. Equity — 3.4%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 1111 | 118484 |
| Total Exchange-Traded Funds <br>(Cost $669,461)<br>|  | 943874 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.13%, 1/31/2027 (b) (Cost $2,384)<br>| 2370 | 2385 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| **Investment Companies — 1.8%** | **Investment Companies — 1.8%** | **Investment Companies — 1.8%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (c) <br>(Cost $63,987)<br>| 63987 | 63987 |
| **Total Investments — 101.1%** <br>**(Cost $2,307,815)**<br>|  | **3528476** |
| **Liabilities in Excess of Other Assets — (1.1)%** |  | **(38475)**<br>|
| **NET ASSETS — 100.0%** |  | **3490001** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

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

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 7

------

JPMorgan SmartRetirement® 2040 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 880 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 62102 | &nbsp;&nbsp;&nbsp;&nbsp; 1165 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

JPMorgan SmartRetirement® 2045 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>|
| **Investment Companies — 69.4%** | **Investment Companies — 69.4%** | **Investment Companies — 69.4%** |
| **Fixed Income — 13.9%** | **Fixed Income — 13.9%** | **Fixed Income — 13.9%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 7424 | 77510 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 31771 | 232560 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 1710 | 11403 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 8433 | 55577 |
| Total Fixed Income |  | 377050 |
| **International Equity — 10.1%** | **International Equity — 10.1%** | **International Equity — 10.1%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 564 | 23609 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 3167 | 66517 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 8379 | 184261 |
| Total International Equity |  | 274387 |
| **U.S. Equity — 45.4%** | **U.S. Equity — 45.4%** | **U.S. Equity — 45.4%** |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 6452 | 287420 |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 412 | 18614 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 800 | 17984 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 640 | 18175 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 11156 | 301999 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 6307 | 302212 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 7915 | 288809 |
| Total U.S. Equity |  | 1235213 |
| Total Investment Companies <br>(Cost $1,177,353)<br>|  | 1886650 |
| **Exchange-Traded Funds — 29.8%** | **Exchange-Traded Funds — 29.8%** | **Exchange-Traded Funds — 29.8%** |
| **Alternative Assets — 1.8%** | **Alternative Assets — 1.8%** | **Alternative Assets — 1.8%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 129 | 11979 |
| JPMorgan Realty Income ETF (a) | 769 | 35904 |
| Total Alternative Assets |  | 47883 |
| **International Equity — 24.3%** | **International Equity — 24.3%** | **International Equity — 24.3%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 1687 | 82677 |
| JPMorgan Global Select Equity ETF (a) | 3512 | 237662 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 4562 | 341575 |
| Total International Equity |  | 661914 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Equity — 3.7%** | **U.S. Equity — 3.7%** | **U.S. Equity — 3.7%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 951 | 101366 |
| Total Exchange-Traded Funds <br>(Cost $578,635)<br>|  | 811163 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.13%, 1/31/2027 (b) (Cost $1,932)<br>| 1920 | 1932 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** |
| **Investment Companies — 2.2%** | **Investment Companies — 2.2%** | **Investment Companies — 2.2%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (c) <br>(Cost $59,703)<br>| 59703 | 59703 |
| **Total Investments — 101.5%** <br>**(Cost $1,817,623)**<br>|  | **2759448** |
| **Liabilities in Excess of Other Assets — (1.5)%** |  | **(39559)**<br>|
| **NET ASSETS — 100.0%** |  | **2719889** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

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

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 9

------

JPMorgan SmartRetirement® 2045 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 686 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 48411 | &nbsp;&nbsp;&nbsp;&nbsp; 913 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

JPMorgan SmartRetirement® 2050 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>|
| **Investment Companies — 67.1%** | **Investment Companies — 67.1%** | **Investment Companies — 67.1%** |
| **Fixed Income — 8.1%** | **Fixed Income — 8.1%** | **Fixed Income — 8.1%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 4080 | 42597 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 17460 | 127807 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 1009 | 6733 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 5717 | 37673 |
| Total Fixed Income |  | 214810 |
| **International Equity — 10.8%** | **International Equity — 10.8%** | **International Equity — 10.8%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 613 | 25666 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 3267 | 68610 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 8641 | 190000 |
| Total International Equity |  | 284276 |
| **U.S. Equity — 48.2%** | **U.S. Equity — 48.2%** | **U.S. Equity — 48.2%** |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 6660 | 296686 |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 423 | 19120 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 822 | 18477 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 658 | 18663 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 11511 | 311613 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 6507 | 311834 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 8168 | 298050 |
| Total U.S. Equity |  | 1274443 |
| Total Investment Companies <br>(Cost $1,061,509)<br>|  | 1773529 |
| **Exchange-Traded Funds — 31.7%** | **Exchange-Traded Funds — 31.7%** | **Exchange-Traded Funds — 31.7%** |
| **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 134 | 12402 |
| JPMorgan Realty Income ETF (a) | 796 | 37169 |
| Total Alternative Assets |  | 49571 |
| **International Equity — 25.9%** | **International Equity — 25.9%** | **International Equity — 25.9%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 1776 | 87022 |
| JPMorgan Global Select Equity ETF (a) | 3622 | 245116 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 4703 | 352142 |
| Total International Equity |  | 684280 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Equity — 3.9%** | **U.S. Equity — 3.9%** | **U.S. Equity — 3.9%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 983 | 104800 |
| Total Exchange-Traded Funds <br>(Cost $600,791)<br>|  | 838651 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.13%, 1/31/2027 (b) (Cost $1,778)<br>| 1767 | 1778 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** |
| **Investment Companies — 2.2%** | **Investment Companies — 2.2%** | **Investment Companies — 2.2%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (c) <br>(Cost $56,488)<br>| 56488 | 56488 |
| **Total Investments — 101.1%** <br>**(Cost $1,720,566)**<br>|  | **2670446** |
| **Liabilities in Excess of Other Assets — (1.1)%** |  | **(27846)**<br>|
| **NET ASSETS — 100.0%** |  | **2642600** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

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

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 11

------

JPMorgan SmartRetirement® 2050 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 46929 | &nbsp;&nbsp;&nbsp;&nbsp; 875 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

JPMorgan SmartRetirement® 2055 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>|
| **Investment Companies — 67.2%** | **Investment Companies — 67.2%** | **Investment Companies — 67.2%** |
| **Fixed Income — 8.1%** | **Fixed Income — 8.1%** | **Fixed Income — 8.1%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 2752 | 28735 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 11778 | 86215 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 681 | 4542 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 3857 | 25413 |
| Total Fixed Income |  | 144905 |
| **International Equity — 10.7%** | **International Equity — 10.7%** | **International Equity — 10.7%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 414 | 17314 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 2204 | 46282 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 5828 | 128170 |
| Total International Equity |  | 191766 |
| **U.S. Equity — 48.4%** | **U.S. Equity — 48.4%** | **U.S. Equity — 48.4%** |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 4534 | 202007 |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 286 | 12898 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 554 | 12465 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 444 | 12590 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 7808 | 211360 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 4414 | 211497 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 5535 | 201984 |
| Total U.S. Equity |  | 864801 |
| Total Investment Companies <br>(Cost $784,451)<br>|  | 1201472 |
| **Exchange-Traded Funds — 31.7%** | **Exchange-Traded Funds — 31.7%** | **Exchange-Traded Funds — 31.7%** |
| **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 90 | 8366 |
| JPMorgan Realty Income ETF (a) | 537 | 25073 |
| Total Alternative Assets |  | 33439 |
| **International Equity — 25.8%** | **International Equity — 25.8%** | **International Equity — 25.8%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 1198 | 58703 |
| JPMorgan Global Select Equity ETF (a) | 2444 | 165353 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 3172 | 237545 |
| Total International Equity |  | 461601 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Equity — 4.0%** | **U.S. Equity — 4.0%** | **U.S. Equity — 4.0%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 663 | 70668 |
| Total Exchange-Traded Funds <br>(Cost $406,351)<br>|  | 565708 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.13%, 1/31/2027 (b) (Cost $1,312)<br>| 1303 | 1312 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** |
| **Investment Companies — 2.5%** | **Investment Companies — 2.5%** | **Investment Companies — 2.5%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (c) <br>(Cost $44,925)<br>| 44925 | 44925 |
| **Total Investments — 101.5%** <br>**(Cost $1,237,039)**<br>|  | **1813417** |
| **Liabilities in Excess of Other Assets — (1.5)%** |  | **(26223)**<br>|
| **NET ASSETS — 100.0%** |  | **1787194** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

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

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 13

------

JPMorgan SmartRetirement® 2055 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 31615 | &nbsp;&nbsp;&nbsp;&nbsp; 589 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

JPMorgan SmartRetirement® 2060 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>|
| **Investment Companies — 66.9%** | **Investment Companies — 66.9%** | **Investment Companies — 66.9%** |
| **Fixed Income — 8.1%** | **Fixed Income — 8.1%** | **Fixed Income — 8.1%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 1243 | 12979 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 5320 | 38943 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 308 | 2052 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 1742 | 11480 |
| Total Fixed Income |  | 65454 |
| **International Equity — 10.7%** | **International Equity — 10.7%** | **International Equity — 10.7%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 187 | 7822 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 996 | 20907 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 2632 | 57888 |
| Total International Equity |  | 86617 |
| **U.S. Equity — 48.1%** | **U.S. Equity — 48.1%** | **U.S. Equity — 48.1%** |
| JPMorgan Growth Advantage Fund Class R6 Shares (a) | 2028 | 90329 |
| JPMorgan Small Cap Equity Fund Class R6 Shares (a) | 129 | 5822 |
| JPMorgan Small Cap Growth Fund Class R6 Shares (a) | 250 | 5625 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 200 | 5683 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 3505 | 94894 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 1982 | 94976 |
| JPMorgan Value Advantage Fund Class R6 Shares (a) | 2488 | 90784 |
| Total U.S. Equity |  | 388113 |
| Total Investment Companies <br>(Cost $405,571)<br>|  | 540184 |
| **Exchange-Traded Funds — 31.6%** | **Exchange-Traded Funds — 31.6%** | **Exchange-Traded Funds — 31.6%** |
| **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 41 | 3780 |
| JPMorgan Realty Income ETF (a) | 242 | 11328 |
| Total Alternative Assets |  | 15108 |
| **International Equity — 25.8%** | **International Equity — 25.8%** | **International Equity — 25.8%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 541 | 26519 |
| JPMorgan Global Select Equity ETF (a) | 1104 | 74683 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 1433 | 107300 |
| Total International Equity |  | 208502 |
| **U.S. Equity — 3.9%** | **U.S. Equity — 3.9%** | **U.S. Equity — 3.9%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 300 | 31924 |
| Total Exchange-Traded Funds <br>(Cost $187,317)<br>|  | 255534 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.13%, 1/31/2027 (b) (Cost $740)<br>| 736 | 741 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** |
| **Investment Companies — 2.6%** | **Investment Companies — 2.6%** | **Investment Companies — 2.6%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (c) <br>(Cost $20,815)<br>| 20815 | 20815 |
| **Total Investments — 101.2%** <br>**(Cost $614,443)**<br>|  | **817274** |
| **Liabilities in Excess of Other Assets — (1.2)%** |  | **(9908)**<br>|
| **NET ASSETS — 100.0%** |  | **807366** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

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

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 15

------

JPMorgan SmartRetirement® 2060 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 14326 | &nbsp;&nbsp;&nbsp;&nbsp; 269 |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2413 | &nbsp;&nbsp;&nbsp;&nbsp; (22)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 247 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

JPMorgan SmartRetirement® 2065 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>|
| **Investment Companies — 66.5%** | **Investment Companies — 66.5%** | **Investment Companies — 66.5%** |
| **Fixed Income — 8.0%** | **Fixed Income — 8.0%** | **Fixed Income — 8.0%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 190 | 1988 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 815 | 5964 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 47 | 314 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 267 | 1757 |
| Total Fixed Income |  | 10023 |
| **International Equity — 10.6%** | **International Equity — 10.6%** | **International Equity — 10.6%** |
| JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 29 | 1197 |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 152 | 3200 |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 406 | 8924 |
| Total International Equity |  | 13321 |
| **U.S. Equity — 47.9%** | **U.S. Equity — 47.9%** | **U.S. Equity — 47.9%** |
| JPMorgan Growth Advantage Fund Class R6 Shares (a) | 316 | 14073 |
| JPMorgan Small Cap Equity Fund Class R6 Shares (a) | 20 | 901 |
| JPMorgan Small Cap Growth Fund Class R6 Shares (a) | 38 | 854 |
| JPMorgan Small Cap Value Fund Class R6 Shares (a) | 31 | 872 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 544 | 14724 |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 307 | 14736 |
| JPMorgan Value Advantage Fund Class R6 Shares (a) | 385 | 14074 |
| Total U.S. Equity |  | 60234 |
| Total Investment Companies <br>(Cost $78,408)<br>|  | 83578 |
| **Exchange-Traded Funds — 31.4%** | **Exchange-Traded Funds — 31.4%** | **Exchange-Traded Funds — 31.4%** |
| **Alternative Assets — 1.8%** | **Alternative Assets — 1.8%** | **Alternative Assets — 1.8%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 7 | 578 |
| JPMorgan Realty Income ETF (a) | 37 | 1732 |
| Total Alternative Assets |  | 2310 |
| **International Equity — 25.6%** | **International Equity — 25.6%** | **International Equity — 25.6%** |
| JPMorgan ActiveBuilders Emerging Markets Equity <br> ETF (a)<br>| 83 | 4059 |
| JPMorgan Global Select Equity ETF (a) | 170 | 11537 |
| JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 221 | 16527 |
| Total International Equity |  | 32123 |
| **U.S. Equity — 4.0%** | **U.S. Equity — 4.0%** | **U.S. Equity — 4.0%** |
| SPDR S&P MidCap 400 ETF Trust | 8 | 5022 |
| Total Exchange-Traded Funds <br>(Cost $34,554)<br>|  | 39455 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** |
| U.S. Treasury Notes <br>4.13%, 1/31/2027 (b) (Cost $224)<br>| 223 | 224 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** |
| **Investment Companies — 2.5%** | **Investment Companies — 2.5%** | **Investment Companies — 2.5%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (c) <br>(Cost $3,162)<br>| 3162 | 3162 |
| **Total Investments — 100.6%** <br>**(Cost $116,348)**<br>|  | **126419** |
| **Liabilities in Excess of Other Assets — (0.6)%** |  | **(759)**<br>|
| **NET ASSETS — 100.0%** |  | **125660** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |
| SPDR | Standard & Poor's Depositary Receipt |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

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

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 17

------

JPMorgan SmartRetirement® 2065 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2188 | &nbsp;&nbsp;&nbsp;&nbsp; 39 |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 689 | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30 |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| MSCI | Morgan Stanley Capital International |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 J.P. Morgan SmartRetirement® Funds 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>**SmartRetirement®** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2035 Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2381 | &nbsp;&nbsp;&nbsp; $2306 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 1888304 | &nbsp;&nbsp;&nbsp; 2057999 | &nbsp;&nbsp;&nbsp; 3589227 | &nbsp;&nbsp;&nbsp; 3337367 |
| Cash | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 179373 | &nbsp;&nbsp;&nbsp; 365127 | &nbsp;&nbsp;&nbsp; 709396 | &nbsp;&nbsp;&nbsp; 878036 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 3633 | &nbsp;&nbsp;&nbsp; 3632 | &nbsp;&nbsp;&nbsp; 7305 | &nbsp;&nbsp;&nbsp; 7070 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 40 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp; 453 | &nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp; 204 |
| Securities lending income  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Due from adviser | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 38 |
| Total Assets | &nbsp;&nbsp;&nbsp; 2071823 | &nbsp;&nbsp;&nbsp; 2427238 | &nbsp;&nbsp;&nbsp; 4308818 | &nbsp;&nbsp;&nbsp; 4225062 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Distributions | &nbsp;&nbsp;&nbsp; 2257 | &nbsp;&nbsp;&nbsp; 2181 | &nbsp;&nbsp;&nbsp; 3403 | &nbsp;&nbsp;&nbsp; 2862 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 178814 | &nbsp;&nbsp;&nbsp; 395492 | &nbsp;&nbsp;&nbsp; 732450 | &nbsp;&nbsp;&nbsp; 920930 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp; 246 |
| Accrued liabilities: |  |  |  |  |
| Distribution fees | &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 223 | &nbsp;&nbsp;&nbsp; 219 |
| Service fees | &nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp; 235 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 29 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 61 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 181442 | &nbsp;&nbsp;&nbsp; 398032 | &nbsp;&nbsp;&nbsp; 736711 | &nbsp;&nbsp;&nbsp; 924582 |
| Net Assets | &nbsp;&nbsp;&nbsp; $1890381 | &nbsp;&nbsp;&nbsp; $2029206 | &nbsp;&nbsp;&nbsp; $3572107 | &nbsp;&nbsp;&nbsp; $3300480 |

---

------

(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 SmartRetirement® 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> **SmartRetirement®**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**2035 Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $1579458 | &nbsp;&nbsp;&nbsp; $1691919 | &nbsp;&nbsp;&nbsp; $2755979 | &nbsp;&nbsp;&nbsp; $2162480 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 310923 | &nbsp;&nbsp;&nbsp; 337287 | &nbsp;&nbsp;&nbsp; 816128 | &nbsp;&nbsp;&nbsp; 1138000 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $1890381 | &nbsp;&nbsp;&nbsp; $2029206 | &nbsp;&nbsp;&nbsp; $3572107 | &nbsp;&nbsp;&nbsp; $3300480 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $513718 | &nbsp;&nbsp;&nbsp; $414037 | &nbsp;&nbsp;&nbsp; $627256 | &nbsp;&nbsp;&nbsp; $616334 |
| Class C | &nbsp;&nbsp;&nbsp; 5193 | &nbsp;&nbsp;&nbsp; 6233 | &nbsp;&nbsp;&nbsp; 7675 | &nbsp;&nbsp;&nbsp; 6764 |
| Class I | &nbsp;&nbsp;&nbsp; 114613 | &nbsp;&nbsp;&nbsp; 90673 | &nbsp;&nbsp;&nbsp; 208755 | &nbsp;&nbsp;&nbsp; 135878 |
| Class R2 | &nbsp;&nbsp;&nbsp; 105275 | &nbsp;&nbsp;&nbsp; 92317 | &nbsp;&nbsp;&nbsp; 172924 | &nbsp;&nbsp;&nbsp; 169127 |
| Class R3 | &nbsp;&nbsp;&nbsp; 8040 | &nbsp;&nbsp;&nbsp; 12195 | &nbsp;&nbsp;&nbsp; 17135 | &nbsp;&nbsp;&nbsp; 23876 |
| Class R4 | &nbsp;&nbsp;&nbsp; 14322 | &nbsp;&nbsp;&nbsp; 2581 | &nbsp;&nbsp;&nbsp; 41159 | &nbsp;&nbsp;&nbsp; 4677 |
| Class R5 | &nbsp;&nbsp;&nbsp; 421681 | &nbsp;&nbsp;&nbsp; 451422 | &nbsp;&nbsp;&nbsp; 929784 | &nbsp;&nbsp;&nbsp; 751904 |
| Class R6 | &nbsp;&nbsp;&nbsp; 707539 | &nbsp;&nbsp;&nbsp; 959748 | &nbsp;&nbsp;&nbsp; 1567419 | &nbsp;&nbsp;&nbsp; 1591920 |
| Total | &nbsp;&nbsp;&nbsp; $1890381 | &nbsp;&nbsp;&nbsp; $2029206 | &nbsp;&nbsp;&nbsp; $3572107 | &nbsp;&nbsp;&nbsp; $3300480 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares <br> authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 31388 | &nbsp;&nbsp;&nbsp; 23815 | &nbsp;&nbsp;&nbsp; 31827 | &nbsp;&nbsp;&nbsp; 28884 |
| Class C | &nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp; 322 |
| Class I | &nbsp;&nbsp;&nbsp; 6983 | &nbsp;&nbsp;&nbsp; 5194 | &nbsp;&nbsp;&nbsp; 10548 | &nbsp;&nbsp;&nbsp; 6312 |
| Class R2 | &nbsp;&nbsp;&nbsp; 6459 | &nbsp;&nbsp;&nbsp; 5343 | &nbsp;&nbsp;&nbsp; 8837 | &nbsp;&nbsp;&nbsp; 7977 |
| Class R3 | &nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; 705 | &nbsp;&nbsp;&nbsp; 869 | &nbsp;&nbsp;&nbsp; 1127 |
| Class R4 | &nbsp;&nbsp;&nbsp; 873 | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 2090 | &nbsp;&nbsp;&nbsp; 218 |
| Class R5 | &nbsp;&nbsp;&nbsp; 25623 | &nbsp;&nbsp;&nbsp; 25857 | &nbsp;&nbsp;&nbsp; 46798 | &nbsp;&nbsp;&nbsp; 34906 |
| Class R6 | &nbsp;&nbsp;&nbsp; 43018 | &nbsp;&nbsp;&nbsp; 54983 | &nbsp;&nbsp;&nbsp; 78949 | &nbsp;&nbsp;&nbsp; 73908 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $16.37 | &nbsp;&nbsp;&nbsp; $17.39 | &nbsp;&nbsp;&nbsp; $19.71 | &nbsp;&nbsp;&nbsp; $21.34 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;16.37 | &nbsp;&nbsp;&nbsp;&nbsp;17.37 | &nbsp;&nbsp;&nbsp;&nbsp;19.46 | &nbsp;&nbsp;&nbsp;&nbsp;21.02 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.42 | &nbsp;&nbsp;&nbsp;&nbsp;17.46 | &nbsp;&nbsp;&nbsp;&nbsp;19.79 | &nbsp;&nbsp;&nbsp;&nbsp;21.53 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.30 | &nbsp;&nbsp;&nbsp;&nbsp;17.28 | &nbsp;&nbsp;&nbsp;&nbsp;19.57 | &nbsp;&nbsp;&nbsp;&nbsp;21.20 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.33 | &nbsp;&nbsp;&nbsp;&nbsp;17.29 | &nbsp;&nbsp;&nbsp;&nbsp;19.70 | &nbsp;&nbsp;&nbsp;&nbsp;21.19 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.40 | &nbsp;&nbsp;&nbsp;&nbsp;17.42 | &nbsp;&nbsp;&nbsp;&nbsp;19.69 | &nbsp;&nbsp;&nbsp;&nbsp;21.53 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.46 | &nbsp;&nbsp;&nbsp;&nbsp;17.46 | &nbsp;&nbsp;&nbsp;&nbsp;19.87 | &nbsp;&nbsp;&nbsp;&nbsp;21.54 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;16.45 | &nbsp;&nbsp;&nbsp;&nbsp;17.46 | &nbsp;&nbsp;&nbsp;&nbsp;19.85 | &nbsp;&nbsp;&nbsp;&nbsp;21.54 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales <br> charge)]<br>| &nbsp;&nbsp;&nbsp; $17.14 | &nbsp;&nbsp;&nbsp; $18.21 | &nbsp;&nbsp;&nbsp; $20.64 | &nbsp;&nbsp;&nbsp; $22.35 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $2380 | &nbsp;&nbsp;&nbsp; $2306 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 1542753 | &nbsp;&nbsp;&nbsp; 1700238 | &nbsp;&nbsp;&nbsp; 2819307 | &nbsp;&nbsp;&nbsp; 2371256 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

20 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2055 Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $2385 | &nbsp;&nbsp;&nbsp; $1932 | &nbsp;&nbsp;&nbsp; $1778 | &nbsp;&nbsp;&nbsp; $1312 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 3526091 | &nbsp;&nbsp;&nbsp; 2757516 | &nbsp;&nbsp;&nbsp; 2668668 | &nbsp;&nbsp;&nbsp; 1812105 |
| Cash | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 815633 | &nbsp;&nbsp;&nbsp; 715657 | &nbsp;&nbsp;&nbsp; 542082 | &nbsp;&nbsp;&nbsp; 357512 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 6208 | &nbsp;&nbsp;&nbsp; 5206 | &nbsp;&nbsp;&nbsp; 5826 | &nbsp;&nbsp;&nbsp; 4161 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 23 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; 114 |
| Securities lending income  | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
| Due from adviser | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 29 |
| Total Assets | &nbsp;&nbsp;&nbsp; 4350603 | &nbsp;&nbsp;&nbsp; 3480553 | &nbsp;&nbsp;&nbsp; 3218580 | &nbsp;&nbsp;&nbsp; 2175258 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Distributions | &nbsp;&nbsp;&nbsp; 2663 | &nbsp;&nbsp;&nbsp; 1920 | &nbsp;&nbsp;&nbsp; 1841 | &nbsp;&nbsp;&nbsp; 1316 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 857112 | &nbsp;&nbsp;&nbsp; 758089 | &nbsp;&nbsp;&nbsp; 573508 | &nbsp;&nbsp;&nbsp; 386336 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp; 126 |
| Accrued liabilities: |  |  |  |  |
| Distribution fees | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; 120 |
| Service fees | &nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 132 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 15 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Other | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 18 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 860602 | &nbsp;&nbsp;&nbsp; 760664 | &nbsp;&nbsp;&nbsp; 575980 | &nbsp;&nbsp;&nbsp; 388064 |
| Net Assets | &nbsp;&nbsp;&nbsp; $3490001 | &nbsp;&nbsp;&nbsp; $2719889 | &nbsp;&nbsp;&nbsp; $2642600 | &nbsp;&nbsp;&nbsp; $1787194 |

---

------

(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 SmartRetirement® Funds 21

------

**STATEMENTS OF ASSETS AND LIABILITIES**

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

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**2055 Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $2055570 | &nbsp;&nbsp;&nbsp; $1576054 | &nbsp;&nbsp;&nbsp; $1535241 | &nbsp;&nbsp;&nbsp; $1138501 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 1434431 | &nbsp;&nbsp;&nbsp; 1143835 | &nbsp;&nbsp;&nbsp; 1107359 | &nbsp;&nbsp;&nbsp; 648693 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $3490001 | &nbsp;&nbsp;&nbsp; $2719889 | &nbsp;&nbsp;&nbsp; $2642600 | &nbsp;&nbsp;&nbsp; $1787194 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $595413 | &nbsp;&nbsp;&nbsp; $514817 | &nbsp;&nbsp;&nbsp; $436495 | &nbsp;&nbsp;&nbsp; $301501 |
| Class C | &nbsp;&nbsp;&nbsp; 11041 | &nbsp;&nbsp;&nbsp; 6129 | &nbsp;&nbsp;&nbsp; 8058 | &nbsp;&nbsp;&nbsp; 5481 |
| Class I | &nbsp;&nbsp;&nbsp; 199194 | &nbsp;&nbsp;&nbsp; 112045 | &nbsp;&nbsp;&nbsp; 158877 | &nbsp;&nbsp;&nbsp; 65644 |
| Class R2 | &nbsp;&nbsp;&nbsp; 156861 | &nbsp;&nbsp;&nbsp; 142099 | &nbsp;&nbsp;&nbsp; 132618 | &nbsp;&nbsp;&nbsp; 112782 |
| Class R3 | &nbsp;&nbsp;&nbsp; 16280 | &nbsp;&nbsp;&nbsp; 17115 | &nbsp;&nbsp;&nbsp; 16106 | &nbsp;&nbsp;&nbsp; 8676 |
| Class R4 | &nbsp;&nbsp;&nbsp; 52892 | &nbsp;&nbsp;&nbsp; 4404 | &nbsp;&nbsp;&nbsp; 13487 | &nbsp;&nbsp;&nbsp; 1715 |
| Class R5 | &nbsp;&nbsp;&nbsp; 953311 | &nbsp;&nbsp;&nbsp; 639939 | &nbsp;&nbsp;&nbsp; 742567 | &nbsp;&nbsp;&nbsp; 508146 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1505009 | &nbsp;&nbsp;&nbsp; 1283341 | &nbsp;&nbsp;&nbsp; 1134392 | &nbsp;&nbsp;&nbsp; 783249 |
| Total | &nbsp;&nbsp;&nbsp; $3490001 | &nbsp;&nbsp;&nbsp; $2719889 | &nbsp;&nbsp;&nbsp; $2642600 | &nbsp;&nbsp;&nbsp; $1787194 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares <br> authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 25254 | &nbsp;&nbsp;&nbsp; 21347 | &nbsp;&nbsp;&nbsp; 17366 | &nbsp;&nbsp;&nbsp; 9870 |
| Class C | &nbsp;&nbsp;&nbsp; 483 | &nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 182 |
| Class I | &nbsp;&nbsp;&nbsp; 8403 | &nbsp;&nbsp;&nbsp; 4614 | &nbsp;&nbsp;&nbsp; 6277 | &nbsp;&nbsp;&nbsp; 2139 |
| Class R2 | &nbsp;&nbsp;&nbsp; 6733 | &nbsp;&nbsp;&nbsp; 5964 | &nbsp;&nbsp;&nbsp; 5342 | &nbsp;&nbsp;&nbsp; 3722 |
| Class R3 | &nbsp;&nbsp;&nbsp; 689 | &nbsp;&nbsp;&nbsp; 714 | &nbsp;&nbsp;&nbsp; 643 | &nbsp;&nbsp;&nbsp; 285 |
| Class R4 | &nbsp;&nbsp;&nbsp; 2244 | &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp; 56 |
| Class R5 | &nbsp;&nbsp;&nbsp; 40046 | &nbsp;&nbsp;&nbsp; 26299 | &nbsp;&nbsp;&nbsp; 29257 | &nbsp;&nbsp;&nbsp; 16542 |
| Class R6 | &nbsp;&nbsp;&nbsp; 63252 | &nbsp;&nbsp;&nbsp; 52764 | &nbsp;&nbsp;&nbsp; 44674 | &nbsp;&nbsp;&nbsp; 25482 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $23.58 | &nbsp;&nbsp;&nbsp; $24.12 | &nbsp;&nbsp;&nbsp; $25.13 | &nbsp;&nbsp;&nbsp; $30.55 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;22.85 | &nbsp;&nbsp;&nbsp;&nbsp;23.49 | &nbsp;&nbsp;&nbsp;&nbsp;24.44 | &nbsp;&nbsp;&nbsp;&nbsp;30.00 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;23.70 | &nbsp;&nbsp;&nbsp;&nbsp;24.29 | &nbsp;&nbsp;&nbsp;&nbsp;25.31 | &nbsp;&nbsp;&nbsp;&nbsp;30.68 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;23.30 | &nbsp;&nbsp;&nbsp;&nbsp;23.83 | &nbsp;&nbsp;&nbsp;&nbsp;24.82 | &nbsp;&nbsp;&nbsp;&nbsp;30.30 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;23.60 | &nbsp;&nbsp;&nbsp;&nbsp;23.98 | &nbsp;&nbsp;&nbsp;&nbsp;25.02 | &nbsp;&nbsp;&nbsp;&nbsp;30.44 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;23.57 | &nbsp;&nbsp;&nbsp;&nbsp;24.22 | &nbsp;&nbsp;&nbsp;&nbsp;25.22 | &nbsp;&nbsp;&nbsp;&nbsp;30.70 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;23.81 | &nbsp;&nbsp;&nbsp;&nbsp;24.33 | &nbsp;&nbsp;&nbsp;&nbsp;25.38 | &nbsp;&nbsp;&nbsp;&nbsp;30.72 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;23.79 | &nbsp;&nbsp;&nbsp;&nbsp;24.32 | &nbsp;&nbsp;&nbsp;&nbsp;25.39 | &nbsp;&nbsp;&nbsp;&nbsp;30.74 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales <br> charge)]<br>| &nbsp;&nbsp;&nbsp; $24.69 | &nbsp;&nbsp;&nbsp; $25.26 | &nbsp;&nbsp;&nbsp; $26.31 | &nbsp;&nbsp;&nbsp; $31.99 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $2384 | &nbsp;&nbsp;&nbsp; $1932 | &nbsp;&nbsp;&nbsp; $1778 | &nbsp;&nbsp;&nbsp; $1312 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 2305431 | &nbsp;&nbsp;&nbsp; 1815691 | &nbsp;&nbsp;&nbsp; 1718788 | &nbsp;&nbsp;&nbsp; 1235727 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

22 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2060 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2065 Fund**  |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $741 | &nbsp;&nbsp;&nbsp; $5246 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 816533 | &nbsp;&nbsp;&nbsp; 121173 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Receivables: |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 199359 | &nbsp;&nbsp;&nbsp; 206 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 2375 | &nbsp;&nbsp;&nbsp; 462 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 4 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 8 |
| Securities lending income  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Due from adviser | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 21 |
| Other assets | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 37 |
| Total Assets | &nbsp;&nbsp;&nbsp; 1019097 | &nbsp;&nbsp;&nbsp; 127175 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Distributions | &nbsp;&nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp; 7 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1330 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 211076 | &nbsp;&nbsp;&nbsp; 118 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 12 |
| Accrued liabilities: |  |  |
| Distribution fees | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 3 |
| Service fees | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 4 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 9 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Other | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 30 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 211731 | &nbsp;&nbsp;&nbsp; 1515 |
| Net Assets | &nbsp;&nbsp;&nbsp; $807366 | &nbsp;&nbsp;&nbsp; $125660 |

---

------

(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 SmartRetirement® Funds 23

------

**STATEMENTS OF ASSETS AND LIABILITIES**

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

(Amounts in thousands, except per share amounts)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2060 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**2065 Fund**  |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $586332 | &nbsp;&nbsp;&nbsp; $111850 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 221034 | &nbsp;&nbsp;&nbsp; 13810 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $807366 | &nbsp;&nbsp;&nbsp; $125660 |
| Net Assets: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $77636 | &nbsp;&nbsp;&nbsp; $9972 |
| Class C | &nbsp;&nbsp;&nbsp; 3378 | &nbsp;&nbsp;&nbsp; 213 |
| Class I | &nbsp;&nbsp;&nbsp; 48090 | &nbsp;&nbsp;&nbsp; 1839 |
| Class R2 | &nbsp;&nbsp;&nbsp; 17903 | &nbsp;&nbsp;&nbsp; 444 |
| Class R3 | &nbsp;&nbsp;&nbsp; 6877 | &nbsp;&nbsp;&nbsp; 48 |
| Class R4 | &nbsp;&nbsp;&nbsp; 8838 | &nbsp;&nbsp;&nbsp; 40 |
| Class R5 | &nbsp;&nbsp;&nbsp; 213186 | &nbsp;&nbsp;&nbsp; 24504 |
| Class R6 | &nbsp;&nbsp;&nbsp; 431458 | &nbsp;&nbsp;&nbsp; 88600 |
| Total | &nbsp;&nbsp;&nbsp; $807366 | &nbsp;&nbsp;&nbsp; $125660 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3008 | &nbsp;&nbsp;&nbsp; 435 |
| Class C | &nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 8 |
| Class I | &nbsp;&nbsp;&nbsp; 1857 | &nbsp;&nbsp;&nbsp; 80 |
| Class R2 | &nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp; 18 |
| Class R3 | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 2 |
| Class R4 | &nbsp;&nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp; 2 |
| Class R5 | &nbsp;&nbsp;&nbsp; 8234 | &nbsp;&nbsp;&nbsp; 1066 |
| Class R6 | &nbsp;&nbsp;&nbsp; 16626 | &nbsp;&nbsp;&nbsp; 3846 |
| Net Asset Value (a): |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $25.81 | &nbsp;&nbsp;&nbsp; $22.93 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;25.43 | &nbsp;&nbsp;&nbsp;&nbsp;22.85 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.88 | &nbsp;&nbsp;&nbsp;&nbsp;22.96 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.61 | &nbsp;&nbsp;&nbsp;&nbsp;22.90 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.83 | &nbsp;&nbsp;&nbsp;&nbsp;23.41 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.81 | &nbsp;&nbsp;&nbsp;&nbsp;23.02 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.89 | &nbsp;&nbsp;&nbsp;&nbsp;23.01 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.95 | &nbsp;&nbsp;&nbsp;&nbsp;23.04 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $27.03 | &nbsp;&nbsp;&nbsp; $24.01 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $740 | &nbsp;&nbsp;&nbsp; $4841 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 613703 | &nbsp;&nbsp;&nbsp; 111507 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

24 J.P. Morgan SmartRetirement® Funds 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>**SmartRetirement®** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2035 Fund** <br>|
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $9 | &nbsp;&nbsp;&nbsp; $9 | &nbsp;&nbsp;&nbsp; $83 | &nbsp;&nbsp;&nbsp; $78 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 41077 | &nbsp;&nbsp;&nbsp; 47760 | &nbsp;&nbsp;&nbsp; 76439 | &nbsp;&nbsp;&nbsp; 74103 |
| Income from securities lending (net)  | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 |
| Total investment income | &nbsp;&nbsp;&nbsp; 41088 | &nbsp;&nbsp;&nbsp; 47770 | &nbsp;&nbsp;&nbsp; 76524 | &nbsp;&nbsp;&nbsp; 74184 |
| **EXPENSES:** |  |  |  |  |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 686 | &nbsp;&nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; 853 | &nbsp;&nbsp;&nbsp; 822 |
| Class C | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 26 |
| Class R2 | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp; 425 |
| Class R3 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 32 |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 686 | &nbsp;&nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; 853 | &nbsp;&nbsp;&nbsp; 822 |
| Class C | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 9 |
| Class I | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp; 169 |
| Class R2 | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; 213 |
| Class R3 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 32 |
| Class R4 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 6 |
| Class R5 | &nbsp;&nbsp;&nbsp; 223 | &nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp; 388 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 56 |
| Professional fees | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 41 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 17 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 26 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; 80 |
| Transfer agency fees (See Note 2.H.) | &nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 64 |
| Other | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 24 |
| Total expenses | &nbsp;&nbsp;&nbsp; 2474 | &nbsp;&nbsp;&nbsp; 2168 | &nbsp;&nbsp;&nbsp; 3574 | &nbsp;&nbsp;&nbsp; 3252 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (505)<br>| &nbsp;&nbsp;&nbsp; (178)<br>| &nbsp;&nbsp;&nbsp; (258)<br>| &nbsp;&nbsp;&nbsp; (247)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (183)<br>| &nbsp;&nbsp;&nbsp; (177)<br>| &nbsp;&nbsp;&nbsp; (250)<br>| &nbsp;&nbsp;&nbsp; (235)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 1786 | &nbsp;&nbsp;&nbsp; 1813 | &nbsp;&nbsp;&nbsp; 3066 | &nbsp;&nbsp;&nbsp; 2770 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 39302 | &nbsp;&nbsp;&nbsp; 45957 | &nbsp;&nbsp;&nbsp; 73458 | &nbsp;&nbsp;&nbsp; 71414 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 25

------

**STATEMENTS OF OPERATIONS**

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

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2035 Fund** <br>|
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $4 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 43703 | &nbsp;&nbsp;&nbsp; 74919 | &nbsp;&nbsp;&nbsp; 136201 | &nbsp;&nbsp;&nbsp; 160015 |
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10361 | &nbsp;&nbsp;&nbsp; 10019 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 43703 | &nbsp;&nbsp;&nbsp; 74919 | &nbsp;&nbsp;&nbsp; 146563 | &nbsp;&nbsp;&nbsp; 170038 |
| Distribution of capital gains received from investment <br> company affiliates<br>| &nbsp;&nbsp;&nbsp; 23607 | &nbsp;&nbsp;&nbsp; 29560 | &nbsp;&nbsp;&nbsp; 68502 | &nbsp;&nbsp;&nbsp; 120309 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 10527 | &nbsp;&nbsp;&nbsp; (7064)<br>| &nbsp;&nbsp;&nbsp; (8264)<br>| &nbsp;&nbsp;&nbsp; (71938)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1267)<br>| &nbsp;&nbsp;&nbsp; (1241)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 10527 | &nbsp;&nbsp;&nbsp; (7064)<br>| &nbsp;&nbsp;&nbsp; (9528)<br>| &nbsp;&nbsp;&nbsp; (73178)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 77837 | &nbsp;&nbsp;&nbsp; 97415 | &nbsp;&nbsp;&nbsp; 205537 | &nbsp;&nbsp;&nbsp; 217169 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $117139 | &nbsp;&nbsp;&nbsp; $143372 | &nbsp;&nbsp;&nbsp; $278995 | &nbsp;&nbsp;&nbsp; $288583 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2055 Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $80 | &nbsp;&nbsp;&nbsp; $64 | &nbsp;&nbsp;&nbsp; $58 | &nbsp;&nbsp;&nbsp; $41 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 71770 | &nbsp;&nbsp;&nbsp; 54441 | &nbsp;&nbsp;&nbsp; 48650 | &nbsp;&nbsp;&nbsp; 32728 |
| Income from securities lending (net)  | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7 |
| Total investment income | &nbsp;&nbsp;&nbsp; 71859 | &nbsp;&nbsp;&nbsp; 54505 | &nbsp;&nbsp;&nbsp; 48708 | &nbsp;&nbsp;&nbsp; 32776 |
| **EXPENSES:** |  |  |  |  |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp; 390 |
| Class C | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 21 |
| Class R2 | &nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 281 |
| Class R3 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 12 |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 800 | &nbsp;&nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp; 390 |
| Class C | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 7 |
| Class I | &nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp; 79 |
| Class R2 | &nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 141 |
| Class R3 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 12 |
| Class R4 | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 2 |
| Class R5 | &nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp; 253 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 30 |
| Professional fees | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 36 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 15 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 28 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 66 |
| Transfer agency fees (See Note 2.H.) | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 34 |
| Other | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 13 |
| Total expenses | &nbsp;&nbsp;&nbsp; 3403 | &nbsp;&nbsp;&nbsp; 2716 | &nbsp;&nbsp;&nbsp; 2603 | &nbsp;&nbsp;&nbsp; 1810 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (243)<br>| &nbsp;&nbsp;&nbsp; (205)<br>| &nbsp;&nbsp;&nbsp; (178)<br>| &nbsp;&nbsp;&nbsp; (116)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (239)<br>| &nbsp;&nbsp;&nbsp; (216)<br>| &nbsp;&nbsp;&nbsp; (208)<br>| &nbsp;&nbsp;&nbsp; (181)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 2921 | &nbsp;&nbsp;&nbsp; 2295 | &nbsp;&nbsp;&nbsp; 2217 | &nbsp;&nbsp;&nbsp; 1513 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 68938 | &nbsp;&nbsp;&nbsp; 52210 | &nbsp;&nbsp;&nbsp; 46491 | &nbsp;&nbsp;&nbsp; 31263 |

---

------

(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 SmartRetirement® Funds 27

------

**STATEMENTS OF OPERATIONS**

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

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**2055 Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $1 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 166230 | &nbsp;&nbsp;&nbsp; 135768 | &nbsp;&nbsp;&nbsp; 83745 | &nbsp;&nbsp;&nbsp; 29628 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 10233 | &nbsp;&nbsp;&nbsp; 8125 | &nbsp;&nbsp;&nbsp; 7462 | &nbsp;&nbsp;&nbsp; 4960 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 176465 | &nbsp;&nbsp;&nbsp; 143894 | &nbsp;&nbsp;&nbsp; 91208 | &nbsp;&nbsp;&nbsp; 34589 |
| Distribution of capital gains received from investment <br> company affiliates<br>| &nbsp;&nbsp;&nbsp; 142873 | &nbsp;&nbsp;&nbsp; 125199 | &nbsp;&nbsp;&nbsp; 122629 | &nbsp;&nbsp;&nbsp; 82557 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (70197)<br>| &nbsp;&nbsp;&nbsp; (55849)<br>| &nbsp;&nbsp;&nbsp; (8234)<br>| &nbsp;&nbsp;&nbsp; 19310 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (1232)<br>| &nbsp;&nbsp;&nbsp; (982)<br>| &nbsp;&nbsp;&nbsp; (866)<br>| &nbsp;&nbsp;&nbsp; (568)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (71426)<br>| &nbsp;&nbsp;&nbsp; (56830)<br>| &nbsp;&nbsp;&nbsp; (9099)<br>| &nbsp;&nbsp;&nbsp; 18742 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 247912 | &nbsp;&nbsp;&nbsp; 212263 | &nbsp;&nbsp;&nbsp; 204738 | &nbsp;&nbsp;&nbsp; 135888 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $316850 | &nbsp;&nbsp;&nbsp; $264473 | &nbsp;&nbsp;&nbsp; $251229 | &nbsp;&nbsp;&nbsp; $167151 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2060 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**2065 Fund**  |
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $24 | &nbsp;&nbsp;&nbsp; $3 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 15264 | &nbsp;&nbsp;&nbsp; 1839 |
| Income from securities lending (net)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 |
| Total investment income | &nbsp;&nbsp;&nbsp; 15288 | &nbsp;&nbsp;&nbsp; 1884 |
| **EXPENSES:** |  |  |
| Distribution fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp; 15 |
| Class C | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 1 |
| Class R3 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 1 |
| Service fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp; 15 |
| Class C | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class I | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 2 |
| Class R2 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 1 |
| Class R4 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 11 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 16 |
| Professional fees | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 19 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 14 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 14 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 70 |
| Transfer agency fees (See Note 2.H.) | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 6 |
| Other | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 9 |
| Total expenses | &nbsp;&nbsp;&nbsp; 659 | &nbsp;&nbsp;&nbsp; 194 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp; (6)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp; (145)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 483 | &nbsp;&nbsp;&nbsp; 43 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 14805 | &nbsp;&nbsp;&nbsp; 1841 |

---

------

(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 SmartRetirement® Funds 29

------

**STATEMENTS OF OPERATIONS**

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

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **2060 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**2065 Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $41 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 7442 | &nbsp;&nbsp;&nbsp; (207)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 2372 | &nbsp;&nbsp;&nbsp; 282 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 9815 | &nbsp;&nbsp;&nbsp; 116 |
| Distribution of capital gains received from investment company affiliates | &nbsp;&nbsp;&nbsp; 38451 | &nbsp;&nbsp;&nbsp; 4753 |
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 219 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 14346 | &nbsp;&nbsp;&nbsp; 1686 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (270)<br>| &nbsp;&nbsp;&nbsp; (27)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 14077 | &nbsp;&nbsp;&nbsp; 1878 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 62343 | &nbsp;&nbsp;&nbsp; 6747 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $77148 | &nbsp;&nbsp;&nbsp; $8588 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 J.P. Morgan SmartRetirement® 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 SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 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; $39302 | &nbsp;&nbsp;&nbsp; $41414 | &nbsp;&nbsp;&nbsp; $45957 | &nbsp;&nbsp;&nbsp; $82237 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 43703 | &nbsp;&nbsp;&nbsp; 15147 | &nbsp;&nbsp;&nbsp; 74919 | &nbsp;&nbsp;&nbsp; 41461 |
| Distributions of capital gains received from investment <br> company affiliates <br>| &nbsp;&nbsp;&nbsp; 23607 | &nbsp;&nbsp;&nbsp; 10829 | &nbsp;&nbsp;&nbsp; 29560 | &nbsp;&nbsp;&nbsp; 31456 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 10527 | &nbsp;&nbsp;&nbsp; 84450 | &nbsp;&nbsp;&nbsp; (7064)<br>| &nbsp;&nbsp;&nbsp; 85920 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 117139 | &nbsp;&nbsp;&nbsp; 151840 | &nbsp;&nbsp;&nbsp; 143372 | &nbsp;&nbsp;&nbsp; 241074 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (23711)<br>| &nbsp;&nbsp;&nbsp; (10815)<br>| &nbsp;&nbsp;&nbsp; (28854)<br>| &nbsp;&nbsp;&nbsp; (21096)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (209)<br>| &nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp; (378)<br>| &nbsp;&nbsp;&nbsp; (345)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (5347)<br>| &nbsp;&nbsp;&nbsp; (1995)<br>| &nbsp;&nbsp;&nbsp; (6276)<br>| &nbsp;&nbsp;&nbsp; (4141)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (4528)<br>| &nbsp;&nbsp;&nbsp; (1413)<br>| &nbsp;&nbsp;&nbsp; (5933)<br>| &nbsp;&nbsp;&nbsp; (4031)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (355)<br>| &nbsp;&nbsp;&nbsp; (131)<br>| &nbsp;&nbsp;&nbsp; (804)<br>| &nbsp;&nbsp;&nbsp; (588)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (676)<br>| &nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp; (178)<br>| &nbsp;&nbsp;&nbsp; (118)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (20206)<br>| &nbsp;&nbsp;&nbsp; (8798)<br>| &nbsp;&nbsp;&nbsp; (32423)<br>| &nbsp;&nbsp;&nbsp; (25677)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (42403)<br>| &nbsp;&nbsp;&nbsp; (14463)<br>| &nbsp;&nbsp;&nbsp; (95830)<br>| &nbsp;&nbsp;&nbsp; (64686)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (97435)<br>| &nbsp;&nbsp;&nbsp; (37776)<br>| &nbsp;&nbsp;&nbsp; (170676)<br>| &nbsp;&nbsp;&nbsp; (120682)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (258836)<br>| &nbsp;&nbsp;&nbsp; 959080 | &nbsp;&nbsp;&nbsp; (472949)<br>| &nbsp;&nbsp;&nbsp; (329000)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (239132)<br>| &nbsp;&nbsp;&nbsp; 1073144 | &nbsp;&nbsp;&nbsp; (500253)<br>| &nbsp;&nbsp;&nbsp; (208608)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 2129513 | &nbsp;&nbsp;&nbsp; 1056369 | &nbsp;&nbsp;&nbsp; 2529459 | &nbsp;&nbsp;&nbsp; 2738067 |
| End of period | &nbsp;&nbsp;&nbsp; $1890381 | &nbsp;&nbsp;&nbsp; $2129513 | &nbsp;&nbsp;&nbsp; $2029206 | &nbsp;&nbsp;&nbsp; $2529459 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 31

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  |
|  | &nbsp;&nbsp; **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; $73458 | &nbsp;&nbsp;&nbsp; $114249 | &nbsp;&nbsp;&nbsp; $71414 | &nbsp;&nbsp;&nbsp; $94904 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 146563 | &nbsp;&nbsp;&nbsp; 45232 | &nbsp;&nbsp;&nbsp; 170038 | &nbsp;&nbsp;&nbsp; 39038 |
| Distributions of capital gains received from investment company <br> affiliates <br>| &nbsp;&nbsp;&nbsp; 68502 | &nbsp;&nbsp;&nbsp; 63428 | &nbsp;&nbsp;&nbsp; 120309 | &nbsp;&nbsp;&nbsp; 84341 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (9528)<br>| &nbsp;&nbsp;&nbsp; 194281 | &nbsp;&nbsp;&nbsp; (73178)<br>| &nbsp;&nbsp;&nbsp; 209924 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 278995 | &nbsp;&nbsp;&nbsp; 417190 | &nbsp;&nbsp;&nbsp; 288583 | &nbsp;&nbsp;&nbsp; 428207 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (35217)<br>| &nbsp;&nbsp;&nbsp; (35071)<br>| &nbsp;&nbsp;&nbsp; (34900)<br>| &nbsp;&nbsp;&nbsp; (27968)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (372)<br>| &nbsp;&nbsp;&nbsp; (459)<br>| &nbsp;&nbsp;&nbsp; (331)<br>| &nbsp;&nbsp;&nbsp; (317)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (11686)<br>| &nbsp;&nbsp;&nbsp; (10638)<br>| &nbsp;&nbsp;&nbsp; (7630)<br>| &nbsp;&nbsp;&nbsp; (5815)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (8973)<br>| &nbsp;&nbsp;&nbsp; (8645)<br>| &nbsp;&nbsp;&nbsp; (8866)<br>| &nbsp;&nbsp;&nbsp; (7145)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (902)<br>| &nbsp;&nbsp;&nbsp; (960)<br>| &nbsp;&nbsp;&nbsp; (1271)<br>| &nbsp;&nbsp;&nbsp; (1040)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (2321)<br>| &nbsp;&nbsp;&nbsp; (1986)<br>| &nbsp;&nbsp;&nbsp; (262)<br>| &nbsp;&nbsp;&nbsp; (134)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (53590)<br>| &nbsp;&nbsp;&nbsp; (52919)<br>| &nbsp;&nbsp;&nbsp; (43571)<br>| &nbsp;&nbsp;&nbsp; (36333)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (132649)<br>| &nbsp;&nbsp;&nbsp; (110897)<br>| &nbsp;&nbsp;&nbsp; (145405)<br>| &nbsp;&nbsp;&nbsp; (103152)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (245710)<br>| &nbsp;&nbsp;&nbsp; (221575)<br>| &nbsp;&nbsp;&nbsp; (242236)<br>| &nbsp;&nbsp;&nbsp; (181904)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (664578)<br>| &nbsp;&nbsp;&nbsp; (137420)<br>| &nbsp;&nbsp;&nbsp; (770205)<br>| &nbsp;&nbsp;&nbsp; 35293 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (631293)<br>| &nbsp;&nbsp;&nbsp; 58195 | &nbsp;&nbsp;&nbsp; (723858)<br>| &nbsp;&nbsp;&nbsp; 281596 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 4203400 | &nbsp;&nbsp;&nbsp; 4145205 | &nbsp;&nbsp;&nbsp; 4024338 | &nbsp;&nbsp;&nbsp; 3742742 |
| End of period | &nbsp;&nbsp;&nbsp; $3572107 | &nbsp;&nbsp;&nbsp; $4203400 | &nbsp;&nbsp;&nbsp; $3300480 | &nbsp;&nbsp;&nbsp; $4024338 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  |
|  | &nbsp;&nbsp; **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; $68938 | &nbsp;&nbsp;&nbsp; $82996 | &nbsp;&nbsp;&nbsp; $52210 | &nbsp;&nbsp;&nbsp; $56322 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 176465 | &nbsp;&nbsp;&nbsp; 43005 | &nbsp;&nbsp;&nbsp; 143894 | &nbsp;&nbsp;&nbsp; 25069 |
| Distributions of capital gains received from investment <br> company affiliates <br>| &nbsp;&nbsp;&nbsp; 142873 | &nbsp;&nbsp;&nbsp; 98413 | &nbsp;&nbsp;&nbsp; 125199 | &nbsp;&nbsp;&nbsp; 83583 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (71426)<br>| &nbsp;&nbsp;&nbsp; 236394 | &nbsp;&nbsp;&nbsp; (56830)<br>| &nbsp;&nbsp;&nbsp; 205597 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 316850 | &nbsp;&nbsp;&nbsp; 460808 | &nbsp;&nbsp;&nbsp; 264473 | &nbsp;&nbsp;&nbsp; 370571 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (33315)<br>| &nbsp;&nbsp;&nbsp; (27985)<br>| &nbsp;&nbsp;&nbsp; (26374)<br>| &nbsp;&nbsp;&nbsp; (20807)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (558)<br>| &nbsp;&nbsp;&nbsp; (454)<br>| &nbsp;&nbsp;&nbsp; (278)<br>| &nbsp;&nbsp;&nbsp; (223)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (11025)<br>| &nbsp;&nbsp;&nbsp; (8565)<br>| &nbsp;&nbsp;&nbsp; (5717)<br>| &nbsp;&nbsp;&nbsp; (4096)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (8102)<br>| &nbsp;&nbsp;&nbsp; (6571)<br>| &nbsp;&nbsp;&nbsp; (6744)<br>| &nbsp;&nbsp;&nbsp; (5125)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (852)<br>| &nbsp;&nbsp;&nbsp; (833)<br>| &nbsp;&nbsp;&nbsp; (816)<br>| &nbsp;&nbsp;&nbsp; (711)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (2949)<br>| &nbsp;&nbsp;&nbsp; (2185)<br>| &nbsp;&nbsp;&nbsp; (227)<br>| &nbsp;&nbsp;&nbsp; (115)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (54194)<br>| &nbsp;&nbsp;&nbsp; (43681)<br>| &nbsp;&nbsp;&nbsp; (33596)<br>| &nbsp;&nbsp;&nbsp; (26685)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (134611)<br>| &nbsp;&nbsp;&nbsp; (96303)<br>| &nbsp;&nbsp;&nbsp; (107575)<br>| &nbsp;&nbsp;&nbsp; (74707)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (245606)<br>| &nbsp;&nbsp;&nbsp; (186577)<br>| &nbsp;&nbsp;&nbsp; (181327)<br>| &nbsp;&nbsp;&nbsp; (132469)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (703647)<br>| &nbsp;&nbsp;&nbsp; 27433 | &nbsp;&nbsp;&nbsp; (618930)<br>| &nbsp;&nbsp;&nbsp; 88247 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (632403)<br>| &nbsp;&nbsp;&nbsp; 301664 | &nbsp;&nbsp;&nbsp; (535784)<br>| &nbsp;&nbsp;&nbsp; 326349 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 4122404 | &nbsp;&nbsp;&nbsp; 3820740 | &nbsp;&nbsp;&nbsp; 3255673 | &nbsp;&nbsp;&nbsp; 2929324 |
| End of period | &nbsp;&nbsp;&nbsp; $3490001 | &nbsp;&nbsp;&nbsp; $4122404 | &nbsp;&nbsp;&nbsp; $2719889 | &nbsp;&nbsp;&nbsp; $3255673 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 33

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  |
|  | &nbsp;&nbsp; **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; $46491 | &nbsp;&nbsp;&nbsp; $47093 | &nbsp;&nbsp;&nbsp; $31263 | &nbsp;&nbsp;&nbsp; $30535 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 91208 | &nbsp;&nbsp;&nbsp; 18486 | &nbsp;&nbsp;&nbsp; 34589 | &nbsp;&nbsp;&nbsp; 5459 |
| Distributions of capital gains received from investment company <br> affiliates <br>| &nbsp;&nbsp;&nbsp; 122629 | &nbsp;&nbsp;&nbsp; 80344 | &nbsp;&nbsp;&nbsp; 82557 | &nbsp;&nbsp;&nbsp; 51840 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (9099)<br>| &nbsp;&nbsp;&nbsp; 202524 | &nbsp;&nbsp;&nbsp; 18742 | &nbsp;&nbsp;&nbsp; 139291 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 251229 | &nbsp;&nbsp;&nbsp; 348447 | &nbsp;&nbsp;&nbsp; 167151 | &nbsp;&nbsp;&nbsp; 227125 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (21819)<br>| &nbsp;&nbsp;&nbsp; (10236)<br>| &nbsp;&nbsp;&nbsp; (13725)<br>| &nbsp;&nbsp;&nbsp; (5655)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (356)<br>| &nbsp;&nbsp;&nbsp; (152)<br>| &nbsp;&nbsp;&nbsp; (217)<br>| &nbsp;&nbsp;&nbsp; (77)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (7879)<br>| &nbsp;&nbsp;&nbsp; (3621)<br>| &nbsp;&nbsp;&nbsp; (2987)<br>| &nbsp;&nbsp;&nbsp; (1238)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (6132)<br>| &nbsp;&nbsp;&nbsp; (2561)<br>| &nbsp;&nbsp;&nbsp; (4703)<br>| &nbsp;&nbsp;&nbsp; (1838)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (752)<br>| &nbsp;&nbsp;&nbsp; (405)<br>| &nbsp;&nbsp;&nbsp; (369)<br>| &nbsp;&nbsp;&nbsp; (187)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (674)<br>| &nbsp;&nbsp;&nbsp; (259)<br>| &nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp; (32)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (37982)<br>| &nbsp;&nbsp;&nbsp; (18466)<br>| &nbsp;&nbsp;&nbsp; (23938)<br>| &nbsp;&nbsp;&nbsp; (11624)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (87559)<br>| &nbsp;&nbsp;&nbsp; (37137)<br>| &nbsp;&nbsp;&nbsp; (55149)<br>| &nbsp;&nbsp;&nbsp; (22271)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (163153)<br>| &nbsp;&nbsp;&nbsp; (72837)<br>| &nbsp;&nbsp;&nbsp; (101166)<br>| &nbsp;&nbsp;&nbsp; (42922)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (440506)<br>| &nbsp;&nbsp;&nbsp; 44934 | &nbsp;&nbsp;&nbsp; (256218)<br>| &nbsp;&nbsp;&nbsp; 94398 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (352430)<br>| &nbsp;&nbsp;&nbsp; 320544 | &nbsp;&nbsp;&nbsp; (190233)<br>| &nbsp;&nbsp;&nbsp; 278601 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2995030 | &nbsp;&nbsp;&nbsp; 2674486 | &nbsp;&nbsp;&nbsp; 1977427 | &nbsp;&nbsp;&nbsp; 1698826 |
| End of period | &nbsp;&nbsp;&nbsp; $2642600 | &nbsp;&nbsp;&nbsp; $2995030 | &nbsp;&nbsp;&nbsp; $1787194 | &nbsp;&nbsp;&nbsp; $1977427 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  |
|  | &nbsp;&nbsp; **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>| **Year Ended** <br>**June 30, 2025**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $14805 | &nbsp;&nbsp;&nbsp; $13297 | &nbsp;&nbsp;&nbsp; $1841 | &nbsp;&nbsp;&nbsp; $970 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 9815 | &nbsp;&nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; (94)<br>|
| Distributions of capital gains received from investment <br> company affiliates <br>| &nbsp;&nbsp;&nbsp; 38451 | &nbsp;&nbsp;&nbsp; 21703 | &nbsp;&nbsp;&nbsp; 4753 | &nbsp;&nbsp;&nbsp; 1498 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 14077 | &nbsp;&nbsp;&nbsp; 62887 | &nbsp;&nbsp;&nbsp; 1878 | &nbsp;&nbsp;&nbsp; 5497 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 77148 | &nbsp;&nbsp;&nbsp; 98429 | &nbsp;&nbsp;&nbsp; 8588 | &nbsp;&nbsp;&nbsp; 7871 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3318)<br>| &nbsp;&nbsp;&nbsp; (1912)<br>| &nbsp;&nbsp;&nbsp; (362)<br>| &nbsp;&nbsp;&nbsp; (95)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (116)<br>| &nbsp;&nbsp;&nbsp; (75)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (1979)<br>| &nbsp;&nbsp;&nbsp; (1026)<br>| &nbsp;&nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; (11)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (672)<br>| &nbsp;&nbsp;&nbsp; (354)<br>| &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (261)<br>| &nbsp;&nbsp;&nbsp; (206)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (368)<br>| &nbsp;&nbsp;&nbsp; (179)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (9076)<br>| &nbsp;&nbsp;&nbsp; (5625)<br>| &nbsp;&nbsp;&nbsp; (828)<br>| &nbsp;&nbsp;&nbsp; (301)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (27559)<br>| &nbsp;&nbsp;&nbsp; (13380)<br>| &nbsp;&nbsp;&nbsp; (3043)<br>| &nbsp;&nbsp;&nbsp; (748)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (43349)<br>| &nbsp;&nbsp;&nbsp; (22757)<br>| &nbsp;&nbsp;&nbsp; (4316)<br>| &nbsp;&nbsp;&nbsp; (1157)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (118905)<br>| &nbsp;&nbsp;&nbsp; 134996 | &nbsp;&nbsp;&nbsp; 30996 | &nbsp;&nbsp;&nbsp; 53647 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (85106)<br>| &nbsp;&nbsp;&nbsp; 210668 | &nbsp;&nbsp;&nbsp; 35268 | &nbsp;&nbsp;&nbsp; 60361 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 892472 | &nbsp;&nbsp;&nbsp; 681804 | &nbsp;&nbsp;&nbsp; 90392 | &nbsp;&nbsp;&nbsp; 30031 |
| End of period | &nbsp;&nbsp;&nbsp; $807366 | &nbsp;&nbsp;&nbsp; $892472 | &nbsp;&nbsp;&nbsp; $125660 | &nbsp;&nbsp;&nbsp; $90392 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 35

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® Income Fund** | **JPMorgan SmartRetirement® Income Fund** | **JPMorgan SmartRetirement® 2025 Fund** | **JPMorgan SmartRetirement® 2025 Fund** |
|  | &nbsp;&nbsp; **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; $15668 | &nbsp;&nbsp;&nbsp; $44421 | &nbsp;&nbsp;&nbsp; $19010 | &nbsp;&nbsp;&nbsp; $47514 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 242569 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 22965 | &nbsp;&nbsp;&nbsp; 10528 | &nbsp;&nbsp;&nbsp; 27892 | &nbsp;&nbsp;&nbsp; 20200 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (79751)<br>| &nbsp;&nbsp;&nbsp; (96253)<br>| &nbsp;&nbsp;&nbsp; (92483)<br>| &nbsp;&nbsp;&nbsp; (154617)<br>|
| Change in net assets resulting from Class A capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (41118)<br>| &nbsp;&nbsp;&nbsp; 201265 | &nbsp;&nbsp;&nbsp; (45581)<br>| &nbsp;&nbsp;&nbsp; (86903)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp; 839 | &nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp; 790 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3283 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp; 339 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1224)<br>| &nbsp;&nbsp;&nbsp; (2317)<br>| &nbsp;&nbsp;&nbsp; (2202)<br>| &nbsp;&nbsp;&nbsp; (4408)<br>|
| Change in net assets resulting from Class C capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (666)<br>| &nbsp;&nbsp;&nbsp; 1877 | &nbsp;&nbsp;&nbsp; (1522)<br>| &nbsp;&nbsp;&nbsp; (3279)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 6563 | &nbsp;&nbsp;&nbsp; 6948 | &nbsp;&nbsp;&nbsp; 5142 | &nbsp;&nbsp;&nbsp; 10832 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58642 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5095 | &nbsp;&nbsp;&nbsp; 1973 | &nbsp;&nbsp;&nbsp; 6248 | &nbsp;&nbsp;&nbsp; 4112 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (14647)<br>| &nbsp;&nbsp;&nbsp; (21358)<br>| &nbsp;&nbsp;&nbsp; (12830)<br>| &nbsp;&nbsp;&nbsp; (54608)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (2989)<br>| &nbsp;&nbsp;&nbsp; 46205 | &nbsp;&nbsp;&nbsp; (1440)<br>| &nbsp;&nbsp;&nbsp; (39664)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4741 | &nbsp;&nbsp;&nbsp; 42114 | &nbsp;&nbsp;&nbsp; 6451 | &nbsp;&nbsp;&nbsp; 12376 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 58537 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4479 | &nbsp;&nbsp;&nbsp; 1392 | &nbsp;&nbsp;&nbsp; 5875 | &nbsp;&nbsp;&nbsp; 3983 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (11136)<br>| &nbsp;&nbsp;&nbsp; (49921)<br>| &nbsp;&nbsp;&nbsp; (14769)<br>| &nbsp;&nbsp;&nbsp; (32499)<br>|
| Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (1916)<br>| &nbsp;&nbsp;&nbsp; 52122 | &nbsp;&nbsp;&nbsp; (2443)<br>| &nbsp;&nbsp;&nbsp; (16140)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1582 | &nbsp;&nbsp;&nbsp; 1089 | &nbsp;&nbsp;&nbsp; 1198 | &nbsp;&nbsp;&nbsp; 1738 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5206 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 679 | &nbsp;&nbsp;&nbsp; 491 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3198)<br>| &nbsp;&nbsp;&nbsp; (2814)<br>| &nbsp;&nbsp;&nbsp; (3420)<br>| &nbsp;&nbsp;&nbsp; (7622)<br>|
| Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (1383)<br>| &nbsp;&nbsp;&nbsp; 3567 | &nbsp;&nbsp;&nbsp; (1543)<br>| &nbsp;&nbsp;&nbsp; (5393)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 203 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11613 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 676 | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; 118 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1343)<br>| &nbsp;&nbsp;&nbsp; (518)<br>| &nbsp;&nbsp;&nbsp; (512)<br>| &nbsp;&nbsp;&nbsp; (65)<br>|
| Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (436)<br>| &nbsp;&nbsp;&nbsp; 11372 | &nbsp;&nbsp;&nbsp; (292)<br>| &nbsp;&nbsp;&nbsp; 256 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® Income** <br> **Fund** | **JPMorgan SmartRetirement® Income** <br> **Fund** | **JPMorgan SmartRetirement® 2025 Fund** | **JPMorgan SmartRetirement® 2025 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 R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $14051 | &nbsp;&nbsp;&nbsp; $39535 | &nbsp;&nbsp;&nbsp; $18235 | &nbsp;&nbsp;&nbsp; $59743 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 218237 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 20148 | &nbsp;&nbsp;&nbsp; 8763 | &nbsp;&nbsp;&nbsp; 32377 | &nbsp;&nbsp;&nbsp; 25635 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (63496)<br>| &nbsp;&nbsp;&nbsp; (87429)<br>| &nbsp;&nbsp;&nbsp; (88601)<br>| &nbsp;&nbsp;&nbsp; (178200)<br>|
| Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (29297)<br>| &nbsp;&nbsp;&nbsp; 179106 | &nbsp;&nbsp;&nbsp; (37989)<br>| &nbsp;&nbsp;&nbsp; (92822)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 79415 | &nbsp;&nbsp;&nbsp; 121739 | &nbsp;&nbsp;&nbsp; 101372 | &nbsp;&nbsp;&nbsp; 275458 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 482433 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 40350 | &nbsp;&nbsp;&nbsp; 13786 | &nbsp;&nbsp;&nbsp; 92776 | &nbsp;&nbsp;&nbsp; 62611 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (300796)<br>| &nbsp;&nbsp;&nbsp; (154392)<br>| &nbsp;&nbsp;&nbsp; (576287)<br>| &nbsp;&nbsp;&nbsp; (423124)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (181031)<br>| &nbsp;&nbsp;&nbsp; 463566 | &nbsp;&nbsp;&nbsp; (382139)<br>| &nbsp;&nbsp;&nbsp; (85055)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(258836)<br>| &nbsp;&nbsp;&nbsp; $959080 | &nbsp;&nbsp;&nbsp; $(472949)<br>| &nbsp;&nbsp;&nbsp; $(329000)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp; 2851 | &nbsp;&nbsp;&nbsp; 1046 | &nbsp;&nbsp;&nbsp; 2781 |
| Shares issued in connection with Fund reorganization (See Note 8)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15745 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 1390 | &nbsp;&nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp; 1580 | &nbsp;&nbsp;&nbsp; 1203 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4746)<br>| &nbsp;&nbsp;&nbsp; (6135)<br>| &nbsp;&nbsp;&nbsp; (5107)<br>| &nbsp;&nbsp;&nbsp; (9006)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (2422)<br>| &nbsp;&nbsp;&nbsp; 13149 | &nbsp;&nbsp;&nbsp; (2481)<br>| &nbsp;&nbsp;&nbsp; (5022)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 47 |
| Shares issued in connection with Fund reorganization (See Note 8)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 20 |
| Redeemed | &nbsp;&nbsp;&nbsp; (74)<br>| &nbsp;&nbsp;&nbsp; (148)<br>| &nbsp;&nbsp;&nbsp; (122)<br>| &nbsp;&nbsp;&nbsp; (260)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; (84)<br>| &nbsp;&nbsp;&nbsp; (193)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 630 |
| Shares issued in connection with Fund reorganization (See Note 8)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3794 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 244 |
| Redeemed | &nbsp;&nbsp;&nbsp; (876)<br>| &nbsp;&nbsp;&nbsp; (1349)<br>| &nbsp;&nbsp;&nbsp; (699)<br>| &nbsp;&nbsp;&nbsp; (3149)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (176)<br>| &nbsp;&nbsp;&nbsp; 3014 | &nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp; (2275)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; 2730 | &nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; 727 |
| Shares issued in connection with Fund reorganization (See Note 8)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3815 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp; 239 |
| Redeemed | &nbsp;&nbsp;&nbsp; (669)<br>| &nbsp;&nbsp;&nbsp; (3224)<br>| &nbsp;&nbsp;&nbsp; (823)<br>| &nbsp;&nbsp;&nbsp; (1911)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (112)<br>| &nbsp;&nbsp;&nbsp; 3412 | &nbsp;&nbsp;&nbsp; (127)<br>| &nbsp;&nbsp;&nbsp; (945)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 37

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® Income** <br> **Fund** | **JPMorgan SmartRetirement® Income** <br> **Fund** | **JPMorgan SmartRetirement® 2025 Fund** | **JPMorgan SmartRetirement® 2025 Fund** |
|  | &nbsp;&nbsp; **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 R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 102 |
| Shares issued in connection with Fund reorganization (See Note 8)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 29 |
| Redeemed | &nbsp;&nbsp;&nbsp; (192)<br>| &nbsp;&nbsp;&nbsp; (180)<br>| &nbsp;&nbsp;&nbsp; (189)<br>| &nbsp;&nbsp;&nbsp; (449)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (82)<br>| &nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; (83)<br>| &nbsp;&nbsp;&nbsp; (318)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 12 |
| Shares issued in connection with Fund reorganization (See Note 8)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 7 |
| Redeemed | &nbsp;&nbsp;&nbsp; (82)<br>| &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; (4)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; 739 | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; 15 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 833 | &nbsp;&nbsp;&nbsp; 2528 | &nbsp;&nbsp;&nbsp; 999 | &nbsp;&nbsp;&nbsp; 3465 |
| Shares issued in connection with Fund reorganization (See Note 8)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14084 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 1213 | &nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp; 1826 | &nbsp;&nbsp;&nbsp; 1521 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3758)<br>| &nbsp;&nbsp;&nbsp; (5506)<br>| &nbsp;&nbsp;&nbsp; (4847)<br>| &nbsp;&nbsp;&nbsp; (10350)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (1712)<br>| &nbsp;&nbsp;&nbsp; 11676 | &nbsp;&nbsp;&nbsp; (2022)<br>| &nbsp;&nbsp;&nbsp; (5364)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4733 | &nbsp;&nbsp;&nbsp; 7701 | &nbsp;&nbsp;&nbsp; 5564 | &nbsp;&nbsp;&nbsp; 15955 |
| Shares issued in connection with Fund reorganization (See Note 8)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 2430 | &nbsp;&nbsp;&nbsp; 897 | &nbsp;&nbsp;&nbsp; 5228 | &nbsp;&nbsp;&nbsp; 3714 |
| Redeemed | &nbsp;&nbsp;&nbsp; (18110)<br>| &nbsp;&nbsp;&nbsp; (9746)<br>| &nbsp;&nbsp;&nbsp; (32514)<br>| &nbsp;&nbsp;&nbsp; (24554)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (10947)<br>| &nbsp;&nbsp;&nbsp; 29996 | &nbsp;&nbsp;&nbsp; (21722)<br>| &nbsp;&nbsp;&nbsp; (4885)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2030 Fund** | **JPMorgan SmartRetirement® 2030 Fund** | **JPMorgan SmartRetirement® 2035 Fund** | **JPMorgan SmartRetirement® 2035 Fund** |
|  | &nbsp;&nbsp; **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; $37808 | &nbsp;&nbsp;&nbsp; $77597 | &nbsp;&nbsp;&nbsp; $34999 | &nbsp;&nbsp;&nbsp; $74172 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 34146 | &nbsp;&nbsp;&nbsp; 34053 | &nbsp;&nbsp;&nbsp; 33730 | &nbsp;&nbsp;&nbsp; 26976 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (127993)<br>| &nbsp;&nbsp;&nbsp; (191760)<br>| &nbsp;&nbsp;&nbsp; (99594)<br>| &nbsp;&nbsp;&nbsp; (145296)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (56039)<br>| &nbsp;&nbsp;&nbsp; (80110)<br>| &nbsp;&nbsp;&nbsp; (30865)<br>| &nbsp;&nbsp;&nbsp; (44148)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; 1063 | &nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp; 775 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp; 310 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2743)<br>| &nbsp;&nbsp;&nbsp; (4153)<br>| &nbsp;&nbsp;&nbsp; (1080)<br>| &nbsp;&nbsp;&nbsp; (3131)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (1762)<br>| &nbsp;&nbsp;&nbsp; (2639)<br>| &nbsp;&nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; (2046)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 12250 | &nbsp;&nbsp;&nbsp; 24811 | &nbsp;&nbsp;&nbsp; 7431 | &nbsp;&nbsp;&nbsp; 21874 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 11570 | &nbsp;&nbsp;&nbsp; 10522 | &nbsp;&nbsp;&nbsp; 7607 | &nbsp;&nbsp;&nbsp; 5791 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (18313)<br>| &nbsp;&nbsp;&nbsp; (76607)<br>| &nbsp;&nbsp;&nbsp; (13474)<br>| &nbsp;&nbsp;&nbsp; (53967)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 5507 | &nbsp;&nbsp;&nbsp; (41274)<br>| &nbsp;&nbsp;&nbsp; 1564 | &nbsp;&nbsp;&nbsp; (26302)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 11652 | &nbsp;&nbsp;&nbsp; 26209 | &nbsp;&nbsp;&nbsp; 11871 | &nbsp;&nbsp;&nbsp; 22296 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8906 | &nbsp;&nbsp;&nbsp; 8587 | &nbsp;&nbsp;&nbsp; 8771 | &nbsp;&nbsp;&nbsp; 7068 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (22129)<br>| &nbsp;&nbsp;&nbsp; (59490)<br>| &nbsp;&nbsp;&nbsp; (22659)<br>| &nbsp;&nbsp;&nbsp; (48029)<br>|
| Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (1571)<br>| &nbsp;&nbsp;&nbsp; (24694)<br>| &nbsp;&nbsp;&nbsp; (2017)<br>| &nbsp;&nbsp;&nbsp; (18665)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2164 | &nbsp;&nbsp;&nbsp; 4722 | &nbsp;&nbsp;&nbsp; 3498 | &nbsp;&nbsp;&nbsp; 5755 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 632 | &nbsp;&nbsp;&nbsp; 747 | &nbsp;&nbsp;&nbsp; 1126 | &nbsp;&nbsp;&nbsp; 923 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (6405)<br>| &nbsp;&nbsp;&nbsp; (10871)<br>| &nbsp;&nbsp;&nbsp; (7493)<br>| &nbsp;&nbsp;&nbsp; (8819)<br>|
| Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (3609)<br>| &nbsp;&nbsp;&nbsp; (5402)<br>| &nbsp;&nbsp;&nbsp; (2869)<br>| &nbsp;&nbsp;&nbsp; (2141)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1351 | &nbsp;&nbsp;&nbsp; 2957 | &nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; 1455 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2321 | &nbsp;&nbsp;&nbsp; 1986 | &nbsp;&nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp; 134 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1710)<br>| &nbsp;&nbsp;&nbsp; (3806)<br>| &nbsp;&nbsp;&nbsp; (232)<br>| &nbsp;&nbsp;&nbsp; (539)<br>|
| Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1962 | &nbsp;&nbsp;&nbsp; 1137 | &nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp; 1050 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 41046 | &nbsp;&nbsp;&nbsp; 116081 | &nbsp;&nbsp;&nbsp; 41934 | &nbsp;&nbsp;&nbsp; 92437 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 53537 | &nbsp;&nbsp;&nbsp; 52810 | &nbsp;&nbsp;&nbsp; 43483 | &nbsp;&nbsp;&nbsp; 36229 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (122970)<br>| &nbsp;&nbsp;&nbsp; (231386)<br>| &nbsp;&nbsp;&nbsp; (95193)<br>| &nbsp;&nbsp;&nbsp; (153187)<br>|
| Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (28387)<br>| &nbsp;&nbsp;&nbsp; (62495)<br>| &nbsp;&nbsp;&nbsp; (9776)<br>| &nbsp;&nbsp;&nbsp; (24521)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 39

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2030** <br> **Fund** | **JPMorgan SmartRetirement® 2030** <br> **Fund** | **JPMorgan SmartRetirement® 2035 Fund** | **JPMorgan SmartRetirement® 2035 Fund** |
|  | &nbsp;&nbsp; **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; $205916 | &nbsp;&nbsp;&nbsp; $437428 | &nbsp;&nbsp;&nbsp; $212182 | &nbsp;&nbsp;&nbsp; $473210 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 128026 | &nbsp;&nbsp;&nbsp; 106870 | &nbsp;&nbsp;&nbsp; 140920 | &nbsp;&nbsp;&nbsp; 99955 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (914621)<br>| &nbsp;&nbsp;&nbsp; (466241)<br>| &nbsp;&nbsp;&nbsp; (1079530)<br>| &nbsp;&nbsp;&nbsp; (421099)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (580679)<br>| &nbsp;&nbsp;&nbsp; 78057 | &nbsp;&nbsp;&nbsp; (726428)<br>| &nbsp;&nbsp;&nbsp; 152066 |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(664578)<br>| &nbsp;&nbsp;&nbsp; $(137420)<br>| &nbsp;&nbsp;&nbsp; $(770205)<br>| &nbsp;&nbsp;&nbsp; $35293 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1867 | &nbsp;&nbsp;&nbsp; 4112 | &nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 3674 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1712 | &nbsp;&nbsp;&nbsp; 1823 | &nbsp;&nbsp;&nbsp; 1563 | &nbsp;&nbsp;&nbsp; 1347 |
| Redeemed | &nbsp;&nbsp;&nbsp; (6308)<br>| &nbsp;&nbsp;&nbsp; (10101)<br>| &nbsp;&nbsp;&nbsp; (4533)<br>| &nbsp;&nbsp;&nbsp; (7170)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (2729)<br>| &nbsp;&nbsp;&nbsp; (4166)<br>| &nbsp;&nbsp;&nbsp; (1370)<br>| &nbsp;&nbsp;&nbsp; (2149)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 39 |
| Reinvested | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 16 |
| Redeemed | &nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp; (223)<br>| &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; (158)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp; (142)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (103)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 602 | &nbsp;&nbsp;&nbsp; 1306 | &nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp; 1074 |
| Reinvested | &nbsp;&nbsp;&nbsp; 578 | &nbsp;&nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp; 287 |
| Redeemed | &nbsp;&nbsp;&nbsp; (896)<br>| &nbsp;&nbsp;&nbsp; (3991)<br>| &nbsp;&nbsp;&nbsp; (611)<br>| &nbsp;&nbsp;&nbsp; (2635)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; (2124)<br>| &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; (1274)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 579 | &nbsp;&nbsp;&nbsp; 1389 | &nbsp;&nbsp;&nbsp; 547 | &nbsp;&nbsp;&nbsp; 1112 |
| Reinvested | &nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 463 | &nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp; 355 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1102)<br>| &nbsp;&nbsp;&nbsp; (3158)<br>| &nbsp;&nbsp;&nbsp; (1050)<br>| &nbsp;&nbsp;&nbsp; (2387)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp; (1306)<br>| &nbsp;&nbsp;&nbsp; (94)<br>| &nbsp;&nbsp;&nbsp; (920)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 290 |
| Reinvested | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 46 |
| Redeemed | &nbsp;&nbsp;&nbsp; (314)<br>| &nbsp;&nbsp;&nbsp; (574)<br>| &nbsp;&nbsp;&nbsp; (342)<br>| &nbsp;&nbsp;&nbsp; (441)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (175)<br>| &nbsp;&nbsp;&nbsp; (284)<br>| &nbsp;&nbsp;&nbsp; (128)<br>| &nbsp;&nbsp;&nbsp; (105)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 73 |
| Reinvested | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 6 |
| Redeemed | &nbsp;&nbsp;&nbsp; (85)<br>| &nbsp;&nbsp;&nbsp; (204)<br>| &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; (26)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 53 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

40 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2030** <br> **Fund** | **JPMorgan SmartRetirement® 2030** <br> **Fund** | **JPMorgan SmartRetirement® 2035 Fund** | **JPMorgan SmartRetirement® 2035 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; 2007 | &nbsp;&nbsp;&nbsp; 6067 | &nbsp;&nbsp;&nbsp; 1901 | &nbsp;&nbsp;&nbsp; 4536 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2662 | &nbsp;&nbsp;&nbsp; 2804 | &nbsp;&nbsp;&nbsp; 1995 | &nbsp;&nbsp;&nbsp; 1794 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5980)<br>| &nbsp;&nbsp;&nbsp; (12123)<br>| &nbsp;&nbsp;&nbsp; (4280)<br>| &nbsp;&nbsp;&nbsp; (7492)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (1311)<br>| &nbsp;&nbsp;&nbsp; (3252)<br>| &nbsp;&nbsp;&nbsp; (384)<br>| &nbsp;&nbsp;&nbsp; (1162)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 10090 | &nbsp;&nbsp;&nbsp; 22844 | &nbsp;&nbsp;&nbsp; 9610 | &nbsp;&nbsp;&nbsp; 23084 |
| Reinvested | &nbsp;&nbsp;&nbsp; 6368 | &nbsp;&nbsp;&nbsp; 5681 | &nbsp;&nbsp;&nbsp; 6464 | &nbsp;&nbsp;&nbsp; 4950 |
| Redeemed | &nbsp;&nbsp;&nbsp; (45769)<br>| &nbsp;&nbsp;&nbsp; (24416)<br>| &nbsp;&nbsp;&nbsp; (49920)<br>| &nbsp;&nbsp;&nbsp; (20634)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (29311)<br>| &nbsp;&nbsp;&nbsp; 4109 | &nbsp;&nbsp;&nbsp; (33846)<br>| &nbsp;&nbsp;&nbsp; 7400 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 41

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2040 Fund** | **JPMorgan SmartRetirement® 2040 Fund** | **JPMorgan SmartRetirement® 2045 Fund** | **JPMorgan SmartRetirement® 2045 Fund** |
|  | &nbsp;&nbsp; **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; $30550 | &nbsp;&nbsp;&nbsp; $76013 | &nbsp;&nbsp;&nbsp; $30059 | &nbsp;&nbsp;&nbsp; $68145 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 32284 | &nbsp;&nbsp;&nbsp; 27128 | &nbsp;&nbsp;&nbsp; 25500 | &nbsp;&nbsp;&nbsp; 19991 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (106622)<br>| &nbsp;&nbsp;&nbsp; (157721)<br>| &nbsp;&nbsp;&nbsp; (76211)<br>| &nbsp;&nbsp;&nbsp; (117727)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (43788)<br>| &nbsp;&nbsp;&nbsp; (54580)<br>| &nbsp;&nbsp;&nbsp; (20652)<br>| &nbsp;&nbsp;&nbsp; (29591)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp; 1582 | &nbsp;&nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp; 850 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 554 | &nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp; 221 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1228)<br>| &nbsp;&nbsp;&nbsp; (3263)<br>| &nbsp;&nbsp;&nbsp; (964)<br>| &nbsp;&nbsp;&nbsp; (1780)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (175)<br>| &nbsp;&nbsp;&nbsp; (1231)<br>| &nbsp;&nbsp;&nbsp; (296)<br>| &nbsp;&nbsp;&nbsp; (709)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 9349 | &nbsp;&nbsp;&nbsp; 23962 | &nbsp;&nbsp;&nbsp; 7876 | &nbsp;&nbsp;&nbsp; 15583 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 10946 | &nbsp;&nbsp;&nbsp; 8518 | &nbsp;&nbsp;&nbsp; 5710 | &nbsp;&nbsp;&nbsp; 4078 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (12946)<br>| &nbsp;&nbsp;&nbsp; (59705)<br>| &nbsp;&nbsp;&nbsp; (7801)<br>| &nbsp;&nbsp;&nbsp; (42062)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 7349 | &nbsp;&nbsp;&nbsp; (27225)<br>| &nbsp;&nbsp;&nbsp; 5785 | &nbsp;&nbsp;&nbsp; (22401)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 9422 | &nbsp;&nbsp;&nbsp; 18900 | &nbsp;&nbsp;&nbsp; 8774 | &nbsp;&nbsp;&nbsp; 19242 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8021 | &nbsp;&nbsp;&nbsp; 6510 | &nbsp;&nbsp;&nbsp; 6589 | &nbsp;&nbsp;&nbsp; 5007 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (18289)<br>| &nbsp;&nbsp;&nbsp; (42237)<br>| &nbsp;&nbsp;&nbsp; (13903)<br>| &nbsp;&nbsp;&nbsp; (29627)<br>|
| Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (846)<br>| &nbsp;&nbsp;&nbsp; (16827)<br>| &nbsp;&nbsp;&nbsp; 1460 | &nbsp;&nbsp;&nbsp; (5378)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 3076 | &nbsp;&nbsp;&nbsp; 4654 | &nbsp;&nbsp;&nbsp; 2078 | &nbsp;&nbsp;&nbsp; 4083 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp; 686 | &nbsp;&nbsp;&nbsp; 624 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (7682)<br>| &nbsp;&nbsp;&nbsp; (8046)<br>| &nbsp;&nbsp;&nbsp; (6232)<br>| &nbsp;&nbsp;&nbsp; (5872)<br>|
| Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (3966)<br>| &nbsp;&nbsp;&nbsp; (2700)<br>| &nbsp;&nbsp;&nbsp; (3468)<br>| &nbsp;&nbsp;&nbsp; (1165)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1289 | &nbsp;&nbsp;&nbsp; 5058 | &nbsp;&nbsp;&nbsp; 1473 | &nbsp;&nbsp;&nbsp; 427 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2949 | &nbsp;&nbsp;&nbsp; 2185 | &nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp; 114 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1936)<br>| &nbsp;&nbsp;&nbsp; (3883)<br>| &nbsp;&nbsp;&nbsp; (358)<br>| &nbsp;&nbsp;&nbsp; (219)<br>|
| Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 2302 | &nbsp;&nbsp;&nbsp; 3360 | &nbsp;&nbsp;&nbsp; 1342 | &nbsp;&nbsp;&nbsp; 322 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 41116 | &nbsp;&nbsp;&nbsp; 104473 | &nbsp;&nbsp;&nbsp; 37689 | &nbsp;&nbsp;&nbsp; 91108 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 54086 | &nbsp;&nbsp;&nbsp; 43553 | &nbsp;&nbsp;&nbsp; 33533 | &nbsp;&nbsp;&nbsp; 26590 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (89944)<br>| &nbsp;&nbsp;&nbsp; (150561)<br>| &nbsp;&nbsp;&nbsp; (72142)<br>| &nbsp;&nbsp;&nbsp; (118856)<br>|
| Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 5258 | &nbsp;&nbsp;&nbsp; (2535)<br>| &nbsp;&nbsp;&nbsp; (920)<br>| &nbsp;&nbsp;&nbsp; (1158)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

42 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2040** <br> **Fund** | **JPMorgan SmartRetirement® 2040** <br> **Fund** | **JPMorgan SmartRetirement® 2045 Fund** | **JPMorgan SmartRetirement® 2045 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; $197711 | &nbsp;&nbsp;&nbsp; $421963 | &nbsp;&nbsp;&nbsp; $184165 | &nbsp;&nbsp;&nbsp; $407068 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 129962 | &nbsp;&nbsp;&nbsp; 92999 | &nbsp;&nbsp;&nbsp; 104277 | &nbsp;&nbsp;&nbsp; 72427 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (997454)<br>| &nbsp;&nbsp;&nbsp; (385791)<br>| &nbsp;&nbsp;&nbsp; (890623)<br>| &nbsp;&nbsp;&nbsp; (331168)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (669781)<br>| &nbsp;&nbsp;&nbsp; 129171 | &nbsp;&nbsp;&nbsp; (602181)<br>| &nbsp;&nbsp;&nbsp; 148327 |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(703647)<br>| &nbsp;&nbsp;&nbsp; $27433 | &nbsp;&nbsp;&nbsp; $(618930)<br>| &nbsp;&nbsp;&nbsp; $88247 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1270 | &nbsp;&nbsp;&nbsp; 3442 | &nbsp;&nbsp;&nbsp; 1229 | &nbsp;&nbsp;&nbsp; 3054 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1355 | &nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp; 1048 | &nbsp;&nbsp;&nbsp; 900 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4417)<br>| &nbsp;&nbsp;&nbsp; (7116)<br>| &nbsp;&nbsp;&nbsp; (3089)<br>| &nbsp;&nbsp;&nbsp; (5267)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (1792)<br>| &nbsp;&nbsp;&nbsp; (2439)<br>| &nbsp;&nbsp;&nbsp; (812)<br>| &nbsp;&nbsp;&nbsp; (1313)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 40 |
| Reinvested | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 10 |
| Redeemed | &nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp; (152)<br>| &nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp; (82)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (32)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 387 | &nbsp;&nbsp;&nbsp; 1082 | &nbsp;&nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp; 695 |
| Reinvested | &nbsp;&nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp; 182 |
| Redeemed | &nbsp;&nbsp;&nbsp; (532)<br>| &nbsp;&nbsp;&nbsp; (2685)<br>| &nbsp;&nbsp;&nbsp; (314)<br>| &nbsp;&nbsp;&nbsp; (1879)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp; (1217)<br>| &nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp; (1002)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 868 | &nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; 873 |
| Reinvested | &nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp; 228 |
| Redeemed | &nbsp;&nbsp;&nbsp; (772)<br>| &nbsp;&nbsp;&nbsp; (1936)<br>| &nbsp;&nbsp;&nbsp; (575)<br>| &nbsp;&nbsp;&nbsp; (1350)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (31)<br>| &nbsp;&nbsp;&nbsp; (769)<br>| &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; (249)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 186 |
| Reinvested | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 28 |
| Redeemed | &nbsp;&nbsp;&nbsp; (315)<br>| &nbsp;&nbsp;&nbsp; (363)<br>| &nbsp;&nbsp;&nbsp; (255)<br>| &nbsp;&nbsp;&nbsp; (266)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (162)<br>| &nbsp;&nbsp;&nbsp; (122)<br>| &nbsp;&nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp; (52)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 18 |
| Reinvested | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 5 |
| Redeemed | &nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp; (174)<br>| &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; (10)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 13 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 43

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2040** <br> **Fund** | **JPMorgan SmartRetirement® 2040** <br> **Fund** | **JPMorgan SmartRetirement® 2045 Fund** | **JPMorgan SmartRetirement® 2045 Fund** |
|  | &nbsp;&nbsp; **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; 1688 | &nbsp;&nbsp;&nbsp; 4686 | &nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp; 4052 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2247 | &nbsp;&nbsp;&nbsp; 1966 | &nbsp;&nbsp;&nbsp; 1365 | &nbsp;&nbsp;&nbsp; 1188 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3669)<br>| &nbsp;&nbsp;&nbsp; (6752)<br>| &nbsp;&nbsp;&nbsp; (2903)<br>| &nbsp;&nbsp;&nbsp; (5264)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (24)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 8128 | &nbsp;&nbsp;&nbsp; 18859 | &nbsp;&nbsp;&nbsp; 7452 | &nbsp;&nbsp;&nbsp; 18014 |
| Reinvested | &nbsp;&nbsp;&nbsp; 5398 | &nbsp;&nbsp;&nbsp; 4200 | &nbsp;&nbsp;&nbsp; 4242 | &nbsp;&nbsp;&nbsp; 3237 |
| Redeemed | &nbsp;&nbsp;&nbsp; (41761)<br>| &nbsp;&nbsp;&nbsp; (17286)<br>| &nbsp;&nbsp;&nbsp; (36523)<br>| &nbsp;&nbsp;&nbsp; (14725)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (28235)<br>| &nbsp;&nbsp;&nbsp; 5773 | &nbsp;&nbsp;&nbsp; (24829)<br>| &nbsp;&nbsp;&nbsp; 6526 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

44 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2050 Fund** | **JPMorgan SmartRetirement® 2050 Fund** | **JPMorgan SmartRetirement® 2055 Fund** | **JPMorgan SmartRetirement® 2055 Fund** |
|  | &nbsp;&nbsp; **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; $30065 | &nbsp;&nbsp;&nbsp; $67446 | &nbsp;&nbsp;&nbsp; $33148 | &nbsp;&nbsp;&nbsp; $66090 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 21043 | &nbsp;&nbsp;&nbsp; 9892 | &nbsp;&nbsp;&nbsp; 13435 | &nbsp;&nbsp;&nbsp; 5489 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (82554)<br>| &nbsp;&nbsp;&nbsp; (104569)<br>| &nbsp;&nbsp;&nbsp; (48069)<br>| &nbsp;&nbsp;&nbsp; (67083)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (31446)<br>| &nbsp;&nbsp;&nbsp; (27231)<br>| &nbsp;&nbsp;&nbsp; (1486)<br>| &nbsp;&nbsp;&nbsp; 4496 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 598 | &nbsp;&nbsp;&nbsp; 1297 | &nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; 793 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; 76 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1340)<br>| &nbsp;&nbsp;&nbsp; (2166)<br>| &nbsp;&nbsp;&nbsp; (703)<br>| &nbsp;&nbsp;&nbsp; (1560)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (392)<br>| &nbsp;&nbsp;&nbsp; (719)<br>| &nbsp;&nbsp;&nbsp; (106)<br>| &nbsp;&nbsp;&nbsp; (691)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 10622 | &nbsp;&nbsp;&nbsp; 22085 | &nbsp;&nbsp;&nbsp; 6120 | &nbsp;&nbsp;&nbsp; 11363 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 7864 | &nbsp;&nbsp;&nbsp; 3615 | &nbsp;&nbsp;&nbsp; 2981 | &nbsp;&nbsp;&nbsp; 1235 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (12179)<br>| &nbsp;&nbsp;&nbsp; (51951)<br>| &nbsp;&nbsp;&nbsp; (3655)<br>| &nbsp;&nbsp;&nbsp; (31096)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 6307 | &nbsp;&nbsp;&nbsp; (26251)<br>| &nbsp;&nbsp;&nbsp; 5446 | &nbsp;&nbsp;&nbsp; (18498)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 9527 | &nbsp;&nbsp;&nbsp; 19329 | &nbsp;&nbsp;&nbsp; 9679 | &nbsp;&nbsp;&nbsp; 20508 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6079 | &nbsp;&nbsp;&nbsp; 2533 | &nbsp;&nbsp;&nbsp; 4599 | &nbsp;&nbsp;&nbsp; 1799 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (14361)<br>| &nbsp;&nbsp;&nbsp; (35833)<br>| &nbsp;&nbsp;&nbsp; (13506)<br>| &nbsp;&nbsp;&nbsp; (26268)<br>|
| Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1245 | &nbsp;&nbsp;&nbsp; (13971)<br>| &nbsp;&nbsp;&nbsp; 772 | &nbsp;&nbsp;&nbsp; (3961)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2167 | &nbsp;&nbsp;&nbsp; 3466 | &nbsp;&nbsp;&nbsp; 1673 | &nbsp;&nbsp;&nbsp; 3403 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp; 159 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (6125)<br>| &nbsp;&nbsp;&nbsp; (11568)<br>| &nbsp;&nbsp;&nbsp; (3789)<br>| &nbsp;&nbsp;&nbsp; (6506)<br>|
| Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (3368)<br>| &nbsp;&nbsp;&nbsp; (7766)<br>| &nbsp;&nbsp;&nbsp; (1817)<br>| &nbsp;&nbsp;&nbsp; (2944)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 920 | &nbsp;&nbsp;&nbsp; 1916 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 218 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 674 | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 32 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (155)<br>| &nbsp;&nbsp;&nbsp; (1251)<br>| &nbsp;&nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; (65)<br>|
| Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1439 | &nbsp;&nbsp;&nbsp; 924 | &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 185 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 43168 | &nbsp;&nbsp;&nbsp; 100478 | &nbsp;&nbsp;&nbsp; 39889 | &nbsp;&nbsp;&nbsp; 96587 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 37936 | &nbsp;&nbsp;&nbsp; 18436 | &nbsp;&nbsp;&nbsp; 23886 | &nbsp;&nbsp;&nbsp; 11594 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (76563)<br>| &nbsp;&nbsp;&nbsp; (116745)<br>| &nbsp;&nbsp;&nbsp; (51071)<br>| &nbsp;&nbsp;&nbsp; (121130)<br>|
| Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 4541 | &nbsp;&nbsp;&nbsp; 2169 | &nbsp;&nbsp;&nbsp; 12704 | &nbsp;&nbsp;&nbsp; (12949)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 45

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2050 Fund** | **JPMorgan SmartRetirement® 2050 Fund** | **JPMorgan SmartRetirement® 2055** <br> **Fund** | **JPMorgan SmartRetirement® 2055** <br> **Fund** |
|  | &nbsp;&nbsp; **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; $178208 | &nbsp;&nbsp;&nbsp; $364640 | &nbsp;&nbsp;&nbsp; $145306 | &nbsp;&nbsp;&nbsp; $301973 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 84166 | &nbsp;&nbsp;&nbsp; 35602 | &nbsp;&nbsp;&nbsp; 52749 | &nbsp;&nbsp;&nbsp; 21358 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (681206)<br>| &nbsp;&nbsp;&nbsp; (282463)<br>| &nbsp;&nbsp;&nbsp; (469869)<br>| &nbsp;&nbsp;&nbsp; (194571)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (418832)<br>| &nbsp;&nbsp;&nbsp; 117779 | &nbsp;&nbsp;&nbsp; (271814)<br>| &nbsp;&nbsp;&nbsp; 128760 |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(440506)<br>| &nbsp;&nbsp;&nbsp; $44934 | &nbsp;&nbsp;&nbsp; $(256218)<br>| &nbsp;&nbsp;&nbsp; $94398 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1180 | &nbsp;&nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp; 1074 | &nbsp;&nbsp;&nbsp; 2384 |
| Reinvested | &nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; 201 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3214)<br>| &nbsp;&nbsp;&nbsp; (4550)<br>| &nbsp;&nbsp;&nbsp; (1544)<br>| &nbsp;&nbsp;&nbsp; (2413)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (1204)<br>| &nbsp;&nbsp;&nbsp; (1169)<br>| &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; 172 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 29 |
| Reinvested | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 3 |
| Redeemed | &nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; (57)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (32)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (25)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 414 | &nbsp;&nbsp;&nbsp; 957 | &nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp; 407 |
| Reinvested | &nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 45 |
| Redeemed | &nbsp;&nbsp;&nbsp; (472)<br>| &nbsp;&nbsp;&nbsp; (2269)<br>| &nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp; (1137)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; (1153)<br>| &nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp; (685)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 382 | &nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp; 748 |
| Reinvested | &nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; 66 |
| Redeemed | &nbsp;&nbsp;&nbsp; (574)<br>| &nbsp;&nbsp;&nbsp; (1584)<br>| &nbsp;&nbsp;&nbsp; (442)<br>| &nbsp;&nbsp;&nbsp; (958)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; (616)<br>| &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; (144)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 123 |
| Reinvested | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 6 |
| Redeemed | &nbsp;&nbsp;&nbsp; (239)<br>| &nbsp;&nbsp;&nbsp; (512)<br>| &nbsp;&nbsp;&nbsp; (123)<br>| &nbsp;&nbsp;&nbsp; (236)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (131)<br>| &nbsp;&nbsp;&nbsp; (345)<br>| &nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp; (107)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 8 |
| Reinvested | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (54)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (2)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

46 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2050 Fund** | **JPMorgan SmartRetirement® 2050 Fund** | **JPMorgan SmartRetirement® 2055** <br> **Fund** | **JPMorgan SmartRetirement® 2055** <br> **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; 1678 | &nbsp;&nbsp;&nbsp; 4355 | &nbsp;&nbsp;&nbsp; 1282 | &nbsp;&nbsp;&nbsp; 3465 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1480 | &nbsp;&nbsp;&nbsp; 807 | &nbsp;&nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp; 423 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2964)<br>| &nbsp;&nbsp;&nbsp; (5019)<br>| &nbsp;&nbsp;&nbsp; (1637)<br>| &nbsp;&nbsp;&nbsp; (4307)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp; (419)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6928 | &nbsp;&nbsp;&nbsp; 15697 | &nbsp;&nbsp;&nbsp; 4682 | &nbsp;&nbsp;&nbsp; 10789 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3282 | &nbsp;&nbsp;&nbsp; 1558 | &nbsp;&nbsp;&nbsp; 1699 | &nbsp;&nbsp;&nbsp; 779 |
| Redeemed | &nbsp;&nbsp;&nbsp; (26759)<br>| &nbsp;&nbsp;&nbsp; (12184)<br>| &nbsp;&nbsp;&nbsp; (15253)<br>| &nbsp;&nbsp;&nbsp; (6964)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (16549)<br>| &nbsp;&nbsp;&nbsp; 5071 | &nbsp;&nbsp;&nbsp; (8872)<br>| &nbsp;&nbsp;&nbsp; 4604 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 47

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2060 Fund** | **JPMorgan SmartRetirement® 2060 Fund** | **JPMorgan SmartRetirement® 2065 Fund** | **JPMorgan SmartRetirement® 2065 Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $13585 | &nbsp;&nbsp;&nbsp; $29141 | &nbsp;&nbsp;&nbsp; $4816 | &nbsp;&nbsp;&nbsp; $7463 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3264 | &nbsp;&nbsp;&nbsp; 1879 | &nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp; 95 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (24739)<br>| &nbsp;&nbsp;&nbsp; (21323)<br>| &nbsp;&nbsp;&nbsp; (5554)<br>| &nbsp;&nbsp;&nbsp; (1473)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (7890)<br>| &nbsp;&nbsp;&nbsp; 9697 | &nbsp;&nbsp;&nbsp; (376)<br>| &nbsp;&nbsp;&nbsp; 6085 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 418 | &nbsp;&nbsp;&nbsp; 717 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 82 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 1 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (863)<br>| &nbsp;&nbsp;&nbsp; (789)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (62)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (334)<br>| &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 21 |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 5882 | &nbsp;&nbsp;&nbsp; 15145 | &nbsp;&nbsp;&nbsp; 808 | &nbsp;&nbsp;&nbsp; 1042 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1979 | &nbsp;&nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 11 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3115)<br>| &nbsp;&nbsp;&nbsp; (11224)<br>| &nbsp;&nbsp;&nbsp; (247)<br>| &nbsp;&nbsp;&nbsp; (279)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 4746 | &nbsp;&nbsp;&nbsp; 4947 | &nbsp;&nbsp;&nbsp; 622 | &nbsp;&nbsp;&nbsp; 774 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2534 | &nbsp;&nbsp;&nbsp; 4456 | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 166 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 672 | &nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 1 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1892)<br>| &nbsp;&nbsp;&nbsp; (3726)<br>| &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (38)<br>|
| Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1314 | &nbsp;&nbsp;&nbsp; 1084 | &nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp; 129 |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1689 | &nbsp;&nbsp;&nbsp; 3078 | &nbsp;&nbsp;&nbsp; 973 | &nbsp;&nbsp;&nbsp; 30 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4232)<br>| &nbsp;&nbsp;&nbsp; (4097)<br>| &nbsp;&nbsp;&nbsp; (982)<br>| &nbsp;&nbsp;&nbsp; (58)<br>|
| Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (2309)<br>| &nbsp;&nbsp;&nbsp; (827)<br>| &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (28)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 907 | &nbsp;&nbsp;&nbsp; 1543 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (124)<br>| &nbsp;&nbsp;&nbsp; (537)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1151 | &nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 22780 | &nbsp;&nbsp;&nbsp; 55784 | &nbsp;&nbsp;&nbsp; 6047 | &nbsp;&nbsp;&nbsp; 11684 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 9073 | &nbsp;&nbsp;&nbsp; 5623 | &nbsp;&nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp; 301 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (25213)<br>| &nbsp;&nbsp;&nbsp; (47349)<br>| &nbsp;&nbsp;&nbsp; (3614)<br>| &nbsp;&nbsp;&nbsp; (3860)<br>|
| Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 6640 | &nbsp;&nbsp;&nbsp; 14058 | &nbsp;&nbsp;&nbsp; 3261 | &nbsp;&nbsp;&nbsp; 8125 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

48 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2060 Fund** | **JPMorgan SmartRetirement® 2060 Fund** | **JPMorgan SmartRetirement® 2065** <br> **Fund** | **JPMorgan SmartRetirement® 2065** <br> **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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $117626 | &nbsp;&nbsp;&nbsp; $224567 | &nbsp;&nbsp;&nbsp; $33860 | &nbsp;&nbsp;&nbsp; $54448 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 26681 | &nbsp;&nbsp;&nbsp; 12976 | &nbsp;&nbsp;&nbsp; 3033 | &nbsp;&nbsp;&nbsp; 746 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (266530)<br>| &nbsp;&nbsp;&nbsp; (132679)<br>| &nbsp;&nbsp;&nbsp; (9723)<br>| &nbsp;&nbsp;&nbsp; (16656)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (122223)<br>| &nbsp;&nbsp;&nbsp; 104864 | &nbsp;&nbsp;&nbsp; 27170 | &nbsp;&nbsp;&nbsp; 38538 |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(118905)<br>| &nbsp;&nbsp;&nbsp; $134996 | &nbsp;&nbsp;&nbsp; $30996 | &nbsp;&nbsp;&nbsp; $53647 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp; 1244 | &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 362 |
| Reinvested | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 5 |
| Redeemed | &nbsp;&nbsp;&nbsp; (945)<br>| &nbsp;&nbsp;&nbsp; (908)<br>| &nbsp;&nbsp;&nbsp; (238)<br>| &nbsp;&nbsp;&nbsp; (71)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (295)<br>| &nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; 296 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 4 |
| Reinvested | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (3)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp; 647 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 51 |
| Reinvested | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (120)<br>| &nbsp;&nbsp;&nbsp; (475)<br>| &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; (14)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 37 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 8 |
| Reinvested | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp; (160)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (2)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 6 |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 1 |
| Reinvested | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (163)<br>| &nbsp;&nbsp;&nbsp; (176)<br>| &nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp; (3)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (2)<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 SmartRetirement® Funds 49

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SmartRetirement® 2060 Fund** | **JPMorgan SmartRetirement® 2060 Fund** | **JPMorgan SmartRetirement® 2065** <br> **Fund** | **JPMorgan SmartRetirement® 2065** <br> **Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |
| Reinvested | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 875 | &nbsp;&nbsp;&nbsp; 2378 | &nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp; 568 |
| Reinvested | &nbsp;&nbsp;&nbsp; 347 | &nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 15 |
| Redeemed | &nbsp;&nbsp;&nbsp; (962)<br>| &nbsp;&nbsp;&nbsp; (2010)<br>| &nbsp;&nbsp;&nbsp; (156)<br>| &nbsp;&nbsp;&nbsp; (187)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; 396 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4503 | &nbsp;&nbsp;&nbsp; 9524 | &nbsp;&nbsp;&nbsp; 1467 | &nbsp;&nbsp;&nbsp; 2625 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 37 |
| Redeemed | &nbsp;&nbsp;&nbsp; (10251)<br>| &nbsp;&nbsp;&nbsp; (5630)<br>| &nbsp;&nbsp;&nbsp; (420)<br>| &nbsp;&nbsp;&nbsp; (798)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (4728)<br>| &nbsp;&nbsp;&nbsp; 4452 | &nbsp;&nbsp;&nbsp; 1178 | &nbsp;&nbsp;&nbsp; 1864 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

50 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

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

51 <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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Income Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $16.24 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.61 | &nbsp;&nbsp; $0.90 | &nbsp;&nbsp; $(0.52)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.77)<br>|
| Year Ended June 30, 2025 | 15.41 | 0.50 | 0.89 | 1.39 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.56)<br>|
| Year Ended June 30, 2024 | 14.48 | 0.44 | 0.95 | 1.39 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.46)<br>|
| Year Ended June 30, 2023 | 14.17 | 0.36 | 0.53 | 0.89 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2022 | 17.87 | 0.32 | &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.69)<br>|
| Year Ended June 30, 2021 | 16.21 | 0.30 | 2.14 | 2.44 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.78)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 16.20 | 0.24 | 0.61 | 0.85 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2025 | 15.33 | 0.40 | 0.89 | 1.29 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2024 | 14.39 | 0.34 | 0.94 | 1.28 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2023 | 14.06 | 0.27 | 0.53 | 0.80 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.47)<br>|
| Year Ended June 30, 2022 | 17.79 | 0.21 | &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.63)<br>|
| Year Ended June 30, 2021 | 16.13 | 0.19 | 2.13 | 2.32 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.66)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 16.29 | 0.31 | 0.61 | 0.92 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2025 | 15.46 | 0.52 | 0.89 | 1.41 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 14.53 | 0.46 | 0.95 | 1.41 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2023 | 14.21 | 0.38 | 0.54 | 0.92 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.60)<br>|
| Year Ended June 30, 2022 | 17.91 | 0.34 | &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.70)<br>|
| Year Ended June 30, 2021 | 16.24 | 0.32 | 2.15 | 2.47 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.80)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 16.16 | 0.26 | 0.60 | 0.86 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.72)<br>|
| Year Ended June 30, 2025 | 15.33 | 0.44 | 0.89 | 1.33 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2024 | 14.42 | 0.38 | 0.93 | 1.31 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2023 | 14.10 | 0.31 | 0.54 | 0.85 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2022 | 17.82 | 0.25 | &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.65)<br>|
| Year Ended June 30, 2021 | 16.17 | 0.23 | 2.12 | 2.35 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.70)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 16.19 | 0.28 | 0.60 | 0.88 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.74)<br>|
| Year Ended June 30, 2025 | 15.35 | 0.48 | 0.89 | 1.37 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2024 | 14.43 | 0.41 | 0.94 | 1.35 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2023 | 14.08 | 0.33 | 0.55 | 0.88 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2022 | 17.78 | 0.29 | &nbsp;&nbsp; (2.32)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.67)<br>|
| Year Ended June 30, 2021 | 16.14 | 0.28 | 2.11 | 2.39 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.75)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 16.28 | 0.30 | 0.61 | 0.91 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2025 | 15.45 | 0.56 | 0.85 | 1.41 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 14.49 | 0.44 | 0.97 | 1.41 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2023 | 14.19 | 0.39 | 0.52 | 0.91 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2022 | 17.89 | 0.33 | &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.70)<br>|
| Year Ended June 30, 2021 | 16.21 | 0.31 | 2.15 | 2.46 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.78)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

52 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $513718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 53

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Income Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $16.34 | &nbsp;&nbsp; $0.32 | &nbsp;&nbsp; $0.61 | &nbsp;&nbsp; $0.93 | &nbsp;&nbsp; $(0.56)<br>| &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(0.81)<br>|
| Year Ended June 30, 2025 | 15.50 | 0.54 | 0.90 | 1.44 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.60)<br>|
| Year Ended June 30, 2024 | 14.57 | 0.48 | 0.95 | 1.43 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2023 | 14.25 | 0.40 | 0.54 | 0.94 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2022 | 17.94 | 0.36 | &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.71)<br>|
| Year Ended June 30, 2021 | 16.28 | 0.35 | 2.13 | 2.48 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.82)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 16.33 | 0.33 | 0.61 | 0.94 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.82)<br>|
| Year Ended June 30, 2025 | 15.50 | 0.57 | 0.88 | 1.45 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2024 | 14.57 | 0.50 | 0.95 | 1.45 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2023 | 14.26 | 0.41 | 0.54 | 0.95 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2022 | 17.94 | 0.38 | &nbsp;&nbsp; (2.34)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.72)<br>|
| Year Ended June 30, 2021 | 16.28 | 0.36 | 2.14 | 2.50 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.84)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

54 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $16.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $421681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

&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 SmartRetirement® Funds 55

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2025 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $17.61 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $0.70 | &nbsp;&nbsp; $1.00 | &nbsp;&nbsp; $(0.58)<br>| &nbsp;&nbsp; $(0.64)<br>| &nbsp;&nbsp; $(1.22)<br>|
| Year Ended June 30, 2025 | 16.83 | 0.48 | 1.04 | 1.52 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.74)<br>|
| Year Ended June 30, 2024 | 15.66 | 0.43 | 1.18 | 1.61 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| Year Ended June 30, 2023 | 15.52 | 0.36 | 0.78 | 1.14 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.00)<br>|
| Year Ended June 30, 2022 | 20.09 | 0.32 | &nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp; (2.43)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.14)<br>|
| Year Ended June 30, 2021 | 17.34 | 0.29 | 3.31 | 3.60 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.85)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 17.52 | 0.24 | 0.70 | 0.94 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.09)<br>|
| Year Ended June 30, 2025 | 16.73 | 0.38 | 1.04 | 1.42 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2024 | 15.54 | 0.33 | 1.17 | 1.50 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended June 30, 2023 | 15.40 | 0.27 | 0.78 | 1.05 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.91)<br>|
| Year Ended June 30, 2022 | 20.01 | 0.22 | &nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp; (2.53)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.08)<br>|
| Year Ended June 30, 2021 | 17.27 | 0.17 | 3.31 | 3.48 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.74)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 17.70 | 0.32 | 0.70 | 1.02 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.26)<br>|
| Year Ended June 30, 2025 | 16.90 | 0.51 | 1.05 | 1.56 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.76)<br>|
| Year Ended June 30, 2024 | 15.72 | 0.47 | 1.18 | 1.65 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|
| Year Ended June 30, 2023 | 15.58 | 0.39 | 0.79 | 1.18 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.04)<br>|
| Year Ended June 30, 2022 | 20.15 | 0.36 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.16)<br>|
| Year Ended June 30, 2021 | 17.39 | 0.32 | 3.32 | 3.64 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.88)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 17.49 | 0.28 | 0.68 | 0.96 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.17)<br>|
| Year Ended June 30, 2025 | 16.72 | 0.43 | 1.03 | 1.46 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.69)<br>|
| Year Ended June 30, 2024 | 15.55 | 0.38 | 1.17 | 1.55 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended June 30, 2023 | 15.42 | 0.31 | 0.78 | 1.09 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.96)<br>|
| Year Ended June 30, 2022 | 20.01 | 0.26 | &nbsp;&nbsp; (2.74)<br>| &nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.11)<br>|
| Year Ended June 30, 2021 | 17.27 | 0.22 | 3.30 | 3.52 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.78)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 17.51 | 0.29 | 0.70 | 0.99 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.21)<br>|
| Year Ended June 30, 2025 | 16.73 | 0.46 | 1.04 | 1.50 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.72)<br>|
| Year Ended June 30, 2024 | 15.57 | 0.42 | 1.17 | 1.59 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2023 | 15.44 | 0.35 | 0.78 | 1.13 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.00)<br>|
| Year Ended June 30, 2022 | 20.01 | 0.31 | &nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp; (2.44)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.13)<br>|
| Year Ended June 30, 2021 | 17.27 | 0.27 | 3.30 | 3.57 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.83)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 17.67 | 0.32 | 0.69 | 1.01 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.26)<br>|
| Year Ended June 30, 2025 | 16.89 | 0.52 | 1.04 | 1.56 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.78)<br>|
| Year Ended June 30, 2024 | 15.68 | 0.43 | 1.22 | 1.65 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| Year Ended June 30, 2023 | 15.54 | 0.39 | 0.79 | 1.18 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.04)<br>|
| Year Ended June 30, 2022 | 20.11 | 0.35 | &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (2.42)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.15)<br>|
| Year Ended June 30, 2021 | 17.34 | 0.32 | 3.32 | 3.64 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.87)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

56 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $414037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1147634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 57

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2025 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $17.71 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.70 | &nbsp;&nbsp; $1.04 | &nbsp;&nbsp; $(0.65)<br>| &nbsp;&nbsp; $(0.64)<br>| &nbsp;&nbsp; $(1.29)<br>|
| Year Ended June 30, 2025 | 16.93 | 0.55 | 1.03 | 1.58 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 15.75 | 0.50 | 1.18 | 1.68 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2023 | 15.61 | 0.41 | 0.79 | 1.20 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.06)<br>|
| Year Ended June 30, 2022 | 20.18 | 0.38 | &nbsp;&nbsp; (2.78)<br>| &nbsp;&nbsp; (2.40)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.17)<br>|
| Year Ended June 30, 2021 | 17.41 | 0.35 | 3.33 | 3.68 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.91)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 17.72 | 0.35 | 0.70 | 1.05 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.31)<br>|
| Year Ended June 30, 2025 | 16.94 | 0.56 | 1.04 | 1.60 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.82)<br>|
| Year Ended June 30, 2024 | 15.76 | 0.51 | 1.18 | 1.69 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2023 | 15.62 | 0.43 | 0.79 | 1.22 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (1.08)<br>|
| Year Ended June 30, 2022 | 20.18 | 0.41 | &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (2.18)<br>|
| Year Ended June 30, 2021 | 17.41 | 0.37 | 3.33 | 3.70 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.93)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

58 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $451422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 757815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1077778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1540051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 959748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1359315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1381948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1597677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1716156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2237064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

&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 SmartRetirement® Funds 59

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2030 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $19.54 | &nbsp;&nbsp; $0.31 | &nbsp;&nbsp; $0.97 | &nbsp;&nbsp; $1.28 | &nbsp;&nbsp; $(0.57)<br>| &nbsp;&nbsp; $(0.54)<br>| &nbsp;&nbsp; $(1.11)<br>|
| Year Ended June 30, 2025 | 18.66 | 0.46 | 1.39 | 1.85 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.97)<br>|
| Year Ended June 30, 2024 | 17.02 | 0.42 | 1.64 | 2.06 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2023 | 16.73 | 0.35 | 1.20 | 1.55 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.26)<br>|
| Year Ended June 30, 2022 | 21.89 | 0.33 | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.35)<br>|
| Year Ended June 30, 2021 | 18.17 | 0.28 | 4.27 | 4.55 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.83)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 19.23 | 0.24 | 0.96 | 1.20 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.97)<br>|
| Year Ended June 30, 2025 | 18.36 | 0.35 | 1.36 | 1.71 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.84)<br>|
| Year Ended June 30, 2024 | 16.74 | 0.32 | 1.61 | 1.93 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended June 30, 2023 | 16.47 | 0.25 | 1.18 | 1.43 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.16)<br>|
| Year Ended June 30, 2022 | 21.64 | 0.21 | &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (2.88)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.29)<br>|
| Year Ended June 30, 2021 | 17.96 | 0.15 | 4.24 | 4.39 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.71)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 19.65 | 0.34 | 0.96 | 1.30 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.16)<br>|
| Year Ended June 30, 2025 | 18.75 | 0.50 | 1.40 | 1.90 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.00)<br>|
| Year Ended June 30, 2024 | 17.10 | 0.46 | 1.64 | 2.10 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2023 | 16.81 | 0.39 | 1.19 | 1.58 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.29)<br>|
| Year Ended June 30, 2022 | 21.97 | 0.37 | &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.37)<br>|
| Year Ended June 30, 2021 | 18.22 | 0.31 | 4.30 | 4.61 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.86)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 19.39 | 0.28 | 0.95 | 1.23 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.05)<br>|
| Year Ended June 30, 2025 | 18.52 | 0.40 | 1.38 | 1.78 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.91)<br>|
| Year Ended June 30, 2024 | 16.90 | 0.36 | 1.62 | 1.98 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2023 | 16.62 | 0.30 | 1.19 | 1.49 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.21)<br>|
| Year Ended June 30, 2022 | 21.80 | 0.26 | &nbsp;&nbsp; (3.12)<br>| &nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.32)<br>|
| Year Ended June 30, 2021 | 18.09 | 0.21 | 4.26 | 4.47 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.76)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 19.53 | 0.29 | 0.97 | 1.26 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.09)<br>|
| Year Ended June 30, 2025 | 18.64 | 0.45 | 1.39 | 1.84 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.95)<br>|
| Year Ended June 30, 2024 | 17.00 | 0.41 | 1.64 | 2.05 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2023 | 16.65 | 0.31 | 1.22 | 1.53 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.18)<br>|
| Year Ended June 30, 2022 | 21.80 | 0.32 | &nbsp;&nbsp; (3.13)<br>| &nbsp;&nbsp; (2.81)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.34)<br>|
| Year Ended June 30, 2021 | 18.10 | 0.26 | 4.26 | 4.52 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.82)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 19.56 | 0.34 | 0.95 | 1.29 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.16)<br>|
| Year Ended June 30, 2025 | 18.68 | 0.50 | 1.39 | 1.89 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.01)<br>|
| Year Ended June 30, 2024 | 17.03 | 0.45 | 1.65 | 2.10 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2023 | 16.77 | 0.43 | 1.15 | 1.58 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.32)<br>|
| Year Ended June 30, 2022 | 21.93 | 0.36 | &nbsp;&nbsp; (3.15)<br>| &nbsp;&nbsp; (2.79)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.37)<br>|
| Year Ended June 30, 2021 | 18.18 | 0.31 | 4.29 | 4.60 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.85)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

60 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $627256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 722632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1310223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 61

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2030 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $19.73 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $0.97 | &nbsp;&nbsp; $1.32 | &nbsp;&nbsp; $(0.64)<br>| &nbsp;&nbsp; $(0.54)<br>| &nbsp;&nbsp; $(1.18)<br>|
| Year Ended June 30, 2025 | 18.83 | 0.54 | 1.40 | 1.94 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.04)<br>|
| Year Ended June 30, 2024 | 17.18 | 0.50 | 1.63 | 2.13 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2023 | 16.88 | 0.41 | 1.21 | 1.62 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.32)<br>|
| Year Ended June 30, 2022 | 22.04 | 0.40 | &nbsp;&nbsp; (3.17)<br>| &nbsp;&nbsp; (2.77)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2021 | 18.28 | 0.34 | 4.32 | 4.66 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.90)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 19.73 | 0.37 | 0.95 | 1.32 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.20)<br>|
| Year Ended June 30, 2025 | 18.83 | 0.56 | 1.40 | 1.96 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.06)<br>|
| Year Ended June 30, 2024 | 17.17 | 0.50 | 1.66 | 2.16 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2023 | 16.88 | 0.43 | 1.20 | 1.63 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.34)<br>|
| Year Ended June 30, 2022 | 22.03 | 0.42 | &nbsp;&nbsp; (3.17)<br>| &nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.40)<br>|
| Year Ended June 30, 2021 | 18.27 | 0.37 | 4.31 | 4.68 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.92)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

62 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $929784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 967330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1118550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1463012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1978329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1567419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2135786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1961446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2099401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2029842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2510192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |

---

&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 SmartRetirement® Funds 63

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2035 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $21.07 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $1.14 | &nbsp;&nbsp; $1.48 | &nbsp;&nbsp; $(0.53)<br>| &nbsp;&nbsp; $(0.68)<br>| &nbsp;&nbsp; $(1.21)<br>|
| Year Ended June 30, 2025 | 19.79 | 0.44 | 1.76 | 2.20 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.92)<br>|
| Year Ended June 30, 2024 | 17.65 | 0.38 | 2.12 | 2.50 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2023 | 17.15 | 0.31 | 1.56 | 1.87 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended June 30, 2022 | 23.65 | 0.32 | &nbsp;&nbsp; (3.33)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.49)<br>|
| Year Ended June 30, 2021 | 18.76 | 0.28 | 5.60 | 5.88 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.99)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 20.72 | 0.26 | 1.13 | 1.39 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.09)<br>|
| Year Ended June 30, 2025 | 19.47 | 0.32 | 1.73 | 2.05 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 17.35 | 0.27 | 2.10 | 2.37 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended June 30, 2023 | 16.88 | 0.21 | 1.54 | 1.75 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.28)<br>|
| Year Ended June 30, 2022 | 23.41 | 0.20 | &nbsp;&nbsp; (3.29)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.44)<br>|
| Year Ended June 30, 2021 | 18.59 | 0.15 | 5.54 | 5.69 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.87)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 21.27 | 0.36 | 1.16 | 1.52 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.26)<br>|
| Year Ended June 30, 2025 | 19.97 | 0.47 | 1.78 | 2.25 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.95)<br>|
| Year Ended June 30, 2024 | 17.80 | 0.42 | 2.15 | 2.57 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2023 | 17.29 | 0.35 | 1.57 | 1.92 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.41)<br>|
| Year Ended June 30, 2022 | 23.80 | 0.37 | &nbsp;&nbsp; (3.37)<br>| &nbsp;&nbsp; (3.00)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.51)<br>|
| Year Ended June 30, 2021 | 18.87 | 0.32 | 5.63 | 5.95 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.02)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 20.92 | 0.30 | 1.13 | 1.43 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.15)<br>|
| Year Ended June 30, 2025 | 19.65 | 0.37 | 1.75 | 2.12 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2024 | 17.53 | 0.32 | 2.11 | 2.43 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended June 30, 2023 | 17.05 | 0.26 | 1.55 | 1.81 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.33)<br>|
| Year Ended June 30, 2022 | 23.57 | 0.26 | &nbsp;&nbsp; (3.32)<br>| &nbsp;&nbsp; (3.06)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.46)<br>|
| Year Ended June 30, 2021 | 18.70 | 0.21 | 5.57 | 5.78 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.91)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 20.93 | 0.31 | 1.14 | 1.45 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.19)<br>|
| Year Ended June 30, 2025 | 19.66 | 0.42 | 1.75 | 2.17 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2024 | 17.52 | 0.36 | 2.13 | 2.49 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended June 30, 2023 | 17.05 | 0.30 | 1.54 | 1.84 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended June 30, 2022 | 23.54 | 0.30 | &nbsp;&nbsp; (3.31)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.48)<br>|
| Year Ended June 30, 2021 | 18.68 | 0.27 | 5.56 | 5.83 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.97)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 21.29 | 0.37 | 1.13 | 1.50 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.26)<br>|
| Year Ended June 30, 2025 | 19.98 | 0.46 | 1.81 | 2.27 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.96)<br>|
| Year Ended June 30, 2024 | 17.78 | 0.39 | 2.17 | 2.56 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2023 | 17.26 | 0.34 | 1.58 | 1.92 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.40)<br>|
| Year Ended June 30, 2022 | 23.75 | 0.35 | &nbsp;&nbsp; (3.33)<br>| &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.51)<br>|
| Year Ended June 30, 2021 | 18.83 | 0.33 | 5.60 | 5.93 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.01)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

64 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $616334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 645728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1107857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 65

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2035 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $21.30 | &nbsp;&nbsp; $0.38 | &nbsp;&nbsp; $1.15 | &nbsp;&nbsp; $1.53 | &nbsp;&nbsp; $(0.61)<br>| &nbsp;&nbsp; $(0.68)<br>| &nbsp;&nbsp; $(1.29)<br>|
| Year Ended June 30, 2025 | 20.00 | 0.52 | 1.77 | 2.29 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.99)<br>|
| Year Ended June 30, 2024 | 17.83 | 0.46 | 2.14 | 2.60 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2023 | 17.32 | 0.37 | 1.58 | 1.95 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.44)<br>|
| Year Ended June 30, 2022 | 23.81 | 0.40 | &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.53)<br>|
| Year Ended June 30, 2021 | 18.89 | 0.36 | 5.62 | 5.98 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.06)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 21.31 | 0.40 | 1.14 | 1.54 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.31)<br>|
| Year Ended June 30, 2025 | 20.01 | 0.53 | 1.78 | 2.31 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.01)<br>|
| Year Ended June 30, 2024 | 17.83 | 0.47 | 2.16 | 2.63 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2023 | 17.33 | 0.40 | 1.56 | 1.96 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (1.46)<br>|
| Year Ended June 30, 2022 | 23.81 | 0.42 | &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (2.94)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp; (3.54)<br>|
| Year Ended June 30, 2021 | 18.89 | 0.38 | 5.62 | 6.00 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.08)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

66 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $751904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 751709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 806622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1087075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1456188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1591920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2296103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2007601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2066266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1916064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2319866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

&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 SmartRetirement® Funds 67

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2040 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $23.15 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $1.39 | &nbsp;&nbsp; $1.74 | &nbsp;&nbsp; $(0.51)<br>| &nbsp;&nbsp; $(0.80)<br>| &nbsp;&nbsp; $(1.31)<br>|
| Year Ended June 30, 2025 | 21.62 | 0.40 | 2.13 | 2.53 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.00)<br>|
| Year Ended June 30, 2024 | 18.99 | 0.35 | 2.63 | 2.98 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended June 30, 2023 | 18.45 | 0.30 | 1.94 | 2.24 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.70)<br>|
| Year Ended June 30, 2022 | 25.76 | 0.33 | &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp; (3.35)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (3.96)<br>|
| Year Ended June 30, 2021 | 19.90 | 0.28 | 6.68 | 6.96 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.10)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 22.43 | 0.27 | 1.34 | 1.61 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.19)<br>|
| Year Ended June 30, 2025 | 20.97 | 0.27 | 2.07 | 2.34 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2024 | 18.43 | 0.24 | 2.54 | 2.78 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>|
| Year Ended June 30, 2023 | 17.95 | 0.19 | 1.89 | 2.08 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.60)<br>|
| Year Ended June 30, 2022 | 25.26 | 0.19 | &nbsp;&nbsp; (3.58)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (3.92)<br>|
| Year Ended June 30, 2021 | 19.58 | 0.13 | 6.55 | 6.68 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.00)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 23.30 | 0.38 | 1.39 | 1.77 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended June 30, 2025 | 21.75 | 0.44 | 2.15 | 2.59 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.04)<br>|
| Year Ended June 30, 2024 | 19.10 | 0.39 | 2.64 | 3.03 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended June 30, 2023 | 18.54 | 0.34 | 1.96 | 2.30 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.74)<br>|
| Year Ended June 30, 2022 | 25.85 | 0.37 | &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp; (3.33)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (3.98)<br>|
| Year Ended June 30, 2021 | 19.97 | 0.31 | 6.71 | 7.02 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.14)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 22.87 | 0.30 | 1.38 | 1.68 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.25)<br>|
| Year Ended June 30, 2025 | 21.37 | 0.33 | 2.10 | 2.43 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.93)<br>|
| Year Ended June 30, 2024 | 18.78 | 0.29 | 2.59 | 2.88 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| Year Ended June 30, 2023 | 18.26 | 0.24 | 1.93 | 2.17 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.65)<br>|
| Year Ended June 30, 2022 | 25.59 | 0.25 | &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (3.94)<br>|
| Year Ended June 30, 2021 | 19.79 | 0.20 | 6.62 | 6.82 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.02)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 23.16 | 0.30 | 1.42 | 1.72 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.28)<br>|
| Year Ended June 30, 2025 | 21.62 | 0.39 | 2.13 | 2.52 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2024 | 18.99 | 0.34 | 2.62 | 2.96 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 18.35 | 0.23 | 2.01 | 2.24 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.60)<br>|
| Year Ended June 30, 2022 | 25.66 | 0.31 | &nbsp;&nbsp; (3.67)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (3.95)<br>|
| Year Ended June 30, 2021 | 19.83 | 0.27 | 6.64 | 6.91 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.08)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 23.18 | 0.37 | 1.39 | 1.76 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended June 30, 2025 | 21.65 | 0.45 | 2.13 | 2.58 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.05)<br>|
| Year Ended June 30, 2024 | 19.02 | 0.40 | 2.62 | 3.02 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2023 | 18.50 | 0.41 | 1.88 | 2.29 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.77)<br>|
| Year Ended June 30, 2022 | 25.81 | 0.35 | &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp; (3.33)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (3.98)<br>|
| Year Ended June 30, 2021 | 19.93 | 0.33 | 6.67 | 7.00 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.12)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

68 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $595413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 626197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20493 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 69

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2040 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $23.41 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $1.41 | &nbsp;&nbsp; $1.80 | &nbsp;&nbsp; $(0.60)<br>| &nbsp;&nbsp; $(0.80)<br>| &nbsp;&nbsp; $(1.40)<br>|
| Year Ended June 30, 2025 | 21.85 | 0.48 | 2.16 | 2.64 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.08)<br>|
| Year Ended June 30, 2024 | 19.19 | 0.44 | 2.64 | 3.08 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2023 | 18.62 | 0.38 | 1.95 | 2.33 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.76)<br>|
| Year Ended June 30, 2022 | 25.93 | 0.41 | &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.31)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.00)<br>|
| Year Ended June 30, 2021 | 20.03 | 0.35 | 6.72 | 7.07 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.17)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 23.41 | 0.41 | 1.39 | 1.80 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.42)<br>|
| Year Ended June 30, 2025 | 21.85 | 0.50 | 2.16 | 2.66 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.10)<br>|
| Year Ended June 30, 2024 | 19.19 | 0.45 | 2.64 | 3.09 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2023 | 18.63 | 0.39 | 1.96 | 2.35 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.79)<br>|
| Year Ended June 30, 2022 | 25.93 | 0.43 | &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.29)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.01)<br>|
| Year Ended June 30, 2021 | 20.03 | 0.38 | 6.72 | 7.10 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.20)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

70 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.72<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $953311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 931089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1254341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1668542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1505009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2141439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1872827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1931128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1747795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2166737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |

---

&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 SmartRetirement® Funds 71

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2045 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $23.49 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $1.53 | &nbsp;&nbsp; $1.86 | &nbsp;&nbsp; $(0.47)<br>| &nbsp;&nbsp; $(0.76)<br>| &nbsp;&nbsp; $(1.23)<br>|
| Year Ended June 30, 2025 | 21.76 | 0.35 | 2.30 | 2.65 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.92)<br>|
| Year Ended June 30, 2024 | 18.89 | 0.30 | 2.87 | 3.17 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2023 | 18.35 | 0.26 | 2.15 | 2.41 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.87)<br>|
| Year Ended June 30, 2022 | 25.52 | 0.30 | &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp; (3.40)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.77)<br>|
| Year Ended June 30, 2021 | 19.19 | 0.24 | 7.07 | 7.31 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.98)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 22.85 | 0.25 | 1.49 | 1.74 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.10)<br>|
| Year Ended June 30, 2025 | 21.18 | 0.21 | 2.25 | 2.46 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2024 | 18.41 | 0.20 | 2.77 | 2.97 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 17.93 | 0.16 | 2.09 | 2.25 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.77)<br>|
| Year Ended June 30, 2022 | 25.12 | 0.16 | &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.73)<br>|
| Year Ended June 30, 2021 | 18.96 | 0.10 | 6.98 | 7.08 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.92)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 23.67 | 0.36 | 1.54 | 1.90 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.28)<br>|
| Year Ended June 30, 2025 | 21.91 | 0.38 | 2.33 | 2.71 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.95)<br>|
| Year Ended June 30, 2024 | 19.02 | 0.35 | 2.88 | 3.23 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2023 | 18.46 | 0.31 | 2.15 | 2.46 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.90)<br>|
| Year Ended June 30, 2022 | 25.63 | 0.34 | &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (3.39)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.78)<br>|
| Year Ended June 30, 2021 | 19.27 | 0.28 | 7.09 | 7.37 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.01)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 23.20 | 0.29 | 1.51 | 1.80 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.17)<br>|
| Year Ended June 30, 2025 | 21.50 | 0.27 | 2.28 | 2.55 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2024 | 18.68 | 0.24 | 2.83 | 3.07 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended June 30, 2023 | 18.16 | 0.21 | 2.13 | 2.34 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.82)<br>|
| Year Ended June 30, 2022 | 25.37 | 0.22 | &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.75)<br>|
| Year Ended June 30, 2021 | 19.10 | 0.16 | 7.04 | 7.20 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.93)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 23.35 | 0.29 | 1.55 | 1.84 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.21)<br>|
| Year Ended June 30, 2025 | 21.63 | 0.33 | 2.29 | 2.62 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2024 | 18.78 | 0.27 | 2.86 | 3.13 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| Year Ended June 30, 2023 | 18.25 | 0.25 | 2.14 | 2.39 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.86)<br>|
| Year Ended June 30, 2022 | 25.42 | 0.28 | &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp; (3.40)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.77)<br>|
| Year Ended June 30, 2021 | 19.12 | 0.23 | 7.03 | 7.26 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.96)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 23.63 | 0.45 | 1.44 | 1.89 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.30)<br>|
| Year Ended June 30, 2025 | 21.88 | 0.39 | 2.32 | 2.71 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.96)<br>|
| Year Ended June 30, 2024 | 18.98 | 0.32 | 2.90 | 3.22 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32)<br>|
| Year Ended June 30, 2023 | 18.42 | 0.31 | 2.15 | 2.46 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.90)<br>|
| Year Ended June 30, 2022 | 25.58 | 0.31 | &nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.78)<br>|
| Year Ended June 30, 2021 | 19.22 | 0.29 | 7.07 | 7.36 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.00)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

72 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $514817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 520491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 73

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2045 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $23.73 | &nbsp;&nbsp; $0.38 | &nbsp;&nbsp; $1.53 | &nbsp;&nbsp; $1.91 | &nbsp;&nbsp; $(0.55)<br>| &nbsp;&nbsp; $(0.76)<br>| &nbsp;&nbsp; $(1.31)<br>|
| Year Ended June 30, 2025 | 21.97 | 0.43 | 2.33 | 2.76 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.00)<br>|
| Year Ended June 30, 2024 | 19.07 | 0.40 | 2.87 | 3.27 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended June 30, 2023 | 18.51 | 0.33 | 2.16 | 2.49 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.93)<br>|
| Year Ended June 30, 2022 | 25.66 | 0.38 | &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (3.36)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.79)<br>|
| Year Ended June 30, 2021 | 19.29 | 0.32 | 7.10 | 7.42 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.05)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 23.73 | 0.40 | 1.53 | 1.93 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (1.34)<br>|
| Year Ended June 30, 2025 | 21.97 | 0.45 | 2.33 | 2.78 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (1.02)<br>|
| Year Ended June 30, 2024 | 19.07 | 0.40 | 2.89 | 3.29 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2023 | 18.51 | 0.35 | 2.16 | 2.51 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.95)<br>|
| Year Ended June 30, 2022 | 25.65 | 0.40 | &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (3.18)<br>| &nbsp;&nbsp; (3.80)<br>|
| Year Ended June 30, 2021 | 19.28 | 0.34 | 7.10 | 7.44 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (1.07)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

74 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $24.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $639939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1103307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1283341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1841099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1561270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1599405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.79)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1425466 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1706379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |

---

&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 SmartRetirement® Funds 75

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2050 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $24.39 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $1.66 | &nbsp;&nbsp; $1.99 | &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(0.80)<br>| &nbsp;&nbsp; $(1.25)<br>|
| Year Ended June 30, 2025 | 22.15 | 0.32 | 2.46 | 2.78 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.54)<br>|
| Year Ended June 30, 2024 | 19.12 | 0.29 | 3.03 | 3.32 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| Year Ended June 30, 2023 | 18.45 | 0.25 | 2.23 | 2.48 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.81)<br>|
| Year Ended June 30, 2022 | 25.66 | 0.29 | &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.73)<br>|
| Year Ended June 30, 2021 | 19.30 | 0.25 | 7.10 | 7.35 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.99)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 23.69 | 0.24 | 1.63 | 1.87 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.12)<br>|
| Year Ended June 30, 2025 | 21.53 | 0.19 | 2.39 | 2.58 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2024 | 18.60 | 0.17 | 2.94 | 3.11 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Year Ended June 30, 2023 | 18.00 | 0.15 | 2.16 | 2.31 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.71)<br>|
| Year Ended June 30, 2022 | 25.22 | 0.17 | &nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.70)<br>|
| Year Ended June 30, 2021 | 19.05 | 0.09 | 7.02 | 7.11 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.94)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.58 | 0.36 | 1.68 | 2.04 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.31)<br>|
| Year Ended June 30, 2025 | 22.31 | 0.36 | 2.49 | 2.85 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 19.26 | 0.32 | 3.05 | 3.37 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32)<br>|
| Year Ended June 30, 2023 | 18.57 | 0.30 | 2.23 | 2.53 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.84)<br>|
| Year Ended June 30, 2022 | 25.77 | 0.34 | &nbsp;&nbsp; (3.80)<br>| &nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.74)<br>|
| Year Ended June 30, 2021 | 19.38 | 0.28 | 7.14 | 7.42 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.03)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.08 | 0.29 | 1.64 | 1.93 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.19)<br>|
| Year Ended June 30, 2025 | 21.87 | 0.24 | 2.44 | 2.68 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.47)<br>|
| Year Ended June 30, 2024 | 18.89 | 0.22 | 2.99 | 3.21 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|
| Year Ended June 30, 2023 | 18.25 | 0.20 | 2.20 | 2.40 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.76)<br>|
| Year Ended June 30, 2022 | 25.48 | 0.22 | &nbsp;&nbsp; (3.74)<br>| &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.71)<br>|
| Year Ended June 30, 2021 | 19.20 | 0.16 | 7.07 | 7.23 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.95)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.27 | 0.29 | 1.69 | 1.98 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.23)<br>|
| Year Ended June 30, 2025 | 22.02 | 0.30 | 2.45 | 2.75 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2024 | 19.01 | 0.26 | 3.03 | 3.29 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| Year Ended June 30, 2023 | 18.35 | 0.23 | 2.22 | 2.45 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.79)<br>|
| Year Ended June 30, 2022 | 25.55 | 0.28 | &nbsp;&nbsp; (3.75)<br>| &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.73)<br>|
| Year Ended June 30, 2021 | 19.23 | 0.24 | 7.06 | 7.30 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.98)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.50 | 0.37 | 1.66 | 2.03 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.31)<br>|
| Year Ended June 30, 2025 | 22.25 | 0.37 | 2.47 | 2.84 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.59)<br>|
| Year Ended June 30, 2024 | 19.21 | 0.32 | 3.05 | 3.37 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 18.54 | 0.32 | 2.20 | 2.52 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.85)<br>|
| Year Ended June 30, 2022 | 25.73 | 0.32 | &nbsp;&nbsp; (3.77)<br>| &nbsp;&nbsp; (3.45)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.74)<br>|
| Year Ended June 30, 2021 | 19.34 | 0.29 | 7.11 | 7.40 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.01)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

76 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $436495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 77

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2050 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $24.66 | &nbsp;&nbsp; $0.38 | &nbsp;&nbsp; $1.69 | &nbsp;&nbsp; $2.07 | &nbsp;&nbsp; $(0.55)<br>| &nbsp;&nbsp; $(0.80)<br>| &nbsp;&nbsp; $(1.35)<br>|
| Year Ended June 30, 2025 | 22.39 | 0.41 | 2.48 | 2.89 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2024 | 19.32 | 0.38 | 3.05 | 3.43 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2023 | 18.63 | 0.35 | 2.21 | 2.56 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.87)<br>|
| Year Ended June 30, 2022 | 25.82 | 0.38 | &nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.76)<br>|
| Year Ended June 30, 2021 | 19.41 | 0.32 | 7.15 | 7.47 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.06)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.68 | 0.41 | 1.67 | 2.08 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended June 30, 2025 | 22.41 | 0.42 | 2.49 | 2.91 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2024 | 19.34 | 0.38 | 3.07 | 3.45 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended June 30, 2023 | 18.65 | 0.34 | 2.24 | 2.58 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp; (1.89)<br>|
| Year Ended June 30, 2022 | 25.83 | 0.40 | &nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.77)<br>|
| Year Ended June 30, 2021 | 19.42 | 0.34 | 7.16 | 7.50 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.09)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

78 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.37<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $742567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 716681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1208319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1134392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1511164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1297128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1140227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1389666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |

---

&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 SmartRetirement® Funds 79

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2055 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $29.52 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $2.00 | &nbsp;&nbsp; $2.41 | &nbsp;&nbsp; $(0.55)<br>| &nbsp;&nbsp; $(0.83)<br>| &nbsp;&nbsp; $(1.38)<br>|
| Year Ended June 30, 2025 | 26.74 | 0.38 | 2.99 | 3.37 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.59)<br>|
| Year Ended June 30, 2024 | 23.10 | 0.35 | 3.64 | 3.99 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended June 30, 2023 | 22.13 | 0.30 | 2.68 | 2.98 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (2.01)<br>|
| Year Ended June 30, 2022 | 29.64 | 0.34 | &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.33)<br>|
| Year Ended June 30, 2021 | 22.16 | 0.29 | 8.18 | 8.47 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.99)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 28.95 | 0.30 | 1.97 | 2.27 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.22)<br>|
| Year Ended June 30, 2025 | 26.20 | 0.22 | 2.94 | 3.16 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2024 | 22.65 | 0.21 | 3.56 | 3.77 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| Year Ended June 30, 2023 | 21.73 | 0.18 | 2.64 | 2.82 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (1.90)<br>|
| Year Ended June 30, 2022 | 29.29 | 0.19 | &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; (4.26)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.30)<br>|
| Year Ended June 30, 2021 | 21.99 | 0.12 | 8.11 | 8.23 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.93)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 29.68 | 0.45 | 2.00 | 2.45 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.45)<br>|
| Year Ended June 30, 2025 | 26.86 | 0.42 | 3.03 | 3.45 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2024 | 23.19 | 0.40 | 3.66 | 4.06 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2023 | 22.21 | 0.36 | 2.68 | 3.04 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (2.06)<br>|
| Year Ended June 30, 2022 | 29.70 | 0.39 | &nbsp;&nbsp; (4.53)<br>| &nbsp;&nbsp; (4.14)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.35)<br>|
| Year Ended June 30, 2021 | 22.21 | 0.33 | 8.19 | 8.52 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.03)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 29.26 | 0.35 | 1.99 | 2.34 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.30)<br>|
| Year Ended June 30, 2025 | 26.51 | 0.30 | 2.95 | 3.25 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2024 | 22.90 | 0.27 | 3.62 | 3.89 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| Year Ended June 30, 2023 | 21.96 | 0.24 | 2.65 | 2.89 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (1.95)<br>|
| Year Ended June 30, 2022 | 29.51 | 0.25 | &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.31)<br>|
| Year Ended June 30, 2021 | 22.11 | 0.19 | 8.15 | 8.34 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.94)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 29.40 | 0.35 | 2.03 | 2.38 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.34)<br>|
| Year Ended June 30, 2025 | 26.60 | 0.35 | 2.99 | 3.34 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.54)<br>|
| Year Ended June 30, 2024 | 22.97 | 0.31 | 3.65 | 3.96 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 22.03 | 0.30 | 2.65 | 2.95 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (2.01)<br>|
| Year Ended June 30, 2022 | 29.54 | 0.32 | &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (4.18)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.33)<br>|
| Year Ended June 30, 2021 | 22.10 | 0.26 | 8.15 | 8.41 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.97)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 29.69 | 0.44 | 2.01 | 2.45 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.44)<br>|
| Year Ended June 30, 2025 | 26.89 | 0.44 | 3.01 | 3.45 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2024 | 23.16 | 0.32 | 3.74 | 4.06 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 22.19 | 0.33 | 2.70 | 3.03 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (2.06)<br>|
| Year Ended June 30, 2022 | 29.68 | 0.35 | &nbsp;&nbsp; (4.49)<br>| &nbsp;&nbsp; (4.14)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.35)<br>|
| Year Ended June 30, 2021 | 22.18 | 0.34 | 8.17 | 8.51 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.01)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

80 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $301501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 81

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2055 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $29.72 | &nbsp;&nbsp; $0.46 | &nbsp;&nbsp; $2.03 | &nbsp;&nbsp; $2.49 | &nbsp;&nbsp; $(0.66)<br>| &nbsp;&nbsp; $(0.83)<br>| &nbsp;&nbsp; $(1.49)<br>|
| Year Ended June 30, 2025 | 26.92 | 0.49 | 2.99 | 3.48 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2024 | 23.24 | 0.45 | 3.66 | 4.11 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2023 | 22.26 | 0.40 | 2.67 | 3.07 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (2.09)<br>|
| Year Ended June 30, 2022 | 29.73 | 0.44 | &nbsp;&nbsp; (4.55)<br>| &nbsp;&nbsp; (4.11)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.36)<br>|
| Year Ended June 30, 2021 | 22.23 | 0.37 | 8.20 | 8.57 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.07)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 29.76 | 0.49 | 2.01 | 2.50 | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.52)<br>|
| Year Ended June 30, 2025 | 26.94 | 0.51 | 3.02 | 3.53 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2024 | 23.26 | 0.46 | 3.67 | 4.13 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2023 | 22.28 | 0.41 | 2.69 | 3.10 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (2.12)<br>|
| Year Ended June 30, 2022 | 29.74 | 0.47 | &nbsp;&nbsp; (4.55)<br>| &nbsp;&nbsp; (4.08)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp; (3.38)<br>|
| Year Ended June 30, 2021 | 22.24 | 0.39 | 8.21 | 8.60 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (1.10)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

82 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $508146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 783249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1022205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 801577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 849896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

&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 SmartRetirement® Funds 83

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2060 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $24.82 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $1.68 | &nbsp;&nbsp; $2.03 | &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(0.59)<br>| &nbsp;&nbsp; $(1.04)<br>|
| Year Ended June 30, 2025 | 22.62 | 0.32 | 2.51 | 2.83 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2024 | 19.54 | 0.29 | 3.09 | 3.38 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2023 | 18.13 | 0.24 | 2.28 | 2.52 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.11)<br>|
| Year Ended June 30, 2022 | 23.51 | 0.29 | &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (3.44)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.94)<br>|
| Year Ended June 30, 2021 | 17.52 | 0.22 | 6.47 | 6.69 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.70)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.41 | 0.25 | 1.67 | 1.92 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2025 | 22.26 | 0.19 | 2.47 | 2.66 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2024 | 19.24 | 0.18 | 3.04 | 3.22 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 17.87 | 0.16 | 2.22 | 2.38 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.01)<br>|
| Year Ended June 30, 2022 | 23.31 | 0.18 | &nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.91)<br>|
| Year Ended June 30, 2021 | 17.43 | 0.08 | 6.45 | 6.53 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.65)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.93 | 0.38 | 1.68 | 2.06 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (1.11)<br>|
| Year Ended June 30, 2025 | 22.71 | 0.37 | 2.52 | 2.89 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.67)<br>|
| Year Ended June 30, 2024 | 19.60 | 0.32 | 3.12 | 3.44 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 18.19 | 0.30 | 2.26 | 2.56 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.15)<br>|
| Year Ended June 30, 2022 | 23.56 | 0.31 | &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (3.42)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.95)<br>|
| Year Ended June 30, 2021 | 17.55 | 0.25 | 6.49 | 6.74 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.73)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.63 | 0.31 | 1.66 | 1.97 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.99)<br>|
| Year Ended June 30, 2025 | 22.45 | 0.25 | 2.50 | 2.75 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2024 | 19.40 | 0.23 | 3.07 | 3.30 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended June 30, 2023 | 18.02 | 0.20 | 2.24 | 2.44 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.06)<br>|
| Year Ended June 30, 2022 | 23.44 | 0.20 | &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp; (3.50)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.92)<br>|
| Year Ended June 30, 2021 | 17.49 | 0.15 | 6.46 | 6.61 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.66)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.82 | 0.28 | 1.74 | 2.02 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (1.01)<br>|
| Year Ended June 30, 2025 | 22.60 | 0.31 | 2.51 | 2.82 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.60)<br>|
| Year Ended June 30, 2024 | 19.52 | 0.27 | 3.09 | 3.36 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| Year Ended June 30, 2023 | 18.11 | 0.23 | 2.28 | 2.51 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.10)<br>|
| Year Ended June 30, 2022 | 23.51 | 0.26 | &nbsp;&nbsp; (3.73)<br>| &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.93)<br>|
| Year Ended June 30, 2021 | 17.52 | 0.21 | 6.47 | 6.68 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.69)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.86 | 0.39 | 1.67 | 2.06 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (1.11)<br>|
| Year Ended June 30, 2025 | 22.65 | 0.37 | 2.51 | 2.88 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.67)<br>|
| Year Ended June 30, 2024 | 19.55 | 0.33 | 3.11 | 3.44 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2023 | 18.19 | 0.35 | 2.19 | 2.54 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.18)<br>|
| Year Ended June 30, 2022 | 23.55 | 0.29 | &nbsp;&nbsp; (3.70)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.95)<br>|
| Year Ended June 30, 2021 | 17.54 | 0.30 | 6.44 | 6.74 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.73)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

84 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $77636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 85

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2060 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $24.95 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $1.69 | &nbsp;&nbsp; $2.08 | &nbsp;&nbsp; $(0.55)<br>| &nbsp;&nbsp; $(0.59)<br>| &nbsp;&nbsp; $(1.14)<br>|
| Year Ended June 30, 2025 | 22.72 | 0.41 | 2.53 | 2.94 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2024 | 19.61 | 0.39 | 3.08 | 3.47 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2023 | 18.20 | 0.35 | 2.24 | 2.59 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.18)<br>|
| Year Ended June 30, 2022 | 23.56 | 0.35 | &nbsp;&nbsp; (3.75)<br>| &nbsp;&nbsp; (3.40)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.96)<br>|
| Year Ended June 30, 2021 | 17.54 | 0.28 | 6.50 | 6.78 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.76)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 25.01 | 0.42 | 1.68 | 2.10 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (1.16)<br>|
| Year Ended June 30, 2025 | 22.77 | 0.43 | 2.54 | 2.97 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.73)<br>|
| Year Ended June 30, 2024 | 19.66 | 0.39 | 3.10 | 3.49 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended June 30, 2023 | 18.24 | 0.35 | 2.27 | 2.62 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.20)<br>|
| Year Ended June 30, 2022 | 23.59 | 0.38 | &nbsp;&nbsp; (3.76)<br>| &nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp; (1.97)<br>|
| Year Ended June 30, 2021 | 17.57 | 0.30 | 6.50 | 6.80 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.78)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

86 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $213186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |

---

&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 SmartRetirement® Funds 87

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2065 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $21.88 | &nbsp;&nbsp; $0.35 | &nbsp;&nbsp; $1.42 | &nbsp;&nbsp; $1.77 | &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.72)<br>|
| Year Ended June 30, 2025 | 19.81 | 0.26 | 2.21 | 2.47 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2024 | 17.14 | 0.25 | 2.72 | 2.97 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.30)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.13 | 2.18 | 2.31 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 21.83 | 0.30 | 1.40 | 1.70 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2025 | 19.72 | 0.14 | 2.22 | 2.36 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.25)<br>|
| Year Ended June 30, 2024 | 17.09 | 0.16 | 2.69 | 2.85 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.22)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.14 | 2.11 | 2.25 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 21.95 | 0.40 | 1.40 | 1.80 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2025 | 19.86 | 0.31 | 2.21 | 2.52 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2024 | 17.16 | 0.29 | 2.72 | 3.01 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.31)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.21 | 2.13 | 2.34 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 21.91 | 0.37 | 1.36 | 1.73 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.74)<br>|
| Year Ended June 30, 2025 | 19.83 | 0.16 | 2.26 | 2.42 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2024 | 17.11 | 0.19 | 2.72 | 2.91 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.19)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.17 | 2.11 | 2.28 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 21.97 | 0.08 | 1.69 | 1.77 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2025 | 19.85 | 0.25 | 2.22 | 2.47 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.35)<br>|
| Year Ended June 30, 2024 | 17.13 | 0.23 | 2.73 | 2.96 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.24)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.20 | 2.10 | 2.30 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 21.99 | 0.34 | 1.46 | 1.80 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2025 | 19.88 | 0.33 | 2.20 | 2.53 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2024 | 17.16 | 0.30 | 2.70 | 3.00 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.28)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.22 | 2.12 | 2.34 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 21.99 | 0.36 | 1.46 | 1.82 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2025 | 19.89 | 0.35 | 2.20 | 2.55 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2024 | 17.17 | 0.22 | 2.82 | 3.04 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.32)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.22 | 2.13 | 2.35 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

88 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &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; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.88<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.65<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.17<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.65<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.89<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.95<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.19<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.06<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.59<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.21<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.17<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.92<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.43<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.10<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.88<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.14<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.07<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.97<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 89

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® 2065 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $22.02 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $1.44 | &nbsp;&nbsp; $1.84 | &nbsp;&nbsp; $(0.49)<br>| &nbsp;&nbsp; $(0.33)<br>| &nbsp;&nbsp; $(0.82)<br>|
| Year Ended June 30, 2025 | 19.91 | 0.38 | 2.19 | 2.57 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.46)<br>|
| Year Ended June 30, 2024 | 17.18 | 0.34 | 2.71 | 3.05 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.32)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.20 | 2.16 | 2.36 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(i) Commencement of operations.

(j) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

90 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $88600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %(j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)(j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.84<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.60<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)(j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.74<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 91

------

**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 IV ("JPM IV") (collectively, the "Trusts") were formed on November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies.

The following are 10 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan SmartRetirement<sup>®</sup> Income Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2025 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2030 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2035 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2040 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2045 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2050 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2055 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2060 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> 2065 Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM IV | Diversified |

---

JPMorgan SmartRetirement® Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement® Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

JPMorgan SmartRetirement® Income Fund acquired all the assets and liabilities of the JPMorgan SmartRetirement® 2020 Fund in a reorganization on April 25, 2025. Please refer to Note 8 discussing the merger.

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

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

**2. Significant Accounting Policies**

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

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

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

92 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

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

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services"). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

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

Futures contracts are generally valued on the basis of available market quotations.

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Income Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1888304 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1888304 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2025 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $2057999 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2057999 |

---

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

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

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

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 93

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2030 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $793263 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $793263 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 2745651 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2745651 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2381 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2381 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 50313 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50313 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $3589227 | &nbsp;&nbsp;&nbsp;&nbsp; $2381 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3591608 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1181 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1181 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2035 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $767692 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $767692 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 2506105 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2506105 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2306 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2306 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 63570 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63570 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $3337367 | &nbsp;&nbsp;&nbsp;&nbsp; $2306 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3339673 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1107 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1107 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2040 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $943874 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $943874 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 2518230 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2518230 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2385 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2385 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 63987 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63987 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $3526091 | &nbsp;&nbsp;&nbsp;&nbsp; $2385 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3528476 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1165 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1165 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2045 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $811163 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $811163 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1886650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1886650 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1932 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1932 |

---

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

94 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2045 Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $59703 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $59703 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $2757516 | &nbsp;&nbsp;&nbsp;&nbsp; $1932 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2759448 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $913 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $913 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2050 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $838651 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $838651 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1773529 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1773529 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1778 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1778 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 56488 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56488 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $2668668 | &nbsp;&nbsp;&nbsp;&nbsp; $1778 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2670446 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $875 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $875 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2055 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $565708 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $565708 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1201472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1201472 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1312 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1312 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 44925 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44925 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $1812105 | &nbsp;&nbsp;&nbsp;&nbsp; $1312 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1813417 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $589 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $589 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2060 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $255534 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $255534 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 540184 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 540184 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 741 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 741 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 20815 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20815 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $816533 | &nbsp;&nbsp;&nbsp;&nbsp; $741 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $817274 |

---

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 95

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2060 Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $269 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $269 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(22)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $247 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $247 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2065 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $39455 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $39455 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 83578 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83578 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 3162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3162 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $126195 | &nbsp;&nbsp;&nbsp;&nbsp; $224 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $126419 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $39 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $39 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(9)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $30 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $30 |

---

**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 had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

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

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

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

96 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

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

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower's failure to return a loaned security.

The Funds did not lend out any securities during the six months ended December 31, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  | **JPMorgan SmartRetirement® Income Fund**  |
| **For the 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 ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $39442 | $71 | $9515 | $2078 | $3144 | $35220 | 719 | $1136 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 4226 | 17 | 459 | 23 | 5 | 3812 | 41 | 79 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 59921 | 1849 | 14652 | 4329 | 1027 | 52474 | 492 | 482 |  |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 661001 | 46701 | 99072 | (7551)<br>| 13880 | 614959 | 58904 | 13891 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 220093 | 15922 | 33341 | (2050)<br>| 4457 | 205081 | 28016 | 5569 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 38562 | 1239 | 7483 | 466 | 1681 | 34465 | 5167 | 1238 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 15871 | 564 | 4879 | 3028 | (374)<br>| 14210 | 339 | 219 | 8 |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 23696 | 1149 | 6413 | (22)<br>| 2824 | 21234 | 1011 | 857 |  |
| JPMorgan Global Select Equity ETF (a) | 85566 |  | 14094 | 2912 | 1414 | 75798 | 1120 | 1018 |  |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 152001 | 4951 | 22038 | 326 | 597 | 135837 | 20613 | 4951 |  |
| JPMorgan Inflation Managed Bond ETF (a) | 107223 | 718 | 12699 | 102 | (234)<br>| 95110 | 1974 | 2429 |  |
| JPMorgan International Equity Fund <br> Class R6 Shares (a)<br>| 65824 | 5203 | 11308 | 2981 | (4085)<br>| 58615 | 2666 | 1964 | 2273 |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 122223 | 4925 | 25495 | 5784 | 1167 | 108604 | 1450 | 3530 |  |
| JPMorgan Realty Income ETF (a) | 12988 | 302 | 1622 | 307 | (551)<br>| 11424 | 245 | 192 |  |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>|  | 19410 | 19410 |  |  |  |  | 2<br> \*<br>|  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 11204 | 2573 | 2185 | (184)<br>| (1587)<br>| 9821 | 218 | 65 | 1719 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 10970 | 668 | 2531 | 733 | (345)<br>| 9495 | 422 | 36 | 582 |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 10955 | 917 | 3031 | 346 | 396 | 9583 | 338 | 78 | 837 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 197010 | 10422 | 41577 | 18617 | (11521)<br>| 172951 | 6389 | 704 | 9718 |

---

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 97

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Income Fund** (continued) | **JPMorgan SmartRetirement® Income Fund** (continued) | **JPMorgan SmartRetirement® Income Fund** (continued) | **JPMorgan SmartRetirement® Income Fund** (continued) | **JPMorgan SmartRetirement® Income Fund** (continued) | **JPMorgan SmartRetirement® Income Fund** (continued) | **JPMorgan SmartRetirement® Income Fund** (continued) | **JPMorgan SmartRetirement® Income Fund** (continued) | **JPMorgan SmartRetirement® Income Fund** (continued) | **JPMorgan SmartRetirement® Income Fund** (continued) |
| **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 U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| $97583 | $153879 | $204917 | $— | $— | $46545 | 46545 | $1666 | $— |
| JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 196952 | 11261 | 45257 | 11478 | (1368)<br>| 173066 | 3611 | 973 | 8470 |
| **Total** | $2133311 | $282741 | $581978 | $43703 | $10527 | $1888304 |  | $41079 | $23607 |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  | **JPMorgan SmartRetirement® 2025 Fund**  |
| **For the 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 ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $50072 | $— | $16092 | $4133 | $2473 | $40586 | 828 | $1424 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 5331 | 13 | 995 | 79 | (43)<br>| 4385 | 48 | 99 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 75991 | 1233 | 23606 | 8131 | (1364)<br>| 60385 | 566 | 606 |  |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 773467 | 46583 | 174214 | (16000)<br>| 23393 | 653229 | 62570 | 16051 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 257537 | 16293 | 58800 | (4152)<br>| 6969 | 217847 | 29760 | 6434 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 44011 | 1401 | 12205 | 797 | 1638 | 35642 | 5344 | 1401 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 20150 | 617 | 7742 | 1753 | 1603 | 16381 | 391 | 275 | 10 |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 30083 | 1349 | 10512 | 927 | 2623 | 24470 | 1165 | 1073 |  |
| JPMorgan Global Select Equity ETF (a) | 108557 | 445 | 27198 | 5918 | (387)<br>| 87335 | 1291 | 1276 |  |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 173468 | 5602 | 39139 | 126 | 937 | 140994 | 21395 | 5602 |  |
| JPMorgan Inflation Managed Bond ETF (a) | 115008 |  | 22251 | 104 | (236)<br>| 92625 | 1922 | 2576 |  |
| JPMorgan International Equity Fund <br> Class R6 Shares (a)<br>| 83492 | 5915 | 20528 | 6036 | (7405)<br>| 67510 | 3070 | 2461 | 2849 |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 155029 | 5844 | 44556 | 12356 | (3547)<br>| 125126 | 1671 | 4445 |  |
| JPMorgan Realty Income ETF (a) | 16437 | 284 | 3275 | 293 | (599)<br>| 13140 | 281 | 241 |  |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>|  | 137 | 137 |  |  |  |  | —<br> (c) \*<br>|  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 14218 | 2955 | 3663 | (187)<br>| (2035)<br>| 11288 | 250 | 81 | 2152 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 13923 | 786 | 4301 | 1819 | (1318)<br>| 10909 | 485 | 45 | 730 |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 13850 | 1147 | 4916 | 639 | 299 | 11019 | 389 | 98 | 1049 |

---

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

98 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2025 Fund** (continued) | **JPMorgan SmartRetirement® 2025 Fund** (continued) | **JPMorgan SmartRetirement® 2025 Fund** (continued) | **JPMorgan SmartRetirement® 2025 Fund** (continued) | **JPMorgan SmartRetirement® 2025 Fund** (continued) | **JPMorgan SmartRetirement® 2025 Fund** (continued) | **JPMorgan SmartRetirement® 2025 Fund** (continued) | **JPMorgan SmartRetirement® 2025 Fund** (continued) | **JPMorgan SmartRetirement® 2025 Fund** (continued) | **JPMorgan SmartRetirement® 2025 Fund** (continued) |
| **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 U.S. Equity Fund Class R6 Shares <br> (a)<br>| $250055 | $12880 | $73157 | $30900 | $(21525)<br>| $199153 | 7357 | $880 | $12000 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 65557 | 236376 | 255266 |  |  | 46667 | 46667 | 1456 |  |
| JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 249989 | 15551 | 78939 | 21247 | (8540)<br>| 199308 | 4159 | 1236 | 10770 |
| **Total** | $2516225 | $355411 | $881492 | $74919 | $(7064)<br>| $2057999 |  | $47760 | $29560 |

---

&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.

(c) Amount rounds to less than one thousand.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  | **JPMorgan SmartRetirement® 2030 Fund**  |
| **For the 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 ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $68876 | $365 | $21699 | $4236 | $4963 | $56741 | 1158 | $2020 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 11998 | 445 | 2570 | 40 | 41 | 9954 | 107 | 224 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 167486 | 2052 | 46766 | 14509 | 595 | 137876 | 1293 | 1356 |  |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 1105376 | 45500 | 191804 | (18507)<br>| 29414 | 969979 | 92910 | 23606 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 368059 | 16058 | 64886 | (5281)<br>| 9416 | 323366 | 44176 | 9464 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 54034 | 2134 | 11273 | 677 | 2409 | 47981 | 7193 | 1791 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 12762 | 333 | 5107 | 3224 | (1072)<br>| 10140 | 242 | 177 | 6 |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 66357 | 3544 | 21888 | 2194 | 5791 | 55998 | 2667 | 2474 |  |
| JPMorgan Global Select Equity ETF (a) | 240126 | 3383 | 55809 | 10908 | 1322 | 199930 | 2954 | 2946 |  |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 220824 | 13631 | 40781 | (566)<br>| 1929 | 195037 | 29596 | 7444 |  |
| JPMorgan Inflation Managed Bond ETF (a) | 74008 | 7631 | 9234 | (101)<br>| (90)<br>| 72214 | 1499 | 1794 |  |
| JPMorgan International Equity Fund <br> Class R6 Shares (a)<br>| 184899 | 16520 | 43521 | 10641 | (13824)<br>| 154715 | 7036 | 5684 | 6579 |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 343325 | 18304 | 94832 | 21938 | (2018)<br>| 286717 | 3829 | 10293 |  |
| JPMorgan Realty Income ETF (a) | 35952 | 1170 | 6600 | 306 | (997)<br>| 29831 | 639 | 549 |  |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>|  | 4651 | 4651 |  |  |  |  | 2<br> \*<br>|  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 31181 | 7201 | 7608 | (1463)<br>| (3632)<br>| 25679 | 569 | 186 | 4923 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 30409 | 2034 | 8675 | 1336 | (289)<br>| 24815 | 1104 | 104 | 1668 |

---

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 99

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) | **JPMorgan SmartRetirement® 2030 Fund** (continued) |
| **For the 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 Small Cap Value Fund Class R6 <br> Shares (a)<br>| $30412 | $2621 | $10022 | $949 | $1106 | $25066 | 883 | $223 | $2398 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 553447 | 30920 | 147670 | 52969 | (33368)<br>| 456298 | 16856 | 2032 | 28116 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 51631 | 217469 | 218787 |  |  | 50313 | 50313 | 1249 |  |
| JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 553310 | 30871 | 155836 | 38192 | (9960)<br>| 456577 | 9528 | 2823 | 24812 |
| **Total** | $4204472 | $426837 | $1170019 | $136201 | $(8264)<br>| $3589227 |  | $76441 | $68502 |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  | **JPMorgan SmartRetirement® 2035 Fund**  |
| **For the 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 ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $89154 | $793 | $29816 | $6020 | $6019 | $72170 | 1473 | $2684 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 14022 | 443 | 3230 | 28 | 59 | 11322 | 122 | 265 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 120287 | 1236 | 36261 | 7074 | 4085 | 96421 | 904 | 1011 |  |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 262255 | 16444 | 56058 | (4452)<br>| 7052 | 225241 | 21575 | 5671 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 785919 | 50066 | 169042 | (20696)<br>| 29565 | 675812 | 92324 | 20467 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 36706 | 1726 | 8882 | 534 | 1579 | 31663 | 4747 | 1227 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 21572 | 1079 | 9055 | 2454 | 1256 | 17306 | 414 | 310 | 11 |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 77442 | 4756 | 27883 | 5805 | 3582 | 63702 | 3033 | 2951 |  |
| JPMorgan Global Select Equity ETF (a) | 280022 | 2734 | 69895 | 13472 | 862 | 227195 | 3358 | 3511 |  |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 344339 | 41573 | 105748 | 43607 | (49016)<br>| 274755 | 6167 |  | 34523 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 157251 | 12154 | 35425 | (247)<br>| 1225 | 134958 | 20479 | 5357 |  |
| JPMorgan International Equity Fund <br> Class R6 Shares (a)<br>| 216174 | 21608 | 57681 | 5512 | (9411)<br>| 176202 | 8013 | 6791 | 7861 |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 401401 | 41731 | 140476 | 27578 | (3584)<br>| 326650 | 4362 | 12328 |  |
| JPMorgan Realty Income ETF (a) | 41966 | 2054 | 9257 | (98)<br>| (731)<br>| 33934 | 727 | 653 |  |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>|  | 1894 | 1894 |  |  |  |  | 2<br> \*<br>|  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 22008 | 5564 | 6234 | (839)<br>| (2845)<br>| 17654 | 391 | 135 | 3556 |

---

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

100 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) | **JPMorgan SmartRetirement® 2035 Fund** (continued) |
| **For the 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 Small Cap Growth Fund Class R6 <br> Shares (a)<br>| $21592 | $1550 | $6822 | $626 | $110 | $17056 | 759 | $75 | $1205 |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 21564 | 1893 | 7667 | 481 | 967 | 17238 | 607 | 160 | 1733 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 359546 | 23385 | 106349 | 32214 | (19670)<br>| 289126 | 10681 | 1343 | 18694 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 64111 | 213877 | 214418 |  |  | 63570 | 63570 | 1295 |  |
| JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 359441 | 18900 | 107435 | 43325 | (24862)<br>| 289369 | 6039 | 1859 | 16404 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 343463 | 63395 | 110272 | (2383)<br>| (18180)<br>| 276023 | 7564 | 6010 | 36322 |
| **Total** | $4040235 | $528855 | $1319800 | $160015 | $(71938)<br>| $3337367 |  | $74105 | $120309 |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  | **JPMorgan SmartRetirement® 2040 Fund**  |
| **For the 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 ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $110546 | $1152 | $32950 | $6627 | $8382 | $93757 | 1914 | $3380 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 16419 | 721 | 3211 | 33 | 62 | 14024 | 151 | 318 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 141807 | 3293 | 39858 | 7219 | 6023 | 118484 | 1111 | 1201 |  |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 177972 | 13032 | 33999 | (2905)<br>| 4674 | 158774 | 15208 | 3871 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 533345 | 39591 | 102592 | (12253)<br>| 18292 | 476383 | 65080 | 13969 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 25954 | 1476 | 5768 | 243 | 1269 | 23174 | 3475 | 878 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 29788 | 1461 | 11073 | 2688 | 2462 | 25326 | 605 | 438 | 15 |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 90749 | 5705 | 29594 | 5872 | 5165 | 77897 | 3710 | 3506 |  |
| JPMorgan Global Select Equity ETF (a) | 328050 | 4027 | 71710 | 13405 | 3432 | 277204 | 4096 | 4083 |  |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 403452 | 49782 | 110759 | 41932 | (48934)<br>| 335473 | 7530 |  | 41128 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 114887 | 10234 | 23601 | (226)<br>| 944 | 102238 | 15514 | 3941 |  |
| JPMorgan International Equity Fund <br> Class R6 Shares (a)<br>| 253108 | 28231 | 61753 | 4725 | (9394)<br>| 214917 | 9773 | 8049 | 9316 |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 469983 | 29441 | 129031 | 27632 | 349 | 398374 | 5320 | 14643 |  |
| JPMorgan Realty Income ETF (a) | 49690 | 3172 | 9830 | (103)<br>| (898)<br>| 42031 | 900 | 783 |  |

---

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 101

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) | **JPMorgan SmartRetirement® 2040 Fund** (continued) |
| **For the 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 Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>| $— | $11585 | $11585 | $— | $— | $— |  | $6<br> \*<br>| $— |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 26270 | 6874 | 6826 | (1106)<br>| (3335)<br>| 21877 | 485 | 162 | 4290 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 25590 | 1984 | 7276 | 808 | 32 | 21138 | 940 | 90 | 1453 |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 25561 | 2282 | 8200 | 493 | 1222 | 21358 | 753 | 192 | 2090 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 420082 | 28297 | 111645 | 30337 | (15898)<br>| 351173 | 12973 | 1581 | 22090 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 55457 | 183824 | 175294 |  |  | 63987 | 63987 | 1369 |  |
| JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 420017 | 22200 | 112235 | 44149 | (22665)<br>| 351466 | 7334 | 2187 | 19402 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 402381 | 69213 | 109837 | (3340)<br>| (21381)<br>| 337036 | 9236 | 7129 | 43089 |
| **Total** | $4121108 | $517577 | $1208627 | $166230 | $(70197)<br>| $3526091 |  | $71776 | $142873 |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  | **JPMorgan SmartRetirement® 2045 Fund**  |
| **For the 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 ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $98578 | $745 | $30108 | $6182 | $7280 | $82677 | 1687 | $3038 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 14302 | 630 | 3035 | 18 | 64 | 11979 | 129 | 276 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 122730 | 3063 | 35917 | 6119 | 5371 | 101366 | 951 | 1047 |  |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 86535 | 8044 | 17938 | (1599)<br>| 2468 | 77510 | 7424 | 1902 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 259328 | 24383 | 54107 | (5269)<br>| 8225 | 232560 | 31771 | 6862 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 12682 | 975 | 3000 | 59 | 687 | 11403 | 1710 | 435 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 28007 | 1336 | 10609 | 2802 | 2073 | 23609 | 564 | 416 | 15 |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 78417 | 5017 | 26501 | 4959 | 4625 | 66517 | 3167 | 3052 |  |
| JPMorgan Global Select Equity ETF (a) | 284304 | 5152 | 66407 | 11378 | 3235 | 237662 | 3512 | 3633 |  |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 349769 | 44383 | 100285 | 31385 | (37832)<br>| 287420 | 6452 |  | 36119 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 63086 | 5982 | 13886 | (38)<br>| 433 | 55577 | 8433 | 2170 |  |

---

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

102 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) | **JPMorgan SmartRetirement® 2045 Fund** (continued) |
| **For the 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 International Equity Fund <br> Class R6 Shares (a)<br>| $219252 | $25481 | $56387 | $3691 | $(7776)<br>| $184261 | 8379 | $7032 | $8139 |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 407117 | 33865 | 123787 | 23234 | 1146 | 341575 | 4562 | 12859 |  |
| JPMorgan Realty Income ETF (a) | 42920 | 3172 | 9318 | (496)<br>| (374)<br>| 35904 | 769 | 682 |  |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>|  | 15 | 15 |  |  |  |  | —<br> (c) \*<br>|  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 22544 | 6455 | 6535 | (1046)<br>| (2804)<br>| 18614 | 412 | 141 | 3724 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 22029 | 1740 | 6508 | 404 | 319 | 17984 | 800 | 78 | 1261 |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 21967 | 1981 | 7246 | 343 | 1130 | 18175 | 640 | 167 | 1814 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 364795 | 27397 | 102697 | 23723 | (11219)<br>| 301999 | 11156 | 1385 | 19353 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 58575 | 162807 | 161679 |  |  | 59703 | 59703 | 1118 |  |
| JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 364632 | 20943 | 101903 | 33323 | (14783)<br>| 302212 | 6307 | 1921 | 17139 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 348842 | 66504 | 105016 | (3404)<br>| (18117)<br>| 288809 | 7915 | 6227 | 37635 |
| **Total** | $3270411 | $450070 | $1042884 | $135768 | $(55849)<br>| $2757516 |  | $54441 | $125199 |

---

&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.

(c) Amount rounds to less than one thousand.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  | **JPMorgan SmartRetirement® 2050 Fund**  |
| **For the 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 ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $97425 | $963 | $24715 | $5017 | $8332 | $87022 | 1776 | $3036 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 13839 | 883 | 2394 | (15)<br>| 89 | 12402 | 134 | 271 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 119483 | 3722 | 29627 | 4194 | 7028 | 104800 | 983 | 1026 |  |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 47781 | 3081 | 8745 | (763)<br>| 1243 | 42597 | 4080 | 1037 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 143185 | 9380 | 26392 | (2659)<br>| 4293 | 127807 | 17460 | 3741 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 7429 | 363 | 1493 | 64 | 370 | 6733 | 1009 | 252 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 28447 | 1426 | 9179 | 2196 | 2776 | 25666 | 613 | 428 | 15 |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 76168 | 5473 | 22378 | 3942 | 5405 | 68610 | 3267 | 2992 |  |

---

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 103

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) | **JPMorgan SmartRetirement® 2050 Fund** (continued) |
| **For the 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 Global Select Equity ETF (a) | $276238 | $7468 | $52809 | $7754 | $6465 | $245116 | 3622 | $3562 | $— |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 339644 | 44817 | 81200 | 16068 | (22643)<br>| 296686 | 6660 |  | 35415 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 42165 | 3342 | 8098 | (15)<br>| 279 | 37673 | 5717 | 1438 |  |
| JPMorgan International Equity Fund <br> Class R6 Shares (a)<br>| 213024 | 25865 | 44850 | 1829 | (5868)<br>| 190000 | 8641 | 6887 | 7972 |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 395555 | 35229 | 102440 | 17119 | 6679 | 352142 | 4703 | 12535 |  |
| JPMorgan Realty Income ETF (a) | 41722 | 3483 | 7181 | (407)<br>| (448)<br>| 37169 | 796 | 668 |  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 21908 | 6412 | 5452 | (975)<br>| (2773)<br>| 19120 | 423 | 137 | 3626 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 21244 | 1747 | 5198 | 131 | 553 | 18477 | 822 | 76 | 1228 |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 21185 | 1931 | 5860 | 162 | 1245 | 18663 | 658 | 162 | 1766 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 354736 | 27135 | 82166 | 12630 | (722)<br>| 311613 | 11511 | 1353 | 18960 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 45608 | 143367 | 132487 |  |  | 56488 | 56488 | 1072 |  |
| JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 354639 | 21166 | 81960 | 20528 | (2539)<br>| 311834 | 6507 | 1876 | 16776 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 338811 | 70715 | 90423 | (3055)<br>| (17998)<br>| 298050 | 8168 | 6101 | 36871 |
| **Total** | $3000236 | $417968 | $825047 | $83745 | $(8234)<br>| $2668668 |  | $48650 | $122629 |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  | **JPMorgan SmartRetirement® 2055 Fund**  |
| **For the 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 ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $64694 | $853 | $15723 | $3148 | $5731 | $58703 | 1198 | $2044 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 9168 | 666 | 1514 | (17)<br>| 63 | 8366 | 90 | 181 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 79342 | 3235 | 19316 | 2240 | 5167 | 70668 | 663 | 688 |  |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 31728 | 2416 | 5727 | (503)<br>| 821 | 28735 | 2752 | 692 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 95080 | 7340 | 17288 | (1826)<br>| 2909 | 86215 | 11778 | 2498 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 4921 | 277 | 944 | 16 | 272 | 4542 | 681 | 168 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 18878 | 1002 | 5876 | 1382 | 1928 | 17314 | 414 | 288 | 10 |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 50580 | 4015 | 14525 | 2425 | 3787 | 46282 | 2204 | 2015 |  |
| JPMorgan Global Select Equity ETF (a) | 183433 | 15936 | 43489 | 3954 | 5519 | 165353 | 2444 | 2359 |  |

---

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

104 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) | **JPMorgan SmartRetirement® 2055 Fund** (continued) |
| **For the 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 Growth Advantage Fund Class R6 <br> Shares (a)<br>| $225609 | $31534 | $50330 | $2572 | $(7378)<br>| $202007 | 4534 | $— | $23819 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 27984 | 2577 | 5324 | (21)<br>| 197 | 25413 | 3857 | 962 |  |
| JPMorgan International Equity Fund <br> Class R6 Shares (a)<br>| 141456 | 18402 | 28909 | 599 | (3378)<br>| 128170 | 5828 | 4636 | 5366 |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 262664 | 24860 | 65833 | 9250 | 6604 | 237545 | 3172 | 8457 |  |
| JPMorgan Realty Income ETF (a) | 27890 | 2575 | 4811 | (350)<br>| (231)<br>| 25073 | 537 | 447 |  |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>|  | 5899 | 5899 |  |  |  |  | 5<br> \*<br>|  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 14481 | 4486 | 3546 | (663)<br>| (1860)<br>| 12898 | 286 | 92 | 2441 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 14098 | 1485 | 3566 | 105 | 343 | 12465 | 554 | 51 | 827 |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 14060 | 1516 | 3912 | 35 | 891 | 12590 | 444 | 108 | 1189 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 235434 | 20369 | 52196 | 3396 | 4357 | 211360 | 7808 | 906 | 12763 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 35090 | 141408 | 131573 |  |  | 44925 | 44925 | 772 |  |
| JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 235577 | 15496 | 51332 | 6148 | 5608 | 211497 | 4414 | 1257 | 11322 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 224981 | 52572 | 61267 | (2262)<br>| (12040)<br>| 201984 | 5535 | 4107 | 24820 |
| **Total** | $1997148 | $358919 | $592900 | $29628 | $19310 | $1812105 |  | $32733 | $82557 |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  | **JPMorgan SmartRetirement® 2060 Fund**  |
| **For the 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 ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $28917 | $4614 | $11106 | $1536 | $2558 | $26519 | 541 | $951 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 4171 | 387 | 795 | (12)<br>| 29 | 3780 | 41 | 84 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 35464 | 2207 | 9148 | 878 | 2523 | 31924 | 300 | 318 |  |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 14181 | 1636 | 2983 | (248)<br>| 393 | 12979 | 1243 | 317 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 42498 | 4996 | 9046 | (844)<br>| 1339 | 38943 | 5320 | 1145 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 2268 | 178 | 527 | 23 | 110 | 2052 | 308 | 78 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 8450 | 635 | 2780 | 577 | 940 | 7822 | 187 | 134 | 5 |

---

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 105

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) | **JPMorgan SmartRetirement® 2060 Fund** (continued) |
| **For the 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 Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| $22609 | $2422 | $6953 | $1056 | $1773 | $20907 | 996 | $938 | $— |
| JPMorgan Global Select Equity ETF (a) | 81991 | 8763 | 20360 | 1129 | 3160 | 74683 | 1104 | 1116 |  |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 100795 | 21402 | 29533 | 369 | (2704)<br>| 90329 | 2028 |  | 11097 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 12504 | 1665 | 2769 | 2 | 78 | 11480 | 1742 | 441 |  |
| JPMorgan International Equity Fund Class R6 <br> Shares (a)<br>| 63228 | 14623 | 18607 | (75)<br>| (1281)<br>| 57888 | 2632 | 2204 | 2498 |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 117406 | 16559 | 33932 | 2922 | 4345 | 107300 | 1433 | 3935 |  |
| JPMorgan Realty Income ETF (a) | 12462 | 1607 | 2471 | (167)<br>| (103)<br>| 11328 | 242 | 207 |  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 6500 | 3598 | 3138 | (329)<br>| (809)<br>| 5822 | 129 | 43 | 1136 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 6293 | 766 | 1623 | (3)<br>| 192 | 5625 | 250 | 24 | 385 |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 6315 | 857 | 1903 | (13)<br>| 427 | 5683 | 200 | 50 | 553 |
| JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| 105228 | 14075 | 27817 | 640 | 2768 | 94894 | 3505 | 419 | 5941 |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 19726 | 93465 | 92376 |  |  | 20815 | 20815 | 361 |  |
| JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| 105237 | 12609 | 28211 | 1484 | 3857 | 94976 | 1982 | 587 | 5283 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 100566 | 27559 | 30609 | (1483)<br>| (5249)<br>| 90784 | 2488 | 1912 | 11553 |
| **Total** | $896809 | $234623 | $336687 | $7442 | $14346 | $816533 |  | $15264 | $38451 |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  | **JPMorgan SmartRetirement® 2065 Fund**  |
| **For the 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 ActiveBuilders Emerging Markets <br> Equity ETF (a)<br>| $2919 | $1269 | $589 | $9 | $451 | $4059 | 83 | $119 | $— |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 417 | 161 |  |  |  | 578 | 7 | 10 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 1431 | 541 |  |  | 16 | 1988 | 190 | 36 |  |
| JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 4290 | 1621 |  |  | 53 | 5964 | 815 | 128 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 223 | 76 |  |  | 15 | 314 | 47 | 9 |  |
| JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| 849 | 500 | 320 | 3 | 165 | 1197 | 29 | 19 | 1 |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 2283 | 1344 | 731 | 1 | 303 | 3200 | 152 | 120 |  |
| JPMorgan Global Select Equity ETF (a) | 8277 | 3165 | 369 | (3)<br>| 467 | 11537 | 170 | 138 |  |
| JPMorgan Growth Advantage Fund Class R6 <br> Shares (a)<br>| 10176 | 5518 | 1200 | (60)<br>| (361)<br>| 14073 | 316 |  | 1382 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 1260 | 488 |  |  | 9 | 1757 | 267 | 49 |  |

---

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

106 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) | **JPMorgan SmartRetirement® 2065 Fund** (continued) |
| **For the 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 International Equity Fund Class R6 <br> Shares (a)<br>| $6383 | $3595 | $852 | $(20)<br>| $(182)<br>| $8924 | 406 | $274 | $312 |
| JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| 11853 | 4794 | 929 | (11)<br>| 820 | 16527 | 221 | 498 |  |
| JPMorgan Realty Income ETF (a) | 1254 | 753 | 246 | (12)<br>| (17)<br>| 1732 | 37 | 24 |  |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% (a) (b)<br>|  | 32536 | 32536 |  |  |  |  | 39<br> \*<br>|  |
| JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| 659 | 700 | 313 | (9)<br>| (136)<br>| 901 | 20 | 5 | 138 |
| JPMorgan Small Cap Growth Fund Class R6 <br> Shares (a)<br>| 638 | 306 | 103 | (1)<br>| 14 | 854 | 38 | 3 | 47 |
| JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| 638 | 198 | 2 |  | 38 | 872 | 31 | 6 | 67 |
| JPMorgan U.S. Equity Fund Class R6 Shares (a) | 10627 | 4665 | 850 | (20)<br>| 302 | 14724 | 544 | 50 | 731 |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (b)<br>| 2147 | 25533 | 24518 |  |  | 3162 | 3162 | 46 |  |
| JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 10626 | 4496 | 924 | (13)<br>| 551 | 14736 | 307 | 70 | 655 |
| JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| 10152 | 5630 | 815 | (71)<br>| (822)<br>| 14074 | 385 | 235 | 1420 |
| **Total** | $87102 | $97889 | $65297 | $(207)<br>| $1686 | $121173 |  | $1878 | $4753 |

---

&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).

**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. Futures Contracts**— The Funds used index, interest rate and treasury futures contracts to gain exposure to or to overweight or underweight allocations among various sectors or markets, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 107

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

The table below discloses the volume of the Funds' futures contracts activity during the six months ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**2030 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**2035 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**2040 Fund** <br>|
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $73507 | &nbsp;&nbsp; $70403 | &nbsp;&nbsp; $72678 |
| Ending Notional Balance Long | &nbsp;&nbsp; 63301 | &nbsp;&nbsp; 58644 | &nbsp;&nbsp; 62102 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**2045 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**2050 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**2055 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**2060 Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**2065 Fund** <br>|
| **Futures Contracts:** |  |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $57487 | &nbsp;&nbsp; $53270 | &nbsp;&nbsp; $35591 | &nbsp;&nbsp; $17635 | &nbsp;&nbsp; $2359 |
| Ending Notional Balance Long | &nbsp;&nbsp; 48411 | &nbsp;&nbsp; 46929 | &nbsp;&nbsp; 31615 | &nbsp;&nbsp; 16739 | &nbsp;&nbsp; 2877 |

---

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

Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

Dividend income and distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, is recorded on the ex-dividend date or when the Funds first learn of the dividend.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **JPMorgan SmartRetirement® Income Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | $68 | $1 | $3 | $3 | $1 | $—<br> (a)<br>| $5 | $11 | $92 |
| **JPMorgan SmartRetirement® 2025 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 31 | 1 | 2 | 2 | 1 | —<br> (a)<br>| 3 | 11 | 51 |
| **JPMorgan SmartRetirement® 2030 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 41 | 1 | 2 | 3 | 1 | —<br> (a)<br>| 5 | 15 | 68 |
| **JPMorgan SmartRetirement® 2035 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 38 | 1 | 2 | 3 | 1 | —<br> (a)<br>| 4 | 15 | 64 |
| **JPMorgan SmartRetirement® 2040 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 38 | 2 | 2 | 3 | 1 | —<br> (a)<br>| 5 | 15 | 66 |

---

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

108 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **JPMorgan SmartRetirement® 2045 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | $31 | $1 | $2 | $3 | $1 | $—<br> (a)<br>| $4 | $14 | $56 |
| **JPMorgan SmartRetirement® 2050 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 25 | 2 | 2 | 3 | 1 | —<br> (a)<br>| 4 | 13 | 50 |
| **JPMorgan SmartRetirement® 2055 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 14 | 1 | 2 | 2 | 1 | —<br> (a)<br>| 3 | 11 | 34 |
| **JPMorgan SmartRetirement® 2060 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 6 | 1 | 1 | 1 | n/a | —<br> (a)<br>| 2 | 9 | 20 |
| **JPMorgan SmartRetirement® 2065 Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 1 | 4 | 6 |

---

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

(a) Amount rounds to less than one thousand.

The Funds invested in Underlying Funds and ETFs and, as a result bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.

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

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

**K. 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.

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

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

**A. Investment Advisory Fee**— Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and receives no compensation for performing such services, although the Adviser and its affiliates receive investment advisory fees from the Underlying Funds.

The Adviser reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. The Administrator does not receive a separate fee for services to the Funds but does receive fees for services to the Underlying Funds.

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

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

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 109

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class R2** | **Class R3** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|

---

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

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| JPMorgan SmartRetirement® Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| JPMorgan SmartRetirement® 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan SmartRetirement® 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| JPMorgan SmartRetirement® 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| JPMorgan SmartRetirement® 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| JPMorgan SmartRetirement® 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| JPMorgan SmartRetirement® 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| JPMorgan SmartRetirement® 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| JPMorgan SmartRetirement® 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

(a) Amount rounds to less than one thousand.

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|

---

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

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

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. As part of its Administration Agreement, the Administrator pays fees and certain expenses for custody and fund accounting.

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

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

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

110 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

**F. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| JPMorgan SmartRetirement® <br> Income Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> %<br>|
| JPMorgan SmartRetirement® <br> 2025 Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2030 Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2035 Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2040 Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2045 Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2050 Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2055 Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2060 Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| JPMorgan SmartRetirement® <br> 2065 Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.00 |

---

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

The Underlying Funds and ETFs may impose separate advisory and service fees. To avoid charging a service fee at an effective rate above 0.25% for Class A, Class C, Class I, Class R2, Class R3 and Class R4 Shares and above 0.10% for Class R5 Shares, JPMDS will waive service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of service fees charged by the Underlying Funds and ETFs up to 0.25% for Class A, Class C, Class I, Class R2, Class R3, Class R4 Shares and up to 0.10% with respect to Class R5 Shares. The Funds' shareholder servicing agent has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees it collects from the affiliated money market funds on the Fund's investment in such money market funds.

For the 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** |  |
|  | **Service** <br>**Fees**<br>| **Contractual** <br>**Reimbursements**<br>|
| JPMorgan SmartRetirement® Income Fund | &nbsp;&nbsp; $505 | &nbsp;&nbsp; $183 |
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 177 |
| JPMorgan SmartRetirement® 2030 Fund | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 250 |
| JPMorgan SmartRetirement® 2035 Fund | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 235 |
| JPMorgan SmartRetirement® 2040 Fund | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 239 |
| JPMorgan SmartRetirement® 2045 Fund | &nbsp;&nbsp; 205 | &nbsp;&nbsp; 216 |
| JPMorgan SmartRetirement® 2050 Fund | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 208 |
| JPMorgan SmartRetirement® 2055 Fund | &nbsp;&nbsp; 116 | &nbsp;&nbsp; 181 |
| JPMorgan SmartRetirement® 2060 Fund | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 138 |
| JPMorgan SmartRetirement® 2065 Fund | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 145 |

---

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 111

------

**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;

**G. Other**— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the 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.

**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>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| JPMorgan SmartRetirement® Income Fund | $109451 | $357647 | $— | $— |
| JPMorgan SmartRetirement® 2025 Fund | 118897 | 626089 |  |  |
| JPMorgan SmartRetirement® 2030 Fund | 204716 | 946581 | 2381 | 2439 |
| JPMorgan SmartRetirement® 2035 Fund | 313085 | 1103489 | 2307 | 2245 |
| JPMorgan SmartRetirement® 2040 Fund | 322168 | 1021749 | 2385 | 2301 |
| JPMorgan SmartRetirement® 2045 Fund | 287247 | 881189 | 1932 | 1822 |
| JPMorgan SmartRetirement® 2050 Fund | 274601 | 692560 | 1778 | 1674 |
| JPMorgan SmartRetirement® 2055 Fund | 211612 | 455426 | 1312 | 1194 |
| JPMorgan SmartRetirement® 2060 Fund | 141158 | 244311 | 741 | 536 |
| JPMorgan SmartRetirement® 2065 Fund | 42398 | 9636 | 224 | 83 |

---

**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>|
| JPMorgan SmartRetirement® Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1542753 | &nbsp;&nbsp;&nbsp;&nbsp; $348037 | &nbsp;&nbsp;&nbsp;&nbsp; $2486 | &nbsp;&nbsp;&nbsp;&nbsp; $345551 |
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1700238 | &nbsp;&nbsp;&nbsp;&nbsp; 370107 | &nbsp;&nbsp;&nbsp;&nbsp; 12346 | &nbsp;&nbsp;&nbsp;&nbsp; 357761 |
| JPMorgan SmartRetirement® 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2821687 | &nbsp;&nbsp;&nbsp;&nbsp; 788167 | &nbsp;&nbsp;&nbsp;&nbsp; 17065 | &nbsp;&nbsp;&nbsp;&nbsp; 771102 |
| JPMorgan SmartRetirement® 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2373562 | &nbsp;&nbsp;&nbsp;&nbsp; 974842 | &nbsp;&nbsp;&nbsp;&nbsp; 7624 | &nbsp;&nbsp;&nbsp;&nbsp; 967218 |
| JPMorgan SmartRetirement® 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2307815 | &nbsp;&nbsp;&nbsp;&nbsp; 1223978 | &nbsp;&nbsp;&nbsp;&nbsp; 2152 | &nbsp;&nbsp;&nbsp;&nbsp; 1221826 |
| JPMorgan SmartRetirement® 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1817623 | &nbsp;&nbsp;&nbsp;&nbsp; 942738 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 942738 |
| JPMorgan SmartRetirement® 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1720566 | &nbsp;&nbsp;&nbsp;&nbsp; 951192 | &nbsp;&nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp;&nbsp; 950755 |
| JPMorgan SmartRetirement® 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1237039 | &nbsp;&nbsp;&nbsp;&nbsp; 578413 | &nbsp;&nbsp;&nbsp;&nbsp; 1446 | &nbsp;&nbsp;&nbsp;&nbsp; 576967 |
| JPMorgan SmartRetirement® 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 614443 | &nbsp;&nbsp;&nbsp;&nbsp; 203734 | &nbsp;&nbsp;&nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp;&nbsp; 203078 |
| JPMorgan SmartRetirement® 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 116348 | &nbsp;&nbsp;&nbsp;&nbsp; 10803 | &nbsp;&nbsp;&nbsp;&nbsp; 702 | &nbsp;&nbsp;&nbsp;&nbsp; 10101 |

---

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

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

112 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

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

---

| | |
|:---|:---|
|  | **Net Capital Losses (Gains)** |
|  | **Short-Term** |
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1605 |

---

During the year ended June 30, 2025, the Fund utilized capital loss carryforwards as follows:

---

| | |
|:---|:---|
|  | **Capital Loss Utilized**  |
|  | **Short-Term** |
| JPMorgan SmartRetirement® Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $18743 |

---

**6. Borrowings** 

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

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the 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.

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.

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 113

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

As of December 31, 2025, the Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| JPMorgan SmartRetirement® Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 41.9<br> %<br>|
| JPMorgan SmartRetirement® 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;49.2 |
| JPMorgan SmartRetirement® 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;45.6 |
| JPMorgan SmartRetirement® 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;46.9 |
| JPMorgan SmartRetirement® 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;44.1 |
| JPMorgan SmartRetirement® 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;48.0 |
| JPMorgan SmartRetirement® 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;45.2 |
| JPMorgan SmartRetirement® 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;47.3 |
| JPMorgan SmartRetirement® 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;47.5 |
| JPMorgan SmartRetirement® 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;63.1 |

---

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

As of December 31, 2025, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:

---

| | |
|:---|:---|
|  | **% of Net Assets** |
| JPMorgan Realty Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; 58.1<br> %<br>|
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;42.9 |
| JPMorgan ActiveBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;42.8 |
| JPMorgan Inflation Managed Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;32.2 |
| JPMorgan International Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;24.7 |
| JPMorgan Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;23.5 |
| JPMorgan International Research Enhanced Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;23.0 |
| JPMorgan Global Select Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;22.5 |
| JPMorgan U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;22.0 |
| JPMorgan Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;21.1 |
| JPMorgan Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp;17.8 |
| JPMorgan High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;12.5 |
| JPMorgan Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;11.8 |

---

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds' original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses and could make derivatives more difficult for the Funds to value accurately.

Each Fund invests in ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indexes, as well as indexes relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

Because of the Funds' investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds' and ETFs' investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity

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

114 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

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

**8. Business Combinations**

On August 20-22, 2024, the Board of Trustees of JPM Trust I approved the Plan of Reorganization of JPMorgan SmartRetirement® 2020 Fund (the "Target Fund") into JPMorgan SmartRetirement® Income Fund (the "Acquiring Fund"). The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. The reorganization was effective after the close of business on April 25, 2025. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as a tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of approximately $1,041,257 and identified cost of approximately $910,034 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. As of April 25, 2025, the Target Fund did not have capital loss carryforwards.

The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Shares** <br>**Outstanding**<br>| **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Asset** <br>**Value** <br>**Per Share (a)**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Target Fund** |  |  |  |  |
| JPMorgan SmartRetirement® 2020 Fund |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $131211 |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 15715 | &nbsp;&nbsp;&nbsp;&nbsp; $242569 | &nbsp;&nbsp;&nbsp;&nbsp; $15.44<br>|  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp;&nbsp; 3283 | &nbsp;&nbsp;&nbsp;&nbsp;15.42 |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 3777 | &nbsp;&nbsp;&nbsp;&nbsp; 58642 | &nbsp;&nbsp;&nbsp;&nbsp;15.53 |  |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp; 3807 | &nbsp;&nbsp;&nbsp;&nbsp; 58537 | &nbsp;&nbsp;&nbsp;&nbsp;15.38 |  |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; 337 | &nbsp;&nbsp;&nbsp;&nbsp; 5206 | &nbsp;&nbsp;&nbsp;&nbsp;15.45 |  |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; 752 | &nbsp;&nbsp;&nbsp;&nbsp; 11613 | &nbsp;&nbsp;&nbsp;&nbsp;15.44 |  |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 14048 | &nbsp;&nbsp;&nbsp;&nbsp; 218237 | &nbsp;&nbsp;&nbsp;&nbsp;15.54 |  |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 31068 | &nbsp;&nbsp;&nbsp;&nbsp; 482433 | &nbsp;&nbsp;&nbsp;&nbsp;15.53 |  |
| **Acquiring Fund** |  |  |  |  |
| JPMorgan SmartRetirement® Income Fund |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 115420 |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 19309 | &nbsp;&nbsp;&nbsp;&nbsp; 297484 | &nbsp;&nbsp;&nbsp;&nbsp;15.41 |  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 2166 | &nbsp;&nbsp;&nbsp;&nbsp;15.39 |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 3518 | &nbsp;&nbsp;&nbsp;&nbsp; 54383 | &nbsp;&nbsp;&nbsp;&nbsp;15.46 |  |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp; 2886 | &nbsp;&nbsp;&nbsp;&nbsp; 44275 | &nbsp;&nbsp;&nbsp;&nbsp;15.34 |  |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp; 3895 | &nbsp;&nbsp;&nbsp;&nbsp;15.37 |  |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 2415 | &nbsp;&nbsp;&nbsp;&nbsp;15.44 |  |

---

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 115

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Asset**<br> **Value**<br> **Per Share (a)**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 14887 | &nbsp;&nbsp;&nbsp;&nbsp; 230675 | &nbsp;&nbsp;&nbsp;&nbsp;15.50 |  |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 23721 | &nbsp;&nbsp;&nbsp;&nbsp; 367446 | &nbsp;&nbsp;&nbsp;&nbsp;15.49 |  |
| **Post Reorganization** |  |  |  |  |
| JPMorgan SmartRetirement® Income Fund |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 246631 |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; 35054 | &nbsp;&nbsp;&nbsp;&nbsp; 540053 | &nbsp;&nbsp;&nbsp;&nbsp;15.41 |  |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp;&nbsp; 5449 | &nbsp;&nbsp;&nbsp;&nbsp;15.39 |  |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 7312 | &nbsp;&nbsp;&nbsp;&nbsp; 113025 | &nbsp;&nbsp;&nbsp;&nbsp; 15.46<br>|  |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp; 6701 | &nbsp;&nbsp;&nbsp;&nbsp; 102812 | &nbsp;&nbsp;&nbsp;&nbsp;15.34 |  |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp;&nbsp; 9101 | &nbsp;&nbsp;&nbsp;&nbsp;15.37 |  |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; 908 | &nbsp;&nbsp;&nbsp;&nbsp; 14028 | &nbsp;&nbsp;&nbsp;&nbsp;15.44 |  |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 28970 | &nbsp;&nbsp;&nbsp;&nbsp; 448912 | &nbsp;&nbsp;&nbsp;&nbsp;15.50 |  |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 54865 | &nbsp;&nbsp;&nbsp;&nbsp; 849879 | &nbsp;&nbsp;&nbsp;&nbsp;15.49 |  |
| (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |

---

Expenses related to reorganization were incurred by the Acquiring Fund. The Adviser, the Administrator and the Distributor waived their fees and/or reimbursed the Fund in an amount sufficient to offset costs incurred by the Fund relating to the reorganization, excluding brokerage fees and brokerage expenses related to the disposition and acquisition of Fund assets associated with the reorganization.

Assuming the reorganization had been completed on July 1, 2024, the beginning of the annual reporting period, the pro forma results of operations for the year ended June 30, 2025, are as follows:

---

| | |
|:---|:---|
| Net investment income (loss) | $71772 |
| Net realized/unrealized gains (losses) | 127425 |
| Change in net assets resulting from operations | $199197 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Statements of Operations since April 25, 2025.

**9. Reorganization**

At a meeting held on November 18-20, 2025, the JPMorgan Trust I Board of Trustees approved the reorganization of JPMorgan SmartRetirement 2025 Fund (the "2020 Fund") into the JPMorgan SmartRetirement Income Fund (the "Reorganization"), which is expected to occur on or about October 2, 2026, or on such later date as the officers of JPMorgan Trust I determine (the "Closing Date"). Purchases of the 2025 Fund shares will be accepted up to and including the Closing Date. The Reorganization does not require shareholder approval.

It is anticipated that the Reorganization will qualify as a tax-free reorganization for federal income tax purposes and that shareholders will not recognize any gain or loss in connection with the Reorganization.

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

116 J.P. Morgan SmartRetirement® Funds December 31, 2025

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended December 31, 2025. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2025. The information necessary to complete your income tax returns for the calendar year ending December 31, 2025 will be provided under separate cover.

**Foreign Source Income and Foreign Tax Credit Pass Through**

For the fiscal year ended June 30, 2025, the following Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses are as follows or amounts as finally determined:

---

| | | |
|:---|:---|:---|
|  | **Total Foreign** <br>**Source Income**<br>| **Total Foreign Tax** <br>**Credit**<br>|
| JPMorgan SmartRetirement® <br> Income Fund<br>| &nbsp;&nbsp; $3167 | &nbsp;&nbsp; $336 |
| JPMorgan SmartRetirement® <br> 2025 Fund<br>| &nbsp;&nbsp; 9029 | &nbsp;&nbsp; 964 |
| JPMorgan SmartRetirement® <br> 2030 Fund<br>| &nbsp;&nbsp; 17001 | &nbsp;&nbsp; 1666 |
| JPMorgan SmartRetirement® <br> 2035 Fund<br>| &nbsp;&nbsp; 19322 | &nbsp;&nbsp; 1923 |
| JPMorgan SmartRetirement® <br> 2040 Fund<br>| &nbsp;&nbsp; 22754 | &nbsp;&nbsp; 2285 |
| JPMorgan SmartRetirement® <br> 2045 Fund<br>| &nbsp;&nbsp; 19402 | &nbsp;&nbsp; 1957 |
| JPMorgan SmartRetirement® <br> 2050 Fund<br>| &nbsp;&nbsp; 18704 | &nbsp;&nbsp; 1892 |
| JPMorgan SmartRetirement® <br> 2055 Fund<br>| &nbsp;&nbsp; 12068 | &nbsp;&nbsp; 1221 |
| JPMorgan SmartRetirement® <br> 2060 Fund<br>| &nbsp;&nbsp; 5052 | &nbsp;&nbsp; 511 |
| JPMorgan SmartRetirement® <br> 2065 Fund<br>| &nbsp;&nbsp; 345 | &nbsp;&nbsp; 35 |

---

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

December 31, 2025 J.P. Morgan SmartRetirement® Funds 117

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g46960imge955fef42.jpg)

------

![](g46960imga4d3fd8e3.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-SR-1225

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

------

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

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 agreement 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 concerning the Funds and the other J.P. Morgan Funds overseen by the Board in which each Fund may invest (the "Underlying 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 and Underlying Funds received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Funds' and Underlying Funds' performance as compared to the performance of the Funds' and Underlying Funds' peers and benchmarks, and analyses by the Adviser of the Funds' and Underlying 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, with respect to the Funds and/or Underlying Funds, 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 and certain Underlying Funds,

including risk and performance return assessments as compared to the Funds' and/or Underlying 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 and Underlying 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 and Underlying Funds, including personnel changes, if any;

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

------

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

• 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;

• 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 and sub-advisers to provide high quality service to the Funds and Underlying Funds, as applicable;

• 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 and Underlying Funds.

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 noted that there was no advisory fee charged to the Funds. At the request of the Trustees, the Adviser provided information regarding the profitability to the Adviser and its affiliates from providing services to the Funds and Underlying Funds. 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 and Underlying 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 and Underlying Fund.

The Trustees also considered that JPMorgan Distribution Services, Inc. ("JPMDS"), an affiliate of the Adviser, and the Adviser earn fees from the Funds and/or Underlying 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/or Underlying Funds, 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 the benefits to the Adviser and its affiliates in connection with each Fund's investments in the Underlying Funds. 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 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.

***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 steps that had been recently taken to improve performance, such as changes to the Funds' investment allocations, the impact of those changes, and future steps that might be taken to improve performance. 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 SmartRetirement Income Fund's performance for Class A shares was in the first quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees noted that the performance for Class I shares was in the first, 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 first, 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 SmartRetirement 2025 Fund's performance for Class A 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 third, third and fifth 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 second, third 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.

The Trustees noted that the SmartRetirement 2030 Fund's performance for Class A 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 third, third and fifth 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 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.

The Trustees noted that the SmartRetirement 2035 Fund's performance for Class A 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 noted that the performance for Class R6 shares was in the first, second 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 under the circumstances.

The Trustees noted that the SmartRetirement 2040 Fund's performance for Class A 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 noted that the performance for both Class I and Class R6 shares was in the third, third 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.

The Trustees noted that the SmartRetirement 2045 Fund's performance for Class A shares was in the third, 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 fourth, third and fourth 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 quintile of the Universe for each of 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 SmartRetirement 2050 Fund's performance for Class A shares was in the third, 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 both Class I and Class R6 shares was in the third, third 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.

The Trustees noted that the SmartRetirement 2055 Fund's performance for both Class A and Class R6 shares was in the third quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees noted that the performance for Class I shares was in the third, third

------

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.

The Trustees noted that the SmartRetirement 2060 Fund's performance for both Class A and Class R6 shares was in the third quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees noted that the performance for Class I shares was in the third, third 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.

The Trustees noted that the SmartRetirement 2065 Fund's performance for Class A, Class I and Class R6 shares was in the third quintile of the Universe for the one-year period ended December 31, 2024. 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.

***Advisory Fees and Expense Ratios***

The Funds are not charged a separate investment advisory fee by the Adviser and the Trustees considered the reasonableness of the investment advisory fee and expense ratio of the Underlying Funds with respect to the Funds. The Trustees considered the contractual advisory fee rate paid by each Underlying Fund to the Adviser or its affiliates by comparing that 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 Underlying Funds' Universe. The Trustees recognized that Broadridge reported each Underlying Fund's management fee rate as the combined contractual advisory fee rate and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund within its Universe, as well as a subset of funds within the Universe ('Peer Group'), 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 the impact of Underlying Fund allocation changes on the Funds' expenses . 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 SmartRetirement Income 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 expense for Class A shares were in the first 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 first quintile of both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the fifth quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the first and fourth quintile 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement 2025 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 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 fifth quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the second and third 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement 2030 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 and third quintiles of the Peer Group and Universe, respectively. 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 fourth and fifth quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile of the Universe, and that the actual total expenses for Class R6 shares were in the first and third 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement 2035 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 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 fourth and fifth quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile of both the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first and third 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement 2040 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 and third quintiles of the Peer Group and Universe, respectively. 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 fourth and fifth quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile of both the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first and third 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 and that such fees would be for services

provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement 2045 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 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 fourth and fifth quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the first and third 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement 2050 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 and third quintiles of the Peer Group and Universe, respectively. 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 fourth and fifth quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the first and third 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement 2055 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 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 fourth and fifth quintiles of the Peer Group and Universe, respectively. The Trustees noted that the

------

net advisory fee for Class R6 shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the first and third 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement 2060 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 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 fourth and fifth quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile of both the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the first and third 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement 2065 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 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 fourth and fifth quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class R6 shares was in the first quintile of the Universe, and that the actual total expenses for Class R6 shares were in the first and third 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

------

Semi-Annual Financial Statements

JPMorgan SmartRetirement® Blend Funds

December 31, 2025 (Unaudited)

---

| |
|:---|
| JPMorgan SmartRetirement® Blend Income Fund |
| JPMorgan SmartRetirement® Blend 2025 Fund |
| JPMorgan SmartRetirement® Blend 2030 Fund |
| JPMorgan SmartRetirement® Blend 2035 Fund |
| JPMorgan SmartRetirement® Blend 2040 Fund |
| JPMorgan SmartRetirement® Blend 2045 Fund |
| JPMorgan SmartRetirement® Blend 2050 Fund |
| JPMorgan SmartRetirement® Blend 2055 Fund |
| JPMorgan SmartRetirement® Blend 2060 Fund |
| JPMorgan SmartRetirement® Blend 2065 Fund |

---

![](g64563imgcb83b5ab1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_1b955a50-3df8-43be-885a-04a30c512ba5_SOI-TOC-ScheduleofInvestments-854_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_1b955a50-3df8-43be-885a-04a30c512ba5_FS-TOC-FinancialStatement-854_1) | &nbsp;&nbsp; **86** |
| [Financial Highlights](#xx_1b955a50-3df8-43be-885a-04a30c512ba5_FIHI-TOC-FinancialHighlights-854_2) | &nbsp;&nbsp; **114** |
| [Notes to Financial Statements](#xx_1b955a50-3df8-43be-885a-04a30c512ba5_NTF-NTFRunningFooter-854_1) | &nbsp;&nbsp; **152** |

---

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

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

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Investment Companies — 42.8%** | **Investment Companies — 42.8%** | **Investment Companies — 42.8%** |
| **Fixed Income — 19.8%** | **Fixed Income — 19.8%** | **Fixed Income — 19.8%** |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 23622 | 172918 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 4344 | 28973 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 17330 | 114204 |
| Total Fixed Income |  | 316095 |
| **International Equity — 1.9%** | **International Equity — 1.9%** | **International Equity — 1.9%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 1417 | 29754 |
| **U.S. Equity — 21.1%** | **U.S. Equity — 21.1%** | **U.S. Equity — 21.1%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 3273 | 335648 |
| Total Investment Companies <br>(Cost $465,822)<br>|  | 681497 |
| **Exchange-Traded Funds — 21.9%** | **Exchange-Traded Funds — 21.9%** | **Exchange-Traded Funds — 21.9%** |
| **Alternative Assets — 0.8%** | **Alternative Assets — 0.8%** | **Alternative Assets — 0.8%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 138 | 12815 |
| **Fixed Income — 5.0%** | **Fixed Income — 5.0%** | **Fixed Income — 5.0%** |
| JPMorgan Inflation Managed Bond ETF (a) | 1660 | 79971 |
| **International Equity — 11.8%** | **International Equity — 11.8%** | **International Equity — 11.8%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a) (b)<br>| 465 | 29577 |
| JPMorgan BetaBuilders International Equity ETF (a) | 2201 | 159150 |
| Total International Equity |  | 188727 |
| **U.S. Equity — 4.3%** | **U.S. Equity — 4.3%** | **U.S. Equity — 4.3%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 414 | 44139 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 327 | 24326 |
| Total U.S. Equity |  | 68465 |
| Total Exchange-Traded Funds <br>(Cost $259,848)<br>|  | 349978 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 9.2%** | **U.S. Treasury Obligations — 9.2%** | **U.S. Treasury Obligations — 9.2%** |
| U.S. Treasury Bonds |  |  |
| 1.13%, 8/15/2040 | 6836 | 4293 |
| 3.25%, 5/15/2042 | 845 | 705 |
| 3.13%, 2/15/2043 | 3425 | 2770 |
| 3.88%, 2/15/2043 | 4045 | 3639 |
| 3.88%, 5/15/2043 | 3205 | 2875 |
| 3.63%, 8/15/2043 | 1605 | 1385 |
| 4.38%, 8/15/2043 | 1267 | 1210 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| 4.13%, 8/15/2044 | 4910 | 4506 |
| 1.38%, 8/15/2050 | 12247 | 6022 |
| 2.25%, 2/15/2052 | 2609 | 1583 |
| 3.00%, 8/15/2052 | 3909 | 2800 |
| 3.63%, 2/15/2053 | 3125 | 2530 |
| 4.25%, 8/15/2054 | 1750 | 1582 |
| 4.50%, 11/15/2054 | 290 | 274 |
| U.S. Treasury Notes |  |  |
| 4.25%, 11/30/2026 (c) | 915 | 921 |
| 3.13%, 8/31/2027 | 1445 | 1437 |
| 3.88%, 12/31/2027 | 405 | 408 |
| 3.63%, 3/31/2028 | 1715 | 1720 |
| 1.13%, 8/31/2028 | 10204 | 9586 |
| 2.88%, 4/30/2029 | 6272 | 6133 |
| 4.25%, 1/31/2030 | 5047 | 5159 |
| 3.63%, 3/31/2030 | 3930 | 3923 |
| 1.63%, 5/15/2031 | 4910 | 4399 |
| 4.13%, 2/29/2032 | 16460 | 16692 |
| 3.88%, 8/31/2032 | 1645 | 1641 |
| 3.88%, 8/15/2033 | 2830 | 2806 |
| 4.50%, 11/15/2033 | 3485 | 3598 |
| 4.00%, 2/15/2034 | 3624 | 3613 |
| 3.88%, 8/15/2034 | 5687 | 5600 |
| 4.25%, 11/15/2034 | 21160 | 21382 |
| 4.63%, 2/15/2035 | 12745 | 13229 |
| U.S. Treasury STRIPS Bonds |  |  |
| 1.21%, 5/15/2027 (d) | 1035 | 986 |
| 4.25%, 11/15/2033 (d) | 860 | 620 |
| 2.72%, 2/15/2035 (d) | 999 | 677 |
| 4.20%, 8/15/2035 (d) | 1693 | 1117 |
| 4.24%, 2/15/2036 (d) | 317 | 204 |
| 4.35%, 5/15/2036 (d) | 739 | 469 |
| 4.31%, 8/15/2036 (d) | 425 | 266 |
| 4.64%, 8/15/2040 (d) | 8331 | 4125 |
| 2.20%, 2/15/2042 (d) | 199 | 90 |
| Total U.S. Treasury Obligations <br>(Cost $150,518)<br>|  | 146975 |
| **Corporate Bonds — 8.1%** | **Corporate Bonds — 8.1%** | **Corporate Bonds — 8.1%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 2.75%, 2/1/2026 | 21 | 21 |
| 2.20%, 2/4/2026 | 15 | 15 |
| 2.70%, 2/1/2027 | 1668 | 1644 |
| 3.45%, 11/1/2028 | 155 | 152 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 1

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Aerospace & Defense — continued** | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| 6.53%, 5/1/2034 | 165 | 182 |
| L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  |
| 5.25%, 6/1/2031 | 200 | 208 |
| 5.40%, 7/31/2033 | 186 | 194 |
| Northrop Grumman Corp.  | Northrop Grumman Corp.  | Northrop Grumman Corp.  |
| 5.15%, 5/1/2040 | 286 | 284 |
| 3.85%, 4/15/2045 | 289 | 231 |
| RTX Corp.  | RTX Corp.  | RTX Corp.  |
| 5.15%, 2/27/2033 | 138 | 142 |
| 3.75%, 11/1/2046 | 130 | 101 |
|  |  | 3174 |
| **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** |
| Hyundai Capital America 5.65%, 6/26/2026 (e) | 340 | 342 |
| **Banks — 2.4%** | **Banks — 2.4%** | **Banks — 2.4%** |
| ABN AMRO Bank NV (Netherlands) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 1 Year <br> + 1.65%), 6.34%, 9/18/2027 (e) (f)<br>| 200 | 203 |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 2.33%), 6.61%, 9/13/2029 (e) (f) | 200 | 212 |
| (SOFR + 1.65%), 5.32%, 5/15/2031 (e) (f) | 390 | 402 |
| (SOFRINDX + 1.91%), 5.87%, 3/28/2035 (e) (f) | 250 | 264 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 1.72%, <br> 9/14/2027 (f)<br>| 400 | 393 |
| 5.59%, 8/8/2028 | 200 | 207 |
| 5.44%, 7/15/2031 | 400 | 420 |
| 5.13%, 11/6/2035 | 200 | 200 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (SOFR + 1.05%), 2.55%, 2/4/2028 (f) | 80 | 79 |
| (SOFR + 1.33%), 2.97%, 2/4/2033 (f) | 500 | 457 |
| (SOFR + 1.84%), 5.87%, 9/15/2034 (f) | 260 | 277 |
| (SOFR + 1.31%), 5.51%, 1/24/2036 (f) | 470 | 490 |
| Bank of Ireland Group plc (Ireland) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 1 Year <br> + 1.10%), 2.03%, 9/30/2027 (e) (f)<br>| 400 | 394 |
| Bank of Nova Scotia (The) (Canada) 4.85%, <br> 2/1/2030<br>| 44 | 45 |
| Banque Federative du Credit Mutuel SA (France) <br> 5.54%, 1/22/2030 (e)<br>| 400 | 416 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 1.23%), 5.37%, 2/25/2031 (f) | 500 | 517 |
| (SOFR + 2.98%), 6.22%, 5/9/2034 (f) | 400 | 430 |
| (SOFR + 1.59%), 5.79%, 2/25/2036 (f) | 400 | 419 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.52%), 5.18%, 1/9/2030 (e) (f) | 870 | 891 |
| (SOFR + 1.59%), 5.50%, 5/20/2030 (e) (f) | 800 | 828 |
| (SOFR + 1.28%), 5.28%, 11/19/2030 (e) (f) | 400 | 412 |
| (SOFR + 1.68%), 5.09%, 5/9/2031 (e) (f) | 600 | 612 |
| (SOFR + 1.62%), 5.79%, 1/13/2033 (e) (f) | 400 | 420 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| (SOFR + 1.58%), 5.39%, 5/28/2031 (e) (f) | 700 | 719 |
| (SOFR + 1.85%), 5.94%, 5/30/2035 (e) (f) | 500 | 521 |
| (SOFR + 2.04%), 6.29%, 1/14/2036 (e) (f) | 250 | 267 |
| (SOFR + 1.96%), 6.03%, 5/28/2036 (e) (f) | 545 | 572 |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFR + 2.77%), 6.84%, 9/13/2034 (e) (f) | 605 | 675 |
| (SOFR + 1.79%), 5.58%, 7/3/2036 (e) (f) | 395 | 406 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| 5.26%, 4/8/2029 | 170 | 176 |
| (SOFR + 1.34%), 4.63%, 9/11/2030 (f) | 210 | 213 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (3-MONTH CME TERM SOFR + 1.65%), 3.67%, <br> 7/24/2028 (f)<br>| 125 | 124 |
| (SOFR + 1.36%), 5.17%, 2/13/2030 (f) | 780 | 800 |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (f) | 340 | 343 |
| (SOFR + 1.17%), 4.50%, 9/11/2031 (f) | 280 | 281 |
| (SOFR + 1.35%), 3.06%, 1/25/2033 (f) | 738 | 676 |
| (SOFR + 1.49%), 5.17%, 9/11/2036 (f) | 220 | 222 |
| Cooperatieve Rabobank UA (Netherlands) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.99%, <br> 5/27/2031 (e) (f)<br>| 380 | 389 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.13%), 5.23%, 1/9/2029 (e) (f) | 500 | 511 |
| (SOFR + 1.36%), 4.82%, 9/25/2033 (e) (f) | 390 | 389 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 4.61%, <br> 10/2/2030 (e) (f)<br>| 400 | 403 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.02%, <br> 3/4/2031 (e) (f)<br>| 400 | 408 |
| Fifth Third Bancorp (SOFR + 1.84%), 5.63%, <br> 1/29/2032 (f)<br>| 369 | 387 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.73%), 2.01%, 9/22/2028 (f) | 1245 | 1202 |
| (SOFR + 1.29%), 5.29%, 11/19/2030 (f) | 500 | 516 |
| (SOFR + 1.43%), 5.13%, 11/6/2036 (f) | 325 | 326 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Huntington Bancshares, Inc. (SOFR + 1.28%), <br> 5.27%, 1/15/2031 (f)<br>| 160 | 165 |
| KBC Group NV (Belgium) | KBC Group NV (Belgium) | KBC Group NV (Belgium) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 4.93%, <br> 10/16/2030 (e) (f)<br>| 200 | 204 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 4.45%, <br> 9/23/2031 (e) (f)<br>| 420 | 419 |
| KeyCorp (SOFRINDX + 1.23%), 5.12%, <br> 4/4/2031 (f)<br>| 785 | 806 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 1.63%, <br> 5/11/2027 (f)<br>| 400 | 396 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.75%), 5.68%, <br> 1/5/2035 (f)<br>| 200 | 211 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.97%), 4.94%, <br> 11/4/2036 (f)<br>| 370 | 366 |
| M&T Bank Corp. (SOFR + 1.40%), 5.18%, <br> 7/8/2031 (f)<br>| 360 | 370 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.75%), 1.54%, <br> 7/20/2027 (f)<br>| 270 | 266 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.19%, <br> 9/12/2036 (f)<br>| 345 | 351 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.08%), 5.38%, <br> 7/10/2030 (f)<br>| 450 | 465 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.71%, <br> 7/8/2031 (f)<br>| 335 | 339 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 5.32%, <br> 7/8/2036 (f)<br>| 565 | 580 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| (3-MONTH SOFR + 1.75%), 4.89%, <br> 5/18/2029 (f)<br>| 200 | 203 |
| (3-MONTH SOFR + 1.87%), 4.45%, <br> 5/8/2030 (f)<br>| 315 | 316 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.22%), 4.96%, <br> 8/15/2030 (f)<br>| 558 | 569 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.05%), 5.12%, <br> 5/23/2031 (f)<br>| 200 | 205 |
| NatWest Markets plc (United Kingdom) 5.41%, <br> 5/17/2029 (e)<br>| 535 | 555 |
| Norinchukin Bank (The) (Japan) 5.36%, <br> 9/9/2035 (e)<br>| 500 | 507 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| (SOFR + 1.26%), 4.81%, 10/21/2032 (f) | 220 | 224 |
| (SOFR + 1.93%), 5.07%, 1/24/2034 (f) | 234 | 239 |
| (SOFR + 1.42%), 5.37%, 7/21/2036 (f) | 340 | 350 |
| Royal Bank of Canada (Canada) (SOFRINDX + <br> 1.08%), 4.65%, 10/18/2030 (f)<br>| 330 | 335 |
| Santander Holdings USA, Inc. (SOFR + 2.50%), <br> 6.17%, 1/9/2030 (f)<br>| 240 | 250 |
| Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) |
| (SOFR + 0.99%), 1.67%, 6/14/2027 (f) | 400 | 396 |
| (SOFR + 2.60%), 6.53%, 1/10/2029 (f) | 300 | 313 |
| (SOFRINDX + 1.52%), 5.69%, 4/15/2031 (f) | 200 | 208 |
| Skandinaviska Enskilda Banken AB (Sweden) <br> 4.50%, 9/3/2030 (e)<br>| 225 | 226 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| 5.25%, 2/19/2027 (e) | 400 | 405 |
| (SOFR + 1.65%), 5.51%, 5/22/2031 (e) (f) | 440 | 454 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 6/9/2032 (e) (f)<br>| 660 | 597 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.10%), 6.07%, <br> 1/19/2035 (e) (f)<br>| 414 | 437 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 5.71%, 1/13/2030 | 235 | 248 |
| 5.24%, 4/15/2030 | 200 | 207 |
| 5.42%, 7/9/2031 | 550 | 576 |
| Toronto-Dominion Bank (The) (Canada) 5.30%, <br> 1/30/2032<br>| 230 | 240 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 2.05%), 6.05%, 6/8/2027 (f) | 65 | 66 |
| (SOFR + 2.45%), 7.16%, 10/30/2029 (f) | 194 | 209 |
| (SOFR + 1.31%), 5.07%, 5/20/2031 (f) | 695 | 714 |
| (SOFR + 1.85%), 5.12%, 1/26/2034 (f) | 45 | 46 |
| (SOFR + 1.92%), 5.71%, 1/24/2035 (f) | 144 | 151 |
| (SOFR + 1.40%), 4.96%, 10/23/2036 (f) | 325 | 322 |
| UniCredit SpA (Italy) (US Treasury Yield Curve Rate <br> T Note Constant Maturity 1 Year + 1.20%), <br> 1.98%, 6/3/2027 (e) (f)<br>| 200 | 198 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 3

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| US Bancorp (SOFR + 1.30%), 5.08%, <br> 5/15/2031 (f)<br>| 280 | 289 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| 4.30%, 7/22/2027 | 580 | 582 |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (f) | 85 | 88 |
| (SOFR + 1.79%), 6.30%, 10/23/2029 (f) | 165 | 174 |
| (SOFR + 1.50%), 5.20%, 1/23/2030 (f) | 155 | 160 |
| (SOFR + 2.10%), 4.90%, 7/25/2033 (f) | 84 | 85 |
| (SOFR + 2.02%), 5.39%, 4/24/2034 (f) | 101 | 105 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (f) | 90 | 94 |
| (SOFR + 1.78%), 5.50%, 1/23/2035 (f) | 800 | 835 |
| (SOFR + 1.38%), 5.21%, 12/3/2035 (f) | 735 | 751 |
| (SOFR + 1.74%), 5.61%, 4/23/2036 (f) | 288 | 302 |
| (SOFR + 2.53%), 3.07%, 4/30/2041 (f) | 53 | 41 |
| (SOFR + 2.13%), 4.61%, 4/25/2053 (f) | 310 | 267 |
| Westpac New Zealand Ltd. (New Zealand) 5.20%, <br> 2/28/2029 (e)<br>| 200 | 206 |
|  |  | 38197 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| Constellation Brands, Inc. 4.50%, 5/9/2047 | 310 | 259 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 5.05%, 3/15/2034 | 20 | 21 |
| 4.05%, 11/21/2039 | 600 | 536 |
| 4.25%, 11/21/2049 | 255 | 210 |
| Amgen, Inc.  | Amgen, Inc.  | Amgen, Inc.  |
| 3.15%, 2/21/2040 | 550 | 433 |
| 5.65%, 3/2/2053 | 635 | 622 |
| Biogen, Inc. 5.75%, 5/15/2035 | 195 | 205 |
| Gilead Sciences, Inc. 2.60%, 10/1/2040 | 367 | 271 |
|  |  | 2298 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Amazon.com, Inc. 3.95%, 4/13/2052 | 190 | 148 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| Masco Corp. 2.00%, 10/1/2030 | 210 | 187 |
| **Capital Markets — 0.6%** | **Capital Markets — 0.6%** | **Capital Markets — 0.6%** |
| Bank of New York Mellon Corp. (The) (SOFR + <br> 1.85%), 6.47%, 10/25/2034 (f)<br>| 170 | 190 |
| Brookfield Finance, Inc. (Canada) 3.50%, <br> 3/30/2051<br>| 414 | 287 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.22%), 2.31%, 11/16/2027 (f) | 494 | 486 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| (SOFR + 1.21%), 5.37%, 1/10/2029 (f) | 490 | 500 |
| 5.41%, 5/10/2029 | 300 | 312 |
| (SOFR + 1.72%), 5.30%, 5/9/2031 (f) | 935 | 958 |
| (SOFR + 1.30%), 4.95%, 8/4/2031 (f) | 205 | 207 |
| (SOFR + 1.10%), 4.47%, 12/10/2031 (f) | 150 | 149 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 1.11%), 2.64%, 2/24/2028 (f) | 627 | 617 |
| (SOFR + 1.77%), 6.48%, 10/24/2029 (f) | 230 | 244 |
| (SOFR + 1.21%), 5.05%, 7/23/2030 (f) | 550 | 563 |
| (SOFR + 1.14%), 4.69%, 10/23/2030 (f) | 190 | 193 |
| (SOFR + 1.58%), 5.22%, 4/23/2031 (f) | 48 | 50 |
| (SOFR + 1.55%), 5.33%, 7/23/2035 (f) | 1150 | 1182 |
| (SOFR + 1.33%), 4.94%, 10/21/2036 (f) | 415 | 412 |
| Macquarie Group Ltd. (Australia) (SOFR + 1.53%), <br> 2.87%, 1/14/2033 (e) (f)<br>| 300 | 271 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 1.59%), 5.16%, 4/20/2029 (f) | 320 | 327 |
| (SOFR + 1.63%), 5.45%, 7/20/2029 (f) | 210 | 217 |
| (SOFR + 1.22%), 5.04%, 7/19/2030 (f) | 215 | 220 |
| (SOFR + 1.20%), 2.51%, 10/20/2032 (f) | 380 | 341 |
| (SOFR + 1.88%), 5.42%, 7/21/2034 (f) | 125 | 130 |
| (SOFR + 1.73%), 5.47%, 1/18/2035 (f) | 79 | 82 |
| (SOFR + 1.56%), 5.32%, 7/19/2035 (f) | 295 | 304 |
| Nasdaq, Inc. 5.55%, 2/15/2034 | 31 | 33 |
| Nomura Holdings, Inc. (Japan) 6.07%, 7/12/2028 | 200 | 209 |
| State Street Corp. (SOFR + 1.22%), 4.78%, <br> 10/23/2036 (f)<br>| 145 | 144 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (SOFR + 1.06%), 4.40%, 9/23/2031 (e) (f) | 265 | 264 |
| (SOFR + 1.29%), 4.84%, 11/6/2033 (e) (f) | 560 | 560 |
| (SOFR + 1.34%), 5.01%, 3/23/2037 (e) (f) | 505 | 501 |
|  |  | 9953 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  |
| 5.32%, 11/15/2038 | 788 | 789 |
| 5.42%, 11/15/2048 | 55 | 52 |
| EIDP, Inc. 5.13%, 5/15/2032 | 375 | 385 |
| International Flavors & Fragrances, Inc. 2.30%, <br> 11/1/2030 (e)<br>| 310 | 280 |
|  |  | 1506 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) |
| 6.32%, 12/4/2028 (e) | 520 | 548 |
| 5.04%, 3/25/2030 (e) | 80 | 82 |
|  |  | 630 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| Quanta Services, Inc. 5.10%, 8/9/2035 | 250 | 251 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 2.45%, 10/29/2026 | 450 | 444 |
| 6.10%, 1/15/2027 | 150 | 153 |
| 5.10%, 1/19/2029 | 300 | 307 |
| 3.30%, 1/30/2032 | 300 | 277 |
| 5.00%, 11/15/2035 | 150 | 148 |
| Aircastle Ltd.  | Aircastle Ltd.  | Aircastle Ltd.  |
| 5.25%, 3/15/2030 (e) | 300 | 306 |
| 5.00%, 9/15/2030 (e) | 155 | 156 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFR + 1.22%), 4.92%, 7/20/2033 (f) | 135 | 137 |
| (SOFRINDX + 1.32%), 5.44%, 1/30/2036 (f) | 230 | 239 |
| (SOFR + 1.24%), 4.80%, 10/24/2036 (f) | 175 | 173 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 2.13%, 2/21/2026 (e) | 175 | 174 |
| 4.25%, 4/15/2026 (e) | 30 | 30 |
| 4.38%, 5/1/2026 (e) | 249 | 249 |
| 2.53%, 11/18/2027 (e) | 350 | 340 |
| 4.95%, 1/15/2028 (e) | 316 | 320 |
| 5.15%, 1/15/2030 (e) | 250 | 255 |
| 4.90%, 10/10/2030 (e) | 105 | 106 |
| 4.70%, 1/30/2031 (e) | 175 | 174 |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| (SOFR + 1.91%), 5.70%, 2/1/2030 (f) | 170 | 177 |
| (SOFR + 1.27%), 2.62%, 11/2/2032 (f) | 260 | 233 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 5.20%, 3/27/2028 (e) | 150 | 152 |
| 5.15%, 3/17/2030 (e) | 100 | 101 |
|  |  | 4651 |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| Kroger Co. (The)  | Kroger Co. (The)  | Kroger Co. (The)  |
| 5.00%, 9/15/2034 | 110 | 111 |
| 5.50%, 9/15/2054 | 80 | 76 |
|  |  | 187 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (e)<br>| 297 | 294 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| University of Miami Series 2022, 4.06%, 4/1/2052 | 110 | 88 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| Equinix Europe 2 Financing Corp. LLC 4.60%, <br> 11/15/2030<br>| 395 | 396 |
| Safehold GL Holdings LLC 2.85%, 1/15/2032 | 445 | 401 |
| WP Carey, Inc.  | WP Carey, Inc.  | WP Carey, Inc.  |
| 2.40%, 2/1/2031 | 219 | 197 |
| 2.25%, 4/1/2033 | 10 | 9 |
|  |  | 1003 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 5.40%, 2/15/2034 | 50 | 52 |
| 3.50%, 6/1/2041 | 745 | 586 |
| 3.55%, 9/15/2055 | 152 | 101 |
| Verizon Communications, Inc. 5.05%, 5/9/2033 | 145 | 149 |
|  |  | 888 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  |
| 5.40%, 6/1/2053 | 110 | 106 |
| 5.65%, 6/1/2054 | 60 | 60 |
| Consumers 2023 Securitization Funding LLC Series <br> A2, 5.21%, 9/1/2030<br>| 697 | 718 |
| DTE Electric Co. Series B, 3.25%, 4/1/2051 | 400 | 274 |
| Duke Energy Corp.  | Duke Energy Corp.  | Duke Energy Corp.  |
| 6.10%, 9/15/2053 | 210 | 217 |
| 5.70%, 9/15/2055 | 180 | 175 |
| Duke Energy Florida LLC 5.95%, 11/15/2052 | 82 | 85 |
| Duke Energy Indiana LLC Series YYY, 3.25%, <br> 10/1/2049<br>| 140 | 95 |
| Edison International  | Edison International  | Edison International  |
| 5.75%, 6/15/2027 | 265 | 270 |
| 5.25%, 11/15/2028 | 500 | 507 |
| 5.45%, 6/15/2029 | 385 | 392 |
| Electricite de France SA (France) 5.95%, <br> 4/22/2034 (e)<br>| 200 | 213 |
| Emera US Finance LP (Canada) 4.75%, 6/15/2046 | 289 | 247 |
| Enel Finance International NV (Italy) 5.00%, <br> 9/30/2035 (e)<br>| 235 | 233 |
| Entergy Arkansas LLC 2.65%, 6/15/2051 | 108 | 64 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 5

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Entergy Louisiana LLC  | Entergy Louisiana LLC  | Entergy Louisiana LLC  |
| 4.00%, 3/15/2033 | 217 | 209 |
| 2.90%, 3/15/2051 | 80 | 50 |
| Entergy Mississippi LLC 5.00%, 9/1/2033 | 130 | 132 |
| Evergy Metro, Inc.  | Evergy Metro, Inc.  | Evergy Metro, Inc.  |
| 4.95%, 4/15/2033 | 114 | 116 |
| 5.40%, 4/1/2034 | 266 | 277 |
| Evergy Missouri West Storm Funding I LLC Series <br> A-1, 5.10%, 12/1/2038<br>| 476 | 489 |
| Evergy Missouri West, Inc. 5.15%, 12/15/2027 (e) | 95 | 97 |
| Evergy, Inc. 2.90%, 9/15/2029 | 303 | 289 |
| Eversource Energy 3.38%, 3/1/2032 | 85 | 79 |
| Fells Point Funding Trust 3.05%, 1/31/2027 (e) | 810 | 800 |
| FirstEnergy Transmission LLC 4.55%, 4/1/2049 (e) | 259 | 220 |
| Fortis, Inc. (Canada) 3.06%, 10/4/2026 | 75 | 74 |
| Interstate Power and Light Co.  | Interstate Power and Light Co.  | Interstate Power and Light Co.  |
| 4.95%, 9/30/2034 | 50 | 50 |
| 5.45%, 9/30/2054 | 55 | 52 |
| ITC Holdings Corp.  | ITC Holdings Corp.  | ITC Holdings Corp.  |
| 2.95%, 5/14/2030 (e) | 179 | 169 |
| 5.40%, 6/1/2033 (e) | 430 | 443 |
| Jersey Central Power & Light Co. 5.10%, <br> 1/15/2035<br>| 80 | 81 |
| Massachusetts Electric Co. 4.00%, 8/15/2046 (e) | 132 | 104 |
| MidAmerican Energy Co. 5.85%, 9/15/2054 | 50 | 51 |
| Monongahela Power Co. 5.85%, 2/15/2034 (e) | 40 | 42 |
| Nevada Power Co. 6.00%, 3/15/2054 | 40 | 41 |
| New England Power Co. 2.81%, 10/6/2050 (e) | 364 | 223 |
| NextEra Energy Capital Holdings, Inc. 5.55%, <br> 3/15/2054<br>| 360 | 348 |
| Niagara Mohawk Power Corp. 6.00%, 7/3/2055 (e) | 20 | 20 |
| Northern States Power Co. 5.10%, 5/15/2053 | 130 | 120 |
| NRG Energy, Inc. 2.45%, 12/2/2027 (e) | 470 | 454 |
| Ohio Power Co. 5.00%, 6/1/2033 | 95 | 96 |
| Oklahoma Gas and Electric Co. 5.60%, 4/1/2053 | 96 | 94 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 2.95%, 3/1/2026 | 401 | 400 |
| 6.15%, 1/15/2033 | 200 | 212 |
| 6.40%, 6/15/2033 | 208 | 224 |
| 5.80%, 5/15/2034 | 390 | 405 |
| 6.00%, 8/15/2035 | 620 | 651 |
| 3.75%, 8/15/2042 (g) | 112 | 85 |
| 4.30%, 3/15/2045 | 90 | 71 |
| 6.75%, 1/15/2053 | 45 | 48 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 5.90%, 10/1/2054 | 50 | 48 |
| PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  |
| Series A-2, 5.23%, 6/1/2042 | 2085 | 2108 |
| Series A-3, 5.54%, 7/15/2047 | 230 | 231 |
| Series A-3, 5.53%, 6/1/2049 | 290 | 290 |
| PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  |
| Series A-2, 4.26%, 6/1/2036 | 135 | 131 |
| Series A-5, 5.10%, 6/1/2052 | 125 | 116 |
| PNM Energy Transition Bond Co. I LLC Series A-2, <br> 6.03%, 8/15/2048<br>| 190 | 199 |
| PPL Capital Funding, Inc. 5.25%, 9/1/2034 | 145 | 148 |
| Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  |
| 5.25%, 1/15/2033 | 80 | 82 |
| 5.20%, 1/15/2035 | 60 | 61 |
| SCE Recovery Funding LLC  | SCE Recovery Funding LLC  | SCE Recovery Funding LLC  |
| Series A-1, 4.70%, 6/15/2040 | 154 | 153 |
| 5.34%, 3/15/2045 | 195 | 195 |
| Sierra Pacific Power Co. 5.90%, 3/15/2054 | 70 | 70 |
| Sigeco Securitization I LLC Series A1, 5.03%, <br> 11/15/2036<br>| 138 | 141 |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| Series 20C, 1.20%, 2/1/2026 | 77 | 77 |
| 5.45%, 6/1/2031 | 150 | 155 |
| Series C, 4.13%, 3/1/2048 | 175 | 133 |
| 5.88%, 12/1/2053 | 106 | 101 |
| 5.90%, 3/1/2055 | 90 | 87 |
| Southern Co. (The) 5.20%, 6/15/2033 | 163 | 167 |
| Union Electric Co.  | Union Electric Co.  | Union Electric Co.  |
| 5.20%, 4/1/2034 | 130 | 134 |
| 3.90%, 4/1/2052 | 192 | 147 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 6.00%, 4/15/2034 (e) | 77 | 81 |
| 5.70%, 12/30/2034 (e) | 85 | 88 |
|  |  | 16115 |
| **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** |
| Amphenol Corp. 5.30%, 11/15/2055 | 270 | 258 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  |
| 3.70%, 4/14/2027 | 124 | 124 |
| 4.00%, 4/14/2032 | 900 | 872 |
|  |  | 996 |
| **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** |
| Corebridge Financial, Inc. 3.85%, 4/5/2029 | 115 | 113 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Fiserv, Inc. 5.15%, 8/12/2034 | 360 | 357 |
| Global Payments, Inc.  | Global Payments, Inc.  | Global Payments, Inc.  |
| 3.20%, 8/15/2029 | 436 | 416 |
| 5.30%, 8/15/2029 | 42 | 43 |
| 5.55%, 11/15/2035 | 575 | 571 |
| Nationwide Building Society (United Kingdom) <br> 5.13%, 7/29/2029 (e)<br>| 516 | 530 |
| NTT Finance Corp. (Japan) 5.17%, 7/16/2032 (e) | 340 | 349 |
|  |  | 2379 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  |
| 2.75%, 5/14/2031 | 138 | 127 |
| 4.65%, 9/17/2034 | 250 | 245 |
| 5.15%, 8/4/2035 | 45 | 46 |
| JBS USA Holding Lux SARL  | JBS USA Holding Lux SARL  | JBS USA Holding Lux SARL  |
| 3.75%, 12/1/2031 | 225 | 214 |
| 6.75%, 3/15/2034 | 233 | 257 |
| 5.50%, 1/15/2036 (e) | 360 | 366 |
| 6.50%, 12/1/2052 | 25 | 26 |
| 6.38%, 4/15/2066 (e) | 410 | 408 |
| JBS USA LUX SARL 5.95%, 4/20/2035 (e) | 90 | 94 |
| Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  |
| 4.63%, 10/1/2039 | 240 | 219 |
| 4.38%, 6/1/2046 | 133 | 110 |
| Mars, Inc.  | Mars, Inc.  | Mars, Inc.  |
| 5.00%, 3/1/2032 (e) | 200 | 206 |
| 5.65%, 5/1/2045 (e) | 375 | 378 |
| Tyson Foods, Inc. 5.70%, 3/15/2034 | 160 | 169 |
|  |  | 2865 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Atmos Energy Corp. 2.85%, 2/15/2052 | 260 | 161 |
| CenterPoint Energy Resources Corp. 1.75%, <br> 10/1/2030<br>| 176 | 157 |
| Southern California Gas Co. 6.35%, 11/15/2052 | 125 | 135 |
|  |  | 453 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Canadian Pacific Railway Co. (Canada) 4.70%, <br> 5/1/2048<br>| 215 | 189 |
| CSX Corp. 3.80%, 11/1/2046 | 284 | 223 |
| ERAC USA Finance LLC 5.20%, 10/30/2034 (e) | 70 | 72 |
| Norfolk Southern Corp. 3.05%, 5/15/2050 | 277 | 182 |
| Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (e)<br>| 600 | 594 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Ground Transportation — continued** | **Ground Transportation — continued** | **Ground Transportation — continued** |
| Uber Technologies, Inc. 4.80%, 9/15/2034 | 130 | 130 |
| Union Pacific Corp. 3.55%, 8/15/2039 | 391 | 334 |
|  |  | 1724 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| Boston Scientific Corp. 4.55%, 3/1/2039 | 90 | 86 |
| DH Europe Finance II SARL 3.25%, 11/15/2039 | 149 | 122 |
| Solventum Corp. 5.60%, 3/23/2034 | 283 | 294 |
|  |  | 502 |
| **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** |
| AHS Hospital Corp. 5.02%, 7/1/2045 | 50 | 47 |
| Banner Health 1.90%, 1/1/2031 | 346 | 310 |
| Cencora, Inc.  | Cencora, Inc.  | Cencora, Inc.  |
| 5.13%, 2/15/2034 | 620 | 636 |
| 4.25%, 3/1/2045 | 300 | 254 |
| Children's Hospital of Philadelphia (The) Series <br> 2020, 2.70%, 7/1/2050<br>| 185 | 115 |
| Cigna Group (The)  | Cigna Group (The)  | Cigna Group (The)  |
| 5.13%, 5/15/2031 | 500 | 517 |
| 5.25%, 1/15/2036 | 465 | 473 |
| CommonSpirit Health  | CommonSpirit Health  | CommonSpirit Health  |
| 2.78%, 10/1/2030 | 215 | 200 |
| 3.91%, 10/1/2050 | 90 | 67 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 3.63%, 3/15/2032 | 89 | 84 |
| 5.60%, 4/1/2034 | 150 | 156 |
| 5.45%, 9/15/2034 | 225 | 232 |
| 5.75%, 3/1/2035 | 211 | 221 |
| 4.90%, 11/15/2035 | 130 | 128 |
| 5.50%, 6/15/2047 | 150 | 142 |
| 3.50%, 7/15/2051 | 135 | 91 |
| 5.95%, 9/15/2054 | 100 | 99 |
| 6.10%, 4/1/2064 | 285 | 282 |
| MedStar Health, Inc. Series 20A, 3.63%, <br> 8/15/2049<br>| 200 | 146 |
| MyMichigan Health Series 2020, 3.41%, 6/1/2050 | 55 | 38 |
| PeaceHealth Obligated Group Series 2020, 3.22%, <br> 11/15/2050<br>| 190 | 123 |
| Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | 250 | 158 |
| UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  |
| 5.70%, 10/15/2040 | 300 | 311 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 7

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| 5.88%, 2/15/2053 | 105 | 106 |
| West Virginia United Health System Obligated Group <br> Series 2020, 3.13%, 6/1/2050<br>| 460 | 289 |
|  |  | 5225 |
| **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** |
| DOC DR LLC 2.63%, 11/1/2031 | 145 | 131 |
| Healthpeak OP LLC 2.13%, 12/1/2028 | 121 | 114 |
|  |  | 245 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| Starbucks Corp. 3.35%, 3/12/2050 | 291 | 199 |
| **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** |
| AES Corp. (The) 5.80%, 3/15/2032 | 260 | 267 |
| Constellation Energy Generation LLC 5.80%, <br> 3/1/2033<br>| 39 | 41 |
| Southern Power Co. 5.15%, 9/15/2041 | 320 | 308 |
|  |  | 616 |
| **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** |
| Honeywell International, Inc. 5.25%, 3/1/2054 | 230 | 217 |
| **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** |
| Goodman US Finance Six LLC (Australia) 5.13%, <br> 10/7/2034 (e)<br>| 120 | 120 |
| Prologis LP 5.25%, 3/15/2054 | 284 | 270 |
|  |  | 390 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Arthur J Gallagher & Co. 5.75%, 7/15/2054 | 380 | 374 |
| Berkshire Hathaway Finance Corp. 3.85%, <br> 3/15/2052<br>| 185 | 142 |
| Brown & Brown, Inc.  | Brown & Brown, Inc.  | Brown & Brown, Inc.  |
| 2.38%, 3/15/2031 | 554 | 497 |
| 6.25%, 6/23/2055 | 315 | 328 |
| CNO Global Funding 5.88%, 6/4/2027 (e) | 250 | 255 |
| Corebridge Global Funding 4.90%, 8/21/2032 (e) | 80 | 80 |
| Empower Finance 2020 LP (Canada) 3.08%, <br> 9/17/2051 (e)<br>| 421 | 271 |
| F&G Annuities & Life, Inc. 6.50%, 6/4/2029 | 110 | 115 |
| Mutual of Omaha Cos. Global Funding 5.80%, <br> 7/27/2026 (e)<br>| 100 | 101 |
| Nationwide Mutual Insurance Co. 8.25%, <br> 12/1/2031 (e)<br>| 400 | 466 |
| New York Life Insurance Co. 3.75%, 5/15/2050 (e) | 596 | 442 |
| Northwestern Mutual Global Funding 5.16%, <br> 5/28/2031 (e)<br>| 470 | 488 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Principal Financial Group, Inc. 4.11%, <br> 2/15/2028 (e)<br>| 100 | 100 |
| Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  |
| 4.27%, 5/15/2047 (e) | 40 | 33 |
| 3.30%, 5/15/2050 (e) | 562 | 385 |
|  |  | 4077 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Meta Platforms, Inc.  | Meta Platforms, Inc.  | Meta Platforms, Inc.  |
| 4.88%, 11/15/2035 | 400 | 399 |
| 5.50%, 11/15/2045 | 390 | 379 |
| 5.60%, 5/15/2053 | 220 | 211 |
| 5.40%, 8/15/2054 | 165 | 153 |
| 5.63%, 11/15/2055 | 160 | 154 |
|  |  | 1296 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| Accenture Capital, Inc. 4.50%, 10/4/2034 | 75 | 74 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| Otis Worldwide Corp. 3.11%, 2/15/2040 | 215 | 169 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 2.80%, 4/1/2031 | 54 | 49 |
| 5.85%, 12/1/2035 | 175 | 175 |
| 3.50%, 6/1/2041 | 50 | 35 |
| 3.50%, 3/1/2042 | 30 | 21 |
| 3.70%, 4/1/2051 | 577 | 363 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 5.17%, 1/15/2037 (e) | 412 | 406 |
| 3.25%, 11/1/2039 | 481 | 376 |
| 2.80%, 1/15/2051 | 376 | 218 |
| 5.35%, 5/15/2053 | 630 | 566 |
|  |  | 2209 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Anglo American Capital plc (South Africa) 5.75%, <br> 4/5/2034 (e)<br>| 410 | 431 |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 5.40%, 5/8/2028 (e) | 100 | 103 |
| 2.50%, 9/1/2030 (e) | 473 | 433 |
| 5.63%, 4/4/2034 (e) | 190 | 198 |
| Steel Dynamics, Inc. 5.38%, 8/15/2034 | 300 | 311 |
|  |  | 1476 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 | 262 | 163 |
| Consolidated Edison Co. of New York, Inc. 3.20%, <br> 12/1/2051<br>| 70 | 46 |
| Consumers Energy Co. 3.25%, 8/15/2046 | 34 | 25 |
| DTE Energy Co.  | DTE Energy Co.  | DTE Energy Co.  |
| 4.88%, 6/1/2028 | 100 | 102 |
| 5.10%, 3/1/2029 | 200 | 205 |
| Engie SA (France) 5.63%, 4/10/2034 (e) | 245 | 257 |
| Public Service Enterprise Group, Inc. 5.45%, <br> 4/1/2034<br>| 70 | 72 |
| Puget Energy, Inc. 5.73%, 3/15/2035 | 110 | 113 |
| Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  |
| 5.75%, 9/15/2033 | 50 | 53 |
| Series B, 5.10%, 9/15/2035 | 105 | 106 |
|  |  | 1142 |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| COPT Defense Properties LP 2.75%, 4/15/2031 | 338 | 308 |
| **Oil, Gas & Consumable Fuels — 0.5%** | **Oil, Gas & Consumable Fuels — 0.5%** | **Oil, Gas & Consumable Fuels — 0.5%** |
| Aker BP ASA (Norway) 5.13%, 10/1/2034 (e) | 150 | 147 |
| BP Capital Markets America, Inc. 2.77%, <br> 11/10/2050<br>| 264 | 163 |
| Cheniere Energy Partners LP 5.55%, <br> 10/30/2035 (e)<br>| 125 | 128 |
| Cheniere Energy, Inc. 5.65%, 4/15/2034 | 130 | 135 |
| Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  |
| 5.10%, 10/1/2031 (e) | 87 | 88 |
| 5.68%, 1/15/2034 (e) | 131 | 135 |
| Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  |
| 5.44%, 2/15/2035 (e) | 445 | 454 |
| 5.96%, 2/15/2055 (e) | 305 | 300 |
| ConocoPhillips Co. 5.50%, 1/15/2055 | 220 | 210 |
| Coterra Energy, Inc.  | Coterra Energy, Inc.  | Coterra Energy, Inc.  |
| 3.90%, 5/15/2027 | 190 | 189 |
| 5.40%, 2/15/2035 | 220 | 223 |
| Devon Energy Corp. 5.75%, 9/15/2054 | 80 | 74 |
| Eastern Energy Gas Holdings LLC 6.20%, <br> 1/15/2055<br>| 120 | 124 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 5.70%, 3/8/2033 | 60 | 63 |
| 5.63%, 4/5/2034 | 330 | 345 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 5.25%, 7/1/2029 | 150 | 154 |
| 5.00%, 5/15/2044 (g) | 630 | 546 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Enterprise Products Operating LLC  | Enterprise Products Operating LLC  | Enterprise Products Operating LLC  |
| 4.95%, 2/15/2035 | 180 | 182 |
| 4.45%, 2/15/2043 | 100 | 88 |
| Exxon Mobil Corp. 3.00%, 8/16/2039 | 858 | 687 |
| Galaxy Pipeline Assets Bidco Ltd. (United Arab <br> Emirates) 2.94%, 9/30/2040 (e)<br>| 173 | 147 |
| Gray Oak Pipeline LLC 3.45%, 10/15/2027 (e) | 389 | 384 |
| Kinder Morgan, Inc. 7.80%, 8/1/2031 | 330 | 382 |
| MPLX LP  | MPLX LP  | MPLX LP  |
| 5.50%, 6/1/2034 | 290 | 296 |
| 4.50%, 4/15/2038 | 141 | 129 |
| NGPL PipeCo LLC 3.25%, 7/15/2031 (e) | 235 | 216 |
| Northern Natural Gas Co. 5.63%, 2/1/2054 (e) | 40 | 38 |
| ONEOK, Inc. 4.75%, 10/15/2031 | 415 | 417 |
| Pioneer Natural Resources Co. 2.15%, 1/15/2031 | 155 | 141 |
| Plains All American Pipeline LP 5.95%, 6/15/2035 | 105 | 109 |
| Shell Finance US, Inc. 3.13%, 11/7/2049 (e) | 291 | 196 |
| South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) |
| 4.91%, 9/1/2027 | 75 | 76 |
| 5.03%, 10/1/2029 | 80 | 81 |
| Targa Resources Corp. 4.90%, 9/15/2030 | 372 | 379 |
| TotalEnergies Capital International SA (France) <br> 2.99%, 6/29/2041<br>| 569 | 430 |
| TransCanada PipeLines Ltd. (Canada) 5.85%, <br> 3/15/2036<br>| 450 | 470 |
| Western Midstream Operating LP 5.25%, <br> 2/1/2050 (g)<br>| 120 | 103 |
| Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  |
| 5.60%, 3/15/2035 | 165 | 172 |
| 6.00%, 3/15/2055 | 45 | 46 |
|  |  | 8647 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| United Airlines Pass-Through Trust Series 2016-2, <br> Class A, 3.10%, 10/7/2028<br>| 199 | 190 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Haleon US Capital LLC 4.00%, 3/24/2052 | 250 | 196 |
| Kenvue, Inc. 5.20%, 3/22/2063 | 80 | 73 |
|  |  | 269 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| AstraZeneca plc (United Kingdom) 6.45%, <br> 9/15/2037<br>| 65 | 74 |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 4.13%, 6/15/2039 | 315 | 286 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 9

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| 4.25%, 10/26/2049 | 195 | 159 |
| 3.70%, 3/15/2052 | 130 | 95 |
| 5.55%, 2/22/2054 | 20 | 20 |
| Eli Lilly & Co. 5.00%, 2/9/2054 | 440 | 411 |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| 2.35%, 6/24/2040 | 133 | 96 |
| 4.00%, 3/7/2049 | 20 | 16 |
| 2.90%, 12/10/2061 | 15 | 9 |
| Pfizer Investment Enterprises Pte. Ltd. 5.30%, <br> 5/19/2053<br>| 340 | 322 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) |
| 3.03%, 7/9/2040 | 350 | 268 |
| 3.18%, 7/9/2050 | 600 | 400 |
| Zoetis, Inc. 5.60%, 11/16/2032 | 170 | 181 |
|  |  | 2337 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| Verisk Analytics, Inc. 5.75%, 4/1/2033 | 60 | 63 |
| **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** |
| Essex Portfolio LP 5.50%, 4/1/2034 | 90 | 93 |
| UDR, Inc. 2.10%, 8/1/2032 | 547 | 468 |
|  |  | 561 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  |
| 2.25%, 4/1/2028 | 210 | 202 |
| 2.50%, 8/16/2031 | 120 | 108 |
| NNN REIT, Inc.  | NNN REIT, Inc.  | NNN REIT, Inc.  |
| 5.60%, 10/15/2033 | 50 | 52 |
| 5.50%, 6/15/2034 | 130 | 134 |
| Scentre Group Trust 1 (Australia) 3.63%, <br> 1/28/2026 (e)<br>| 272 | 272 |
|  |  | 768 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 1.95%, 2/15/2028 | 210 | 201 |
| 5.15%, 11/15/2031 | 190 | 197 |
| 4.55%, 2/15/2032 | 216 | 217 |
| 4.80%, 2/15/2036 | 177 | 175 |
| 3.19%, 11/15/2036 (e) | 146 | 124 |
| Intel Corp.  | Intel Corp.  | Intel Corp.  |
| 3.73%, 12/8/2047 | 70 | 50 |
| 3.25%, 11/15/2049 | 115 | 73 |
| 3.05%, 8/12/2051 | 115 | 71 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| 5.70%, 2/10/2053 | 142 | 132 |
| KLA Corp. 3.30%, 3/1/2050 | 414 | 287 |
| Marvell Technology, Inc. 5.45%, 7/15/2035 | 883 | 910 |
| NXP BV (Netherlands) | NXP BV (Netherlands) | NXP BV (Netherlands) |
| 5.00%, 1/15/2033 | 50 | 51 |
| 3.25%, 5/11/2041 | 400 | 303 |
|  |  | 2791 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Cadence Design Systems, Inc. 4.70%, 9/10/2034 | 325 | 325 |
| Intuit, Inc. 5.50%, 9/15/2053 | 30 | 30 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 4.80%, 9/26/2032 | 230 | 222 |
| 3.80%, 11/15/2037 | 589 | 476 |
| 3.65%, 3/25/2041 | 650 | 474 |
| Synopsys, Inc.  | Synopsys, Inc.  | Synopsys, Inc.  |
| 5.00%, 4/1/2032 | 300 | 306 |
| 5.70%, 4/1/2055 | 230 | 228 |
| VMware LLC  | VMware LLC  | VMware LLC  |
| 1.40%, 8/15/2026 | 154 | 152 |
| 4.70%, 5/15/2030 | 143 | 145 |
|  |  | 2358 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| American Tower Corp.  | American Tower Corp.  | American Tower Corp.  |
| 5.20%, 2/15/2029 | 180 | 185 |
| 1.88%, 10/15/2030 | 1349 | 1205 |
| Crown Castle, Inc. 5.80%, 3/1/2034 | 115 | 121 |
|  |  | 1511 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| AutoZone, Inc. 5.40%, 7/15/2034 | 200 | 207 |
| Home Depot, Inc. (The) 3.63%, 4/15/2052 | 170 | 124 |
|  |  | 331 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Apple, Inc.  | Apple, Inc.  | Apple, Inc.  |
| 3.45%, 2/9/2045 | 160 | 124 |
| 2.70%, 8/5/2051 | 120 | 75 |
| Dell International LLC 5.30%, 4/1/2032 | 510 | 524 |
|  |  | 723 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** |
| Altria Group, Inc. 2.45%, 2/4/2032 | 145 | 128 |
| BAT Capital Corp. (United Kingdom) 4.39%, <br> 8/15/2037<br>| 315 | 290 |
|  |  | 418 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| Aviation Capital Group LLC 5.13%, 4/10/2030 (e) | 180 | 183 |
| **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** |
| American Water Capital Corp. 5.45%, 3/1/2054 | 200 | 194 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 2.55%, 2/15/2031 | 250 | 229 |
| 3.40%, 10/15/2052 | 350 | 235 |
| Vodafone Group plc (United Kingdom) 5.75%, <br> 6/28/2054<br>| 250 | 243 |
|  |  | 707 |
| Total Corporate Bonds <br>(Cost $134,283)<br>|  | 129042 |
| **Mortgage-Backed Securities — 7.4%** | **Mortgage-Backed Securities — 7.4%** | **Mortgage-Backed Securities — 7.4%** |
| FHLMC Gold Pools, Other  |  |  |
| Pool # WN1157, 1.80%, 11/1/2028 | 1075 | 1016 |
| Pool # WA1626, 3.45%, 8/1/2032 | 1038 | 986 |
| Pool # WN3225, 3.80%, 10/1/2034 | 690 | 657 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # ZL3032, 3.50%, 5/1/2042 | 567 | 542 |
| Pool # QA5290, 2.50%, 12/1/2049 | 461 | 394 |
| Pool # QA9530, 2.50%, 5/1/2050 | 153 | 131 |
| Pool # QB2668, 2.50%, 8/1/2050 | 222 | 191 |
| Pool # QB4026, 2.50%, 10/1/2050 | 1525 | 1320 |
| Pool # QB4045, 2.50%, 10/1/2050 | 287 | 248 |
| Pool # QB4484, 2.50%, 10/1/2050 | 695 | 602 |
| Pool # QB4542, 2.50%, 10/1/2050 | 548 | 474 |
| Pool # QB8503, 2.50%, 2/1/2051 | 847 | 723 |
| Pool # SD4767, 2.50%, 2/1/2051 | 929 | 800 |
| Pool # QC9443, 2.50%, 10/1/2051 | 511 | 440 |
| Pool # RA6132, 2.50%, 10/1/2051 | 495 | 422 |
| Pool # SD0781, 3.00%, 11/1/2051 | 1230 | 1098 |
| Pool # QD5778, 3.00%, 1/1/2052 | 238 | 211 |
| Pool # SD5768, 3.00%, 1/1/2052 | 1658 | 1481 |
| Pool # QD7596, 2.50%, 2/1/2052 | 675 | 580 |
| Pool # RA6808, 3.00%, 2/1/2052 | 310 | 277 |
| Pool # SD3952, 2.50%, 3/1/2052 | 1012 | 871 |
| Pool # QE1637, 4.00%, 5/1/2052 | 233 | 224 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # QE1832, 4.50%, 5/1/2052 | 317 | 315 |
| Pool # SD4119, 3.00%, 8/1/2052 | 256 | 230 |
| Pool # QH9845, 6.00%, 2/1/2054 | 768 | 799 |
| Pool # SD7018, 4.50%, 3/1/2054 | 1224 | 1207 |
| Pool # QJ5547, 5.50%, 9/1/2054 | 641 | 655 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # CB3874, 3.00%, 6/1/2047 | 775 | 693 |
| Pool # CA2826, 5.50%, 12/1/2048 | 794 | 819 |
| Pool # BK2113, 2.50%, 3/1/2050 | 144 | 123 |
| Pool # CA5658, 2.50%, 5/1/2050 | 46 | 39 |
| Pool # FM3118, 3.00%, 5/1/2050 | 415 | 376 |
| Pool # BP8608, 2.50%, 6/1/2050 | 97 | 83 |
| Pool # BP9250, 2.50%, 7/1/2050 | 991 | 853 |
| Pool # CA6635, 2.50%, 8/1/2050 | 153 | 132 |
| Pool # FP0059, 2.50%, 8/1/2050 | 323 | 274 |
| Pool # BP6749, 2.50%, 9/1/2050 | 991 | 847 |
| Pool # BQ2894, 3.00%, 9/1/2050 | 770 | 691 |
| Pool # BQ3996, 2.50%, 10/1/2050 | 618 | 534 |
| Pool # BQ5243, 3.50%, 10/1/2050 | 263 | 246 |
| Pool # CA7398, 3.50%, 10/1/2050 | 908 | 849 |
| Pool # BP7667, 2.50%, 12/1/2050 | 235 | 203 |
| Pool # CA8637, 4.00%, 1/1/2051 | 1694 | 1635 |
| Pool # CB0189, 3.00%, 4/1/2051 | 216 | 193 |
| Pool # CB0458, 2.50%, 5/1/2051 | 382 | 326 |
| Pool # FS7655, 2.50%, 5/1/2051 | 925 | 789 |
| Pool # FM7531, 3.00%, 5/1/2051 | 446 | 398 |
| Pool # FM7916, 2.50%, 6/1/2051 | 325 | 279 |
| Pool # FM7957, 2.50%, 7/1/2051 | 2035 | 1752 |
| Pool # CB1301, 2.50%, 8/1/2051 | 534 | 460 |
| Pool # FM8247, 2.50%, 8/1/2051 | 289 | 248 |
| Pool # FS4624, 2.50%, 11/1/2051 | 114 | 97 |
| Pool # FS2559, 3.00%, 12/1/2051 | 958 | 855 |
| Pool # CB2635, 2.50%, 1/1/2052 | 973 | 833 |
| Pool # BV4831, 3.00%, 2/1/2052 | 418 | 370 |
| Pool # FS7749, 3.00%, 2/1/2052 | 390 | 349 |
| Pool # BV0295, 3.50%, 2/1/2052 | 882 | 826 |
| Pool # BV4924, 3.00%, 4/1/2052 | 666 | 597 |
| Pool # FS4476, 3.00%, 5/1/2052 | 830 | 735 |
| Pool # CB3608, 3.50%, 5/1/2052 | 684 | 634 |
| Pool # BV6743, 4.50%, 5/1/2052 | 292 | 289 |
| Pool # BV9515, 6.00%, 6/1/2052 | 384 | 400 |
| Pool # BY4714, 5.00%, 6/1/2053 | 838 | 838 |
| Pool # BY9327, 6.00%, 11/1/2053 | 361 | 371 |
| Pool # DA7753, 5.50%, 1/1/2054 | 132 | 135 |
| Pool # DA0425, 6.00%, 2/1/2054 | 312 | 324 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 11

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # DA7754, 6.00%, 2/1/2054 | 1331 | 1383 |
| Pool # CB8334, 5.50%, 4/1/2054 | 507 | 516 |
| FNMA, Other  |  |  |
| Pool # BS7576, 4.86%, 12/1/2027 | 569 | 576 |
| Pool # AM3010, 5.07%, 3/1/2028 | 191 | 196 |
| Pool # BL8639, 1.09%, 4/1/2028 | 228 | 214 |
| Pool # BS3939, 1.58%, 11/1/2028 | 733 | 688 |
| Pool # BS6144, 3.97%, 1/1/2029 | 1410 | 1412 |
| Pool # AM5319, 4.34%, 1/1/2029 | 521 | 527 |
| Pool # BS8149, 4.97%, 9/1/2029 | 300 | 309 |
| Pool # BS4290, 1.95%, 10/1/2029 | 600 | 555 |
| Pool # BS0448, 1.27%, 12/1/2029 | 1235 | 1108 |
| Pool # AN7593, 2.99%, 12/1/2029 | 362 | 348 |
| Pool # BS7385, 4.83%, 12/1/2029 | 1000 | 1021 |
| Pool # BL9252, 1.37%, 3/1/2030 | 141 | 126 |
| Pool # AN8285, 3.11%, 3/1/2030 | 374 | 361 |
| Pool # BS0154, 1.28%, 4/1/2030 | 91 | 82 |
| Pool # AM8544, 3.08%, 4/1/2030 | 161 | 156 |
| Pool # BL9251, 1.45%, 10/1/2030 | 986 | 874 |
| Pool # BL4885, 2.55%, 10/1/2030 | 155 | 144 |
| Pool # BL9891, 1.37%, 12/1/2030 | 690 | 608 |
| Pool # BS0025, 1.38%, 12/1/2030 | 525 | 465 |
| Pool # BL9494, 1.46%, 12/1/2030 | 95 | 83 |
| Pool # BL9652, 1.56%, 12/1/2030 | 916 | 817 |
| Pool # BS7290, 5.64%, 2/1/2031 | 1468 | 1548 |
| Pool # BS6203, 4.26%, 4/1/2031 | 194 | 193 |
| Pool # BS8442, 4.74%, 4/1/2031 | 636 | 650 |
| Pool # BS2915, 1.87%, 5/1/2031 | 79 | 71 |
| Pool # BS6802, 4.93%, 6/1/2031 | 1434 | 1470 |
| Pool # BS8688, 4.68%, 8/1/2031 | 291 | 296 |
| Pool # BS8686, 4.68%, 11/1/2031 | 290 | 295 |
| Pool # BS4563, 2.01%, 1/1/2032 | 95 | 84 |
| Pool # BS5580, 3.68%, 1/1/2032 | 1030 | 995 |
| Pool # BM7037, 1.75%, 3/1/2032 (h) | 447 | 390 |
| Pool # BS4654, 2.39%, 3/1/2032 | 881 | 791 |
| Pool # BL5680, 2.44%, 3/1/2032 | 419 | 377 |
| Pool # AN5952, 3.01%, 7/1/2032 | 125 | 117 |
| Pool # AN6149, 3.14%, 7/1/2032 | 1750 | 1639 |
| Pool # BS5530, 3.30%, 7/1/2032 | 1550 | 1460 |
| Pool # BS6345, 3.91%, 8/1/2032 | 165 | 160 |
| Pool # BZ0884, 5.37%, 9/1/2032 | 470 | 493 |
| Pool # BM3226, 3.45%, 10/1/2032 (h) | 569 | 547 |
| Pool # BS6822, 3.81%, 10/1/2032 | 900 | 872 |
| Pool # BS8528, 4.31%, 10/1/2032 | 1593 | 1582 |
| Pool # BS6872, 4.41%, 10/1/2032 | 105 | 105 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BS6926, 4.51%, 10/1/2032 | 145 | 146 |
| Pool # BS6928, 4.55%, 10/1/2032 | 115 | 116 |
| Pool # BS6915, 4.60%, 10/1/2032 | 343 | 346 |
| Pool # BS6954, 4.93%, 10/1/2032 | 718 | 740 |
| Pool # BM6491, 1.46%, 11/1/2032 (h) | 1330 | 1115 |
| Pool # BM6492, 1.51%, 11/1/2032 (h) | 1684 | 1417 |
| Pool # BS6819, 4.12%, 11/1/2032 | 1030 | 1015 |
| Pool # BS6985, 4.92%, 11/1/2032 | 600 | 618 |
| Pool # BS7090, 4.45%, 12/1/2032 | 1619 | 1626 |
| Pool # BS7113, 4.90%, 12/1/2032 | 114 | 118 |
| Pool # AN7923, 3.33%, 1/1/2033 | 755 | 711 |
| Pool # BS8428, 4.41%, 1/1/2033 | 600 | 599 |
| Pool # BS7398, 4.74%, 2/1/2033 | 285 | 289 |
| Pool # BS5357, 3.41%, 3/1/2033 | 775 | 725 |
| Pool # AN9067, 3.51%, 5/1/2033 | 415 | 394 |
| Pool # BS8416, 4.56%, 5/1/2033 | 210 | 212 |
| Pool # AN9752, 3.65%, 7/1/2033 | 611 | 584 |
| Pool # BS5511, 3.45%, 8/1/2033 | 1003 | 939 |
| Pool # AN9753, 3.65%, 8/1/2033 | 448 | 425 |
| Pool # BS5127, 3.15%, 9/1/2033 | 615 | 562 |
| Pool # BS4197, 2.14%, 12/1/2033 | 240 | 207 |
| Pool # BL1012, 4.03%, 12/1/2033 | 395 | 385 |
| Pool # BL0900, 4.08%, 2/1/2034 | 255 | 249 |
| Pool # BZ0430, 4.32%, 2/1/2034 | 220 | 218 |
| Pool # AN0375, 3.76%, 12/1/2035 | 211 | 201 |
| Pool # AN4430, 3.61%, 1/1/2037 | 618 | 596 |
| Pool # BF0105, 4.00%, 6/1/2056 | 494 | 462 |
| Pool # BF0107, 4.50%, 6/1/2056 | 375 | 366 |
| Pool # BF0118, 4.50%, 6/1/2056 | 218 | 211 |
| Pool # BF0125, 4.00%, 7/1/2056 | 424 | 397 |
| Pool # BF0189, 3.00%, 6/1/2057 | 890 | 779 |
| Pool # BF0219, 3.50%, 9/1/2057 | 986 | 905 |
| Pool # BF0230, 5.50%, 1/1/2058 | 1323 | 1383 |
| Pool # BF0263, 3.50%, 5/1/2058 | 263 | 241 |
| Pool # BF0497, 3.00%, 7/1/2060 | 633 | 550 |
| Pool # BF0537, 3.00%, 3/1/2061 | 904 | 791 |
| Pool # BF0561, 3.00%, 9/1/2061 | 1139 | 984 |
| Pool # BF0578, 2.50%, 12/1/2061 | 2576 | 2121 |
| Pool # BF0732, 2.50%, 6/1/2063 | 553 | 460 |
| Pool # BF0733, 3.00%, 6/1/2063 | 510 | 440 |
| GNMA II, 30 Year  |  |  |
| Pool # BY3432, 3.50%, 9/20/2050 | 962 | 876 |
| Pool # BR3929, 3.50%, 10/20/2050 | 481 | 438 |
| Pool # BW1726, 3.50%, 10/20/2050 | 621 | 566 |
| Pool # BS8546, 2.50%, 12/20/2050 | 1564 | 1337 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BR3928, 3.00%, 12/20/2050 | 805 | 735 |
| Pool # BU7538, 3.00%, 12/20/2050 | 449 | 411 |
| Pool # 785294, 3.50%, 1/20/2051 | 1462 | 1313 |
| Pool # CA8452, 3.00%, 2/20/2051 | 2136 | 1935 |
| Pool # CB1543, 3.00%, 2/20/2051 | 1557 | 1400 |
| Pool # CA3588, 3.50%, 2/20/2051 | 1711 | 1558 |
| Pool # CB1536, 3.50%, 2/20/2051 | 1672 | 1535 |
| Pool # CB1542, 3.00%, 3/20/2051 | 1031 | 927 |
| Pool # CC0070, 3.00%, 3/20/2051 | 260 | 239 |
| Pool # CC8726, 3.00%, 3/20/2051 | 320 | 288 |
| Pool # CC8738, 3.00%, 3/20/2051 | 378 | 341 |
| Pool # CC8723, 3.50%, 3/20/2051 | 2119 | 1929 |
| Pool # CC0088, 4.00%, 3/20/2051 | 86 | 82 |
| Pool # CC0092, 4.00%, 3/20/2051 | 208 | 199 |
| Pool # CC8727, 3.00%, 4/20/2051 | 506 | 455 |
| Pool # CC8739, 3.00%, 4/20/2051 | 1431 | 1288 |
| Pool # CC8740, 3.00%, 4/20/2051 | 1165 | 1048 |
| Pool # CC8751, 3.00%, 4/20/2051 | 237 | 213 |
| Pool # CA3563, 3.50%, 7/20/2051 | 970 | 894 |
| Pool # CE2586, 3.50%, 7/20/2051 | 1353 | 1232 |
| Pool # CK1527, 3.50%, 12/20/2051 | 976 | 894 |
| Pool # CJ8184, 3.50%, 1/20/2052 | 1032 | 940 |
| Pool # CK2660, 3.00%, 2/20/2052 | 180 | 161 |
| Pool # CK2716, 3.50%, 2/20/2052 | 753 | 677 |
| Pool # CI8525, 5.00%, 2/20/2052 | 905 | 906 |
| Pool # CK8295, 5.00%, 3/20/2052 | 424 | 422 |
| Pool # CN3557, 4.50%, 5/20/2052 | 292 | 289 |
| Pool # MA8148, 3.00%, 7/20/2052 | 22 | 20 |
| Pool # CN3127, 5.00%, 8/20/2052 | 396 | 396 |
| Pool # CO4960, 5.00%, 8/20/2052 | 652 | 653 |
| Pool # CU6748, 6.00%, 9/20/2053 | 799 | 823 |
| Pool # DA2721, 5.50%, 3/20/2054 | 103 | 105 |
| GNMA II, Other  |  |  |
| Pool # CV6672, 5.00%, 7/20/2062 | 164 | 164 |
| Pool # CU1093, 5.50%, 6/20/2063 | 255 | 257 |
| Pool # CV1712, 5.50%, 6/20/2063 | 114 | 115 |
| Pool # CU1092, 6.00%, 6/20/2063 | 342 | 348 |
| Pool # 785183, 2.94%, 10/20/2070 (h) | 873 | 797 |
| Total Mortgage-Backed Securities <br>(Cost $124,890)<br>|  | 117942 |
| **Asset-Backed Securities — 4.1%** | **Asset-Backed Securities — 4.1%** | **Asset-Backed Securities — 4.1%** |
| Accelerated LLC Series 2021-1H, Class B, 1.90%, <br> 10/20/2040 (e)<br>| 153 | 144 |
| Aligned Data Centers Issuer LLC Series 2021-1A, <br> Class A2, 1.94%, 8/15/2046 (e)<br>| 950 | 933 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| American Airlines Pass-Through Trust |  |  |
| Series 2016-2, Class AA, 3.20%, 6/15/2028 | 634 | 620 |
| Series 2016-3, Class AA, 3.00%, 10/15/2028 | 441 | 426 |
| Series 2017-2, Class A, 3.60%, 10/15/2029 | 297 | 283 |
| Series 2021-1, Class B, 3.95%, 7/11/2030 | 748 | 722 |
| American Credit Acceptance Receivables Trust |  |  |
| Series 2024-1, Class D, 5.86%, 5/13/2030 (e) | 270 | 273 |
| Series 2024-3, Class D, 6.04%, 7/12/2030 (e) | 1645 | 1678 |
| AMSR Trust |  |  |
| Series 2021-SFR2, Class E2, 2.58%, <br> 8/17/2038 (e)<br>| 375 | 369 |
| Series 2024-SFR1, Class C, 4.29%, <br> 7/17/2041 (e) (g)<br>| 1135 | 1110 |
| Series 2024-SFR1, Class D, 4.29%, <br> 7/17/2041 (e) (g)<br>| 625 | 608 |
| Series 2024-SFR2, Class D, 4.15%, <br> 11/17/2041 (e)<br>| 215 | 207 |
| Series 2025-SFR2, Class C, 4.28%, <br> 11/17/2042 (e)<br>| 972 | 939 |
| Aqua Finance Issuer Trust Series 2025-A, Class B, <br> 5.56%, 12/19/2050 (e)<br>| 333 | 338 |
| Aqua Finance Trust Series 2020-AA, Class C, <br> 3.97%, 7/17/2046 (e)<br>| 240 | 233 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2024-2A, Class B, 5.57%, <br> 10/20/2028 (e)<br>| 570 | 580 |
| Series 2024-1A, Class A, 5.36%, 6/20/2030 (e) | 480 | 495 |
| Bridge Trust Series 2024-SFR1, Class D, 4.30%, <br> 8/17/2040 (e)<br>| 1050 | 1016 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-3, Class C, 5.70%, 7/16/2029 | 1045 | 1059 |
| Series 2024-1, Class D, 6.03%, 11/15/2029 | 535 | 546 |
| Series 2024-2, Class C, 6.07%, 2/15/2030 | 705 | 718 |
| Series 2025-1, Class D, 5.64%, 11/15/2030 | 1155 | 1175 |
| Series 2025-4, Class C, 4.80%, 8/15/2031 | 1109 | 1115 |
| Business Jet Securities LLC |  |  |
| Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ <br> (e)<br>| 297 | 295 |
| Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ <br> (e)<br>| 1047 | 1055 |
| BXG Receivables Note Trust Series 2020-A, Class A, <br> 1.55%, 2/28/2036 (e)<br>| 131 | 127 |
| Cascade MH Asset Trust |  |  |
| Series 2021-MH1, Class A1, 1.75%, <br> 2/25/2046 (e)<br>| 841 | 767 |
| Series 2024-MH1, Class A1, 5.69%, <br> 11/25/2056 (e) (h)<br>| 495 | 510 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 13

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Cherry Securitization Trust Series 2024-1A, Class A, <br> 5.70%, 4/15/2032 (e)<br>| 460 | 464 |
| Consumer Portfolio Services Auto Trust Series <br> 2025-D, Class C, 4.85%, 2/17/2032 (e)<br>| 929 | 933 |
| Continental Finance Credit Card ABS Master Trust <br> Series 2024-A, Class A, 5.78%, 12/15/2032 (e)<br>| 525 | 533 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2023-5A, Class B, 6.71%, 2/15/2034 (e) | 500 | 510 |
| Series 2024-2A, Class C, 6.70%, <br> 10/16/2034 (e)<br>| 1195 | 1237 |
| Series 2024-3A, Class B, 4.85%, <br> 11/15/2034 (e)<br>| 1220 | 1224 |
| Series 2025-2A, Class B, 4.87%, 1/15/2036 (e) | 1375 | 1387 |
| Crossroads Asset Trust Series 2025-A, Class A2, <br> 4.91%, 2/20/2032 (e)<br>| 422 | 425 |
| CVS Pass-Through Trust Series 2014, 4.16%, <br> 8/11/2036 (e)<br>| 108 | 100 |
| DataBank Issuer Series 2021-1A, Class A2, 2.06%, <br> 2/27/2051 (e)<br>| 610 | 607 |
| Delta Air Lines Pass-Through Trust Series 2020-1, <br> Class A, 2.50%, 6/10/2028<br>| 468 | 450 |
| Drive Auto Receivables Trust |  |  |
| Series 2024-1, Class C, 5.43%, 11/17/2031 | 120 | 122 |
| Series 2025-2, Class D, 4.90%, 12/15/2032 | 1120 | 1120 |
| DT Auto Owner Trust Series 2023-2A, Class D, <br> 6.62%, 2/15/2029 (e)<br>| 165 | 168 |
| Elara HGV Timeshare Issuer LLC |  |  |
| Series 2021-A, Class B, 1.74%, 8/27/2035 (e) | 189 | 182 |
| Series 2021-A, Class C, 2.09%, 8/27/2035 (e) | 47 | 45 |
| Enterprise Fleet Financing LLC Series 2024-1, <br> Class A3, 5.16%, 9/20/2030 (e)<br>| 310 | 316 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2023-5A, Class C, 6.85%, 1/16/2029 | 400 | 405 |
| Series 2024-1A, Class D, 5.84%, 6/17/2030 | 480 | 488 |
| Series 2025-4A, Class C, 4.57%, 6/16/2031 | 1400 | 1404 |
| Series 2025-3A, Class C, 5.09%, 10/15/2031 | 1291 | 1311 |
| FHF Issuer Trust Series 2024-1A, Class A2, 5.69%, <br> 2/15/2030 (e)<br>| 192 | 194 |
| FHF Trust Series 2023-1A, Class A2, 6.57%, <br> 6/15/2028 (e)<br>| 44 | 44 |
| FirstKey Homes Trust |  |  |
| Series 2021-SFR2, Class E1, 2.26%, <br> 9/17/2038 (e)<br>| 1200 | 1176 |
| Series 2022-SFR1, Class E1, 5.00%, <br> 5/19/2039 (e)<br>| 395 | 392 |
| FMC GMSR Issuer Trust Series 2021-GT2, Class A, <br> 3.85%, 10/25/2026 (e) (h)<br>| 815 | 789 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Foundation Finance Trust |  |  |
| Series 2023-2A, Class A, 6.53%, 6/15/2049 (e) | 430 | 449 |
| Series 2024-2A, Class A, 4.60%, 3/15/2050 (e) | 423 | 423 |
| Series 2024-2A, Class B, 4.93%, 3/15/2050 (e) | 89 | 89 |
| GLS Auto Receivables Issuer Trust |  |  |
| Series 2025-2A, Class C, 5.11%, 1/15/2031 (e) | 1100 | 1112 |
| Series 2025-4A, Class C, 4.74%, 8/15/2031 (e) | 975 | 979 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-SL1, Class A1, 5.85%, 11/25/2067 (e) <br> (h)<br>| 1285 | 1296 |
| HINNT LLC |  |  |
| Series 2024-A, Class B, 5.84%, 3/15/2043 (e) | 324 | 330 |
| Series 2024-A, Class C, 6.32%, 3/15/2043 (e) | 388 | 397 |
| Home Partners of America Trust |  |  |
| Series 2021-2, Class C, 2.40%, 12/17/2026 (e) | 1233 | 1204 |
| Series 2021-3, Class D, 3.00%, 1/17/2041 (e) | 651 | 613 |
| Huntington Bank Auto Credit-Linked Notes |  |  |
| Series 2024-1, Class B1, 6.15%, 5/20/2032 (e) | 220 | 223 |
| Series 2024-2, Class B1, 5.44%, <br> 10/20/2032 (e)<br>| 308 | 311 |
| Invitation Homes Trust Series 2024-SFR1, Class B, <br> 4.00%, 9/17/2041 (e)<br>| 340 | 331 |
| LAD Auto Receivables Trust Series 2023-4A, <br> Class C, 6.76%, 3/15/2029 (e)<br>| 345 | 355 |
| Mariner Finance Issuance Trust |  |  |
| Series 2021-AA, Class A, 1.86%, 3/20/2036 (e) | 1275 | 1255 |
| Series 2024-AA, Class C, 6.00%, 9/22/2036 (e) | 259 | 265 |
| Series 2025-AA, Class A, 4.98%, 5/20/2038 (e) | 843 | 854 |
| MMAF Equipment Finance LLC Series 2020-A, <br> Class A5, 1.56%, 10/9/2042 (e)<br>| 100 | 97 |
| MVW LLC |  |  |
| Series 2021-2A, Class C, 2.23%, 5/20/2039 (e) | 370 | 353 |
| Series 2024-1A, Class B, 5.51%, 2/20/2043 (e) | 164 | 167 |
| NMABS Issuer LLC Series 2025-1A, Class A, 5.14%, <br> 11/22/2055 (e)<br>| 1160 | 1158 |
| Octane Receivables Trust |  |  |
| Series 2021-2A, Class C, 2.53%, 5/21/2029 (e) | 770 | 768 |
| Series 2023-3A, Class B, 6.48%, 7/20/2029 (e) | 185 | 187 |
| Series 2024-2A, Class C, 5.90%, 7/20/2032 (e) | 1030 | 1053 |
| OneMain Financial Issuance Trust Series 2020-2A, <br> Class D, 3.45%, 9/14/2035 (e)<br>| 350 | 339 |
| Oportun Issuance Trust |  |  |
| Series 2021-B, Class A, 1.47%, 5/8/2031 (e) | 489 | 480 |
| Series 2025-A, Class B, 5.30%, 2/8/2033 (e) | 205 | 205 |
| Series 2025-A, Class C, 5.89%, 2/8/2033 (e) | 100 | 100 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Pagaya AI Technology in Housing Trust Series <br> 2023-1, Class C, 3.60%, 10/25/2040 (e)<br>| 820 | 779 |
| Progress Residential Trust |  |  |
| Series 2024-SFR5, Class A, 3.00%, <br> 8/9/2029 (e)<br>| 274 | 261 |
| Series 2024-SFR5, Class D, 3.38%, <br> 8/9/2029 (e) (h)<br>| 205 | 193 |
| Series 2024-SFR5, Class E1, 3.38%, <br> 8/9/2029 (e) (h)<br>| 1040 | 970 |
| Series 2024-SFR1, Class E1, 3.85%, <br> 2/17/2041 (e)<br>| 240 | 229 |
| Series 2024-SFR2, Class E1, 3.40%, <br> 4/17/2041 (e) (h)<br>| 110 | 103 |
| Series 2025-SFR3, Class C, 3.39%, <br> 7/17/2042 (e)<br>| 745 | 694 |
| Series 2025-SFR5, Class A, 3.85%, <br> 10/17/2042 (e)<br>| 1800 | 1743 |
| Series 2025-SFR5, Class B, 4.00%, <br> 10/17/2042 (e)<br>| 2100 | 2022 |
| Purchasing Power Funding LLC Series 2024-A, <br> Class B, 6.43%, 8/15/2028 (e)<br>| 420 | 422 |
| Reach ABS Trust Series 2024-2A, Class B, 5.84%, <br> 7/15/2031 (e)<br>| 345 | 350 |
| Republic Finance Issuance Trust Series 2024-A, <br> Class A, 5.91%, 8/20/2032 (e)<br>| 200 | 202 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2023-6, Class C, 6.40%, 3/17/2031 | 135 | 140 |
| Series 2024-5, Class D, 5.14%, 2/17/2032 | 255 | 257 |
| SCF Equipment Leasing LLC |  |  |
| Series 2024-1A, Class D, 6.58%, 6/21/2033 (e) | 150 | 157 |
| Series 2023-1A, Class C, 6.77%, 8/22/2033 (e) | 560 | 583 |
| SFS Auto Receivables Securitization Trust Series <br> 2024-1A, Class C, 5.51%, 1/20/2032 (e)<br>| 1020 | 1043 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2021-2A, Class B, 1.80%, 9/20/2038 (e) | 66 | 66 |
| Series 2024-2A, Class C, 5.83%, 6/20/2041 (e) | 55 | 55 |
| Series 2024-1A, Class C, 5.94%, 1/20/2043 (e) | 58 | 58 |
| Series 2025-2A, Class C, 5.32%, 4/20/2044 (e) | 190 | 190 |
| Stream Innovations Issuer Trust |  |  |
| Series 2024-1A, Class A, 6.27%, 7/15/2044 (e) | 651 | 677 |
| Series 2025-1A, Class A, 5.05%, 9/15/2045 (e) | 602 | 608 |
| Toyota Auto Loan Extended Note Trust Series <br> 2023-1A, Class A, 4.93%, 6/25/2036 (e)<br>| 334 | 342 |
| Tricolor Auto Securitization Trust Series 2024-1A, <br> Class B, 6.53%, 12/15/2027 (e)<br>| 415 | 346 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Tricon Residential Trust |  |  |
| Series 2024-SFR2, Class A, 4.75%, <br> 6/17/2040 (e)<br>| 179 | 180 |
| Series 2023-SFR2, Class C, 5.00%, <br> 12/17/2040 (e)<br>| 150 | 150 |
| United Airlines Pass-Through Trust |  |  |
| Series 2019-2, Class B, 3.50%, 5/1/2028 | 235 | 230 |
| Series 2018-1, Class A, 3.70%, 3/1/2030 | 507 | 484 |
| Series 2024-1, Class AA, 5.45%, 2/15/2037 | 514 | 528 |
| VOLT XCV LLC Series 2021-NPL4, Class A1, 6.24%, <br> 3/27/2051 (e) (g)<br>| 67 | 67 |
| Westgate Resorts LLC |  |  |
| Series 2022-1A, Class B, 2.29%, 8/20/2036 (e) | 58 | 58 |
| Series 2024-1A, Class C, 7.06%, 1/20/2038 (e) | 312 | 318 |
| Westlake Automobile Receivables Trust Series <br> 2023-4A, Class C, 6.64%, 11/15/2028 (e)<br>| 270 | 275 |
| World Financial Network Credit Card Master Trust <br> Series 2023-A, Class A, 5.02%, 3/15/2030<br>| 305 | 306 |
| Total Asset-Backed Securities <br>(Cost $64,321)<br>|  | 64846 |
| **Collateralized Mortgage Obligations — 2.0%** | **Collateralized Mortgage Obligations — 2.0%** | **Collateralized Mortgage Obligations — 2.0%** |
| Anchor Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.72%, 5/25/2040 (e) (g)<br>| 300 | 302 |
| Connecticut Avenue Securities Trust Series <br> 2023-R06, Class 1M2, 6.57%, 7/25/2043 (e) <br> (h)<br>| 245 | 252 |
| FARM Mortgage Trust Series 2024-2, Class A, <br> 5.18%, 8/1/2054 (e) (h)<br>| 387 | 382 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2017-2, Class MA, 3.00%, 8/25/2056 | 111 | 105 |
| Series 2018-1, Class MA, 3.00%, 5/25/2057 | 130 | 124 |
| Series 2018-1, Class M60C, 3.50%, 5/25/2057 | 430 | 402 |
| Series 2019-1, Class M55D, 4.00%, 7/25/2058 | 371 | 356 |
| Series 2019-2, Class M55D, 4.00%, 8/25/2058 | 600 | 571 |
| Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058<br>| 290 | 274 |
| Series 2020-3, Class M5TW, 3.00%, 5/25/2060 | 1051 | 949 |
| Series 2020-3, Class TTW, 3.00%, 5/25/2060 | 583 | 552 |
| Series 2023-1, Class MT, 3.00%, 10/25/2062 | 356 | 301 |
| Series 2024-2, Class MT, 3.50%, 5/25/2064 | 354 | 311 |
| FHLMC, REMIC |  |  |
| Series 4646, Class BM, 4.00%, 12/15/2039 | 185 | 183 |
| Series 4065, Class QB, 3.00%, 6/15/2042 | 240 | 228 |
| Series 4257, Class DZ, 2.50%, 10/15/2043 | 1375 | 1218 |
| Series 4672, Class QB, 3.50%, 4/15/2047 | 300 | 281 |
| Series 5190, Class LM, 2.50%, 1/25/2048 | 770 | 708 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 15

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 5147, Class PC, 1.50%, 10/25/2048 | 780 | 644 |
| Series 4910, Class LZ, 3.00%, 9/25/2049 | 484 | 318 |
| Series 5174, Class IG, IO, 3.00%, 1/25/2050 | 3095 | 396 |
| Series 4995, Class QE, 1.25%, 7/25/2050 | 1230 | 964 |
| Series 5052, Class KI, IO, 4.00%, 12/25/2050 | 3113 | 638 |
| Series 5171, Class NI, IO, 3.00%, 7/25/2051 | 2960 | 389 |
| FNMA Trust, Whole Loan Series 2002-W8, Class A1, <br> 6.50%, 6/25/2042<br>| 320 | 336 |
| FNMA, Grantor Trust, Whole Loan Series 2001-T12, <br> Class A1, 6.50%, 8/25/2041<br>| 110 | 112 |
| FNMA, REMIC |  |  |
| Series 2018-72, Class VB, 3.50%, 10/25/2031 | 270 | 266 |
| Series 2018-56, Class VN, 3.50%, 5/25/2038 | 235 | 220 |
| Series 2012-103, Class BA, 2.50%, 2/25/2042 | 98 | 95 |
| Series 2018-52, Class PZ, 4.00%, 7/25/2048 | 139 | 131 |
| Series 2019-54, Class KC, 2.50%, 9/25/2049 | 93 | 87 |
| Series 2022-4, Class TA, 1.00%, 4/25/2051 | 254 | 209 |
| Series 2021-22, Class BI, IO, 4.00%, 4/25/2051 | 3205 | 700 |
| Series 2025-18, Class MA, 0.50%, 9/25/2054 | 497 | 425 |
| Series 2018-75, Class UZ, 4.00%, 10/25/2058 | 1944 | 1868 |
| FNMA, REMIC Trust, Whole Loan Series 2002-W3, <br> Class A4, 6.50%, 11/25/2041<br>| 630 | 644 |
| GNMA |  |  |
| Series 2013-82, Class WI, IO, 3.50%, <br> 7/20/2042<br>| 2288 | 253 |
| Series 2021-73, Class ZY, 3.00%, 4/20/2051 | 533 | 306 |
| Series 2022-105, Class SG, IF, IO, 2.13%, <br> 6/20/2052 (h)<br>| 1978 | 208 |
| Series 2024-64, Class YH, 5.00%, 4/20/2054 | 1470 | 1433 |
| Series 2015-H11, Class FC, 4.66%, <br> 5/20/2065 (h)<br>| 137 | 137 |
| Series 2021-H14, Class YD, 7.18%, <br> 6/20/2071 (h)<br>| 1158 | 1019 |
| Homeward Opportunities Fund Trust Series <br> 2025-RRTL2, Class A1, 5.24%, 9/25/2040 (e) <br> (g)<br>| 800 | 803 |
| Legacy Mortgage Asset Trust Series 2021-GS1, <br> Class A1, 5.89%, 10/25/2066 (e) (g)<br>| 401 | 402 |
| LHOME Mortgage Trust Series 2024-RTL5, Class A1, <br> 5.32%, 9/25/2039 (e) (g)<br>| 640 | 641 |
| MFA Trust Series 2024-RTL3, Class A1, 5.91%, <br> 11/25/2039 (e) (g)<br>| 790 | 798 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (e) (g)<br>| 2410 | 2421 |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (e) (g)<br>| 1665 | 1677 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| NYMT Loan Trust Series 2024-BPL3, Class A1, <br> 5.27%, 9/25/2039 (e) (g)<br>| 165 | 165 |
| Roc Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.63%, 2/25/2040 (e) (g)<br>| 195 | 196 |
| Seasoned Loans Structured Transaction Trust |  |  |
| Series 2025-1, Class A1, 3.00%, 5/25/2035 | 1648 | 1533 |
| Series 2025-2, Class A1, 3.00%, 10/25/2035 | 1415 | 1329 |
| Toorak Mortgage Trust Series 2025-RRTL1, <br> Class A1, 5.52%, 2/25/2040 (e) (g)<br>| 400 | 402 |
| Towd Point Mortgage Trust Series 2021-R1, <br> Class A1, 2.92%, 11/30/2060 (e) (h)<br>| 1942 | 1764 |
| Total Collateralized Mortgage Obligations <br>(Cost $32,133)<br>|  | 31428 |
| **Commercial Mortgage-Backed Securities — 0.8%** | **Commercial Mortgage-Backed Securities — 0.8%** | **Commercial Mortgage-Backed Securities — 0.8%** |
| BXP Trust Series 2017-GM, Class A, 3.38%, <br> 6/13/2039 (e)<br>| 630 | 618 |
| Commercial Mortgage Trust Series 2018-HOME, <br> Class A, 3.82%, 4/10/2033 (e) (h)<br>| 260 | 256 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K-1511, Class A1, 3.28%, 10/25/2030 | 740 | 729 |
| Series K754, Class AM, 4.94%, 11/25/2030 (h) | 215 | 222 |
| Series K152, Class A2, 3.08%, 1/25/2031 | 155 | 148 |
| Series K-1510, Class A2, 3.72%, 1/25/2031 | 350 | 344 |
| Series KJ45, Class A2, 4.66%, 1/25/2031 | 1220 | 1245 |
| Series K-150, Class A2, 3.71%, 9/25/2032 (h) | 750 | 725 |
| FNMA ACES |  |  |
| Series 2022-M1S, Class A2, 2.08%, <br> 4/25/2032 (h)<br>| 1480 | 1305 |
| Series 2022-M2S, Class A1, 3.76%, <br> 5/25/2032 (h)<br>| 1 |  |
| Series 2023-M8, Class A2, 4.48%, <br> 3/25/2033 (h)<br>| 700 | 705 |
| Series 2024-M2, Class A2, 3.75%, 8/25/2033 | 1970 | 1869 |
| Series 2021-M3, Class X1, IO, 1.83%, <br> 11/25/2033 (h)<br>| 1271 | 78 |
| FREMF Mortgage Trust |  |  |
| Series 2017-KGX1, Class BFX, 3.59%, <br> 10/25/2027 (e) (h)<br>| 645 | 616 |
| Series 2016-K56, Class B, 3.93%, <br> 6/25/2049 (e) (h)<br>| 495 | 492 |
| Series 2017-K67, Class C, 3.95%, <br> 9/25/2049 (e) (h)<br>| 330 | 326 |
| Multi-Family Connecticut Avenue Securities Trust |  |  |
| Series 2023-01, Class M7, 7.87%, <br> 11/25/2053 (e) (h)<br>| 649 | 668 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2024-01, Class M7, 6.62%, <br> 7/25/2054 (e) (h)<br>| 135 | 137 |
| ROCK Trust Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (e)<br>| 295 | 303 |
| SLG Office Trust Series 2021-OVA, Class A, 2.59%, <br> 7/15/2041 (e)<br>| 1085 | 970 |
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class A, 5.35%, 7/15/2040 (e) (h)<br>| 395 | 406 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $12,326)<br>|  | 12162 |
| **Foreign Government Securities — 0.2%** | **Foreign Government Securities — 0.2%** | **Foreign Government Securities — 0.2%** |
| Eagle Funding Luxco SARL 5.50%, 8/17/2030 (e) | 1075 | 1093 |
| Republic of Chile 2.55%, 1/27/2032 | 200 | 179 |
| Republic of Peru 2.78%, 12/1/2060 | 174 | 95 |
| United Mexican States |  |  |
| 5.85%, 7/2/2032 | 425 | 437 |
| 5.38%, 3/22/2033 | 957 | 948 |
| 3.50%, 2/12/2034 | 597 | 517 |
| 6.00%, 5/7/2036 | 200 | 203 |
| 6.88%, 5/13/2037 | 400 | 427 |
| Total Foreign Government Securities <br>(Cost $4,029)<br>|  | 3899 |
| **Municipal Bonds — 0.0% (i) ^** | **Municipal Bonds — 0.0% (i) ^** | **Municipal Bonds — 0.0% (i) ^** |
| **Texas — 0.0% ^** | **Texas — 0.0% ^** | **Texas — 0.0% ^** |
| Texas Natural Gas Securitization Finance Corp., <br> Customer Rate Relief Bonds Series 2023A-2, <br> Rev., 5.17%, 4/1/2041 (Cost $175)<br>| 175 | 179 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** | **Short-Term Investments — 2.9%** |
| **Investment Companies — 2.8%** | **Investment Companies — 2.8%** | **Investment Companies — 2.8%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (j) <br>(Cost $44,331)<br>| 44331 | 44331 |
| **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% (a) (j) <br>(Cost $1,297)<br>| 1297 | 1297 |
| Total Short-Term Investments <br>(Cost $45,628)<br>|  | 45628 |
| **Total Investments — 99.4%** <br>**(Cost $1,293,973)**<br>|  | **1583576** |
| **Other Assets in Excess of Liabilities — 0.6%** |  | **10013** |
| **NET ASSETS — 100.0%** |  | **1593589** |

---

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

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| CME | Chicago Mercantile Exchange |
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of <br> December 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| UMBS | Uniform Mortgage-Backed Securities |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (b) | 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 $1,260.<br>|
| (c) | All or a portion of this security is deposited with the <br> broker as initial margin for futures contracts.<br>|
| (d) | The rate shown is the effective yield as of December <br> 31, 2025. <br>|
| (e) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 17

------

JPMorgan SmartRetirement® Blend Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate shown is the current yield as of December 31, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6849 | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 24426 | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21733 | &nbsp;&nbsp;&nbsp;&nbsp; (86)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (102)<br>|
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1033)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (2073)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (36)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (4230)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 91 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

JPMorgan SmartRetirement® Blend 2025 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>|
| **Investment Companies — 43.7%** | **Investment Companies — 43.7%** | **Investment Companies — 43.7%** |
| **Fixed Income — 19.3%** | **Fixed Income — 19.3%** | **Fixed Income — 19.3%** |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 28614 | 209455 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 5114 | 34112 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 20481 | 134968 |
| Total Fixed Income |  | 378535 |
| **International Equity — 2.0%** | **International Equity — 2.0%** | **International Equity — 2.0%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 1859 | 39039 |
| **U.S. Equity — 22.4%** | **U.S. Equity — 22.4%** | **U.S. Equity — 22.4%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 4296 | 440542 |
| Total Investment Companies <br>(Cost $578,339)<br>|  | 858116 |
| **Exchange-Traded Funds — 22.6%** | **Exchange-Traded Funds — 22.6%** | **Exchange-Traded Funds — 22.6%** |
| **Alternative Assets — 0.9%** | **Alternative Assets — 0.9%** | **Alternative Assets — 0.9%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 181 | 16776 |
| **Fixed Income — 4.5%** | **Fixed Income — 4.5%** | **Fixed Income — 4.5%** |
| JPMorgan Inflation Managed Bond ETF (a) | 1840 | 88683 |
| **International Equity — 12.6%** | **International Equity — 12.6%** | **International Equity — 12.6%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a) (b)<br>| 610 | 38807 |
| JPMorgan BetaBuilders International Equity ETF (a) | 2888 | 208838 |
| Total International Equity |  | 247645 |
| **U.S. Equity — 4.6%** | **U.S. Equity — 4.6%** | **U.S. Equity — 4.6%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 543 | 57887 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 429 | 31911 |
| Total U.S. Equity |  | 89798 |
| Total Exchange-Traded Funds <br>(Cost $323,597)<br>|  | 442902 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 9.4%** | **U.S. Treasury Obligations — 9.4%** | **U.S. Treasury Obligations — 9.4%** |
| U.S. Treasury Bonds |  |  |
| 3.13%, 2/15/2043 | 2740 | 2216 |
| 3.88%, 2/15/2043 | 11305 | 10170 |
| 3.88%, 5/15/2043 | 325 | 292 |
| 4.38%, 8/15/2043 | 4523 | 4320 |
| 4.13%, 8/15/2044 | 9090 | 8343 |
| 1.38%, 8/15/2050 | 14911 | 7332 |
| 1.63%, 11/15/2050 | 1336 | 701 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| 3.00%, 8/15/2052 | 9350 | 6697 |
| 4.75%, 5/15/2055 | 200 | 197 |
| U.S. Treasury Notes |  |  |
| 4.00%, 2/15/2026 (c) | 6840 | 6842 |
| 3.75%, 4/30/2027 | 6335 | 6355 |
| 0.63%, 12/31/2027 | 1255 | 1186 |
| 1.25%, 4/30/2028 | 2990 | 2841 |
| 1.00%, 7/31/2028 | 14945 | 14023 |
| 3.25%, 6/30/2029 | 575 | 569 |
| 3.13%, 8/31/2029 | 2006 | 1972 |
| 3.88%, 9/30/2029 | 1470 | 1483 |
| 3.50%, 1/31/2030 | 3830 | 3808 |
| 3.63%, 3/31/2030 | 17050 | 17018 |
| 4.13%, 8/31/2030 | 8499 | 8648 |
| 4.88%, 10/31/2030 | 4000 | 4202 |
| 4.13%, 2/29/2032 | 19600 | 19876 |
| 3.88%, 8/31/2032 | 2950 | 2942 |
| 3.88%, 12/31/2032 | 2053 | 2044 |
| 3.50%, 2/15/2033 | 945 | 918 |
| 3.88%, 8/15/2033 | 7220 | 7160 |
| 4.00%, 2/15/2034 | 4770 | 4755 |
| 3.88%, 8/15/2034 | 16798 | 16540 |
| 4.25%, 11/15/2034 | 12960 | 13096 |
| U.S. Treasury STRIPS Bonds |  |  |
| 1.21%, 5/15/2027 (d) | 1680 | 1601 |
| 3.37%, 2/15/2035 (d) | 526 | 356 |
| 4.20%, 8/15/2035 (d) | 1296 | 855 |
| 4.24%, 2/15/2036 (d) | 302 | 194 |
| 4.35%, 5/15/2036 (d) | 606 | 384 |
| 4.31%, 8/15/2036 (d) | 277 | 173 |
| 4.64%, 8/15/2040 (d) | 9183 | 4547 |
| 5.23%, 11/15/2040 (d) | 1040 | 507 |
| 5.17%, 2/15/2041 (d) | 665 | 320 |
| Total U.S. Treasury Obligations <br>(Cost $188,313)<br>|  | 185483 |
| **Corporate Bonds — 8.0%** | **Corporate Bonds — 8.0%** | **Corporate Bonds — 8.0%** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 2.75%, 2/1/2026 | 66 | 66 |
| 2.20%, 2/4/2026 | 85 | 85 |
| 2.70%, 2/1/2027 | 1722 | 1697 |
| 3.45%, 11/1/2028 | 200 | 196 |
| 6.53%, 5/1/2034 | 225 | 249 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 19

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Aerospace & Defense — continued** | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  |
| 5.25%, 6/1/2031 | 250 | 260 |
| 5.40%, 7/31/2033 | 206 | 215 |
| Northrop Grumman Corp.  | Northrop Grumman Corp.  | Northrop Grumman Corp.  |
| 5.15%, 5/1/2040 | 242 | 240 |
| 3.85%, 4/15/2045 | 220 | 176 |
| RTX Corp.  | RTX Corp.  | RTX Corp.  |
| 5.15%, 2/27/2033 | 155 | 160 |
| 2.82%, 9/1/2051 | 385 | 240 |
|  |  | 3584 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Hyundai Capital America 2.38%, 10/15/2027 (e) | 835 | 810 |
| **Banks — 2.5%** | **Banks — 2.5%** | **Banks — 2.5%** |
| ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.65%), 6.34%, <br> 9/18/2027 (e) (f)<br>| 200 | 203 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.25%), 5.52%, <br> 12/3/2035 (e) (f)<br>| 200 | 207 |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 2.33%), 6.61%, 9/13/2029 (e) (f) | 400 | 425 |
| (SOFR + 1.65%), 5.32%, 5/15/2031 (e) (f) | 665 | 686 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 1.72%, <br> 9/14/2027 (f)<br>| 200 | 197 |
| 6.61%, 11/7/2028 | 600 | 640 |
| 4.55%, 11/6/2030 | 200 | 200 |
| 5.44%, 7/15/2031 | 200 | 210 |
| 5.13%, 11/6/2035 | 200 | 200 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (SOFR + 1.33%), 2.97%, 2/4/2033 (f) | 675 | 617 |
| (SOFR + 1.31%), 5.51%, 1/24/2036 (f) | 460 | 480 |
| Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 2.03%, <br> 9/30/2027 (e) (f)<br>| 215 | 212 |
| (SOFR + 1.62%), 5.60%, 3/20/2030 (e) (f) | 210 | 218 |
| Bank of New Zealand (New Zealand) 5.08%, <br> 1/30/2029 (e)<br>| 250 | 257 |
| Bank of Nova Scotia (The) (Canada) 4.85%, <br> 2/1/2030<br>| 78 | 80 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) |
| 1.60%, 10/4/2026 (e) | 365 | 359 |
| 5.79%, 7/13/2028 (e) | 200 | 208 |
| 5.54%, 1/22/2030 (e) | 200 | 208 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 1.23%), 5.37%, 2/25/2031 (f) | 800 | 827 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 11/24/2032 (f)<br>| 200 | 182 |
| (SOFR + 2.98%), 6.22%, 5/9/2034 (f) | 480 | 516 |
| (SOFR + 1.59%), 5.79%, 2/25/2036 (f) | 200 | 209 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.22%), 2.16%, 9/15/2029 (e) (f) | 364 | 344 |
| (SOFR + 1.52%), 5.18%, 1/9/2030 (e) (f) | 675 | 691 |
| (SOFR + 1.59%), 5.50%, 5/20/2030 (e) (f) | 285 | 295 |
| (SOFR + 1.28%), 5.28%, 11/19/2030 (e) (f) | 795 | 818 |
| (SOFR + 1.68%), 5.09%, 5/9/2031 (e) (f) | 720 | 735 |
| (SOFR + 1.62%), 5.79%, 1/13/2033 (e) (f) | 325 | 341 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| (SOFR + 2.27%), 6.71%, 10/19/2029 (e) (f) | 300 | 318 |
| (SOFR + 1.58%), 5.39%, 5/28/2031 (e) (f) | 815 | 837 |
| (SOFR + 1.85%), 5.94%, 5/30/2035 (e) (f) | 615 | 641 |
| (SOFR + 2.04%), 6.29%, 1/14/2036 (e) (f) | 260 | 278 |
| (SOFR + 1.96%), 6.03%, 5/28/2036 (e) (f) | 680 | 713 |
| CaixaBank SA (Spain) (SOFR + 1.79%), 5.58%, <br> 7/3/2036 (e) (f)<br>| 660 | 678 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (3-MONTH CME TERM SOFR + 1.41%), 3.52%, <br> 10/27/2028 (f)<br>| 502 | 498 |
| (SOFR + 1.36%), 5.17%, 2/13/2030 (f) | 940 | 965 |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (f) | 403 | 406 |
| (SOFR + 1.17%), 4.50%, 9/11/2031 (f) | 265 | 266 |
| (SOFR + 1.35%), 3.06%, 1/25/2033 (f) | 940 | 861 |
| (SOFR + 1.49%), 5.17%, 9/11/2036 (f) | 235 | 237 |
| Cooperatieve Rabobank UA (Netherlands) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.99%, <br> 5/27/2031 (e) (f)<br>| 455 | 465 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.13%), 5.23%, 1/9/2029 (e) (f) | 270 | 276 |
| (SOFR + 1.46%), 5.22%, 5/27/2031 (e) (f) | 311 | 319 |
| (SOFR + 1.36%), 4.82%, 9/25/2033 (e) (f) | 455 | 454 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

20 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.40%), 5.71%, <br> 3/1/2030 (e) (f)<br>| 400 | 416 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 4.61%, <br> 10/2/2030 (e) (f)<br>| 200 | 202 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.02%, <br> 3/4/2031 (e) (f)<br>| 285 | 291 |
| DNB Bank ASA (Norway) | DNB Bank ASA (Norway) | DNB Bank ASA (Norway) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.68%), 1.61%, <br> 3/30/2028 (e) (f)<br>| 335 | 325 |
| (SOFR + 1.05%), 4.85%, 11/5/2030 (e) (f) | 340 | 347 |
| Fifth Third Bancorp (SOFR + 1.84%), 5.63%, <br> 1/29/2032 (f)<br>| 416 | 437 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.73%), 2.01%, 9/22/2028 (f) | 1885 | 1819 |
| (SOFR + 1.29%), 2.21%, 8/17/2029 (f) | 205 | 195 |
| (SOFR + 1.29%), 5.29%, 11/19/2030 (f) | 440 | 454 |
| (SOFR + 1.29%), 5.13%, 3/3/2031 (f) | 200 | 205 |
| (SOFR + 1.19%), 4.62%, 11/6/2031 (f) | 200 | 201 |
| (SOFR + 1.43%), 5.13%, 11/6/2036 (f) | 240 | 241 |
| Huntington Bancshares, Inc. (SOFR + 1.28%), <br> 5.27%, 1/15/2031 (f)<br>| 190 | 196 |
| Huntington National Bank (The) 5.65%, <br> 1/10/2030<br>| 337 | 353 |
| KBC Group NV (Belgium) | KBC Group NV (Belgium) | KBC Group NV (Belgium) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 4.93%, <br> 10/16/2030 (e) (f)<br>| 225 | 229 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 4.45%, <br> 9/23/2031 (e) (f)<br>| 775 | 773 |
| KeyCorp (SOFRINDX + 1.23%), 5.12%, <br> 4/4/2031 (f)<br>| 985 | 1012 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 1.63%, <br> 5/11/2027 (f)<br>| 220 | 218 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.38%), 5.46%, <br> 1/5/2028 (f)<br>| 255 | 258 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.75%), 5.68%, <br> 1/5/2035 (f)<br>| 280 | 295 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.97%), 4.94%, <br> 11/4/2036 (f)<br>| 390 | 386 |
| M&T Bank Corp. (SOFR + 1.40%), 5.18%, <br> 7/8/2031 (f)<br>| 410 | 421 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.17%), 5.16%, <br> 4/24/2031 (f)<br>| 200 | 206 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.19%, <br> 9/12/2036 (f)<br>| 365 | 371 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.67%), 1.23%, <br> 5/22/2027 (f)<br>| 230 | 227 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.08%), 5.38%, <br> 7/10/2030 (f)<br>| 550 | 569 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.71%, <br> 7/8/2031 (f)<br>| 405 | 410 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 5.32%, <br> 7/8/2036 (f)<br>| 645 | 663 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| (3-MONTH SOFR + 1.75%), 4.89%, <br> 5/18/2029 (f)<br>| 200 | 203 |
| (3-MONTH SOFR + 1.91%), 5.08%, <br> 1/27/2030 (f)<br>| 200 | 204 |
| (3-MONTH SOFR + 1.87%), 4.45%, <br> 5/8/2030 (f)<br>| 210 | 211 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.22%), 4.96%, <br> 8/15/2030 (f)<br>| 662 | 676 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.50%), 5.78%, <br> 3/1/2035 (f)<br>| 355 | 375 |
| NatWest Markets plc (United Kingdom) 5.41%, <br> 5/17/2029 (e)<br>| 435 | 451 |
| Norinchukin Bank (The) (Japan) 5.36%, <br> 9/9/2035 (e)<br>| 500 | 507 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| (SOFR + 1.26%), 4.81%, 10/21/2032 (f) | 250 | 254 |
| (SOFR + 1.93%), 5.07%, 1/24/2034 (f) | 264 | 270 |
| (SOFR + 1.42%), 5.37%, 7/21/2036 (f) | 415 | 427 |
| Royal Bank of Canada (Canada) (SOFRINDX + <br> 1.08%), 4.65%, 10/18/2030 (f)<br>| 395 | 401 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 21

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Santander Holdings USA, Inc. (SOFR + 2.50%), <br> 6.17%, 1/9/2030 (f)<br>| 265 | 276 |
| Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) |
| (SOFR + 0.99%), 1.67%, 6/14/2027 (f) | 230 | 227 |
| (SOFR + 2.60%), 6.53%, 1/10/2029 (f) | 360 | 376 |
| (SOFRINDX + 1.55%), 4.86%, 9/11/2030 (f) | 215 | 218 |
| (SOFRINDX + 1.52%), 5.69%, 4/15/2031 (f) | 245 | 255 |
| Skandinaviska Enskilda Banken AB (Sweden) | Skandinaviska Enskilda Banken AB (Sweden) | Skandinaviska Enskilda Banken AB (Sweden) |
| 5.38%, 3/5/2029 (e) | 410 | 424 |
| 4.50%, 9/3/2030 (e) | 270 | 271 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| 5.25%, 2/19/2027 (e) | 288 | 291 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 1.79%, <br> 6/9/2027 (e) (f)<br>| 270 | 267 |
| (SOFR + 1.65%), 5.51%, 5/22/2031 (e) (f) | 1078 | 1111 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 6/9/2032 (e) (f)<br>| 625 | 566 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.10%), 6.07%, <br> 1/19/2035 (e) (f)<br>| 214 | 226 |
| (SOFR + 1.73%), 5.44%, 10/3/2036 (e) (f) | 330 | 331 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 5.71%, 1/13/2030 | 420 | 442 |
| 5.42%, 7/9/2031 | 550 | 576 |
| (SOFR + 1.38%), 4.95%, 7/8/2033 (f) | 500 | 509 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| 5.16%, 1/10/2028 | 190 | 194 |
| 5.30%, 1/30/2032 | 265 | 277 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 2.05%), 6.05%, 6/8/2027 (f) | 155 | 156 |
| (SOFR + 2.45%), 7.16%, 10/30/2029 (f) | 156 | 168 |
| (SOFR + 1.31%), 5.07%, 5/20/2031 (f) | 795 | 817 |
| (SOFR + 1.85%), 5.12%, 1/26/2034 (f) | 140 | 143 |
| (SOFR + 1.92%), 5.71%, 1/24/2035 (f) | 171 | 180 |
| (SOFR + 1.40%), 4.96%, 10/23/2036 (f) | 385 | 381 |
| UniCredit SpA (Italy) (US Treasury Yield Curve Rate <br> T Note Constant Maturity 1 Year + 1.20%), <br> 1.98%, 6/3/2027 (e) (f)<br>| 200 | 198 |
| US Bancorp (SOFR + 1.30%), 5.08%, <br> 5/15/2031 (f)<br>| 330 | 340 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| 4.30%, 7/22/2027 | 1701 | 1708 |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (f) | 90 | 93 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 1.50%), 5.20%, 1/23/2030 (f) | 80 | 82 |
| (SOFR + 2.10%), 4.90%, 7/25/2033 (f) | 88 | 89 |
| (SOFR + 2.02%), 5.39%, 4/24/2034 (f) | 107 | 111 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (f) | 95 | 100 |
| (SOFR + 1.78%), 5.50%, 1/23/2035 (f) | 800 | 835 |
| (SOFR + 1.38%), 5.21%, 12/3/2035 (f) | 1085 | 1108 |
| (SOFR + 1.74%), 5.61%, 4/23/2036 (f) | 217 | 227 |
| (SOFR + 2.53%), 3.07%, 4/30/2041 (f) | 156 | 121 |
| (SOFR + 2.13%), 4.61%, 4/25/2053 (f) | 320 | 275 |
| Westpac New Zealand Ltd. (New Zealand) 5.20%, <br> 2/28/2029 (e)<br>| 540 | 556 |
|  |  | 49001 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| Constellation Brands, Inc. 4.50%, 5/9/2047 | 275 | 230 |
| Keurig Dr Pepper, Inc. Series 10, 5.20%, <br> 3/15/2031<br>| 280 | 288 |
|  |  | 518 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 5.05%, 3/15/2034 | 590 | 606 |
| 4.05%, 11/21/2039 | 500 | 446 |
| 4.25%, 11/21/2049 | 240 | 198 |
| Amgen, Inc. 5.65%, 3/2/2053 | 820 | 803 |
| Biogen, Inc. 5.75%, 5/15/2035 | 235 | 247 |
| Gilead Sciences, Inc. 2.60%, 10/1/2040 | 436 | 323 |
|  |  | 2623 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Amazon.com, Inc. 3.95%, 4/13/2052 | 530 | 414 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| Masco Corp. 2.00%, 10/1/2030 | 165 | 147 |
| **Capital Markets — 0.5%** | **Capital Markets — 0.5%** | **Capital Markets — 0.5%** |
| Bank of New York Mellon Corp. (The) (SOFR + <br> 1.85%), 6.47%, 10/25/2034 (f)<br>| 190 | 213 |
| Brookfield Finance, Inc. (Canada) 3.50%, <br> 3/30/2051<br>| 278 | 193 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.22%), 2.31%, 11/16/2027 (f) | 388 | 382 |
| (SOFR + 1.21%), 5.37%, 1/10/2029 (f) | 230 | 235 |
| 5.41%, 5/10/2029 | 230 | 239 |
| (SOFR + 1.70%), 5.00%, 9/11/2030 (f) | 160 | 162 |
| (SOFR + 1.72%), 5.30%, 5/9/2031 (f) | 1155 | 1183 |
| (SOFR + 1.30%), 4.95%, 8/4/2031 (f) | 190 | 192 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

22 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| (SOFR + 1.10%), 4.47%, 12/10/2031 (f) | 150 | 149 |
| (SOFR + 2.05%), 5.40%, 9/11/2035 (f) | 165 | 168 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 1.11%), 2.64%, 2/24/2028 (f) | 528 | 520 |
| (SOFR + 1.77%), 6.48%, 10/24/2029 (f) | 250 | 265 |
| (SOFR + 1.21%), 5.05%, 7/23/2030 (f) | 535 | 548 |
| (SOFR + 1.58%), 5.22%, 4/23/2031 (f) | 137 | 142 |
| (SOFR + 1.55%), 5.33%, 7/23/2035 (f) | 1140 | 1171 |
| (SOFR + 1.33%), 4.94%, 10/21/2036 (f) | 700 | 695 |
| Macquarie Group Ltd. (Australia) (SOFR + 1.53%), <br> 2.87%, 1/14/2033 (e) (f)<br>| 250 | 226 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 1.59%), 5.16%, 4/20/2029 (f) | 355 | 363 |
| (SOFR + 1.22%), 5.04%, 7/19/2030 (f) | 220 | 226 |
| (SOFR + 1.20%), 2.51%, 10/20/2032 (f) | 710 | 637 |
| (SOFR + 1.73%), 5.47%, 1/18/2035 (f) | 132 | 137 |
| (SOFR + 1.56%), 5.32%, 7/19/2035 (f) | 300 | 309 |
| (SOFR + 1.49%), 3.22%, 4/22/2042 (f) | 245 | 192 |
| Nasdaq, Inc. 5.55%, 2/15/2034 | 79 | 83 |
| State Street Corp. (SOFR + 1.22%), 4.78%, <br> 10/23/2036 (f)<br>| 170 | 169 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (SOFR + 1.06%), 4.40%, 9/23/2031 (e) (f) | 245 | 244 |
| (SOFR + 1.29%), 4.84%, 11/6/2033 (e) (f) | 630 | 631 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.00%), 6.30%, <br> 9/22/2034 (e) (f)<br>| 200 | 218 |
| (SOFR + 1.34%), 5.01%, 3/23/2037 (e) (f) | 515 | 510 |
|  |  | 10402 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  |
| 5.32%, 11/15/2038 | 933 | 935 |
| 5.42%, 11/15/2048 | 64 | 61 |
| EIDP, Inc. 5.13%, 5/15/2032 | 445 | 457 |
| International Flavors & Fragrances, Inc. 2.30%, <br> 11/1/2030 (e)<br>| 370 | 334 |
| Nutrien Ltd. (Canada) 5.00%, 4/1/2049 | 121 | 108 |
|  |  | 1895 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) |
| 6.32%, 12/4/2028 (e) | 530 | 559 |
| 5.04%, 3/25/2030 (e) | 140 | 143 |
|  |  | 702 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| Quanta Services, Inc. 5.10%, 8/9/2035 | 300 | 301 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 5.10%, 1/19/2029 | 175 | 179 |
| 3.30%, 1/30/2032 | 150 | 138 |
| 5.00%, 11/15/2035 | 210 | 207 |
| Aircastle Ltd. 5.25%, 3/15/2030 (e) | 225 | 230 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFR + 1.22%), 4.92%, 7/20/2033 (f) | 165 | 168 |
| (SOFRINDX + 1.32%), 5.44%, 1/30/2036 (f) | 270 | 280 |
| (SOFR + 1.24%), 4.80%, 10/24/2036 (f) | 210 | 207 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 2.13%, 2/21/2026 (e) | 150 | 149 |
| 4.25%, 4/15/2026 (e) | 25 | 25 |
| 4.38%, 5/1/2026 (e) | 110 | 110 |
| 2.53%, 11/18/2027 (e) | 343 | 333 |
| 4.95%, 1/15/2028 (e) | 338 | 343 |
| 5.15%, 1/15/2030 (e) | 285 | 290 |
| 4.90%, 10/10/2030 (e) | 125 | 126 |
| 4.70%, 1/30/2031 (e) | 215 | 214 |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| (SOFR + 1.91%), 5.70%, 2/1/2030 (f) | 180 | 187 |
| (SOFR + 1.27%), 2.62%, 11/2/2032 (f) | 235 | 211 |
| (SOFR + 1.63%), 5.20%, 9/11/2036 (f) | 200 | 199 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 5.20%, 3/27/2028 (e) | 170 | 173 |
| 5.15%, 3/17/2030 (e) | 117 | 119 |
|  |  | 3888 |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| Kroger Co. (The)  | Kroger Co. (The)  | Kroger Co. (The)  |
| 5.00%, 9/15/2034 | 120 | 120 |
| 5.50%, 9/15/2054 | 90 | 86 |
|  |  | 206 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (e)<br>| 259 | 257 |
| Smurfit Westrock Financing DAC (Ireland) 5.42%, <br> 1/15/2035<br>| 335 | 345 |
|  |  | 602 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| University of Miami Series 2022, 4.06%, 4/1/2052 | 110 | 88 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 23

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| Equinix Europe 2 Financing Corp. LLC 4.60%, <br> 11/15/2030<br>| 470 | 471 |
| Safehold GL Holdings LLC 2.85%, 1/15/2032 | 406 | 366 |
| WP Carey, Inc. 2.40%, 2/1/2031 | 183 | 165 |
|  |  | 1002 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 3.50%, 6/1/2041 | 664 | 522 |
| 3.55%, 9/15/2055 | 398 | 265 |
|  |  | 787 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  |
| 5.40%, 6/1/2053 | 280 | 269 |
| 5.65%, 6/1/2054 | 190 | 189 |
| Consumers 2023 Securitization Funding LLC Series <br> A2, 5.21%, 9/1/2030<br>| 786 | 810 |
| DTE Electric Securitization Funding II LLC Series A-2, <br> 6.09%, 9/1/2037<br>| 300 | 324 |
| Duke Energy Corp.  | Duke Energy Corp.  | Duke Energy Corp.  |
| 6.10%, 9/15/2053 | 580 | 601 |
| 5.70%, 9/15/2055 | 215 | 209 |
| Duke Energy Indiana LLC Series YYY, 3.25%, <br> 10/1/2049<br>| 123 | 84 |
| Duke Energy Progress LLC 2.90%, 8/15/2051 | 170 | 107 |
| Duke Energy Progress SC Storm Funding LLC Series <br> A, 5.40%, 3/1/2044<br>| 855 | 878 |
| Edison International  | Edison International  | Edison International  |
| 5.75%, 6/15/2027 | 265 | 270 |
| 5.25%, 11/15/2028 | 500 | 507 |
| Electricite de France SA (France) 5.95%, <br> 4/22/2034 (e)<br>| 220 | 234 |
| Emera US Finance LP (Canada) 4.75%, 6/15/2046 | 253 | 216 |
| Enel Finance International NV (Italy) 5.00%, <br> 9/30/2035 (e)<br>| 285 | 283 |
| Entergy Arkansas LLC 2.65%, 6/15/2051 | 88 | 52 |
| Entergy Louisiana LLC  | Entergy Louisiana LLC  | Entergy Louisiana LLC  |
| 4.00%, 3/15/2033 | 202 | 195 |
| 2.90%, 3/15/2051 | 80 | 50 |
| 5.70%, 3/15/2054 | 140 | 139 |
| Evergy Metro, Inc. 5.40%, 4/1/2034 | 240 | 250 |
| Evergy Missouri West Storm Funding I LLC Series <br> A-1, 5.10%, 12/1/2038<br>| 577 | 592 |
| Evergy Missouri West, Inc. 5.15%, 12/15/2027 (e) | 282 | 287 |
| Evergy, Inc. 2.90%, 9/15/2029 | 272 | 259 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Fells Point Funding Trust 3.05%, 1/31/2027 (e) | 560 | 553 |
| FirstEnergy Transmission LLC 4.55%, 4/1/2049 (e) | 235 | 200 |
| ITC Holdings Corp.  | ITC Holdings Corp.  | ITC Holdings Corp.  |
| 2.95%, 5/14/2030 (e) | 156 | 147 |
| 5.40%, 6/1/2033 (e) | 500 | 515 |
| Jersey Central Power & Light Co. 5.10%, <br> 1/15/2035<br>| 95 | 96 |
| Massachusetts Electric Co. 4.00%, 8/15/2046 (e) | 118 | 93 |
| MidAmerican Energy Co. 5.85%, 9/15/2054 | 120 | 123 |
| New England Power Co. 2.81%, 10/6/2050 (e) | 328 | 201 |
| NextEra Energy Capital Holdings, Inc. 5.55%, <br> 3/15/2054<br>| 410 | 396 |
| Niagara Mohawk Power Corp. 6.00%, 7/3/2055 (e) | 60 | 61 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 2.45%, 12/2/2027 (e) | 410 | 396 |
| 4.73%, 10/15/2030 (e) | 555 | 556 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 6.15%, 1/15/2033 | 250 | 265 |
| 6.40%, 6/15/2033 | 203 | 219 |
| 5.80%, 5/15/2034 | 442 | 459 |
| 6.00%, 8/15/2035 | 750 | 787 |
| 4.30%, 3/15/2045 | 90 | 71 |
| 6.75%, 1/15/2053 | 125 | 133 |
| PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  |
| Series A-2, 5.23%, 6/1/2042 | 2435 | 2462 |
| Series A-3, 5.54%, 7/15/2047 | 200 | 201 |
| Series A-3, 5.53%, 6/1/2049 | 340 | 340 |
| PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  |
| Series A-2, 4.26%, 6/1/2036 | 135 | 131 |
| Series A-4, 5.21%, 12/1/2047 | 80 | 77 |
| Series A-5, 5.10%, 6/1/2052 | 150 | 140 |
| PPL Capital Funding, Inc. 5.25%, 9/1/2034 | 165 | 169 |
| Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  |
| 5.25%, 1/15/2033 | 240 | 246 |
| 5.20%, 1/15/2035 | 70 | 71 |
| Public Service Electric and Gas Co. 3.00%, <br> 3/1/2051<br>| 410 | 268 |
| SCE Recovery Funding LLC  | SCE Recovery Funding LLC  | SCE Recovery Funding LLC  |
| Series A-1, 4.70%, 6/15/2040 | 167 | 166 |
| 5.34%, 3/15/2045 | 235 | 235 |
| Series A-2, 5.11%, 12/15/2047 | 80 | 76 |
| Sigeco Securitization I LLC Series A1, 5.03%, <br> 11/15/2036<br>| 156 | 160 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

24 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| Series C, 4.13%, 3/1/2048 | 152 | 115 |
| 5.88%, 12/1/2053 | 134 | 128 |
| 5.75%, 4/15/2054 | 505 | 473 |
| Southern Co. (The) 5.20%, 6/15/2033 | 321 | 330 |
| Union Electric Co.  | Union Electric Co.  | Union Electric Co.  |
| 5.20%, 4/1/2034 | 360 | 371 |
| 3.90%, 4/1/2052 | 198 | 151 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 6.00%, 4/15/2034 (e) | 34 | 36 |
| 5.70%, 12/30/2034 (e) | 95 | 98 |
|  |  | 18520 |
| **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** |
| Amphenol Corp. 5.30%, 11/15/2055 | 330 | 315 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  |
| 3.70%, 4/14/2027 | 366 | 365 |
| 5.40%, 6/12/2029 | 590 | 610 |
| 4.00%, 4/14/2032 | 1000 | 969 |
|  |  | 1944 |
| **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** |
| Corebridge Financial, Inc. 3.85%, 4/5/2029 | 120 | 118 |
| Fiserv, Inc. 5.15%, 8/12/2034 | 700 | 695 |
| Global Payments, Inc.  | Global Payments, Inc.  | Global Payments, Inc.  |
| 3.20%, 8/15/2029 | 395 | 377 |
| 5.30%, 8/15/2029 | 71 | 73 |
| 5.55%, 11/15/2035 | 690 | 686 |
| Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) |
| (3-MONTH SOFR + 1.45%), 4.30%, <br> 3/8/2029 (e) (f)<br>| 260 | 260 |
| 5.13%, 7/29/2029 (e) | 602 | 618 |
| (SOFR + 1.65%), 5.54%, 7/14/2036 (e) (f) | 200 | 206 |
| NTT Finance Corp. (Japan) 5.17%, 7/16/2032 (e) | 410 | 421 |
| Street Capital Group, Inc. (Canada) 0.00%, <br> 2/15/2030 ‡<br>| 692 | 692 |
|  |  | 4146 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  |
| 2.75%, 5/14/2031 | 159 | 146 |
| 4.65%, 9/17/2034 | 298 | 292 |
| 5.15%, 8/4/2035 | 60 | 61 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| JBS USA Holding Lux SARL  | JBS USA Holding Lux SARL  | JBS USA Holding Lux SARL  |
| 3.75%, 12/1/2031 | 285 | 271 |
| 6.75%, 3/15/2034 | 251 | 277 |
| 5.50%, 1/15/2036 (e) | 440 | 447 |
| 6.50%, 12/1/2052 | 35 | 36 |
| 6.38%, 4/15/2066 (e) | 495 | 493 |
| JBS USA LUX SARL 5.95%, 4/20/2035 (e) | 105 | 110 |
| Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  |
| 4.63%, 10/1/2039 | 250 | 228 |
| 4.38%, 6/1/2046 | 137 | 113 |
| Mars, Inc.  | Mars, Inc.  | Mars, Inc.  |
| 5.00%, 3/1/2032 (e) | 250 | 258 |
| 5.65%, 5/1/2045 (e) | 440 | 444 |
| Tyson Foods, Inc. 5.70%, 3/15/2034 | 200 | 211 |
|  |  | 3387 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Atmos Energy Corp. 2.85%, 2/15/2052 | 245 | 152 |
| Southern California Gas Co. 6.35%, 11/15/2052 | 150 | 162 |
|  |  | 314 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Canadian Pacific Railway Co. (Canada) 4.70%, <br> 5/1/2048<br>| 192 | 169 |
| CSX Corp. 3.80%, 11/1/2046 | 241 | 189 |
| ERAC USA Finance LLC 5.20%, 10/30/2034 (e) | 200 | 205 |
| Norfolk Southern Corp. 3.05%, 5/15/2050 | 237 | 156 |
| Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (e)<br>| 800 | 792 |
| Uber Technologies, Inc. 4.80%, 9/15/2034 | 150 | 150 |
| Union Pacific Corp. 3.55%, 8/15/2039 | 345 | 295 |
|  |  | 1956 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| Boston Scientific Corp. 4.55%, 3/1/2039 | 78 | 74 |
| DH Europe Finance II SARL 3.25%, 11/15/2039 | 123 | 101 |
| Solventum Corp. 5.60%, 3/23/2034 | 336 | 350 |
|  |  | 525 |
| **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** |
| AHS Hospital Corp. 5.02%, 7/1/2045 | 140 | 131 |
| Banner Health 1.90%, 1/1/2031 | 323 | 289 |
| Cencora, Inc.  | Cencora, Inc.  | Cencora, Inc.  |
| 5.13%, 2/15/2034 | 770 | 790 |
| 4.25%, 3/1/2045 | 400 | 338 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 25

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| Children's Hospital of Philadelphia (The) Series <br> 2020, 2.70%, 7/1/2050<br>| 240 | 149 |
| Cigna Group (The)  | Cigna Group (The)  | Cigna Group (The)  |
| 5.13%, 5/15/2031 | 600 | 620 |
| 5.25%, 1/15/2036 | 555 | 565 |
| CommonSpirit Health  | CommonSpirit Health  | CommonSpirit Health  |
| 2.78%, 10/1/2030 | 195 | 181 |
| 3.91%, 10/1/2050 | 80 | 60 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 3.63%, 3/15/2032 | 103 | 97 |
| 5.45%, 9/15/2034 | 380 | 391 |
| 5.75%, 3/1/2035 | 247 | 259 |
| 4.90%, 11/15/2035 | 150 | 148 |
| 5.50%, 6/15/2047 | 140 | 132 |
| 3.50%, 7/15/2051 | 125 | 85 |
| 5.95%, 9/15/2054 | 120 | 119 |
| 6.10%, 4/1/2064 | 425 | 421 |
| MedStar Health, Inc. Series 20A, 3.63%, <br> 8/15/2049<br>| 165 | 121 |
| MyMichigan Health Series 2020, 3.41%, 6/1/2050 | 50 | 35 |
| PeaceHealth Obligated Group Series 2020, 3.22%, <br> 11/15/2050<br>| 175 | 113 |
| Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | 230 | 146 |
| UnitedHealth Group, Inc. 5.88%, 2/15/2053 | 110 | 111 |
| West Virginia United Health System Obligated Group <br> Series 2020, 3.13%, 6/1/2050<br>| 375 | 235 |
|  |  | 5536 |
| **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** |
| DOC DR LLC 2.63%, 11/1/2031 | 135 | 121 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| Starbucks Corp. 3.35%, 3/12/2050 | 251 | 171 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| AES Corp. (The) 5.80%, 3/15/2032 | 305 | 313 |
| Constellation Energy Generation LLC  | Constellation Energy Generation LLC  | Constellation Energy Generation LLC  |
| 5.80%, 3/1/2033 | 46 | 49 |
| 5.75%, 10/1/2041 | 210 | 214 |
| Southern Power Co. 5.15%, 9/15/2041 | 260 | 250 |
|  |  | 826 |
| **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** |
| Honeywell International, Inc. 5.25%, 3/1/2054 | 270 | 255 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** |
| Goodman US Finance Six LLC (Australia) 5.13%, <br> 10/7/2034 (e)<br>| 135 | 136 |
| Prologis LP 5.25%, 3/15/2054 | 332 | 315 |
|  |  | 451 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Aon North America, Inc.  | Aon North America, Inc.  | Aon North America, Inc.  |
| 5.45%, 3/1/2034 | 350 | 364 |
| 5.75%, 3/1/2054 | 120 | 119 |
| Arthur J Gallagher & Co. 5.75%, 7/15/2054 | 450 | 442 |
| Berkshire Hathaway Finance Corp. 3.85%, <br> 3/15/2052<br>| 185 | 142 |
| Brown & Brown, Inc.  | Brown & Brown, Inc.  | Brown & Brown, Inc.  |
| 2.38%, 3/15/2031 | 488 | 438 |
| 6.25%, 6/23/2055 | 370 | 385 |
| Corebridge Global Funding 4.90%, 8/21/2032 (e) | 105 | 106 |
| Empower Finance 2020 LP (Canada) 3.08%, <br> 9/17/2051 (e)<br>| 352 | 227 |
| F&G Annuities & Life, Inc. 6.50%, 6/4/2029 | 135 | 141 |
| Nationwide Mutual Insurance Co. 8.25%, <br> 12/1/2031 (e)<br>| 400 | 466 |
| New York Life Insurance Co. 3.75%, 5/15/2050 (e) | 510 | 378 |
| Northwestern Mutual Global Funding 5.16%, <br> 5/28/2031 (e)<br>| 600 | 623 |
| Principal Financial Group, Inc. 4.11%, <br> 2/15/2028 (e)<br>| 150 | 150 |
| Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  |
| 4.27%, 5/15/2047 (e) | 70 | 57 |
| 3.30%, 5/15/2050 (e) | 495 | 339 |
|  |  | 4377 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Meta Platforms, Inc.  | Meta Platforms, Inc.  | Meta Platforms, Inc.  |
| 4.88%, 11/15/2035 | 480 | 479 |
| 5.50%, 11/15/2045 | 470 | 456 |
| 5.60%, 5/15/2053 | 245 | 235 |
| 5.40%, 8/15/2054 | 200 | 186 |
| 5.63%, 11/15/2055 | 200 | 192 |
|  |  | 1548 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| Accenture Capital, Inc. 4.25%, 10/4/2031 | 245 | 245 |
| CGI, Inc. (Canada) 1.45%, 9/14/2026 | 215 | 211 |
|  |  | 456 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| Otis Worldwide Corp. 3.11%, 2/15/2040 | 290 | 228 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 2.80%, 4/1/2031 | 152 | 137 |
| 5.85%, 12/1/2035 | 235 | 234 |
| 3.50%, 3/1/2042 | 115 | 80 |
| 3.70%, 4/1/2051 | 532 | 335 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 5.17%, 1/15/2037 (e) | 373 | 368 |
| 3.25%, 11/1/2039 | 431 | 336 |
| 2.80%, 1/15/2051 | 585 | 339 |
| 5.35%, 5/15/2053 | 745 | 669 |
|  |  | 2498 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Anglo American Capital plc (South Africa) 5.75%, <br> 4/5/2034 (e)<br>| 495 | 520 |
| Corp. Nacional del Cobre de Chile (Chile) 6.44%, <br> 1/26/2036 (e)<br>| 200 | 216 |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 2.50%, 9/1/2030 (e) | 398 | 365 |
| 5.63%, 4/4/2034 (e) | 230 | 240 |
| Steel Dynamics, Inc. 1.65%, 10/15/2027 | 316 | 304 |
|  |  | 1645 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 | 241 | 149 |
| DTE Energy Co. 5.10%, 3/1/2029 | 600 | 615 |
| Engie SA (France) 5.63%, 4/10/2034 (e) | 700 | 735 |
| Public Service Enterprise Group, Inc. 5.45%, <br> 4/1/2034<br>| 200 | 207 |
| Puget Energy, Inc. 5.73%, 3/15/2035 | 135 | 139 |
| San Diego Gas & Electric Co. 2.95%, 8/15/2051 | 370 | 235 |
| Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  |
| Series B, 5.10%, 9/15/2035 | 100 | 101 |
| Series 21A, 3.15%, 9/30/2051 | 170 | 110 |
|  |  | 2291 |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| COPT Defense Properties LP 2.75%, 4/15/2031 | 295 | 269 |
| **Oil, Gas & Consumable Fuels — 0.5%** | **Oil, Gas & Consumable Fuels — 0.5%** | **Oil, Gas & Consumable Fuels — 0.5%** |
| Aker BP ASA (Norway) | Aker BP ASA (Norway) | Aker BP ASA (Norway) |
| 5.13%, 10/1/2034 (e) | 150 | 147 |
| 5.80%, 10/1/2054 (e) | 150 | 136 |
| BP Capital Markets America, Inc. 2.77%, <br> 11/10/2050<br>| 238 | 147 |
| Cheniere Energy Partners LP 5.55%, <br> 10/30/2035 (e)<br>| 145 | 148 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Cheniere Energy, Inc. 5.65%, 4/15/2034 | 160 | 166 |
| Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  |
| 5.10%, 10/1/2031 (e) | 102 | 104 |
| 5.68%, 1/15/2034 (e) | 148 | 153 |
| Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  |
| 5.44%, 2/15/2035 (e) | 530 | 541 |
| 5.96%, 2/15/2055 (e) | 365 | 360 |
| ConocoPhillips Co. 5.50%, 1/15/2055 | 265 | 254 |
| Coterra Energy, Inc.  | Coterra Energy, Inc.  | Coterra Energy, Inc.  |
| 3.90%, 5/15/2027 | 155 | 154 |
| 5.40%, 2/15/2035 | 255 | 259 |
| Devon Energy Corp. 5.75%, 9/15/2054 | 93 | 85 |
| Eastern Energy Gas Holdings LLC 6.20%, <br> 1/15/2055<br>| 140 | 145 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 5.70%, 3/8/2033 | 180 | 190 |
| 5.63%, 4/5/2034 | 335 | 350 |
| Energy Transfer LP 5.00%, 5/15/2044 (g) | 565 | 490 |
| Eni SpA (Italy) 5.95%, 5/15/2054 (e) | 200 | 198 |
| Enterprise Products Operating LLC  | Enterprise Products Operating LLC  | Enterprise Products Operating LLC  |
| 4.95%, 2/15/2035 | 210 | 212 |
| 4.45%, 2/15/2043 | 354 | 311 |
| Exxon Mobil Corp. 3.00%, 8/16/2039 | 734 | 587 |
| Galaxy Pipeline Assets Bidco Ltd. (United Arab <br> Emirates) 2.94%, 9/30/2040 (e)<br>| 217 | 184 |
| Gray Oak Pipeline LLC 3.45%, 10/15/2027 (e) | 334 | 330 |
| Kinder Morgan, Inc. 7.80%, 8/1/2031 | 500 | 579 |
| MPLX LP  | MPLX LP  | MPLX LP  |
| 5.50%, 6/1/2034 | 360 | 367 |
| 4.50%, 4/15/2038 | 130 | 119 |
| NGPL PipeCo LLC 3.25%, 7/15/2031 (e) | 210 | 193 |
| Northern Natural Gas Co. 5.63%, 2/1/2054 (e) | 40 | 38 |
| ONEOK, Inc. 4.75%, 10/15/2031 | 490 | 493 |
| Ovintiv, Inc. 6.25%, 7/15/2033 | 400 | 424 |
| Pioneer Natural Resources Co. 2.15%, 1/15/2031 | 185 | 168 |
| Shell Finance US, Inc. 3.13%, 11/7/2049 (e) | 251 | 169 |
| South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) |
| 4.91%, 9/1/2027 | 85 | 86 |
| 5.03%, 10/1/2029 | 95 | 96 |
| Targa Resources Corp. 4.90%, 9/15/2030 | 445 | 453 |
| TotalEnergies Capital International SA (France) <br> 2.99%, 6/29/2041<br>| 495 | 374 |
| TransCanada PipeLines Ltd. (Canada) 5.85%, <br> 3/15/2036<br>| 350 | 365 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 27

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Western Midstream Operating LP 5.25%, <br> 2/1/2050 (g)<br>| 105 | 90 |
| Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  |
| 5.60%, 3/15/2035 | 195 | 203 |
| 6.00%, 3/15/2055 | 55 | 56 |
|  |  | 9924 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| United Airlines Pass-Through Trust Series 2016-2, <br> Class A, 3.10%, 10/7/2028<br>| 593 | 567 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Haleon US Capital LLC 4.00%, 3/24/2052 | 350 | 275 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 4.13%, 6/15/2039 | 295 | 268 |
| 4.25%, 10/26/2049 | 230 | 188 |
| 3.70%, 3/15/2052 | 171 | 126 |
| 5.55%, 2/22/2054 | 27 | 27 |
| Eli Lilly & Co. 5.00%, 2/9/2054 | 540 | 504 |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| 2.35%, 6/24/2040 | 348 | 251 |
| 2.90%, 12/10/2061 | 35 | 20 |
| Pfizer Investment Enterprises Pte. Ltd. 5.30%, <br> 5/19/2053<br>| 375 | 355 |
| Takeda Pharmaceutical Co. Ltd. (Japan) 3.18%, <br> 7/9/2050<br>| 750 | 500 |
|  |  | 2239 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| Verisk Analytics, Inc. 5.75%, 4/1/2033 | 170 | 180 |
| **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** |
| Essex Portfolio LP 5.50%, 4/1/2034 | 100 | 103 |
| UDR, Inc. 2.10%, 8/1/2032 | 482 | 412 |
|  |  | 515 |
| **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** |
| Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  |
| 2.25%, 4/1/2028 | 180 | 173 |
| 2.50%, 8/16/2031 | 110 | 99 |
| NNN REIT, Inc.  | NNN REIT, Inc.  | NNN REIT, Inc.  |
| 5.60%, 10/15/2033 | 100 | 104 |
| 5.50%, 6/15/2034 | 150 | 155 |
|  |  | 531 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 1.95%, 2/15/2028 | 529 | 508 |
| 5.15%, 11/15/2031 | 500 | 519 |
| 4.55%, 2/15/2032 | 216 | 217 |
| 4.80%, 2/15/2036 | 159 | 157 |
| 3.19%, 11/15/2036 (e) | 228 | 193 |
| Intel Corp.  | Intel Corp.  | Intel Corp.  |
| 3.73%, 12/8/2047 | 145 | 103 |
| 3.25%, 11/15/2049 | 140 | 89 |
| 3.05%, 8/12/2051 | 140 | 86 |
| KLA Corp. 3.30%, 3/1/2050 | 442 | 307 |
| Marvell Technology, Inc. 5.45%, 7/15/2035 | 1038 | 1069 |
| NXP BV (Netherlands) 3.25%, 5/11/2041 | 365 | 277 |
|  |  | 3525 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| Cadence Design Systems, Inc. 4.70%, 9/10/2034 | 386 | 386 |
| Intuit, Inc. 5.50%, 9/15/2053 | 70 | 69 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 4.80%, 9/26/2032 | 555 | 536 |
| 3.80%, 11/15/2037 | 799 | 645 |
| 3.65%, 3/25/2041 | 750 | 547 |
| Roper Technologies, Inc. 1.75%, 2/15/2031 | 277 | 243 |
| Synopsys, Inc.  | Synopsys, Inc.  | Synopsys, Inc.  |
| 5.00%, 4/1/2032 | 250 | 255 |
| 5.70%, 4/1/2055 | 265 | 263 |
| VMware LLC  | VMware LLC  | VMware LLC  |
| 1.40%, 8/15/2026 | 421 | 415 |
| 4.70%, 5/15/2030 | 415 | 421 |
|  |  | 3780 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| American Tower Corp.  | American Tower Corp.  | American Tower Corp.  |
| 5.20%, 2/15/2029 | 380 | 391 |
| 1.88%, 10/15/2030 | 1190 | 1063 |
| Crown Castle, Inc. 5.80%, 3/1/2034 | 120 | 126 |
| CubeSmart LP 2.00%, 2/15/2031 | 570 | 504 |
|  |  | 2084 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| Home Depot, Inc. (The) 3.63%, 4/15/2052 | 185 | 135 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Apple, Inc. 2.70%, 8/5/2051 | 295 | 184 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** |
| Dell International LLC  | Dell International LLC  | Dell International LLC  |
| 6.20%, 7/15/2030 | 970 | 1036 |
| 5.30%, 4/1/2032 | 605 | 622 |
|  |  | 1842 |
| **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** |
| Altria Group, Inc. 2.45%, 2/4/2032 | 375 | 332 |
| BAT Capital Corp. (United Kingdom) 4.39%, <br> 8/15/2037<br>| 265 | 244 |
|  |  | 576 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| Aviation Capital Group LLC 5.13%, 4/10/2030 (e) | 215 | 218 |
| **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** |
| American Water Capital Corp. 5.45%, 3/1/2054 | 550 | 533 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 2.55%, 2/15/2031 | 670 | 612 |
| 3.40%, 10/15/2052 | 430 | 289 |
| Vodafone Group plc (United Kingdom) 5.75%, <br> 6/28/2054<br>| 300 | 292 |
|  |  | 1193 |
| Total Corporate Bonds <br>(Cost $162,228)<br>|  | 156866 |
| **Mortgage-Backed Securities — 7.1%** | **Mortgage-Backed Securities — 7.1%** | **Mortgage-Backed Securities — 7.1%** |
| FHLMC Gold Pools, Other  |  |  |
| Pool # WN1157, 1.80%, 11/1/2028 | 985 | 931 |
| Pool # WA1626, 3.45%, 8/1/2032 | 1132 | 1076 |
| Pool # WN3225, 3.80%, 10/1/2034 | 750 | 714 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # ZL3032, 3.50%, 5/1/2042 | 489 | 467 |
| Pool # QA5290, 2.50%, 12/1/2049 | 1208 | 1033 |
| Pool # QA9530, 2.50%, 5/1/2050 | 433 | 372 |
| Pool # QB4026, 2.50%, 10/1/2050 | 1424 | 1232 |
| Pool # QB4045, 2.50%, 10/1/2050 | 927 | 799 |
| Pool # QB4484, 2.50%, 10/1/2050 | 656 | 568 |
| Pool # QB4542, 2.50%, 10/1/2050 | 509 | 440 |
| Pool # QB8503, 2.50%, 2/1/2051 | 714 | 609 |
| Pool # SD4767, 2.50%, 2/1/2051 | 1088 | 937 |
| Pool # QC9443, 2.50%, 10/1/2051 | 579 | 498 |
| Pool # RA6132, 2.50%, 10/1/2051 | 1287 | 1096 |
| Pool # SD0781, 3.00%, 11/1/2051 | 1462 | 1305 |
| Pool # SD5768, 3.00%, 1/1/2052 | 1947 | 1739 |
| Pool # QD4686, 4.00%, 1/1/2052 | 243 | 231 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # QD7596, 2.50%, 2/1/2052 | 1924 | 1653 |
| Pool # RA6815, 2.50%, 2/1/2052 | 1568 | 1349 |
| Pool # SD3952, 2.50%, 3/1/2052 | 1274 | 1096 |
| Pool # QE1637, 4.00%, 5/1/2052 | 243 | 234 |
| Pool # QE1832, 4.50%, 5/1/2052 | 333 | 331 |
| Pool # SD4119, 3.00%, 8/1/2052 | 715 | 641 |
| Pool # QH9845, 6.00%, 2/1/2054 | 1388 | 1444 |
| Pool # SD7018, 4.50%, 3/1/2054 | 1427 | 1407 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # CA2826, 5.50%, 12/1/2048 | 741 | 765 |
| Pool # BK2113, 2.50%, 3/1/2050 | 408 | 348 |
| Pool # CA5658, 2.50%, 5/1/2050 | 127 | 109 |
| Pool # FM3118, 3.00%, 5/1/2050 | 375 | 339 |
| Pool # BP8608, 2.50%, 6/1/2050 | 276 | 236 |
| Pool # BP9250, 2.50%, 7/1/2050 | 1118 | 962 |
| Pool # FP0059, 2.50%, 8/1/2050 | 922 | 783 |
| Pool # BP6749, 2.50%, 9/1/2050 | 1168 | 998 |
| Pool # BQ2894, 3.00%, 9/1/2050 | 721 | 648 |
| Pool # BK8152, 2.50%, 10/1/2050 | 271 | 231 |
| Pool # BQ3996, 2.50%, 10/1/2050 | 575 | 497 |
| Pool # BQ5243, 3.50%, 10/1/2050 | 247 | 230 |
| Pool # CA7398, 3.50%, 10/1/2050 | 851 | 795 |
| Pool # BP7667, 2.50%, 12/1/2050 | 662 | 570 |
| Pool # BR4318, 3.00%, 1/1/2051 | 96 | 87 |
| Pool # CA8637, 4.00%, 1/1/2051 | 1428 | 1378 |
| Pool # CB0189, 3.00%, 4/1/2051 | 268 | 240 |
| Pool # CB0458, 2.50%, 5/1/2051 | 432 | 369 |
| Pool # FS7655, 2.50%, 5/1/2051 | 1081 | 922 |
| Pool # BT0122, 2.50%, 6/1/2051 | 196 | 167 |
| Pool # FM7916, 2.50%, 6/1/2051 | 365 | 314 |
| Pool # FM7957, 2.50%, 7/1/2051 | 2522 | 2171 |
| Pool # CB1301, 2.50%, 8/1/2051 | 667 | 575 |
| Pool # FM8247, 2.50%, 8/1/2051 | 363 | 313 |
| Pool # CB1566, 2.50%, 9/1/2051 | 1302 | 1104 |
| Pool # FM8659, 2.50%, 9/1/2051 | 701 | 600 |
| Pool # FS6514, 2.50%, 9/1/2051 | 388 | 335 |
| Pool # FS4624, 2.50%, 11/1/2051 | 318 | 271 |
| Pool # CB2313, 2.50%, 12/1/2051 | 407 | 350 |
| Pool # FS2559, 3.00%, 12/1/2051 | 1191 | 1062 |
| Pool # CB2637, 2.50%, 1/1/2052 | 758 | 653 |
| Pool # BV4831, 3.00%, 2/1/2052 | 422 | 374 |
| Pool # FS7749, 3.00%, 2/1/2052 | 1475 | 1319 |
| Pool # BV0295, 3.50%, 2/1/2052 | 889 | 832 |
| Pool # BV3950, 4.00%, 2/1/2052 | 432 | 413 |
| Pool # FS4476, 3.00%, 5/1/2052 | 2163 | 1917 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 29

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # CB3608, 3.50%, 5/1/2052 | 1784 | 1654 |
| Pool # BV6743, 4.50%, 5/1/2052 | 316 | 312 |
| Pool # BY4714, 5.00%, 6/1/2053 | 931 | 931 |
| Pool # BY4761, 5.00%, 6/1/2053 | 363 | 364 |
| Pool # BY9327, 6.00%, 11/1/2053 | 1034 | 1063 |
| Pool # DA7753, 5.50%, 1/1/2054 | 163 | 167 |
| Pool # DA0425, 6.00%, 2/1/2054 | 388 | 402 |
| Pool # DA7754, 6.00%, 2/1/2054 | 1644 | 1709 |
| Pool # CB8334, 5.50%, 4/1/2054 | 1430 | 1455 |
| Pool # DB6037, 5.50%, 5/1/2054 | 599 | 610 |
| Pool # DB6039, 6.00%, 5/1/2054 | 556 | 576 |
| FNMA, Other  |  |  |
| Pool # BS7576, 4.86%, 12/1/2027 | 617 | 626 |
| Pool # AM3010, 5.07%, 3/1/2028 | 516 | 529 |
| Pool # BL8639, 1.09%, 4/1/2028 | 739 | 695 |
| Pool # BS6144, 3.97%, 1/1/2029 | 1535 | 1538 |
| Pool # AM5319, 4.34%, 1/1/2029 | 462 | 467 |
| Pool # BS8149, 4.97%, 9/1/2029 | 900 | 928 |
| Pool # BS0448, 1.27%, 12/1/2029 | 1015 | 911 |
| Pool # AN7593, 2.99%, 12/1/2029 | 311 | 299 |
| Pool # BS7361, 4.76%, 1/1/2030 | 1880 | 1927 |
| Pool # BL9252, 1.37%, 3/1/2030 | 371 | 333 |
| Pool # AN8285, 3.11%, 3/1/2030 | 318 | 307 |
| Pool # BS0154, 1.28%, 4/1/2030 | 251 | 225 |
| Pool # AM8544, 3.08%, 4/1/2030 | 132 | 127 |
| Pool # AN8990, 3.53%, 4/1/2030 | 448 | 436 |
| Pool # BS7168, 4.57%, 6/1/2030 | 684 | 696 |
| Pool # BL9251, 1.45%, 10/1/2030 | 806 | 715 |
| Pool # BL9891, 1.37%, 12/1/2030 | 576 | 507 |
| Pool # BS0025, 1.38%, 12/1/2030 | 1065 | 944 |
| Pool # BL9494, 1.46%, 12/1/2030 | 265 | 233 |
| Pool # BS8442, 4.74%, 4/1/2031 | 1057 | 1079 |
| Pool # BS2915, 1.87%, 5/1/2031 | 208 | 185 |
| Pool # BS7167, 4.64%, 7/1/2031 | 1655 | 1682 |
| Pool # BS7437, 5.04%, 8/1/2031 | 868 | 899 |
| Pool # BS4563, 2.01%, 1/1/2032 | 255 | 225 |
| Pool # BS5580, 3.68%, 1/1/2032 | 1080 | 1043 |
| Pool # BM6898, 2.15%, 2/1/2032 (h) | 552 | 491 |
| Pool # BS4654, 2.39%, 3/1/2032 | 834 | 750 |
| Pool # BL5680, 2.44%, 3/1/2032 | 1278 | 1150 |
| Pool # AN5952, 3.01%, 7/1/2032 | 332 | 311 |
| Pool # AN6149, 3.14%, 7/1/2032 | 1605 | 1503 |
| Pool # BS5530, 3.30%, 7/1/2032 | 1676 | 1579 |
| Pool # BS6345, 3.91%, 8/1/2032 | 510 | 496 |
| Pool # BZ0884, 5.37%, 9/1/2032 | 940 | 986 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BM3226, 3.45%, 10/1/2032 (h) | 1341 | 1290 |
| Pool # BS6822, 3.81%, 10/1/2032 | 980 | 950 |
| Pool # BS8528, 4.31%, 10/1/2032 | 1782 | 1771 |
| Pool # BS6872, 4.41%, 10/1/2032 | 285 | 285 |
| Pool # BS6926, 4.51%, 10/1/2032 | 354 | 358 |
| Pool # BS6928, 4.55%, 10/1/2032 | 310 | 314 |
| Pool # BS6954, 4.93%, 10/1/2032 | 781 | 804 |
| Pool # BM6491, 1.46%, 11/1/2032 (h) | 1579 | 1324 |
| Pool # BM6492, 1.51%, 11/1/2032 (h) | 2004 | 1687 |
| Pool # BS6819, 4.12%, 11/1/2032 | 1110 | 1094 |
| Pool # BS7090, 4.45%, 12/1/2032 | 1029 | 1033 |
| Pool # BS7113, 4.90%, 12/1/2032 | 295 | 305 |
| Pool # AN7923, 3.33%, 1/1/2033 | 640 | 603 |
| Pool # BS8428, 4.41%, 1/1/2033 | 1221 | 1219 |
| Pool # BS7398, 4.74%, 2/1/2033 | 845 | 857 |
| Pool # BS5357, 3.41%, 3/1/2033 | 799 | 748 |
| Pool # AN9067, 3.51%, 5/1/2033 | 345 | 327 |
| Pool # BS8416, 4.56%, 5/1/2033 | 580 | 586 |
| Pool # BS5511, 3.45%, 8/1/2033 | 1047 | 980 |
| Pool # BS5127, 3.15%, 9/1/2033 | 615 | 562 |
| Pool # BL1012, 4.03%, 12/1/2033 | 335 | 327 |
| Pool # BL0900, 4.08%, 2/1/2034 | 190 | 186 |
| Pool # BZ0430, 4.32%, 2/1/2034 | 800 | 794 |
| Pool # BZ2030, 4.39%, 10/1/2034 | 630 | 621 |
| Pool # BL7124, 1.93%, 6/1/2035 | 667 | 553 |
| Pool # AN4430, 3.61%, 1/1/2037 | 578 | 558 |
| Pool # BL6060, 2.46%, 4/1/2040 | 595 | 442 |
| Pool # BF0107, 4.50%, 6/1/2056 | 476 | 464 |
| Pool # BF0219, 3.50%, 9/1/2057 | 1251 | 1148 |
| Pool # BF0230, 5.50%, 1/1/2058 | 1206 | 1261 |
| Pool # BF0334, 3.50%, 1/1/2059 | 320 | 292 |
| Pool # BF0497, 3.00%, 7/1/2060 | 575 | 500 |
| Pool # BF0537, 3.00%, 3/1/2061 | 1075 | 941 |
| Pool # BF0561, 3.00%, 9/1/2061 | 1451 | 1253 |
| Pool # BF0578, 2.50%, 12/1/2061 | 3118 | 2567 |
| Pool # BF0732, 2.50%, 6/1/2063 | 1451 | 1205 |
| Pool # BF0733, 3.00%, 6/1/2063 | 1332 | 1151 |
| GNMA II, 30 Year  |  |  |
| Pool # BY3432, 3.50%, 9/20/2050 | 915 | 833 |
| Pool # BR3929, 3.50%, 10/20/2050 | 412 | 375 |
| Pool # BW1726, 3.50%, 10/20/2050 | 519 | 472 |
| Pool # BS8546, 2.50%, 12/20/2050 | 1340 | 1146 |
| Pool # BR3928, 3.00%, 12/20/2050 | 673 | 615 |
| Pool # BU7538, 3.00%, 12/20/2050 | 381 | 348 |
| Pool # 785294, 3.50%, 1/20/2051 | 1251 | 1124 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # CA8452, 3.00%, 2/20/2051 | 1839 | 1666 |
| Pool # CA9005, 3.00%, 2/20/2051 | 378 | 350 |
| Pool # CB1543, 3.00%, 2/20/2051 | 1360 | 1223 |
| Pool # CA3588, 3.50%, 2/20/2051 | 1488 | 1355 |
| Pool # CB1536, 3.50%, 2/20/2051 | 1475 | 1354 |
| Pool # CB1542, 3.00%, 3/20/2051 | 912 | 820 |
| Pool # CC0070, 3.00%, 3/20/2051 | 236 | 217 |
| Pool # CC8726, 3.00%, 3/20/2051 | 286 | 258 |
| Pool # CC8738, 3.00%, 3/20/2051 | 339 | 306 |
| Pool # CC8723, 3.50%, 3/20/2051 | 1917 | 1745 |
| Pool # CC0088, 4.00%, 3/20/2051 | 82 | 78 |
| Pool # CC0092, 4.00%, 3/20/2051 | 194 | 185 |
| Pool # CC8727, 3.00%, 4/20/2051 | 461 | 414 |
| Pool # CC8739, 3.00%, 4/20/2051 | 1281 | 1153 |
| Pool # CC8740, 3.00%, 4/20/2051 | 1045 | 940 |
| Pool # CC8751, 3.00%, 4/20/2051 | 214 | 192 |
| Pool # CA3563, 3.50%, 7/20/2051 | 896 | 825 |
| Pool # CE2586, 3.50%, 7/20/2051 | 1261 | 1148 |
| Pool # CK1527, 3.50%, 12/20/2051 | 1002 | 918 |
| Pool # CJ8184, 3.50%, 1/20/2052 | 1063 | 968 |
| Pool # CK2716, 3.50%, 2/20/2052 | 779 | 700 |
| Pool # CK8295, 5.00%, 3/20/2052 | 476 | 474 |
| Pool # MA8148, 3.00%, 7/20/2052 | 51 | 46 |
| Pool # MA8200, 4.00%, 8/20/2052 | 262 | 249 |
| Pool # CN3127, 5.00%, 8/20/2052 | 445 | 445 |
| Pool # MA8874, 3.00%, 5/20/2053 | 466 | 424 |
| Pool # CV0172, 6.50%, 7/20/2053 | 739 | 783 |
| Pool # CU6748, 6.00%, 9/20/2053 | 895 | 922 |
| Pool # DA2721, 5.50%, 3/20/2054 | 292 | 298 |
| GNMA II, Other  |  |  |
| Pool # CV6672, 5.00%, 7/20/2062 | 439 | 437 |
| Pool # CU1093, 5.50%, 6/20/2063 | 284 | 286 |
| Pool # CV6673, 5.50%, 6/20/2063 | 695 | 701 |
| Pool # CU1092, 6.00%, 6/20/2063 | 382 | 389 |
| Pool # 785183, 2.94%, 10/20/2070 (h) | 713 | 651 |
| Total Mortgage-Backed Securities <br>(Cost $144,982)<br>|  | 138737 |
| **Asset-Backed Securities — 3.9%** | **Asset-Backed Securities — 3.9%** | **Asset-Backed Securities — 3.9%** |
| Accelerated LLC Series 2021-1H, Class B, 1.90%, <br> 10/20/2040 (e)<br>| 142 | 133 |
| Aligned Data Centers Issuer LLC Series 2021-1A, <br> Class A2, 1.94%, 8/15/2046 (e)<br>| 870 | 854 |
| American Airlines Pass-Through Trust |  |  |
| Series 2016-2, Class AA, 3.20%, 6/15/2028 | 546 | 534 |
| Series 2016-3, Class AA, 3.00%, 10/15/2028 | 375 | 363 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2017-2, Class A, 3.60%, 10/15/2029 | 594 | 566 |
| Series 2021-1, Class B, 3.95%, 7/11/2030 | 682 | 658 |
| American Credit Acceptance Receivables Trust <br> Series 2024-1, Class D, 5.86%, 5/13/2030 (e)<br>| 720 | 729 |
| AMSR Trust |  |  |
| Series 2021-SFR2, Class E2, 2.58%, <br> 8/17/2038 (e)<br>| 340 | 334 |
| Series 2024-SFR1, Class D, 4.29%, <br> 7/17/2041 (e) (g)<br>| 790 | 768 |
| Series 2024-SFR2, Class D, 4.15%, <br> 11/17/2041 (e)<br>| 565 | 544 |
| Series 2025-SFR2, Class C, 4.28%, <br> 11/17/2042 (e)<br>| 1158 | 1119 |
| Aqua Finance Issuer Trust |  |  |
| Series 2025-A, Class B, 5.56%, 12/19/2050 (e) | 866 | 880 |
| Series 2025-A, Class C, 5.81%, 12/19/2050 (e) | 342 | 346 |
| Aqua Finance Trust Series 2020-AA, Class C, <br> 3.97%, 7/17/2046 (e)<br>| 223 | 216 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2024-2A, Class B, 5.57%, <br> 10/20/2028 (e)<br>| 705 | 718 |
| Series 2024-1A, Class A, 5.36%, 6/20/2030 (e) | 545 | 562 |
| Bridge Trust |  |  |
| Series 2024-SFR1, Class C, 4.30%, <br> 8/17/2040 (e)<br>| 1065 | 1037 |
| Series 2024-SFR1, Class D, 4.30%, <br> 8/17/2040 (e)<br>| 1225 | 1186 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-3, Class C, 5.70%, 7/16/2029 | 1375 | 1394 |
| Series 2024-1, Class D, 6.03%, 11/15/2029 | 560 | 572 |
| Series 2024-2, Class C, 6.07%, 2/15/2030 | 1200 | 1222 |
| Series 2024-3, Class D, 5.83%, 5/15/2030 | 660 | 674 |
| Series 2025-1, Class D, 5.64%, 11/15/2030 | 1365 | 1388 |
| Series 2025-4, Class C, 4.80%, 8/15/2031 | 1324 | 1331 |
| Business Jet Securities LLC |  |  |
| Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ <br> (e)<br>| 325 | 323 |
| Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ <br> (e)<br>| 1242 | 1252 |
| BXG Receivables Note Trust Series 2020-A, Class A, <br> 1.55%, 2/28/2036 (e)<br>| 122 | 119 |
| Cascade MH Asset Trust |  |  |
| Series 2021-MH1, Class A1, 1.75%, <br> 2/25/2046 (e)<br>| 724 | 661 |
| Series 2024-MH1, Class A1, 5.69%, <br> 11/25/2056 (e) (h)<br>| 590 | 607 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 31

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Cherry Securitization Trust Series 2024-1A, Class A, <br> 5.70%, 4/15/2032 (e)<br>| 540 | 544 |
| Consumer Portfolio Services Auto Trust Series <br> 2025-D, Class C, 4.85%, 2/17/2032 (e)<br>| 1109 | 1114 |
| Continental Finance Credit Card ABS Master Trust <br> Series 2024-A, Class A, 5.78%, 12/15/2032 (e)<br>| 625 | 634 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2023-5A, Class B, 6.71%, 2/15/2034 (e) | 560 | 571 |
| Series 2024-2A, Class C, 6.70%, <br> 10/16/2034 (e)<br>| 1510 | 1563 |
| Series 2025-2A, Class B, 4.87%, 1/15/2036 (e) | 1650 | 1664 |
| Crossroads Asset Trust Series 2025-A, Class A2, <br> 4.91%, 2/20/2032 (e)<br>| 500 | 504 |
| CVS Pass-Through Trust Series 2014, 4.16%, <br> 8/11/2036 (e)<br>| 102 | 95 |
| DataBank Issuer Series 2021-1A, Class A2, 2.06%, <br> 2/27/2051 (e)<br>| 525 | 523 |
| Delta Air Lines Pass-Through Trust Series 2020-1, <br> Class A, 2.50%, 6/10/2028<br>| 442 | 425 |
| Drive Auto Receivables Trust |  |  |
| Series 2024-1, Class C, 5.43%, 11/17/2031 | 330 | 335 |
| Series 2025-2, Class D, 4.90%, 12/15/2032 | 1330 | 1330 |
| DT Auto Owner Trust Series 2023-2A, Class D, <br> 6.62%, 2/15/2029 (e)<br>| 435 | 443 |
| Elara HGV Timeshare Issuer LLC |  |  |
| Series 2021-A, Class B, 1.74%, 8/27/2035 (e) | 135 | 129 |
| Series 2021-A, Class C, 2.09%, 8/27/2035 (e) | 57 | 54 |
| Enterprise Fleet Financing LLC Series 2024-1, <br> Class A3, 5.16%, 9/20/2030 (e)<br>| 350 | 357 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2023-5A, Class C, 6.85%, 1/16/2029 | 440 | 446 |
| Series 2024-1A, Class D, 5.84%, 6/17/2030 | 545 | 554 |
| Series 2025-4A, Class C, 4.57%, 6/16/2031 | 1700 | 1705 |
| Series 2025-3A, Class C, 5.09%, 10/15/2031 | 1540 | 1564 |
| FHF Issuer Trust Series 2024-1A, Class A2, 5.69%, <br> 2/15/2030 (e)<br>| 362 | 364 |
| FHF Trust Series 2023-1A, Class A2, 6.57%, <br> 6/15/2028 (e)<br>| 119 | 119 |
| FirstKey Homes Trust |  |  |
| Series 2021-SFR2, Class E1, 2.26%, <br> 9/17/2038 (e)<br>| 1215 | 1190 |
| Series 2022-SFR1, Class E1, 5.00%, <br> 5/19/2039 (e)<br>| 410 | 407 |
| FMC GMSR Issuer Trust Series 2021-GT2, Class A, <br> 3.85%, 10/25/2026 (e) (h)<br>| 745 | 722 |
| Foundation Finance Trust |  |  |
| Series 2023-2A, Class A, 6.53%, 6/15/2049 (e) | 479 | 500 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2024-2A, Class A, 4.60%, 3/15/2050 (e) | 388 | 388 |
| Series 2024-2A, Class B, 4.93%, 3/15/2050 (e) | 191 | 191 |
| GLS Auto Receivables Issuer Trust |  |  |
| Series 2025-2A, Class C, 5.11%, 1/15/2031 (e) | 1305 | 1319 |
| Series 2025-4A, Class C, 4.74%, 8/15/2031 (e) | 1200 | 1205 |
| GLS Auto Select Receivables Trust Series 2024-1A, <br> Class C, 5.69%, 3/15/2030 (e)<br>| 195 | 199 |
| GreatAmerica Leasing Receivables Funding LLC <br> Series 2024-1, Class A4, 5.08%, <br> 12/16/2030 (e)<br>| 515 | 525 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-SL1, Class A1, 5.85%, 11/25/2067 (e) <br> (h)<br>| 1517 | 1530 |
| HINNT LLC |  |  |
| Series 2024-A, Class B, 5.84%, 3/15/2043 (e) | 401 | 409 |
| Series 2024-A, Class C, 6.32%, 3/15/2043 (e) | 479 | 490 |
| Home Partners of America Trust |  |  |
| Series 2021-2, Class C, 2.40%, 12/17/2026 (e) | 1123 | 1096 |
| Series 2021-3, Class D, 3.00%, 1/17/2041 (e) | 647 | 609 |
| Huntington Bank Auto Credit-Linked Notes |  |  |
| Series 2024-1, Class B1, 6.15%, 5/20/2032 (e) | 110 | 112 |
| Series 2024-2, Class B1, 5.44%, <br> 10/20/2032 (e)<br>| 287 | 290 |
| Invitation Homes Trust Series 2024-SFR1, Class B, <br> 4.00%, 9/17/2041 (e)<br>| 405 | 394 |
| LAD Auto Receivables Trust Series 2023-4A, <br> Class C, 6.76%, 3/15/2029 (e)<br>| 510 | 525 |
| Mariner Finance Issuance Trust |  |  |
| Series 2021-AA, Class A, 1.86%, 3/20/2036 (e) | 1145 | 1127 |
| Series 2024-AA, Class C, 6.00%, 9/22/2036 (e) | 437 | 446 |
| Series 2025-AA, Class A, 4.98%, 5/20/2038 (e) | 1005 | 1018 |
| MVW LLC |  |  |
| Series 2021-2A, Class C, 2.23%, 5/20/2039 (e) | 337 | 322 |
| Series 2021-1WA, Class B, 1.44%, <br> 1/22/2041 (e)<br>| 46 | 44 |
| Series 2025-1A, Class B, 5.21%, 9/22/2042 (e) | 372 | 378 |
| Series 2024-1A, Class B, 5.51%, 2/20/2043 (e) | 201 | 205 |
| NMABS Issuer LLC Series 2025-1A, Class A, 5.14%, <br> 11/22/2055 (e)<br>| 1075 | 1073 |
| Octane Receivables Trust |  |  |
| Series 2021-2A, Class C, 2.53%, 5/21/2029 (e) | 945 | 943 |
| Series 2023-3A, Class B, 6.48%, 7/20/2029 (e) | 485 | 492 |
| Series 2024-2A, Class C, 5.90%, 7/20/2032 (e) | 1300 | 1329 |
| OneMain Financial Issuance Trust Series 2020-2A, <br> Class D, 3.45%, 9/14/2035 (e)<br>| 295 | 286 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Oportun Issuance Trust |  |  |
| Series 2021-B, Class A, 1.47%, 5/8/2031 (e) | 439 | 431 |
| Series 2025-A, Class B, 5.30%, 2/8/2033 (e) | 225 | 225 |
| Series 2025-A, Class C, 5.89%, 2/8/2033 (e) | 165 | 165 |
| Pagaya AI Technology in Housing Trust Series <br> 2023-1, Class C, 3.60%, 10/25/2040 (e)<br>| 920 | 874 |
| Progress Residential Trust |  |  |
| Series 2024-SFR5, Class D, 3.38%, <br> 8/9/2029 (e) (h)<br>| 540 | 509 |
| Series 2024-SFR5, Class E1, 3.38%, <br> 8/9/2029 (e) (h)<br>| 1210 | 1128 |
| Series 2024-SFR1, Class E1, 3.85%, <br> 2/17/2041 (e)<br>| 270 | 258 |
| Series 2024-SFR2, Class D, 3.40%, <br> 4/17/2041 (e) (h)<br>| 195 | 185 |
| Series 2024-SFR2, Class E1, 3.40%, <br> 4/17/2041 (e) (h)<br>| 310 | 291 |
| Series 2025-SFR3, Class C, 3.39%, <br> 7/17/2042 (e)<br>| 895 | 834 |
| Series 2025-SFR5, Class A, 3.85%, <br> 10/17/2042 (e)<br>| 2200 | 2131 |
| Series 2025-SFR5, Class B, 4.00%, <br> 10/17/2042 (e)<br>| 2600 | 2504 |
| Purchasing Power Funding LLC Series 2024-A, <br> Class B, 6.43%, 8/15/2028 (e)<br>| 515 | 517 |
| Reach ABS Trust Series 2024-2A, Class B, 5.84%, <br> 7/15/2031 (e)<br>| 400 | 406 |
| Republic Finance Issuance Trust Series 2024-A, <br> Class A, 5.91%, 8/20/2032 (e)<br>| 550 | 556 |
| SCF Equipment Leasing LLC |  |  |
| Series 2024-1A, Class C, 5.82%, 9/20/2032 (e) | 340 | 351 |
| Series 2024-1A, Class D, 6.58%, 6/21/2033 (e) | 425 | 446 |
| Series 2023-1A, Class C, 6.77%, 8/22/2033 (e) | 620 | 645 |
| SFS Auto Receivables Securitization Trust Series <br> 2024-1A, Class C, 5.51%, 1/20/2032 (e)<br>| 1150 | 1176 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2021-1A, Class B, 1.34%, <br> 11/20/2037 (e)<br>| 58 | 58 |
| Series 2021-2A, Class B, 1.80%, 9/20/2038 (e) | 60 | 60 |
| Series 2024-2A, Class C, 5.83%, 6/20/2041 (e) | 192 | 195 |
| Series 2024-1A, Class C, 5.94%, 1/20/2043 (e) | 163 | 166 |
| Series 2025-2A, Class C, 5.32%, 4/20/2044 (e) | 228 | 228 |
| Stream Innovations Issuer Trust Series 2025-1A, <br> Class A, 5.05%, 9/15/2045 (e)<br>| 718 | 725 |
| Tricolor Auto Securitization Trust Series 2024-1A, <br> Class B, 6.53%, 12/15/2027 (e)<br>| 465 | 387 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Tricon Residential Trust |  |  |
| Series 2024-SFR2, Class A, 4.75%, <br> 6/17/2040 (e)<br>| 538 | 540 |
| Series 2023-SFR2, Class C, 5.00%, <br> 12/17/2040 (e)<br>| 395 | 394 |
| United Airlines Pass-Through Trust |  |  |
| Series 2019-2, Class B, 3.50%, 5/1/2028 | 217 | 212 |
| Series 2016-1, Class A, 3.45%, 7/7/2028 | 386 | 376 |
| Series 2018-1, Class A, 3.70%, 3/1/2030 | 442 | 422 |
| Series 2024-1, Class AA, 5.45%, 2/15/2037 | 466 | 479 |
| Verizon Master Trust Series 2024-7, Class A, <br> 4.35%, 8/20/2032 (e)<br>| 750 | 756 |
| VOLT XCV LLC Series 2021-NPL4, Class A1, 6.24%, <br> 3/27/2051 (e) (g)<br>| 58 | 58 |
| Westgate Resorts LLC |  |  |
| Series 2022-1A, Class B, 2.29%, 8/20/2036 (e) | 53 | 52 |
| Series 2024-1A, Class B, 6.56%, 1/20/2038 (e) | 600 | 610 |
| Series 2024-1A, Class C, 7.06%, 1/20/2038 (e) | 337 | 343 |
| Westlake Automobile Receivables Trust Series <br> 2023-4A, Class C, 6.64%, 11/15/2028 (e)<br>| 375 | 382 |
| Total Asset-Backed Securities <br>(Cost $75,190)<br>|  | 75966 |
| **Collateralized Mortgage Obligations — 2.1%** | **Collateralized Mortgage Obligations — 2.1%** | **Collateralized Mortgage Obligations — 2.1%** |
| Anchor Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.72%, 5/25/2040 (e) (g)<br>| 360 | 362 |
| CFMT LLC Series 2024-HB15, Class M1, 4.00%, <br> 8/25/2034 ‡ (e) (h)<br>| 620 | 610 |
| Connecticut Avenue Securities Trust Series <br> 2023-R06, Class 1M2, 6.57%, 7/25/2043 (e) <br> (h)<br>| 655 | 673 |
| FARM Mortgage Trust Series 2024-2, Class A, <br> 5.18%, 8/1/2054 (e) (h)<br>| 459 | 453 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2018-1, Class MA, 3.00%, 5/25/2057 | 446 | 425 |
| Series 2018-1, Class M60C, 3.50%, 5/25/2057 | 760 | 711 |
| Series 2019-1, Class MT, 3.50%, 7/25/2058 | 286 | 257 |
| Series 2019-1, Class M55D, 4.00%, 7/25/2058 | 419 | 401 |
| Series 2019-2, Class M55D, 4.00%, 8/25/2058 | 752 | 717 |
| Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058<br>| 665 | 629 |
| Series 2020-3, Class M5TW, 3.00%, 5/25/2060 | 956 | 863 |
| Series 2020-3, Class TTW, 3.00%, 5/25/2060 | 744 | 705 |
| Series 2022-1, Class MTU, 3.25%, 11/25/2061 | 284 | 248 |
| Series 2024-2, Class MT, 3.50%, 5/25/2064 | 936 | 822 |
| FHLMC, REMIC |  |  |
| Series 4257, Class DZ, 2.50%, 10/15/2043 | 474 | 420 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 33

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 5190, Class LM, 2.50%, 1/25/2048 | 930 | 856 |
| Series 5147, Class PC, 1.50%, 10/25/2048 | 2041 | 1683 |
| Series 5174, Class IG, IO, 3.00%, 1/25/2050 | 3659 | 469 |
| Series 4995, Class QE, 1.25%, 7/25/2050 | 1472 | 1153 |
| Series 5052, Class KI, IO, 4.00%, 12/25/2050 | 3708 | 759 |
| Series 5171, Class NI, IO, 3.00%, 7/25/2051 | 3544 | 466 |
| Series 5225, Class QL, 4.00%, 5/25/2052 | 825 | 704 |
| FNMA Trust, Whole Loan Series 2002-W8, Class A1, <br> 6.50%, 6/25/2042<br>| 291 | 307 |
| FNMA, Grantor Trust, Whole Loan Series 2001-T12, <br> Class A1, 6.50%, 8/25/2041<br>| 123 | 125 |
| FNMA, REMIC |  |  |
| Series 2018-72, Class VB, 3.50%, 10/25/2031 | 243 | 239 |
| Series 2014-52, Class BW, 3.00%, 9/25/2044 | 790 | 717 |
| Series 2020-54, Class MA, 1.50%, 8/25/2050 | 300 | 252 |
| Series 2022-4, Class TA, 1.00%, 4/25/2051 | 681 | 561 |
| Series 2021-22, Class BI, IO, 4.00%, 4/25/2051 | 3814 | 833 |
| Series 2022-46, Class GZ, 4.50%, 7/25/2052 | 796 | 729 |
| Series 2025-18, Class MA, 0.50%, 9/25/2054 | 1306 | 1115 |
| Series 2018-75, Class UZ, 4.00%, 10/25/2058 | 2404 | 2311 |
| FNMA, REMIC Trust, Whole Loan Series 2002-W3, <br> Class A4, 6.50%, 11/25/2041<br>| 574 | 586 |
| GNMA |  |  |
| Series 2009-35, Class BZ, 6.00%, 5/16/2039 | 607 | 634 |
| Series 2013-82, Class WI, IO, 3.50%, <br> 7/20/2042<br>| 2670 | 295 |
| Series 2022-93, Class JZ, 4.50%, 5/20/2052 | 516 | 357 |
| Series 2022-105, Class SG, IF, IO, 2.13%, <br> 6/20/2052 (h)<br>| 2343 | 246 |
| Series 2024-64, Class YH, 5.00%, 4/20/2054 | 1725 | 1681 |
| Series 2015-H11, Class FC, 4.66%, <br> 5/20/2065 (h)<br>| 128 | 128 |
| Series 2021-H14, Class YD, 7.18%, <br> 6/20/2071 (h)<br>| 1034 | 910 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-RPL3, Class A1, 4.10%, 7/25/2065 (e) <br> (g)<br>| 963 | 941 |
| Homeward Opportunities Fund Trust Series <br> 2025-RRTL2, Class A1, 5.24%, 9/25/2040 (e) <br> (g)<br>| 900 | 903 |
| Legacy Mortgage Asset Trust Series 2021-GS1, <br> Class A1, 5.89%, 10/25/2066 (e) (g)<br>| 339 | 339 |
| LHOME Mortgage Trust Series 2024-RTL5, Class A1, <br> 5.32%, 9/25/2039 (e) (g)<br>| 765 | 766 |
| MFA Trust Series 2024-RTL3, Class A1, 5.91%, <br> 11/25/2039 (e) (g)<br>| 940 | 950 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (e) (g)<br>| 740 | 743 |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (e) (g)<br>| 1970 | 1985 |
| NYMT Loan Trust Series 2024-BPL3, Class A1, <br> 5.27%, 9/25/2039 (e) (g)<br>| 440 | 441 |
| Onity Loan Investment Trust Series 2024-HB2, <br> Class M1, 5.00%, 8/25/2037 ‡ (e) (h)<br>| 1350 | 1347 |
| Roc Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.63%, 2/25/2040 (e) (g)<br>| 420 | 422 |
| Seasoned Loans Structured Transaction Trust |  |  |
| Series 2025-1, Class A1, 3.00%, 5/25/2035 | 1940 | 1805 |
| Series 2025-2, Class A1, 3.00%, 10/25/2035 | 1717 | 1613 |
| Toorak Mortgage Trust Series 2025-RRTL1, <br> Class A1, 5.52%, 2/25/2040 (e) (g)<br>| 465 | 467 |
| Towd Point Mortgage Trust Series 2021-R1, <br> Class A1, 2.92%, 11/30/2060 (e) (h)<br>| 1765 | 1603 |
| Total Collateralized Mortgage Obligations <br>(Cost $41,293)<br>|  | 40737 |
| **Commercial Mortgage-Backed Securities — 0.7%** | **Commercial Mortgage-Backed Securities — 0.7%** | **Commercial Mortgage-Backed Securities — 0.7%** |
| BXP Trust Series 2017-GM, Class A, 3.38%, <br> 6/13/2039 (e)<br>| 670 | 658 |
| Commercial Mortgage Trust Series 2018-HOME, <br> Class A, 3.82%, 4/10/2033 (e) (h)<br>| 685 | 674 |
| FHLMC MSCR Trust Series 2021-MN1, Class M1, <br> 5.87%, 1/25/2051 (e) (h)<br>| 55 | 55 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K-1511, Class A1, 3.28%, 10/25/2030 | 615 | 605 |
| Series K754, Class AM, 4.94%, 11/25/2030 (h) | 570 | 589 |
| Series K-1510, Class A2, 3.72%, 1/25/2031 | 295 | 290 |
| Series K-150, Class A2, 3.71%, 9/25/2032 (h) | 815 | 788 |
| FNMA ACES |  |  |
| Series 2018-M3, Class A2, 3.07%, <br> 2/25/2030 (h)<br>| 225 | 217 |
| Series 2021-M11, Class A2, 1.46%, <br> 3/25/2031 (h)<br>| 555 | 484 |
| Series 2022-M1S, Class A2, 2.08%, <br> 4/25/2032 (h)<br>| 1620 | 1428 |
| Series 2023-M8, Class A2, 4.48%, <br> 3/25/2033 (h)<br>| 780 | 785 |
| Series 2024-M2, Class A2, 3.75%, 8/25/2033 | 2215 | 2101 |
| Series 2021-M3, Class X1, IO, 1.83%, <br> 11/25/2033 (h)<br>| 1095 | 67 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| FREMF Mortgage Trust |  |  |
| Series 2017-KGX1, Class BFX, 3.59%, <br> 10/25/2027 (e) (h)<br>| 595 | 568 |
| Series 2016-K56, Class B, 3.93%, <br> 6/25/2049 (e) (h)<br>| 450 | 448 |
| Series 2017-K67, Class C, 3.95%, <br> 9/25/2049 (e) (h)<br>| 880 | 869 |
| Series 2019-K97, Class B, 3.77%, <br> 9/25/2051 (e) (h)<br>| 760 | 742 |
| Multi-Family Connecticut Avenue Securities Trust |  |  |
| Series 2023-01, Class M7, 7.87%, <br> 11/25/2053 (e) (h)<br>| 717 | 738 |
| Series 2024-01, Class M7, 6.62%, <br> 7/25/2054 (e) (h)<br>| 357 | 362 |
| ROCK Trust Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (e)<br>| 345 | 354 |
| SLG Office Trust Series 2021-OVA, Class A, 2.59%, <br> 7/15/2041 (e)<br>| 885 | 791 |
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class A, 5.35%, 7/15/2040 (e) (h)<br>| 400 | 411 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $14,106)<br>|  | 14024 |
| **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** |
| Republic of Peru 2.78%, 12/1/2060 | 162 | 88 |
| United Mexican States |  |  |
| 6.00%, 5/13/2030 | 209 | 219 |
| 5.85%, 7/2/2032 | 510 | 525 |
| 5.38%, 3/22/2033 | 1140 | 1129 |
| 3.50%, 2/12/2034 | 727 | 629 |
| 6.88%, 5/13/2037 | 309 | 330 |
| 6.34%, 5/4/2053 | 200 | 190 |
| Total Foreign Government Securities <br>(Cost $3,246)<br>|  | 3110 |
| **Municipal Bonds — 0.0% (i) ^** | **Municipal Bonds — 0.0% (i) ^** | **Municipal Bonds — 0.0% (i) ^** |
| **Texas — 0.0% ^** | **Texas — 0.0% ^** | **Texas — 0.0% ^** |
| Texas Natural Gas Securitization Finance Corp., <br> Customer Rate Relief Bonds Series 2023A-2, <br> Rev., 5.17%, 4/1/2041 (Cost $195)<br>| 195 | 199 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |
| **Investment Companies — 1.9%** | **Investment Companies — 1.9%** | **Investment Companies — 1.9%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (j) <br>(Cost $37,440)<br>| 37440 | 37440 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **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% (a) (j) <br>(Cost $72)<br>| 72 | 72 |
| Total Short-Term Investments <br>(Cost $37,512)<br>|  | 37512 |
| **Total Investments — 99.5%** <br>**(Cost $1,569,001)**<br>|  | **1953652** |
| **Other Assets in Excess of Liabilities — 0.5%** |  | **9020** |
| **NET ASSETS — 100.0%** |  | **1962672** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| CME | Chicago Mercantile Exchange |
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of <br> December 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| UMBS | Uniform Mortgage-Backed Securities |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 35

------

JPMorgan SmartRetirement® Blend 2025 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 $70.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the effective yield as of December 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of December 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The rate shown is the current yield as of December 31, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13137 | &nbsp;&nbsp;&nbsp;&nbsp; (25)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 14116 | &nbsp;&nbsp;&nbsp;&nbsp; (82)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1267 | &nbsp;&nbsp;&nbsp;&nbsp; (17)<br>|
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 30272 | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4914 | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (158)<br>|
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (2703)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (100)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

JPMorgan SmartRetirement® Blend 2030 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>|
| **Investment Companies — 47.8%** | **Investment Companies — 47.8%** | **Investment Companies — 47.8%** |
| **Fixed Income — 15.8%** | **Fixed Income — 15.8%** | **Fixed Income — 15.8%** |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 38489 | 281739 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 6263 | 41779 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 25774 | 169849 |
| Total Fixed Income |  | 493367 |
| **International Equity — 2.6%** | **International Equity — 2.6%** | **International Equity — 2.6%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 3871 | 81279 |
| **U.S. Equity — 29.4%** | **U.S. Equity — 29.4%** | **U.S. Equity — 29.4%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 8954 | 918340 |
| Total Investment Companies <br>(Cost $937,838)<br>|  | 1492986 |
| **Exchange-Traded Funds — 23.9%** | **Exchange-Traded Funds — 23.9%** | **Exchange-Traded Funds — 23.9%** |
| **Alternative Assets — 1.1%** | **Alternative Assets — 1.1%** | **Alternative Assets — 1.1%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 374 | 34649 |
| **Fixed Income — 2.0%** | **Fixed Income — 2.0%** | **Fixed Income — 2.0%** |
| JPMorgan Inflation Managed Bond ETF (a) | 1305 | 62904 |
| **International Equity — 16.5%** | **International Equity — 16.5%** | **International Equity — 16.5%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| 1270 | 80797 |
| JPMorgan BetaBuilders International Equity ETF (a) | 6019 | 435303 |
| Total International Equity |  | 516100 |
| **U.S. Equity — 4.3%** | **U.S. Equity — 4.3%** | **U.S. Equity — 4.3%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 838 | 89275 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 577 | 42898 |
| Total U.S. Equity |  | 132173 |
| Total Exchange-Traded Funds <br>(Cost $520,056)<br>|  | 745826 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 8.9%** | **U.S. Treasury Obligations — 8.9%** | **U.S. Treasury Obligations — 8.9%** |
| U.S. Treasury Bonds |  |  |
| 1.13%, 5/15/2040 | 8499 | 5393 |
| 1.13%, 8/15/2040 | 8198 | 5149 |
| 2.25%, 5/15/2041 | 341 | 251 |
| 3.13%, 2/15/2043 | 2155 | 1743 |
| 3.88%, 2/15/2043 | 590 | 531 |
| 3.88%, 5/15/2043 | 6225 | 5584 |
| 3.63%, 8/15/2043 | 2230 | 1925 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| 4.38%, 8/15/2043 | 3766 | 3597 |
| 4.13%, 8/15/2044 | 14710 | 13500 |
| 4.75%, 2/15/2045 | 8415 | 8372 |
| 1.38%, 8/15/2050 | 18547 | 9119 |
| 1.63%, 11/15/2050 | 2118 | 1112 |
| 1.88%, 2/15/2051 | 3461 | 1934 |
| 2.25%, 2/15/2052 | 2235 | 1356 |
| 3.00%, 8/15/2052 | 5474 | 3921 |
| 3.63%, 2/15/2053 | 1035 | 838 |
| 4.50%, 11/15/2054 | 400 | 377 |
| 4.75%, 5/15/2055 | 260 | 255 |
| U.S. Treasury Notes |  |  |
| 4.25%, 11/30/2026 (b) | 3510 | 3532 |
| 4.13%, 1/31/2027 (b) | 4091 | 4116 |
| 0.63%, 12/31/2027 | 2630 | 2486 |
| 3.50%, 1/31/2028 | 1230 | 1230 |
| 2.75%, 2/15/2028 | 5500 | 5417 |
| 3.63%, 3/31/2028 | 3330 | 3339 |
| 1.25%, 4/30/2028 | 8885 | 8441 |
| 1.00%, 7/31/2028 | 1040 | 976 |
| 2.88%, 4/30/2029 | 29148 | 28504 |
| 3.50%, 1/31/2030 | 2360 | 2346 |
| 4.25%, 1/31/2030 | 14509 | 14831 |
| 3.63%, 3/31/2030 | 16270 | 16240 |
| 3.50%, 4/30/2030 | 3550 | 3524 |
| 3.63%, 12/31/2030 | 3720 | 3702 |
| 4.13%, 2/29/2032 | 26175 | 26544 |
| 3.88%, 12/31/2032 | 6898 | 6868 |
| 3.50%, 2/15/2033 | 2200 | 2138 |
| 3.88%, 8/15/2033 | 13730 | 13616 |
| 4.50%, 11/15/2033 | 5520 | 5700 |
| 4.00%, 2/15/2034 | 7409 | 7386 |
| 3.88%, 8/15/2034 | 13461 | 13254 |
| 4.25%, 11/15/2034 | 18810 | 19008 |
| 4.25%, 5/15/2035 | 4780 | 4820 |
| 4.00%, 11/15/2035 | 5217 | 5142 |
| U.S. Treasury STRIPS Bonds |  |  |
| 4.25%, 11/15/2033 (c) | 1370 | 988 |
| 3.36%, 2/15/2035 (c) | 1285 | 870 |
| 4.20%, 8/15/2035 (c) | 2684 | 1771 |
| 4.24%, 2/15/2036 (c) | 502 | 323 |
| 4.35%, 5/15/2036 (c) | 1171 | 743 |
| 4.31%, 8/15/2036 (c) | 673 | 421 |
| 4.64%, 8/15/2040 (c) | 4383 | 2170 |
| 5.23%, 11/15/2040 (c) | 2270 | 1107 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 37

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| 5.17%, 2/15/2041 (c) | 1457 | 700 |
| 0.0%, 2/15/2042 (c) | 789 | 357 |
| Total U.S. Treasury Obligations <br>(Cost $286,566)<br>|  | 277567 |
| **Corporate Bonds — 6.7%** | **Corporate Bonds — 6.7%** | **Corporate Bonds — 6.7%** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 2.75%, 2/1/2026 | 59 | 59 |
| 2.20%, 2/4/2026 | 105 | 105 |
| 2.70%, 2/1/2027 | 1876 | 1849 |
| 6.53%, 5/1/2034 | 275 | 304 |
| L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  |
| 5.25%, 6/1/2031 | 390 | 406 |
| 5.40%, 7/31/2033 | 219 | 228 |
| Leidos, Inc. 5.75%, 3/15/2033 | 120 | 127 |
| Northrop Grumman Corp.  | Northrop Grumman Corp.  | Northrop Grumman Corp.  |
| 5.15%, 5/1/2040 | 220 | 219 |
| 3.85%, 4/15/2045 | 255 | 204 |
| RTX Corp.  | RTX Corp.  | RTX Corp.  |
| 2.25%, 7/1/2030 | 373 | 343 |
| 5.15%, 2/27/2033 | 165 | 170 |
| 2.82%, 9/1/2051 | 385 | 240 |
|  |  | 4254 |
| **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| 1.30%, 1/8/2026 (d) | 90 | 90 |
| 2.38%, 10/15/2027 (d) | 730 | 708 |
|  |  | 798 |
| **Banks — 2.2%** | **Banks — 2.2%** | **Banks — 2.2%** |
| ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.65%), 6.34%, <br> 9/18/2027 (d) (e)<br>| 300 | 305 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.25%), 5.52%, <br> 12/3/2035 (d) (e)<br>| 300 | 310 |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 2.33%), 6.61%, 9/13/2029 (d) (e) | 400 | 425 |
| (SOFR + 1.65%), 5.32%, 5/15/2031 (d) (e) | 995 | 1027 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 1.72%, <br> 9/14/2027 (e)<br>| 200 | 197 |
| 6.61%, 11/7/2028 | 600 | 640 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| 4.55%, 11/6/2030 | 400 | 400 |
| 5.44%, 7/15/2031 | 200 | 210 |
| 5.13%, 11/6/2035 | 400 | 400 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (SOFR + 1.05%), 2.55%, 2/4/2028 (e) | 125 | 123 |
| (SOFR + 1.33%), 2.97%, 2/4/2033 (e) | 1435 | 1312 |
| (SOFR + 1.31%), 5.51%, 1/24/2036 (e) | 490 | 511 |
| Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 2.03%, <br> 9/30/2027 (d) (e)<br>| 203 | 200 |
| (SOFR + 1.62%), 5.60%, 3/20/2030 (d) (e) | 460 | 478 |
| Bank of New Zealand (New Zealand) 5.08%, <br> 1/30/2029 (d)<br>| 250 | 257 |
| Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) |
| 1.60%, 10/4/2026 (d) | 345 | 339 |
| 5.79%, 7/13/2028 (d) | 225 | 234 |
| 5.54%, 1/22/2030 (d) | 205 | 213 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 1.88%), 6.50%, 9/13/2027 (e) | 235 | 239 |
| (SOFR + 1.56%), 4.94%, 9/10/2030 (e) | 275 | 280 |
| (SOFR + 1.23%), 5.37%, 2/25/2031 (e) | 1225 | 1266 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 11/24/2032 (e)<br>| 200 | 182 |
| (SOFR + 1.59%), 5.79%, 2/25/2036 (e) | 215 | 225 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.22%), 2.16%, 9/15/2029 (d) (e) | 346 | 327 |
| (SOFR + 1.52%), 5.18%, 1/9/2030 (d) (e) | 760 | 778 |
| (SOFR + 1.59%), 5.50%, 5/20/2030 (d) (e) | 340 | 352 |
| (SOFR + 1.28%), 5.28%, 11/19/2030 (d) (e) | 1005 | 1034 |
| (SOFR + 1.68%), 5.09%, 5/9/2031 (d) (e) | 910 | 929 |
| (SOFR + 1.62%), 5.79%, 1/13/2033 (d) (e) | 410 | 430 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| (SOFR + 2.10%), 5.98%, 1/18/2027 (d) (e) | 250 | 250 |
| (SOFR + 2.27%), 6.71%, 10/19/2029 (d) (e) | 320 | 339 |
| (SOFR + 1.58%), 5.39%, 5/28/2031 (d) (e) | 1130 | 1160 |
| (SOFR + 1.85%), 5.94%, 5/30/2035 (d) (e) | 670 | 699 |
| (SOFR + 2.04%), 6.29%, 1/14/2036 (d) (e) | 355 | 379 |
| (SOFR + 1.96%), 6.03%, 5/28/2036 (d) (e) | 920 | 965 |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFRINDX + 1.78%), 5.67%, <br> 3/15/2030 (d) (e)<br>| 200 | 208 |
| (SOFR + 2.77%), 6.84%, 9/13/2034 (d) (e) | 430 | 480 |
| (SOFR + 1.79%), 5.58%, 7/3/2036 (d) (e) | 995 | 1022 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Canadian Imperial Bank of Commerce (Canada) <br> (SOFR + 1.34%), 4.63%, 9/11/2030 (e)<br>| 640 | 649 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (3-MONTH CME TERM SOFR + 1.65%), 3.67%, <br> 7/24/2028 (e)<br>| 500 | 497 |
| (3-MONTH CME TERM SOFR + 1.41%), 3.52%, <br> 10/27/2028 (e)<br>| 1042 | 1033 |
| (SOFR + 1.36%), 5.17%, 2/13/2030 (e) | 940 | 965 |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (e) | 684 | 689 |
| (SOFR + 1.17%), 4.50%, 9/11/2031 (e) | 475 | 476 |
| (SOFR + 1.17%), 2.56%, 5/1/2032 (e) | 110 | 100 |
| (SOFR + 1.35%), 3.06%, 1/25/2033 (e) | 567 | 519 |
| (SOFR + 1.49%), 5.17%, 9/11/2036 (e) | 360 | 363 |
| Cooperatieve Rabobank UA (Netherlands) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.99%, <br> 5/27/2031 (d) (e)<br>| 610 | 624 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.13%), 5.23%, 1/9/2029 (d) (e) | 307 | 313 |
| (SOFR + 1.46%), 5.22%, 5/27/2031 (d) (e) | 361 | 371 |
| (SOFR + 1.36%), 4.82%, 9/25/2033 (d) (e) | 650 | 649 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.40%), 5.71%, <br> 3/1/2030 (d) (e)<br>| 405 | 421 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 4.61%, <br> 10/2/2030 (d) (e)<br>| 224 | 226 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.02%, <br> 3/4/2031 (d) (e)<br>| 345 | 352 |
| DNB Bank ASA (Norway) | DNB Bank ASA (Norway) | DNB Bank ASA (Norway) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.68%), 1.61%, <br> 3/30/2028 (d) (e)<br>| 320 | 311 |
| (SOFR + 1.05%), 4.85%, 11/5/2030 (d) (e) | 425 | 433 |
| Fifth Third Bancorp (SOFR + 1.84%), 5.63%, <br> 1/29/2032 (e)<br>| 445 | 467 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.73%), 2.01%, 9/22/2028 (e) | 1660 | 1602 |
| (SOFR + 1.29%), 2.21%, 8/17/2029 (e) | 800 | 761 |
| (SOFR + 1.29%), 5.29%, 11/19/2030 (e) | 480 | 495 |
| (SOFR + 1.29%), 5.13%, 3/3/2031 (e) | 205 | 210 |
| (SOFR + 1.19%), 4.62%, 11/6/2031 (e) | 355 | 356 |
| (SOFR + 1.43%), 5.13%, 11/6/2036 (e) | 435 | 436 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Huntington Bancshares, Inc. (SOFR + 1.28%), <br> 5.27%, 1/15/2031 (e)<br>| 220 | 226 |
| Huntington National Bank (The) 5.65%, <br> 1/10/2030<br>| 334 | 350 |
| KBC Group NV (Belgium) | KBC Group NV (Belgium) | KBC Group NV (Belgium) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 4.93%, <br> 10/16/2030 (d) (e)<br>| 260 | 265 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 4.45%, <br> 9/23/2031 (d) (e)<br>| 1490 | 1486 |
| KeyCorp (SOFRINDX + 1.23%), 5.12%, <br> 4/4/2031 (e)<br>| 1350 | 1386 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 1.63%, <br> 5/11/2027 (e)<br>| 205 | 203 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.38%), 5.46%, <br> 1/5/2028 (e)<br>| 200 | 203 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.75%), 5.68%, <br> 1/5/2035 (e)<br>| 215 | 226 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.97%), 4.94%, <br> 11/4/2036 (e)<br>| 685 | 678 |
| M&T Bank Corp. (SOFR + 1.40%), 5.18%, <br> 7/8/2031 (e)<br>| 535 | 549 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.75%), 1.54%, <br> 7/20/2027 (e)<br>| 330 | 325 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.17%), 5.16%, <br> 4/24/2031 (e)<br>| 200 | 206 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.19%, <br> 9/12/2036 (e)<br>| 485 | 493 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.67%), 1.23%, <br> 5/22/2027 (e)<br>| 210 | 208 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.08%), 5.38%, <br> 7/10/2030 (e)<br>| 600 | 620 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.65%), 5.74%, <br> 5/27/2031 (e)<br>| 300 | 316 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 39

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.71%, <br> 7/8/2031 (e)<br>| 520 | 527 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 5.32%, <br> 7/8/2036 (e)<br>| 715 | 734 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| (3-MONTH SOFR + 1.91%), 5.08%, <br> 1/27/2030 (e)<br>| 200 | 204 |
| (3-MONTH SOFR + 1.87%), 4.45%, <br> 5/8/2030 (e)<br>| 975 | 979 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.22%), 4.96%, <br> 8/15/2030 (e)<br>| 1146 | 1170 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.05%), 5.12%, <br> 5/23/2031 (e)<br>| 220 | 226 |
| NatWest Markets plc (United Kingdom) 5.41%, <br> 5/17/2029 (d)<br>| 560 | 581 |
| Norinchukin Bank (The) (Japan) 5.36%, <br> 9/9/2035 (d)<br>| 700 | 710 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| (SOFR + 1.26%), 4.81%, 10/21/2032 (e) | 280 | 285 |
| (SOFR + 1.93%), 5.07%, 1/24/2034 (e) | 255 | 261 |
| (SOFR + 1.42%), 5.37%, 7/21/2036 (e) | 545 | 561 |
| Royal Bank of Canada (Canada) (SOFRINDX + <br> 1.08%), 4.65%, 10/18/2030 (e)<br>| 450 | 456 |
| Santander Holdings USA, Inc. (SOFR + 2.50%), <br> 6.17%, 1/9/2030 (e)<br>| 285 | 297 |
| Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) |
| (SOFR + 0.99%), 1.67%, 6/14/2027 (e) | 215 | 213 |
| (SOFR + 2.60%), 6.53%, 1/10/2029 (e) | 350 | 366 |
| (SOFRINDX + 1.55%), 4.86%, 9/11/2030 (e) | 350 | 354 |
| (SOFRINDX + 1.52%), 5.69%, 4/15/2031 (e) | 355 | 370 |
| Skandinaviska Enskilda Banken AB (Sweden) | Skandinaviska Enskilda Banken AB (Sweden) | Skandinaviska Enskilda Banken AB (Sweden) |
| 5.38%, 3/5/2029 (d) | 405 | 419 |
| 4.50%, 9/3/2030 (d) | 360 | 361 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| 5.25%, 2/19/2027 (d) | 338 | 342 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 1.79%, <br> 6/9/2027 (d) (e)<br>| 255 | 252 |
| (SOFR + 1.65%), 5.51%, 5/22/2031 (d) (e) | 1126 | 1161 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 6/9/2032 (d) (e)<br>| 590 | 534 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.95%), 6.69%, <br> 1/10/2034 (d) (e)<br>| 470 | 512 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.10%), 6.07%, <br> 1/19/2035 (d) (e)<br>| 214 | 226 |
| (SOFR + 1.73%), 5.44%, 10/3/2036 (d) (e) | 1000 | 1002 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 5.71%, 1/13/2030 | 405 | 427 |
| 5.24%, 4/15/2030 | 400 | 415 |
| 5.42%, 7/9/2031 | 650 | 680 |
| (SOFR + 1.38%), 4.95%, 7/8/2033 (e) | 1000 | 1018 |
| Toronto-Dominion Bank (The) (Canada) 5.30%, <br> 1/30/2032<br>| 320 | 334 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 2.05%), 6.05%, 6/8/2027 (e) | 175 | 176 |
| (SOFR + 2.45%), 7.16%, 10/30/2029 (e) | 175 | 189 |
| (SOFR + 1.31%), 5.07%, 5/20/2031 (e) | 1080 | 1109 |
| (SOFR + 1.85%), 5.12%, 1/26/2034 (e) | 135 | 138 |
| (SOFR + 1.92%), 5.71%, 1/24/2035 (e) | 194 | 204 |
| (SOFR + 1.40%), 4.96%, 10/23/2036 (e) | 530 | 524 |
| UniCredit SpA (Italy) (US Treasury Yield Curve Rate <br> T Note Constant Maturity 1 Year + 1.20%), <br> 1.98%, 6/3/2027 (d) (e)<br>| 265 | 263 |
| US Bancorp (SOFR + 1.30%), 5.08%, <br> 5/15/2031 (e)<br>| 410 | 423 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| 4.30%, 7/22/2027 | 1500 | 1506 |
| (SOFR + 1.07%), 5.71%, 4/22/2028 (e) | 665 | 679 |
| (SOFR + 2.10%), 2.39%, 6/2/2028 (e) | 484 | 473 |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (e) | 94 | 97 |
| (SOFR + 1.50%), 5.20%, 1/23/2030 (e) | 150 | 154 |
| (SOFR + 2.10%), 4.90%, 7/25/2033 (e) | 93 | 94 |
| (SOFR + 2.02%), 5.39%, 4/24/2034 (e) | 113 | 118 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (e) | 700 | 734 |
| (SOFR + 1.78%), 5.50%, 1/23/2035 (e) | 1200 | 1252 |
| (SOFR + 1.38%), 5.21%, 12/3/2035 (e) | 835 | 853 |
| (SOFR + 1.74%), 5.61%, 4/23/2036 (e) | 481 | 504 |
| (SOFR + 2.13%), 4.61%, 4/25/2053 (e) | 315 | 271 |
| Westpac New Zealand Ltd. (New Zealand) | Westpac New Zealand Ltd. (New Zealand) | Westpac New Zealand Ltd. (New Zealand) |
| 4.90%, 2/15/2028 (d) | 420 | 428 |
| 5.20%, 2/28/2029 (d) | 600 | 618 |
|  |  | 66967 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

40 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| Constellation Brands, Inc. 4.50%, 5/9/2047 | 540 | 451 |
| Keurig Dr Pepper, Inc. Series 10, 5.20%, <br> 3/15/2031<br>| 310 | 319 |
|  |  | 770 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 2.95%, 11/21/2026 | 265 | 263 |
| 5.05%, 3/15/2034 | 710 | 730 |
| 4.05%, 11/21/2039 | 600 | 536 |
| 4.25%, 11/21/2049 | 210 | 173 |
| Amgen, Inc.  | Amgen, Inc.  | Amgen, Inc.  |
| 3.15%, 2/21/2040 | 729 | 575 |
| 5.60%, 3/2/2043 | 100 | 100 |
| 5.65%, 3/2/2053 | 809 | 792 |
| Biogen, Inc. 5.75%, 5/15/2035 | 290 | 305 |
| Gilead Sciences, Inc. 2.60%, 10/1/2040 | 557 | 412 |
|  |  | 3886 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Amazon.com, Inc. 3.95%, 4/13/2052 | 555 | 433 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| Masco Corp. 2.00%, 10/1/2030 | 128 | 114 |
| Trane Technologies Financing Ltd. 5.25%, <br> 3/3/2033<br>| 120 | 125 |
|  |  | 239 |
| **Capital Markets — 0.5%** | **Capital Markets — 0.5%** | **Capital Markets — 0.5%** |
| Bank of New York Mellon Corp. (The) (SOFR + <br> 1.85%), 6.47%, 10/25/2034 (e)<br>| 200 | 224 |
| Brookfield Finance, Inc. (Canada) 3.50%, <br> 3/30/2051<br>| 250 | 174 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.22%), 2.31%, 11/16/2027 (e) | 959 | 943 |
| (SOFR + 1.21%), 5.37%, 1/10/2029 (e) | 150 | 153 |
| (SOFR + 3.18%), 6.72%, 1/18/2029 (e) | 292 | 306 |
| (SOFR + 1.72%), 5.30%, 5/9/2031 (e) | 1240 | 1270 |
| (SOFR + 1.30%), 4.95%, 8/4/2031 (e) | 365 | 369 |
| (SOFR + 1.10%), 4.47%, 12/10/2031 (e) | 400 | 399 |
| (SOFR + 1.72%), 3.04%, 5/28/2032 (e) | 600 | 551 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 1.11%), 2.64%, 2/24/2028 (e) | 1504 | 1481 |
| (SOFR + 1.77%), 6.48%, 10/24/2029 (e) | 270 | 286 |
| (SOFR + 1.27%), 5.73%, 4/25/2030 (e) | 385 | 402 |
| (SOFR + 1.21%), 5.05%, 7/23/2030 (e) | 460 | 471 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| (SOFR + 1.58%), 5.22%, 4/23/2031 (e) | 220 | 227 |
| (SOFR + 1.55%), 5.33%, 7/23/2035 (e) | 980 | 1007 |
| (SOFR + 1.33%), 4.94%, 10/21/2036 (e) | 1155 | 1147 |
| Macquarie Group Ltd. (Australia) (SOFR + 1.53%), <br> 2.87%, 1/14/2033 (d) (e)<br>| 200 | 181 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 1.59%), 5.16%, 4/20/2029 (e) | 375 | 383 |
| (SOFR + 1.26%), 5.66%, 4/18/2030 (e) | 370 | 385 |
| (SOFR + 1.22%), 5.04%, 7/19/2030 (e) | 155 | 159 |
| Series I, (SOFR + 1.07%), 4.36%, <br> 10/22/2031 (e)<br>| 665 | 663 |
| (SOFR + 1.20%), 2.51%, 10/20/2032 (e) | 1495 | 1341 |
| (SOFR + 1.73%), 5.47%, 1/18/2035 (e) | 159 | 165 |
| (SOFR + 1.56%), 5.32%, 7/19/2035 (e) | 210 | 216 |
| Series I, (SOFR + 1.31%), 4.89%, <br> 10/22/2036 (e)<br>| 325 | 322 |
| (SOFR + 1.49%), 3.22%, 4/22/2042 (e) | 255 | 200 |
| Nasdaq, Inc. 5.55%, 2/15/2034 | 83 | 87 |
| State Street Corp. (SOFR + 1.22%), 4.78%, <br> 10/23/2036 (e)<br>| 235 | 234 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (SOFR + 1.06%), 4.40%, 9/23/2031 (d) (e) | 350 | 348 |
| (SOFR + 1.29%), 4.84%, 11/6/2033 (d) (e) | 820 | 821 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.00%), 6.30%, <br> 9/22/2034 (d) (e)<br>| 200 | 218 |
| (SOFR + 1.34%), 5.01%, 3/23/2037 (d) (e) | 720 | 714 |
|  |  | 15847 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  |
| 5.32%, 11/15/2038 | 1058 | 1060 |
| 5.42%, 11/15/2048 | 85 | 81 |
| EIDP, Inc. 5.13%, 5/15/2032 | 560 | 575 |
| International Flavors & Fragrances, Inc. 2.30%, <br> 11/1/2030 (d)<br>| 640 | 577 |
| Nutrien Ltd. (Canada) 5.00%, 4/1/2049 | 111 | 99 |
| Sherwin-Williams Co. (The) 4.80%, 9/1/2031 | 745 | 763 |
|  |  | 3155 |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) |
| 6.32%, 12/4/2028 (d) | 600 | 633 |
| 5.04%, 3/25/2030 (d) | 205 | 209 |
|  |  | 842 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 41

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| Quanta Services, Inc. 5.10%, 8/9/2035 | 395 | 396 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 2.45%, 10/29/2026 | 1265 | 1248 |
| 6.10%, 1/15/2027 | 310 | 316 |
| 5.10%, 1/19/2029 | 165 | 169 |
| 5.00%, 11/15/2035 | 265 | 262 |
| Aircastle Ltd. 5.25%, 3/15/2030 (d) | 265 | 271 |
| Ally Financial, Inc. (SOFR + 2.82%), 6.85%, <br> 1/3/2030 (e)<br>| 450 | 477 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFR + 1.00%), 5.10%, 2/16/2028 (e) | 400 | 405 |
| (SOFR + 1.22%), 4.92%, 7/20/2033 (e) | 205 | 209 |
| (SOFRINDX + 1.32%), 5.44%, 1/30/2036 (e) | 320 | 332 |
| (SOFR + 1.24%), 4.80%, 10/24/2036 (e) | 285 | 281 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 2.13%, 2/21/2026 (d) | 110 | 109 |
| 4.25%, 4/15/2026 (d) | 20 | 20 |
| 4.38%, 5/1/2026 (d) | 207 | 207 |
| 2.53%, 11/18/2027 (d) | 331 | 321 |
| 4.95%, 1/15/2028 (d) | 413 | 419 |
| 5.15%, 1/15/2030 (d) | 1410 | 1435 |
| 4.90%, 10/10/2030 (d) | 165 | 166 |
| 4.70%, 1/30/2031 (d) | 280 | 278 |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| 3.80%, 1/31/2028 | 200 | 199 |
| (SOFR + 1.91%), 5.70%, 2/1/2030 (e) | 200 | 208 |
| (SOFR + 1.27%), 2.62%, 11/2/2032 (e) | 230 | 206 |
| (SOFR + 1.63%), 5.20%, 9/11/2036 (e) | 275 | 274 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 5.20%, 3/27/2028 (d) | 195 | 198 |
| 5.15%, 3/17/2030 (d) | 133 | 135 |
|  |  | 8145 |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| Kroger Co. (The)  | Kroger Co. (The)  | Kroger Co. (The)  |
| 5.00%, 9/15/2034 | 130 | 131 |
| 5.50%, 9/15/2054 | 100 | 95 |
|  |  | 226 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (d)<br>| 238 | 236 |
| Smurfit Westrock Financing DAC (Ireland) 5.42%, <br> 1/15/2035<br>| 395 | 406 |
|  |  | 642 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| University of Miami Series 2022, 4.06%, 4/1/2052 | 110 | 88 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| Equinix Europe 2 Financing Corp. LLC 4.60%, <br> 11/15/2030<br>| 620 | 622 |
| Safehold GL Holdings LLC 2.85%, 1/15/2032 | 391 | 352 |
| WP Carey, Inc.  | WP Carey, Inc.  | WP Carey, Inc.  |
| 2.40%, 2/1/2031 | 163 | 147 |
| 2.45%, 2/1/2032 | 160 | 141 |
| 2.25%, 4/1/2033 | 90 | 76 |
|  |  | 1338 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 2.30%, 6/1/2027 | 322 | 315 |
| 3.50%, 6/1/2041 | 584 | 459 |
| 3.55%, 9/15/2055 | 369 | 246 |
| NBN Co. Ltd. (Australia) 2.63%, 5/5/2031 (d) | 500 | 459 |
|  |  | 1479 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  |
| 5.40%, 6/1/2053 | 295 | 284 |
| 5.65%, 6/1/2054 | 220 | 219 |
| Consumers 2023 Securitization Funding LLC Series <br> A2, 5.21%, 9/1/2030<br>| 840 | 866 |
| DTE Electric Co.  | DTE Electric Co.  | DTE Electric Co.  |
| Series B, 3.65%, 3/1/2052 | 170 | 125 |
| 5.40%, 4/1/2053 | 140 | 136 |
| DTE Electric Securitization Funding II LLC Series A-2, <br> 6.09%, 9/1/2037<br>| 300 | 324 |
| Duke Energy Corp.  | Duke Energy Corp.  | Duke Energy Corp.  |
| 6.10%, 9/15/2053 | 270 | 280 |
| 5.70%, 9/15/2055 | 285 | 277 |
| Duke Energy Florida LLC 5.95%, 11/15/2052 | 133 | 138 |
| Duke Energy Indiana LLC Series YYY, 3.25%, <br> 10/1/2049<br>| 113 | 77 |
| Duke Energy Progress LLC 2.90%, 8/15/2051 | 165 | 104 |
| Duke Energy Progress SC Storm Funding LLC Series <br> A, 5.40%, 3/1/2044<br>| 1026 | 1054 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

42 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Duquesne Light Holdings, Inc. 2.78%, <br> 1/7/2032 (d)<br>| 85 | 76 |
| Edison International  | Edison International  | Edison International  |
| 5.75%, 6/15/2027 | 225 | 229 |
| 5.25%, 11/15/2028 | 700 | 709 |
| Electricite de France SA (France) 5.95%, <br> 4/22/2034 (d)<br>| 350 | 372 |
| Emera US Finance LP (Canada) 4.75%, 6/15/2046 | 223 | 190 |
| Enel Finance International NV (Italy) 5.00%, <br> 9/30/2035 (d)<br>| 380 | 377 |
| Entergy Arkansas LLC 2.65%, 6/15/2051 | 84 | 50 |
| Entergy Louisiana LLC  | Entergy Louisiana LLC  | Entergy Louisiana LLC  |
| 4.00%, 3/15/2033 | 166 | 160 |
| 2.90%, 3/15/2051 | 70 | 44 |
| 5.70%, 3/15/2054 | 150 | 149 |
| Evergy Metro, Inc. 4.95%, 4/15/2033 | 323 | 328 |
| Evergy Missouri West Storm Funding I LLC Series <br> A-1, 5.10%, 12/1/2038<br>| 651 | 667 |
| Evergy Missouri West, Inc. 5.15%, 12/15/2027 (d) | 279 | 284 |
| Fells Point Funding Trust 3.05%, 1/31/2027 (d) | 630 | 622 |
| FirstEnergy Transmission LLC 4.55%, 4/1/2049 (d) | 210 | 178 |
| Florida Power & Light Co. 5.30%, 4/1/2053 | 160 | 153 |
| Fortis, Inc. (Canada) 3.06%, 10/4/2026 | 194 | 192 |
| Indiana Michigan Power Co. 3.25%, 5/1/2051 | 150 | 100 |
| Interstate Power and Light Co.  | Interstate Power and Light Co.  | Interstate Power and Light Co.  |
| 4.95%, 9/30/2034 | 145 | 144 |
| 5.45%, 9/30/2054 | 165 | 156 |
| ITC Holdings Corp.  | ITC Holdings Corp.  | ITC Holdings Corp.  |
| 2.95%, 5/14/2030 (d) | 136 | 128 |
| 5.40%, 6/1/2033 (d) | 560 | 577 |
| Jersey Central Power & Light Co. 5.10%, <br> 1/15/2035<br>| 115 | 116 |
| Massachusetts Electric Co. 4.00%, 8/15/2046 (d) | 103 | 81 |
| MidAmerican Energy Co. 5.85%, 9/15/2054 | 120 | 123 |
| New England Power Co. 2.81%, 10/6/2050 (d) | 280 | 171 |
| NextEra Energy Capital Holdings, Inc. 5.55%, <br> 3/15/2054<br>| 440 | 425 |
| Niagara Mohawk Power Corp. 6.00%, 7/3/2055 (d) | 130 | 132 |
| Northern States Power Co. 5.10%, 5/15/2053 | 220 | 204 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 2.45%, 12/2/2027 (d) | 365 | 353 |
| 5.41%, 10/15/2035 (d) | 575 | 574 |
| Ohio Power Co. Series R, 2.90%, 10/1/2051 | 200 | 123 |
| Oklahoma Gas and Electric Co. 5.60%, 4/1/2053 | 291 | 285 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 2.95%, 3/1/2026 | 788 | 786 |
| 6.15%, 1/15/2033 | 300 | 318 |
| 6.40%, 6/15/2033 | 254 | 274 |
| 5.80%, 5/15/2034 | 567 | 589 |
| 6.00%, 8/15/2035 | 1130 | 1186 |
| 3.75%, 8/15/2042 (f) | 79 | 60 |
| 4.30%, 3/15/2045 | 80 | 64 |
| 6.75%, 1/15/2053 | 115 | 122 |
| 5.90%, 10/1/2054 | 60 | 58 |
| PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  |
| Series A-2, 5.23%, 6/1/2042 | 2760 | 2791 |
| Series A-3, 5.54%, 7/15/2047 | 200 | 201 |
| Series A-3, 5.53%, 6/1/2049 | 405 | 404 |
| PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  |
| Series A-2, 4.26%, 6/1/2036 | 130 | 126 |
| Series A-4, 5.21%, 12/1/2047 | 80 | 77 |
| Series A-5, 5.10%, 6/1/2052 | 150 | 140 |
| PNM Energy Transition Bond Co. I LLC Series A-2, <br> 6.03%, 8/15/2048<br>| 390 | 409 |
| PPL Capital Funding, Inc. 5.25%, 9/1/2034 | 185 | 190 |
| PPL Electric Utilities Corp. 5.25%, 5/15/2053 | 170 | 163 |
| Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  |
| 5.20%, 1/15/2035 | 80 | 81 |
| Series K, 3.15%, 8/15/2051 | 90 | 59 |
| Public Service Electric and Gas Co. 3.00%, <br> 3/1/2051<br>| 455 | 298 |
| SCE Recovery Funding LLC  | SCE Recovery Funding LLC  | SCE Recovery Funding LLC  |
| Series A-1, 4.70%, 6/15/2040 | 180 | 179 |
| 5.34%, 3/15/2045 | 305 | 305 |
| Series A-2, 5.11%, 12/15/2047 | 85 | 80 |
| Sigeco Securitization I LLC Series A1, 5.03%, <br> 11/15/2036<br>| 166 | 170 |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| Series 20C, 1.20%, 2/1/2026 | 202 | 201 |
| 5.85%, 11/1/2027 | 286 | 294 |
| 5.45%, 6/1/2031 | 450 | 465 |
| Series C, 4.13%, 3/1/2048 | 131 | 99 |
| 5.70%, 3/1/2053 | 85 | 79 |
| 5.88%, 12/1/2053 | 153 | 147 |
| 5.75%, 4/15/2054 | 530 | 497 |
| 5.90%, 3/1/2055 | 185 | 179 |
| Southern Co. (The) 5.20%, 6/15/2033 | 386 | 397 |
| Tucson Electric Power Co. 5.50%, 4/15/2053 | 305 | 293 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 43

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Union Electric Co.  | Union Electric Co.  | Union Electric Co.  |
| 5.20%, 4/1/2034 | 400 | 412 |
| 3.90%, 4/1/2052 | 191 | 146 |
| 5.45%, 3/15/2053 | 185 | 178 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 4.60%, 10/15/2030 (d) | 470 | 470 |
| 6.00%, 4/15/2034 (d) | 208 | 219 |
| 5.70%, 12/30/2034 (d) | 115 | 119 |
| 5.25%, 10/15/2035 (d) | 516 | 514 |
|  |  | 26195 |
| **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** |
| Amphenol Corp. 5.30%, 11/15/2055 | 450 | 430 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  |
| 3.70%, 4/14/2027 | 357 | 356 |
| 5.40%, 6/12/2029 | 670 | 693 |
| 4.00%, 4/14/2032 | 1200 | 1163 |
|  |  | 2212 |
| **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** |
| Corebridge Financial, Inc. 3.85%, 4/5/2029 | 115 | 113 |
| Fiserv, Inc. 5.15%, 8/12/2034 | 790 | 784 |
| Global Payments, Inc.  | Global Payments, Inc.  | Global Payments, Inc.  |
| 3.20%, 8/15/2029 | 367 | 350 |
| 5.30%, 8/15/2029 | 70 | 72 |
| 5.55%, 11/15/2035 | 905 | 900 |
| Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) |
| (3-MONTH SOFR + 1.45%), 4.30%, <br> 3/8/2029 (d) (e)<br>| 280 | 280 |
| 5.13%, 7/29/2029 (d) | 679 | 697 |
| (SOFR + 1.65%), 5.54%, 7/14/2036 (d) (e) | 200 | 207 |
| NTT Finance Corp. (Japan) 5.17%, 7/16/2032 (d) | 540 | 554 |
| Street Capital Group, Inc. (Canada) 0.00%, <br> 2/15/2030 ‡<br>| 692 | 692 |
|  |  | 4649 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  |
| 4.65%, 9/17/2034 | 343 | 337 |
| 5.15%, 8/4/2035 | 270 | 274 |
| JBS USA Holding Lux SARL  | JBS USA Holding Lux SARL  | JBS USA Holding Lux SARL  |
| 3.75%, 12/1/2031 | 320 | 304 |
| 6.75%, 3/15/2034 | 260 | 287 |
| 5.50%, 1/15/2036 (d) | 595 | 605 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| 6.50%, 12/1/2052 | 75 | 77 |
| 6.38%, 4/15/2066 (d) | 675 | 672 |
| JBS USA LUX SARL 5.95%, 4/20/2035 (d) | 125 | 131 |
| Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  |
| 4.63%, 10/1/2039 | 240 | 219 |
| 4.38%, 6/1/2046 | 132 | 109 |
| Mars, Inc.  | Mars, Inc.  | Mars, Inc.  |
| 5.00%, 3/1/2032 (d) | 250 | 258 |
| 5.65%, 5/1/2045 (d) | 540 | 544 |
| Tyson Foods, Inc. 5.70%, 3/15/2034 | 230 | 243 |
|  |  | 4060 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Atmos Energy Corp. 2.85%, 2/15/2052 | 230 | 143 |
| CenterPoint Energy Resources Corp. 1.75%, <br> 10/1/2030<br>| 202 | 180 |
| Southern California Gas Co. 6.35%, 11/15/2052 | 150 | 162 |
|  |  | 485 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Canadian Pacific Railway Co. (Canada) 4.70%, <br> 5/1/2048<br>| 178 | 157 |
| CSX Corp. 3.80%, 11/1/2046 | 219 | 172 |
| ERAC USA Finance LLC 5.20%, 10/30/2034 (d) | 220 | 226 |
| Norfolk Southern Corp. 3.05%, 5/15/2050 | 215 | 141 |
| Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (d)<br>| 700 | 693 |
| Uber Technologies, Inc. 4.80%, 9/15/2034 | 170 | 170 |
| Union Pacific Corp.  | Union Pacific Corp.  | Union Pacific Corp.  |
| 3.55%, 8/15/2039 | 297 | 254 |
| 3.50%, 2/14/2053 | 190 | 134 |
|  |  | 1947 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| Boston Scientific Corp. 4.55%, 3/1/2039 | 68 | 65 |
| DH Europe Finance II SARL 3.25%, 11/15/2039 | 119 | 97 |
| Solventum Corp. 5.60%, 3/23/2034 | 394 | 410 |
|  |  | 572 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| AHS Hospital Corp. 5.02%, 7/1/2045 | 140 | 131 |
| Banner Health 1.90%, 1/1/2031 | 288 | 258 |
| Beth Israel Lahey Health, Inc. Series L, 3.08%, <br> 7/1/2051<br>| 115 | 75 |
| Cencora, Inc.  | Cencora, Inc.  | Cencora, Inc.  |
| 5.13%, 2/15/2034 | 850 | 872 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

44 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| 4.25%, 3/1/2045 | 650 | 550 |
| Children's Hospital of Philadelphia (The) Series <br> 2020, 2.70%, 7/1/2050<br>| 215 | 134 |
| Cigna Group (The)  | Cigna Group (The)  | Cigna Group (The)  |
| 5.13%, 5/15/2031 | 670 | 692 |
| 5.25%, 1/15/2036 | 740 | 753 |
| CommonSpirit Health  | CommonSpirit Health  | CommonSpirit Health  |
| 2.78%, 10/1/2030 | 170 | 158 |
| 3.91%, 10/1/2050 | 75 | 56 |
| CVS Health Corp. 5.25%, 2/21/2033 | 250 | 257 |
| Hackensack Meridian Health, Inc. Series 2020, <br> 2.68%, 9/1/2041<br>| 350 | 254 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 3.63%, 3/15/2032 | 125 | 118 |
| 5.60%, 4/1/2034 | 250 | 261 |
| 5.45%, 9/15/2034 | 345 | 355 |
| 5.75%, 3/1/2035 | 300 | 315 |
| 4.90%, 11/15/2035 | 310 | 306 |
| 5.50%, 6/15/2047 | 140 | 132 |
| 3.50%, 7/15/2051 | 128 | 87 |
| 5.95%, 9/15/2054 | 145 | 143 |
| 6.10%, 4/1/2064 | 470 | 466 |
| MedStar Health, Inc. Series 20A, 3.63%, <br> 8/15/2049<br>| 150 | 110 |
| MyMichigan Health Series 2020, 3.41%, 6/1/2050 | 45 | 31 |
| PeaceHealth Obligated Group Series 2020, 3.22%, <br> 11/15/2050<br>| 160 | 103 |
| Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | 215 | 136 |
| UnitedHealth Group, Inc. 5.88%, 2/15/2053 | 105 | 106 |
| West Virginia United Health System Obligated Group <br> Series 2020, 3.13%, 6/1/2050<br>| 340 | 213 |
|  |  | 7072 |
| **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** |
| DOC DR LLC 2.63%, 11/1/2031 | 130 | 117 |
| Healthpeak OP LLC 2.13%, 12/1/2028 | 323 | 305 |
|  |  | 422 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| Darden Restaurants, Inc. 4.55%, 10/15/2029 | 500 | 505 |
| Starbucks Corp.  | Starbucks Corp.  | Starbucks Corp.  |
| 4.80%, 2/15/2033 | 330 | 334 |
| 3.35%, 3/12/2050 | 214 | 146 |
|  |  | 985 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** |
| AES Corp. (The) 5.80%, 3/15/2032 | 375 | 385 |
| Constellation Energy Generation LLC  | Constellation Energy Generation LLC  | Constellation Energy Generation LLC  |
| 5.80%, 3/1/2033 | 49 | 52 |
| 5.75%, 10/1/2041 | 205 | 209 |
| Southern Power Co. 5.15%, 9/15/2041 | 230 | 221 |
|  |  | 867 |
| **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** |
| Honeywell International, Inc. 5.25%, 3/1/2054 | 300 | 283 |
| **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** |
| Goodman US Finance Six LLC (Australia) 5.13%, <br> 10/7/2034 (d)<br>| 155 | 156 |
| Prologis LP 5.25%, 3/15/2054 | 374 | 355 |
|  |  | 511 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Aon North America, Inc.  | Aon North America, Inc.  | Aon North America, Inc.  |
| 5.45%, 3/1/2034 | 450 | 468 |
| 5.75%, 3/1/2054 | 110 | 109 |
| Arthur J Gallagher & Co. 5.75%, 7/15/2054 | 500 | 492 |
| Berkshire Hathaway Finance Corp. 3.85%, <br> 3/15/2052<br>| 180 | 138 |
| Brown & Brown, Inc.  | Brown & Brown, Inc.  | Brown & Brown, Inc.  |
| 2.38%, 3/15/2031 | 422 | 378 |
| 6.25%, 6/23/2055 | 440 | 457 |
| CNO Global Funding 5.88%, 6/4/2027 (d) | 800 | 818 |
| Corebridge Global Funding 4.90%, 8/21/2032 (d) | 145 | 146 |
| Empower Finance 2020 LP (Canada) 3.08%, <br> 9/17/2051 (d)<br>| 316 | 204 |
| F&G Annuities & Life, Inc. 6.50%, 6/4/2029 | 150 | 156 |
| Jackson National Life Global Funding 3.05%, <br> 4/29/2026 (d)<br>| 500 | 498 |
| Mutual of Omaha Cos. Global Funding 5.45%, <br> 12/12/2028 (d)<br>| 400 | 414 |
| Nationwide Mutual Insurance Co. 8.25%, <br> 12/1/2031 (d)<br>| 400 | 466 |
| New York Life Insurance Co. 3.75%, 5/15/2050 (d) | 538 | 399 |
| Northwestern Mutual Global Funding 5.16%, <br> 5/28/2031 (d)<br>| 680 | 706 |
| Principal Financial Group, Inc. 4.11%, <br> 2/15/2028 (d)<br>| 160 | 160 |
| Protective Life Global Funding 5.47%, <br> 12/8/2028 (d)<br>| 386 | 400 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 45

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  |
| 4.27%, 5/15/2047 (d) | 110 | 90 |
| 3.30%, 5/15/2050 (d) | 429 | 294 |
|  |  | 6793 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Meta Platforms, Inc.  | Meta Platforms, Inc.  | Meta Platforms, Inc.  |
| 4.88%, 11/15/2035 | 650 | 649 |
| 5.50%, 11/15/2045 | 650 | 631 |
| 5.60%, 5/15/2053 | 260 | 249 |
| 5.40%, 8/15/2054 | 235 | 218 |
| 5.63%, 11/15/2055 | 380 | 365 |
|  |  | 2112 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| Accenture Capital, Inc. 4.50%, 10/4/2034 | 190 | 187 |
| CGI, Inc. (Canada) 1.45%, 9/14/2026 | 204 | 201 |
|  |  | 388 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| Otis Worldwide Corp. 3.11%, 2/15/2040 | 294 | 231 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 2.80%, 4/1/2031 | 302 | 272 |
| 5.85%, 12/1/2035 | 355 | 354 |
| 3.50%, 3/1/2042 | 160 | 111 |
| 3.70%, 4/1/2051 | 467 | 294 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 4.65%, 2/15/2033 | 390 | 391 |
| 5.17%, 1/15/2037 (d) | 435 | 429 |
| 3.25%, 11/1/2039 | 380 | 297 |
| 2.80%, 1/15/2051 | 380 | 220 |
| 5.35%, 5/15/2053 | 730 | 656 |
|  |  | 3024 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Anglo American Capital plc (South Africa) 5.75%, <br> 4/5/2034 (d)<br>| 645 | 677 |
| Corp. Nacional del Cobre de Chile (Chile) 6.44%, <br> 1/26/2036 (d)<br>| 200 | 216 |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 2.50%, 9/1/2030 (d) | 346 | 317 |
| 5.63%, 4/4/2034 (d) | 260 | 272 |
| Steel Dynamics, Inc. 1.65%, 10/15/2027 | 275 | 264 |
|  |  | 1746 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 | 204 | 126 |
| Consumers Energy Co. 4.63%, 5/15/2033 | 285 | 286 |
| DTE Energy Co. 5.10%, 3/1/2029 | 700 | 717 |
| Engie SA (France) 5.63%, 4/10/2034 (d) | 790 | 830 |
| Public Service Enterprise Group, Inc. 5.45%, <br> 4/1/2034<br>| 220 | 227 |
| Puget Energy, Inc.  | Puget Energy, Inc.  | Puget Energy, Inc.  |
| 2.38%, 6/15/2028 | 258 | 247 |
| 5.73%, 3/15/2035 | 170 | 174 |
| San Diego Gas & Electric Co. 2.95%, 8/15/2051 | 350 | 222 |
| Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  |
| Series B, 5.10%, 9/15/2035 | 205 | 207 |
| Series 21A, 3.15%, 9/30/2051 | 160 | 104 |
| WEC Energy Group, Inc. 1.38%, 10/15/2027 | 236 | 226 |
|  |  | 3366 |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| COPT Defense Properties LP 2.75%, 4/15/2031 | 271 | 247 |
| **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** | **Oil, Gas & Consumable Fuels — 0.4%** |
| Aker BP ASA (Norway) | Aker BP ASA (Norway) | Aker BP ASA (Norway) |
| 5.13%, 10/1/2034 (d) | 170 | 166 |
| 5.80%, 10/1/2054 (d) | 150 | 136 |
| BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  |
| 2.77%, 11/10/2050 | 208 | 128 |
| 3.00%, 3/17/2052 | 75 | 48 |
| Cheniere Energy Partners LP 5.55%, <br> 10/30/2035 (d)<br>| 190 | 194 |
| Cheniere Energy, Inc. 5.65%, 4/15/2034 | 180 | 187 |
| Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  |
| 5.10%, 10/1/2031 (d) | 118 | 120 |
| 5.68%, 1/15/2034 (d) | 157 | 162 |
| Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  |
| 5.44%, 2/15/2035 (d) | 680 | 694 |
| 5.96%, 2/15/2055 (d) | 470 | 463 |
| ConocoPhillips Co. 5.50%, 1/15/2055 | 350 | 335 |
| Coterra Energy, Inc.  | Coterra Energy, Inc.  | Coterra Energy, Inc.  |
| 3.90%, 5/15/2027 | 140 | 139 |
| 5.40%, 2/15/2035 | 305 | 310 |
| Devon Energy Corp. 5.75%, 9/15/2054 | 125 | 115 |
| Eastern Energy Gas Holdings LLC 6.20%, <br> 1/15/2055<br>| 165 | 171 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 5.70%, 3/8/2033 | 200 | 211 |
| 5.63%, 4/5/2034 | 375 | 392 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

46 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 5.25%, 7/1/2029 | 350 | 360 |
| 5.00%, 5/15/2044 (f) | 525 | 455 |
| Eni SpA (Italy) 5.95%, 5/15/2054 (d) | 200 | 198 |
| Enterprise Products Operating LLC  | Enterprise Products Operating LLC  | Enterprise Products Operating LLC  |
| 4.95%, 2/15/2035 | 550 | 556 |
| 4.45%, 2/15/2043 | 317 | 279 |
| Exxon Mobil Corp. 3.00%, 8/16/2039 | 643 | 515 |
| Galaxy Pipeline Assets Bidco Ltd. (United Arab <br> Emirates) 2.94%, 9/30/2040 (d)<br>| 173 | 147 |
| Gray Oak Pipeline LLC 3.45%, 10/15/2027 (d) | 306 | 302 |
| Kinder Morgan, Inc. 7.80%, 8/1/2031 | 550 | 637 |
| MPLX LP  | MPLX LP  | MPLX LP  |
| 5.50%, 6/1/2034 | 315 | 321 |
| 5.40%, 4/1/2035 | 70 | 70 |
| 4.50%, 4/15/2038 | 226 | 206 |
| NGPL PipeCo LLC 3.25%, 7/15/2031 (d) | 195 | 179 |
| Northern Natural Gas Co. 5.63%, 2/1/2054 (d) | 50 | 48 |
| ONEOK, Inc. 4.75%, 10/15/2031 | 560 | 563 |
| Ovintiv, Inc. 6.25%, 7/15/2033 | 450 | 477 |
| Pioneer Natural Resources Co. 2.15%, 1/15/2031 | 245 | 222 |
| Plains All American Pipeline LP 5.95%, 6/15/2035 | 335 | 349 |
| Shell Finance US, Inc. 3.13%, 11/7/2049 (d) | 215 | 145 |
| South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) |
| 4.91%, 9/1/2027 | 95 | 96 |
| 5.03%, 10/1/2029 | 105 | 107 |
| Targa Resources Corp. 4.90%, 9/15/2030 | 573 | 584 |
| TotalEnergies Capital International SA (France) <br> 2.99%, 6/29/2041<br>| 429 | 325 |
| TransCanada PipeLines Ltd. (Canada) 5.85%, <br> 3/15/2036<br>| 400 | 417 |
| Western Midstream Operating LP 5.25%, <br> 2/1/2050 (f)<br>| 100 | 86 |
| Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  |
| 5.65%, 3/15/2033 | 150 | 158 |
| 5.60%, 3/15/2035 | 230 | 239 |
| 6.00%, 3/15/2055 | 60 | 61 |
|  |  | 12073 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| United Airlines Pass-Through Trust Series 2016-2, <br> Class A, 3.10%, 10/7/2028<br>| 157 | 150 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Haleon US Capital LLC 4.00%, 3/24/2052 | 350 | 275 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| AstraZeneca plc (United Kingdom) 6.45%, <br> 9/15/2037<br>| 50 | 57 |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 4.13%, 6/15/2039 | 265 | 241 |
| 4.25%, 10/26/2049 | 245 | 200 |
| 3.70%, 3/15/2052 | 205 | 151 |
| 5.55%, 2/22/2054 | 32 | 31 |
| Eli Lilly & Co. 5.00%, 2/9/2054 | 600 | 560 |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| 2.35%, 6/24/2040 | 312 | 225 |
| 4.00%, 3/7/2049 | 60 | 48 |
| 2.90%, 12/10/2061 | 65 | 38 |
| Pfizer Investment Enterprises Pte. Ltd. 5.30%, <br> 5/19/2053<br>| 400 | 379 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) |
| 3.03%, 7/9/2040 | 233 | 178 |
| 3.18%, 7/9/2050 | 200 | 133 |
| Utah Acquisition Sub, Inc. 3.95%, 6/15/2026 | 137 | 137 |
| Zoetis, Inc. 5.60%, 11/16/2032 | 287 | 305 |
|  |  | 2683 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| Verisk Analytics, Inc. 5.75%, 4/1/2033 | 180 | 190 |
| **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** |
| Essex Portfolio LP 5.50%, 4/1/2034 | 110 | 114 |
| UDR, Inc. 2.10%, 8/1/2032 | 416 | 355 |
|  |  | 469 |
| **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** |
| Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  |
| 2.25%, 4/1/2028 | 170 | 163 |
| 2.50%, 8/16/2031 | 100 | 90 |
| NNN REIT, Inc.  | NNN REIT, Inc.  | NNN REIT, Inc.  |
| 5.60%, 10/15/2033 | 100 | 104 |
| 5.50%, 6/15/2034 | 170 | 176 |
| Scentre Group Trust 1 (Australia) 3.63%, <br> 1/28/2026 (d)<br>| 565 | 565 |
|  |  | 1098 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| Analog Devices, Inc. 2.80%, 10/1/2041 | 224 | 165 |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 1.95%, 2/15/2028 | 470 | 451 |
| 5.05%, 7/12/2029 | 650 | 669 |
| 5.15%, 11/15/2031 | 560 | 581 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 47

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| 4.55%, 2/15/2032 | 323 | 324 |
| 4.80%, 2/15/2036 | 186 | 184 |
| 3.19%, 11/15/2036 (d) | 279 | 237 |
| Intel Corp.  | Intel Corp.  | Intel Corp.  |
| 3.73%, 12/8/2047 | 175 | 124 |
| 3.25%, 11/15/2049 | 170 | 109 |
| 3.05%, 8/12/2051 | 170 | 105 |
| KLA Corp. 3.30%, 3/1/2050 | 470 | 326 |
| Marvell Technology, Inc. 5.45%, 7/15/2035 | 1258 | 1296 |
| NXP BV (Netherlands) | NXP BV (Netherlands) | NXP BV (Netherlands) |
| 5.00%, 1/15/2033 | 260 | 264 |
| 3.25%, 5/11/2041 | 340 | 258 |
|  |  | 5093 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| Cadence Design Systems, Inc. 4.70%, 9/10/2034 | 445 | 445 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 4.80%, 9/26/2032 | 390 | 377 |
| 4.90%, 2/6/2033 | 230 | 221 |
| 3.80%, 11/15/2037 | 680 | 549 |
| 3.65%, 3/25/2041 | 1000 | 730 |
| 5.88%, 9/26/2045 | 5 | 5 |
| Roper Technologies, Inc. 1.75%, 2/15/2031 | 218 | 191 |
| Synopsys, Inc.  | Synopsys, Inc.  | Synopsys, Inc.  |
| 5.00%, 4/1/2032 | 250 | 255 |
| 5.70%, 4/1/2055 | 325 | 322 |
| VMware LLC  | VMware LLC  | VMware LLC  |
| 1.40%, 8/15/2026 | 394 | 388 |
| 4.70%, 5/15/2030 | 364 | 370 |
|  |  | 3853 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| American Tower Corp.  | American Tower Corp.  | American Tower Corp.  |
| 5.20%, 2/15/2029 | 440 | 453 |
| 1.88%, 10/15/2030 | 1039 | 928 |
| Crown Castle, Inc. 5.80%, 3/1/2034 | 130 | 136 |
| CubeSmart LP 2.00%, 2/15/2031 | 505 | 447 |
|  |  | 1964 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| Home Depot, Inc. (The) 3.63%, 4/15/2052 | 180 | 131 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Apple, Inc.  | Apple, Inc.  | Apple, Inc.  |
| 3.45%, 2/9/2045 | 400 | 310 |
| 2.70%, 8/5/2051 | 415 | 259 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** | **Technology Hardware, Storage & Peripherals — continued** |
| Dell International LLC  | Dell International LLC  | Dell International LLC  |
| 6.20%, 7/15/2030 | 850 | 908 |
| 5.30%, 4/1/2032 | 740 | 761 |
|  |  | 2238 |
| **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** |
| Altria Group, Inc. 2.45%, 2/4/2032 | 340 | 301 |
| BAT Capital Corp. (United Kingdom) 4.39%, <br> 8/15/2037<br>| 255 | 235 |
|  |  | 536 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| Aviation Capital Group LLC 5.13%, 4/10/2030 (d) | 260 | 264 |
| **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** |
| American Water Capital Corp. 5.45%, 3/1/2054 | 600 | 582 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| America Movil SAB de CV (Mexico) 2.88%, <br> 5/7/2030<br>| 220 | 207 |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 2.55%, 2/15/2031 | 710 | 648 |
| 3.40%, 10/15/2052 | 540 | 363 |
| Vodafone Group plc (United Kingdom) 5.75%, <br> 6/28/2054<br>| 350 | 340 |
|  |  | 1558 |
| Total Corporate Bonds <br>(Cost $216,154)<br>|  | 211259 |
| **Mortgage-Backed Securities — 5.4%** | **Mortgage-Backed Securities — 5.4%** | **Mortgage-Backed Securities — 5.4%** |
| FHLMC Gold Pools, Other  |  |  |
| Pool # WN1157, 1.80%, 11/1/2028 | 1440 | 1361 |
| Pool # WA1626, 3.45%, 8/1/2032 | 1132 | 1076 |
| Pool # WN3225, 3.80%, 10/1/2034 | 740 | 704 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # ZL3032, 3.50%, 5/1/2042 | 447 | 427 |
| Pool # QA3570, 2.50%, 10/1/2049 | 168 | 144 |
| Pool # QA5290, 2.50%, 12/1/2049 | 1498 | 1281 |
| Pool # QA6772, 3.50%, 1/1/2050 | 226 | 213 |
| Pool # QA9530, 2.50%, 5/1/2050 | 493 | 424 |
| Pool # QB4026, 2.50%, 10/1/2050 | 1273 | 1102 |
| Pool # QB4045, 2.50%, 10/1/2050 | 827 | 714 |
| Pool # QB4484, 2.50%, 10/1/2050 | 579 | 501 |
| Pool # QB4542, 2.50%, 10/1/2050 | 454 | 393 |
| Pool # QB5092, 2.50%, 11/1/2050 | 356 | 308 |
| Pool # QB8503, 2.50%, 2/1/2051 | 656 | 559 |
| Pool # SD4767, 2.50%, 2/1/2051 | 1226 | 1056 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

48 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # QC9443, 2.50%, 10/1/2051 | 616 | 530 |
| Pool # RA6132, 2.50%, 10/1/2051 | 1652 | 1407 |
| Pool # SD2841, 2.50%, 10/1/2051 | 1395 | 1191 |
| Pool # SD0781, 3.00%, 11/1/2051 | 1816 | 1621 |
| Pool # QD5778, 3.00%, 1/1/2052 | 657 | 584 |
| Pool # SD5768, 3.00%, 1/1/2052 | 2192 | 1958 |
| Pool # QD4686, 4.00%, 1/1/2052 | 232 | 221 |
| Pool # QD7596, 2.50%, 2/1/2052 | 2161 | 1857 |
| Pool # RA6815, 2.50%, 2/1/2052 | 1829 | 1574 |
| Pool # RA6959, 2.50%, 3/1/2052 | 778 | 670 |
| Pool # SD3952, 2.50%, 3/1/2052 | 1433 | 1233 |
| Pool # QE1637, 4.00%, 5/1/2052 | 236 | 227 |
| Pool # QE1832, 4.50%, 5/1/2052 | 329 | 327 |
| Pool # SD4119, 3.00%, 8/1/2052 | 1207 | 1083 |
| Pool # SD3684, 4.50%, 11/1/2052 | 1929 | 1898 |
| Pool # QH9845, 6.00%, 2/1/2054 | 1946 | 2025 |
| Pool # SD7018, 4.50%, 3/1/2054 | 1834 | 1809 |
| FNMA UMBS, 20 Year Pool # MA4016, 2.50%, <br> 5/1/2040<br>| 1198 | 1092 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # CA2826, 5.50%, 12/1/2048 | 662 | 683 |
| Pool # BK2113, 2.50%, 3/1/2050 | 464 | 396 |
| Pool # CA5658, 2.50%, 5/1/2050 | 145 | 124 |
| Pool # FM3118, 3.00%, 5/1/2050 | 348 | 315 |
| Pool # BP8608, 2.50%, 6/1/2050 | 313 | 268 |
| Pool # BP9250, 2.50%, 7/1/2050 | 1195 | 1029 |
| Pool # FM3778, 2.50%, 8/1/2050 | 242 | 208 |
| Pool # FP0059, 2.50%, 8/1/2050 | 1036 | 880 |
| Pool # BP6749, 2.50%, 9/1/2050 | 1440 | 1230 |
| Pool # BQ2894, 3.00%, 9/1/2050 | 643 | 578 |
| Pool # BQ3996, 2.50%, 10/1/2050 | 514 | 443 |
| Pool # BQ5243, 3.50%, 10/1/2050 | 220 | 206 |
| Pool # CA7398, 3.50%, 10/1/2050 | 757 | 707 |
| Pool # BP7667, 2.50%, 12/1/2050 | 751 | 646 |
| Pool # BR4318, 3.00%, 1/1/2051 | 85 | 77 |
| Pool # CA8637, 4.00%, 1/1/2051 | 1269 | 1224 |
| Pool # FM7082, 2.00%, 4/1/2051 | 730 | 599 |
| Pool # FM6856, 2.50%, 4/1/2051 | 327 | 279 |
| Pool # CB0189, 3.00%, 4/1/2051 | 306 | 274 |
| Pool # CB0458, 2.50%, 5/1/2051 | 475 | 406 |
| Pool # FS7655, 2.50%, 5/1/2051 | 1216 | 1037 |
| Pool # BT0122, 2.50%, 6/1/2051 | 223 | 190 |
| Pool # FM7916, 2.50%, 6/1/2051 | 392 | 338 |
| Pool # CB1301, 2.50%, 8/1/2051 | 737 | 635 |
| Pool # FM8247, 2.50%, 8/1/2051 | 411 | 354 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # CB1566, 2.50%, 9/1/2051 | 1455 | 1234 |
| Pool # FM8659, 2.50%, 9/1/2051 | 792 | 677 |
| Pool # CB1873, 3.00%, 10/1/2051 | 1651 | 1473 |
| Pool # FS4624, 2.50%, 11/1/2051 | 355 | 302 |
| Pool # CB2313, 2.50%, 12/1/2051 | 462 | 398 |
| Pool # FS2559, 3.00%, 12/1/2051 | 1326 | 1183 |
| Pool # CB2637, 2.50%, 1/1/2052 | 718 | 618 |
| Pool # FS9143, 2.50%, 1/1/2052 | 2494 | 2120 |
| Pool # FS0331, 3.00%, 1/1/2052 | 2094 | 1870 |
| Pool # BV4831, 3.00%, 2/1/2052 | 400 | 354 |
| Pool # FS7749, 3.00%, 2/1/2052 | 1302 | 1163 |
| Pool # BV0295, 3.50%, 2/1/2052 | 841 | 788 |
| Pool # BV3950, 4.00%, 2/1/2052 | 415 | 396 |
| Pool # FS4476, 3.00%, 5/1/2052 | 2774 | 2459 |
| Pool # CB3608, 3.50%, 5/1/2052 | 2269 | 2104 |
| Pool # BV6743, 4.50%, 5/1/2052 | 309 | 306 |
| Pool # BV9515, 6.00%, 6/1/2052 | 405 | 421 |
| Pool # BY4714, 5.00%, 6/1/2053 | 977 | 977 |
| Pool # BY4761, 5.00%, 6/1/2053 | 386 | 387 |
| Pool # BY9327, 6.00%, 11/1/2053 | 1161 | 1194 |
| Pool # DA7753, 5.50%, 1/1/2054 | 182 | 187 |
| Pool # DA0425, 6.00%, 2/1/2054 | 429 | 445 |
| Pool # DA7754, 6.00%, 2/1/2054 | 1833 | 1905 |
| Pool # DA9487, 6.00%, 2/1/2054 | 1036 | 1075 |
| Pool # CB8334, 5.50%, 4/1/2054 | 1639 | 1667 |
| Pool # DB6037, 5.50%, 5/1/2054 | 647 | 660 |
| FNMA, Other  |  |  |
| Pool # BS7576, 4.86%, 12/1/2027 | 617 | 626 |
| Pool # AM3010, 5.07%, 3/1/2028 | 482 | 494 |
| Pool # BL8639, 1.09%, 4/1/2028 | 659 | 619 |
| Pool # BS6144, 3.97%, 1/1/2029 | 1505 | 1508 |
| Pool # AM5319, 4.34%, 1/1/2029 | 434 | 439 |
| Pool # BS8149, 4.97%, 9/1/2029 | 900 | 928 |
| Pool # BS7604, 5.16%, 10/1/2029 | 588 | 609 |
| Pool # BS0448, 1.27%, 12/1/2029 | 933 | 837 |
| Pool # AN7593, 2.99%, 12/1/2029 | 274 | 263 |
| Pool # AN8285, 3.11%, 3/1/2030 | 280 | 271 |
| Pool # BS0154, 1.28%, 4/1/2030 | 270 | 241 |
| Pool # AM8544, 3.08%, 4/1/2030 | 123 | 119 |
| Pool # BS7168, 4.57%, 6/1/2030 | 848 | 863 |
| Pool # BZ0896, 5.43%, 7/1/2030 | 1244 | 1303 |
| Pool # BL9251, 1.45%, 10/1/2030 | 735 | 651 |
| Pool # BL9891, 1.37%, 12/1/2030 | 507 | 447 |
| Pool # BL9494, 1.46%, 12/1/2030 | 280 | 246 |
| Pool # BS0596, 1.38%, 1/1/2031 | 1690 | 1487 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 49

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BS7121, 5.15%, 3/1/2031 | 1178 | 1223 |
| Pool # BS6203, 4.26%, 4/1/2031 | 562 | 559 |
| Pool # BS8442, 4.74%, 4/1/2031 | 1098 | 1121 |
| Pool # BS7813, 4.83%, 6/1/2031 | 770 | 790 |
| Pool # BS7167, 4.64%, 7/1/2031 | 1611 | 1637 |
| Pool # BS7437, 5.04%, 8/1/2031 | 868 | 899 |
| Pool # BS5580, 3.68%, 1/1/2032 | 1050 | 1014 |
| Pool # BS4654, 2.39%, 3/1/2032 | 834 | 750 |
| Pool # BL5680, 2.44%, 3/1/2032 | 1357 | 1221 |
| Pool # BZ2434, 4.95%, 3/1/2032 | 2479 | 2551 |
| Pool # BS7642, 5.15%, 5/1/2032 | 398 | 413 |
| Pool # AN5952, 3.01%, 7/1/2032 | 353 | 331 |
| Pool # AN6149, 3.14%, 7/1/2032 | 1485 | 1391 |
| Pool # BS5530, 3.30%, 7/1/2032 | 1662 | 1566 |
| Pool # BS6345, 3.91%, 8/1/2032 | 500 | 486 |
| Pool # BZ0884, 5.37%, 9/1/2032 | 1291 | 1354 |
| Pool # BM3226, 3.45%, 10/1/2032 (g) | 1250 | 1202 |
| Pool # BS6822, 3.81%, 10/1/2032 | 960 | 930 |
| Pool # BS8528, 4.31%, 10/1/2032 | 1885 | 1873 |
| Pool # BS6954, 4.93%, 10/1/2032 | 766 | 789 |
| Pool # BM6491, 1.46%, 11/1/2032 (g) | 3839 | 3220 |
| Pool # BM6492, 1.51%, 11/1/2032 (g) | 2315 | 1948 |
| Pool # BS6819, 4.12%, 11/1/2032 | 1100 | 1084 |
| Pool # BS7090, 4.45%, 12/1/2032 | 1025 | 1029 |
| Pool # AN7923, 3.33%, 1/1/2033 | 565 | 532 |
| Pool # BS8428, 4.41%, 1/1/2033 | 1300 | 1298 |
| Pool # BS7398, 4.74%, 2/1/2033 | 835 | 847 |
| Pool # BS5357, 3.41%, 3/1/2033 | 770 | 720 |
| Pool # AN9067, 3.51%, 5/1/2033 | 310 | 294 |
| Pool # BS8416, 4.56%, 5/1/2033 | 605 | 612 |
| Pool # BS5511, 3.45%, 8/1/2033 | 1003 | 939 |
| Pool # BS5127, 3.15%, 9/1/2033 | 580 | 530 |
| Pool # BL1012, 4.03%, 12/1/2033 | 300 | 293 |
| Pool # BL0900, 4.08%, 2/1/2034 | 245 | 240 |
| Pool # BZ0430, 4.32%, 2/1/2034 | 1705 | 1692 |
| Pool # BZ2030, 4.39%, 10/1/2034 | 2130 | 2098 |
| Pool # BL7124, 1.93%, 6/1/2035 | 653 | 542 |
| Pool # BZ0217, 5.22%, 8/1/2035 | 1131 | 1178 |
| Pool # AN0375, 3.76%, 12/1/2035 | 621 | 592 |
| Pool # AN4430, 3.61%, 1/1/2037 | 515 | 497 |
| Pool # BF0045, 4.50%, 3/1/2052 | 187 | 183 |
| Pool # BF0109, 4.00%, 2/1/2056 | 322 | 306 |
| Pool # BF0091, 3.50%, 5/1/2056 | 816 | 751 |
| Pool # BF0108, 4.50%, 6/1/2056 | 374 | 363 |
| Pool # BF0219, 3.50%, 9/1/2057 | 1422 | 1304 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BF0230, 5.50%, 1/1/2058 | 1131 | 1183 |
| Pool # BF0497, 3.00%, 7/1/2060 | 539 | 469 |
| Pool # BF0537, 3.00%, 3/1/2061 | 1241 | 1085 |
| Pool # BF0561, 3.00%, 9/1/2061 | 1647 | 1422 |
| Pool # BF0578, 2.50%, 12/1/2061 | 3331 | 2743 |
| Pool # BF0580, 3.50%, 12/1/2061 | 404 | 370 |
| Pool # BF0732, 2.50%, 6/1/2063 | 1635 | 1358 |
| Pool # BF0733, 3.00%, 6/1/2063 | 1504 | 1299 |
| GNMA II, 30 Year  |  |  |
| Pool # BY3432, 3.50%, 9/20/2050 | 811 | 738 |
| Pool # BR3929, 3.50%, 10/20/2050 | 362 | 330 |
| Pool # BW1726, 3.50%, 10/20/2050 | 470 | 428 |
| Pool # BS8546, 2.50%, 12/20/2050 | 1206 | 1031 |
| Pool # BR3928, 3.00%, 12/20/2050 | 601 | 549 |
| Pool # BU7538, 3.00%, 12/20/2050 | 339 | 310 |
| Pool # 785294, 3.50%, 1/20/2051 | 1143 | 1027 |
| Pool # CA8452, 3.00%, 2/20/2051 | 1683 | 1525 |
| Pool # CA9005, 3.00%, 2/20/2051 | 320 | 296 |
| Pool # CB1543, 3.00%, 2/20/2051 | 1247 | 1121 |
| Pool # CA3588, 3.50%, 2/20/2051 | 1361 | 1239 |
| Pool # CB1536, 3.50%, 2/20/2051 | 1352 | 1241 |
| Pool # CB1542, 3.00%, 3/20/2051 | 836 | 751 |
| Pool # CB4433, 3.00%, 3/20/2051 | 1270 | 1124 |
| Pool # CC0070, 3.00%, 3/20/2051 | 218 | 201 |
| Pool # CC8726, 3.00%, 3/20/2051 | 266 | 239 |
| Pool # CC8738, 3.00%, 3/20/2051 | 323 | 291 |
| Pool # CC8723, 3.50%, 3/20/2051 | 1781 | 1622 |
| Pool # CC0088, 4.00%, 3/20/2051 | 76 | 72 |
| Pool # CC0092, 4.00%, 3/20/2051 | 179 | 171 |
| Pool # CC8727, 3.00%, 4/20/2051 | 428 | 385 |
| Pool # CC8739, 3.00%, 4/20/2051 | 1188 | 1070 |
| Pool # CC8740, 3.00%, 4/20/2051 | 969 | 871 |
| Pool # CC8751, 3.00%, 4/20/2051 | 201 | 181 |
| Pool # CA3563, 3.50%, 7/20/2051 | 841 | 775 |
| Pool # CE2586, 3.50%, 7/20/2051 | 1221 | 1111 |
| Pool # CK1527, 3.50%, 12/20/2051 | 950 | 870 |
| Pool # CJ8184, 3.50%, 1/20/2052 | 1006 | 916 |
| Pool # CK2660, 3.00%, 2/20/2052 | 539 | 485 |
| Pool # CK2716, 3.50%, 2/20/2052 | 762 | 684 |
| Pool # CK8295, 5.00%, 3/20/2052 | 504 | 502 |
| Pool # CN3557, 4.50%, 5/20/2052 | 491 | 485 |
| Pool # MA8148, 3.00%, 7/20/2052 | 95 | 85 |
| Pool # MA8200, 4.00%, 8/20/2052 | 212 | 201 |
| Pool # CN3127, 5.00%, 8/20/2052 | 476 | 476 |
| Pool # MA8874, 3.00%, 5/20/2053 | 1087 | 989 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

50 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # CU6748, 6.00%, 9/20/2053 | 946 | 975 |
| Pool # MA9419, 3.50%, 1/20/2054 | 208 | 194 |
| Pool # MA9484, 3.50%, 2/20/2054 | 263 | 241 |
| Pool # DA2721, 5.50%, 3/20/2054 | 329 | 335 |
| Pool # DD7557, 6.50%, 9/20/2054 | 726 | 767 |
| GNMA II, Other  |  |  |
| Pool # CT6280, 3.50%, 2/20/2062 | 600 | 540 |
| Pool # CU1093, 5.50%, 6/20/2063 | 300 | 303 |
| Pool # CV1712, 5.50%, 6/20/2063 | 312 | 315 |
| Pool # CU1092, 6.00%, 6/20/2063 | 405 | 412 |
| Pool # CT6283, 6.00%, 7/20/2063 | 765 | 778 |
| Pool # CW0095, 6.00%, 7/20/2063 | 536 | 546 |
| Pool # 785183, 2.94%, 10/20/2070 (g) | 641 | 585 |
| Total Mortgage-Backed Securities <br>(Cost $173,902)<br>|  | 168514 |
| **Asset-Backed Securities — 3.1%** | **Asset-Backed Securities — 3.1%** | **Asset-Backed Securities — 3.1%** |
| Accelerated LLC Series 2021-1H, Class B, 1.90%, <br> 10/20/2040 (d)<br>| 134 | 126 |
| Aligned Data Centers Issuer LLC Series 2021-1A, <br> Class A2, 1.94%, 8/15/2046 (d)<br>| 815 | 800 |
| American Airlines Pass-Through Trust |  |  |
| Series 2016-2, Class AA, 3.20%, 6/15/2028 | 499 | 488 |
| Series 2016-3, Class AA, 3.00%, 10/15/2028 | 346 | 335 |
| Series 2017-2, Class A, 3.60%, 10/15/2029 | 1188 | 1132 |
| Series 2021-1, Class B, 3.95%, 7/11/2030 | 659 | 636 |
| American Credit Acceptance Receivables Trust |  |  |
| Series 2023-1, Class D, 6.35%, 4/12/2029 (d) | 325 | 328 |
| Series 2024-1, Class D, 5.86%, 5/13/2030 (d) | 765 | 775 |
| AMSR Trust |  |  |
| Series 2021-SFR2, Class E2, 2.58%, <br> 8/17/2038 (d)<br>| 330 | 324 |
| Series 2024-SFR1, Class D, 4.29%, <br> 7/17/2041 (d) (f)<br>| 895 | 870 |
| Series 2024-SFR2, Class D, 4.15%, <br> 11/17/2041 (d)<br>| 655 | 630 |
| Series 2025-SFR2, Class C, 4.28%, <br> 11/17/2042 (d)<br>| 1554 | 1501 |
| Aqua Finance Issuer Trust |  |  |
| Series 2025-A, Class B, 5.56%, 12/19/2050 (d) | 1101 | 1118 |
| Series 2025-A, Class C, 5.81%, 12/19/2050 (d) | 436 | 441 |
| Aqua Finance Trust Series 2020-AA, Class C, <br> 3.97%, 7/17/2046 (d)<br>| 199 | 193 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2024-2A, Class B, 5.57%, <br> 10/20/2028 (d)<br>| 800 | 814 |
| Series 2024-1A, Class A, 5.36%, 6/20/2030 (d) | 580 | 598 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Bridge Trust |  |  |
| Series 2024-SFR1, Class C, 4.30%, <br> 8/17/2040 (d)<br>| 1200 | 1169 |
| Series 2024-SFR1, Class D, 4.30%, <br> 8/17/2040 (d)<br>| 1380 | 1336 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-3, Class C, 5.70%, 7/16/2029 | 1545 | 1566 |
| Series 2024-1, Class D, 6.03%, 11/15/2029 | 580 | 592 |
| Series 2024-2, Class C, 6.07%, 2/15/2030 | 825 | 840 |
| Series 2024-3, Class D, 5.83%, 5/15/2030 | 625 | 638 |
| Series 2025-1, Class D, 5.64%, 11/15/2030 | 1635 | 1663 |
| Series 2025-4, Class C, 4.80%, 8/15/2031 | 1811 | 1821 |
| Business Jet Securities LLC |  |  |
| Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ <br> (d)<br>| 318 | 316 |
| Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ <br> (d)<br>| 1430 | 1441 |
| BXG Receivables Note Trust Series 2020-A, Class A, <br> 1.55%, 2/28/2036 (d)<br>| 108 | 105 |
| Cascade MH Asset Trust |  |  |
| Series 2021-MH1, Class A1, 1.75%, <br> 2/25/2046 (d)<br>| 662 | 604 |
| Series 2024-MH1, Class A1, 5.69%, <br> 11/25/2056 (d) (g)<br>| 680 | 700 |
| Cherry Securitization Trust Series 2024-1A, Class A, <br> 5.70%, 4/15/2032 (d)<br>| 620 | 625 |
| Consumer Portfolio Services Auto Trust Series <br> 2025-D, Class C, 4.85%, 2/17/2032 (d)<br>| 1517 | 1524 |
| Continental Finance Credit Card ABS Master Trust <br> Series 2024-A, Class A, 5.78%, 12/15/2032 (d)<br>| 735 | 746 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2023-5A, Class B, 6.71%, 2/15/2034 (d) | 600 | 612 |
| Series 2024-2A, Class C, 6.70%, <br> 10/16/2034 (d)<br>| 1720 | 1781 |
| Series 2024-3A, Class B, 4.85%, <br> 11/15/2034 (d)<br>| 1300 | 1304 |
| Series 2025-2A, Class B, 4.87%, 1/15/2036 (d) | 2165 | 2184 |
| Crossroads Asset Trust Series 2025-A, Class A2, <br> 4.91%, 2/20/2032 (d)<br>| 647 | 652 |
| CVS Pass-Through Trust Series 2014, 4.16%, <br> 8/11/2036 (d)<br>| 90 | 84 |
| DataBank Issuer Series 2021-1A, Class A2, 2.06%, <br> 2/27/2051 (d)<br>| 480 | 478 |
| Delta Air Lines Pass-Through Trust Series 2020-1, <br> Class A, 2.50%, 6/10/2028<br>| 433 | 417 |
| Drive Auto Receivables Trust |  |  |
| Series 2024-1, Class C, 5.43%, 11/17/2031 | 365 | 370 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 51

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2025-2, Class D, 4.90%, 12/15/2032 | 1780 | 1780 |
| DT Auto Owner Trust Series 2023-2A, Class D, <br> 6.62%, 2/15/2029 (d)<br>| 460 | 469 |
| Elara HGV Timeshare Issuer LLC |  |  |
| Series 2021-A, Class B, 1.74%, 8/27/2035 (d) | 131 | 126 |
| Series 2021-A, Class C, 2.09%, 8/27/2035 (d) | 59 | 57 |
| Enterprise Fleet Financing LLC Series 2024-1, <br> Class A3, 5.16%, 9/20/2030 (d)<br>| 375 | 382 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2023-5A, Class C, 6.85%, 1/16/2029 | 470 | 476 |
| Series 2024-1A, Class D, 5.84%, 6/17/2030 | 585 | 594 |
| Series 2025-4A, Class C, 4.57%, 6/16/2031 | 2200 | 2206 |
| Series 2025-3A, Class C, 5.09%, 10/15/2031 | 1964 | 1994 |
| Exeter Select Automobile Receivables Trust Series <br> 2025-1, Class C, 5.40%, 8/15/2031<br>| 1621 | 1648 |
| FHF Issuer Trust Series 2024-1A, Class A2, 5.69%, <br> 2/15/2030 (d)<br>| 392 | 394 |
| FHF Trust Series 2023-1A, Class A2, 6.57%, <br> 6/15/2028 (d)<br>| 125 | 126 |
| FirstKey Homes Trust |  |  |
| Series 2021-SFR2, Class E1, 2.26%, <br> 9/17/2038 (d)<br>| 1145 | 1122 |
| Series 2022-SFR1, Class E1, 5.00%, <br> 5/19/2039 (d)<br>| 395 | 392 |
| FMC GMSR Issuer Trust Series 2021-GT2, Class A, <br> 3.85%, 10/25/2026 (d) (g)<br>| 720 | 697 |
| Foundation Finance Trust |  |  |
| Series 2023-2A, Class A, 6.53%, 6/15/2049 (d) | 505 | 527 |
| Series 2024-2A, Class A, 4.60%, 3/15/2050 (d) | 448 | 448 |
| Series 2024-2A, Class B, 4.93%, 3/15/2050 (d) | 220 | 221 |
| GLS Auto Receivables Issuer Trust Series 2025-4A, <br> Class C, 4.74%, 8/15/2031 (d)<br>| 1540 | 1546 |
| GLS Auto Select Receivables Trust Series 2024-1A, <br> Class C, 5.69%, 3/15/2030 (d)<br>| 205 | 210 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-SL1, Class A1, 5.85%, 11/25/2067 (d) <br> (g)<br>| 1866 | 1882 |
| Hilton Grand Vacations Trust Series 2024-1B, <br> Class C, 6.62%, 9/15/2039 (d)<br>| 182 | 186 |
| HINNT LLC |  |  |
| Series 2022-A, Class B, 4.65%, 5/15/2041 (d) | 152 | 153 |
| Series 2024-A, Class B, 5.84%, 3/15/2043 (d) | 453 | 463 |
| Series 2024-A, Class C, 6.32%, 3/15/2043 (d) | 543 | 555 |
| Home Partners of America Trust |  |  |
| Series 2021-2, Class C, 2.40%, 12/17/2026 (d) | 1084 | 1059 |
| Series 2021-3, Class D, 3.00%, 1/17/2041 (d) | 615 | 579 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Huntington Bank Auto Credit-Linked Notes Series <br> 2024-1, Class B1, 6.15%, 5/20/2032 (d)<br>| 110 | 112 |
| Invitation Homes Trust Series 2024-SFR1, Class B, <br> 4.00%, 9/17/2041 (d)<br>| 530 | 516 |
| LAD Auto Receivables Trust Series 2023-4A, <br> Class C, 6.76%, 3/15/2029 (d)<br>| 540 | 555 |
| Lendmark Funding Trust Series 2024-1A, Class B, <br> 5.88%, 6/21/2032 (d)<br>| 560 | 568 |
| Mariner Finance Issuance Trust |  |  |
| Series 2021-AA, Class A, 1.86%, 3/20/2036 (d) | 1065 | 1048 |
| Series 2024-AA, Class C, 6.00%, 9/22/2036 (d) | 497 | 508 |
| Series 2025-AA, Class A, 4.98%, 5/20/2038 (d) | 1282 | 1298 |
| MVW LLC |  |  |
| Series 2021-2A, Class C, 2.23%, 5/20/2039 (d) | 326 | 311 |
| Series 2021-1WA, Class B, 1.44%, <br> 1/22/2041 (d)<br>| 43 | 41 |
| Series 2025-1A, Class B, 5.21%, 9/22/2042 (d) | 471 | 479 |
| Series 2025-1A, Class C, 5.75%, 9/22/2042 (d) | 1257 | 1269 |
| Series 2024-1A, Class B, 5.51%, 2/20/2043 (d) | 225 | 229 |
| Series 2024-1A, Class C, 6.20%, 2/20/2043 (d) | 271 | 278 |
| NMABS Issuer LLC Series 2025-1A, Class A, 5.14%, <br> 11/22/2055 (d)<br>| 1835 | 1832 |
| Octane Receivables Trust |  |  |
| Series 2021-2A, Class C, 2.53%, 5/21/2029 (d) | 1060 | 1058 |
| Series 2023-1A, Class C, 6.37%, 9/20/2029 (d) | 555 | 564 |
| Series 2024-2A, Class C, 5.90%, 7/20/2032 (d) | 1470 | 1503 |
| OneMain Direct Auto Receivables Trust |  |  |
| Series 2022-1A, Class B, 5.07%, 6/14/2029 (d) | 475 | 476 |
| Series 2023-1A, Class A, 5.41%, <br> 11/14/2029 (d)<br>| 715 | 720 |
| OneMain Financial Issuance Trust Series 2020-2A, <br> Class D, 3.45%, 9/14/2035 (d)<br>| 260 | 252 |
| Oportun Issuance Trust |  |  |
| Series 2021-B, Class A, 1.47%, 5/8/2031 (d) | 407 | 400 |
| Series 2025-A, Class B, 5.30%, 2/8/2033 (d) | 270 | 270 |
| Series 2025-A, Class C, 5.89%, 2/8/2033 (d) | 200 | 200 |
| Pagaya AI Technology in Housing Trust Series <br> 2023-1, Class C, 3.60%, 10/25/2040 (d)<br>| 975 | 926 |
| Progress Residential Trust |  |  |
| Series 2024-SFR5, Class A, 3.00%, <br> 8/9/2029 (d)<br>| 801 | 763 |
| Series 2024-SFR5, Class D, 3.38%, <br> 8/9/2029 (d) (g)<br>| 605 | 570 |
| Series 2024-SFR5, Class E1, 3.38%, <br> 8/9/2029 (d) (g)<br>| 1360 | 1268 |
| Series 2023-SFR1, Class D, 4.65%, <br> 3/17/2040 (d)<br>| 935 | 927 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

52 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-SFR1, Class E1, 3.85%, <br> 2/17/2041 (d)<br>| 285 | 272 |
| Series 2024-SFR2, Class D, 3.40%, <br> 4/17/2041 (d) (g)<br>| 220 | 208 |
| Series 2024-SFR2, Class E1, 3.40%, <br> 4/17/2041 (d) (g)<br>| 355 | 333 |
| Series 2024-SFR3, Class C, 3.50%, <br> 6/17/2041 (d)<br>| 780 | 744 |
| Series 2025-SFR3, Class A, 3.39%, <br> 7/17/2042 (d)<br>| 2170 | 2068 |
| Series 2025-SFR5, Class A, 3.85%, <br> 10/17/2042 (d)<br>| 2900 | 2809 |
| Series 2025-SFR5, Class B, 4.00%, <br> 10/17/2042 (d)<br>| 3370 | 3245 |
| Purchasing Power Funding LLC Series 2024-A, <br> Class B, 6.43%, 8/15/2028 (d)<br>| 570 | 572 |
| Reach ABS Trust |  |  |
| Series 2024-1A, Class B, 6.29%, 2/18/2031 (d) | 653 | 657 |
| Series 2024-2A, Class B, 5.84%, 7/15/2031 (d) | 450 | 457 |
| Republic Finance Issuance Trust Series 2024-A, <br> Class A, 5.91%, 8/20/2032 (d)<br>| 750 | 758 |
| Santander Drive Auto Receivables Trust Series <br> 2024-2, Class C, 5.84%, 6/17/2030<br>| 1210 | 1236 |
| SCF Equipment Leasing LLC |  |  |
| Series 2024-1A, Class C, 5.82%, 9/20/2032 (d) | 380 | 392 |
| Series 2023-1A, Class C, 6.77%, 8/22/2033 (d) | 660 | 687 |
| SFS Auto Receivables Securitization Trust Series <br> 2024-1A, Class C, 5.51%, 1/20/2032 (d)<br>| 1230 | 1258 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2021-1A, Class B, 1.34%, <br> 11/20/2037 (d)<br>| 54 | 54 |
| Series 2021-2A, Class B, 1.80%, 9/20/2038 (d) | 59 | 59 |
| Series 2024-1A, Class C, 5.94%, 1/20/2043 (d) | 184 | 186 |
| Series 2025-2A, Class C, 5.32%, 4/20/2044 (d) | 304 | 305 |
| Stream Innovations Issuer Trust Series 2025-1A, <br> Class A, 5.05%, 9/15/2045 (d)<br>| 915 | 924 |
| Tricolor Auto Securitization Trust Series 2024-1A, <br> Class B, 6.53%, 12/15/2027 (d)<br>| 495 | 412 |
| Tricon Residential Trust |  |  |
| Series 2024-SFR2, Class A, 4.75%, <br> 6/17/2040 (d)<br>| 852 | 855 |
| Series 2023-SFR2, Class C, 5.00%, <br> 12/17/2040 (d)<br>| 425 | 424 |
| United Airlines Pass-Through Trust |  |  |
| Series 2019-2, Class B, 3.50%, 5/1/2028 | 195 | 190 |
| Series 2018-1, Class A, 3.70%, 3/1/2030 | 403 | 385 |
| Series 2024-1, Class AA, 5.45%, 2/15/2037 | 653 | 671 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Verizon Master Trust Series 2024-7, Class A, <br> 4.35%, 8/20/2032 (d)<br>| 1000 | 1008 |
| VOLT XCV LLC Series 2021-NPL4, Class A1, 6.24%, <br> 3/27/2051 (d) (f)<br>| 53 | 53 |
| Westgate Resorts LLC |  |  |
| Series 2022-1A, Class B, 2.29%, 8/20/2036 (d) | 50 | 50 |
| Series 2024-1A, Class B, 6.56%, 1/20/2038 (d) | 790 | 803 |
| Series 2024-1A, Class C, 7.06%, 1/20/2038 (d) | 381 | 388 |
| Westlake Automobile Receivables Trust Series <br> 2023-4A, Class C, 6.64%, 11/15/2028 (d)<br>| 400 | 408 |
| Total Asset-Backed Securities <br>(Cost $95,602)<br>|  | 96781 |
| **Collateralized Mortgage Obligations — 1.7%** | **Collateralized Mortgage Obligations — 1.7%** | **Collateralized Mortgage Obligations — 1.7%** |
| Anchor Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.72%, 5/25/2040 (d) (f)<br>| 465 | 467 |
| CFMT LLC Series 2024-HB14, Class M1, 3.00%, <br> 6/25/2034 ‡ (d) (g)<br>| 920 | 893 |
| Connecticut Avenue Securities Trust Series <br> 2023-R06, Class 1M2, 6.57%, 7/25/2043 (d) <br> (g)<br>| 695 | 714 |
| FARM Mortgage Trust Series 2024-2, Class A, <br> 5.18%, 8/1/2054 (d) (g)<br>| 536 | 529 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2018-1, Class M60C, 3.50%, 5/25/2057 | 733 | 686 |
| Series 2017-4, Class M45T, 4.50%, 6/25/2057 | 489 | 483 |
| Series 2019-1, Class MT, 3.50%, 7/25/2058 | 286 | 257 |
| Series 2019-1, Class M55D, 4.00%, 7/25/2058 | 746 | 715 |
| Series 2019-2, Class M55D, 4.00%, 8/25/2058 | 711 | 678 |
| Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058<br>| 732 | 693 |
| Series 2019-4, Class M55D, 4.00%, 2/25/2059 | 298 | 281 |
| Series 2020-1, Class M55G, 3.00%, 8/25/2059 | 670 | 609 |
| Series 2020-3, Class M5TW, 3.00%, 5/25/2060 | 860 | 777 |
| Series 2020-3, Class TTW, 3.00%, 5/25/2060 | 663 | 629 |
| Series 2022-1, Class MTU, 3.25%, 11/25/2061 | 284 | 247 |
| Series 2024-2, Class MT, 3.50%, 5/25/2064 | 1076 | 945 |
| FHLMC, REMIC |  |  |
| Series 4396, Class PZ, 3.00%, 6/15/2037 | 864 | 798 |
| Series 4065, Class QB, 3.00%, 6/15/2042 | 675 | 642 |
| Series 4941, Class KG, 2.00%, 12/15/2047 | 1107 | 951 |
| Series 5190, Class LM, 2.50%, 1/25/2048 | 1283 | 1181 |
| Series 5147, Class PC, 1.50%, 10/25/2048 | 2531 | 2087 |
| Series 5174, Class IG, IO, 3.00%, 1/25/2050 | 4506 | 577 |
| Series 4995, Class QE, 1.25%, 7/25/2050 | 2839 | 2224 |
| Series 5054, Class PB, 1.00%, 11/25/2050 | 1164 | 929 |
| Series 5052, Class KI, IO, 4.00%, 12/25/2050 | 4277 | 876 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 53

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 5171, Class NI, IO, 3.00%, 7/25/2051 | 3922 | 516 |
| Series 5225, Class QL, 4.00%, 5/25/2052 | 810 | 691 |
| FNMA Trust, Whole Loan Series 2002-W8, Class A1, <br> 6.50%, 6/25/2042<br>| 273 | 288 |
| FNMA, Grantor Trust, Whole Loan Series 2001-T12, <br> Class A1, 6.50%, 8/25/2041<br>| 115 | 116 |
| FNMA, REMIC |  |  |
| Series 2018-72, Class VB, 3.50%, 10/25/2031 | 233 | 229 |
| Series 2018-56, Class VN, 3.50%, 5/25/2038 | 665 | 621 |
| Series 2014-52, Class BW, 3.00%, 9/25/2044 | 785 | 713 |
| Series 2020-54, Class MA, 1.50%, 8/25/2050 | 323 | 270 |
| Series 2021-3, Class ME, 1.00%, 2/25/2051 | 236 | 183 |
| Series 2022-4, Class TA, 1.00%, 4/25/2051 | 724 | 597 |
| Series 2021-22, Class BI, IO, 4.00%, 4/25/2051 | 4404 | 962 |
| Series 2022-46, Class GZ, 4.50%, 7/25/2052 | 789 | 722 |
| Series 2025-18, Class MA, 0.50%, 9/25/2054 | 1597 | 1364 |
| Series 2019-7, Class CA, 3.50%, 11/25/2057 | 1157 | 1127 |
| Series 2018-75, Class UZ, 4.00%, 10/25/2058 | 2678 | 2575 |
| FNMA, REMIC Trust, Whole Loan Series 2002-W3, <br> Class A4, 6.50%, 11/25/2041<br>| 538 | 550 |
| GNMA |  |  |
| Series 2004-47, Class PD, 6.00%, 6/16/2034 | 165 | 165 |
| Series 2013-82, Class WI, IO, 3.50%, <br> 7/20/2042<br>| 3425 | 378 |
| Series 2016-61, Class A, 2.00%, 9/20/2042 | 260 | 222 |
| Series 2021-83, Class KB, 1.25%, 5/20/2051 | 349 | 274 |
| Series 2022-93, Class JZ, 4.50%, 5/20/2052 | 505 | 350 |
| Series 2022-105, Class SG, IF, IO, 2.13%, <br> 6/20/2052 (g)<br>| 2856 | 300 |
| Series 2024-64, Class YH, 5.00%, 4/20/2054 | 1945 | 1896 |
| Series 2014-H06, Class HB, 4.76%, <br> 3/20/2064 (g)<br>| 35 | 35 |
| Series 2015-H11, Class FC, 4.66%, <br> 5/20/2065 (g)<br>| 114 | 114 |
| Series 2015-H18, Class FA, 4.56%, <br> 6/20/2065 (g)<br>| 52 | 52 |
| Series 2021-H14, Class YD, 7.18%, <br> 6/20/2071 (g)<br>| 1010 | 889 |
| Homeward Opportunities Fund Trust Series <br> 2025-RRTL2, Class A1, 5.24%, 9/25/2040 (d) <br> (f)<br>| 1200 | 1204 |
| Legacy Mortgage Asset Trust Series 2021-GS1, <br> Class A1, 5.89%, 10/25/2066 (d) (f)<br>| 302 | 303 |
| LHOME Mortgage Trust Series 2024-RTL5, Class A1, <br> 5.32%, 9/25/2039 (d) (f)<br>| 880 | 882 |
| MFA Trust Series 2024-RTL3, Class A1, 5.91%, <br> 11/25/2039 (d) (f)<br>| 1080 | 1091 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (d) (f)<br>| 1950 | 1959 |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (d) (f)<br>| 2275 | 2292 |
| NYMT Loan Trust Series 2024-BPL3, Class A1, <br> 5.27%, 9/25/2039 (d) (f)<br>| 505 | 506 |
| Ocwen Loan Investment Trust Series 2024-HB1, <br> Class M1, 3.00%, 2/25/2037 ‡ (d)<br>| 430 | 418 |
| Onity Loan Investment Trust Series 2024-HB2, <br> Class M1, 5.00%, 8/25/2037 ‡ (d) (g)<br>| 400 | 399 |
| Roc Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.63%, 2/25/2040 (d) (f)<br>| 515 | 518 |
| Seasoned Loans Structured Transaction Trust |  |  |
| Series 2025-1, Class A1, 3.00%, 5/25/2035 | 2543 | 2365 |
| Series 2025-2, Class A1, 3.00%, 10/25/2035 | 2273 | 2135 |
| Toorak Mortgage Trust Series 2025-RRTL1, <br> Class A1, 5.52%, 2/25/2040 (d) (f)<br>| 570 | 573 |
| Towd Point Mortgage Trust Series 2021-R1, <br> Class A1, 2.92%, 11/30/2060 (d) (g)<br>| 1654 | 1503 |
| Total Collateralized Mortgage Obligations <br>(Cost $52,434)<br>|  | 52215 |
| **Commercial Mortgage-Backed Securities — 0.5%** | **Commercial Mortgage-Backed Securities — 0.5%** | **Commercial Mortgage-Backed Securities — 0.5%** |
| BXP Trust Series 2017-GM, Class A, 3.38%, <br> 6/13/2039 (d)<br>| 670 | 658 |
| Commercial Mortgage Trust Series 2018-HOME, <br> Class A, 3.82%, 4/10/2033 (d) (g)<br>| 870 | 857 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K-1511, Class A1, 3.28%, 10/25/2030 | 546 | 538 |
| Series K754, Class AM, 4.94%, 11/25/2030 (g) | 610 | 630 |
| Series K-1510, Class A2, 3.72%, 1/25/2031 | 265 | 260 |
| Series K-150, Class A2, 3.71%, 9/25/2032 (g) | 800 | 773 |
| FNMA ACES |  |  |
| Series 2017-M11, Class A2, 2.98%, 8/25/2029 | 481 | 465 |
| Series 2020-M50, Class X1, IO, 1.82%, <br> 10/25/2030 (g)<br>| 1931 | 65 |
| Series 2021-M11, Class A2, 1.46%, <br> 3/25/2031 (g)<br>| 554 | 483 |
| Series 2022-M3, Class A2, 1.71%, <br> 11/25/2031 (g)<br>| 725 | 628 |
| Series 2022-M1S, Class A2, 2.08%, <br> 4/25/2032 (g)<br>| 1590 | 1402 |
| Series 2022-M2S, Class A1, 3.76%, <br> 5/25/2032 (g)<br>| 1 | 2 |
| Series 2023-M8, Class A2, 4.48%, <br> 3/25/2033 (g)<br>| 830 | 835 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

54 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2024-M2, Class A2, 3.75%, 8/25/2033 | 2925 | 2775 |
| Series 2021-M3, Class X1, IO, 1.83%, <br> 11/25/2033 (g)<br>| 992 | 61 |
| FREMF Mortgage Trust |  |  |
| Series 2017-KGX1, Class BFX, 3.59%, <br> 10/25/2027 (d) (g)<br>| 570 | 544 |
| Series 2016-K56, Class B, 3.93%, <br> 6/25/2049 (d) (g)<br>| 415 | 413 |
| Series 2016-K58, Class B, 3.74%, <br> 9/25/2049 (d) (g)<br>| 415 | 412 |
| Series 2017-K67, Class C, 3.95%, <br> 9/25/2049 (d) (g)<br>| 1015 | 1002 |
| Series 2019-K97, Class B, 3.77%, <br> 9/25/2051 (d) (g)<br>| 900 | 879 |
| Multi-Family Connecticut Avenue Securities Trust |  |  |
| Series 2023-01, Class M7, 7.87%, <br> 11/25/2053 (d) (g)<br>| 766 | 789 |
| Series 2024-01, Class M7, 6.62%, <br> 7/25/2054 (d) (g)<br>| 403 | 408 |
| ROCK Trust Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (d)<br>| 400 | 411 |
| SLG Office Trust Series 2021-OVA, Class A, 2.59%, <br> 7/15/2041 (d)<br>| 925 | 827 |
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class A, 5.35%, 7/15/2040 (d) (g)<br>| 505 | 519 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $16,654)<br>|  | 16636 |
| **Foreign Government Securities — 0.2%** | **Foreign Government Securities — 0.2%** | **Foreign Government Securities — 0.2%** |
| Eagle Funding Luxco SARL 5.50%, 8/17/2030 (d) | 1445 | 1470 |
| Republic of Peru 2.78%, 12/1/2060 | 147 | 80 |
| United Mexican States |  |  |
| 6.00%, 5/13/2030 | 251 | 263 |
| 5.85%, 7/2/2032 | 654 | 673 |
| 5.38%, 3/22/2033 | 1525 | 1511 |
| 3.50%, 2/12/2034 | 730 | 631 |
| 6.88%, 5/13/2037 | 369 | 394 |
| 6.34%, 5/4/2053 | 200 | 190 |
| Total Foreign Government Securities <br>(Cost $5,316)<br>|  | 5212 |
| **Municipal Bonds — 0.0% (h) ^** | **Municipal Bonds — 0.0% (h) ^** | **Municipal Bonds — 0.0% (h) ^** |
| **Texas — 0.0% ^** | **Texas — 0.0% ^** | **Texas — 0.0% ^** |
| Texas Natural Gas Securitization Finance Corp., <br> Customer Rate Relief Bonds Series 2023A-2, <br> Rev., 5.17%, 4/1/2041 (Cost $205)<br>| 205 | 209 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |
| **Investment Companies — 1.9%** | **Investment Companies — 1.9%** | **Investment Companies — 1.9%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (i) <br>(Cost $59,336)<br>| 59336 | 59336 |
| **Total Investments — 100.1%** <br>**(Cost $2,364,063)**<br>|  | **3126541** |
| **Liabilities in Excess of Other Assets — (0.1)%** |  | **(1957)**<br>|
| **NET ASSETS — 100.0%** |  | **3124584** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| CME | Chicago Mercantile Exchange |
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of <br> December 31, 2025. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| UMBS | Uniform Mortgage-Backed Securities |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 55

------

JPMorgan SmartRetirement® Blend 2030 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the effective yield as of December 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The rate shown is the current yield as of December 31, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 23235 | &nbsp;&nbsp;&nbsp;&nbsp; (696)<br>|
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 30926 | &nbsp;&nbsp;&nbsp;&nbsp; (477)<br>|
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21446 | &nbsp;&nbsp;&nbsp;&nbsp; (60)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 13083 | &nbsp;&nbsp;&nbsp;&nbsp; (76)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp; (10)<br>|
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 39249 | &nbsp;&nbsp;&nbsp;&nbsp; (19)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9720 | &nbsp;&nbsp;&nbsp;&nbsp; (38)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1376)<br>|
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (8178)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 92 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1284)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

56 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

JPMorgan SmartRetirement® Blend 2035 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>|
| **Investment Companies — 64.5%** | **Investment Companies — 64.5%** | **Investment Companies — 64.5%** |
| **Fixed Income — 25.3%** | **Fixed Income — 25.3%** | **Fixed Income — 25.3%** |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 98945 | 724277 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 5083 | 33905 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 21934 | 144545 |
| Total Fixed Income |  | 902727 |
| **International Equity — 3.2%** | **International Equity — 3.2%** | **International Equity — 3.2%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 5415 | 113714 |
| **U.S. Equity — 36.0%** | **U.S. Equity — 36.0%** | **U.S. Equity — 36.0%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 12516 | 1283591 |
| Total Investment Companies <br>(Cost $1,607,193)<br>|  | 2300032 |
| **Exchange-Traded Funds — 27.2%** | **Exchange-Traded Funds — 27.2%** | **Exchange-Traded Funds — 27.2%** |
| **Alternative Assets — 1.4%** | **Alternative Assets — 1.4%** | **Alternative Assets — 1.4%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 523 | 48461 |
| **International Equity — 20.3%** | **International Equity — 20.3%** | **International Equity — 20.3%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a) (b)<br>| 1777 | 113047 |
| JPMorgan BetaBuilders International Equity ETF (a) | 8433 | 609858 |
| Total International Equity |  | 722905 |
| **U.S. Equity — 5.5%** | **U.S. Equity — 5.5%** | **U.S. Equity — 5.5%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a) (b)<br>| 1246 | 132852 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 871 | 64727 |
| Total U.S. Equity |  | 197579 |
| Total Exchange-Traded Funds <br>(Cost $673,593)<br>|  | 968945 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 2.2%** | **U.S. Treasury Obligations — 2.2%** | **U.S. Treasury Obligations — 2.2%** |
| U.S. Treasury Bonds |  |  |
| 4.63%, 2/15/2040 | 760 | 768 |
| 3.13%, 2/15/2043 | 4950 | 4003 |
| 3.88%, 2/15/2043 | 605 | 544 |
| 3.63%, 8/15/2043 | 147 | 127 |
| 3.00%, 8/15/2048 | 6630 | 4909 |
| 1.38%, 8/15/2050 | 2265 | 1114 |
| 1.63%, 11/15/2050 | 2599 | 1364 |
| 4.13%, 8/15/2053 | 2095 | 1855 |
| 4.25%, 2/15/2054 | 720 | 651 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| 4.50%, 11/15/2054 | 145 | 137 |
| 4.75%, 5/15/2055 | 120 | 118 |
| U.S. Treasury Notes |  |  |
| 4.25%, 11/30/2026 | 2620 | 2636 |
| 4.13%, 1/31/2027 (c) | 4563 | 4591 |
| 3.50%, 1/31/2028 | 3355 | 3356 |
| 3.75%, 4/15/2028 | 2050 | 2061 |
| 1.38%, 10/31/2028 | 3690 | 3476 |
| 3.50%, 11/15/2028 | 3569 | 3565 |
| 4.25%, 1/31/2030 | 4217 | 4311 |
| 4.88%, 10/31/2030 | 7144 | 7505 |
| 3.63%, 12/31/2030 | 3200 | 3185 |
| 1.38%, 11/15/2031 | 3600 | 3136 |
| 3.88%, 8/31/2032 | 1125 | 1122 |
| 3.88%, 12/31/2032 | 1978 | 1969 |
| 3.50%, 2/15/2033 | 205 | 199 |
| 4.50%, 11/15/2033 | 4780 | 4935 |
| 4.00%, 2/15/2034 | 3910 | 3898 |
| 3.88%, 8/15/2034 | 5155 | 5076 |
| 4.25%, 11/15/2034 | 1070 | 1081 |
| 4.25%, 5/15/2035 | 1040 | 1049 |
| 4.00%, 11/15/2035 | 2095 | 2065 |
| U.S. Treasury STRIPS Bonds |  |  |
| 4.25%, 11/15/2033 (d) | 380 | 274 |
| 2.29%, 2/15/2035 (d) | 530 | 359 |
| 4.20%, 8/15/2035 (d) | 755 | 498 |
| 4.24%, 2/15/2036 (d) | 141 | 91 |
| 4.35%, 5/15/2036 (d) | 330 | 209 |
| 4.31%, 8/15/2036 (d) | 189 | 118 |
| 4.64%, 8/15/2040 (d) | 2450 | 1213 |
| 5.23%, 11/15/2040 (d) | 210 | 102 |
| 0.0%, 2/15/2042 (d) | 194 | 88 |
| 0.0%, 11/15/2044 (d) | 954 | 367 |
| Total U.S. Treasury Obligations <br>(Cost $78,851)<br>|  | 78125 |
| **Corporate Bonds — 1.6%** | **Corporate Bonds — 1.6%** | **Corporate Bonds — 1.6%** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 2.70%, 2/1/2027 | 664 | 654 |
| 6.53%, 5/1/2034 | 50 | 55 |
| 3.75%, 2/1/2050 | 250 | 182 |
| L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  |
| 5.25%, 6/1/2031 | 230 | 239 |
| 5.40%, 7/31/2033 | 61 | 64 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 57

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Aerospace & Defense — continued** | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| Leidos, Inc. 5.75%, 3/15/2033 | 50 | 53 |
| Northrop Grumman Corp. 3.85%, 4/15/2045 | 90 | 72 |
| RTX Corp.  | RTX Corp.  | RTX Corp.  |
| 3.75%, 11/1/2046 | 80 | 62 |
| 2.82%, 9/1/2051 | 70 | 44 |
|  |  | 1425 |
| **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** |
| Hyundai Capital America 2.38%, 10/15/2027 (e) | 198 | 192 |
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| ABN AMRO Bank NV (Netherlands) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 1 Year <br> + 1.25%), 5.52%, 12/3/2035 (e) (f)<br>| 200 | 207 |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 2.33%), 6.61%, 9/13/2029 (e) (f) | 200 | 212 |
| (SOFR + 1.65%), 5.32%, 5/15/2031 (e) (f) | 200 | 206 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| 5.59%, 8/8/2028 | 200 | 207 |
| 4.55%, 11/6/2030 | 200 | 200 |
| 5.13%, 11/6/2035 | 200 | 200 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (SOFR + 1.33%), 2.97%, 2/4/2033 (f) | 610 | 558 |
| (SOFR + 1.84%), 5.87%, 9/15/2034 (f) | 80 | 85 |
| (SOFR + 1.31%), 5.51%, 1/24/2036 (f) | 130 | 136 |
| Bank of Ireland Group plc (Ireland) (SOFR + <br> 1.62%), 5.60%, 3/20/2030 (e) (f)<br>| 200 | 208 |
| Banque Federative du Credit Mutuel SA (France) <br> 5.54%, 1/22/2030 (e)<br>| 200 | 208 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 1.88%), 6.50%, 9/13/2027 (f) | 200 | 203 |
| (SOFR + 1.23%), 5.37%, 2/25/2031 (f) | 200 | 207 |
| (SOFR + 1.59%), 5.79%, 2/25/2036 (f) | 200 | 209 |
| (SOFR + 2.42%), 6.04%, 3/12/2055 (f) | 216 | 227 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.52%), 5.18%, 1/9/2030 (e) (f) | 275 | 282 |
| (SOFR + 1.59%), 5.50%, 5/20/2030 (e) (f) | 200 | 207 |
| (SOFR + 1.28%), 5.28%, 11/19/2030 (e) (f) | 280 | 288 |
| (SOFR + 1.62%), 5.79%, 1/13/2033 (e) (f) | 200 | 210 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| 5.28%, 5/30/2029 (e) | 250 | 258 |
| (SOFR + 1.58%), 5.39%, 5/28/2031 (e) (f) | 250 | 257 |
| (SOFR + 1.85%), 5.94%, 5/30/2035 (e) (f) | 250 | 261 |
| (SOFR + 1.96%), 6.03%, 5/28/2036 (e) (f) | 250 | 262 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFR + 2.77%), 6.84%, 9/13/2034 (e) (f) | 200 | 223 |
| (SOFR + 1.79%), 5.58%, 7/3/2036 (e) (f) | 200 | 205 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (3-MONTH CME TERM SOFR + 1.41%), 3.52%, <br> 10/27/2028 (f)<br>| 400 | 396 |
| (SOFR + 1.36%), 5.17%, 2/13/2030 (f) | 630 | 646 |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (f) | 684 | 689 |
| (SOFR + 1.35%), 3.06%, 1/25/2033 (f) | 268 | 246 |
| Cooperatieve Rabobank UA (Netherlands) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.99%, <br> 5/27/2031 (e) (f)<br>| 250 | 256 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.13%), 5.23%, 1/9/2029 (e) (f) | 250 | 255 |
| (SOFR + 1.36%), 4.82%, 9/25/2033 (e) (f) | 250 | 250 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 4.61%, <br> 10/2/2030 (e) (f)<br>| 200 | 202 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.02%, <br> 3/4/2031 (e) (f)<br>| 200 | 204 |
| DNB Bank ASA (Norway) (SOFR + 1.05%), 4.85%, <br> 11/5/2030 (e) (f)<br>| 305 | 311 |
| Fifth Third Bancorp (SOFR + 1.84%), 5.63%, <br> 1/29/2032 (f)<br>| 316 | 332 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.73%), 2.01%, 9/22/2028 (f) | 650 | 627 |
| (SOFR + 1.29%), 5.29%, 11/19/2030 (f) | 245 | 253 |
| (SOFR + 1.43%), 5.13%, 11/6/2036 (f) | 200 | 201 |
| Huntington Bancshares, Inc. (SOFR + 1.28%), <br> 5.27%, 1/15/2031 (f)<br>| 80 | 82 |
| KBC Group NV (Belgium) (US Treasury Yield Curve <br> Rate T Note Constant Maturity 1 Year + 0.85%), <br> 4.45%, 9/23/2031 (e) (f)<br>| 400 | 399 |
| KeyCorp (SOFRINDX + 1.23%), 5.12%, <br> 4/4/2031 (f)<br>| 330 | 339 |
| Lloyds Banking Group plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.97%), 4.94%, <br> 11/4/2036 (f)<br>| 250 | 247 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.19%, <br> 9/12/2036 (f)<br>| 200 | 203 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

58 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.65%), 5.74%, <br> 5/27/2031 (f)<br>| 250 | 263 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.71%, <br> 7/8/2031 (f)<br>| 200 | 203 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 5.32%, <br> 7/8/2036 (f)<br>| 200 | 205 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| (3-MONTH SOFR + 1.87%), 4.45%, <br> 5/8/2030 (f)<br>| 400 | 401 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.22%), 4.96%, <br> 8/15/2030 (f)<br>| 275 | 281 |
| Norinchukin Bank (The) (Japan) 5.36%, <br> 9/9/2035 (e)<br>| 200 | 203 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| (SOFR + 1.93%), 5.07%, 1/24/2034 (f) | 266 | 272 |
| (SOFR + 1.42%), 5.37%, 7/21/2036 (f) | 130 | 134 |
| Royal Bank of Canada (Canada) (SOFRINDX + <br> 1.08%), 4.65%, 10/18/2030 (f)<br>| 170 | 172 |
| Santander Holdings USA, Inc. (SOFR + 2.50%), <br> 6.17%, 1/9/2030 (f)<br>| 75 | 78 |
| Santander UK Group Holdings plc (United Kingdom) <br> (SOFRINDX + 1.55%), 4.86%, 9/11/2030 (f)<br>| 215 | 218 |
| Skandinaviska Enskilda Banken AB (Sweden) <br> 4.50%, 9/3/2030 (e)<br>| 200 | 201 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| 5.25%, 2/19/2027 (e) | 200 | 202 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.95%), 6.69%, <br> 1/10/2034 (e) (f)<br>| 400 | 436 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.10%), 6.07%, <br> 1/19/2035 (e) (f)<br>| 200 | 211 |
| (SOFR + 1.73%), 5.44%, 10/3/2036 (e) (f) | 300 | 301 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 2.45%), 7.16%, 10/30/2029 (f) | 49 | 53 |
| (SOFR + 1.31%), 5.07%, 5/20/2031 (f) | 150 | 154 |
| (SOFR + 1.85%), 5.12%, 1/26/2034 (f) | 185 | 188 |
| (SOFR + 1.92%), 5.71%, 1/24/2035 (f) | 62 | 65 |
| (SOFR + 1.40%), 4.96%, 10/23/2036 (f) | 150 | 148 |
| US Bancorp (SOFR + 1.30%), 5.08%, <br> 5/15/2031 (f)<br>| 115 | 119 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (f) | 26 | 27 |
| (SOFR + 1.50%), 5.20%, 1/23/2030 (f) | 30 | 31 |
| (SOFR + 2.10%), 4.90%, 7/25/2033 (f) | 27 | 27 |
| (SOFR + 2.02%), 5.39%, 4/24/2034 (f) | 32 | 33 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (f) | 330 | 346 |
| (SOFR + 1.78%), 5.50%, 1/23/2035 (f) | 300 | 313 |
| (SOFR + 1.38%), 5.21%, 12/3/2035 (f) | 365 | 373 |
| (SOFR + 1.74%), 5.61%, 4/23/2036 (f) | 36 | 38 |
| (SOFR + 2.53%), 3.07%, 4/30/2041 (f) | 18 | 14 |
| (SOFR + 2.13%), 4.61%, 4/25/2053 (f) | 120 | 103 |
|  |  | 17677 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| Constellation Brands, Inc. 4.50%, 5/9/2047 | 210 | 176 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 5.05%, 3/15/2034 | 255 | 262 |
| 4.05%, 11/21/2039 | 300 | 268 |
| Amgen, Inc.  | Amgen, Inc.  | Amgen, Inc.  |
| 3.15%, 2/21/2040 | 314 | 247 |
| 5.65%, 3/2/2053 | 335 | 328 |
| Biogen, Inc. 5.75%, 5/15/2035 | 80 | 84 |
| Gilead Sciences, Inc. 2.60%, 10/1/2040 | 182 | 135 |
|  |  | 1324 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Amazon.com, Inc. 3.95%, 4/13/2052 | 150 | 117 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| Trane Technologies Financing Ltd. 5.25%, <br> 3/3/2033<br>| 40 | 42 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| Bank of New York Mellon Corp. (The) (SOFR + <br> 1.85%), 6.47%, 10/25/2034 (f)<br>| 60 | 67 |
| Brookfield Finance, Inc. (Canada) 3.50%, <br> 3/30/2051<br>| 62 | 43 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.22%), 2.31%, 11/16/2027 (f) | 300 | 295 |
| (SOFR + 1.32%), 2.55%, 1/7/2028 (f) | 150 | 147 |
| (SOFR + 1.21%), 5.37%, 1/10/2029 (f) | 150 | 153 |
| (SOFR + 3.18%), 6.72%, 1/18/2029 (f) | 200 | 209 |
| (SOFR + 1.72%), 5.30%, 5/9/2031 (f) | 155 | 159 |
| (SOFR + 1.30%), 4.95%, 8/4/2031 (f) | 170 | 172 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 59

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 1.77%), 6.48%, 10/24/2029 (f) | 80 | 85 |
| (SOFR + 1.27%), 5.73%, 4/25/2030 (f) | 175 | 183 |
| (SOFR + 1.21%), 5.05%, 7/23/2030 (f) | 185 | 189 |
| (SOFR + 1.55%), 5.33%, 7/23/2035 (f) | 385 | 396 |
| (SOFR + 1.33%), 4.94%, 10/21/2036 (f) | 295 | 293 |
| Macquarie Group Ltd. (Australia) (SOFR + 1.53%), <br> 2.87%, 1/14/2033 (e) (f)<br>| 150 | 136 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 1.59%), 5.16%, 4/20/2029 (f) | 105 | 107 |
| (SOFR + 1.63%), 5.45%, 7/20/2029 (f) | 20 | 21 |
| (SOFR + 1.26%), 5.66%, 4/18/2030 (f) | 140 | 146 |
| (SOFR + 1.22%), 5.04%, 7/19/2030 (f) | 70 | 72 |
| Series I, (SOFR + 1.07%), 4.36%, <br> 10/22/2031 (f)<br>| 30 | 30 |
| (SOFR + 1.20%), 2.51%, 10/20/2032 (f) | 550 | 493 |
| (SOFR + 1.73%), 5.47%, 1/18/2035 (f) | 40 | 42 |
| (SOFR + 1.56%), 5.32%, 7/19/2035 (f) | 95 | 98 |
| Series I, (SOFR + 1.31%), 4.89%, <br> 10/22/2036 (f)<br>| 65 | 64 |
| (SOFR + 1.49%), 3.22%, 4/22/2042 (f) | 40 | 31 |
| State Street Corp.  | State Street Corp.  | State Street Corp.  |
| (SOFR + 1.57%), 4.82%, 1/26/2034 (f) | 40 | 40 |
| (SOFR + 1.22%), 4.78%, 10/23/2036 (f) | 60 | 60 |
| UBS Group AG (Switzerland) (USD SOFR ICE Swap <br> Rate 1 Year + 1.86%), 5.38%, 9/6/2045 (e) (f)<br>| 310 | 304 |
|  |  | 4035 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| DuPont de Nemours, Inc. 5.32%, 11/15/2038 | 304 | 305 |
| EIDP, Inc. 5.13%, 5/15/2032 | 155 | 159 |
| International Flavors & Fragrances, Inc. 2.30%, <br> 11/1/2030 (e)<br>| 200 | 180 |
| RPM International, Inc. 2.95%, 1/15/2032 | 61 | 55 |
|  |  | 699 |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) |
| 6.32%, 12/4/2028 (e) | 200 | 211 |
| 5.04%, 3/25/2030 (e) | 95 | 97 |
|  |  | 308 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| Quanta Services, Inc. 5.10%, 8/9/2035 | 110 | 110 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 2.45%, 10/29/2026 | 300 | 296 |
| 6.10%, 1/15/2027 | 400 | 408 |
| Aircastle Ltd. 5.25%, 3/15/2030 (e) | 150 | 153 |
| Ally Financial, Inc. (SOFR + 2.82%), 6.85%, <br> 1/3/2030 (f)<br>| 150 | 159 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFR + 1.22%), 4.92%, 7/20/2033 (f) | 55 | 56 |
| (SOFRINDX + 1.32%), 5.44%, 1/30/2036 (f) | 120 | 125 |
| (SOFR + 1.24%), 4.80%, 10/24/2036 (f) | 70 | 69 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 2.53%, 11/18/2027 (e) | 112 | 109 |
| 4.95%, 1/15/2028 (e) | 145 | 147 |
| 5.15%, 1/15/2030 (e) | 150 | 153 |
| 4.90%, 10/10/2030 (e) | 45 | 45 |
| 4.70%, 1/30/2031 (e) | 80 | 80 |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| (SOFR + 1.91%), 5.70%, 2/1/2030 (f) | 60 | 62 |
| (SOFR + 1.63%), 5.20%, 9/11/2036 (f) | 115 | 114 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 5.20%, 3/27/2028 (e) | 95 | 96 |
| 5.15%, 3/17/2030 (e) | 75 | 76 |
|  |  | 2148 |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| Kroger Co. (The)  | Kroger Co. (The)  | Kroger Co. (The)  |
| 5.00%, 9/15/2034 | 50 | 50 |
| 5.50%, 9/15/2054 | 40 | 38 |
|  |  | 88 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Graphic Packaging International LLC 1.51%, <br> 4/15/2026 (e)<br>| 49 | 49 |
| Smurfit Westrock Financing DAC (Ireland) 5.42%, <br> 1/15/2035<br>| 200 | 206 |
| Sonoco Products Co. 5.00%, 9/1/2034 | 100 | 99 |
|  |  | 354 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| University of Miami Series 2022, 4.06%, 4/1/2052 | 20 | 16 |
| **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** |
| Safehold GL Holdings LLC 2.85%, 1/15/2032 | 80 | 72 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

60 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified REITs — continued** | **Diversified REITs — continued** | **Diversified REITs — continued** |
| WP Carey, Inc.  | WP Carey, Inc.  | WP Carey, Inc.  |
| 2.40%, 2/1/2031 | 36 | 33 |
| 2.45%, 2/1/2032 | 40 | 35 |
|  |  | 140 |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 3.50%, 6/1/2041 | 128 | 101 |
| 3.55%, 9/15/2055 | 76 | 50 |
|  |  | 151 |
| **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** |
| AEP Transmission Co. LLC 5.40%, 3/15/2053 | 60 | 58 |
| Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  |
| 5.40%, 6/1/2053 | 185 | 178 |
| 5.65%, 6/1/2054 | 80 | 79 |
| Consumers 2023 Securitization Funding LLC Series <br> A2, 5.21%, 9/1/2030<br>| 217 | 224 |
| DTE Electric Co.  | DTE Electric Co.  | DTE Electric Co.  |
| Series B, 3.25%, 4/1/2051 | 100 | 68 |
| Series B, 3.65%, 3/1/2052 | 45 | 33 |
| Duke Energy Corp.  | Duke Energy Corp.  | Duke Energy Corp.  |
| 6.10%, 9/15/2053 | 70 | 72 |
| 5.70%, 9/15/2055 | 80 | 78 |
| Duke Energy Florida LLC 5.95%, 11/15/2052 | 62 | 64 |
| Duke Energy Progress LLC 2.90%, 8/15/2051 | 40 | 25 |
| Duke Energy Progress SC Storm Funding LLC Series <br> A, 5.40%, 3/1/2044<br>| 513 | 527 |
| Duquesne Light Holdings, Inc. 2.78%, <br> 1/7/2032 (e)<br>| 20 | 18 |
| Electricite de France SA (France) 5.95%, <br> 4/22/2034 (e)<br>| 250 | 266 |
| Emera US Finance LP (Canada) 4.75%, 6/15/2046 | 172 | 147 |
| Enel Finance International NV (Italy) 5.00%, <br> 9/30/2035 (e)<br>| 200 | 199 |
| Entergy Arkansas LLC 5.75%, 6/1/2054 | 70 | 71 |
| Entergy Louisiana LLC  | Entergy Louisiana LLC  | Entergy Louisiana LLC  |
| 4.00%, 3/15/2033 | 40 | 39 |
| 5.70%, 3/15/2054 | 100 | 99 |
| Entergy Mississippi LLC 5.00%, 9/1/2033 | 100 | 102 |
| Evergy Metro, Inc. 4.95%, 4/15/2033 | 89 | 90 |
| Evergy Missouri West Storm Funding I LLC Series <br> A-1, 5.10%, 12/1/2038<br>| 220 | 225 |
| Eversource Energy 3.38%, 3/1/2032 | 290 | 268 |
| Fells Point Funding Trust 3.05%, 1/31/2027 (e) | 215 | 212 |
| FirstEnergy Transmission LLC 4.55%, 4/1/2049 (e) | 274 | 233 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Florida Power & Light Co. 5.30%, 4/1/2053 | 50 | 48 |
| Indiana Michigan Power Co. 3.25%, 5/1/2051 | 55 | 36 |
| Interstate Power and Light Co. 4.95%, 9/30/2034 | 55 | 55 |
| ITC Holdings Corp. 5.40%, 6/1/2033 (e) | 200 | 206 |
| Jersey Central Power & Light Co. 5.10%, <br> 1/15/2035<br>| 45 | 45 |
| Massachusetts Electric Co. 4.00%, 8/15/2046 (e) | 13 | 10 |
| MidAmerican Energy Co. 5.85%, 9/15/2054 | 40 | 41 |
| Monongahela Power Co. 5.85%, 2/15/2034 (e) | 30 | 32 |
| Nevada Power Co. 6.00%, 3/15/2054 | 30 | 31 |
| New England Power Co. 2.81%, 10/6/2050 (e) | 62 | 38 |
| NextEra Energy Capital Holdings, Inc. 5.55%, <br> 3/15/2054<br>| 110 | 106 |
| Niagara Mohawk Power Corp. 6.00%, 7/3/2055 (e) | 45 | 46 |
| Northern States Power Co. 5.10%, 5/15/2053 | 100 | 93 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 2.45%, 12/2/2027 (e) | 118 | 114 |
| 5.41%, 10/15/2035 (e) | 160 | 160 |
| Ohio Power Co. 5.00%, 6/1/2033 | 70 | 71 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 6.15%, 1/15/2033 | 100 | 106 |
| 5.80%, 5/15/2034 | 53 | 55 |
| 6.00%, 8/15/2035 | 155 | 163 |
| 3.75%, 8/15/2042 (g) | 322 | 244 |
| PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  |
| Series A-2, 5.23%, 6/1/2042 | 1040 | 1052 |
| Series A-3, 5.54%, 7/15/2047 | 65 | 65 |
| Series A-3, 5.53%, 6/1/2049 | 170 | 170 |
| PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  |
| Series A-2, 4.26%, 6/1/2036 | 30 | 29 |
| Series A-5, 5.10%, 6/1/2052 | 35 | 33 |
| PPL Capital Funding, Inc. 5.25%, 9/1/2034 | 70 | 72 |
| PPL Electric Utilities Corp. 5.25%, 5/15/2053 | 45 | 43 |
| Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  |
| 5.25%, 1/15/2033 | 70 | 72 |
| 5.20%, 1/15/2035 | 30 | 30 |
| SCE Recovery Funding LLC  | SCE Recovery Funding LLC  | SCE Recovery Funding LLC  |
| Series A-1, 4.70%, 6/15/2040 | 48 | 48 |
| 5.34%, 3/15/2045 | 90 | 90 |
| Sierra Pacific Power Co. 5.90%, 3/15/2054 | 60 | 60 |
| Sigeco Securitization I LLC Series A1, 5.03%, <br> 11/15/2036<br>| 46 | 47 |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| Series C, 4.13%, 3/1/2048 | 150 | 114 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 61

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 5.88%, 12/1/2053 | 67 | 64 |
| 5.75%, 4/15/2054 | 125 | 117 |
| 5.90%, 3/1/2055 | 70 | 68 |
| Tucson Electric Power Co. 5.50%, 4/15/2053 | 90 | 86 |
| Union Electric Co.  | Union Electric Co.  | Union Electric Co.  |
| 5.20%, 4/1/2034 | 150 | 154 |
| 3.90%, 4/1/2052 | 163 | 125 |
| 5.45%, 3/15/2053 | 50 | 48 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 4.60%, 10/15/2030 (e) | 132 | 132 |
| 6.00%, 4/15/2034 (e) | 74 | 78 |
| 5.70%, 12/30/2034 (e) | 45 | 46 |
| 5.25%, 10/15/2035 (e) | 144 | 143 |
|  |  | 8061 |
| **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** |
| Amphenol Corp. 5.30%, 11/15/2055 | 130 | 124 |
| **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** |
| Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  |
| 5.40%, 6/12/2029 | 250 | 259 |
| 4.00%, 4/14/2032 | 500 | 484 |
|  |  | 743 |
| **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** |
| Fiserv, Inc. 5.15%, 8/12/2034 | 300 | 298 |
| Global Payments, Inc. 5.55%, 11/15/2035 | 255 | 253 |
| Nationwide Building Society (United Kingdom) <br> 5.13%, 7/29/2029 (e)<br>| 250 | 257 |
| NTT Finance Corp. (Japan) 5.17%, 7/16/2032 (e) | 200 | 205 |
|  |  | 1013 |
| **Food Products — 0.1%** | **Food Products — 0.1%** | **Food Products — 0.1%** |
| Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  |
| 4.65%, 9/17/2034 | 127 | 125 |
| 5.15%, 8/4/2035 | 125 | 127 |
| JBS USA Holding Lux SARL  | JBS USA Holding Lux SARL  | JBS USA Holding Lux SARL  |
| 3.00%, 5/15/2032 | 100 | 90 |
| 6.75%, 3/15/2034 | 260 | 287 |
| 5.50%, 1/15/2036 (e) | 110 | 112 |
| 6.50%, 12/1/2052 | 25 | 26 |
| 6.38%, 4/15/2066 (e) | 110 | 109 |
| JBS USA LUX SARL 5.95%, 4/20/2035 (e) | 50 | 52 |
| Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  |
| 4.63%, 10/1/2039 | 55 | 50 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| 4.38%, 6/1/2046 | 29 | 24 |
| Mars, Inc. 5.65%, 5/1/2045 (e) | 205 | 207 |
|  |  | 1209 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Atmos Energy Corp. 2.85%, 2/15/2052 | 45 | 28 |
| Southern California Gas Co. 6.35%, 11/15/2052 | 125 | 135 |
|  |  | 163 |
| **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** |
| Canadian Pacific Railway Co. (Canada) 4.70%, <br> 5/1/2048<br>| 37 | 33 |
| Triton Container International Ltd. (Bermuda) <br> 2.05%, 4/15/2026 (e)<br>| 150 | 148 |
| Uber Technologies, Inc. 4.80%, 9/15/2034 | 65 | 65 |
| Union Pacific Corp. 3.55%, 8/15/2039 | 70 | 60 |
|  |  | 306 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| Boston Scientific Corp. 4.55%, 3/1/2039 | 18 | 17 |
| DH Europe Finance II SARL 3.25%, 11/15/2039 | 230 | 188 |
| Solventum Corp. 5.60%, 3/23/2034 | 146 | 152 |
|  |  | 357 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| AHS Hospital Corp. 5.02%, 7/1/2045 | 40 | 37 |
| Beth Israel Lahey Health, Inc. Series L, 3.08%, <br> 7/1/2051<br>| 25 | 16 |
| Cencora, Inc.  | Cencora, Inc.  | Cencora, Inc.  |
| 5.13%, 2/15/2034 | 290 | 297 |
| 4.25%, 3/1/2045 | 100 | 85 |
| Children's Hospital of Philadelphia (The) Series <br> 2020, 2.70%, 7/1/2050<br>| 70 | 44 |
| Cigna Group (The) 5.25%, 1/15/2036 | 205 | 209 |
| CommonSpirit Health 2.78%, 10/1/2030 | 74 | 69 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 3.63%, 3/15/2032 | 48 | 45 |
| 5.60%, 4/1/2034 | 310 | 323 |
| 5.45%, 9/15/2034 | 70 | 72 |
| 5.75%, 3/1/2035 | 112 | 118 |
| 4.90%, 11/15/2035 | 20 | 20 |
| 5.50%, 6/15/2047 | 25 | 24 |
| 3.50%, 7/15/2051 | 23 | 16 |
| 5.95%, 9/15/2054 | 55 | 54 |
| 6.10%, 4/1/2064 | 140 | 139 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

62 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| Piedmont Healthcare, Inc. 2.86%, 1/1/2052 | 45 | 28 |
| UnitedHealth Group, Inc. 5.88%, 2/15/2053 | 25 | 25 |
|  |  | 1621 |
| **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** | **Health Care REITs — 0.0% ^** |
| DOC DR LLC 2.63%, 11/1/2031 | 25 | 22 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| Darden Restaurants, Inc. 4.55%, 10/15/2029 | 150 | 151 |
| Starbucks Corp. 3.35%, 3/12/2050 | 52 | 36 |
|  |  | 187 |
| **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** |
| AES Corp. (The) 5.80%, 3/15/2032 | 140 | 144 |
| Constellation Energy Generation LLC 5.75%, <br> 10/1/2041<br>| 40 | 41 |
| Southern Power Co. 5.15%, 9/15/2041 | 174 | 167 |
|  |  | 352 |
| **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** |
| Honeywell International, Inc. 5.25%, 3/1/2054 | 110 | 104 |
| **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** |
| Goodman US Finance Six LLC (Australia) 5.13%, <br> 10/7/2034 (e)<br>| 60 | 60 |
| Prologis LP 5.25%, 3/15/2054 | 138 | 131 |
|  |  | 191 |
| **Insurance — 0.0% ^** | **Insurance — 0.0% ^** | **Insurance — 0.0% ^** |
| Aon North America, Inc. 5.75%, 3/1/2054 | 65 | 65 |
| Berkshire Hathaway Finance Corp. 3.85%, <br> 3/15/2052<br>| 40 | 31 |
| Brown & Brown, Inc. 2.38%, 3/15/2031 | 292 | 262 |
| Corebridge Global Funding 4.90%, 8/21/2032 (e) | 45 | 45 |
| F&G Annuities & Life, Inc. 6.50%, 6/4/2029 | 55 | 57 |
| Nationwide Mutual Insurance Co. 8.25%, <br> 12/1/2031 (e)<br>| 200 | 233 |
| New York Life Insurance Co. 3.75%, 5/15/2050 (e) | 156 | 116 |
| Prudential Funding Asia plc (Hong Kong) 3.13%, <br> 4/14/2030<br>| 60 | 57 |
| Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  |
| 4.27%, 5/15/2047 (e) | 70 | 57 |
| 3.30%, 5/15/2050 (e) | 96 | 66 |
|  |  | 989 |
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| Meta Platforms, Inc.  | Meta Platforms, Inc.  | Meta Platforms, Inc.  |
| 4.88%, 11/15/2035 | 190 | 190 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Interactive Media & Services — continued** | **Interactive Media & Services — continued** | **Interactive Media & Services — continued** |
| 5.50%, 11/15/2045 | 180 | 175 |
| 5.40%, 8/15/2054 | 100 | 93 |
| 5.63%, 11/15/2055 | 145 | 139 |
|  |  | 597 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| CGI, Inc. (Canada) 2.30%, 9/14/2031 | 75 | 66 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| Otis Worldwide Corp. 3.11%, 2/15/2040 | 86 | 68 |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 2.80%, 4/1/2031 | 392 | 353 |
| 5.85%, 12/1/2035 | 70 | 70 |
| 3.50%, 3/1/2042 | 35 | 24 |
| 3.70%, 4/1/2051 | 96 | 61 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 5.17%, 1/15/2037 (e) | 123 | 121 |
| 3.25%, 11/1/2039 | 334 | 261 |
| 2.80%, 1/15/2051 | 130 | 75 |
| 5.35%, 5/15/2053 | 180 | 162 |
|  |  | 1127 |
| **Metals & Mining — 0.0% ^** | **Metals & Mining — 0.0% ^** | **Metals & Mining — 0.0% ^** |
| Anglo American Capital plc (South Africa) 5.75%, <br> 4/5/2034 (e)<br>| 200 | 210 |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 5.40%, 5/8/2028 (e) | 75 | 77 |
| 5.37%, 4/4/2029 (e) | 240 | 248 |
| 5.63%, 4/4/2034 (e) | 100 | 104 |
|  |  | 639 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Berkshire Hathaway Energy Co. 2.85%, 5/15/2051 | 44 | 27 |
| Consolidated Edison Co. of New York, Inc. 3.20%, <br> 12/1/2051<br>| 70 | 46 |
| Consumers Energy Co. 3.25%, 8/15/2046 | 30 | 22 |
| DTE Energy Co. 5.10%, 3/1/2029 | 200 | 205 |
| Engie SA (France) 5.63%, 4/10/2034 (e) | 290 | 305 |
| NiSource, Inc. 5.20%, 7/1/2029 | 100 | 103 |
| Public Service Enterprise Group, Inc. 5.45%, <br> 4/1/2034<br>| 80 | 83 |
| Puget Energy, Inc. 5.73%, 3/15/2035 | 45 | 46 |
| San Diego Gas & Electric Co. 2.95%, 8/15/2051 | 70 | 44 |
| Southern Co. Gas Capital Corp. 5.75%, 9/15/2033 | 250 | 265 |
|  |  | 1146 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 63

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| COPT Defense Properties LP 2.75%, 4/15/2031 | 54 | 49 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| BP Capital Markets America, Inc. 2.77%, <br> 11/10/2050<br>| 44 | 27 |
| Cheniere Energy Partners LP 5.55%, <br> 10/30/2035 (e)<br>| 55 | 56 |
| Cheniere Energy, Inc. 5.65%, 4/15/2034 | 70 | 73 |
| Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  |
| 5.10%, 10/1/2031 (e) | 44 | 45 |
| 5.68%, 1/15/2034 (e) | 192 | 198 |
| Columbia Pipelines Operating Co. LLC 5.70%, <br> 10/1/2054 (e)<br>| 93 | 88 |
| ConocoPhillips Co. 5.50%, 1/15/2055 | 95 | 91 |
| Coterra Energy, Inc. 5.40%, 2/15/2035 | 115 | 117 |
| Devon Energy Corp. 5.75%, 9/15/2054 | 36 | 33 |
| Eastern Energy Gas Holdings LLC 6.20%, <br> 1/15/2055<br>| 60 | 62 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 5.70%, 3/8/2033 | 60 | 63 |
| 5.63%, 4/5/2034 | 150 | 157 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 5.25%, 7/1/2029 | 150 | 154 |
| 5.00%, 5/15/2044 (g) | 105 | 91 |
| 6.00%, 6/15/2048 | 55 | 53 |
| Exxon Mobil Corp. 3.00%, 8/16/2039 | 146 | 117 |
| Kinder Morgan, Inc. 7.80%, 8/1/2031 | 300 | 347 |
| MPLX LP  | MPLX LP  | MPLX LP  |
| 5.50%, 6/1/2034 | 120 | 123 |
| 5.40%, 4/1/2035 | 65 | 65 |
| NGPL PipeCo LLC 3.25%, 7/15/2031 (e) | 40 | 37 |
| Northern Natural Gas Co. 5.63%, 2/1/2054 (e) | 20 | 19 |
| Ovintiv, Inc. 6.25%, 7/15/2033 | 150 | 159 |
| Pioneer Natural Resources Co. 2.15%, 1/15/2031 | 70 | 64 |
| Plains All American Pipeline LP 5.95%, 6/15/2035 | 125 | 130 |
| Shell Finance US, Inc. 3.13%, 11/7/2049 (e) | 52 | 35 |
| South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) |
| 4.91%, 9/1/2027 | 35 | 35 |
| 5.03%, 10/1/2029 | 40 | 41 |
| TotalEnergies Capital International SA (France) <br> 2.99%, 6/29/2041<br>| 96 | 73 |
| TransCanada PipeLines Ltd. (Canada) 5.85%, <br> 3/15/2036<br>| 150 | 157 |
| Western Midstream Operating LP 5.25%, <br> 2/1/2050 (g)<br>| 25 | 21 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  |
| 5.65%, 3/15/2033 | 40 | 42 |
| 5.60%, 3/15/2035 | 85 | 88 |
| 6.00%, 3/15/2055 | 25 | 25 |
|  |  | 2886 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| United Airlines Pass-Through Trust Series 2016-2, <br> Class A, 3.10%, 10/7/2028<br>| 30 | 29 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Kenvue, Inc. 5.20%, 3/22/2063 | 70 | 64 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 4.25%, 10/26/2049 | 113 | 92 |
| 3.70%, 3/15/2052 | 84 | 62 |
| 5.55%, 2/22/2054 | 13 | 13 |
| Eli Lilly & Co. 5.00%, 2/9/2054 | 210 | 196 |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| 4.00%, 3/7/2049 | 50 | 40 |
| 2.90%, 12/10/2061 | 55 | 32 |
| Pfizer Investment Enterprises Pte. Ltd. 5.30%, <br> 5/19/2053<br>| 110 | 104 |
| Takeda Pharmaceutical Co. Ltd. (Japan) 3.18%, <br> 7/9/2050<br>| 200 | 133 |
| Utah Acquisition Sub, Inc. 3.95%, 6/15/2026 | 37 | 37 |
|  |  | 709 |
| **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** | **Residential REITs — 0.0% ^** |
| Essex Portfolio LP 5.50%, 4/1/2034 | 40 | 42 |
| UDR, Inc. 2.10%, 8/1/2032 | 88 | 75 |
|  |  | 117 |
| **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** |
| Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  |
| 2.25%, 4/1/2028 | 40 | 39 |
| 2.50%, 8/16/2031 | 20 | 18 |
| NNN REIT, Inc.  | NNN REIT, Inc.  | NNN REIT, Inc.  |
| 5.60%, 10/15/2033 | 50 | 52 |
| 5.50%, 6/15/2034 | 60 | 62 |
|  |  | 171 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| Analog Devices, Inc. 2.80%, 10/1/2041 | 46 | 34 |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 5.05%, 7/12/2029 | 250 | 257 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

64 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| 4.55%, 2/15/2032 | 151 | 151 |
| 4.80%, 2/15/2036 | 52 | 51 |
| 3.19%, 11/15/2036 (e) | 148 | 126 |
| Intel Corp.  | Intel Corp.  | Intel Corp.  |
| 3.73%, 12/8/2047 | 50 | 36 |
| 3.25%, 11/15/2049 | 70 | 45 |
| 3.05%, 8/12/2051 | 70 | 43 |
| KLA Corp. 3.30%, 3/1/2050 | 130 | 90 |
| Marvell Technology, Inc.  | Marvell Technology, Inc.  | Marvell Technology, Inc.  |
| 2.95%, 4/15/2031 | 290 | 269 |
| 5.45%, 7/15/2035 | 259 | 267 |
| NXP BV (Netherlands) | NXP BV (Netherlands) | NXP BV (Netherlands) |
| 5.00%, 1/15/2033 | 30 | 30 |
| 3.25%, 5/11/2041 | 75 | 57 |
|  |  | 1456 |
| **Software — 0.0% ^** | **Software — 0.0% ^** | **Software — 0.0% ^** |
| Cadence Design Systems, Inc. 4.70%, 9/10/2034 | 164 | 164 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 4.80%, 9/26/2032 | 105 | 101 |
| 4.90%, 2/6/2033 | 60 | 58 |
| 3.80%, 11/15/2037 | 184 | 149 |
| 3.65%, 3/25/2041 | 130 | 95 |
| 5.88%, 9/26/2045 | 70 | 63 |
| 3.60%, 4/1/2050 | 140 | 87 |
| Roper Technologies, Inc. 1.75%, 2/15/2031 | 47 | 41 |
| Synopsys, Inc. 5.70%, 4/1/2055 | 125 | 124 |
|  |  | 882 |
| **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** |
| American Tower Corp. 4.70%, 12/15/2032 | 205 | 205 |
| Crown Castle, Inc. 5.80%, 3/1/2034 | 35 | 37 |
|  |  | 242 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| Home Depot, Inc. (The) 3.63%, 4/15/2052 | 45 | 33 |
| **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** |
| Apple, Inc. 2.70%, 8/5/2051 | 120 | 75 |
| Dell International LLC 5.30%, 4/1/2032 | 280 | 288 |
|  |  | 363 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** |
| Altria Group, Inc. 2.45%, 2/4/2032 | 70 | 62 |
| BAT Capital Corp. (United Kingdom) 4.39%, <br> 8/15/2037<br>| 55 | 51 |
|  |  | 113 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| Aviation Capital Group LLC 5.13%, 4/10/2030 (e) | 100 | 102 |
| **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** |
| American Water Capital Corp. 5.45%, 3/1/2054 | 230 | 223 |
| **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 2.55%, 2/15/2031 | 100 | 91 |
| 3.40%, 10/15/2052 | 185 | 124 |
| Vodafone Group plc (United Kingdom) 5.75%, <br> 6/28/2054<br>| 150 | 146 |
|  |  | 361 |
| Total Corporate Bonds <br>(Cost $56,339)<br>|  | 55887 |
| **Mortgage-Backed Securities — 1.4%** | **Mortgage-Backed Securities — 1.4%** | **Mortgage-Backed Securities — 1.4%** |
| FHLMC Gold Pools, Other  |  |  |
| Pool # WN1157, 1.80%, 11/1/2028 | 335 | 317 |
| Pool # WA1626, 3.45%, 8/1/2032 | 472 | 448 |
| Pool # WN3225, 3.80%, 10/1/2034 | 200 | 190 |
| Pool # WS4004, 4.40%, 9/1/2036 | 294 | 286 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # QA5290, 2.50%, 12/1/2049 | 408 | 349 |
| Pool # QB8503, 2.50%, 2/1/2051 | 207 | 177 |
| Pool # SD4767, 2.50%, 2/1/2051 | 452 | 389 |
| Pool # QC9443, 2.50%, 10/1/2051 | 459 | 395 |
| Pool # SD5768, 3.00%, 1/1/2052 | 805 | 719 |
| Pool # QD7596, 2.50%, 2/1/2052 | 790 | 679 |
| Pool # RA6815, 2.50%, 2/1/2052 | 719 | 618 |
| Pool # SD3952, 2.50%, 3/1/2052 | 837 | 721 |
| Pool # SD1373, 3.00%, 5/1/2052 | 454 | 403 |
| Pool # QE1637, 4.00%, 5/1/2052 | 52 | 50 |
| Pool # QE1832, 4.50%, 5/1/2052 | 75 | 75 |
| Pool # SD4119, 3.00%, 8/1/2052 | 384 | 345 |
| Pool # SD3684, 4.50%, 11/1/2052 | 719 | 708 |
| Pool # QI5618, 6.50%, 5/1/2054 | 664 | 699 |
| FNMA UMBS, 20 Year Pool # MA4016, 2.50%, <br> 5/1/2040<br>| 371 | 338 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # BO1362, 4.00%, 6/1/2049 | 67 | 65 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 65

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BK2113, 2.50%, 3/1/2050 | 172 | 147 |
| Pool # CA5658, 2.50%, 5/1/2050 | 55 | 47 |
| Pool # FM3118, 3.00%, 5/1/2050 | 120 | 109 |
| Pool # BP8608, 2.50%, 6/1/2050 | 118 | 101 |
| Pool # BP9250, 2.50%, 7/1/2050 | 625 | 538 |
| Pool # CA6635, 2.50%, 8/1/2050 | 102 | 88 |
| Pool # FP0059, 2.50%, 8/1/2050 | 378 | 321 |
| Pool # BP7667, 2.50%, 12/1/2050 | 277 | 238 |
| Pool # BR4318, 3.00%, 1/1/2051 | 150 | 135 |
| Pool # BQ8009, 4.00%, 2/1/2051 | 349 | 336 |
| Pool # BQ8010, 4.00%, 2/1/2051 | 199 | 192 |
| Pool # CB0189, 3.00%, 4/1/2051 | 105 | 94 |
| Pool # CB0458, 2.50%, 5/1/2051 | 549 | 469 |
| Pool # FM7916, 2.50%, 6/1/2051 | 101 | 87 |
| Pool # FM7957, 2.50%, 7/1/2051 | 1023 | 880 |
| Pool # CB1301, 2.50%, 8/1/2051 | 267 | 230 |
| Pool # FM8247, 2.50%, 8/1/2051 | 146 | 126 |
| Pool # CB1908, 2.50%, 10/1/2051 | 837 | 718 |
| Pool # FM9491, 2.50%, 11/1/2051 | 569 | 490 |
| Pool # FS4624, 2.50%, 11/1/2051 | 135 | 115 |
| Pool # CB2170, 3.00%, 11/1/2051 | 196 | 174 |
| Pool # BU1805, 2.50%, 12/1/2051 | 215 | 184 |
| Pool # CB2313, 2.50%, 12/1/2051 | 166 | 143 |
| Pool # FS2559, 3.00%, 12/1/2051 | 444 | 396 |
| Pool # CB2637, 2.50%, 1/1/2052 | 515 | 444 |
| Pool # FS7749, 3.00%, 2/1/2052 | 477 | 427 |
| Pool # BV0295, 3.50%, 2/1/2052 | 183 | 171 |
| Pool # CB3608, 3.50%, 5/1/2052 | 615 | 570 |
| Pool # BV6743, 4.50%, 5/1/2052 | 72 | 71 |
| Pool # BV9515, 6.00%, 6/1/2052 | 91 | 95 |
| Pool # CB5380, 5.00%, 10/1/2052 | 290 | 291 |
| Pool # BY4714, 5.00%, 6/1/2053 | 279 | 279 |
| Pool # DA7753, 5.50%, 1/1/2054 | 71 | 73 |
| Pool # DA0425, 6.00%, 2/1/2054 | 147 | 152 |
| Pool # DA7754, 6.00%, 2/1/2054 | 620 | 644 |
| Pool # CB8334, 5.50%, 4/1/2054 | 876 | 892 |
| Pool # DB3860, 6.00%, 4/1/2054 | 418 | 431 |
| Pool # DB3885, 6.50%, 5/1/2054 | 615 | 647 |
| FNMA, Other  |  |  |
| Pool # BL2588, 2.97%, 8/1/2026 | 290 | 288 |
| Pool # BS7576, 4.86%, 12/1/2027 | 265 | 268 |
| Pool # AM3010, 5.07%, 3/1/2028 | 100 | 102 |
| Pool # BS6144, 3.97%, 1/1/2029 | 345 | 346 |
| Pool # AM5319, 4.34%, 1/1/2029 | 87 | 88 |
| Pool # BL1460, 3.74%, 2/1/2029 | 800 | 796 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BS8149, 4.97%, 9/1/2029 | 300 | 309 |
| Pool # BS4290, 1.95%, 10/1/2029 | 500 | 462 |
| Pool # BS7361, 4.76%, 1/1/2030 | 520 | 533 |
| Pool # BL9252, 1.37%, 3/1/2030 | 108 | 97 |
| Pool # BS0154, 1.28%, 4/1/2030 | 73 | 65 |
| Pool # BZ0896, 5.43%, 7/1/2030 | 792 | 830 |
| Pool # BL9494, 1.46%, 12/1/2030 | 75 | 66 |
| Pool # BL9652, 1.56%, 12/1/2030 | 375 | 335 |
| Pool # BS6024, 3.96%, 2/1/2031 | 208 | 206 |
| Pool # BS7290, 5.64%, 2/1/2031 | 538 | 568 |
| Pool # BS7121, 5.15%, 3/1/2031 | 400 | 415 |
| Pool # BS6203, 4.26%, 4/1/2031 | 145 | 145 |
| Pool # BS8442, 4.74%, 4/1/2031 | 308 | 315 |
| Pool # BS2915, 1.87%, 5/1/2031 | 60 | 53 |
| Pool # BL2999, 3.15%, 6/1/2031 | 771 | 735 |
| Pool # BS7813, 4.83%, 6/1/2031 | 205 | 210 |
| Pool # BS6802, 4.93%, 6/1/2031 | 299 | 306 |
| Pool # BL3774, 2.77%, 8/1/2031 | 99 | 92 |
| Pool # BL3648, 2.85%, 8/1/2031 | 99 | 93 |
| Pool # BL3700, 2.92%, 8/1/2031 | 98 | 92 |
| Pool # BS5580, 3.68%, 1/1/2032 | 230 | 222 |
| Pool # BS4654, 2.39%, 3/1/2032 | 232 | 208 |
| Pool # BL5680, 2.44%, 3/1/2032 | 360 | 324 |
| Pool # BZ2434, 4.95%, 3/1/2032 | 1135 | 1168 |
| Pool # AN5952, 3.01%, 7/1/2032 | 96 | 89 |
| Pool # AN6149, 3.14%, 7/1/2032 | 130 | 122 |
| Pool # BS5530, 3.30%, 7/1/2032 | 422 | 398 |
| Pool # BS8070, 5.35%, 7/1/2032 | 400 | 420 |
| Pool # BS6345, 3.91%, 8/1/2032 | 115 | 112 |
| Pool # BZ0884, 5.37%, 9/1/2032 | 940 | 986 |
| Pool # BS6822, 3.81%, 10/1/2032 | 220 | 213 |
| Pool # BS8528, 4.31%, 10/1/2032 | 519 | 516 |
| Pool # BS6872, 4.41%, 10/1/2032 | 85 | 85 |
| Pool # BS6928, 4.55%, 10/1/2032 | 90 | 91 |
| Pool # BS6954, 4.93%, 10/1/2032 | 175 | 180 |
| Pool # BM6491, 1.46%, 11/1/2032 (h) | 672 | 564 |
| Pool # BM6492, 1.51%, 11/1/2032 (h) | 849 | 714 |
| Pool # BS6819, 4.12%, 11/1/2032 | 275 | 271 |
| Pool # BS7090, 4.45%, 12/1/2032 | 505 | 507 |
| Pool # BS8428, 4.41%, 1/1/2033 | 355 | 354 |
| Pool # BS5357, 3.41%, 3/1/2033 | 169 | 158 |
| Pool # BS8416, 4.56%, 5/1/2033 | 165 | 167 |
| Pool # AN9752, 3.65%, 7/1/2033 | 308 | 295 |
| Pool # BS5511, 3.45%, 8/1/2033 | 219 | 205 |
| Pool # BS5127, 3.15%, 9/1/2033 | 130 | 119 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

66 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BZ0430, 4.32%, 2/1/2034 | 450 | 446 |
| Pool # BZ2030, 4.39%, 10/1/2034 | 850 | 837 |
| Pool # BL7124, 1.93%, 6/1/2035 | 150 | 125 |
| Pool # BZ0217, 5.22%, 8/1/2035 | 344 | 358 |
| Pool # AN0375, 3.76%, 12/1/2035 | 157 | 150 |
| Pool # BF0045, 4.50%, 3/1/2052 | 49 | 48 |
| Pool # BF0091, 3.50%, 5/1/2056 | 214 | 197 |
| Pool # BF0108, 4.50%, 6/1/2056 | 98 | 95 |
| Pool # BF0189, 3.00%, 6/1/2057 | 131 | 115 |
| Pool # BF0219, 3.50%, 9/1/2057 | 526 | 483 |
| Pool # BF0230, 5.50%, 1/1/2058 | 196 | 204 |
| Pool # BF0497, 3.00%, 7/1/2060 | 113 | 98 |
| Pool # BF0537, 3.00%, 3/1/2061 | 457 | 400 |
| Pool # BF0561, 3.00%, 9/1/2061 | 609 | 526 |
| Pool # BF0578, 2.50%, 12/1/2061 | 932 | 768 |
| Pool # BF0580, 3.50%, 12/1/2061 | 103 | 94 |
| Pool # BF0732, 2.50%, 6/1/2063 | 604 | 502 |
| Pool # BF0733, 3.00%, 6/1/2063 | 551 | 476 |
| GNMA II, 30 Year  |  |  |
| Pool # 783525, 4.50%, 12/20/2031 | 12 | 12 |
| Pool # 784602, 4.00%, 5/20/2038 | 61 | 60 |
| Pool # BS8546, 2.50%, 12/20/2050 | 226 | 193 |
| Pool # 785294, 3.50%, 1/20/2051 | 228 | 205 |
| Pool # CA8452, 3.00%, 2/20/2051 | 343 | 310 |
| Pool # CA9005, 3.00%, 2/20/2051 | 295 | 274 |
| Pool # CB1543, 3.00%, 2/20/2051 | 246 | 221 |
| Pool # CA3588, 3.50%, 2/20/2051 | 257 | 234 |
| Pool # CB1536, 3.50%, 2/20/2051 | 574 | 527 |
| Pool # CB1542, 3.00%, 3/20/2051 | 254 | 228 |
| Pool # CB4433, 3.00%, 3/20/2051 | 389 | 344 |
| Pool # CC0070, 3.00%, 3/20/2051 | 41 | 38 |
| Pool # CC8726, 3.00%, 3/20/2051 | 51 | 46 |
| Pool # CC8738, 3.00%, 3/20/2051 | 60 | 54 |
| Pool # CC8723, 3.50%, 3/20/2051 | 639 | 582 |
| Pool # CC0088, 4.00%, 3/20/2051 | 16 | 15 |
| Pool # CC0092, 4.00%, 3/20/2051 | 30 | 28 |
| Pool # CC8727, 3.00%, 4/20/2051 | 82 | 73 |
| Pool # CC8739, 3.00%, 4/20/2051 | 243 | 219 |
| Pool # CC8740, 3.00%, 4/20/2051 | 199 | 179 |
| Pool # CC8751, 3.00%, 4/20/2051 | 43 | 39 |
| Pool # CE9911, 3.00%, 7/20/2051 | 126 | 113 |
| Pool # CE9913, 3.00%, 7/20/2051 | 72 | 65 |
| Pool # CE9914, 3.00%, 7/20/2051 | 67 | 60 |
| Pool # CE9915, 3.00%, 7/20/2051 | 120 | 109 |
| Pool # CA3563, 3.50%, 7/20/2051 | 249 | 230 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # CE2586, 3.50%, 7/20/2051 | 265 | 241 |
| Pool # CK1527, 3.50%, 12/20/2051 | 189 | 173 |
| Pool # CJ8184, 3.50%, 1/20/2052 | 200 | 182 |
| Pool # CK2716, 3.50%, 2/20/2052 | 170 | 153 |
| Pool # CK8295, 5.00%, 3/20/2052 | 137 | 136 |
| Pool # CN3557, 4.50%, 5/20/2052 | 108 | 107 |
| Pool # CN3127, 5.00%, 8/20/2052 | 129 | 129 |
| Pool # CU6748, 6.00%, 9/20/2053 | 261 | 269 |
| Pool # DA2721, 5.50%, 3/20/2054 | 110 | 112 |
| Pool # DB0470, 5.50%, 3/20/2054 | 734 | 744 |
| GNMA II, Other  |  |  |
| Pool # CT6280, 3.50%, 2/20/2062 | 167 | 150 |
| Pool # CV6672, 5.00%, 7/20/2062 | 130 | 129 |
| Pool # CU1093, 5.50%, 6/20/2063 | 82 | 83 |
| Pool # CU1092, 6.00%, 6/20/2063 | 111 | 113 |
| Pool # CT6283, 6.00%, 7/20/2063 | 206 | 209 |
| Pool # CW0095, 6.00%, 7/20/2063 | 146 | 149 |
| Total Mortgage-Backed Securities <br>(Cost $49,929)<br>|  | 49278 |
| **Asset-Backed Securities — 0.9%** | **Asset-Backed Securities — 0.9%** | **Asset-Backed Securities — 0.9%** |
| Accelerated LLC Series 2021-1H, Class B, 1.90%, <br> 10/20/2040 (e)<br>| 28 | 26 |
| Aligned Data Centers Issuer LLC Series 2021-1A, <br> Class A2, 1.94%, 8/15/2046 (e)<br>| 170 | 167 |
| American Airlines Pass-Through Trust |  |  |
| Series 2016-2, Class AA, 3.20%, 6/15/2028 | 101 | 99 |
| Series 2016-3, Class AA, 3.00%, 10/15/2028 | 69 | 67 |
| Series 2017-2, Class A, 3.60%, 10/15/2029 | 594 | 566 |
| Series 2021-1, Class B, 3.95%, 7/11/2030 | 134 | 130 |
| American Credit Acceptance Receivables Trust |  |  |
| Series 2023-1, Class D, 6.35%, 4/12/2029 (e) | 100 | 101 |
| Series 2024-1, Class D, 5.86%, 5/13/2030 (e) | 205 | 208 |
| AMSR Trust |  |  |
| Series 2021-SFR2, Class E2, 2.58%, <br> 8/17/2038 (e)<br>| 100 | 98 |
| Series 2024-SFR1, Class D, 4.29%, <br> 7/17/2041 (e) (g)<br>| 330 | 321 |
| Series 2024-SFR2, Class D, 4.15%, <br> 11/17/2041 (e)<br>| 240 | 231 |
| Series 2025-SFR2, Class C, 4.28%, <br> 11/17/2042 (e)<br>| 430 | 415 |
| Aqua Finance Trust Series 2021-A, Class A, 1.54%, <br> 7/17/2046 (e)<br>| 303 | 278 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2024-2A, Class B, 5.57%, <br> 10/20/2028 (e)<br>| 285 | 290 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 67

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-1A, Class A, 5.36%, 6/20/2030 (e) | 155 | 160 |
| Bridge Trust |  |  |
| Series 2024-SFR1, Class C, 4.30%, <br> 8/17/2040 (e)<br>| 445 | 433 |
| Series 2024-SFR1, Class D, 4.30%, <br> 8/17/2040 (e)<br>| 510 | 494 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-3, Class C, 5.70%, 7/16/2029 | 570 | 578 |
| Series 2024-1, Class D, 6.03%, 11/15/2029 | 170 | 174 |
| Series 2024-2, Class C, 6.07%, 2/15/2030 | 610 | 621 |
| Series 2025-1, Class D, 5.64%, 11/15/2030 | 610 | 620 |
| Series 2025-4, Class C, 4.80%, 8/15/2031 | 506 | 509 |
| Business Jet Securities LLC |  |  |
| Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ <br> (e)<br>| 72 | 72 |
| Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ <br> (e)<br>| 525 | 530 |
| CarMax Auto Owner Trust Series 2024-1, Class B, <br> 5.17%, 8/15/2029<br>| 250 | 254 |
| Cascade MH Asset Trust |  |  |
| Series 2021-MH1, Class A1, 1.75%, <br> 2/25/2046 (e)<br>| 184 | 168 |
| Series 2024-MH1, Class A1, 5.69%, <br> 11/25/2056 (e) (h)<br>| 252 | 260 |
| CFMT LLC Series 2024-HB13, Class A, 3.00%, <br> 5/25/2034 ‡ (e) (h)<br>| 362 | 358 |
| Cherry Securitization Trust Series 2024-1A, Class A, <br> 5.70%, 4/15/2032 (e)<br>| 230 | 232 |
| Consumer Portfolio Services Auto Trust Series <br> 2025-D, Class C, 4.85%, 2/17/2032 (e)<br>| 423 | 425 |
| Continental Finance Credit Card ABS Master Trust <br> Series 2024-A, Class A, 5.78%, 12/15/2032 (e)<br>| 270 | 274 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2023-5A, Class B, 6.71%, 2/15/2034 (e) | 155 | 158 |
| Series 2024-2A, Class C, 6.70%, <br> 10/16/2034 (e)<br>| 635 | 657 |
| Series 2025-2A, Class B, 4.87%, 1/15/2036 (e) | 605 | 610 |
| Crossroads Asset Trust Series 2025-A, Class A2, <br> 4.91%, 2/20/2032 (e)<br>| 181 | 183 |
| DataBank Issuer Series 2021-1A, Class A2, 2.06%, <br> 2/27/2051 (e)<br>| 265 | 264 |
| Drive Auto Receivables Trust |  |  |
| Series 2024-1, Class C, 5.43%, 11/17/2031 | 125 | 127 |
| Series 2025-2, Class D, 4.90%, 12/15/2032 | 495 | 495 |
| DT Auto Owner Trust Series 2023-2A, Class D, <br> 6.62%, 2/15/2029 (e)<br>| 130 | 132 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Elara HGV Timeshare Issuer LLC Series 2021-A, <br> Class B, 1.74%, 8/27/2035 (e)<br>| 49 | 47 |
| Enterprise Fleet Financing LLC Series 2024-1, <br> Class A3, 5.16%, 9/20/2030 (e)<br>| 100 | 102 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2023-5A, Class C, 6.85%, 1/16/2029 | 120 | 122 |
| Series 2024-1A, Class D, 5.84%, 6/17/2030 | 250 | 254 |
| Series 2025-4A, Class C, 4.57%, 6/16/2031 | 600 | 602 |
| Series 2025-3A, Class C, 5.09%, 10/15/2031 | 535 | 543 |
| FHF Issuer Trust Series 2024-1A, Class A2, 5.69%, <br> 2/15/2030 (e)<br>| 79 | 80 |
| FHF Trust Series 2023-1A, Class A2, 6.57%, <br> 6/15/2028 (e)<br>| 35 | 35 |
| FirstKey Homes Trust |  |  |
| Series 2021-SFR2, Class E1, 2.26%, <br> 9/17/2038 (e)<br>| 260 | 255 |
| Series 2022-SFR1, Class E1, 5.00%, <br> 5/19/2039 (e)<br>| 100 | 99 |
| FMC GMSR Issuer Trust Series 2021-GT2, Class A, <br> 3.85%, 10/25/2026 (e) (h)<br>| 150 | 145 |
| Foundation Finance Trust |  |  |
| Series 2023-2A, Class A, 6.53%, 6/15/2049 (e) | 139 | 145 |
| Series 2024-2A, Class A, 4.60%, 3/15/2050 (e) | 164 | 164 |
| Series 2024-2A, Class B, 4.93%, 3/15/2050 (e) | 85 | 85 |
| GLS Auto Receivables Issuer Trust Series 2025-4A, <br> Class C, 4.74%, 8/15/2031 (e)<br>| 435 | 437 |
| GreatAmerica Leasing Receivables Funding LLC <br> Series 2024-1, Class A4, 5.08%, <br> 12/16/2030 (e)<br>| 785 | 800 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-SL1, Class A1, 5.85%, 11/25/2067 (e) <br> (h)<br>| 697 | 703 |
| Hilton Grand Vacations Trust |  |  |
| Series 2022-2A, Class B, 4.74%, 1/25/2037 (e) | 148 | 147 |
| Series 2024-2A, Class B, 5.65%, 3/25/2038 (e) | 254 | 258 |
| Series 2024-1B, Class B, 5.99%, 9/15/2039 (e) | 200 | 204 |
| Series 2024-1B, Class C, 6.62%, 9/15/2039 (e) | 67 | 69 |
| HINNT LLC |  |  |
| Series 2022-A, Class B, 4.65%, 5/15/2041 (e) | 160 | 161 |
| Series 2024-A, Class B, 5.84%, 3/15/2043 (e) | 162 | 165 |
| Series 2024-A, Class C, 6.32%, 3/15/2043 (e) | 194 | 198 |
| Home Partners of America Trust |  |  |
| Series 2021-2, Class C, 2.40%, 12/17/2026 (e) | 221 | 216 |
| Series 2021-3, Class D, 3.00%, 1/17/2041 (e) | 139 | 131 |
| Invitation Homes Trust Series 2024-SFR1, Class B, <br> 4.00%, 9/17/2041 (e)<br>| 170 | 166 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

68 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Lendmark Funding Trust Series 2024-1A, Class B, <br> 5.88%, 6/21/2032 (e)<br>| 200 | 203 |
| Mariner Finance Issuance Trust |  |  |
| Series 2021-AA, Class A, 1.86%, 3/20/2036 (e) | 195 | 192 |
| Series 2024-AA, Class C, 6.00%, 9/22/2036 (e) | 199 | 203 |
| MVW LLC |  |  |
| Series 2021-2A, Class C, 2.23%, 5/20/2039 (e) | 66 | 63 |
| Series 2024-1A, Class B, 5.51%, 2/20/2043 (e) | 81 | 82 |
| Series 2024-1A, Class C, 6.20%, 2/20/2043 (e) | 99 | 102 |
| New Residential Mortgage Loan Trust Series <br> 2022-SFR1, Class D, 3.30%, 2/17/2039 (e)<br>| 310 | 302 |
| NMABS Issuer LLC Series 2025-1A, Class A, 5.14%, <br> 11/22/2055 (e)<br>| 515 | 514 |
| Octane Receivables Trust |  |  |
| Series 2021-2A, Class C, 2.53%, 5/21/2029 (e) | 355 | 354 |
| Series 2023-3A, Class B, 6.48%, 7/20/2029 (e) | 140 | 142 |
| Series 2023-1A, Class C, 6.37%, 9/20/2029 (e) | 145 | 147 |
| OneMain Direct Auto Receivables Trust |  |  |
| Series 2019-1A, Class B, 3.95%, <br> 11/14/2028 (e)<br>| 214 | 213 |
| Series 2022-1A, Class B, 5.07%, 6/14/2029 (e) | 295 | 296 |
| Series 2023-1A, Class A, 5.41%, <br> 11/14/2029 (e)<br>| 190 | 191 |
| Oportun Issuance Trust |  |  |
| Series 2021-B, Class A, 1.47%, 5/8/2031 (e) | 83 | 82 |
| Series 2025-A, Class B, 5.30%, 2/8/2033 (e) | 105 | 105 |
| Series 2025-A, Class C, 5.89%, 2/8/2033 (e) | 100 | 100 |
| Pagaya AI Technology in Housing Trust Series <br> 2023-1, Class C, 3.60%, 10/25/2040 (e)<br>| 270 | 256 |
| Post Road Equipment Finance LLC Series 2024-1A, <br> Class C, 5.81%, 10/15/2030 (e)<br>| 545 | 552 |
| Progress Residential Trust |  |  |
| Series 2024-SFR5, Class D, 3.38%, <br> 8/9/2029 (e) (h)<br>| 225 | 212 |
| Series 2024-SFR5, Class E1, 3.38%, <br> 8/9/2029 (e) (h)<br>| 500 | 466 |
| Series 2023-SFR1, Class D, 4.65%, <br> 3/17/2040 (e)<br>| 250 | 248 |
| Series 2024-SFR1, Class E1, 3.85%, <br> 2/17/2041 (e)<br>| 100 | 95 |
| Series 2024-SFR2, Class D, 3.40%, <br> 4/17/2041 (e) (h)<br>| 100 | 95 |
| Series 2024-SFR2, Class E1, 3.40%, <br> 4/17/2041 (e) (h)<br>| 125 | 117 |
| Series 2024-SFR3, Class C, 3.50%, <br> 6/17/2041 (e)<br>| 285 | 272 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2024-SFR3, Class D, 3.50%, <br> 6/17/2041 (e)<br>| 650 | 616 |
| Series 2024-SFR4, Class C, 3.33%, <br> 7/17/2041 (e)<br>| 565 | 535 |
| Series 2025-SFR3, Class C, 3.39%, <br> 7/17/2042 (e)<br>| 315 | 293 |
| Series 2025-SFR5, Class A, 3.85%, <br> 10/17/2042 (e)<br>| 800 | 775 |
| Series 2025-SFR5, Class B, 4.00%, <br> 10/17/2042 (e)<br>| 1000 | 963 |
| Purchasing Power Funding LLC Series 2024-A, <br> Class B, 6.43%, 8/15/2028 (e)<br>| 195 | 196 |
| Reach ABS Trust Series 2024-1A, Class B, 6.29%, <br> 2/18/2031 (e)<br>| 171 | 172 |
| Republic Finance Issuance Trust Series 2024-A, <br> Class A, 5.91%, 8/20/2032 (e)<br>| 600 | 606 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2023-1, Class C, 5.09%, 5/15/2030 | 106 | 107 |
| Series 2024-2, Class C, 5.84%, 6/17/2030 | 480 | 490 |
| SBNA Auto Lease Trust |  |  |
| Series 2024-B, Class A3, 5.56%, <br> 11/22/2027 (e)<br>| 738 | 742 |
| Series 2024-A, Class A4, 5.24%, 1/22/2029 (e) | 325 | 326 |
| SCF Equipment Leasing LLC |  |  |
| Series 2024-1A, Class C, 5.82%, 9/20/2032 (e) | 145 | 150 |
| Series 2023-1A, Class C, 6.77%, 8/22/2033 (e) | 170 | 177 |
| SFS Auto Receivables Securitization Trust Series <br> 2024-1A, Class C, 5.51%, 1/20/2032 (e)<br>| 325 | 332 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2021-1A, Class B, 1.34%, <br> 11/20/2037 (e)<br>| 23 | 23 |
| Series 2021-2A, Class B, 1.80%, 9/20/2038 (e) | 12 | 12 |
| Series 2022-2A, Class C, 6.36%, 6/20/2040 (e) | 59 | 59 |
| Series 2024-1A, Class C, 5.94%, 1/20/2043 (e) | 67 | 68 |
| Series 2025-2A, Class C, 5.32%, 4/20/2044 (e) | 87 | 88 |
| Stream Innovations Issuer Trust Series 2025-1A, <br> Class A, 5.05%, 9/15/2045 (e)<br>| 249 | 252 |
| Tricolor Auto Securitization Trust Series 2024-1A, <br> Class B, 6.53%, 12/15/2027 (e)<br>| 295 | 246 |
| Tricon Residential Trust |  |  |
| Series 2024-SFR2, Class A, 4.75%, <br> 6/17/2040 (e)<br>| 379 | 380 |
| Series 2023-SFR2, Class C, 5.00%, <br> 12/17/2040 (e)<br>| 105 | 105 |
| United Airlines Pass-Through Trust |  |  |
| Series 2019-2, Class B, 3.50%, 5/1/2028 | 34 | 33 |
| Series 2018-1, Class A, 3.70%, 3/1/2030 | 81 | 78 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 69

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-1, Class AA, 5.45%, 2/15/2037 | 326 | 335 |
| VOLT XCV LLC Series 2021-NPL4, Class A1, 6.24%, <br> 3/27/2051 (e) (g)<br>| 15 | 15 |
| Westgate Resorts LLC |  |  |
| Series 2024-1A, Class B, 6.56%, 1/20/2038 (e) | 250 | 254 |
| Series 2024-1A, Class C, 7.06%, 1/20/2038 (e) | 156 | 159 |
| Westlake Automobile Receivables Trust |  |  |
| Series 2023-1A, Class C, 5.74%, 8/15/2028 (e) | 160 | 161 |
| Series 2023-4A, Class C, 6.64%, <br> 11/15/2028 (e)<br>| 100 | 102 |
| Total Asset-Backed Securities <br>(Cost $32,043)<br>|  | 32572 |
| **Collateralized Mortgage Obligations — 0.5%** | **Collateralized Mortgage Obligations — 0.5%** | **Collateralized Mortgage Obligations — 0.5%** |
| Anchor Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.72%, 5/25/2040 (e) (g)<br>| 130 | 131 |
| Connecticut Avenue Securities Trust Series <br> 2023-R06, Class 1M2, 6.57%, 7/25/2043 (e) <br> (h)<br>| 190 | 195 |
| FARM Mortgage Trust Series 2024-2, Class A, <br> 5.18%, 8/1/2054 (e) (h)<br>| 203 | 200 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2018-1, Class MT, 3.00%, 5/25/2057 | 206 | 177 |
| Series 2018-1, Class M60C, 3.50%, 5/25/2057 | 148 | 138 |
| Series 2018-3, Class M55D, 4.00%, <br> 8/25/2057 (h)<br>| 192 | 182 |
| Series 2018-2, Class M55D, 4.00%, <br> 11/25/2057<br>| 248 | 236 |
| Series 2018-4, Class M55D, 4.00%, 3/25/2058 | 119 | 114 |
| Series 2019-1, Class MT, 3.50%, 7/25/2058 | 73 | 66 |
| Series 2019-1, Class M55D, 4.00%, 7/25/2058 | 292 | 280 |
| Series 2019-2, Class M55D, 4.00%, 8/25/2058 | 217 | 207 |
| Series 2019-3, Class MB, 3.50%, 10/25/2058 | 225 | 190 |
| Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058<br>| 206 | 195 |
| Series 2019-4, Class M55D, 4.00%, 2/25/2059 | 76 | 72 |
| Series 2020-3, Class MT, 2.00%, 5/25/2060 | 615 | 493 |
| Series 2022-1, Class MTU, 3.25%, 11/25/2061 | 72 | 63 |
| Series 2024-2, Class MT, 3.50%, 5/25/2064 | 396 | 348 |
| FHLMC, REMIC |  |  |
| Series 2893, Class PE, 5.00%, 11/15/2034 | 184 | 189 |
| Series 3674, Class HZ, 5.50%, 5/15/2040 | 374 | 398 |
| Series 4065, Class QB, 3.00%, 6/15/2042 | 185 | 176 |
| Series 4116, Class UC, 2.50%, 10/15/2042 | 188 | 139 |
| Series 4941, Class KG, 2.00%, 12/15/2047 | 474 | 408 |
| Series 5190, Class LM, 2.50%, 1/25/2048 | 321 | 295 |
| Series 4941, Class IA, IO, 4.50%, 7/25/2049 | 615 | 140 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 5174, Class IG, IO, 3.00%, 1/25/2050 | 1681 | 215 |
| Series 5054, Class PB, 1.00%, 11/25/2050 | 388 | 310 |
| Series 5052, Class KI, IO, 4.00%, 12/25/2050 | 1572 | 322 |
| Series 5171, Class NI, IO, 3.00%, 7/25/2051 | 1217 | 160 |
| FNMA Trust, Whole Loan Series 2002-W8, Class A1, <br> 6.50%, 6/25/2042<br>| 57 | 60 |
| FNMA, Grantor Trust, Whole Loan |  |  |
| Series 2001-T12, Class A1, 6.50%, 8/25/2041 | 98 | 99 |
| Series 2002-T4, Class A1, 6.50%, 12/25/2041 | 11 | 12 |
| FNMA, REMIC |  |  |
| Series 2017-35, Class VA, 4.00%, 7/25/2028 | 62 | 62 |
| Series 2018-72, Class VB, 3.50%, 10/25/2031 | 216 | 212 |
| Series 2018-56, Class VN, 3.50%, 5/25/2038 | 180 | 168 |
| Series 2011-41, Class KA, 4.00%, 1/25/2041 | 1 | 1 |
| Series 2011-126, Class JB, 2.50%, 12/25/2041 | 421 | 398 |
| Series 2012-108, Class PL, 3.00%, 10/25/2042 | 116 | 105 |
| Series 2022-4, Class TA, 1.00%, 4/25/2051 | 198 | 163 |
| Series 2021-22, Class BI, IO, 4.00%, 4/25/2051 | 1617 | 353 |
| Series 2025-18, Class MA, 0.50%, 9/25/2054 | 598 | 511 |
| Series 2019-7, Class CA, 3.50%, 11/25/2057 | 233 | 227 |
| Series 2018-75, Class UZ, 4.00%, 10/25/2058 | 907 | 872 |
| FNMA, REMIC Trust, Whole Loan Series 2002-W3, <br> Class A4, 6.50%, 11/25/2041<br>| 112 | 114 |
| GNMA |  |  |
| Series 2013-82, Class WI, IO, 3.50%, <br> 7/20/2042<br>| 901 | 100 |
| Series 2016-61, Class A, 2.00%, 9/20/2042 | 338 | 289 |
| Series 2020-32, Class IA, IO, 4.07%, <br> 3/16/2047 (h)<br>| 2495 | 457 |
| Series 2019-85, Class QY, 3.00%, 7/20/2049 | 300 | 215 |
| Series 2020-185, Class PE, 1.50%, 12/20/2050 | 229 | 180 |
| Series 2021-83, Class KB, 1.25%, 5/20/2051 | 265 | 208 |
| Series 2022-105, Class SG, IF, IO, 2.13%, <br> 6/20/2052 (h)<br>| 1068 | 112 |
| Series 2022-151, Class B, 4.25%, 9/20/2052 | 150 | 124 |
| Series 2024-64, Class YH, 5.00%, 4/20/2054 | 715 | 697 |
| Series 2012-H31, Class FD, 4.45%, <br> 12/20/2062 (h)<br>| 28 | 28 |
| Series 2024-57, Class PT, 4.50%, 4/20/2064 | 580 | 569 |
| Series 2015-H16, Class FG, 4.55%, <br> 7/20/2065 (h)<br>| 20 | 20 |
| Series 2016-H13, Class FT, 4.69%, <br> 5/20/2066 (h)<br>| 2 | 2 |
| Series 2016-H26, Class FC, 5.11%, <br> 12/20/2066 (h)<br>| 89 | 89 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

70 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2021-H14, Class YD, 7.18%, <br> 6/20/2071 (h)<br>| 202 | 177 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-RPL3, Class A1, 4.10%, 7/25/2065 (e) <br> (g)<br>| 659 | 645 |
| Homeward Opportunities Fund Trust Series <br> 2025-RRTL2, Class A1, 5.24%, 9/25/2040 (e) <br> (g)<br>| 400 | 401 |
| Legacy Mortgage Asset Trust Series 2021-GS1, <br> Class A1, 5.89%, 10/25/2066 (e) (g)<br>| 69 | 69 |
| LHOME Mortgage Trust Series 2024-RTL5, Class A1, <br> 5.32%, 9/25/2039 (e) (g)<br>| 325 | 326 |
| MFA Trust Series 2024-RTL3, Class A1, 5.91%, <br> 11/25/2039 (e) (g)<br>| 400 | 404 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (e) (g)<br>| 650 | 653 |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (e) (g)<br>| 840 | 846 |
| NYMT Loan Trust Series 2024-BPL3, Class A1, <br> 5.27%, 9/25/2039 (e) (g)<br>| 185 | 185 |
| Ocwen Loan Investment Trust Series 2024-HB1, <br> Class M2, 3.00%, 2/25/2037 ‡ (e)<br>| 360 | 350 |
| Roc Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.63%, 2/25/2040 (e) (g)<br>| 195 | 196 |
| Seasoned Loans Structured Transaction Trust |  |  |
| Series 2025-1, Class A1, 3.00%, 5/25/2035 | 706 | 657 |
| Series 2025-2, Class A1, 3.00%, 10/25/2035 | 663 | 623 |
| Toorak Mortgage Trust Series 2025-RRTL1, <br> Class A1, 5.52%, 2/25/2040 (e) (g)<br>| 220 | 221 |
| Towd Point Mortgage Trust Series 2021-R1, <br> Class A1, 2.92%, 11/30/2060 (e) (h)<br>| 345 | 313 |
| Total Collateralized Mortgage Obligations <br>(Cost $18,433)<br>|  | 18552 |
| **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** | **Commercial Mortgage-Backed Securities — 0.1%** |
| BXP Trust Series 2017-GM, Class A, 3.38%, <br> 6/13/2039 (e)<br>| 170 | 167 |
| Commercial Mortgage Trust Series 2018-HOME, <br> Class A, 3.82%, 4/10/2033 (e) (h)<br>| 235 | 231 |
| DBSG ALTA Mortgage Trust Series 2024-ALTA, <br> Class A, 5.95%, 6/10/2037 (e) (h)<br>| 705 | 716 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K136, Class A2, 2.13%, 11/25/2031 | 259 | 232 |
| Series K140, Class A2, 2.25%, 1/25/2032 | 262 | 235 |
| Series K-150, Class A2, 3.71%, 9/25/2032 (h) | 185 | 179 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| FNMA ACES |  |  |
| Series 2020-M38, Class X2, IO, 1.97%, <br> 11/25/2028 (h)<br>| 1489 | 56 |
| Series 2017-M11, Class A2, 2.98%, 8/25/2029 | 124 | 120 |
| Series 2020-M50, Class A2, 1.20%, <br> 10/25/2030<br>| 117 | 112 |
| Series 2020-M50, Class X1, IO, 1.82%, <br> 10/25/2030 (h)<br>| 1975 | 67 |
| Series 2022-M3, Class A2, 1.71%, <br> 11/25/2031 (h)<br>| 185 | 160 |
| Series 2022-M1S, Class A2, 2.08%, <br> 4/25/2032 (h)<br>| 365 | 322 |
| Series 2022-M2S, Class A1, 3.76%, <br> 5/25/2032 (h)<br>|  |  |
| Series 2024-M2, Class A2, 3.75%, 8/25/2033 | 875 | 830 |
| Series 2021-M3, Class X1, IO, 1.83%, <br> 11/25/2033 (h)<br>| 577 | 35 |
| FREMF Mortgage Trust |  |  |
| Series 2017-KGX1, Class BFX, 3.59%, <br> 10/25/2027 (e) (h)<br>| 125 | 119 |
| Series 2016-K56, Class B, 3.93%, <br> 6/25/2049 (e) (h)<br>| 90 | 90 |
| Series 2016-K58, Class B, 3.74%, <br> 9/25/2049 (e) (h)<br>| 465 | 462 |
| Series 2017-K67, Class C, 3.95%, <br> 9/25/2049 (e) (h)<br>| 375 | 370 |
| Series 2020-K737, Class B, 3.33%, <br> 1/25/2053 (e) (h)<br>| 120 | 119 |
| Multi-Family Connecticut Avenue Securities Trust |  |  |
| Series 2023-01, Class M7, 7.87%, <br> 11/25/2053 (e) (h)<br>| 195 | 201 |
| Series 2024-01, Class M7, 6.62%, <br> 7/25/2054 (e) (h)<br>| 150 | 152 |
| ROCK Trust Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (e)<br>| 150 | 154 |
| SLG Office Trust Series 2021-OVA, Class A, 2.59%, <br> 7/15/2041 (e)<br>| 195 | 174 |
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class A, 5.35%, 7/15/2040 (e) (h)<br>| 170 | 175 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $5,444)<br>|  | 5478 |
| **Foreign Government Securities — 0.0% ^** | **Foreign Government Securities — 0.0% ^** | **Foreign Government Securities — 0.0% ^** |
| Eagle Funding Luxco SARL 5.50%, 8/17/2030 (e) | 460 | 468 |
| United Mexican States |  |  |
| 5.85%, 7/2/2032 | 200 | 206 |
| 5.38%, 3/22/2033 | 422 | 418 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 71

------

JPMorgan SmartRetirement® Blend 2035 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| 6.00%, 5/7/2036 | 200 | 203 |
| 6.88%, 5/13/2037 | 200 | 213 |
| Total Foreign Government Securities <br>(Cost $1,481)<br>|  | 1508 |
| **Municipal Bonds — 0.0% (i) ^** | **Municipal Bonds — 0.0% (i) ^** | **Municipal Bonds — 0.0% (i) ^** |
| **Texas — 0.0% ^** | **Texas — 0.0% ^** | **Texas — 0.0% ^** |
| Texas Natural Gas Securitization Finance Corp., <br> Customer Rate Relief Bonds Series 2023A-2, <br> Rev., 5.17%, 4/1/2041 (Cost $55)<br>| 55 | 56 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** |
| **Investment Companies — 2.1%** | **Investment Companies — 2.1%** | **Investment Companies — 2.1%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (j) <br>(Cost $73,189)<br>| 73189 | 73189 |
| **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% (a) (j) <br>(Cost $241)<br>| 241 | 241 |
| Total Short-Term Investments <br>(Cost $73,430)<br>|  | 73430 |
| **Total Investments — 100.5%** <br>**(Cost $2,596,791)**<br>|  | **3583863** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(18097)**<br>|
| **NET ASSETS — 100.0%** |  | **3565766** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| CME | Chicago Mercantile Exchange |
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of <br> December 31, 2025. The rate may be subject to a cap and floor.<br>|

---

---

| | |
|:---|:---|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (b) | The 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 $234.<br>|
| (c) | All or a portion of this security is deposited with the <br> broker as initial margin for futures contracts.<br>|
| (d) | The rate shown is the effective yield as of December <br> 31, 2025. <br>|
| (e) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (f) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of December 31, 2025.<br>|
| (g) | Step bond. Interest rate is a fixed rate for an initial <br> period that either resets at a specific date or may <br> reset in the future contingent upon a predetermined <br> trigger. The interest rate shown is the current rate as <br> of December 31, 2025. <br>|
| (h) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of December 31, 2025. <br>|
| (i) | The date shown represents the earliest of the <br> prerefunded date, next put date or final maturity date.<br>|
| (j) | The rate shown is the current yield as of December <br> 31, 2025.<br>|

---

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

72 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 26483 | &nbsp;&nbsp;&nbsp;&nbsp; (793)<br>|
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 35249 | &nbsp;&nbsp;&nbsp;&nbsp; (543)<br>|
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 7972 | &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3902 | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3110 | &nbsp;&nbsp;&nbsp;&nbsp; (41)<br>|
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8977 | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3167 | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1450)<br>|
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (2703)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 58 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1392)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 73

------

JPMorgan SmartRetirement® Blend 2040 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>|
| **Investment Companies — 66.8%** | **Investment Companies — 66.8%** | **Investment Companies — 66.8%** |
| **Fixed Income — 21.6%** | **Fixed Income — 21.6%** | **Fixed Income — 21.6%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 14320 | 149506 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 61279 | 448564 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 3269 | 21805 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 14600 | 96212 |
| Total Fixed Income |  | 716087 |
| **International Equity — 3.7%** | **International Equity — 3.7%** | **International Equity — 3.7%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 5818 | 122180 |
| **U.S. Equity — 41.5%** | **U.S. Equity — 41.5%** | **U.S. Equity — 41.5%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 13389 | 1373164 |
| Total Investment Companies <br>(Cost $1,472,479)<br>|  | 2211431 |
| **Exchange-Traded Funds — 31.7%** | **Exchange-Traded Funds — 31.7%** | **Exchange-Traded Funds — 31.7%** |
| **Alternative Assets — 1.6%** | **Alternative Assets — 1.6%** | **Alternative Assets — 1.6%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 570 | 52747 |
| **International Equity — 23.4%** | **International Equity — 23.4%** | **International Equity — 23.4%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a) (b)<br>| 1909 | 121463 |
| JPMorgan BetaBuilders International Equity ETF (a) | 9035 | 653422 |
| Total International Equity |  | 774885 |
| **U.S. Equity — 6.7%** | **U.S. Equity — 6.7%** | **U.S. Equity — 6.7%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 1390 | 148212 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 995 | 73945 |
| Total U.S. Equity |  | 222157 |
| Total Exchange-Traded Funds <br>(Cost $737,621)<br>|  | 1049789 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.13%, 1/31/2027 (c) (Cost $4,299)<br>| 4273 | 4300 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |
| **Investment Companies — 1.9%** | **Investment Companies — 1.9%** | **Investment Companies — 1.9%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (d) <br>(Cost $64,291)<br>| 64291 | 64291 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **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% (a) (d) <br>(Cost $131)<br>| 131 | 131 |
| Total Short-Term Investments <br>(Cost $64,422)<br>|  | 64422 |
| **Total Investments — 100.5%** <br>**(Cost $2,278,821)**<br>|  | **3329942** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(17214)**<br>|
| **NET ASSETS — 100.0%** |  | **3312728** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (b) | 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 $127.<br>|
| (c) | All or a portion of this security is deposited with the <br> broker as initial margin for futures contracts.<br>|
| (d) | The rate shown is the current yield as of December <br> 31, 2025.<br>|

---

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

74 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 24609 | &nbsp;&nbsp;&nbsp;&nbsp; (733)<br>|
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 32921 | &nbsp;&nbsp;&nbsp;&nbsp; (507)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1240)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 75

------

JPMorgan SmartRetirement® Blend 2045 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>|
| **Investment Companies — 63.4%** | **Investment Companies — 63.4%** | **Investment Companies — 63.4%** |
| **Fixed Income — 13.7%** | **Fixed Income — 13.7%** | **Fixed Income — 13.7%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 7823 | 81674 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 33476 | 245047 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 1800 | 12005 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 8881 | 58524 |
| Total Fixed Income |  | 397250 |
| **International Equity — 4.0%** | **International Equity — 4.0%** | **International Equity — 4.0%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 5559 | 116744 |
| **U.S. Equity — 45.7%** | **U.S. Equity — 45.7%** | **U.S. Equity — 45.7%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 12864 | 1319321 |
| Total Investment Companies <br>(Cost $1,151,960)<br>|  | 1833315 |
| **Exchange-Traded Funds — 35.0%** | **Exchange-Traded Funds — 35.0%** | **Exchange-Traded Funds — 35.0%** |
| **Alternative Assets — 1.8%** | **Alternative Assets — 1.8%** | **Alternative Assets — 1.8%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 544 | 50412 |
| **International Equity — 25.7%** | **International Equity — 25.7%** | **International Equity — 25.7%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| 1824 | 116056 |
| JPMorgan BetaBuilders International Equity ETF (a) | 8667 | 626826 |
| Total International Equity |  | 742882 |
| **U.S. Equity — 7.5%** | **U.S. Equity — 7.5%** | **U.S. Equity — 7.5%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 1359 | 144867 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 980 | 72836 |
| Total U.S. Equity |  | 217703 |
| Total Exchange-Traded Funds <br>(Cost $725,839)<br>|  | 1010997 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.13%, 1/31/2027 (b) (Cost $3,738)<br>| 3716 | 3739 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** | **Short-Term Investments — 1.9%** |
| **Investment Companies — 1.9%** | **Investment Companies — 1.9%** | **Investment Companies — 1.9%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (c) <br>(Cost $53,833)<br>| 53833 | 53833 |
| **Total Investments — 100.4%** <br>**(Cost $1,935,370)**<br>|  | **2901884** |
| **Liabilities in Excess of Other Assets — (0.4)%** |  | **(12933)**<br>|
| **NET ASSETS — 100.0%** |  | **2888951** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

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

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

76 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21486 | &nbsp;&nbsp;&nbsp;&nbsp; (639)<br>|
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 28598 | &nbsp;&nbsp;&nbsp;&nbsp; (441)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1080)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 77

------

JPMorgan SmartRetirement® Blend 2050 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>|
| **Investment Companies — 61.0%** | **Investment Companies — 61.0%** | **Investment Companies — 61.0%** |
| **Fixed Income — 8.1%** | **Fixed Income — 8.1%** | **Fixed Income — 8.1%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 3738 | 39030 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 15998 | 117103 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 924 | 6165 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 5235 | 34500 |
| Total Fixed Income |  | 196798 |
| **International Equity — 4.3%** | **International Equity — 4.3%** | **International Equity — 4.3%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 4987 | 104724 |
| **U.S. Equity — 48.6%** | **U.S. Equity — 48.6%** | **U.S. Equity — 48.6%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 11536 | 1183146 |
| Total Investment Companies <br>(Cost $909,233)<br>|  | 1484668 |
| **Exchange-Traded Funds — 37.4%** | **Exchange-Traded Funds — 37.4%** | **Exchange-Traded Funds — 37.4%** |
| **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 490 | 45397 |
| **International Equity — 27.4%** | **International Equity — 27.4%** | **International Equity — 27.4%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| 1636 | 104103 |
| JPMorgan BetaBuilders International Equity ETF (a) | 7772 | 562017 |
| Total International Equity |  | 666120 |
| **U.S. Equity — 8.1%** | **U.S. Equity — 8.1%** | **U.S. Equity — 8.1%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 1235 | 131673 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 890 | 66155 |
| Total U.S. Equity |  | 197828 |
| Total Exchange-Traded Funds <br>(Cost $665,040)<br>|  | 909345 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.13%, 1/31/2027 (b) (Cost $3,126)<br>| 3107 | 3127 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| **Investment Companies — 1.8%** | **Investment Companies — 1.8%** | **Investment Companies — 1.8%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (c) <br>(Cost $44,722)<br>| 44722 | 44722 |
| **Total Investments — 100.3%** <br>**(Cost $1,622,121)**<br>|  | **2441862** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(7485)**<br>|
| **NET ASSETS — 100.0%** |  | **2434377** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

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

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

78 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18113 | &nbsp;&nbsp;&nbsp;&nbsp; (538)<br>|
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 24275 | &nbsp;&nbsp;&nbsp;&nbsp; (369)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (907)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 79

------

JPMorgan SmartRetirement® Blend 2055 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>|
| **Investment Companies — 61.1%** | **Investment Companies — 61.1%** | **Investment Companies — 61.1%** |
| **Fixed Income — 8.1%** | **Fixed Income — 8.1%** | **Fixed Income — 8.1%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 2266 | 23662 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 9699 | 70993 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 560 | 3737 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 3174 | 20916 |
| Total Fixed Income |  | 119308 |
| **International Equity — 4.3%** | **International Equity — 4.3%** | **International Equity — 4.3%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 3023 | 63488 |
| **U.S. Equity — 48.7%** | **U.S. Equity — 48.7%** | **U.S. Equity — 48.7%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 6994 | 717261 |
| Total Investment Companies <br>(Cost $563,038)<br>|  | 900057 |
| **Exchange-Traded Funds — 37.4%** | **Exchange-Traded Funds — 37.4%** | **Exchange-Traded Funds — 37.4%** |
| **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 297 | 27522 |
| **International Equity — 27.4%** | **International Equity — 27.4%** | **International Equity — 27.4%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| 992 | 63112 |
| JPMorgan BetaBuilders International Equity ETF (a) | 4711 | 340727 |
| Total International Equity |  | 403839 |
| **U.S. Equity — 8.1%** | **U.S. Equity — 8.1%** | **U.S. Equity — 8.1%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 749 | 79826 |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 540 | 40106 |
| Total U.S. Equity |  | 119932 |
| Total Exchange-Traded Funds <br>(Cost $404,360)<br>|  | 551293 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** |
| U.S. Treasury Notes <br>4.13%, 1/31/2027 (b) (Cost $2,083)<br>| 2071 | 2083 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| **Investment Companies — 1.8%** | **Investment Companies — 1.8%** | **Investment Companies — 1.8%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (c) <br>(Cost $26,867)<br>| 26867 | 26867 |
| **Total Investments — 100.5%** <br>**(Cost $996,348)**<br>|  | **1480300** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(7337)**<br>|
| **NET ASSETS — 100.0%** |  | **1472963** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

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

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

80 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 10993 | &nbsp;&nbsp;&nbsp;&nbsp; (325)<br>|
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 14632 | &nbsp;&nbsp;&nbsp;&nbsp; (226)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (551)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 81

------

JPMorgan SmartRetirement® Blend 2060 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>|
| **Investment Companies — 61.2%** | **Investment Companies — 61.2%** | **Investment Companies — 61.2%** |
| **Fixed Income — 8.1%** | **Fixed Income — 8.1%** | **Fixed Income — 8.1%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 1364 | 14238 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 5835 | 42717 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 337 | 2249 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 1910 | 12585 |
| Total Fixed Income |  | 71789 |
| **International Equity — 4.3%** | **International Equity — 4.3%** | **International Equity — 4.3%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 1819 | 38202 |
| **U.S. Equity — 48.8%** | **U.S. Equity — 48.8%** | **U.S. Equity — 48.8%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 4225 | 433281 |
| Total Investment Companies <br>(Cost $378,255)<br>|  | 543272 |
| **Exchange-Traded Funds — 37.4%** | **Exchange-Traded Funds — 37.4%** | **Exchange-Traded Funds — 37.4%** |
| **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 179 | 16560 |
| **International Equity — 27.4%** | **International Equity — 27.4%** | **International Equity — 27.4%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a)<br>| 597 | 37975 |
| JPMorgan BetaBuilders International Equity ETF (a) | 2835 | 205017 |
| Total International Equity |  | 242992 |
| **U.S. Equity — 8.1%** | **U.S. Equity — 8.1%** | **U.S. Equity — 8.1%** |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF (a) | 450 | 48025 |
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF (a) | 325 | 24133 |
| Total U.S. Equity |  | 72158 |
| Total Exchange-Traded Funds <br>(Cost $255,138)<br>|  | 331710 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** | **U.S. Treasury Obligations — 0.1%** |
| U.S. Treasury Notes <br>4.13%, 1/31/2027 (b) (Cost $1,293)<br>| 1285 | 1293 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** |
| **Investment Companies — 2.1%** | **Investment Companies — 2.1%** | **Investment Companies — 2.1%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (c) <br>(Cost $18,393)<br>| 18393 | 18393 |
| **Total Investments — 100.8%** <br>**(Cost $653,079)**<br>|  | **894668** |
| **Liabilities in Excess of Other Assets — (0.8)%** |  | **(6777)**<br>|
| **NET ASSETS — 100.0%** |  | **887891** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

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

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

82 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6621 | &nbsp;&nbsp;&nbsp;&nbsp; (195)<br>|
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2068 | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8646 | &nbsp;&nbsp;&nbsp;&nbsp; (133)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (336)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 83

------

JPMorgan SmartRetirement® Blend 2065 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>|
| **Investment Companies — 60.8%** | **Investment Companies — 60.8%** | **Investment Companies — 60.8%** |
| **Fixed Income — 8.0%** | **Fixed Income — 8.0%** | **Fixed Income — 8.0%** |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 186 | 1940 |
| JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 795 | 5819 |
| JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 46 | 306 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 260 | 1714 |
| Total Fixed Income |  | 9779 |
| **International Equity — 4.3%** | **International Equity — 4.3%** | **International Equity — 4.3%** |
| JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 248 | 5204 |
| **U.S. Equity — 48.5%** | **U.S. Equity — 48.5%** | **U.S. Equity — 48.5%** |
| JPMorgan Equity Index Fund Class R6 Shares (a) | 573 | 58790 |
| Total Investment Companies <br>(Cost $62,146)<br>|  | 73773 |
| **Exchange-Traded Funds — 37.3%** | **Exchange-Traded Funds — 37.3%** | **Exchange-Traded Funds — 37.3%** |
| **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** | **Alternative Assets — 1.9%** |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 24 | 2255 |
| **International Equity — 27.3%** | **International Equity — 27.3%** | **International Equity — 27.3%** |
| JPMorgan BetaBuilders Emerging Markets Equity <br> ETF (a) (b)<br>| 82 | 5173 |
| JPMorgan BetaBuilders International Equity ETF (a) | 386 | 27926 |
| Total International Equity |  | 33099 |
| **U.S. Equity — 8.1%** | **U.S. Equity — 8.1%** | **U.S. Equity — 8.1%** |
| iShares Russell 2000 ETF | 13 | 3295 |
| SPDR S&P MidCap 400 ETF Trust | 11 | 6536 |
| Total U.S. Equity |  | 9831 |
| Total Exchange-Traded Funds <br>(Cost $39,121)<br>|  | 45185 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** |
| U.S. Treasury Notes <br>4.13%, 1/31/2027 (c) (Cost $250)<br>| 249 | 251 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** |
| **Investment Companies — 2.2%** | **Investment Companies — 2.2%** | **Investment Companies — 2.2%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (d) <br>(Cost $2,728)<br>| 2728 | 2728 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (a) (d) <br>(Cost $595)<br>| 595 | 595 |
| Total Short-Term Investments <br>(Cost $3,323)<br>|  | 3323 |
| **Total Investments — 101.0%** <br>**(Cost $104,840)**<br>|  | **122532** |
| **Liabilities in Excess of Other Assets — (1.0)%** |  | **(1231)**<br>|
| **NET ASSETS — 100.0%** |  | **121301** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |
| REIT | Real Estate Investment Trust |
| SPDR | Standard & Poor's Depositary Receipt |

---

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 $579.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the current yield as of December 31, 2025.

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

84 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 874 | &nbsp;&nbsp;&nbsp;&nbsp; (26)<br>|
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 689 | &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
| S&P MidCap 400 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1330 | &nbsp;&nbsp;&nbsp;&nbsp; (20)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>|

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 85

------

**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>**SmartRetirement®** <br>**Blend Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2035 Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $506473 | &nbsp;&nbsp;&nbsp; $615122 | &nbsp;&nbsp;&nbsp; $828393 | &nbsp;&nbsp;&nbsp; $241456 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 1075806 | &nbsp;&nbsp;&nbsp; 1338458 | &nbsp;&nbsp;&nbsp; 2298148 | &nbsp;&nbsp;&nbsp; 3342166 |
| Investments of cash collateral received from securities <br> loaned, at value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 1297 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 241 |
| Cash | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 5 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp; 493 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 10230 | &nbsp;&nbsp;&nbsp; 12791 | &nbsp;&nbsp;&nbsp; 33286 | &nbsp;&nbsp;&nbsp; 35498 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 1854 | &nbsp;&nbsp;&nbsp; 2729 | &nbsp;&nbsp;&nbsp; 3535 | &nbsp;&nbsp;&nbsp; 5654 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 3913 | &nbsp;&nbsp;&nbsp; 4937 | &nbsp;&nbsp;&nbsp; 6524 | &nbsp;&nbsp;&nbsp; 1852 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp; 372 | &nbsp;&nbsp;&nbsp; 240 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Due from adviser | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 107 |
| Total Assets | &nbsp;&nbsp;&nbsp; 1600119 | &nbsp;&nbsp;&nbsp; 1974762 | &nbsp;&nbsp;&nbsp; 3170736 | &nbsp;&nbsp;&nbsp; 3627712 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; 1108 | &nbsp;&nbsp;&nbsp; 2238 | &nbsp;&nbsp;&nbsp; 2874 | &nbsp;&nbsp;&nbsp; 4135 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 797 | &nbsp;&nbsp;&nbsp; 4979 | &nbsp;&nbsp;&nbsp; 32256 | &nbsp;&nbsp;&nbsp; 46371 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 1297 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 241 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 3121 | &nbsp;&nbsp;&nbsp; 4522 | &nbsp;&nbsp;&nbsp; 10135 | &nbsp;&nbsp;&nbsp; 10291 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp; 653 |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — |
| Administration fees | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 145 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 |
| Service fees | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 17 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 35 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Other | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 54 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 6530 | &nbsp;&nbsp;&nbsp; 12090 | &nbsp;&nbsp;&nbsp; 46152 | &nbsp;&nbsp;&nbsp; 61946 |
| Net Assets | &nbsp;&nbsp;&nbsp; $1593589 | &nbsp;&nbsp;&nbsp; $1962672 | &nbsp;&nbsp;&nbsp; $3124584 | &nbsp;&nbsp;&nbsp; $3565766 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

86 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2035 Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $1395008 | &nbsp;&nbsp;&nbsp; $1622271 | &nbsp;&nbsp;&nbsp; $2429001 | &nbsp;&nbsp;&nbsp; $2651993 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 198581 | &nbsp;&nbsp;&nbsp; 340401 | &nbsp;&nbsp;&nbsp; 695583 | &nbsp;&nbsp;&nbsp; 913773 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $1593589 | &nbsp;&nbsp;&nbsp; $1962672 | &nbsp;&nbsp;&nbsp; $3124584 | &nbsp;&nbsp;&nbsp; $3565766 |
| Net Assets: |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; $1122 | &nbsp;&nbsp;&nbsp; $4139 | &nbsp;&nbsp;&nbsp; $7749 | &nbsp;&nbsp;&nbsp; $2186 |
| Class R2 | &nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp; 1889 | &nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp; 291 |
| Class R3 | &nbsp;&nbsp;&nbsp; 3099 | &nbsp;&nbsp;&nbsp; 7647 | &nbsp;&nbsp;&nbsp; 12858 | &nbsp;&nbsp;&nbsp; 15199 |
| Class R4 | &nbsp;&nbsp;&nbsp; 33215 | &nbsp;&nbsp;&nbsp; 31279 | &nbsp;&nbsp;&nbsp; 49052 | &nbsp;&nbsp;&nbsp; 50653 |
| Class R5 | &nbsp;&nbsp;&nbsp; 24207 | &nbsp;&nbsp;&nbsp; 22489 | &nbsp;&nbsp;&nbsp; 27966 | &nbsp;&nbsp;&nbsp; 31513 |
| Class R6 | &nbsp;&nbsp;&nbsp; 1531740 | &nbsp;&nbsp;&nbsp; 1895229 | &nbsp;&nbsp;&nbsp; 3026284 | &nbsp;&nbsp;&nbsp; 3465924 |
| Total | &nbsp;&nbsp;&nbsp; $1593589 | &nbsp;&nbsp;&nbsp; $1962672 | &nbsp;&nbsp;&nbsp; $3124584 | &nbsp;&nbsp;&nbsp; $3565766 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares <br> authorized):<br>|  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 66 |
| Class R2 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 8 |
| Class R3 | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp; 438 | &nbsp;&nbsp;&nbsp; 457 |
| Class R4 | &nbsp;&nbsp;&nbsp; 1675 | &nbsp;&nbsp;&nbsp; 1243 | &nbsp;&nbsp;&nbsp; 1690 | &nbsp;&nbsp;&nbsp; 1532 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1220 | &nbsp;&nbsp;&nbsp; 894 | &nbsp;&nbsp;&nbsp; 963 | &nbsp;&nbsp;&nbsp; 952 |
| Class R6 | &nbsp;&nbsp;&nbsp; 77148 | &nbsp;&nbsp;&nbsp; 75357 | &nbsp;&nbsp;&nbsp; 104275 | &nbsp;&nbsp;&nbsp; 104785 |
| Net Asset Value (a): |  |  |  |  |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; $19.91 | &nbsp;&nbsp;&nbsp; $25.23 | &nbsp;&nbsp;&nbsp; $29.09 | &nbsp;&nbsp;&nbsp; $33.15 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.83 | &nbsp;&nbsp;&nbsp;&nbsp;25.06 | &nbsp;&nbsp;&nbsp;&nbsp;28.98 | &nbsp;&nbsp;&nbsp;&nbsp;33.37 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;20.44 | &nbsp;&nbsp;&nbsp;&nbsp;25.53 | &nbsp;&nbsp;&nbsp;&nbsp;29.38 | &nbsp;&nbsp;&nbsp;&nbsp;33.26 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.83 | &nbsp;&nbsp;&nbsp;&nbsp;25.15 | &nbsp;&nbsp;&nbsp;&nbsp;29.02 | &nbsp;&nbsp;&nbsp;&nbsp;33.06 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.84 | &nbsp;&nbsp;&nbsp;&nbsp;25.16 | &nbsp;&nbsp;&nbsp;&nbsp;29.02 | &nbsp;&nbsp;&nbsp;&nbsp;33.08 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.85 | &nbsp;&nbsp;&nbsp;&nbsp;25.15 | &nbsp;&nbsp;&nbsp;&nbsp;29.02 | &nbsp;&nbsp;&nbsp;&nbsp;33.08 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $522675 | &nbsp;&nbsp;&nbsp; $629553 | &nbsp;&nbsp;&nbsp; $846833 | &nbsp;&nbsp;&nbsp; $242575 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 770001 | &nbsp;&nbsp;&nbsp; 939376 | &nbsp;&nbsp;&nbsp; 1517230 | &nbsp;&nbsp;&nbsp; 2353975 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 234 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 1297 | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 241 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 87

------

**STATEMENTS OF ASSETS AND LIABILITIES**

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

(Amounts in thousands, except per share amounts)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2055 Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $4300 | &nbsp;&nbsp;&nbsp; $3739 | &nbsp;&nbsp;&nbsp; $3127 | &nbsp;&nbsp;&nbsp; $2083 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 3325511 | &nbsp;&nbsp;&nbsp; 2898145 | &nbsp;&nbsp;&nbsp; 2438735 | &nbsp;&nbsp;&nbsp; 1478217 |
| Investments of cash collateral received from securities <br> loaned, at value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 24071 | &nbsp;&nbsp;&nbsp; 18409 | &nbsp;&nbsp;&nbsp; 14263 | &nbsp;&nbsp;&nbsp; 6836 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 3695 | &nbsp;&nbsp;&nbsp; 3410 | &nbsp;&nbsp;&nbsp; 4327 | &nbsp;&nbsp;&nbsp; 945 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 36 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 86 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Due from adviser | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 3358043 | &nbsp;&nbsp;&nbsp; 2923939 | &nbsp;&nbsp;&nbsp; 2460642 | &nbsp;&nbsp;&nbsp; 1488203 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Distributions | &nbsp;&nbsp;&nbsp; 3213 | &nbsp;&nbsp;&nbsp; 2978 | &nbsp;&nbsp;&nbsp; 3864 | &nbsp;&nbsp;&nbsp; 643 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 33874 | &nbsp;&nbsp;&nbsp; 24492 | &nbsp;&nbsp;&nbsp; 17515 | &nbsp;&nbsp;&nbsp; 9325 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 7303 | &nbsp;&nbsp;&nbsp; 6814 | &nbsp;&nbsp;&nbsp; 4257 | &nbsp;&nbsp;&nbsp; 4872 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 248 |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 10 |
| Administration fees | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 56 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 |
| Service fees | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 6 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 10 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Other | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 68 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 45315 | &nbsp;&nbsp;&nbsp; 34988 | &nbsp;&nbsp;&nbsp; 26265 | &nbsp;&nbsp;&nbsp; 15240 |
| Net Assets | &nbsp;&nbsp;&nbsp; $3312728 | &nbsp;&nbsp;&nbsp; $2888951 | &nbsp;&nbsp;&nbsp; $2434377 | &nbsp;&nbsp;&nbsp; $1472963 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

88 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2055 Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $2316782 | &nbsp;&nbsp;&nbsp; $1962489 | &nbsp;&nbsp;&nbsp; $1645013 | &nbsp;&nbsp;&nbsp; $1008137 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 995946 | &nbsp;&nbsp;&nbsp; 926462 | &nbsp;&nbsp;&nbsp; 789364 | &nbsp;&nbsp;&nbsp; 464826 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $3312728 | &nbsp;&nbsp;&nbsp; $2888951 | &nbsp;&nbsp;&nbsp; $2434377 | &nbsp;&nbsp;&nbsp; $1472963 |
| Net Assets: |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; $4672 | &nbsp;&nbsp;&nbsp; $5477 | &nbsp;&nbsp;&nbsp; $1527 | &nbsp;&nbsp;&nbsp; $1376 |
| Class R2 | &nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 360 |
| Class R3 | &nbsp;&nbsp;&nbsp; 14146 | &nbsp;&nbsp;&nbsp; 11862 | &nbsp;&nbsp;&nbsp; 14233 | &nbsp;&nbsp;&nbsp; 3707 |
| Class R4 | &nbsp;&nbsp;&nbsp; 45317 | &nbsp;&nbsp;&nbsp; 37088 | &nbsp;&nbsp;&nbsp; 37343 | &nbsp;&nbsp;&nbsp; 21191 |
| Class R5 | &nbsp;&nbsp;&nbsp; 17062 | &nbsp;&nbsp;&nbsp; 16431 | &nbsp;&nbsp;&nbsp; 13450 | &nbsp;&nbsp;&nbsp; 8955 |
| Class R6 | &nbsp;&nbsp;&nbsp; 3230761 | &nbsp;&nbsp;&nbsp; 2818069 | &nbsp;&nbsp;&nbsp; 2367104 | &nbsp;&nbsp;&nbsp; 1437374 |
| Total | &nbsp;&nbsp;&nbsp; $3312728 | &nbsp;&nbsp;&nbsp; $2888951 | &nbsp;&nbsp;&nbsp; $2434377 | &nbsp;&nbsp;&nbsp; $1472963 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares <br> authorized):<br>|  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 36 |
| Class R2 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 9 |
| Class R3 | &nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 97 |
| Class R4 | &nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp; 969 | &nbsp;&nbsp;&nbsp; 962 | &nbsp;&nbsp;&nbsp; 550 |
| Class R5 | &nbsp;&nbsp;&nbsp; 474 | &nbsp;&nbsp;&nbsp; 429 | &nbsp;&nbsp;&nbsp; 347 | &nbsp;&nbsp;&nbsp; 232 |
| Class R6 | &nbsp;&nbsp;&nbsp; 89747 | &nbsp;&nbsp;&nbsp; 73464 | &nbsp;&nbsp;&nbsp; 60982 | &nbsp;&nbsp;&nbsp; 37252 |
| Net Asset Value (a): |  |  |  |  |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; $36.06 | &nbsp;&nbsp;&nbsp; $38.35 | &nbsp;&nbsp;&nbsp; $38.97 | &nbsp;&nbsp;&nbsp; $38.61 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;35.81 | &nbsp;&nbsp;&nbsp;&nbsp;38.80 | &nbsp;&nbsp;&nbsp;&nbsp;38.63 | &nbsp;&nbsp;&nbsp;&nbsp;38.39 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;36.30 | &nbsp;&nbsp;&nbsp;&nbsp;38.49 | &nbsp;&nbsp;&nbsp;&nbsp;39.02 | &nbsp;&nbsp;&nbsp;&nbsp;38.49 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;35.98 | &nbsp;&nbsp;&nbsp;&nbsp;38.29 | &nbsp;&nbsp;&nbsp;&nbsp;38.77 | &nbsp;&nbsp;&nbsp;&nbsp;38.50 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;36.01 | &nbsp;&nbsp;&nbsp;&nbsp;38.33 | &nbsp;&nbsp;&nbsp;&nbsp;38.80 | &nbsp;&nbsp;&nbsp;&nbsp;38.57 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;36.00 | &nbsp;&nbsp;&nbsp;&nbsp;38.36 | &nbsp;&nbsp;&nbsp;&nbsp;38.82 | &nbsp;&nbsp;&nbsp;&nbsp;38.59 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $4299 | &nbsp;&nbsp;&nbsp; $3738 | &nbsp;&nbsp;&nbsp; $3126 | &nbsp;&nbsp;&nbsp; $2083 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 2274391 | &nbsp;&nbsp;&nbsp; 1931632 | &nbsp;&nbsp;&nbsp; 1618995 | &nbsp;&nbsp;&nbsp; 994265 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 89

------

**STATEMENTS OF ASSETS AND LIABILITIES**

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

(Amounts in thousands, except per share amounts)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2060 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2065 Fund**  |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $1293 | &nbsp;&nbsp;&nbsp; $10082 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 893375 | &nbsp;&nbsp;&nbsp; 111855 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 595 |
| Receivables: |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 4724 | &nbsp;&nbsp;&nbsp; 496 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 527 | &nbsp;&nbsp;&nbsp; 101 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 4 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 8 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 5 |
| Due from adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12 |
| Total Assets | &nbsp;&nbsp;&nbsp; 899995 | &nbsp;&nbsp;&nbsp; 123181 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Distributions | &nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; 29 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 7985 | &nbsp;&nbsp;&nbsp; 1188 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 595 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 3563 | &nbsp;&nbsp;&nbsp; 28 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; 27 |
| Accrued liabilities: |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — |
| Administration fees | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; — |
| Distribution fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Service fees | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 9 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Other | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 2 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 12104 | &nbsp;&nbsp;&nbsp; 1880 |
| Net Assets | &nbsp;&nbsp;&nbsp; $887891 | &nbsp;&nbsp;&nbsp; $121301 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

90 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2060 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2065 Fund**  |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $654325 | &nbsp;&nbsp;&nbsp; $104273 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 233566 | &nbsp;&nbsp;&nbsp; 17028 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $887891 | &nbsp;&nbsp;&nbsp; $121301 |
| Net Assets: |  |  |
| Class I | &nbsp;&nbsp;&nbsp; $15153 | &nbsp;&nbsp;&nbsp; $57 |
| Class R2 | &nbsp;&nbsp;&nbsp; 1176 | &nbsp;&nbsp;&nbsp; 55 |
| Class R3 | &nbsp;&nbsp;&nbsp; 1562 | &nbsp;&nbsp;&nbsp; 457 |
| Class R4 | &nbsp;&nbsp;&nbsp; 8519 | &nbsp;&nbsp;&nbsp; 300 |
| Class R5 | &nbsp;&nbsp;&nbsp; 5156 | &nbsp;&nbsp;&nbsp; 484 |
| Class R6 | &nbsp;&nbsp;&nbsp; 856325 | &nbsp;&nbsp;&nbsp; 119948 |
| Total | &nbsp;&nbsp;&nbsp; $887891 | &nbsp;&nbsp;&nbsp; $121301 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Class I | &nbsp;&nbsp;&nbsp; 503 | &nbsp;&nbsp;&nbsp; 2 |
| Class R2 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 2 |
| Class R3 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 19 |
| Class R4 | &nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp; 12 |
| Class R5 | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; 21 |
| Class R6 | &nbsp;&nbsp;&nbsp; 28416 | &nbsp;&nbsp;&nbsp; 5032 |
| Net Asset Value (a): |  |  |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; $30.12 | &nbsp;&nbsp;&nbsp; $23.82 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;29.92 | &nbsp;&nbsp;&nbsp;&nbsp;23.74 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;30.38 | &nbsp;&nbsp;&nbsp;&nbsp;23.76 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;30.13 | &nbsp;&nbsp;&nbsp;&nbsp;23.78 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;30.12 | &nbsp;&nbsp;&nbsp;&nbsp;23.82 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;30.13 | &nbsp;&nbsp;&nbsp;&nbsp;23.84 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1293 | &nbsp;&nbsp;&nbsp; $8918 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 651786 | &nbsp;&nbsp;&nbsp; 95327 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 579 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 595 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 91

------

**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>**SmartRetirement®** <br>**Blend Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2035 Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $10910 | &nbsp;&nbsp;&nbsp; $13391 | &nbsp;&nbsp;&nbsp; $17836 | &nbsp;&nbsp;&nbsp; $5338 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 20453 | &nbsp;&nbsp;&nbsp; 24715 | &nbsp;&nbsp;&nbsp; 37932 | &nbsp;&nbsp;&nbsp; 54046 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 31372 | &nbsp;&nbsp;&nbsp; 38107 | &nbsp;&nbsp;&nbsp; 55768 | &nbsp;&nbsp;&nbsp; 59384 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1212 | &nbsp;&nbsp;&nbsp; 1479 | &nbsp;&nbsp;&nbsp; 2311 | &nbsp;&nbsp;&nbsp; 2584 |
| Administration fees | &nbsp;&nbsp;&nbsp; 606 | &nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp; 1156 | &nbsp;&nbsp;&nbsp; 1292 |
| Distribution fees: |  |  |  |  |
| Class R2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Class R3 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 20 |
| Service fees: |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 2 |
| Class R2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 20 |
| Class R4 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 62 |
| Class R5 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 13 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 70 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Professional fees | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 41 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 17 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 30 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 54 |
| Transfer agency fees (See Note 2.I.) | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 16 |
| Other | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 17 |
| Total expenses | &nbsp;&nbsp;&nbsp; 2081 | &nbsp;&nbsp;&nbsp; 2491 | &nbsp;&nbsp;&nbsp; 3820 | &nbsp;&nbsp;&nbsp; 4239 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (1467)<br>| &nbsp;&nbsp;&nbsp; (1766)<br>| &nbsp;&nbsp;&nbsp; (2737)<br>| &nbsp;&nbsp;&nbsp; (3053)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (246)<br>| &nbsp;&nbsp;&nbsp; (226)<br>| &nbsp;&nbsp;&nbsp; (79)<br>| &nbsp;&nbsp;&nbsp; (686)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp; 1004 | &nbsp;&nbsp;&nbsp; 500 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 31004 | &nbsp;&nbsp;&nbsp; 37608 | &nbsp;&nbsp;&nbsp; 54764 | &nbsp;&nbsp;&nbsp; 58884 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

92 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2025 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2030 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2035 Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $(893)<br>| &nbsp;&nbsp;&nbsp; $(421)<br>| &nbsp;&nbsp;&nbsp; $(494)<br>| &nbsp;&nbsp;&nbsp; $(48)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 18662 | &nbsp;&nbsp;&nbsp; 31736 | &nbsp;&nbsp;&nbsp; 31128 | &nbsp;&nbsp;&nbsp; 15014 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 687 | &nbsp;&nbsp;&nbsp; 1549 | &nbsp;&nbsp;&nbsp; 8045 | &nbsp;&nbsp;&nbsp; 7764 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 18456 | &nbsp;&nbsp;&nbsp; 32864 | &nbsp;&nbsp;&nbsp; 38679 | &nbsp;&nbsp;&nbsp; 22730 |
| Distribution of capital gains received from investment <br> company affiliates<br>| &nbsp;&nbsp;&nbsp; 1254 | &nbsp;&nbsp;&nbsp; 1631 | &nbsp;&nbsp;&nbsp; 3416 | &nbsp;&nbsp;&nbsp; 4711 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 5428 | &nbsp;&nbsp;&nbsp; 5514 | &nbsp;&nbsp;&nbsp; 7157 | &nbsp;&nbsp;&nbsp; 1671 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 42725 | &nbsp;&nbsp;&nbsp; 47515 | &nbsp;&nbsp;&nbsp; 123106 | &nbsp;&nbsp;&nbsp; 196620 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (466)<br>| &nbsp;&nbsp;&nbsp; (1149)<br>| &nbsp;&nbsp;&nbsp; (3609)<br>| &nbsp;&nbsp;&nbsp; (3193)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 47687 | &nbsp;&nbsp;&nbsp; 51880 | &nbsp;&nbsp;&nbsp; 126654 | &nbsp;&nbsp;&nbsp; 195098 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 67397 | &nbsp;&nbsp;&nbsp; 86375 | &nbsp;&nbsp;&nbsp; 168749 | &nbsp;&nbsp;&nbsp; 222539 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $98401 | &nbsp;&nbsp;&nbsp; $123983 | &nbsp;&nbsp;&nbsp; $223513 | &nbsp;&nbsp;&nbsp; $281423 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 93

------

**STATEMENTS OF OPERATIONS**

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

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2055 Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $99 | &nbsp;&nbsp;&nbsp; $85 | &nbsp;&nbsp;&nbsp; $72 | &nbsp;&nbsp;&nbsp; $49 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 50543 | &nbsp;&nbsp;&nbsp; 41387 | &nbsp;&nbsp;&nbsp; 33417 | &nbsp;&nbsp;&nbsp; 20180 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 50642 | &nbsp;&nbsp;&nbsp; 41472 | &nbsp;&nbsp;&nbsp; 33489 | &nbsp;&nbsp;&nbsp; 20229 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 2391 | &nbsp;&nbsp;&nbsp; 2069 | &nbsp;&nbsp;&nbsp; 1733 | &nbsp;&nbsp;&nbsp; 1043 |
| Administration fees | &nbsp;&nbsp;&nbsp; 1195 | &nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp; 866 | &nbsp;&nbsp;&nbsp; 522 |
| Distribution fees: |  |  |  |  |
| Class R2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 3 |
| Service fees: |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 |
| Class R2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 3 |
| Class R4 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 26 |
| Class R5 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 4 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 20 |
| Professional fees | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 37 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 15 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 30 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 46 |
| Transfer agency fees (See Note 2.I.) | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 10 |
| Other | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 10 |
| Total expenses | &nbsp;&nbsp;&nbsp; 3904 | &nbsp;&nbsp;&nbsp; 3393 | &nbsp;&nbsp;&nbsp; 2879 | &nbsp;&nbsp;&nbsp; 1771 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (2819)<br>| &nbsp;&nbsp;&nbsp; (2446)<br>| &nbsp;&nbsp;&nbsp; (1960)<br>| &nbsp;&nbsp;&nbsp; (1227)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (461)<br>| &nbsp;&nbsp;&nbsp; (87)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 624 | &nbsp;&nbsp;&nbsp; 860 | &nbsp;&nbsp;&nbsp; 918 | &nbsp;&nbsp;&nbsp; 544 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 50018 | &nbsp;&nbsp;&nbsp; 40612 | &nbsp;&nbsp;&nbsp; 32571 | &nbsp;&nbsp;&nbsp; 19685 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

94 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2040 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2045 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2050 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2055 Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp; $2 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 6471 | &nbsp;&nbsp;&nbsp; 4220 | &nbsp;&nbsp;&nbsp; 2280 | &nbsp;&nbsp;&nbsp; 1172 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 6547 | &nbsp;&nbsp;&nbsp; 5645 | &nbsp;&nbsp;&nbsp; 4710 | &nbsp;&nbsp;&nbsp; 2889 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 13021 | &nbsp;&nbsp;&nbsp; 9868 | &nbsp;&nbsp;&nbsp; 6991 | &nbsp;&nbsp;&nbsp; 4063 |
| Distribution of capital gains received from investment <br> company affiliates<br>| &nbsp;&nbsp;&nbsp; 5021 | &nbsp;&nbsp;&nbsp; 4892 | &nbsp;&nbsp;&nbsp; 4358 | &nbsp;&nbsp;&nbsp; 2638 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 215379 | &nbsp;&nbsp;&nbsp; 203276 | &nbsp;&nbsp;&nbsp; 179960 | &nbsp;&nbsp;&nbsp; 108364 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (2390)<br>| &nbsp;&nbsp;&nbsp; (2070)<br>| &nbsp;&nbsp;&nbsp; (1727)<br>| &nbsp;&nbsp;&nbsp; (1044)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 212991 | &nbsp;&nbsp;&nbsp; 201208 | &nbsp;&nbsp;&nbsp; 178235 | &nbsp;&nbsp;&nbsp; 107320 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 231033 | &nbsp;&nbsp;&nbsp; 215968 | &nbsp;&nbsp;&nbsp; 189584 | &nbsp;&nbsp;&nbsp; 114021 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $281051 | &nbsp;&nbsp;&nbsp; $256580 | &nbsp;&nbsp;&nbsp; $222155 | &nbsp;&nbsp;&nbsp; $133706 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 95

------

**STATEMENTS OF OPERATIONS**

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

(Amounts in thousands)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2060 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2065 Fund**  |
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $33 | &nbsp;&nbsp;&nbsp; $5 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 56 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 12091 | &nbsp;&nbsp;&nbsp; 1523 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 20 |
| Total investment income | &nbsp;&nbsp;&nbsp; 12127 | &nbsp;&nbsp;&nbsp; 1604 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 618 | &nbsp;&nbsp;&nbsp; 77 |
| Administration fees | &nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; 39 |
| Distribution fees: |  |  |
| Class R2 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Service fees: |  |  |
| Class I | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 15 |
| Professional fees | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 21 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 14 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 14 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 55 |
| Transfer agency fees (See Note 2.I.) | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 2 |
| Other | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 8 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp; 246 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (758)<br>| &nbsp;&nbsp;&nbsp; (116)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (98)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp; 32 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 11783 | &nbsp;&nbsp;&nbsp; 1572 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

96 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2060 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SmartRetirement®**<br>**Blend 2065 Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp; $(4)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; (28)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 1747 | &nbsp;&nbsp;&nbsp; 300 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 1871 | &nbsp;&nbsp;&nbsp; 268 |
| Distribution of capital gains received from investment company affiliates | &nbsp;&nbsp;&nbsp; 1581 | &nbsp;&nbsp;&nbsp; 208 |
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 647 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 64174 | &nbsp;&nbsp;&nbsp; 7089 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (616)<br>| &nbsp;&nbsp;&nbsp; (92)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 63558 | &nbsp;&nbsp;&nbsp; 7644 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 67010 | &nbsp;&nbsp;&nbsp; 8120 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $78793 | &nbsp;&nbsp;&nbsp; $9692 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 97

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend Income Fund** | **JPMorgan** <br>**SmartRetirement® Blend Income Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2025 Fund**  | **JPMorgan** <br>**SmartRetirement® Blend 2025 Fund**  |
|  | &nbsp;&nbsp; **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; $31004 | &nbsp;&nbsp;&nbsp; $33579 | &nbsp;&nbsp;&nbsp; $37608 | &nbsp;&nbsp;&nbsp; $69110 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 18456 | &nbsp;&nbsp;&nbsp; 6419 | &nbsp;&nbsp;&nbsp; 32864 | &nbsp;&nbsp;&nbsp; 43136 |
| Distributions of capital gains received from investment company <br> affiliates <br>| &nbsp;&nbsp;&nbsp; 1254 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1631 | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 47687 | &nbsp;&nbsp;&nbsp; 77997 | &nbsp;&nbsp;&nbsp; 51880 | &nbsp;&nbsp;&nbsp; 91327 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 98401 | &nbsp;&nbsp;&nbsp; 117995 | &nbsp;&nbsp;&nbsp; 123983 | &nbsp;&nbsp;&nbsp; 203573 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp; (97)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (42)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (83)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (236)<br>| &nbsp;&nbsp;&nbsp; (93)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (1005)<br>| &nbsp;&nbsp;&nbsp; (538)<br>| &nbsp;&nbsp;&nbsp; (1060)<br>| &nbsp;&nbsp;&nbsp; (930)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (763)<br>| &nbsp;&nbsp;&nbsp; (431)<br>| &nbsp;&nbsp;&nbsp; (798)<br>| &nbsp;&nbsp;&nbsp; (517)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (49444)<br>| &nbsp;&nbsp;&nbsp; (24208)<br>| &nbsp;&nbsp;&nbsp; (68685)<br>| &nbsp;&nbsp;&nbsp; (65869)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (51335)<br>| &nbsp;&nbsp;&nbsp; (25192)<br>| &nbsp;&nbsp;&nbsp; (70976)<br>| &nbsp;&nbsp;&nbsp; (67548)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (46368)<br>| &nbsp;&nbsp;&nbsp; 847726 | &nbsp;&nbsp;&nbsp; (36098)<br>| &nbsp;&nbsp;&nbsp; (111299)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 698 | &nbsp;&nbsp;&nbsp; 940529 | &nbsp;&nbsp;&nbsp; 16909 | &nbsp;&nbsp;&nbsp; 24726 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 1592891 | &nbsp;&nbsp;&nbsp; 652362 | &nbsp;&nbsp;&nbsp; 1945763 | &nbsp;&nbsp;&nbsp; 1921037 |
| End of period | &nbsp;&nbsp;&nbsp; $1593589 | &nbsp;&nbsp;&nbsp; $1592891 | &nbsp;&nbsp;&nbsp; $1962672 | &nbsp;&nbsp;&nbsp; $1945763 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

98 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2030 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2030 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2035 Fund**  | **JPMorgan** <br>**SmartRetirement® Blend 2035 Fund**  |
|  | &nbsp;&nbsp; **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; $54764 | &nbsp;&nbsp;&nbsp; $88819 | &nbsp;&nbsp;&nbsp; $58884 | &nbsp;&nbsp;&nbsp; $89367 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 38679 | &nbsp;&nbsp;&nbsp; 18850 | &nbsp;&nbsp;&nbsp; 22730 | &nbsp;&nbsp;&nbsp; 4676 |
| Distributions of capital gains received from investment company <br> affiliates <br>| &nbsp;&nbsp;&nbsp; 3416 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4711 | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 126654 | &nbsp;&nbsp;&nbsp; 212945 | &nbsp;&nbsp;&nbsp; 195098 | &nbsp;&nbsp;&nbsp; 279372 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 223513 | &nbsp;&nbsp;&nbsp; 320614 | &nbsp;&nbsp;&nbsp; 281423 | &nbsp;&nbsp;&nbsp; 373415 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; (230)<br>| &nbsp;&nbsp;&nbsp; (207)<br>| &nbsp;&nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; (32)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (14)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (347)<br>| &nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp; (376)<br>| &nbsp;&nbsp;&nbsp; (144)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (1465)<br>| &nbsp;&nbsp;&nbsp; (1119)<br>| &nbsp;&nbsp;&nbsp; (1386)<br>| &nbsp;&nbsp;&nbsp; (1113)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (879)<br>| &nbsp;&nbsp;&nbsp; (560)<br>| &nbsp;&nbsp;&nbsp; (895)<br>| &nbsp;&nbsp;&nbsp; (610)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (97384)<br>| &nbsp;&nbsp;&nbsp; (80521)<br>| &nbsp;&nbsp;&nbsp; (102881)<br>| &nbsp;&nbsp;&nbsp; (80771)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (100322)<br>| &nbsp;&nbsp;&nbsp; (82555)<br>| &nbsp;&nbsp;&nbsp; (105605)<br>| &nbsp;&nbsp;&nbsp; (82684)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 43564 | &nbsp;&nbsp;&nbsp; 140569 | &nbsp;&nbsp;&nbsp; 142314 | &nbsp;&nbsp;&nbsp; 152342 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 166755 | &nbsp;&nbsp;&nbsp; 378628 | &nbsp;&nbsp;&nbsp; 318132 | &nbsp;&nbsp;&nbsp; 443073 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2957829 | &nbsp;&nbsp;&nbsp; 2579201 | &nbsp;&nbsp;&nbsp; 3247634 | &nbsp;&nbsp;&nbsp; 2804561 |
| End of period | &nbsp;&nbsp;&nbsp; $3124584 | &nbsp;&nbsp;&nbsp; $2957829 | &nbsp;&nbsp;&nbsp; $3565766 | &nbsp;&nbsp;&nbsp; $3247634 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 99

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2040 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2040 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2045 Fund**  | **JPMorgan** <br>**SmartRetirement® Blend 2045 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; $50018 | &nbsp;&nbsp;&nbsp; $71448 | &nbsp;&nbsp;&nbsp; $40612 | &nbsp;&nbsp;&nbsp; $55306 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 13021 | &nbsp;&nbsp;&nbsp; 5442 | &nbsp;&nbsp;&nbsp; 9868 | &nbsp;&nbsp;&nbsp; 3059 |
| Distributions of capital gains received from investment company <br> affiliates <br>| &nbsp;&nbsp;&nbsp; 5021 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4892 | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 212991 | &nbsp;&nbsp;&nbsp; 285065 | &nbsp;&nbsp;&nbsp; 201208 | &nbsp;&nbsp;&nbsp; 261107 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 281051 | &nbsp;&nbsp;&nbsp; 361955 | &nbsp;&nbsp;&nbsp; 256580 | &nbsp;&nbsp;&nbsp; 319472 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp; (122)<br>| &nbsp;&nbsp;&nbsp; (98)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (314)<br>| &nbsp;&nbsp;&nbsp; (113)<br>| &nbsp;&nbsp;&nbsp; (242)<br>| &nbsp;&nbsp;&nbsp; (66)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (1107)<br>| &nbsp;&nbsp;&nbsp; (851)<br>| &nbsp;&nbsp;&nbsp; (828)<br>| &nbsp;&nbsp;&nbsp; (601)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (439)<br>| &nbsp;&nbsp;&nbsp; (358)<br>| &nbsp;&nbsp;&nbsp; (389)<br>| &nbsp;&nbsp;&nbsp; (281)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (86191)<br>| &nbsp;&nbsp;&nbsp; (65196)<br>| &nbsp;&nbsp;&nbsp; (69089)<br>| &nbsp;&nbsp;&nbsp; (50892)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (88181)<br>| &nbsp;&nbsp;&nbsp; (66621)<br>| &nbsp;&nbsp;&nbsp; (70670)<br>| &nbsp;&nbsp;&nbsp; (51949)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 130711 | &nbsp;&nbsp;&nbsp; 138021 | &nbsp;&nbsp;&nbsp; 136835 | &nbsp;&nbsp;&nbsp; 73690 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 323581 | &nbsp;&nbsp;&nbsp; 433355 | &nbsp;&nbsp;&nbsp; 322745 | &nbsp;&nbsp;&nbsp; 341213 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2989147 | &nbsp;&nbsp;&nbsp; 2555792 | &nbsp;&nbsp;&nbsp; 2566206 | &nbsp;&nbsp;&nbsp; 2224993 |
| End of period | &nbsp;&nbsp;&nbsp; $3312728 | &nbsp;&nbsp;&nbsp; $2989147 | &nbsp;&nbsp;&nbsp; $2888951 | &nbsp;&nbsp;&nbsp; $2566206 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

100 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2050 Fund**  | **JPMorgan** <br>**SmartRetirement® Blend 2050 Fund**  | **JPMorgan** <br>**SmartRetirement® Blend 2055 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2055 Fund** |
|  | &nbsp;&nbsp; **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; $32571 | &nbsp;&nbsp;&nbsp; $42415 | &nbsp;&nbsp;&nbsp; $19685 | &nbsp;&nbsp;&nbsp; $25691 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 6991 | &nbsp;&nbsp;&nbsp; 7860 | &nbsp;&nbsp;&nbsp; 4063 | &nbsp;&nbsp;&nbsp; 2013 |
| Distributions of capital gains received from investment company <br> affiliates <br>| &nbsp;&nbsp;&nbsp; 4358 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2638 | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 178235 | &nbsp;&nbsp;&nbsp; 220177 | &nbsp;&nbsp;&nbsp; 107320 | &nbsp;&nbsp;&nbsp; 133324 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 222155 | &nbsp;&nbsp;&nbsp; 270452 | &nbsp;&nbsp;&nbsp; 133706 | &nbsp;&nbsp;&nbsp; 161028 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; (18)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (6)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (289)<br>| &nbsp;&nbsp;&nbsp; (43)<br>| &nbsp;&nbsp;&nbsp; (75)<br>| &nbsp;&nbsp;&nbsp; (25)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (824)<br>| &nbsp;&nbsp;&nbsp; (587)<br>| &nbsp;&nbsp;&nbsp; (457)<br>| &nbsp;&nbsp;&nbsp; (337)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (316)<br>| &nbsp;&nbsp;&nbsp; (208)<br>| &nbsp;&nbsp;&nbsp; (205)<br>| &nbsp;&nbsp;&nbsp; (152)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (57473)<br>| &nbsp;&nbsp;&nbsp; (38953)<br>| &nbsp;&nbsp;&nbsp; (34253)<br>| &nbsp;&nbsp;&nbsp; (23704)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (58946)<br>| &nbsp;&nbsp;&nbsp; (39836)<br>| &nbsp;&nbsp;&nbsp; (35028)<br>| &nbsp;&nbsp;&nbsp; (24242)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 140369 | &nbsp;&nbsp;&nbsp; 104161 | &nbsp;&nbsp;&nbsp; 98949 | &nbsp;&nbsp;&nbsp; 44719 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 303578 | &nbsp;&nbsp;&nbsp; 334777 | &nbsp;&nbsp;&nbsp; 197627 | &nbsp;&nbsp;&nbsp; 181505 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2130799 | &nbsp;&nbsp;&nbsp; 1796022 | &nbsp;&nbsp;&nbsp; 1275336 | &nbsp;&nbsp;&nbsp; 1093831 |
| End of period | &nbsp;&nbsp;&nbsp; $2434377 | &nbsp;&nbsp;&nbsp; $2130799 | &nbsp;&nbsp;&nbsp; $1472963 | &nbsp;&nbsp;&nbsp; $1275336 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 101

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2060 Fund**  | **JPMorgan** <br>**SmartRetirement® Blend 2060 Fund**  | **JPMorgan** <br>**SmartRetirement® Blend 2065 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2065 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>| **Year Ended** <br>**June 30, 2025**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $11783 | &nbsp;&nbsp;&nbsp; $14397 | &nbsp;&nbsp;&nbsp; $1572 | &nbsp;&nbsp;&nbsp; $1278 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 1871 | &nbsp;&nbsp;&nbsp; 2398 | &nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; (592)<br>|
| Distributions of capital gains received from investment company <br> affiliates <br>| &nbsp;&nbsp;&nbsp; 1581 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 63558 | &nbsp;&nbsp;&nbsp; 75390 | &nbsp;&nbsp;&nbsp; 7644 | &nbsp;&nbsp;&nbsp; 7186 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 78793 | &nbsp;&nbsp;&nbsp; 92185 | &nbsp;&nbsp;&nbsp; 9692 | &nbsp;&nbsp;&nbsp; 7872 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; (331)<br>| &nbsp;&nbsp;&nbsp; (248)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (21)<br>| &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (188)<br>| &nbsp;&nbsp;&nbsp; (121)<br>| &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (120)<br>| &nbsp;&nbsp;&nbsp; (73)<br>| &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (20677)<br>| &nbsp;&nbsp;&nbsp; (12742)<br>| &nbsp;&nbsp;&nbsp; (2710)<br>| &nbsp;&nbsp;&nbsp; (852)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (21371)<br>| &nbsp;&nbsp;&nbsp; (13201)<br>| &nbsp;&nbsp;&nbsp; (2739)<br>| &nbsp;&nbsp;&nbsp; (854)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 98556 | &nbsp;&nbsp;&nbsp; 68469 | &nbsp;&nbsp;&nbsp; 30671 | &nbsp;&nbsp;&nbsp; 45777 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 155978 | &nbsp;&nbsp;&nbsp; 147453 | &nbsp;&nbsp;&nbsp; 37624 | &nbsp;&nbsp;&nbsp; 52795 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 731913 | &nbsp;&nbsp;&nbsp; 584460 | &nbsp;&nbsp;&nbsp; 83677 | &nbsp;&nbsp;&nbsp; 30882 |
| End of period | &nbsp;&nbsp;&nbsp; $887891 | &nbsp;&nbsp;&nbsp; $731913 | &nbsp;&nbsp;&nbsp; $121301 | &nbsp;&nbsp;&nbsp; $83677 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

102 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend Income Fund** | **JPMorgan** <br>**SmartRetirement® Blend Income Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2025 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2025 Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $216 | &nbsp;&nbsp;&nbsp; $150 | &nbsp;&nbsp;&nbsp; $637 | &nbsp;&nbsp;&nbsp; $256 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 547 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp; 97 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (77)<br>| &nbsp;&nbsp;&nbsp; (130)<br>| &nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp; (89)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; 683 | &nbsp;&nbsp;&nbsp; 264 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 87 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 42 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (4)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; 125 |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp; 3337 | &nbsp;&nbsp;&nbsp; 1458 | &nbsp;&nbsp;&nbsp; 7261 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1126 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 68 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1332)<br>| &nbsp;&nbsp;&nbsp; (954)<br>| &nbsp;&nbsp;&nbsp; (3099)<br>| &nbsp;&nbsp;&nbsp; (1269)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; (897)<br>| &nbsp;&nbsp;&nbsp; 3511 | &nbsp;&nbsp;&nbsp; (1613)<br>| &nbsp;&nbsp;&nbsp; 6060 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2328 | &nbsp;&nbsp;&nbsp; 4292 | &nbsp;&nbsp;&nbsp; 1791 | &nbsp;&nbsp;&nbsp; 5008 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14428 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp;&nbsp; 930 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3470)<br>| &nbsp;&nbsp;&nbsp; (3762)<br>| &nbsp;&nbsp;&nbsp; (2814)<br>| &nbsp;&nbsp;&nbsp; (5258)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; (137)<br>| &nbsp;&nbsp;&nbsp; 15496 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 680 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 8672 | &nbsp;&nbsp;&nbsp; 4907 | &nbsp;&nbsp;&nbsp; 15724 | &nbsp;&nbsp;&nbsp; 1641 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7384 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 763 | &nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp; 798 | &nbsp;&nbsp;&nbsp; 517 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (7134)<br>| &nbsp;&nbsp;&nbsp; (2960)<br>| &nbsp;&nbsp;&nbsp; (10724)<br>| &nbsp;&nbsp;&nbsp; (1684)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 2301 | &nbsp;&nbsp;&nbsp; 9762 | &nbsp;&nbsp;&nbsp; 5798 | &nbsp;&nbsp;&nbsp; 474 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 80078 | &nbsp;&nbsp;&nbsp; 231922 | &nbsp;&nbsp;&nbsp; 105541 | &nbsp;&nbsp;&nbsp; 384670 |
| Net assets acquired in Fund reorganization (See Note 8) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 815101 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 48411 | &nbsp;&nbsp;&nbsp; 23616 | &nbsp;&nbsp;&nbsp; 66655 | &nbsp;&nbsp;&nbsp; 64108 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (176323)<br>| &nbsp;&nbsp;&nbsp; (252403)<br>| &nbsp;&nbsp;&nbsp; (213342)<br>| &nbsp;&nbsp;&nbsp; (567680)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (47834)<br>| &nbsp;&nbsp;&nbsp; 818236 | &nbsp;&nbsp;&nbsp; (41146)<br>| &nbsp;&nbsp;&nbsp; (118902)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(46368)<br>| &nbsp;&nbsp;&nbsp; $847726 | &nbsp;&nbsp;&nbsp; $(36098)<br>| &nbsp;&nbsp;&nbsp; $(111299)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 103

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend Income Fund** | **JPMorgan**<br> **SmartRetirement® Blend Income Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2025 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2025 Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 11 |
| Shares issued in connection with Fund reorganization (See Note 8)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 4 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (3)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 12 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 4 |
| Shares issued in connection with Fund reorganization (See Note 8)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 |
| Redeemed | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 6 |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 303 |
| Shares issued in connection with Fund reorganization (See Note 8)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 3 |
| Redeemed | &nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; (121)<br>| &nbsp;&nbsp;&nbsp; (53)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp; 253 |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 212 |
| Shares issued in connection with Fund reorganization (See Note 8)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 789 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 41 |
| Redeemed | &nbsp;&nbsp;&nbsp; (173)<br>| &nbsp;&nbsp;&nbsp; (202)<br>| &nbsp;&nbsp;&nbsp; (112)<br>| &nbsp;&nbsp;&nbsp; (224)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; 848 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 29 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp; 608 | &nbsp;&nbsp;&nbsp; 69 |
| Shares issued in connection with Fund reorganization (See Note 8)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 23 |
| Redeemed | &nbsp;&nbsp;&nbsp; (360)<br>| &nbsp;&nbsp;&nbsp; (159)<br>| &nbsp;&nbsp;&nbsp; (426)<br>| &nbsp;&nbsp;&nbsp; (72)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 534 | &nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp; 20 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4019 | &nbsp;&nbsp;&nbsp; 12645 | &nbsp;&nbsp;&nbsp; 4162 | &nbsp;&nbsp;&nbsp; 16571 |
| Shares issued in connection with Fund reorganization (See Note 8)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44517 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 2438 | &nbsp;&nbsp;&nbsp; 1303 | &nbsp;&nbsp;&nbsp; 2650 | &nbsp;&nbsp;&nbsp; 2790 |
| Redeemed | &nbsp;&nbsp;&nbsp; (8819)<br>| &nbsp;&nbsp;&nbsp; (13575)<br>| &nbsp;&nbsp;&nbsp; (8419)<br>| &nbsp;&nbsp;&nbsp; (24118)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (2362)<br>| &nbsp;&nbsp;&nbsp; 44890 | &nbsp;&nbsp;&nbsp; (1607)<br>| &nbsp;&nbsp;&nbsp; (4757)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

104 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2030 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2030 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2035 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2035 Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $283 | &nbsp;&nbsp;&nbsp; $824 | &nbsp;&nbsp;&nbsp; $689 | &nbsp;&nbsp;&nbsp; $103 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 29 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (456)<br>| &nbsp;&nbsp;&nbsp; (739)<br>| &nbsp;&nbsp;&nbsp; (78)<br>| &nbsp;&nbsp;&nbsp; (28)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 672 | &nbsp;&nbsp;&nbsp; 104 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 271 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 14 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (472)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; (187)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2299 | &nbsp;&nbsp;&nbsp; 10257 | &nbsp;&nbsp;&nbsp; 3414 | &nbsp;&nbsp;&nbsp; 11236 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 91 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4247)<br>| &nbsp;&nbsp;&nbsp; (1927)<br>| &nbsp;&nbsp;&nbsp; (6179)<br>| &nbsp;&nbsp;&nbsp; (1496)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; (1926)<br>| &nbsp;&nbsp;&nbsp; 8428 | &nbsp;&nbsp;&nbsp; (2691)<br>| &nbsp;&nbsp;&nbsp; 9831 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2772 | &nbsp;&nbsp;&nbsp; 7525 | &nbsp;&nbsp;&nbsp; 2794 | &nbsp;&nbsp;&nbsp; 6674 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1465 | &nbsp;&nbsp;&nbsp; 1119 | &nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp; 1113 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2812)<br>| &nbsp;&nbsp;&nbsp; (5290)<br>| &nbsp;&nbsp;&nbsp; (3687)<br>| &nbsp;&nbsp;&nbsp; (5184)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 1425 | &nbsp;&nbsp;&nbsp; 3354 | &nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; 2603 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 17715 | &nbsp;&nbsp;&nbsp; 3114 | &nbsp;&nbsp;&nbsp; 14269 | &nbsp;&nbsp;&nbsp; 3305 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 879 | &nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 894 | &nbsp;&nbsp;&nbsp; 609 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (10980)<br>| &nbsp;&nbsp;&nbsp; (3930)<br>| &nbsp;&nbsp;&nbsp; (10176)<br>| &nbsp;&nbsp;&nbsp; (2708)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 7614 | &nbsp;&nbsp;&nbsp; (256)<br>| &nbsp;&nbsp;&nbsp; 4987 | &nbsp;&nbsp;&nbsp; 1206 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 190881 | &nbsp;&nbsp;&nbsp; 555974 | &nbsp;&nbsp;&nbsp; 237510 | &nbsp;&nbsp;&nbsp; 599042 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 94834 | &nbsp;&nbsp;&nbsp; 78491 | &nbsp;&nbsp;&nbsp; 99049 | &nbsp;&nbsp;&nbsp; 77668 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (249381)<br>| &nbsp;&nbsp;&nbsp; (505879)<br>| &nbsp;&nbsp;&nbsp; (197721)<br>| &nbsp;&nbsp;&nbsp; (537925)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 36334 | &nbsp;&nbsp;&nbsp; 128586 | &nbsp;&nbsp;&nbsp; 138838 | &nbsp;&nbsp;&nbsp; 138785 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $43564 | &nbsp;&nbsp;&nbsp; $140569 | &nbsp;&nbsp;&nbsp; $142314 | &nbsp;&nbsp;&nbsp; $152342 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 4 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 4 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 105

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend 2030 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2030 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2035 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2035 Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 9 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (16)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (7)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 381 | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 375 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 |
| Redeemed | &nbsp;&nbsp;&nbsp; (144)<br>| &nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp; (185)<br>| &nbsp;&nbsp;&nbsp; (50)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp; (80)<br>| &nbsp;&nbsp;&nbsp; 328 |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 225 |
| Reinvested | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 38 |
| Redeemed | &nbsp;&nbsp;&nbsp; (98)<br>| &nbsp;&nbsp;&nbsp; (200)<br>| &nbsp;&nbsp;&nbsp; (112)<br>| &nbsp;&nbsp;&nbsp; (178)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 85 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 112 |
| Reinvested | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 21 |
| Redeemed | &nbsp;&nbsp;&nbsp; (383)<br>| &nbsp;&nbsp;&nbsp; (147)<br>| &nbsp;&nbsp;&nbsp; (313)<br>| &nbsp;&nbsp;&nbsp; (90)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 43 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6582 | &nbsp;&nbsp;&nbsp; 21206 | &nbsp;&nbsp;&nbsp; 7228 | &nbsp;&nbsp;&nbsp; 20446 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3268 | &nbsp;&nbsp;&nbsp; 3027 | &nbsp;&nbsp;&nbsp; 2994 | &nbsp;&nbsp;&nbsp; 2675 |
| Redeemed | &nbsp;&nbsp;&nbsp; (8590)<br>| &nbsp;&nbsp;&nbsp; (19019)<br>| &nbsp;&nbsp;&nbsp; (6025)<br>| &nbsp;&nbsp;&nbsp; (18179)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp; 5214 | &nbsp;&nbsp;&nbsp; 4197 | &nbsp;&nbsp;&nbsp; 4942 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

106 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2040 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2040 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2045 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2045 Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $205 | &nbsp;&nbsp;&nbsp; $170 | &nbsp;&nbsp;&nbsp; $28 | &nbsp;&nbsp;&nbsp; $34 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 75 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (125)<br>| &nbsp;&nbsp;&nbsp; (504)<br>| &nbsp;&nbsp;&nbsp; (177)<br>| &nbsp;&nbsp;&nbsp; (281)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; (239)<br>| &nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; (172)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 21 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (405)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (717)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; (685)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2590 | &nbsp;&nbsp;&nbsp; 9515 | &nbsp;&nbsp;&nbsp; 2437 | &nbsp;&nbsp;&nbsp; 6826 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 20 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2599)<br>| &nbsp;&nbsp;&nbsp; (1780)<br>| &nbsp;&nbsp;&nbsp; (1722)<br>| &nbsp;&nbsp;&nbsp; (1630)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 7791 | &nbsp;&nbsp;&nbsp; 753 | &nbsp;&nbsp;&nbsp; 5216 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2195 | &nbsp;&nbsp;&nbsp; 4622 | &nbsp;&nbsp;&nbsp; 2550 | &nbsp;&nbsp;&nbsp; 5780 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp; 851 | &nbsp;&nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp; 601 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2487)<br>| &nbsp;&nbsp;&nbsp; (2789)<br>| &nbsp;&nbsp;&nbsp; (2163)<br>| &nbsp;&nbsp;&nbsp; (2333)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 815 | &nbsp;&nbsp;&nbsp; 2684 | &nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp; 4048 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 5661 | &nbsp;&nbsp;&nbsp; 2730 | &nbsp;&nbsp;&nbsp; 6805 | &nbsp;&nbsp;&nbsp; 2426 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 439 | &nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp; 273 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (6919)<br>| &nbsp;&nbsp;&nbsp; (1622)<br>| &nbsp;&nbsp;&nbsp; (5967)<br>| &nbsp;&nbsp;&nbsp; (2132)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (819)<br>| &nbsp;&nbsp;&nbsp; 1466 | &nbsp;&nbsp;&nbsp; 1216 | &nbsp;&nbsp;&nbsp; 567 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 216093 | &nbsp;&nbsp;&nbsp; 508127 | &nbsp;&nbsp;&nbsp; 205151 | &nbsp;&nbsp;&nbsp; 435057 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 83229 | &nbsp;&nbsp;&nbsp; 62952 | &nbsp;&nbsp;&nbsp; 66351 | &nbsp;&nbsp;&nbsp; 48810 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (168960)<br>| &nbsp;&nbsp;&nbsp; (444954)<br>| &nbsp;&nbsp;&nbsp; (137813)<br>| &nbsp;&nbsp;&nbsp; (419151)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 130362 | &nbsp;&nbsp;&nbsp; 126125 | &nbsp;&nbsp;&nbsp; 133689 | &nbsp;&nbsp;&nbsp; 64716 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $130711 | &nbsp;&nbsp;&nbsp; $138021 | &nbsp;&nbsp;&nbsp; $136835 | &nbsp;&nbsp;&nbsp; $73690 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (8)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (5)<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 JPMorgan SmartRetirement® Blend Funds 107

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend 2040 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2040 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2045 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2045 Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (22)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (20)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 203 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp; (49)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 155 |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 174 |
| Reinvested | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 18 |
| Redeemed | &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp; (69)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 123 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; 72 |
| Reinvested | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 8 |
| Redeemed | &nbsp;&nbsp;&nbsp; (197)<br>| &nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; (160)<br>| &nbsp;&nbsp;&nbsp; (63)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 17 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6062 | &nbsp;&nbsp;&nbsp; 16174 | &nbsp;&nbsp;&nbsp; 5426 | &nbsp;&nbsp;&nbsp; 13135 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2312 | &nbsp;&nbsp;&nbsp; 2022 | &nbsp;&nbsp;&nbsp; 1730 | &nbsp;&nbsp;&nbsp; 1486 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4763)<br>| &nbsp;&nbsp;&nbsp; (13968)<br>| &nbsp;&nbsp;&nbsp; (3660)<br>| &nbsp;&nbsp;&nbsp; (12574)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 3611 | &nbsp;&nbsp;&nbsp; 4228 | &nbsp;&nbsp;&nbsp; 3496 | &nbsp;&nbsp;&nbsp; 2047 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

108 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2050 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2050 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2055 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2055 Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $34 | &nbsp;&nbsp;&nbsp; $84 | &nbsp;&nbsp;&nbsp; $323 | &nbsp;&nbsp;&nbsp; $29 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 18 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (45)<br>| &nbsp;&nbsp;&nbsp; (366)<br>| &nbsp;&nbsp;&nbsp; (119)<br>| &nbsp;&nbsp;&nbsp; (5)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; (252)<br>| &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 42 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 833 | &nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 68 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 6 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (541)<br>| &nbsp;&nbsp;&nbsp; (579)<br>| &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (354)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (458)<br>| &nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; (280)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 3123 | &nbsp;&nbsp;&nbsp; 9942 | &nbsp;&nbsp;&nbsp; 1878 | &nbsp;&nbsp;&nbsp; 989 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 8 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1791)<br>| &nbsp;&nbsp;&nbsp; (778)<br>| &nbsp;&nbsp;&nbsp; (305)<br>| &nbsp;&nbsp;&nbsp; (398)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 1346 | &nbsp;&nbsp;&nbsp; 9168 | &nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 599 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2232 | &nbsp;&nbsp;&nbsp; 4259 | &nbsp;&nbsp;&nbsp; 1572 | &nbsp;&nbsp;&nbsp; 3061 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 824 | &nbsp;&nbsp;&nbsp; 587 | &nbsp;&nbsp;&nbsp; 457 | &nbsp;&nbsp;&nbsp; 337 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2376)<br>| &nbsp;&nbsp;&nbsp; (3195)<br>| &nbsp;&nbsp;&nbsp; (1807)<br>| &nbsp;&nbsp;&nbsp; (1391)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp; 1651 | &nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp; 2007 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 5070 | &nbsp;&nbsp;&nbsp; 2206 | &nbsp;&nbsp;&nbsp; 3410 | &nbsp;&nbsp;&nbsp; 1793 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; 152 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4419)<br>| &nbsp;&nbsp;&nbsp; (1266)<br>| &nbsp;&nbsp;&nbsp; (3344)<br>| &nbsp;&nbsp;&nbsp; (1217)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 966 | &nbsp;&nbsp;&nbsp; 1148 | &nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp; 728 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 192412 | &nbsp;&nbsp;&nbsp; 383093 | &nbsp;&nbsp;&nbsp; 149037 | &nbsp;&nbsp;&nbsp; 280467 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 53690 | &nbsp;&nbsp;&nbsp; 36282 | &nbsp;&nbsp;&nbsp; 33636 | &nbsp;&nbsp;&nbsp; 23273 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (108290)<br>| &nbsp;&nbsp;&nbsp; (327198)<br>| &nbsp;&nbsp;&nbsp; (86333)<br>| &nbsp;&nbsp;&nbsp; (262117)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 137812 | &nbsp;&nbsp;&nbsp; 92177 | &nbsp;&nbsp;&nbsp; 96340 | &nbsp;&nbsp;&nbsp; 41623 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $140369 | &nbsp;&nbsp;&nbsp; $104161 | &nbsp;&nbsp;&nbsp; $98949 | &nbsp;&nbsp;&nbsp; $44719 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 1 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; 6 | &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 JPMorgan SmartRetirement® Blend Funds 109

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend 2050 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2050 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2055 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2055 Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 2 |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (11)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; (9)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 30 |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (12)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 18 |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 92 |
| Reinvested | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 10 |
| Redeemed | &nbsp;&nbsp;&nbsp; (63)<br>| &nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp; (41)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 61 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 54 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 5 |
| Redeemed | &nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp; (38)<br>| &nbsp;&nbsp;&nbsp; (90)<br>| &nbsp;&nbsp;&nbsp; (37)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 22 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5039 | &nbsp;&nbsp;&nbsp; 11470 | &nbsp;&nbsp;&nbsp; 3934 | &nbsp;&nbsp;&nbsp; 8425 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1382 | &nbsp;&nbsp;&nbsp; 1098 | &nbsp;&nbsp;&nbsp; 871 | &nbsp;&nbsp;&nbsp; 709 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2847)<br>| &nbsp;&nbsp;&nbsp; (9676)<br>| &nbsp;&nbsp;&nbsp; (2280)<br>| &nbsp;&nbsp;&nbsp; (7841)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 3574 | &nbsp;&nbsp;&nbsp; 2892 | &nbsp;&nbsp;&nbsp; 2525 | &nbsp;&nbsp;&nbsp; 1293 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

110 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement® Blend 2060 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2060 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2065 Fund** | **JPMorgan** <br>**SmartRetirement® Blend 2065 Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $24 | &nbsp;&nbsp;&nbsp; $34 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $18 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (3)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 16 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (39)<br>| &nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1185 | &nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp; 193 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (131)<br>| &nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp; (68)<br>| &nbsp;&nbsp;&nbsp; (28)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 1069 | &nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp; 165 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1724 | &nbsp;&nbsp;&nbsp; 1968 | &nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1265)<br>| &nbsp;&nbsp;&nbsp; (376)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 646 | &nbsp;&nbsp;&nbsp; 1713 | &nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2079 | &nbsp;&nbsp;&nbsp; 1494 | &nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp; 282 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 1 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1081)<br>| &nbsp;&nbsp;&nbsp; (1457)<br>| &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; (26)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 1118 | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 257 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 124080 | &nbsp;&nbsp;&nbsp; 240040 | &nbsp;&nbsp;&nbsp; 40370 | &nbsp;&nbsp;&nbsp; 68476 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 20386 | &nbsp;&nbsp;&nbsp; 12567 | &nbsp;&nbsp;&nbsp; 2686 | &nbsp;&nbsp;&nbsp; 842 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (49156)<br>| &nbsp;&nbsp;&nbsp; (186754)<br>| &nbsp;&nbsp;&nbsp; (13047)<br>| &nbsp;&nbsp;&nbsp; (23979)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 95310 | &nbsp;&nbsp;&nbsp; 65853 | &nbsp;&nbsp;&nbsp; 30009 | &nbsp;&nbsp;&nbsp; 45339 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $98556 | &nbsp;&nbsp;&nbsp; $68469 | &nbsp;&nbsp;&nbsp; $30671 | &nbsp;&nbsp;&nbsp; $45777 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Reinvested | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 111

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement® Blend 2060 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2060 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2065 Fund** | **JPMorgan**<br> **SmartRetirement® Blend 2065 Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 10 |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 9 |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Reinvested | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (43)<br>| &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 13 |
| Reinvested | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 12 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4198 | &nbsp;&nbsp;&nbsp; 9231 | &nbsp;&nbsp;&nbsp; 1729 | &nbsp;&nbsp;&nbsp; 3320 |
| Reinvested | &nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 41 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1663)<br>| &nbsp;&nbsp;&nbsp; (7080)<br>| &nbsp;&nbsp;&nbsp; (558)<br>| &nbsp;&nbsp;&nbsp; (1167)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 3210 | &nbsp;&nbsp;&nbsp; 2641 | &nbsp;&nbsp;&nbsp; 1283 | &nbsp;&nbsp;&nbsp; 2194 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

112 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

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

113 <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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend Income Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $19.34 | &nbsp;&nbsp; $0.37 | &nbsp;&nbsp; $0.83 | &nbsp;&nbsp; $1.20 | &nbsp;&nbsp; $(0.63)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.63)<br>|
| Year Ended June 30, 2025 | 18.10 | 0.67 | 1.14 | 1.81 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2024 | 17.05 | 0.54 | 1.03 | 1.57 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2023 | 16.42 | 0.42 | 0.61 | 1.03 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2022 | 19.48 | 0.38 | &nbsp;&nbsp; (2.66)<br>| &nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.78)<br>|
| Year Ended June 30, 2021 | 17.65 | 0.33 | 2.28 | 2.61 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.78)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 19.25 | 0.32 | 0.82 | 1.14 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.56)<br>|
| Year Ended June 30, 2025 | 18.06 | 0.65 | 1.06 | 1.71 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2024 | 17.02 | 0.48 | 1.00 | 1.48 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| Year Ended June 30, 2023 | 16.41 | 0.36 | 0.59 | 0.95 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2022 | 19.47 | 0.26 | &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (2.38)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2021 | 17.64 | 0.24 | 2.28 | 2.52 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.69)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 19.80 | 0.33 | 0.87 | 1.20 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.56)<br>|
| Year Ended June 30, 2025 | 18.54 | 0.66 | 1.15 | 1.81 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2024 | 17.00 | 0.47 | 1.07 | 1.54 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 16.39 | 0.36 | 0.63 | 0.99 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended June 30, 2022 | 19.47 | 0.34 | &nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.75)<br>|
| Year Ended June 30, 2021 | 17.64 | 0.28 | 2.28 | 2.56 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.73)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 19.26 | 0.36 | 0.83 | 1.19 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2025 | 18.06 | 0.65 | 1.16 | 1.81 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2024 | 17.02 | 0.56 | 1.00 | 1.56 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2023 | 16.41 | 0.44 | 0.60 | 1.04 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2022 | 19.48 | 0.39 | &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp; (2.29)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.78)<br>|
| Year Ended June 30, 2021 | 17.65 | 0.47 | 2.15 | 2.62 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.79)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 19.27 | 0.38 | 0.84 | 1.22 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2025 | 18.07 | 0.68 | 1.16 | 1.84 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2024 | 17.03 | 0.59 | 1.00 | 1.59 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2023 | 16.42 | 0.46 | 0.60 | 1.06 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2022 | 19.48 | 0.41 | &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp; (2.27)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2021 | 17.64 | 0.35 | 2.30 | 2.65 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.81)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

114 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 115

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend Income Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $19.29 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $0.83 | &nbsp;&nbsp; $1.22 | &nbsp;&nbsp; $(0.66)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.66)<br>|
| Year Ended June 30, 2025 | 18.09 | 0.71 | 1.14 | 1.85 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2024 | 17.05 | 0.61 | 1.00 | 1.61 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2023 | 16.44 | 0.48 | 0.60 | 1.08 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|
| Year Ended June 30, 2022 | 19.49 | 0.43 | &nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2021 | 17.65 | 0.39 | 2.28 | 2.67 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.83)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

116 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1531740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1534106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 626352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 640121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 117

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2025 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $24.55 | &nbsp;&nbsp; $0.47 | &nbsp;&nbsp; $1.10 | &nbsp;&nbsp; $1.57 | &nbsp;&nbsp; $(0.89)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.89)<br>|
| Year Ended June 30, 2025 | 22.95 | 0.76 | 1.59 | 2.35 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.75)<br>|
| Year Ended June 30, 2024 | 21.42 | 0.66 | 1.49 | 2.15 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2023 | 20.26 | 0.49 | 1.08 | 1.57 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2022 | 24.44 | 0.47 | &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.04)<br>|
| Year Ended June 30, 2021 | 20.88 | 0.39 | 3.98 | 4.37 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.81)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.33 | 0.40 | 1.10 | 1.50 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2025 | 22.76 | 0.64 | 1.58 | 2.22 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2024 | 21.27 | 0.56 | 1.45 | 2.01 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2023 | 20.19 | 0.42 | 1.05 | 1.47 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2022 | 24.43 | 0.36 | &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2021 | 20.88 | 0.27 | 3.97 | 4.24 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.69)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.78 | 0.42 | 1.15 | 1.57 | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.82)<br>|
| Year Ended June 30, 2025 | 23.17 | 0.75 | 1.57 | 2.32 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2024 | 21.33 | 0.59 | 1.50 | 2.09 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended June 30, 2023 | 20.20 | 0.40 | 1.12 | 1.52 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2022 | 24.40 | 0.41 | &nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp; (3.19)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.01)<br>|
| Year Ended June 30, 2021 | 20.86 | 0.33 | 3.96 | 4.29 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.75)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.46 | 0.46 | 1.11 | 1.57 | &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2025 | 22.88 | 0.76 | 1.58 | 2.34 | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.76)<br>|
| Year Ended June 30, 2024 | 21.35 | 0.66 | 1.48 | 2.14 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2023 | 20.28 | 0.51 | 1.06 | 1.57 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2022 | 24.46 | 0.48 | &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.04)<br>|
| Year Ended June 30, 2021 | 20.91 | 0.48 | 3.88 | 4.36 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.81)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.49 | 0.50 | 1.10 | 1.60 | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.93)<br>|
| Year Ended June 30, 2025 | 22.90 | 0.79 | 1.59 | 2.38 | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2024 | 21.37 | 0.68 | 1.49 | 2.17 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2023 | 20.28 | 0.52 | 1.09 | 1.61 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2022 | 24.45 | 0.51 | &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (3.11)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.06)<br>|
| Year Ended June 30, 2021 | 20.89 | 0.41 | 3.99 | 4.40 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.84)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

118 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8987 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 119

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2025 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $24.49 | &nbsp;&nbsp; $0.49 | &nbsp;&nbsp; $1.11 | &nbsp;&nbsp; $1.60 | &nbsp;&nbsp; $(0.94)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.94)<br>|
| Year Ended June 30, 2025 | 22.90 | 0.81 | 1.59 | 2.40 | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.81)<br>|
| Year Ended June 30, 2024 | 21.38 | 0.72 | 1.47 | 2.19 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>|
| Year Ended June 30, 2023 | 20.30 | 0.57 | 1.05 | 1.62 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.54)<br>|
| Year Ended June 30, 2022 | 24.46 | 0.54 | &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.07)<br>|
| Year Ended June 30, 2021 | 20.90 | 0.46 | 3.96 | 4.42 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.86)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

120 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $25.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1895229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1884658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1871274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1826031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1718926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2118605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 121

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2030 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $27.89 | &nbsp;&nbsp; $0.48 | &nbsp;&nbsp; $1.61 | &nbsp;&nbsp; $2.09 | &nbsp;&nbsp; $(0.89)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.89)<br>|
| Year Ended June 30, 2025 | 25.70 | 0.77 | 2.16 | 2.93 | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.74)<br>|
| Year Ended June 30, 2024 | 23.56 | 0.68 | 2.08 | 2.76 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2023 | 21.86 | 0.48 | 1.64 | 2.12 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2022 | 26.66 | 0.50 | &nbsp;&nbsp; (4.14)<br>| &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>|
| Year Ended June 30, 2021 | 21.81 | 0.40 | 5.12 | 5.52 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.67)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 27.75 | 0.42 | 1.58 | 2.00 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2025 | 25.59 | 0.66 | 2.13 | 2.79 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2024 | 23.46 | 0.55 | 2.07 | 2.62 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|
| Year Ended June 30, 2023 | 21.90 | 0.44 | 1.56 | 2.00 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| Year Ended June 30, 2022 | 26.76 | 0.44 | &nbsp;&nbsp; (4.22)<br>| &nbsp;&nbsp; (3.78)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.08)<br>|
| Year Ended June 30, 2021 | 21.87 | 0.27 | 5.14 | 5.41 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.52)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 28.13 | 0.43 | 1.64 | 2.07 | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.82)<br>|
| Year Ended June 30, 2025 | 25.91 | 0.76 | 2.14 | 2.90 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2024 | 23.43 | 0.60 | 2.10 | 2.70 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| Year Ended June 30, 2023 | 21.77 | 0.39 | 1.67 | 2.06 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2022 | 26.59 | 0.44 | &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.13)<br>|
| Year Ended June 30, 2021 | 21.75 | 0.34 | 5.10 | 5.44 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.60)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 27.83 | 0.49 | 1.59 | 2.08 | &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.89)<br>|
| Year Ended June 30, 2025 | 25.64 | 0.77 | 2.16 | 2.93 | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.74)<br>|
| Year Ended June 30, 2024 | 23.50 | 0.67 | 2.08 | 2.75 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2023 | 21.87 | 0.52 | 1.60 | 2.12 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|
| Year Ended June 30, 2022 | 26.67 | 0.51 | &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.16)<br>|
| Year Ended June 30, 2021 | 21.82 | 0.51 | 5.01 | 5.52 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.67)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 27.85 | 0.56 | 1.55 | 2.11 | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.94)<br>|
| Year Ended June 30, 2025 | 25.66 | 0.81 | 2.16 | 2.97 | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.78)<br>|
| Year Ended June 30, 2024 | 23.51 | 0.70 | 2.09 | 2.79 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2023 | 21.87 | 0.53 | 1.62 | 2.15 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2022 | 26.66 | 0.54 | &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (3.61)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.18)<br>|
| Year Ended June 30, 2021 | 21.80 | 0.42 | 5.14 | 5.56 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.70)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

122 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 123

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2030 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $27.86 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $1.60 | &nbsp;&nbsp; $2.12 | &nbsp;&nbsp; $(0.96)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.96)<br>|
| Year Ended June 30, 2025 | 25.66 | 0.84 | 2.16 | 3.00 | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 23.53 | 0.74 | 2.07 | 2.81 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2023 | 21.90 | 0.58 | 1.59 | 2.17 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.54)<br>|
| Year Ended June 30, 2022 | 26.67 | 0.58 | &nbsp;&nbsp; (4.15)<br>| &nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.20)<br>|
| Year Ended June 30, 2021 | 21.81 | 0.48 | 5.11 | 5.59 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.73)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

124 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $29.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3026284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2869975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2509890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2293258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2051907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2411541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 125

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2035 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $31.42 | &nbsp;&nbsp; $0.56 | &nbsp;&nbsp; $2.12 | &nbsp;&nbsp; $2.68 | &nbsp;&nbsp; $(0.95)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.95)<br>|
| Year Ended June 30, 2025 | 28.62 | 0.80 | 2.74 | 3.54 | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.74)<br>|
| Year Ended June 30, 2024 | 25.81 | 0.67 | 2.77 | 3.44 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2023 | 23.50 | 0.49 | 2.24 | 2.73 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2022 | 28.89 | 0.60 | &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (4.04)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2021 | 22.56 | 0.45 | 6.37 | 6.82 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.49)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 31.44 | 0.45 | 2.14 | 2.59 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.66)<br>|
| Year Ended June 30, 2025 | 28.70 | 0.63 | 2.77 | 3.40 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.66)<br>|
| Year Ended June 30, 2024 | 25.95 | 0.58 | 2.75 | 3.33 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2023 | 23.70 | 0.67 | 1.94 | 2.61 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2022 | 28.90 | 0.20 | &nbsp;&nbsp; (4.42)<br>| &nbsp;&nbsp; (4.22)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2021 | 22.58 | 0.37 | 6.32 | 6.69 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.37)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 31.48 | 0.46 | 2.17 | 2.63 | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2025 | 28.67 | 0.78 | 2.70 | 3.48 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>|
| Year Ended June 30, 2024 | 25.68 | 0.60 | 2.76 | 3.36 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended June 30, 2023 | 23.43 | 0.38 | 2.28 | 2.66 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2022 | 28.84 | 0.51 | &nbsp;&nbsp; (4.61)<br>| &nbsp;&nbsp; (4.10)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.31)<br>|
| Year Ended June 30, 2021 | 22.53 | 0.40 | 6.34 | 6.74 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.43)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 31.33 | 0.52 | 2.14 | 2.66 | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.93)<br>|
| Year Ended June 30, 2025 | 28.55 | 0.79 | 2.74 | 3.53 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.75)<br>|
| Year Ended June 30, 2024 | 25.73 | 0.69 | 2.74 | 3.43 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2023 | 23.52 | 0.53 | 2.19 | 2.72 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2022 | 28.91 | 0.59 | &nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp; (4.04)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2021 | 22.59 | 0.62 | 6.20 | 6.82 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.50)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 31.37 | 0.58 | 2.11 | 2.69 | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2025 | 28.58 | 0.84 | 2.74 | 3.58 | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2024 | 25.76 | 0.73 | 2.75 | 3.48 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.66)<br>|
| Year Ended June 30, 2023 | 23.54 | 0.55 | 2.20 | 2.75 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2022 | 28.91 | 0.61 | &nbsp;&nbsp; (4.61)<br>| &nbsp;&nbsp; (4.00)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended June 30, 2021 | 22.58 | 0.49 | 6.37 | 6.86 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.53)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

126 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 127

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2035 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $31.38 | &nbsp;&nbsp; $0.57 | &nbsp;&nbsp; $2.14 | &nbsp;&nbsp; $2.71 | &nbsp;&nbsp; $(1.01)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1.01)<br>|
| Year Ended June 30, 2025 | 28.58 | 0.87 | 2.75 | 3.62 | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.82)<br>|
| Year Ended June 30, 2024 | 25.77 | 0.77 | 2.73 | 3.50 | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.69)<br>|
| Year Ended June 30, 2023 | 23.55 | 0.60 | 2.18 | 2.78 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.56)<br>|
| Year Ended June 30, 2022 | 28.92 | 0.66 | &nbsp;&nbsp; (4.65)<br>| &nbsp;&nbsp; (3.99)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.38)<br>|
| Year Ended June 30, 2021 | 22.58 | 0.56 | 6.33 | 6.89 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.55)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

128 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3465924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3155970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2734034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2312149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1949560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2230329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 129

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2040 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $33.84 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $2.60 | &nbsp;&nbsp; $3.12 | &nbsp;&nbsp; $(0.90)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.90)<br>|
| Year Ended June 30, 2025 | 30.52 | 0.73 | 3.30 | 4.03 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2024 | 27.16 | 0.67 | 3.31 | 3.98 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2023 | 24.42 | 0.48 | 2.70 | 3.18 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| Year Ended June 30, 2022 | 30.22 | 0.60 | &nbsp;&nbsp; (4.96)<br>| &nbsp;&nbsp; (4.36)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (1.44)<br>|
| Year Ended June 30, 2021 | 22.92 | 0.46 | 7.29 | 7.75 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 33.55 | 0.44 | 2.57 | 3.01 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.75)<br>|
| Year Ended June 30, 2025 | 30.29 | 0.63 | 3.20 | 3.83 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2024 | 27.00 | 0.50 | 3.31 | 3.81 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2023 | 24.40 | 0.71 | 2.33 | 3.04 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| Year Ended June 30, 2022 | 30.25 | 0.40 | &nbsp;&nbsp; (4.91)<br>| &nbsp;&nbsp; (4.51)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (1.34)<br>|
| Year Ended June 30, 2021 | 22.93 | 0.30 | 7.31 | 7.61 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 34.03 | 0.46 | 2.64 | 3.10 | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.83)<br>|
| Year Ended June 30, 2025 | 30.71 | 0.74 | 3.23 | 3.97 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2024 | 27.01 | 0.58 | 3.33 | 3.91 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>|
| Year Ended June 30, 2023 | 24.32 | 0.36 | 2.74 | 3.10 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2022 | 30.13 | 0.52 | &nbsp;&nbsp; (4.93)<br>| &nbsp;&nbsp; (4.41)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (1.40)<br>|
| Year Ended June 30, 2021 | 22.86 | 0.39 | 7.27 | 7.66 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 33.76 | 0.51 | 2.61 | 3.12 | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2025 | 30.45 | 0.74 | 3.28 | 4.02 | &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2024 | 27.09 | 0.67 | 3.29 | 3.96 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.60)<br>|
| Year Ended June 30, 2023 | 24.41 | 0.52 | 2.66 | 3.18 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2022 | 30.21 | 0.60 | &nbsp;&nbsp; (4.96)<br>| &nbsp;&nbsp; (4.36)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (1.44)<br>|
| Year Ended June 30, 2021 | 22.92 | 0.63 | 7.12 | 7.75 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.46)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 33.81 | 0.54 | 2.61 | 3.15 | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.95)<br>|
| Year Ended June 30, 2025 | 30.50 | 0.79 | 3.28 | 4.07 | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.76)<br>|
| Year Ended June 30, 2024 | 27.12 | 0.69 | 3.33 | 4.02 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2023 | 24.44 | 0.53 | 2.68 | 3.21 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2022 | 30.21 | 0.64 | &nbsp;&nbsp; (4.95)<br>| &nbsp;&nbsp; (4.31)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (1.46)<br>|
| Year Ended June 30, 2021 | 22.92 | 0.49 | 7.29 | 7.78 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

130 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 131

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2040 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $33.81 | &nbsp;&nbsp; $0.56 | &nbsp;&nbsp; $2.61 | &nbsp;&nbsp; $3.17 | &nbsp;&nbsp; $(0.98)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.98)<br>|
| Year Ended June 30, 2025 | 30.50 | 0.82 | 3.28 | 4.10 | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2024 | 27.13 | 0.74 | 3.31 | 4.05 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2023 | 24.45 | 0.60 | 2.63 | 3.23 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2022 | 30.21 | 0.67 | &nbsp;&nbsp; (4.95)<br>| &nbsp;&nbsp; (4.28)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (1.48)<br>|
| Year Ended June 30, 2021 | 22.92 | 0.56 | 7.25 | 7.81 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

132 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $36.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3230761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2912336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2497858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2110679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1728200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2001424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 133

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2045 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $35.73 | &nbsp;&nbsp; $0.50 | &nbsp;&nbsp; $2.99 | &nbsp;&nbsp; $3.49 | &nbsp;&nbsp; $(0.87)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.87)<br>|
| Year Ended June 30, 2025 | 32.01 | 0.69 | 3.70 | 4.39 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.67)<br>|
| Year Ended June 30, 2024 | 28.19 | 0.62 | 3.78 | 4.40 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2023 | 25.07 | 0.49 | 3.06 | 3.55 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2022 | 31.00 | 0.61 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; (4.57)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.36)<br>|
| Year Ended June 30, 2021 | 22.97 | 0.45 | 8.02 | 8.47 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 35.44 | 0.66 | 2.70 | 3.36 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2025 | 31.77 | 0.42 | 3.77 | 4.19 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2024 | 28.09 | 0.53 | 3.70 | 4.23 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2023 | 25.06 | 1.05 | 2.36 | 3.41 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended June 30, 2022 | 31.02 | 0.34 | &nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.24)<br>|
| Year Ended June 30, 2021 | 22.98 | 0.30 | 8.03 | 8.33 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 35.84 | 0.47 | 2.99 | 3.46 | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.81)<br>|
| Year Ended June 30, 2025 | 32.09 | 0.68 | 3.64 | 4.32 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2024 | 28.07 | 0.52 | 3.81 | 4.33 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended June 30, 2023 | 24.98 | 0.33 | 3.14 | 3.47 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended June 30, 2022 | 30.93 | 0.52 | &nbsp;&nbsp; (5.15)<br>| &nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.32)<br>|
| Year Ended June 30, 2021 | 22.92 | 0.38 | 8.00 | 8.38 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 35.67 | 0.51 | 2.98 | 3.49 | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.87)<br>|
| Year Ended June 30, 2025 | 31.97 | 0.70 | 3.68 | 4.38 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2024 | 28.13 | 0.63 | 3.77 | 4.40 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.56)<br>|
| Year Ended June 30, 2023 | 25.07 | 0.49 | 3.05 | 3.54 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2022 | 31.00 | 0.61 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; (4.57)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.36)<br>|
| Year Ended June 30, 2021 | 22.98 | 0.62 | 7.85 | 8.47 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 35.74 | 0.56 | 2.96 | 3.52 | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.93)<br>|
| Year Ended June 30, 2025 | 32.02 | 0.74 | 3.70 | 4.44 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72)<br>|
| Year Ended June 30, 2024 | 28.18 | 0.66 | 3.79 | 4.45 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2023 | 25.10 | 0.50 | 3.09 | 3.59 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2022 | 31.02 | 0.63 | &nbsp;&nbsp; (5.17)<br>| &nbsp;&nbsp; (4.54)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.38)<br>|
| Year Ended June 30, 2021 | 22.98 | 0.46 | 8.06 | 8.52 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

134 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 135

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2045 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $35.77 | &nbsp;&nbsp; $0.56 | &nbsp;&nbsp; $2.99 | &nbsp;&nbsp; $3.55 | &nbsp;&nbsp; $(0.96)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.96)<br>|
| Year Ended June 30, 2025 | 32.05 | 0.78 | 3.69 | 4.47 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.75)<br>|
| Year Ended June 30, 2024 | 28.22 | 0.71 | 3.77 | 4.48 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2023 | 25.14 | 0.57 | 3.05 | 3.62 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.54)<br>|
| Year Ended June 30, 2022 | 31.04 | 0.68 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (1.40)<br>|
| Year Ended June 30, 2021 | 23.00 | 0.55 | 8.00 | 8.55 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

136 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2818069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2502904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2176914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1765816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1398380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1584255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 137

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2050 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $36.17 | &nbsp;&nbsp; $0.49 | &nbsp;&nbsp; $3.19 | &nbsp;&nbsp; $3.68 | &nbsp;&nbsp; $(0.83)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.88)<br>|
| Year Ended June 30, 2025 | 32.27 | 0.65 | 3.90 | 4.55 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2024 | 28.30 | 0.69 | 3.85 | 4.54 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2023 | 25.03 | 0.40 | 3.22 | 3.62 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended June 30, 2022 | 31.00 | 0.61 | &nbsp;&nbsp; (5.19)<br>| &nbsp;&nbsp; (4.58)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.39)<br>|
| Year Ended June 30, 2021 | 22.96 | 0.44 | 8.04 | 8.48 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 35.63 | 0.29 | 3.24 | 3.53 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2025 | 31.83 | 0.49 | 3.83 | 4.32 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2024 | 28.00 | 0.47 | 3.87 | 4.34 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2023 | 24.99 | 0.90 | 2.56 | 3.46 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2022 | 30.99 | 0.37 | &nbsp;&nbsp; (5.10)<br>| &nbsp;&nbsp; (4.73)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.27)<br>|
| Year Ended June 30, 2021 | 22.95 | 0.28 | 8.05 | 8.33 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 36.21 | 0.45 | 3.18 | 3.63 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.82)<br>|
| Year Ended June 30, 2025 | 32.32 | 0.72 | 3.75 | 4.47 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 28.10 | 0.50 | 3.96 | 4.46 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>|
| Year Ended June 30, 2023 | 24.94 | 0.31 | 3.22 | 3.53 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended June 30, 2022 | 30.93 | 0.51 | &nbsp;&nbsp; (5.15)<br>| &nbsp;&nbsp; (4.64)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2021 | 22.92 | 0.38 | 8.00 | 8.38 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 35.99 | 0.49 | 3.17 | 3.66 | &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2025 | 32.11 | 0.65 | 3.87 | 4.52 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2024 | 28.14 | 0.60 | 3.92 | 4.52 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2023 | 25.01 | 0.49 | 3.11 | 3.60 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|
| Year Ended June 30, 2022 | 30.97 | 0.61 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; (4.57)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.39)<br>|
| Year Ended June 30, 2021 | 22.95 | 0.64 | 7.83 | 8.47 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 36.05 | 0.55 | 3.14 | 3.69 | &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year Ended June 30, 2025 | 32.15 | 0.71 | 3.88 | 4.59 | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.69)<br>|
| Year Ended June 30, 2024 | 28.17 | 0.61 | 3.96 | 4.57 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.59)<br>|
| Year Ended June 30, 2023 | 25.03 | 0.49 | 3.15 | 3.64 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2022 | 30.97 | 0.62 | &nbsp;&nbsp; (5.15)<br>| &nbsp;&nbsp; (4.53)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.41)<br>|
| Year Ended June 30, 2021 | 22.94 | 0.47 | 8.04 | 8.51 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

138 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 139

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2050 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $36.07 | &nbsp;&nbsp; $0.54 | &nbsp;&nbsp; $3.18 | &nbsp;&nbsp; $3.72 | &nbsp;&nbsp; $(0.92)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.97)<br>|
| Year Ended June 30, 2025 | 32.17 | 0.74 | 3.88 | 4.62 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.72)<br>|
| Year Ended June 30, 2024 | 28.20 | 0.69 | 3.91 | 4.60 | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2023 | 25.06 | 0.56 | 3.10 | 3.66 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2022 | 30.99 | 0.68 | &nbsp;&nbsp; (5.18)<br>| &nbsp;&nbsp; (4.50)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (1.43)<br>|
| Year Ended June 30, 2021 | 22.96 | 0.55 | 7.99 | 8.54 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

140 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2367104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2070559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1753755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1420575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1059409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1211998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 141

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2055 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $35.84 | &nbsp;&nbsp; $0.51 | &nbsp;&nbsp; $3.12 | &nbsp;&nbsp; $3.63 | &nbsp;&nbsp; $(0.83)<br>| &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.86)<br>|
| Year Ended June 30, 2025 | 31.98 | 0.65 | 3.85 | 4.50 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2024 | 28.02 | 0.58 | 3.93 | 4.51 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2023 | 24.84 | 0.45 | 3.13 | 3.58 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2022 | 30.75 | 0.60 | &nbsp;&nbsp; (5.12)<br>| &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.39)<br>|
| Year Ended June 30, 2021 | 22.77 | 0.46 | 7.95 | 8.41 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 35.65 | 1.09 | 2.43 | 3.52 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.78)<br>|
| Year Ended June 30, 2025 | 31.84 | 0.39 | 3.92 | 4.31 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2024 | 27.99 | 0.47 | 3.87 | 4.34 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|
| Year Ended June 30, 2023 | 24.81 | 0.97 | 2.48 | 3.45 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.27)<br>|
| Year Ended June 30, 2022 | 30.76 | 0.36 | &nbsp;&nbsp; (5.03)<br>| &nbsp;&nbsp; (4.67)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.28)<br>|
| Year Ended June 30, 2021 | 22.77 | 0.28 | 7.99 | 8.27 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 35.74 | 0.52 | 3.05 | 3.57 | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.82)<br>|
| Year Ended June 30, 2025 | 31.92 | 0.60 | 3.80 | 4.40 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 27.89 | 0.51 | 3.92 | 4.43 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2023 | 24.73 | 0.33 | 3.17 | 3.50 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2022 | 30.66 | 0.48 | &nbsp;&nbsp; (5.06)<br>| &nbsp;&nbsp; (4.58)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2021 | 22.71 | 0.39 | 7.93 | 8.32 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 35.73 | 0.48 | 3.14 | 3.62 | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2025 | 31.89 | 0.65 | 3.84 | 4.49 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.65)<br>|
| Year Ended June 30, 2024 | 27.93 | 0.60 | 3.89 | 4.49 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2023 | 24.81 | 0.49 | 3.08 | 3.57 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2022 | 30.72 | 0.60 | &nbsp;&nbsp; (5.12)<br>| &nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.39)<br>|
| Year Ended June 30, 2021 | 22.75 | 0.60 | 7.81 | 8.41 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 35.82 | 0.54 | 3.11 | 3.65 | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2025 | 31.97 | 0.70 | 3.85 | 4.55 | &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.70)<br>|
| Year Ended June 30, 2024 | 27.99 | 0.61 | 3.94 | 4.55 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2023 | 24.85 | 0.48 | 3.14 | 3.62 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2022 | 30.74 | 0.62 | &nbsp;&nbsp; (5.10)<br>| &nbsp;&nbsp; (4.48)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.41)<br>|
| Year Ended June 30, 2021 | 22.76 | 0.47 | 7.98 | 8.45 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

142 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 143

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2055 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $35.84 | &nbsp;&nbsp; $0.54 | &nbsp;&nbsp; $3.15 | &nbsp;&nbsp; $3.69 | &nbsp;&nbsp; $(0.91)<br>| &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(0.94)<br>|
| Year Ended June 30, 2025 | 31.99 | 0.74 | 3.84 | 4.58 | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.73)<br>|
| Year Ended June 30, 2024 | 28.02 | 0.69 | 3.90 | 4.59 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2023 | 24.88 | 0.56 | 3.09 | 3.65 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2022 | 30.76 | 0.68 | &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (4.45)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.43)<br>|
| Year Ended June 30, 2021 | 22.78 | 0.54 | 7.94 | 8.48 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.50)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

144 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $38.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1437374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1244590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1069375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 145

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2060 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $27.95 | &nbsp;&nbsp; $0.38 | &nbsp;&nbsp; $2.46 | &nbsp;&nbsp; $2.84 | &nbsp;&nbsp; $(0.62)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.67)<br>|
| Year Ended June 30, 2025 | 24.94 | 0.50 | 3.02 | 3.52 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>|
| Year Ended June 30, 2024 | 21.83 | 0.47 | 3.04 | 3.51 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2023 | 19.37 | 0.38 | 2.42 | 2.80 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2022 | 23.77 | 0.86 | &nbsp;&nbsp; (4.36)<br>| &nbsp;&nbsp; (3.50)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2021 | 17.63 | 0.35 | 6.12 | 6.47 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 27.73 | 0.31 | 2.42 | 2.73 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.54)<br>|
| Year Ended June 30, 2025 | 24.77 | 0.39 | 2.98 | 3.37 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2024 | 21.76 | 0.36 | 3.01 | 3.37 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2023 | 19.32 | 0.33 | 2.37 | 2.70 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>|
| Year Ended June 30, 2022 | 23.76 | 0.29 | &nbsp;&nbsp; (3.91)<br>| &nbsp;&nbsp; (3.62)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.82)<br>|
| Year Ended June 30, 2021 | 17.61 | 0.23 | 6.14 | 6.37 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 28.23 | 0.47 | 2.35 | 2.82 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.67)<br>|
| Year Ended June 30, 2025 | 25.26 | 0.59 | 2.91 | 3.50 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2024 | 21.78 | 0.33 | 3.15 | 3.48 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 19.29 | 0.22 | 2.52 | 2.74 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended June 30, 2022 | 23.71 | 0.38 | &nbsp;&nbsp; (3.94)<br>| &nbsp;&nbsp; (3.56)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.86)<br>|
| Year Ended June 30, 2021 | 17.58 | 0.29 | 6.12 | 6.41 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 27.97 | 0.38 | 2.45 | 2.83 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.67)<br>|
| Year Ended June 30, 2025 | 24.96 | 0.52 | 3.01 | 3.53 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2024 | 21.84 | 0.49 | 3.03 | 3.52 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2023 | 19.38 | 0.40 | 2.40 | 2.80 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2022 | 23.80 | 0.47 | &nbsp;&nbsp; (3.99)<br>| &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2021 | 17.65 | 0.32 | 6.16 | 6.48 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 27.98 | 0.44 | 2.42 | 2.86 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.72)<br>|
| Year Ended June 30, 2025 | 24.96 | 0.53 | 3.04 | 3.57 | &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2024 | 21.83 | 0.50 | 3.05 | 3.55 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2023 | 19.35 | 0.40 | 2.43 | 2.83 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended June 30, 2022 | 23.74 | 0.50 | &nbsp;&nbsp; (3.98)<br>| &nbsp;&nbsp; (3.48)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.91)<br>|
| Year Ended June 30, 2021 | 17.60 | 0.38 | 6.12 | 6.50 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

146 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 147

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2060 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $28.00 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $2.44 | &nbsp;&nbsp; $2.87 | &nbsp;&nbsp; $(0.69)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.74)<br>|
| Year Ended June 30, 2025 | 24.98 | 0.58 | 3.02 | 3.60 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 21.85 | 0.55 | 3.03 | 3.58 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2023 | 19.37 | 0.45 | 2.40 | 2.85 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended June 30, 2022 | 23.75 | 0.53 | &nbsp;&nbsp; (3.99)<br>| &nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.92)<br>|
| Year Ended June 30, 2021 | 17.61 | 0.43 | 6.09 | 6.52 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

148 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $30.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $856325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 705641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 149

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan SmartRetirement® Blend 2065 Fund** |  |  |  |  |  |  |  |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $22.11 | &nbsp;&nbsp; $0.30 | &nbsp;&nbsp; $1.91 | &nbsp;&nbsp; $2.21 | &nbsp;&nbsp; $(0.45)<br>| &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $(0.50)<br>|
| Year Ended June 30, 2025 | 19.72 | 0.43 | 2.27 | 2.70 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.31)<br>|
| Year Ended June 30, 2024 | 17.19 | 0.39 | 2.37 | 2.76 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.24 | 2.04 | 2.28 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 22.04 | 0.35 | 1.80 | 2.15 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.45)<br>|
| Year Ended June 30, 2025 | 19.67 | 0.29 | 2.29 | 2.58 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.21)<br>|
| Year Ended June 30, 2024 | 17.15 | 0.28 | 2.39 | 2.67 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.19 | 2.03 | 2.22 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 22.07 | 0.33 | 1.85 | 2.18 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.49)<br>|
| Year Ended June 30, 2025 | 19.70 | 0.48 | 2.15 | 2.63 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.26)<br>|
| Year Ended June 30, 2024 | 17.17 | 0.33 | 2.39 | 2.72 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.21 | 2.04 | 2.25 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 22.11 | 0.63 | 1.58 | 2.21 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.54)<br>|
| Year Ended June 30, 2025 | 19.72 | 0.40 | 2.30 | 2.70 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.31)<br>|
| Year Ended June 30, 2024 | 17.19 | 0.37 | 2.39 | 2.76 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.24 | 2.04 | 2.28 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 22.13 | 0.35 | 1.88 | 2.23 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.54)<br>|
| Year Ended June 30, 2025 | 19.74 | 0.75 | 1.98 | 2.73 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2024 | 17.20 | 0.43 | 2.37 | 2.80 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.26 | 2.03 | 2.29 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 22.15 | 0.36 | 1.88 | 2.24 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.55)<br>|
| Year Ended June 30, 2025 | 19.75 | 0.50 | 2.26 | 2.76 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.36)<br>|
| Year Ended June 30, 2024 | 17.21 | 0.48 | 2.33 | 2.81 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.27)<br>|
| November 1, 2022 (i) through June 30, 2023 | 15.00 | 0.32 | 1.98 | 2.30 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(i) Commencement of operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

150 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(d)(e) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.14<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.29<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.89<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.59<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.76<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.40<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.81<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.34<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.01<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.14<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.12<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.26<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.88<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.67<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.41<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.73<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.97<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.59<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 151

------

**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 IV ("JPM IV") (collectively, the "Trusts") were formed on November 12, 2004 and November 11, 2015, respectively, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies.

The following are 10 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan SmartRetirement<sup>®</sup> Blend Income Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2025 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2030 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2035 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2040 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2045 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2050 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2055 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2060 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan SmartRetirement<sup>®</sup> Blend 2065 Fund | &nbsp;&nbsp; Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM IV | Diversified |

---

JPMorgan SmartRetirement® Blend Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement® Blend Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

JPMorgan SmartRetirement® Blend Income Fund acquired all the assets and liabilities of the JPMorgan SmartRetirement® Blend 2020 Fund in a reorganization on April 25, 2025. Please refer to Note 8 discussing the merger.

All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments**— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trusts (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

152 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Funds are calculated on a valuation date.

Investments in open-end investment companies, excluding exchange-traded funds ("ETFs") ("Underlying Funds"), are valued at each Underlying Fund's NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend Income Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $63496 | &nbsp;&nbsp;&nbsp;&nbsp; $1350 | &nbsp;&nbsp;&nbsp;&nbsp; $64846 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31428 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31428 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12162 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 129042 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 129042 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 349978 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 349978 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3899 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3899 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 153

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend Income Fund** <br> (continued)<br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $681497 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $681497 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117942 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 117942 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 179 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146975 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 44331 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44331 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 1297 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1297 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 45628 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45628 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $1077103 | &nbsp;&nbsp;&nbsp;&nbsp; $505123 | &nbsp;&nbsp;&nbsp;&nbsp; $1350 | &nbsp;&nbsp;&nbsp;&nbsp; $1583576 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $101 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $101 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(102)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(102)<br>|
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $74391 | &nbsp;&nbsp;&nbsp;&nbsp; $1575 | &nbsp;&nbsp;&nbsp;&nbsp; $75966 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38780 | &nbsp;&nbsp;&nbsp;&nbsp; 1957 | &nbsp;&nbsp;&nbsp;&nbsp; 40737 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14024 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14024 |
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3584 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3584 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 810 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49001 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49001 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 518 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2623 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2623 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 414 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 414 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10402 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10402 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1895 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1895 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 702 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 702 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 301 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3888 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3888 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 206 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 602 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 602 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1002 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 787 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 787 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18520 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18520 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 315 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1944 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1944 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3454 | &nbsp;&nbsp;&nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp;&nbsp; 4146 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3387 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3387 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

154 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) |
|  | &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** |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $314 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $314 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1956 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1956 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 525 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5536 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5536 |
| Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 121 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 171 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 826 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 826 |
| Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 255 |
| Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 451 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4377 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4377 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1548 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1548 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 456 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 228 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2498 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2498 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1645 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1645 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2291 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2291 |
| Office REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 269 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9924 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9924 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 567 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 567 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2239 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2239 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 180 |
| Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 515 |
| Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 531 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 531 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3525 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3525 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3780 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3780 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2084 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2084 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1842 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 576 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 576 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 218 |
| Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 533 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1193 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1193 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 156174 | &nbsp;&nbsp;&nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp;&nbsp; 156866 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 442902 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 442902 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3110 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3110 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 858116 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 858116 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 138737 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 138737 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 199 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 185483 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 185483 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 37440 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37440 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 37512 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37512 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $1338530 | &nbsp;&nbsp;&nbsp;&nbsp; $610898 | &nbsp;&nbsp;&nbsp;&nbsp; $4224 | &nbsp;&nbsp;&nbsp;&nbsp; $1953652 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $58 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $58 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 155

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2025 Fund** (continued) |
|  | &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** |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(158)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(158)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(100)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(100)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $95024 | &nbsp;&nbsp;&nbsp;&nbsp; $1757 | &nbsp;&nbsp;&nbsp;&nbsp; $96781 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50505 | &nbsp;&nbsp;&nbsp;&nbsp; 1710 | &nbsp;&nbsp;&nbsp;&nbsp; 52215 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16636 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16636 |
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4254 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4254 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 798 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 798 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66967 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 770 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3886 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3886 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 433 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 239 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15847 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15847 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3155 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3155 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 842 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 842 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 396 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8145 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8145 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 226 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 642 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 642 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88 |
| Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1338 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1338 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1479 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26195 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26195 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 430 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2212 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2212 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3957 | &nbsp;&nbsp;&nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp;&nbsp; 4649 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4060 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4060 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 485 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1947 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1947 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 572 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 572 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7072 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7072 |
| Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 985 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 867 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 867 |
| Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 283 |
| Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 511 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6793 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6793 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2112 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2112 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 388 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 231 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

156 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2030 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2030 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2030 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2030 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2030 Fund** (continued) |
|  | &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** |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3024 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3024 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1746 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3366 |
| Office REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 247 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12073 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12073 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 275 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2683 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2683 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 190 |
| Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 469 |
| Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1098 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1098 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5093 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5093 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3853 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3853 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1964 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1964 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2238 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2238 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 536 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 536 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 264 |
| Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 582 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 582 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1558 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1558 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210567 | &nbsp;&nbsp;&nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp;&nbsp; 211259 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 745826 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 745826 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5212 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5212 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1492986 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1492986 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 168514 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 168514 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 277567 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 277567 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 59336 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59336 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $2298148 | &nbsp;&nbsp;&nbsp;&nbsp; $824234 | &nbsp;&nbsp;&nbsp;&nbsp; $4159 | &nbsp;&nbsp;&nbsp;&nbsp; $3126541 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $92 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $92 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1376)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1376)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1284)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1284)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2035 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $31612 | &nbsp;&nbsp;&nbsp;&nbsp; $960 | &nbsp;&nbsp;&nbsp;&nbsp; $32572 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18202 | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 18552 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5478 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5478 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55887 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55887 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 968945 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 968945 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 157

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2035 Fund** <br> (continued)<br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1508 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1508 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 2300032 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2300032 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49278 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78125 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 73189 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73189 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 241 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 73430 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73430 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $3342407 | &nbsp;&nbsp;&nbsp;&nbsp; $240146 | &nbsp;&nbsp;&nbsp;&nbsp; $1310 | &nbsp;&nbsp;&nbsp;&nbsp; $3583863 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $58 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $58 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1450)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1450)<br>|
| **Total Net Appreciation/ Depreciation in Other**<br> **Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1392)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1392)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2040 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $1049789 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1049789 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 2211431 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2211431 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4300 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4300 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 64291 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64291 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 64422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64422 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $3325642 | &nbsp;&nbsp;&nbsp;&nbsp; $4300 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3329942 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1240)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2045 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $1010997 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1010997 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1833315 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1833315 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3739 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3739 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 53833 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53833 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $2898145 | &nbsp;&nbsp;&nbsp;&nbsp; $3739 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2901884 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

158 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2045 Fund** <br> (continued)<br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1080)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1080)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2050 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $909345 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $909345 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1484668 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1484668 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3127 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 44722 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44722 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $2438735 | &nbsp;&nbsp;&nbsp;&nbsp; $3127 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2441862 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(907)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(907)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2055 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $551293 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $551293 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 900057 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 900057 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2083 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2083 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 26867 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26867 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $1478217 | &nbsp;&nbsp;&nbsp;&nbsp; $2083 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1480300 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(551)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(551)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2060 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $331710 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $331710 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 543272 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 543272 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1293 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1293 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 18393 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18393 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $893375 | &nbsp;&nbsp;&nbsp;&nbsp; $1293 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $894668 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(336)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(336)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 159

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2065 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; $45185 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $45185 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 73773 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73773 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 251 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 2728 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2728 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 595 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 3323 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3323 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $122281 | &nbsp;&nbsp;&nbsp;&nbsp; $251 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $122532 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(49)<br>|

---

**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 had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

**C. Securities Lending** — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the "Securities Lending Agency Agreement"). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund, the Class IM Shares of the JPMorgan Prime Money Market Fund, and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank's fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

160 JPMorgan SmartRetirement® Blend 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>|
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp; $1260 | &nbsp;&nbsp; $(1260)<br>| &nbsp;&nbsp; $— |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp; 70 | &nbsp;&nbsp; (70)<br>| &nbsp;&nbsp; — |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp; 234 | &nbsp;&nbsp; (234)<br>| &nbsp;&nbsp; — |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp; 127 | &nbsp;&nbsp; (127)<br>| &nbsp;&nbsp; — |
| JPMorgan SmartRetirement® Blend 2065 Fund | &nbsp;&nbsp; 579 | &nbsp;&nbsp; (579)<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.

JPMorgan SmartRetirement® Blend 2030 Fund, JPMorgan SmartRetirement® Blend 2045 Fund, JPMorgan SmartRetirement® Blend 2050 Fund, PMorgan SmartRetirement® Blend 2055 Fund and JPMorgan SmartRetirement® Blend 2060 Fund did not lend out any securities during the six months ended December 31, 2025.

**D. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds and ETFs advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds' and ETFs' distributions may be reinvested into such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  | **JPMorgan SmartRetirement® Blend Income Fund**  |
| **For the 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 BetaBuilders Emerging Markets <br> Equity ETF (a) (b)<br>| $29400 | $709 | $3257 | $745 | $1980 | $29577 | 465 | $738 | $705 |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 158947 | 6568 | 17545 | 2730 | 8450 | 159150 | 2201 | 3648 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 12749 | 665 | 678 | 12 | 67 | 12815 | 138 | 237 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 44468 | 376 | 4775 | 1101 | 2969 | 44139 | 414 | 366 |  |
| JPMorgan BetaBuilders U.S. Small Cap <br> Equity ETF (a)<br>| 24631 |  | 3305 | 486 | 2514 | 24326 | 327 | 182 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 163432 | 12402 | 4715 | (385)<br>| 2184 | 172918 | 23622 | 4202 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 28643 | 933 | 2217 | 80 | 1534 | 28973 | 4344 | 933 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 29230 | 1716 | 4697 | 761 | 2744 | 29754 | 1417 | 1089 |  |
| JPMorgan Equity Index Fund Class R6 <br> Shares (a)<br>| 337290 | 6593 | 41054 | 13140 | 19679 | 335648 | 3273 | 2040 | 549 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 112790 | 4220 | 3503 | (9)<br>| 706 | 114204 | 17330 | 3740 |  |
| JPMorgan Inflation Managed Bond ETF (a) | 79597 | 1035 | 560 | 1 | (102)<br>| 79971 | 1660 | 1832 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 161

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend Income Fund** (continued) | **JPMorgan SmartRetirement® Blend Income Fund** (continued) | **JPMorgan SmartRetirement® Blend Income Fund** (continued) | **JPMorgan SmartRetirement® Blend Income Fund** (continued) | **JPMorgan SmartRetirement® Blend Income Fund** (continued) | **JPMorgan SmartRetirement® Blend Income Fund** (continued) | **JPMorgan SmartRetirement® Blend Income Fund** (continued) | **JPMorgan SmartRetirement® Blend Income Fund** (continued) | **JPMorgan SmartRetirement® Blend Income Fund** (continued) | **JPMorgan SmartRetirement® Blend Income Fund** (continued) |
| **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 Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (c)<br>| $— | $4655 | $3358 | $— | $— | $1297 | 1297 | $4<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (c)<br>| 79442 | 131744 | 166855 |  |  | 44331 | 44331 | 1446 |  |
| **Total** | $1100619 | $171616 | $256519 | $18662 | $42725 | $1077103 |  | $20457 | $1254 |

---

&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 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 $1,260.

(c) 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  | **JPMorgan SmartRetirement® Blend 2025 Fund**  |
| **For the 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 BetaBuilders Emerging Markets <br> Equity ETF (a) (b)<br>| $38276 | $1188 | $4181 | $941 | $2583 | $38807 | 610 | $958 | $917 |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 206955 | 5343 | 17960 | 3743 | 10757 | 208838 | 2888 | 4800 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 16561 | 950 | 835 | 41 | 59 | 16776 | 181 | 307 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 57860 | 852 | 6108 | 1746 | 3537 | 57887 | 543 | 474 |  |
| JPMorgan BetaBuilders U.S. Small Cap <br> Equity ETF (a)<br>| 32056 | 164 | 4198 | 653 | 3236 | 31911 | 429 | 238 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 196257 | 16864 | 5812 | (478)<br>| 2624 | 209455 | 28614 | 5035 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 33460 | 1085 | 2305 | 50 | 1822 | 34112 | 5114 | 1085 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 38052 | 2178 | 5725 | 1115 | 3419 | 39039 | 1859 | 1416 |  |
| JPMorgan Equity Index Fund Class R6 <br> Shares (a)<br>| 439299 | 7785 | 49243 | 23935 | 18766 | 440542 | 4296 | 2661 | 714 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 132260 | 5743 | 3850 | (10)<br>| 825 | 134968 | 20481 | 4374 |  |
| JPMorgan Inflation Managed Bond ETF (a) | 87582 | 2556 | 1342 | —<br> (c)<br>| (113)<br>| 88683 | 1840 | 2010 |  |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (d)<br>|  | 325 | 253 |  |  | 72 | 72 | —<br> (c) \*<br>|  |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (d)<br>| 70554 | 152305 | 185419 |  |  | 37440 | 37440 | 1357 |  |
| **Total** | $1349172 | $197338 | $287231 | $31736 | $47515 | $1338530 |  | $24715 | $1631 |

---

&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 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 $70.

(c) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

162 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  | **JPMorgan SmartRetirement® Blend 2030 Fund**  |
| **For the 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 BetaBuilders Emerging Markets <br> Equity ETF (a)<br>| $77651 | $2531 | $6616 | $1464 | $5767 | $80797 | 1270 | $1994 | $1919 |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 420503 | 7870 | 23276 | 3949 | 26257 | 435303 | 6019 | 10067 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 33456 | 2057 | 1058 | 16 | 178 | 34649 | 374 | 635 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 87629 | 1660 | 8097 | 771 | 7312 | 89275 | 838 | 736 |  |
| JPMorgan BetaBuilders U.S. Small Cap <br> Equity ETF (a)<br>| 42514 | 627 | 5443 | 324 | 4876 | 42898 | 577 | 324 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 257367 | 22258 | 779 | (58)<br>| 2951 | 281739 | 38489 | 6690 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 37838 | 2083 | 316 | 1 | 2173 | 41779 | 6263 | 1266 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 77201 | 5012 | 10260 | 1888 | 7438 | 81279 | 3871 | 2964 |  |
| JPMorgan Equity Index Fund Class R6 <br> Shares (a)<br>| 892143 | 10523 | 72423 | 22784 | 65313 | 918340 | 8954 | 5581 | 1497 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 154350 | 14804 | 275 | (11)<br>| 981 | 169849 | 25774 | 5260 |  |
| JPMorgan Inflation Managed Bond ETF (a) | 51757 | 11287 |  |  | (140)<br>| 62904 | 1305 | 1271 |  |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 61547 | 166003 | 168214 |  |  | 59336 | 59336 | 1144 |  |
| **Total** | $2193956 | $246715 | $296757 | $31128 | $123106 | $2298148 |  | $37932 | $3416 |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  | **JPMorgan SmartRetirement® Blend 2035 Fund**  |
| **For the 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 BetaBuilders Emerging Markets <br> Equity ETF (a) (b)<br>| $104120 | $9324 | $10180 | $1250 | $8533 | $113047 | 1777 | $2734 | $2648 |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 563831 | 30852 | 26001 | 445 | 40731 | 609858 | 8433 | 13865 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 44886 | 3961 | 621 | 8 | 227 | 48461 | 523 | 872 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a) (b)<br>| 124470 | 3465 | 6687 | 437 | 11167 | 132852 | 1246 | 1071 |  |
| JPMorgan BetaBuilders U.S. Small Cap <br> Equity ETF (a)<br>| 61301 | 1320 | 5440 | 415 | 7131 | 64727 | 871 | 478 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 630556 | 86569 |  |  | 7152 | 724277 | 98945 | 16679 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 29552 | 2659 | 25 |  | 1719 | 33905 | 5083 | 1003 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 163

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2035 Fund** (continued) |
| **For the 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 Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| $103520 | $8250 | $10710 | $2071 | $10583 | $113714 | 5415 | $4089 | $— |
| JPMorgan Equity Index Fund Class R6 <br> Shares (a)<br>| 1192592 | 27527 | 55490 | 10388 | 108574 | 1283591 | 12516 | 7627 | 2063 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 126122 | 17620 |  |  | 803 | 144545 | 21934 | 4365 |  |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (c)<br>|  | 241 |  |  |  | 241 | 241 | —<br> (d) \*<br>|  |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (c)<br>| 51786 | 175681 | 154278 |  |  | 73189 | 73189 | 1263 |  |
| **Total** | $3032736 | $367469 | $269432 | $15014 | $196620 | $3342407 |  | $54046 | $4711 |

---

&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 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 $234.

(c) The rate shown is the current yield as of December 31, 2025.

(d) Amount rounds to less than one thousand.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  | **JPMorgan SmartRetirement® Blend 2040 Fund**  |
| **For the 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 BetaBuilders Emerging Markets <br> Equity ETF (a) (b)<br>| $109819 | $9702 | $8400 | $933 | $9409 | $121463 | 1909 | $2904 | $2821 |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 593954 | 42560 | 26743 | 196 | 43455 | 653422 | 9035 | 14844 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 47880 | 5571 | 941 | 4 | 233 | 52747 | 570 | 938 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 135987 | 6228 | 6749 | 243 | 12503 | 148212 | 1390 | 1178 |  |
| JPMorgan BetaBuilders U.S. Small Cap <br> Equity ETF (a)<br>| 68335 | 1602 | 4440 | 302 | 8146 | 73945 | 995 | 539 |  |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 128481 | 20285 | 550 | (2)<br>| 1292 | 149506 | 14320 | 2839 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 385029 | 60191 | 1043 | (160)<br>| 4547 | 448564 | 61279 | 10240 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 18822 | 1887 | 8 | —<br> (c)<br>| 1104 | 21805 | 3269 | 645 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 109189 | 8355 | 8734 | 1760 | 11610 | 122180 | 5818 | 4355 |  |
| JPMorgan Equity Index Fund Class R6 <br> Shares (a)<br>| 1255914 | 25499 | 33995 | 3195 | 122551 | 1373164 | 13389 | 8093 | 2200 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 82925 | 12768 | 10 | —<br> (c)<br>| 529 | 96212 | 14600 | 2888 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

164 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2040 Fund** (continued) |
| **For the 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 Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (d)<br>| $— | $132 | $1 | $— | $— | $131 | 131 | $—<br> (c) \*<br>| $— |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (d)<br>| 48468 | 138480 | 122657 |  |  | 64291 | 64291 | 1080 |  |
| **Total** | $2984803 | $333260 | $214271 | $6471 | $215379 | $3325642 |  | $50543 | $5021 |

---

&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 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 $127.

(c) Amount rounds to less than one thousand.

(d) 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  | **JPMorgan SmartRetirement® Blend 2045 Fund**  |
| **For the 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 BetaBuilders Emerging Markets <br> Equity ETF (a)<br>| $103111 | $12883 | $9646 | $777 | $8931 | $116056 | 1824 | $2819 | $2788 |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 559324 | 51191 | 25181 | 166 | 41326 | 626826 | 8667 | 14130 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 44955 | 5954 | 710 | 2 | 211 | 50412 | 544 | 890 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 130561 | 6922 | 4918 | 194 | 12108 | 144867 | 1359 | 1143 |  |
| JPMorgan BetaBuilders U.S. Small Cap <br> Equity ETF (a)<br>| 66090 | 2425 | 3876 | 220 | 7977 | 72836 | 980 | 525 |  |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 67880 | 13122 | 11 |  | 683 | 81674 | 7823 | 1517 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 203422 | 39299 |  |  | 2326 | 245047 | 33476 | 5474 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 10002 | 1411 |  |  | 592 | 12005 | 1800 | 347 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 102522 | 11957 | 10289 | 1368 | 11186 | 116744 | 5559 | 4149 |  |
| JPMorgan Equity Index Fund Class R6 <br> Shares (a)<br>| 1183496 | 53506 | 36793 | 1493 | 117619 | 1319321 | 12864 | 7723 | 2104 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 49420 | 8787 |  |  | 317 | 58524 | 8881 | 1731 |  |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 46593 | 145501 | 138261 |  |  | 53833 | 53833 | 939 |  |
| **Total** | $2567376 | $352958 | $229685 | $4220 | $203276 | $2898145 |  | $41387 | $4892 |

---

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 165

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  | **JPMorgan SmartRetirement® Blend 2050 Fund**  |
| **For the 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 BetaBuilders Emerging Markets <br> Equity ETF (a)<br>| $90377 | $8386 | $3176 | $409 | $8107 | $104103 | 1636 | $2499 | $2477 |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 490238 | 53408 | 18352 | 70 | 36653 | 562017 | 7772 | 12573 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 39449 | 6442 | 667 | 2 | 171 | 45397 | 490 | 791 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 115815 | 8453 | 3572 | 82 | 10895 | 131673 | 1235 | 1026 |  |
| JPMorgan BetaBuilders U.S. Small Cap <br> Equity ETF (a)<br>| 58476 | 3155 | 2753 | 141 | 7136 | 66155 | 890 | 472 |  |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 33822 | 4865 |  |  | 343 | 39030 | 3738 | 750 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 101355 | 14581 |  |  | 1167 | 117103 | 15998 | 2707 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 5323 | 632 | 102 |  | 312 | 6165 | 924 | 183 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| 89861 | 12388 | 8675 | 934 | 10216 | 104724 | 4987 | 3695 |  |
| JPMorgan Equity Index Fund Class R6 <br> Shares (a)<br>| 1038072 | 69053 | 29389 | 642 | 104768 | 1183146 | 11536 | 6868 | 1881 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 29758 | 4550 |  |  | 192 | 34500 | 5235 | 1040 |  |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 40250 | 115399 | 110927 |  |  | 44722 | 44722 | 813 |  |
| **Total** | $2132796 | $301312 | $177613 | $2280 | $179960 | $2438735 |  | $33417 | $4358 |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  | **JPMorgan SmartRetirement® Blend 2055 Fund**  |
| **For the 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 BetaBuilders Emerging Markets <br> Equity ETF (a)<br>| $54093 | $7596 | $3712 | $181 | $4954 | $63112 | 992 | $1509 | $1502 |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 293419 | 33676 | 8459 | 44 | 22047 | 340727 | 4711 | 7597 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF <br> (a)<br>| 23611 | 4069 | 255 | 1 | 96 | 27522 | 297 | 478 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 69319 | 5440 | 1523 | 56 | 6534 | 79826 | 749 | 620 |  |
| JPMorgan BetaBuilders U.S. Small Cap <br> Equity ETF (a)<br>| 34999 | 2300 | 1554 | 85 | 4276 | 40106 | 540 | 285 |  |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 20243 | 3214 |  |  | 205 | 23662 | 2266 | 451 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 60664 | 9631 |  |  | 698 | 70993 | 9699 | 1629 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 3186 | 388 | 24 |  | 187 | 3737 | 560 | 110 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

166 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2055 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2055 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2055 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2055 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2055 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2055 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2055 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2055 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2055 Fund** (continued) | **JPMorgan SmartRetirement® Blend 2055 Fund** (continued) |
| **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 Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| $53784 | $8957 | $5953 | $446 | $6254 | $63488 | 3023 | $2240 | $— |
| JPMorgan Equity Index Fund Class R6 <br> Shares (a)<br>| 621314 | 42549 | 9958 | 359 | 62997 | 717261 | 6994 | 4135 | 1136 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 17811 | 2989 |  |  | 116 | 20916 | 3174 | 626 |  |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (b)<br>| 20672 | 100906 | 94711 |  |  | 26867 | 26867 | 500 |  |
| **Total** | $1273115 | $221715 | $126149 | $1172 | $108364 | $1478217 |  | $20180 | $2638 |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  | **JPMorgan SmartRetirement® Blend 2060 Fund**  |
| **For the 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 BetaBuilders Emerging Markets <br> Equity ETF (a)<br>| $31042 | $5875 | $1891 | $7 | $2942 | $37975 | 597 | $910 | $900 |
| JPMorgan BetaBuilders International Equity <br> ETF (a)<br>| 168386 | 30134 | 6577 | (41)<br>| 13115 | 205017 | 2835 | 4578 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 13550 | 3076 | 112 | —<br> (b)<br>| 46 | 16560 | 179 | 284 |  |
| JPMorgan BetaBuilders U.S. Mid Cap Equity <br> ETF (a)<br>| 39780 | 5716 | 1310 | 2 | 3837 | 48025 | 450 | 369 |  |
| JPMorgan BetaBuilders U.S. Small Cap Equity <br> ETF (a)<br>| 20085 | 3517 | 2014 | 43 | 2502 | 24133 | 325 | 169 |  |
| JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| 11617 | 2500 |  |  | 121 | 14238 | 1364 | 266 |  |
| JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| 34813 | 7494 |  |  | 410 | 42717 | 5835 | 960 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 1828 | 310 |  |  | 111 | 2249 | 337 | 65 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 30866 | 7317 | 3894 | 89 | 3824 | 38202 | 1819 | 1343 |  |
| JPMorgan Equity Index Fund Class R6 Shares <br> (a)<br>| 356552 | 45085 | 5575 | 21 | 37198 | 433281 | 4225 | 2472 | 681 |
| JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| 10222 | 2295 |  |  | 68 | 12585 | 1910 | 370 |  |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (c)<br>|  | 2256 | 2256 |  |  |  |  | 1<br> \*<br>|  |
| JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 3.73% (a) (c)<br>| 13179 | 74926 | 69712 |  |  | 18393 | 18393 | 305 |  |
| **Total** | $731920 | $190501 | $93341 | $121 | $64174 | $893375 |  | $12092 | $1581 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 167

------

**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;

(c) 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  | **JPMorgan SmartRetirement® Blend 2065 Fund**  |
| **For the 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 BetaBuilders Emerging Markets <br> Equity ETF (a) (b)<br>| $3542 | $1869 | $594 | $(5)<br>| $361 | $5173 | 82 | $118 | $116 |
| JPMorgan BetaBuilders International Equity ETF <br> (a)<br>| 19211 | 7965 | 880 | (15)<br>| 1645 | 27926 | 386 | 612 |  |
| JPMorgan BetaBuilders MSCI US REIT ETF (a) | 1546 | 853 | 147 | (4)<br>| 7 | 2255 | 24 | 36 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 1325 | 699 | 98 | —<br> (c)<br>| 14 | 1940 | 186 | 33 |  |
| JPMorgan Core Plus Bond Fund Class R6 Shares <br> (a)<br>| 3971 | 1928 | 127 | —<br> (c)<br>| 47 | 5819 | 795 | 120 |  |
| JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| 209 | 84 |  |  | 13 | 306 | 46 | 8 |  |
| JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares (a)<br>| 3522 | 1576 | 366 | 2 | 470 | 5204 | 248 | 186 |  |
| JPMorgan Equity Index Fund Class R6 Shares <br> (a)<br>| 40678 | 14609 | 1015 | (6)<br>| 4524 | 58790 | 573 | 318 | 92 |
| JPMorgan High Yield Fund Class R6 Shares (a) | 1166 | 540 |  |  | 8 | 1714 | 260 | 46 |  |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% (a) (d)<br>|  | 70827 | 70232 |  |  | 595 | 595 | 67<br> \*<br>|  |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (d)<br>| 1862 | 26871 | 26005 |  |  | 2728 | 2728 | 46 |  |
| **Total** | $77032 | $127821 | $99464 | $(28)<br>| $7089 | $112450 |  | $1590 | $208 |

---

&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 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 $579.

(c) Amount rounds to less than one thousand.

(d) 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).

**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. Futures Contracts**— The Funds used treasury and index futures contracts to manage and hedge interest rate and equity price risks associated with portfolio investments. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

168 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

The table below discloses the volume of the Funds' futures contracts activity during the six months ended December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend Income** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2025** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2030** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2035** <br>**Fund** <br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $46817 | &nbsp;&nbsp; $63259 | &nbsp;&nbsp; $134849 | &nbsp;&nbsp; $85791 |
| Average Notional Balance Short | &nbsp;&nbsp; (4142)<br>| &nbsp;&nbsp; (1182)<br>| &nbsp;&nbsp; (8607)<br>| &nbsp;&nbsp; (1925)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 53008 | &nbsp;&nbsp; 63706 | &nbsp;&nbsp; 138129 | &nbsp;&nbsp; 88860 |
| Ending Notional Balance Short | &nbsp;&nbsp; (7336)<br>| &nbsp;&nbsp; (2703)<br>| &nbsp;&nbsp; (8178)<br>| &nbsp;&nbsp; (2703)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2040** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2045** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2050** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2055** <br>**Fund** <br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $55488 | &nbsp;&nbsp; $48014 | &nbsp;&nbsp; $40088 | &nbsp;&nbsp; $24166 |
| Average Notional Balance Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance Long | &nbsp;&nbsp; 57530 | &nbsp;&nbsp; 50084 | &nbsp;&nbsp; 42388 | &nbsp;&nbsp; 25625 |
| Ending Notional Balance Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2060** <br>**Fund** <br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2065** <br>**Fund** <br>|
| **Futures Contracts:** |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $15339 | &nbsp;&nbsp; $2268 |
| Average Notional Balance Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Notional Balance Long | &nbsp;&nbsp; 17335 | &nbsp;&nbsp; 2893 |
| Ending Notional Balance Short | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

**G. Summary of Derivatives Information**— The following tables present the value of derivatives held as of December 31, 2025, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend Income** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2025** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2030** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2035** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2040** <br>**Fund**<br>|
| **Equity Risk Exposure:** |  |  |  |  |  |
| Unrealized Depreciation on Futures <br> Contracts \*<br>| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1173)<br>| &nbsp;&nbsp; $(1336)<br>| &nbsp;&nbsp; $(1240)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 169

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan**<br> **SmartRetirement®**<br> **Blend Income**<br> **Fund**<br>| **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2025**<br> **Fund**<br>| **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2030**<br> **Fund**<br>| **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2035**<br> **Fund**<br>| **JPMorgan**<br> **SmartRetirement®**<br> **Blend 2040**<br> **Fund**<br>|
| **Interest Rate Risk Exposure:** |  |  |  |  |  |
| Unrealized Appreciation on Futures <br> Contracts \*<br>| $101 | &nbsp;&nbsp; $58 | &nbsp;&nbsp; $92 | &nbsp;&nbsp; $58 | &nbsp;&nbsp; $— |
| Unrealized Depreciation on Futures <br> Contracts \*<br>| (102)<br>| &nbsp;&nbsp; (158)<br>| &nbsp;&nbsp; (203)<br>| &nbsp;&nbsp; (114)<br>| &nbsp;&nbsp; — |
| **Net Fair Value of Derivative** <br> **Contracts:**<br>|  |  |  |  |  |
| Unrealized Appreciation <br> (Depreciation) on Futures <br> Contracts \*<br>| (1)<br>| &nbsp;&nbsp; (100)<br>| &nbsp;&nbsp; (1284)<br>| &nbsp;&nbsp; (1392)<br>| &nbsp;&nbsp; (1240)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2045** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2050** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2055** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2060** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2065** <br>**Fund**<br>|
| **Equity Risk Exposure:** |  |  |  |  |  |
| Unrealized Depreciation on Futures <br> Contracts \*<br>| $(1080)<br>| &nbsp;&nbsp; $(907)<br>| &nbsp;&nbsp; $(551)<br>| &nbsp;&nbsp; $(336)<br>| &nbsp;&nbsp; $(49)<br>|
| **Net Fair Value of Derivative** <br> **Contracts:**<br>|  |  |  |  |  |
| Unrealized Appreciation <br> (Depreciation) on Futures <br> Contracts \*<br>| (1080)<br>| &nbsp;&nbsp; (907)<br>| &nbsp;&nbsp; (551)<br>| &nbsp;&nbsp; (336)<br>| &nbsp;&nbsp; (49)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day's variation margin is reported within the Statements of Assets and Liabilities.

The following tables present the effect of derivatives on the Statements of Operations for the six months ended December 31, 2025, by primary underlying risk exposure:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend Income** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2025** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2030** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2035** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2040** <br>**Fund**<br>|
| **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $6380 | &nbsp;&nbsp; $7066 | &nbsp;&nbsp; $6547 |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | 687 | &nbsp;&nbsp; 1549 | &nbsp;&nbsp; 1665 | &nbsp;&nbsp; 698 | &nbsp;&nbsp; — |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(2311)<br>| &nbsp;&nbsp; $(2591)<br>| &nbsp;&nbsp; $(2390)<br>|
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | (466)<br>| &nbsp;&nbsp; (1149)<br>| &nbsp;&nbsp; (1298)<br>| &nbsp;&nbsp; (602)<br>| &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

170 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2045** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2050** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2055** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2060** <br>**Fund**<br>| **JPMorgan** <br>**SmartRetirement®** <br>**Blend 2065** <br>**Fund**<br>|
| **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $5645 | &nbsp;&nbsp; $4710 | &nbsp;&nbsp; $2889 | &nbsp;&nbsp; $1747 | &nbsp;&nbsp; $300 |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $(2070)<br>| &nbsp;&nbsp; $(1727)<br>| &nbsp;&nbsp; $(1044)<br>| &nbsp;&nbsp; $(616)<br>| &nbsp;&nbsp; $(92)<br>|

---

**H. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

Dividend income and distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, is recorded on the ex-dividend date or when the Funds first learn of the dividend.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

**I. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the 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 I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **JPMorgan SmartRetirement® Blend Income Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | $1 | $—<br> (a)<br>| $—<br> (a)<br>| $—<br> (a)<br>| $—<br> (a)<br>| $10 | $11 |
| **JPMorgan SmartRetirement® Blend 2025 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 10 | 11 |
| **JPMorgan SmartRetirement® Blend 2030 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 15 | 16 |
| **JPMorgan SmartRetirement® Blend 2035 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 15 | 16 |
| **JPMorgan SmartRetirement® Blend 2040 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 15 | 16 |
| **JPMorgan SmartRetirement® Blend 2045 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 13 | 14 |
| **JPMorgan SmartRetirement® Blend 2050 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 12 | 12 |
| **JPMorgan SmartRetirement® Blend 2055 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 9 | 10 |
| **JPMorgan SmartRetirement® Blend 2060 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | 1 | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>| 7 | 8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 171

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **JPMorgan SmartRetirement® Blend 2065 Fund** |  |  |  |  |  |  |  |
| Transfer agency fees  | $—<br> (a)<br>| $—<br> (a)<br>| $—<br> (a)<br>| $—<br> (a)<br>| $—<br> (a)<br>| $2 | $2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

The Funds invested in Underlying Funds and, as a result bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Statements of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.

**J. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of 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.

**K. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. 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.

**L. 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.

**M. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.15% of each Fund's respective average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2025, the effective annualized rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMCB serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

172 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

The Board has adopted a Distribution Plan (the "Distribution Plan") for Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | |
|:---|:---|
| **Class R2** | **Class R3** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|

---

**D. Service Fees**— The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

**F. Waivers and Reimbursements**— The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses incurred by the Funds and any Underlying Funds and ETFs and acquired fund fees incurred by any Underlying Funds and ETFs) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|

---

The expense limitation agreements were in effect for the six months ended December 31, 2025 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2026.

The Underlying Funds and ETFs may impose separate advisory and service fees. To avoid charging a service fee at an effective rate above 0.25% for Class I, Class R2, Class R3 and Class R4 Shares and above 0.10% for Class R5 Shares, JPMDS will waive service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of service fees charged by the affiliated Underlying Funds and ETFs. These waivers may be in addition to any waivers required to meet the Funds' contractual expense limitations, but will not exceed the Funds' service fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 173

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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>|
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp; $1212 | &nbsp;&nbsp; $254 | &nbsp;&nbsp; $1 | &nbsp;&nbsp; $1467 | &nbsp;&nbsp; $246 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp; 1479 | &nbsp;&nbsp; 286 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1766 | &nbsp;&nbsp; 226 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp; 2311 | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2737 | &nbsp;&nbsp; 79 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp; 2584 | &nbsp;&nbsp; 468 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3053 | &nbsp;&nbsp; 686 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp; 2391 | &nbsp;&nbsp; 427 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2819 | &nbsp;&nbsp; 461 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp; 2069 | &nbsp;&nbsp; 376 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 2446 | &nbsp;&nbsp; 87 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp; 1637 | &nbsp;&nbsp; 322 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1960 | &nbsp;&nbsp; 1 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp; 1014 | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1227 | &nbsp;&nbsp; —<br> (a)<br>|
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp; 617 | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 758 | &nbsp;&nbsp; 5 |
| JPMorgan SmartRetirement® Blend 2065 Fund | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; 116 | &nbsp;&nbsp; 98 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**G. Other**— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the 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.

During the six months ended December 31, 2025, JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030 Fund and JPMorgan SmartRetirement Blend 2035 Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

**4. Investment Transactions** 

During the 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>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| JPMorgan SmartRetirement® Blend Income Fund | $72543 | $117838 | $40683 | $27128 |
| JPMorgan SmartRetirement® Blend 2025 Fund | 89628 | 141884 | 46128 | 20408 |
| JPMorgan SmartRetirement® Blend 2030 Fund | 152048 | 179861 | 56553 | 20993 |
| JPMorgan SmartRetirement® Blend 2035 Fund | 210070 | 129353 | 37500 | 6497 |
| JPMorgan SmartRetirement® Blend 2040 Fund | 194648 | 91614 | 4300 | 3245 |
| JPMorgan SmartRetirement® Blend 2045 Fund | 207457 | 91425 | 3740 | 2834 |
| JPMorgan SmartRetirement® Blend 2050 Fund | 185915 | 66687 | 3127 | 2288 |
| JPMorgan SmartRetirement® Blend 2055 Fund | 120812 | 31440 | 2084 | 1405 |
| JPMorgan SmartRetirement® Blend 2060 Fund | 113320 | 21373 | 1293 | 777 |
| JPMorgan SmartRetirement® Blend 2065 Fund | 33108 | 3702 | 251 | 117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

174 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at 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>|
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1293973 | &nbsp;&nbsp;&nbsp;&nbsp; $313249 | &nbsp;&nbsp;&nbsp;&nbsp; $23647 | &nbsp;&nbsp;&nbsp;&nbsp; $289602 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1569001 | &nbsp;&nbsp;&nbsp;&nbsp; 411093 | &nbsp;&nbsp;&nbsp;&nbsp; 26542 | &nbsp;&nbsp;&nbsp;&nbsp; 384551 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2364063 | &nbsp;&nbsp;&nbsp;&nbsp; 795619 | &nbsp;&nbsp;&nbsp;&nbsp; 34425 | &nbsp;&nbsp;&nbsp;&nbsp; 761194 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2596791 | &nbsp;&nbsp;&nbsp;&nbsp; 1009796 | &nbsp;&nbsp;&nbsp;&nbsp; 24116 | &nbsp;&nbsp;&nbsp;&nbsp; 985680 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2278821 | &nbsp;&nbsp;&nbsp;&nbsp; 1058455 | &nbsp;&nbsp;&nbsp;&nbsp; 8574 | &nbsp;&nbsp;&nbsp;&nbsp; 1049881 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1935370 | &nbsp;&nbsp;&nbsp;&nbsp; 967378 | &nbsp;&nbsp;&nbsp;&nbsp; 1944 | &nbsp;&nbsp;&nbsp;&nbsp; 965434 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1622121 | &nbsp;&nbsp;&nbsp;&nbsp; 820081 | &nbsp;&nbsp;&nbsp;&nbsp; 1247 | &nbsp;&nbsp;&nbsp;&nbsp; 818834 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 996348 | &nbsp;&nbsp;&nbsp;&nbsp; 483952 | &nbsp;&nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp;&nbsp; 483401 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 653079 | &nbsp;&nbsp;&nbsp;&nbsp; 241589 | &nbsp;&nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; 241253 |
| JPMorgan SmartRetirement® Blend 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 104840 | &nbsp;&nbsp;&nbsp;&nbsp; 17692 | &nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 17643 |

---

At June 30, 2025, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $21,377<br> \*<br>| &nbsp;&nbsp;&nbsp;&nbsp; $67,065<br> \*<br>|
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17561 | &nbsp;&nbsp;&nbsp;&nbsp; 39473 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9168 | &nbsp;&nbsp;&nbsp;&nbsp; 64460 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3456 | &nbsp;&nbsp;&nbsp;&nbsp; 41688 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20799 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6339 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 394 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1451 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384.

Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2025, the Funds deferred to July 1, 2025 the following net capital losses (gains) of:

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
|  | **Short-Term** | **Long-Term** |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; $386 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2695 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2715 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3439 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1760 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 985 |
| JPMorgan SmartRetirement® Blend 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 175

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

During the year ended June 30, 2025, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $848 | &nbsp;&nbsp;&nbsp;&nbsp; $56 |
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8182 | &nbsp;&nbsp;&nbsp;&nbsp; 29337 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 12829 | &nbsp;&nbsp;&nbsp;&nbsp; 268 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 15300 | &nbsp;&nbsp;&nbsp;&nbsp; 217 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9498 | &nbsp;&nbsp;&nbsp;&nbsp; 5089 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7332 | &nbsp;&nbsp;&nbsp;&nbsp; 7773 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3472 | &nbsp;&nbsp;&nbsp;&nbsp; 11193 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2285 | &nbsp;&nbsp;&nbsp;&nbsp; 5218 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 582 | &nbsp;&nbsp;&nbsp;&nbsp; 3569 |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, 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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

176 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

As of December 31, 2025, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| JPMorgan SmartRetirement® Blend Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 59.0<br> %<br>|
| JPMorgan SmartRetirement® Blend 2025 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;58.4 |
| JPMorgan SmartRetirement® Blend 2030 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;59.0 |
| JPMorgan SmartRetirement® Blend 2035 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;60.8 |
| JPMorgan SmartRetirement® Blend 2040 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;60.5 |
| JPMorgan SmartRetirement® Blend 2045 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;61.1 |
| JPMorgan SmartRetirement® Blend 2050 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;57.5 |
| JPMorgan SmartRetirement® Blend 2055 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;70.2 |
| JPMorgan SmartRetirement® Blend 2060 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;68.7 |
| JPMorgan SmartRetirement® Blend 2065 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;80.2 |

---

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

As of December 31, 2025, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds and ETFs:

---

| | |
|:---|:---|
|  | **% of Net Assets** |
| JPMorgan BetaBuilders Emerging Markets Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp; 98.0<br> %<br>|
| JPMorgan BetaBuilders U.S. Small Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;74.5 |
| JPMorgan BetaBuilders International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;63.6 |
| JPMorgan Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;63.5 |
| JPMorgan BetaBuilders U.S. Mid Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;48.6 |
| JPMorgan Emerging Markets Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;37.4 |
| JPMorgan BetaBuilders MSCI US REIT ETF | &nbsp;&nbsp;&nbsp;&nbsp;31.8 |
| JPMorgan Inflation Managed Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;28.7 |
| JPMorgan Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;19.8 |
| JPMorgan High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;11.7 |

---

The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

Because of the Funds' investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds' and ETFs' investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

The Funds invest in ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indices, as well as indices relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 177

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds' original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses and could make derivatives more difficult for the Funds to value accurately.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

**8. Business Combinations**

On August 20-22, 2024, the Board of Trustees of JPM I approved the Plan of Reorganization of JPMorgan SmartRetirement® Blend 2020 Fund (the "Target Fund") into JPMorgan SmartRetirement® Blend Income Fund (the "Acquiring Fund"). The purpose of the transaction was to combine two portfolios with comparable investment objectives and strategies. The reorganization was effective after the close of business on April 25, 2025. The Acquiring Fund acquired all of the assets and liabilities of the Target Fund as shown in the table below. The transaction was structured to qualify as a tax-free reorganization under the Code. Pursuant to the Agreement and Plan of Reorganization, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 shareholders of the Target Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Target Fund as of the close of business on the date of the reorganization. The investment portfolio of the Target Fund, with a fair value of approximately $797,425 and identified cost of approximately $698,412 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Target Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. As of April 25, 2025, the Target Fund had net capital loss carryforwards of $55,230.

The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Shares** <br>**Outstanding**<br>| **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Asset** <br>**Value** <br>**Per Share (a)**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| **Target Fund** |  |  |  |  |
| JPMorgan SmartRetirement® Blend 2020 Fund |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $99013<br>|
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 27<br>| &nbsp;&nbsp;&nbsp;&nbsp; $547 | &nbsp;&nbsp;&nbsp;&nbsp; $20.39 |  |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp; 7<br>| &nbsp;&nbsp;&nbsp;&nbsp; 135<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.20 |  |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; 55<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1126<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.63 |  |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; 713<br>| &nbsp;&nbsp;&nbsp;&nbsp; 14428<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.24 |  |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 365<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7384<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.25 |  |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 40282<br>| &nbsp;&nbsp;&nbsp;&nbsp; 815101<br>| &nbsp;&nbsp;&nbsp;&nbsp;20.24 |  |
| **Acquiring Fund** |  |  |  |  |
| JPMorgan SmartRetirement® Blend Income Fund |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $79122<br>|
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 19<br>| &nbsp;&nbsp;&nbsp;&nbsp; $346 | &nbsp;&nbsp;&nbsp;&nbsp; $18.36 |  |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp; 1<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.30 |  |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; 147<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2766<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.81 |  |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; 909<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16622<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.28 |  |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 746<br>| &nbsp;&nbsp;&nbsp;&nbsp; 13641<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.29 |  |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 36714<br>| &nbsp;&nbsp;&nbsp;&nbsp; 672237<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.31 |  |
| **Post Reorganization** |  |  |  |  |
| JPMorgan SmartRetirement® Blend Income Fund |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; $178135<br>|
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; 49<br>| &nbsp;&nbsp;&nbsp;&nbsp; $893 | &nbsp;&nbsp;&nbsp;&nbsp; $18.36 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

178 JPMorgan SmartRetirement® Blend Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Shares**<br> **Outstanding**<br>| **Net Assets** | &nbsp;&nbsp;&nbsp; **Net Asset**<br> **Value**<br> **Per Share (a)**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized**<br> **Appreciation**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp; 8<br>| &nbsp;&nbsp;&nbsp;&nbsp; 155<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.30 |  |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; 207<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3892<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.81 |  |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp; 1698<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31050<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.28 |  |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 1150<br>| &nbsp;&nbsp;&nbsp;&nbsp; 21025<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.29 |  |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 81231<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1487338<br>| &nbsp;&nbsp;&nbsp;&nbsp;18.31 |  |
| (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. | (a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding. |

---

Expenses related to reorganization were incurred by the Acquiring Fund. The Adviser, the Administrator and the Distributor waived their fees and/or reimbursed the Fund in an amount sufficient to offset costs incurred by the Fund relating to the reorganization, excluding brokerage fees and brokerage expenses related to the disposition and acquisition of Fund assets associated with the reorganization.

Assuming the reorganization had been completed on July 1, 2024, the beginning of the annual reporting period, the pro forma results of operations for the year ended June 30, 2025, are as follows:

---

| | |
|:---|:---|
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $58447 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 104740 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; $163187 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Target Fund that have been included in the Statements of Operations since April 25, 2025.

**9. Reorganization**

At a meeting held on November 18-20, 2025, the JPMorgan Trust I Board of Trustees approved the reorganization of JPMorgan SmartRetirement Blend 2025 Fund (the "2025 Fund") into the JPMorgan SmartRetirement Blend Income Fund (the "Reorganization"), which is expected to occur on or about October 2, 2026, or on such later date as the officers of JPMorgan Trust I determine (the "Closing Date"). Purchases of the 2025 Fund shares will be accepted up to and including the Closing Date. The Reorganization does not require shareholder approval.

It is anticipated that the Reorganization will qualify as a tax-free reorganization for federal income tax purposes and that shareholders will not recognize any gain or loss in connection with the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 JPMorgan SmartRetirement® Blend Funds 179

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g64563img2db8cc102.jpg)

------

![](g64563imgff056d983.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-SRB-1225

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

------

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

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 agreement 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 concerning the Funds and the other J.P. Morgan Funds overseen by the Board in which each Fund may invest (the "Underlying 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 and Underlying Funds received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Funds' and Underlying Funds' performance as compared to the performance of the Funds' and Underlying Funds' peers and benchmarks, and analyses by the Adviser of the Funds' and Underlying 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, with respect to the Funds and/or Underlying Funds, 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 and certain Underlying Funds,

including risk and performance return assessments as compared to the Funds' and/or Underlying 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 and Underlying 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 and Underlying Funds, including personnel changes, if any;

• The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

• 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;

• 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 and sub-advisers to provide high quality service to the Funds and Underlying Funds, as applicable;

• 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 and Underlying Funds.

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 the Funds and Underlying Funds. 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 and Underlying 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 and Underlying Fund.

The Trustees also considered that JPMorgan Distribution Services, Inc. ("JPMDS"), an affiliate of the Adviser, and the Adviser earn fees from the Funds and/or Underlying 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/or Underlying Funds, 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 the benefits to the Adviser and its affiliates in connection with each Fund's investments in the Underlying Funds. 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 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.

***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 steps that had been recently taken to improve performance, such as changes to the Funds' investment allocations, the impact of those changes, and future steps that might be taken to improve performance. 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 SmartRetirement Blend Income Fund's performance for Class I shares was in the first, 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 first quintile of the Universe for each of 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 SmartRetirement Blend 2025 Fund's performance for Class I shares was in the third, third and fifth 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 second, third 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.

The Trustees noted that the SmartRetirement Blend 2030 Fund's performance for Class I and Class R6 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.

The Trustees noted that the SmartRetirement Blend 2035 Fund's performance for Class I and Class R6 shares was in the second, second and fifth 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 SmartRetirement Blend 2040 Fund's performance for Class I and Class R6 shares was in the third, third and fifth 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 SmartRetirement Blend 2045 Fund's performance for Class I and Class R6 shares was in the third, third and fifth 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 SmartRetirement Blend 2050 Fund's performance for Class I shares was in the third, third and fifth 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 fifth 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 SmartRetirement Blend 2055 Fund's performance for Class I shares was in the third, third and fifth 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 fifth 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 SmartRetirement Blend 2060 Fund's performance for Class I shares was in the third, third and fifth 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 fifth 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 SmartRetirement Blend 2065 Fund's performance for Class I and Class R6 shares was in the third quintile of the Universe for the one-year period ended December 31, 2024. 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.

***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 the impact of Underlying Fund allocation changes on the Funds' expenses as well as 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 SmartRetirement Blend Income Fund's net advisory fee and actual total expenses for Class I shares were in the third quintile of the Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the second quintile of the Universe, and the actual total expenses for Class R6 shares were in the first quintile of the Universe. Broadridge did not calculate quintile rankings of the Peer Group for Class I and Class R6 shares due to the limited number of funds in the Peer Groups. 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2025 Fund's net advisory fee for Class I shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the third quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the second quintile of the Universe, and that the actual total

expenses for Class R6 shares were in the first quintile of the Universe. Broadridge did not calculate quintile rankings of the Peer Group for Class R6 shares due to the limited number of funds in the Peer Group. 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2030 Fund's net advisory fee and actual total expenses for Class I shares were in the third quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile of the Universe, and that the actual total expenses for Class R6 shares were in the first quintile of the Universe. Broadridge did not calculate quintile rankings of the Peer Group for Class R6 shares due to the limited number of funds in the Peer Group. 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2035 Fund's 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 third quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile of the Universe, and that the actual total expenses for Class R6 shares were in the first quintile of the Universe. Broadridge did not calculate quintile rankings of the Peer Group for Class R6 shares due to the limited number of funds in the Peer Group. 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2040 Fund's 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 for Class R6 shares was in the third quintile of the Universe, and that the actual total expenses for Class R6 shares were in the first quintile of the Universe. Broadridge did not calculate quintile rankings of the Peer Group for Class R6 shares due to the limited number of

------

funds in the Peer Group. 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2045 Fund's net advisory fee for Class I shares was in the second and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the third quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the third quintile of the Universe, and that the actual total expenses for Class R6 shares were in the first quintile of the Universe. Broadridge did not calculate quintile rankings of the Peer Group for Class R6 shares due to the limited number of funds in the Peer Group. 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2050 Fund's net advisory fee for Class I shares was in the second and third 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 third quintile of the Universe, and that the actual total expenses for Class R6 shares were in the first quintile of the Universe. Broadridge did not calculate quintile rankings of the Peer Group for Class R6 shares due to the limited number of funds in the Peer Group. 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2055 Fund's 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 third quintile of both the Peer Group and Universe. The Trustees noted that

the net advisory fee for Class R6 shares was in the third quintile of the Universe, and that the actual total expenses for Class R6 shares were in the first quintile of the Universe. Broadridge did not calculate quintile rankings of the Peer Group for Class R6 shares due to the limited number of funds in the Peer Group. 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2060 Fund's 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 for Class R6 shares was in the third quintile of the Universe, and that the actual total expenses for Class R6 shares were in the first quintile of the Universe. Broadridge did not calculate quintile rankings of the Peer Group for Class R6 shares due to the limited number of funds in the Peer Group. 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

The Trustees noted that the SmartRetirement Blend 2065 Fund's 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 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 quintile of the Universe. Broadridge did not calculate quintile rankings of the Peer Group for Class R6 shares due to the limited number of funds in the Peer Groups. 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreement of the Underlying Funds in which the Fund invests.

------

Semi-Annual Financial Statements

J.P. Morgan Funds

December 31, 2025 (Unaudited)

JPMorgan Diversified Fund<br>

![](g24384imge7bed14d1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_2c0b3773-6f97-4926-969c-a3dff0f5925b_SOI-TOC-ScheduleofInvestments-892_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_2c0b3773-6f97-4926-969c-a3dff0f5925b_FS-TOC-FinancialStatement-892_1) | &nbsp;&nbsp; **22** |
| [Financial Highlights](#xx_2c0b3773-6f97-4926-969c-a3dff0f5925b_FIHI-TOC-FinancialHighlights-892_2) | &nbsp;&nbsp; **30** |
| [Notes to Financial Statements](#xx_2c0b3773-6f97-4926-969c-a3dff0f5925b_NTF-NTFRunningFooter-892_1) | &nbsp;&nbsp; **32** |

---

**Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when the Fund's share price is lower than when you invested.**

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets.

Prospective investors should refer to the Fund's prospectuses for a discussion of the Fund's investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about the Fund, including management fees and other expenses. Please read it carefully before investing.

------

JPMorgan Diversified 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 — 45.2%** | **Common Stocks — 45.2%** | **Common Stocks — 45.2%** |
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| BWX Technologies, Inc. | 1 | 127 |
| General Dynamics Corp. | 1 | 171 |
| Hanwha Aerospace Co. Ltd. (South Korea) \* | 1 | 411 |
| Howmet Aerospace, Inc. | 5 | 1039 |
| Karman Holdings, Inc. \* | 1 | 85 |
| Loar Holdings, Inc. \* | 1 | 98 |
| MTU Aero Engines AG (Germany) |  | 195 |
| Northrop Grumman Corp. | 1 | 484 |
| Rolls-Royce Holdings plc (United Kingdom) | 17 | 259 |
| RTX Corp. | 2 | 334 |
| Safran SA (France) | 7 | 2488 |
| Thales SA (France) |  | 124 |
| Woodward, Inc. |  | 64 |
|  |  | 5879 |
| **Air Freight & Logistics — 0.0% ^** | **Air Freight & Logistics — 0.0% ^** | **Air Freight & Logistics — 0.0% ^** |
| FedEx Corp. | 1 | 207 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Cie Generale des Etablissements Michelin SCA (France) | 8 | 269 |
| Continental AG (Germany) | 2 | 146 |
| Gentex Corp. | 5 | 118 |
| Sumitomo Electric Industries Ltd. (Japan) | 12 | 463 |
|  |  | 996 |
| **Automobiles — 0.7%** | **Automobiles — 0.7%** | **Automobiles — 0.7%** |
| Kia Corp. (South Korea) | 6 | 528 |
| Tesla, Inc. \* | 4 | 1849 |
| Toyota Motor Corp. (Japan) | 21 | 447 |
|  |  | 2824 |
| **Banks — 4.1%** | **Banks — 4.1%** | **Banks — 4.1%** |
| Al Rajhi Bank (Saudi Arabia) | 21 | 548 |
| Banco Santander SA (Spain) | 40 | 474 |
| Bank Central Asia Tbk. PT (Indonesia) | 907 | 438 |
| Bank of America Corp. | 20 | 1116 |
| BankUnited, Inc. | 3 | 123 |
| Barclays plc (United Kingdom) | 57 | 363 |
| Commerce Bancshares, Inc. | 3 | 156 |
| Cullen/Frost Bankers, Inc. | 1 | 167 |
| DBS Group Holdings Ltd. (Singapore) | 37 | 1619 |
| Fifth Third Bancorp | 2 | 78 |
| First Citizens BancShares, Inc., Class A |  | 264 |
| First Financial Bancorp | 5 | 118 |
| First Hawaiian, Inc. | 4 | 107 |
| First Horizon Corp. | 3 | 82 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| First Interstate BancSystem, Inc., Class A | 3 | 126 |
| HDFC Bank Ltd., ADR (India) | 34 | 1235 |
| ING Groep NV (Netherlands) | 12 | 332 |
| KBC Group NV (Belgium) | 6 | 780 |
| M&T Bank Corp. | 2 | 329 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | 97 | 1544 |
| National Bank of Greece SA (Greece) | 26 | 398 |
| NatWest Group plc (United Kingdom) | 128 | 1120 |
| Regions Financial Corp. | 7 | 185 |
| Royal Bank of Canada (Canada) | 6 | 980 |
| Sberbank of Russia PJSC (Russia) ‡ \* | 18 | —<br> (a)<br>|
| ServisFirst Bancshares, Inc. | 2 | 119 |
| Societe Generale SA (France) | 4 | 328 |
| UniCredit SpA (Italy) | 13 | 1060 |
| US Bancorp | 13 | 687 |
| Wells Fargo & Co. | 21 | 1989 |
| Wintrust Financial Corp. | 1 | 196 |
| WSFS Financial Corp. | 2 | 140 |
|  |  | 17201 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Carlsberg A/S, Class B (Denmark) | 2 | 258 |
| Coca-Cola Co. (The) | 11 | 778 |
| Coca-Cola HBC AG (Italy) | 4 | 181 |
| Heineken NV (Netherlands) | 3 | 269 |
| Keurig Dr Pepper, Inc. | 3 | 93 |
| Pernod Ricard SA (France) | 3 | 210 |
| Primo Brands Corp. | 8 | 132 |
|  |  | 1921 |
| **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** |
| AbbVie, Inc. | 6 | 1415 |
| Alnylam Pharmaceuticals, Inc. \* | 1 | 199 |
| Argenx SE (Netherlands) \* |  | 206 |
| Genmab A/S (Denmark) \* |  | 135 |
| Gilead Sciences, Inc. | 1 | 153 |
| Insmed, Inc. \* | 2 | 293 |
| Natera, Inc. \* | 1 | 183 |
| Neurocrine Biosciences, Inc. \* | 1 | 185 |
| Nuvalent, Inc., Class A \* |  | 45 |
| Regeneron Pharmaceuticals, Inc. | 1 | 377 |
| uniQure NV (Netherlands) \* | 1 | 18 |
| Vertex Pharmaceuticals, Inc. \* | 1 | 281 |
|  |  | 3490 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 1

------

JPMorgan Diversified 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** |
| **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** |
| Alibaba Group Holding Ltd. (China) | 48 | 874 |
| Amazon.com, Inc. \* | 21 | 4862 |
| MercadoLibre, Inc. (Brazil) \* |  | 351 |
| Moran Foods Backstop Equity ‡ \* | 359 |  |
| Next plc (United Kingdom) | 1 | 216 |
| Prosus NV (China) | 4 | 224 |
|  |  | 6527 |
| **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** |
| AAON, Inc. | 1 | 94 |
| Carlisle Cos., Inc. |  | 63 |
| Carrier Global Corp. | 3 | 153 |
| Fortune Brands Innovations, Inc. | 2 | 115 |
| Hayward Holdings, Inc. \* | 21 | 328 |
| Janus International Group, Inc. \* | 14 | 92 |
| Modine Manufacturing Co. \* | 2 | 176 |
| Simpson Manufacturing Co., Inc. | 1 | 161 |
| Trane Technologies plc | 4 | 1314 |
|  |  | 2496 |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| 3i Group plc (United Kingdom) | 14 | 632 |
| Ameriprise Financial, Inc. |  | 181 |
| Blackstone, Inc. | 4 | 655 |
| Brookfield Corp. (Canada) | 8 | 343 |
| Charles Schwab Corp. (The) | 12 | 1176 |
| CME Group, Inc. | 2 | 635 |
| Deutsche Boerse AG (Germany) | 2 | 542 |
| Euronext NV (Netherlands) (b) | 1 | 166 |
| Evercore, Inc., Class A | 1 | 197 |
| Goldman Sachs Group, Inc. (The) |  | 340 |
| Hong Kong Exchanges & Clearing Ltd. (Hong Kong) | 18 | 931 |
| Interactive Brokers Group, Inc., Class A | 2 | 132 |
| Intercontinental Exchange, Inc. | 1 | 72 |
| Japan Exchange Group, Inc. (Japan) | 25 | 266 |
| MarketAxess Holdings, Inc. | 1 | 188 |
| Miami International Holdings, Inc. \* | 2 | 92 |
| Moelis & Co., Class A | 2 | 98 |
| Morgan Stanley | 5 | 926 |
| Morningstar, Inc. | 1 | 192 |
| Raymond James Financial, Inc. | 1 | 127 |
| Robinhood Markets, Inc., Class A \* | 2 | 218 |
| St. James's Place plc (United Kingdom) | 9 | 166 |
| State Street Corp. | 2 | 270 |
| StepStone Group, Inc., Class A | 3 | 175 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| UBS Group AG (Registered) (Switzerland) | 12 | 571 |
| Wealthfront Corp. \* | 5 | 72 |
|  |  | 9363 |
| **Chemicals — 0.8%** | **Chemicals — 0.8%** | **Chemicals — 0.8%** |
| Air Liquide SA (France) | 5 | 964 |
| Arkema SA (France) | 1 | 87 |
| Axalta Coating Systems Ltd. \* | 3 | 100 |
| Balchem Corp. | 1 | 164 |
| Element Solutions, Inc. | 8 | 201 |
| Linde plc | 2 | 679 |
| Novonesis Novozymes B (Denmark) | 6 | 388 |
| Perimeter Solutions, Inc. \* | 4 | 101 |
| Quaker Chemical Corp. | 1 | 131 |
| Shin-Etsu Chemical Co. Ltd. (Japan) | 9 | 267 |
| Umicore SA (Belgium) | 4 | 83 |
|  |  | 3165 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| Bilfinger SE (Germany) | 1 | 157 |
| Casella Waste Systems, Inc., Class A \* | 2 | 210 |
| Mitie Group plc (United Kingdom) | 54 | 121 |
| MSA Safety, Inc. | 2 | 266 |
| SPIE SA (France) | 4 | 201 |
|  |  | 955 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| Ciena Corp. \* | 1 | 175 |
| Cisco Systems, Inc. | 2 | 111 |
| Digi International, Inc. \* | 1 | 57 |
|  |  | 343 |
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
| Balfour Beatty plc (United Kingdom) | 17 | 159 |
| Comfort Systems USA, Inc. |  | 156 |
| Maire SpA (Italy) | 5 | 72 |
| Obayashi Corp. (Japan) | 25 | 515 |
| Quanta Services, Inc. | 1 | 247 |
| WillScot Holdings Corp. | 17 | 331 |
| WSP Global, Inc. (Canada) | 2 | 423 |
|  |  | 1903 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Eagle Materials, Inc. | 1 | 167 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Construction Materials — continued** | **Construction Materials — continued** | **Construction Materials — continued** |
| Martin Marietta Materials, Inc. |  | 110 |
| Vulcan Materials Co. | 2 | 435 |
|  |  | 712 |
| **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** |
| American Express Co. | 4 | 1555 |
| Capital One Financial Corp. | 2 | 397 |
|  |  | 1952 |
| **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |
| BJ's Wholesale Club Holdings, Inc. \* | 2 | 194 |
| Casey's General Stores, Inc. |  | 113 |
| Chefs' Warehouse, Inc. (The) \* | 1 | 80 |
| Koninklijke Ahold Delhaize NV (Netherlands) | 6 | 262 |
| Performance Food Group Co. \* | 2 | 160 |
| Walmart, Inc. | 15 | 1626 |
|  |  | 2435 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| AptarGroup, Inc. | 1 | 105 |
| Graphic Packaging Holding Co. | 3 | 41 |
| International Paper Co. | 1 | 57 |
| Packaging Corp. of America | 1 | 116 |
| Silgan Holdings, Inc. | 3 | 108 |
| Smurfit WestRock plc | 2 | 92 |
|  |  | 519 |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| Pool Corp. | 1 | 144 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| Bright Horizons Family Solutions, Inc. \* | 2 | 202 |
| Driven Brands Holdings, Inc. \* | 8 | 118 |
|  |  | 320 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| AT&T, Inc. | 11 | 266 |
| Deutsche Telekom AG (Registered) (Germany) | 24 | 780 |
| Telstra Group Ltd. (Australia) | 186 | 603 |
| Verizon Communications, Inc. | 2 | 94 |
|  |  | 1743 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Entergy Corp. | 2 | 234 |
| NextEra Energy, Inc. | 16 | 1299 |
| PG&E Corp. | 7 | 112 |
| Portland General Electric Co. | 3 | 130 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Southern Co. (The) | 15 | 1275 |
| SSE plc (United Kingdom) | 9 | 271 |
| Xcel Energy, Inc. | 2 | 163 |
|  |  | 3484 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| AMETEK, Inc. | 1 | 200 |
| Eaton Corp. plc | 2 | 550 |
| Emerson Electric Co. | 4 | 501 |
| Legrand SA (France) | 4 | 675 |
| Nordex SE (Germany) \* | 5 | 156 |
| Siemens Energy AG (Germany) \* | 2 | 231 |
| Vestas Wind Systems A/S (Denmark) | 5 | 149 |
|  |  | 2462 |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| Amphenol Corp., Class A | 2 | 250 |
| Badger Meter, Inc. | 1 | 150 |
| Bel Fuse, Inc., Class B |  | 64 |
| CDW Corp. | 1 | 90 |
| Fabrinet (Thailand) \* |  | 163 |
| Jabil, Inc. | 1 | 121 |
| Keyence Corp. (Japan) | 1 | 507 |
| Novanta, Inc. \* | 2 | 213 |
| TD SYNNEX Corp. | 1 | 147 |
| VusionGroup (France) |  | 122 |
|  |  | 1827 |
| **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
| Baker Hughes Co., Class A | 23 | 1031 |
| Cactus, Inc., Class A | 4 | 175 |
| Flowco Holdings, Inc., Class A | 5 | 98 |
| SBM Offshore NV (Netherlands) | 6 | 184 |
| TechnipFMC plc (United Kingdom) | 4 | 156 |
|  |  | 1644 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| Netflix, Inc. \* | 4 | 404 |
| ROBLOX Corp., Class A \* | 1 | 73 |
| Spotify Technology SA \* |  | 161 |
| Take-Two Interactive Software, Inc. \* | 1 | 230 |
| Walt Disney Co. (The) | 20 | 2254 |
| Warner Music Group Corp., Class A | 2 | 68 |
|  |  | 3190 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 3

------

JPMorgan Diversified 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** |
| **Financial Services — 0.9%** | **Financial Services — 0.9%** | **Financial Services — 0.9%** |
| Berkshire Hathaway, Inc., Class B \* | 1 | 596 |
| Corpay, Inc. \* | 1 | 134 |
| Fidelity National Information Services, Inc. | 5 | 338 |
| Mastercard, Inc., Class A | 4 | 2420 |
| MGIC Investment Corp. | 5 | 155 |
|  |  | 3643 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| Cranswick plc (United Kingdom) | 2 | 121 |
| Freshpet, Inc. \* | 2 | 101 |
| Mondelez International, Inc., Class A | 4 | 236 |
| Nestle SA (Registered) | 10 | 968 |
| Post Holdings, Inc. \* | 1 | 137 |
| Utz Brands, Inc. | 13 | 135 |
|  |  | 1698 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| JB Hunt Transport Services, Inc. | 1 | 140 |
| Landstar System, Inc. | 1 | 159 |
| Saia, Inc. \* |  | 152 |
| Union Pacific Corp. | 1 | 189 |
|  |  | 640 |
| **Health Care Equipment & Supplies — 0.7%** | **Health Care Equipment & Supplies — 0.7%** | **Health Care Equipment & Supplies — 0.7%** |
| Edwards Lifesciences Corp. \* | 5 | 387 |
| Envista Holdings Corp. \* | 9 | 183 |
| EssilorLuxottica SA (France) | 1 | 305 |
| ICU Medical, Inc. \* | 1 | 173 |
| Intuitive Surgical, Inc. \* |  | 244 |
| Medtronic plc  | 12 | 1141 |
| Stryker Corp. | 1 | 409 |
|  |  | 2842 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| Cencora, Inc. | 1 | 390 |
| Chemed Corp. |  | 175 |
| Cigna Group (The) | 1 | 217 |
| Concentra Group Holdings Parent, Inc. | 7 | 136 |
| Encompass Health Corp. | 2 | 170 |
| HCA Healthcare, Inc. |  | 105 |
| HealthEquity, Inc. \* | 2 | 153 |
| Henry Schein, Inc. \* | 2 | 144 |
| Humana, Inc. | 1 | 172 |
| Labcorp Holdings, Inc. | 1 | 182 |
| Molina Healthcare, Inc. \* |  | 81 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| NMC Health plc (United Arab Emirates) ‡ \* |  | —<br> (a)<br>|
| UnitedHealth Group, Inc. | 2 | 644 |
|  |  | 2569 |
| **Health Care Technology — 0.0% ^** | **Health Care Technology — 0.0% ^** | **Health Care Technology — 0.0% ^** |
| Doximity, Inc., Class A \* | 2 | 101 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| Host Hotels & Resorts, Inc. | 3 | 62 |
| Ryman Hospitality Properties, Inc. | 2 | 186 |
|  |  | 248 |
| **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** |
| Booking Holdings, Inc. |  | 434 |
| Chipotle Mexican Grill, Inc., Class A \* | 7 | 238 |
| Compass Group plc (United Kingdom) | 18 | 579 |
| Darden Restaurants, Inc. |  | 63 |
| DoorDash, Inc., Class A \* | 2 | 417 |
| Expedia Group, Inc. | 2 | 566 |
| Flutter Entertainment plc (United Kingdom) \* | 1 | 102 |
| Hilton Worldwide Holdings, Inc. |  | 84 |
| Marriott International, Inc., Class A | 2 | 714 |
| McDonald's Corp. | 5 | 1606 |
| Monarch Casino & Resort, Inc. | 1 | 101 |
| Planet Fitness, Inc., Class A \* | 2 | 193 |
| Shake Shack, Inc., Class A \* | 1 | 95 |
| Vail Resorts, Inc. | 1 | 60 |
| Wyndham Hotels & Resorts, Inc. | 2 | 173 |
| Yum China Holdings, Inc. (China) | 10 | 496 |
| Yum! Brands, Inc. | 5 | 718 |
|  |  | 6639 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| Garmin Ltd. |  | 100 |
| Mohawk Industries, Inc. \* | 1 | 96 |
| Sony Group Corp. (Japan) | 66 | 1685 |
|  |  | 1881 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Procter & Gamble Co. (The) | 1 | 142 |
| Reckitt Benckiser Group plc (United Kingdom) | 3 | 210 |
|  |  | 352 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** |
| 3M Co. | 4 | 634 |
| Siemens AG (Registered) (Germany) | 5 | 1512 |
|  |  | 2146 |
| **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| EastGroup Properties, Inc. | 1 | 151 |
| Prologis, Inc. | 2 | 216 |
|  |  | 367 |
| **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** |
| Accelerant Holdings, Class A (Cayman Islands) \* | 4 | 70 |
| AIA Group Ltd. (Hong Kong) | 47 | 484 |
| Allianz SE (Registered) (Germany) | 1 | 393 |
| Arch Capital Group Ltd. \* | 1 | 75 |
| Arthur J Gallagher & Co. | 3 | 748 |
| ASR Nederland NV (Netherlands) | 3 | 217 |
| Baldwin Insurance Group, Inc. (The), Class A \* | 4 | 94 |
| Chubb Ltd. |  | 123 |
| Intact Financial Corp. (Canada) | 2 | 398 |
| Kinsale Capital Group, Inc. | 1 | 219 |
| Loews Corp. | 2 | 210 |
| Marsh & McLennan Cos., Inc. |  | 84 |
| Muenchener Rueckversicherungs-Gesellschaft AG <br> (Registered) (Germany)<br>| 2 | 1160 |
| Neptune Insurance Holdings, Inc., Class A \* | 2 | 73 |
| Progressive Corp. (The) | 2 | 408 |
| Prudential plc (Hong Kong) | 16 | 239 |
| RLI Corp. | 2 | 129 |
| Travelers Cos., Inc. (The) | 1 | 406 |
| Unipol Assicurazioni SpA (Italy) | 8 | 186 |
|  |  | 5716 |
| **Interactive Media & Services — 2.5%** | **Interactive Media & Services — 2.5%** | **Interactive Media & Services — 2.5%** |
| Alphabet, Inc., Class A | 9 | 2996 |
| Alphabet, Inc., Class C | 5 | 1531 |
| Angi, Inc. \* | 1 | 14 |
| Meta Platforms, Inc., Class A | 6 | 3724 |
| Reddit, Inc., Class A \* | 1 | 137 |
| Tencent Holdings Ltd. (China) | 25 | 1942 |
|  |  | 10344 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| Capgemini SE (France) | 1 | 193 |
| Cloudflare, Inc., Class A \* |  | 68 |
| GoDaddy, Inc., Class A \* | 1 | 76 |
| Indra Sistemas SA (Spain) | 2 | 135 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| Shopify, Inc., Class A (Canada) \* | 1 | 152 |
| Snowflake, Inc., Class A \* | 1 | 234 |
| Twilio, Inc., Class A \* | 1 | 105 |
|  |  | 963 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Acushnet Holdings Corp. | 1 | 97 |
| Asmodee Group AB, Class B (Sweden) \* | 8 | 89 |
| Games Workshop Group plc (United Kingdom) |  | 121 |
|  |  | 307 |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| Danaher Corp. | 2 | 541 |
| IQVIA Holdings, Inc. \* | 1 | 126 |
| Lonza Group AG (Registered) (Switzerland) | 1 | 681 |
| Medpace Holdings, Inc. \* |  | 66 |
| Mettler-Toledo International, Inc. \* |  | 77 |
| Thermo Fisher Scientific, Inc. |  | 170 |
|  |  | 1661 |
| **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
| Alliance Laundry Holdings, Inc. \* | 4 | 81 |
| Atlas Copco AB, Class A (Sweden) | 62 | 1103 |
| Danieli & C Officine Meccaniche SpA (Italy) | 2 | 80 |
| Deere & Co. | 1 | 370 |
| Dover Corp. | 1 | 225 |
| Hillman Solutions Corp. \* | 14 | 123 |
| IHI Corp. (Japan) | 24 | 422 |
| ITT, Inc. | 1 | 213 |
| KION Group AG (Germany) | 1 | 84 |
| Konecranes OYJ (Finland) | 2 | 209 |
| Lincoln Electric Holdings, Inc. | 1 | 122 |
| Middleby Corp. (The) \* | 1 | 159 |
| RBC Bearings, Inc. \* |  | 202 |
| Volvo AB, Class B (Sweden) | 35 | 1119 |
|  |  | 4512 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Nexstar Media Group, Inc. |  | 98 |
| Omnicom Group, Inc. | 2 | 135 |
| Publicis Groupe SA (France) | 2 | 176 |
|  |  | 409 |
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| GMK Norilskiy Nickel PAO (Russia) ‡ \* | 25 | —<br> (a)<br>|
| GMK Norilskiy Nickel PAO, ADR (Russia) ‡ \* |  | —<br> (a)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 5

------

JPMorgan Diversified 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** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| Magnitogorsk Iron & Steel Works PJSC (Russia) ‡ \* | 19 |  |
| Rio Tinto plc (Australia) | 12 | 979 |
| Severstal PAO, GDR (Russia) ‡ \* (b) | 2 | —<br> (a)<br>|
|  |  | 979 |
| **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** |
| Dominion Energy, Inc. | 7 | 423 |
| E.ON SE (Germany) | 12 | 228 |
| Engie SA (France) | 48 | 1251 |
| Public Service Enterprise Group, Inc. | 1 | 63 |
|  |  | 1965 |
| **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** | **Oil, Gas & Consumable Fuels — 1.2%** |
| Chevron Corp. | 1 | 210 |
| ConocoPhillips | 3 | 231 |
| DT Midstream, Inc. | 1 | 141 |
| EOG Resources, Inc. | 3 | 328 |
| Exxon Mobil Corp. | 12 | 1475 |
| Gazprom PJSC (Russia) ‡ \* | 28 | —<br> (a)<br>|
| Gaztransport Et Technigaz SA (France) | 1 | 128 |
| Kinder Morgan, Inc. | 5 | 125 |
| Neste OYJ (Finland) | 4 | 96 |
| Novatek PJSC (Russia) ‡ \* (a) | 1 |  |
| Rosneft Oil Co. PJSC (Russia) ‡ \* | 5 | —<br> (a)<br>|
| Shell plc | 48 | 1762 |
| SM Energy Co. | 6 | 117 |
| Williams Cos., Inc. (The) | 5 | 308 |
|  |  | 4921 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| Southwest Airlines Co. | 3 | 129 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Kao Corp. (Japan) | 11 | 455 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| AstraZeneca plc (United Kingdom) | 1 | 245 |
| Bayer AG (Registered) (Germany) | 3 | 128 |
| Bristol-Myers Squibb Co. | 13 | 706 |
| Eli Lilly & Co. | 1 | 846 |
| Galderma Group AG (Switzerland) | 1 | 253 |
| GSK plc | 12 | 300 |
| H Lundbeck A/S (Denmark) | 13 | 87 |
| Johnson & Johnson | 8 | 1689 |
| Merck & Co., Inc. | 1 | 141 |
| Novartis AG (Registered) | 10 | 1318 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| Novo Nordisk A/S, Class B (Denmark) | 9 | 429 |
| Roche Holding AG | 1 | 502 |
| UCB SA (Belgium) | 1 | 120 |
|  |  | 6764 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| Andersen Group, Inc., Class A \* | 4 | 93 |
| First Advantage Corp. \* | 8 | 122 |
| Paylocity Holding Corp. \* | 1 | 186 |
| RELX plc (United Kingdom) | 10 | 395 |
| TransUnion | 1 | 131 |
| Verra Mobility Corp. \* | 7 | 158 |
|  |  | 1085 |
| **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
| CBRE Group, Inc., Class A \* | 1 | 197 |
| Colliers International Group, Inc. (Canada) | 1 | 181 |
| Cushman & Wakefield Ltd. \* | 11 | 178 |
| Mitsui Fudosan Co. Ltd. (Japan) | 37 | 421 |
|  |  | 977 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| American Homes 4 Rent, Class A | 3 | 98 |
| AvalonBay Communities, Inc. |  | 53 |
| Mid-America Apartment Communities, Inc. | 1 | 155 |
|  |  | 306 |
| **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** |
| Regency Centers Corp. | 2 | 164 |
| **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** | **Semiconductors & Semiconductor Equipment — 5.0%** |
| Allegro MicroSystems, Inc. (Japan) \* | 5 | 131 |
| Analog Devices, Inc. | 2 | 595 |
| ASML Holding NV (Netherlands) | 2 | 1737 |
| Broadcom, Inc. | 8 | 2877 |
| Infineon Technologies AG (Germany) | 21 | 896 |
| MACOM Technology Solutions Holdings, Inc. \* | 1 | 254 |
| NVIDIA Corp. | 47 | 8777 |
| NXP Semiconductors NV (Netherlands) | 2 | 540 |
| Power Integrations, Inc. | 4 | 142 |
| SK hynix, Inc. (South Korea) | 2 | 906 |
| Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan) | 38 | 1868 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 7 | 1936 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| Teradyne, Inc. | 1 | 168 |
| Texas Instruments, Inc. | 1 | 226 |
|  |  | 21053 |
| **Software — 2.6%** | **Software — 2.6%** | **Software — 2.6%** |
| AppLovin Corp., Class A \* |  | 245 |
| CCC Intelligent Solutions Holdings, Inc. \* | 12 | 97 |
| Clearwater Analytics Holdings, Inc., Class A \* | 6 | 135 |
| Crowdstrike Holdings, Inc., Class A \* |  | 156 |
| Figma, Inc., Class A \* | 1 | 22 |
| HubSpot, Inc. \* |  | 113 |
| Intuit, Inc. | 1 | 688 |
| Microsoft Corp. | 15 | 7143 |
| nCino, Inc. \* | 3 | 80 |
| Oracle Corp. | 4 | 796 |
| Palo Alto Networks, Inc. \* | 1 | 205 |
| Qualys, Inc. \* | 1 | 109 |
| Roper Technologies, Inc. |  | 163 |
| Sage Group plc (The) (United Kingdom) | 9 | 128 |
| SAP SE (Germany) | 1 | 161 |
| ServiceNow, Inc. \* | 3 | 417 |
| SPS Commerce, Inc. \* | 1 | 83 |
| Temenos AG (Registered) (Switzerland) | 1 | 115 |
|  |  | 10856 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| American Tower Corp. | 2 | 389 |
| CubeSmart | 2 | 68 |
| Equinix, Inc. |  | 126 |
| Public Storage |  | 120 |
| Rayonier, Inc. | 3 | 67 |
| SBA Communications Corp. | 1 | 97 |
| Weyerhaeuser Co. | 4 | 86 |
|  |  | 953 |
| **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** | **Specialty Retail — 0.7%** |
| AutoZone, Inc. \* |  | 292 |
| Best Buy Co., Inc. | 1 | 87 |
| Burlington Stores, Inc. \* | 1 | 318 |
| Carvana Co. \* | 1 | 152 |
| Five Below, Inc. \* | 1 | 85 |
| Lowe's Cos., Inc. | 6 | 1532 |
| Murphy USA, Inc. |  | 82 |
| TJX Cos., Inc. (The) | 2 | 265 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Ulta Beauty, Inc. \* |  | 188 |
| Warby Parker, Inc., Class A \* | 4 | 84 |
|  |  | 3085 |
| **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** | **Technology Hardware, Storage & Peripherals — 1.8%** |
| Apple, Inc. | 26 | 7104 |
| Hewlett Packard Enterprise Co. | 9 | 209 |
| Logitech International SA (Registered) (Switzerland) | 2 | 163 |
| Western Digital Corp. |  | 93 |
|  |  | 7569 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| Cie Financiere Richemont SA (Registered) (Switzerland) | 1 | 245 |
| Columbia Sportswear Co. | 1 | 71 |
| Kontoor Brands, Inc. | 1 | 93 |
| LVMH Moet Hennessy Louis Vuitton SE (France) | 2 | 1249 |
| NIKE, Inc., Class B | 1 | 44 |
|  |  | 1702 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Philip Morris International, Inc. | 2 | 310 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| Applied Industrial Technologies, Inc. | 1 | 159 |
| Core & Main, Inc., Class A \* | 4 | 201 |
| ITOCHU Corp. (Japan) | 38 | 480 |
| United Rentals, Inc. |  | 170 |
|  |  | 1010 |
| Total Common Stocks <br>(Cost $114,800)<br>|  | 189023 |
| **Investment Companies — 19.5%** | **Investment Companies — 19.5%** | **Investment Companies — 19.5%** |
| **Fixed Income — 17.4%** | **Fixed Income — 17.4%** | **Fixed Income — 17.4%** |
| JPMorgan Core Bond Fund Class R6 Shares (c) | 3709 | 38723 |
| JPMorgan High Yield Fund Class R6 Shares (c) | 1921 | 12658 |
| JPMorgan Income Fund Class R6 Shares (c) | 2510 | 21613 |
| Total Fixed Income |  | 72994 |
| **U.S. Equity — 2.1%** | **U.S. Equity — 2.1%** | **U.S. Equity — 2.1%** |
| JPMorgan Large Cap Value Fund Class R6 Shares (c) | 414 | 8764 |
| Total Investment Companies <br>(Cost $78,634)<br>|  | 81758 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 7

------

JPMorgan Diversified Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 8.9%** | **U.S. Treasury Obligations — 8.9%** | **U.S. Treasury Obligations — 8.9%** |
| U.S. Treasury Bonds |  |  |
| 2.75%, 11/15/2042 | 3050 | 2344 |
| 3.13%, 2/15/2043 | 2070 | 1674 |
| 3.63%, 8/15/2043 | 1300 | 1122 |
| 3.75%, 11/15/2043 | 400 | 351 |
| 1.25%, 5/15/2050 | 1550 | 742 |
| 1.38%, 8/15/2050 | 1337 | 657 |
| 2.38%, 5/15/2051 | 2500 | 1576 |
| 4.25%, 2/15/2054 | 800 | 723 |
| U.S. Treasury Notes |  |  |
| 4.25%, 1/31/2026 (d) | 5577 | 5579 |
| 4.13%, 1/31/2027 (d) | 510 | 513 |
| 3.13%, 8/31/2027 | 6500 | 6463 |
| 4.13%, 10/31/2027 | 1000 | 1011 |
| 2.88%, 5/15/2028 | 500 | 493 |
| 4.63%, 4/30/2029 | 1700 | 1755 |
| 3.88%, 11/30/2029 | 1000 | 1008 |
| 3.75%, 5/31/2030 | 4791 | 4802 |
| 4.13%, 5/31/2032 | 645 | 654 |
| 2.75%, 8/15/2032 | 400 | 373 |
| 4.50%, 11/15/2033 | 500 | 516 |
| 4.00%, 2/15/2034 | 2275 | 2268 |
| 4.25%, 11/15/2034 | 800 | 808 |
| U.S. Treasury STRIPS Bonds |  |  |
| 4.67%, 11/15/2030 (e) | 155 | 129 |
| 4.60%, 2/15/2031 (e) | 160 | 131 |
| 4.69%, 5/15/2031 (e) | 160 | 130 |
| 4.63%, 8/15/2031 (e) | 165 | 132 |
| 4.71%, 11/15/2031 (e) | 165 | 131 |
| 4.25%, 11/15/2033 (e) | 650 | 469 |
| 2.39%, 2/15/2035 (e) | 234 | 159 |
| 4.20%, 8/15/2035 (e) | 349 | 230 |
| 4.24%, 2/15/2036 (e) | 65 | 42 |
| 4.36%, 5/15/2036 (e) | 152 | 96 |
| 4.31%, 8/15/2036 (e) | 87 | 55 |
| 0.0%, 2/15/2042 (e) | 153 | 69 |
| Total U.S. Treasury Obligations <br>(Cost $37,751)<br>|  | 37205 |
| **Corporate Bonds — 7.1%** | **Corporate Bonds — 7.1%** | **Corporate Bonds — 7.1%** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 5.15%, 5/1/2030 | 210 | 216 |
| 6.39%, 5/1/2031 | 48 | 52 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Aerospace & Defense — continued** | **Aerospace & Defense — continued** | **Aerospace & Defense — continued** |
| 6.53%, 5/1/2034 | 14 | 16 |
| RTX Corp. 4.13%, 11/16/2028 | 120 | 120 |
|  |  | 404 |
| **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** |
| Hyundai Capital America 5.30%, 6/24/2029 (f) | 100 | 103 |
| **Banks — 1.7%** | **Banks — 1.7%** | **Banks — 1.7%** |
| ABN AMRO Bank NV (Netherlands) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 1 Year + 1.10%), <br> 2.47%, 12/13/2029 (f) (g)<br>| 200 | 191 |
| Banco Santander SA (Spain) 2.75%, 12/3/2030 | 400 | 364 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (SOFR + 0.96%), 1.73%, 7/22/2027 (g) | 510 | 503 |
| (SOFR + 1.65%), 5.47%, 1/23/2035 (g) | 180 | 187 |
| (3-MONTH CME TERM SOFR + 3.41%), 4.08%, <br> 3/20/2051 (g)<br>| 150 | 120 |
| Bank of Ireland Group plc (Ireland) (SOFR + 1.62%), <br> 5.60%, 3/20/2030 (f) (g)<br>| 200 | 208 |
| Barclays plc (United Kingdom) (US Treasury Yield Curve <br> Rate T Note Constant Maturity 1 Year + 1.30%), <br> 2.89%, 11/24/2032 (g)<br>| 300 | 273 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.62%), 5.79%, 1/13/2033 (f) (g) | 200 | 210 |
| (SOFR + 1.56%), 3.13%, 1/20/2033 (f) (g) | 300 | 274 |
| BPCE SA (France) (SOFR + 1.31%), 2.28%, <br> 1/20/2032 (f) (g)<br>| 250 | 222 |
| Citigroup, Inc. (SOFR + 3.91%), 4.41%, 3/31/2031 (g) | 730 | 730 |
| Cooperatieve Rabobank UA (Netherlands) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 1 Year + <br> 0.73%), 1.98%, 12/15/2027 (f) (g)<br>| 250 | 245 |
| DNB Bank ASA (Norway) (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.68%), 1.61%, <br> 3/30/2028 (f) (g)<br>| 200 | 194 |
| Fifth Third Bancorp (SOFRINDX + 2.13%), 4.77%, <br> 7/28/2030 (g)<br>| 330 | 334 |
| HSBC Holdings plc (United Kingdom) (SOFR + 1.29%), <br> 5.29%, 11/19/2030 (g)<br>| 310 | 320 |
| Huntington Bancshares, Inc. (SOFR + 1.28%), 5.27%, <br> 1/15/2031 (g)<br>| 100 | 103 |
| KBC Group NV (Belgium) (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.85%), 4.45%, <br> 9/23/2031 (f) (g)<br>| 200 | 199 |
| KeyCorp (SOFRINDX + 2.42%), 6.40%, 3/6/2035 (g) | 100 | 109 |
| M&T Bank Corp. (SOFR + 1.40%), 5.18%, 7/8/2031 (g) | 30 | 31 |
| NatWest Group plc (United Kingdom) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 1 Year + 0.90%), <br> 1.64%, 6/14/2027 (g)<br>| 200 | 198 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| PNC Financial Services Group, Inc. (The) (SOFR + <br> 1.93%), 5.07%, 1/24/2034 (g)<br>| 126 | 129 |
| Royal Bank of Canada (Canada) (SOFR + 0.98%), <br> 4.31%, 11/3/2031 (g)<br>| 100 | 99 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.60%), 6.10%, <br> 4/13/2033 (f) (g)<br>| 200 | 211 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.95%), 6.69%, <br> 1/10/2034 (f) (g)<br>| 300 | 327 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 2.05%), 6.05%, 6/8/2027 (g) | 63 | 63 |
| (SOFR + 2.45%), 7.16%, 10/30/2029 (g) | 40 | 43 |
| UniCredit SpA (Italy) (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.55%), 3.13%, <br> 6/3/2032 (f) (g)<br>| 217 | 202 |
| US Bancorp  | US Bancorp  | US Bancorp  |
| (SOFR + 1.56%), 5.38%, 1/23/2030 (g) | 132 | 137 |
| (SOFR + 1.86%), 5.68%, 1/23/2035 (g) | 32 | 34 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| (SOFR + 1.51%), 3.53%, 3/24/2028 (g) | 120 | 119 |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (g) | 35 | 36 |
| (SOFR + 2.10%), 4.90%, 7/25/2033 (g) | 250 | 254 |
| (SOFR + 2.02%), 5.39%, 4/24/2034 (g) | 22 | 23 |
| (SOFR + 1.74%), 5.61%, 4/23/2036 (g) | 197 | 206 |
|  |  | 6898 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Constellation Brands, Inc. 2.88%, 5/1/2030 | 230 | 216 |
| Molson Coors Beverage Co. 4.20%, 7/15/2046 | 98 | 79 |
|  |  | 295 |
| **Capital Markets — 0.5%** | **Capital Markets — 0.5%** | **Capital Markets — 0.5%** |
| Brookfield Finance, Inc. (Canada) 4.85%, 3/29/2029 | 230 | 234 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.32%), 2.55%, 1/7/2028 (g) | 200 | 197 |
| (SOFR + 1.72%), 3.04%, 5/28/2032 (g) | 150 | 138 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 1.42%), 5.02%, 10/23/2035 (g) | 500 | 503 |
| (SOFR + 1.51%), 3.21%, 4/22/2042 (g) | 140 | 108 |
| Macquarie Group Ltd. (Australia) (SOFR + 1.44%), <br> 2.69%, 6/23/2032 (f) (g)<br>| 240 | 218 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 1.10%), 4.65%, 10/18/2030 (g) | 150 | 152 |
| (SOFR + 1.42%), 5.59%, 1/18/2036 (g) | 250 | 261 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| (SOFR + 1.49%), 3.22%, 4/22/2042 (g) | 100 | 78 |
| Nasdaq, Inc. 5.55%, 2/15/2034 | 27 | 28 |
|  |  | 1917 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| EIDP, Inc. 4.50%, 5/15/2026 | 64 | 64 |
| RPM International, Inc. 2.95%, 1/15/2032 | 14 | 13 |
|  |  | 77 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| Quanta Services, Inc.  | Quanta Services, Inc.  | Quanta Services, Inc.  |
| 2.90%, 10/1/2030 | 50 | 47 |
| 2.35%, 1/15/2032 | 53 | 47 |
|  |  | 94 |
| **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** |
| AerCap Ireland Capital DAC (Ireland) 2.45%, <br> 10/29/2026<br>| 300 | 296 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFR + 0.93%), 5.04%, 7/26/2028 (g) | 32 | 32 |
| (SOFR + 1.42%), 5.28%, 7/26/2035 (g) | 100 | 103 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 2.13%, 2/21/2026 (f) | 750 | 747 |
| 4.25%, 4/15/2026 (f) | 400 | 400 |
| Capital One Financial Corp. 3.80%, 1/31/2028 | 230 | 229 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) <br> 6.50%, 3/26/2031 (f)<br>| 100 | 107 |
|  |  | 1914 |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| Kroger Co. (The)  | Kroger Co. (The)  | Kroger Co. (The)  |
| 5.50%, 9/15/2054 | 20 | 19 |
| 5.65%, 9/15/2064 | 100 | 95 |
|  |  | 114 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Sonoco Products Co. 5.00%, 9/1/2034 | 297 | 294 |
| WRKCo, Inc. 3.90%, 6/1/2028 | 170 | 169 |
|  |  | 463 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| Safehold GL Holdings LLC 2.85%, 1/15/2032 | 100 | 90 |
| WP Carey, Inc. 2.25%, 4/1/2033 | 360 | 304 |
|  |  | 394 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| AT&T, Inc. 3.65%, 9/15/2059 | 280 | 185 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 9

------

JPMorgan Diversified Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| Verizon Communications, Inc.  | Verizon Communications, Inc.  | Verizon Communications, Inc.  |
| 5.40%, 7/2/2037 (f) | 50 | 50 |
| 5.50%, 2/23/2054 | 28 | 27 |
|  |  | 262 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Appalachian Power Co. Series AA, 2.70%, 4/1/2031 | 210 | 192 |
| Duke Energy Corp. 3.75%, 9/1/2046 | 360 | 273 |
| Duke Energy Indiana LLC 5.40%, 4/1/2053 | 10 | 9 |
| Duquesne Light Holdings, Inc. 2.78%, 1/7/2032 (f) | 336 | 299 |
| Eversource Energy 2.90%, 3/1/2027 | 170 | 168 |
| Fells Point Funding Trust 3.05%, 1/31/2027 (f) | 290 | 286 |
| Interstate Power and Light Co. 4.95%, 9/30/2034 | 28 | 28 |
| ITC Holdings Corp. 4.95%, 9/22/2027 (f) | 42 | 43 |
| Jersey Central Power & Light Co. 2.75%, 3/1/2032 (f) | 244 | 219 |
| NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
| 4.69%, 9/1/2027 | 65 | 66 |
| 5.55%, 3/15/2054 | 140 | 135 |
| NRG Energy, Inc. 2.45%, 12/2/2027 (f) | 230 | 222 |
| Oncor Electric Delivery Co. LLC 5.35%, 4/1/2035 (f) | 100 | 103 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 2.95%, 3/1/2026 | 150 | 150 |
| 4.95%, 7/1/2050 | 300 | 254 |
| PG&E Recovery Funding LLC Series A-3, 5.54%, <br> 7/15/2047<br>| 154 | 154 |
| SCE Recovery Funding LLC 5.34%, 3/15/2045 | 95 | 95 |
| Southern California Edison Co. Series C, 4.13%, <br> 3/1/2048<br>| 360 | 273 |
| Virginia Electric and Power Co. 5.65%, 3/15/2055 | 150 | 147 |
| Virginia Power Fuel Securitization LLC Series A-2, <br> 4.88%, 5/1/2031<br>| 165 | 169 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 6.00%, 4/15/2034 (f) | 100 | 105 |
| 5.70%, 12/30/2034 (f) | 27 | 28 |
|  |  | 3418 |
| **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** |
| Amphenol Corp. 5.30%, 11/15/2055 | 120 | 115 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  |
| 3.70%, 4/14/2027 | 36 | 36 |
| 4.00%, 4/14/2032 | 180 | 174 |
|  |  | 210 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Financial Services — 0.2%** | **Financial Services — 0.2%** | **Financial Services — 0.2%** |
| Corebridge Financial, Inc. 4.40%, 4/5/2052 | 123 | 100 |
| Fiserv, Inc. 5.35%, 3/15/2031 | 250 | 256 |
| Global Payments, Inc. 2.90%, 5/15/2030 | 230 | 213 |
| Nationwide Building Society (United Kingdom) (SOFR + <br> 1.65%), 5.54%, 7/14/2036 (f) (g)<br>| 200 | 207 |
|  |  | 776 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Bunge Ltd. Finance Corp. 3.75%, 9/25/2027 | 230 | 229 |
| Conagra Brands, Inc. 5.40%, 11/1/2048 | 250 | 224 |
| General Mills, Inc. 4.88%, 1/30/2030 | 100 | 102 |
| J M Smucker Co. (The) 6.50%, 11/15/2053 | 21 | 23 |
| JBS USA Holding Lux SARL 5.50%, 1/15/2036 (f) | 125 | 127 |
|  |  | 705 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Canadian Pacific Railway Co. (Canada) 4.30%, <br> 5/15/2043<br>| 210 | 182 |
| Penske Truck Leasing Co. LP  | Penske Truck Leasing Co. LP  | Penske Truck Leasing Co. LP  |
| 5.75%, 5/24/2026 (f) | 61 | 61 |
| 4.40%, 7/1/2027 (f) | 210 | 210 |
| Uber Technologies, Inc.  | Uber Technologies, Inc.  | Uber Technologies, Inc.  |
| 4.80%, 9/15/2034 | 25 | 25 |
| 4.80%, 9/15/2035 | 45 | 45 |
|  |  | 523 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| Boston Scientific Corp. 2.65%, 6/1/2030 | 230 | 217 |
| Zimmer Biomet Holdings, Inc. 5.50%, 2/19/2035 | 83 | 86 |
|  |  | 303 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| Cencora, Inc. 5.15%, 2/15/2035 | 31 | 32 |
| Cigna Group (The) 5.25%, 1/15/2036 | 100 | 102 |
| HCA, Inc. 4.60%, 11/15/2032 | 95 | 94 |
| Humana, Inc. 3.95%, 3/15/2027 | 50 | 50 |
| Quest Diagnostics, Inc. 2.95%, 6/30/2030 | 230 | 217 |
|  |  | 495 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| Alexandria Real Estate Equities, Inc. 5.15%, 4/15/2053 | 216 | 188 |
| DOC DR LLC 2.63%, 11/1/2031 | 44 | 40 |
| Healthpeak OP LLC 2.13%, 12/1/2028 | 23 | 22 |
| Ventas Realty LP 3.25%, 10/15/2026 | 120 | 119 |
|  |  | 369 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| Expedia Group, Inc. 3.25%, 2/15/2030 | 140 | 134 |
| **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** |
| Constellation Energy Generation LLC 6.50%, 10/1/2053 | 150 | 163 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Aon North America, Inc. 5.75%, 3/1/2054 | 100 | 100 |
| Athene Global Funding 2.72%, 1/7/2029 (f) | 150 | 142 |
| CNO Global Funding 2.65%, 1/6/2029 (f) | 410 | 390 |
| F&G Global Funding 2.30%, 4/11/2027 (f) | 150 | 146 |
| Manulife Financial Corp. (Canada) (USD ICE Swap Rate 5 <br> Year + 1.65%), 4.06%, 2/24/2032 (g)<br>| 170 | 169 |
|  |  | 947 |
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| Meta Platforms, Inc.  | Meta Platforms, Inc.  | Meta Platforms, Inc.  |
| 4.60%, 11/15/2032 | 20 | 20 |
| 4.88%, 11/15/2035 | 45 | 45 |
| 5.40%, 8/15/2054 | 40 | 37 |
|  |  | 102 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 3.75%, 2/15/2028 | 81 | 80 |
| 4.80%, 3/1/2050 | 330 | 248 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 2.65%, 2/1/2030 | 320 | 302 |
| 3.45%, 2/1/2050 | 200 | 134 |
|  |  | 764 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Glencore Funding LLC (Australia) 2.63%, 9/23/2031 (f) | 300 | 270 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Ameren Corp. 5.00%, 1/15/2029 | 140 | 143 |
| DTE Energy Co. 5.20%, 4/1/2030 | 100 | 103 |
| NiSource, Inc. 4.38%, 5/15/2047 | 200 | 166 |
| PG&E Energy Recovery Funding LLC Series A-3, 2.82%, <br> 7/15/2046<br>| 43 | 31 |
| Puget Energy, Inc. 2.38%, 6/15/2028 | 115 | 110 |
|  |  | 553 |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| COPT Defense Properties LP 2.00%, 1/15/2029 | 136 | 127 |
| Kilroy Realty LP 2.65%, 11/15/2033 | 70 | 57 |
|  |  | 184 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** |
| Cheniere Energy Partners LP 5.55%, 10/30/2035 (f) | 35 | 36 |
| Cheniere Energy, Inc. 5.65%, 4/15/2034 | 100 | 104 |
| Columbia Pipelines Holding Co. LLC 5.10%, <br> 10/1/2031 (f)<br>| 36 | 37 |
| Columbia Pipelines Operating Co. LLC 5.44%, <br> 2/15/2035 (f)<br>| 100 | 102 |
| ConocoPhillips Co. 5.50%, 1/15/2055 | 68 | 65 |
| Devon Energy Corp. 5.75%, 9/15/2054 | 73 | 67 |
| Enbridge, Inc. (Canada) 6.70%, 11/15/2053 | 200 | 220 |
| Energy Transfer LP 4.15%, 9/15/2029 | 220 | 218 |
| Enterprise Products Operating LLC 5.55%, 2/16/2055 | 207 | 201 |
| Kinder Morgan, Inc. 5.20%, 6/1/2033 | 251 | 258 |
| MPLX LP 2.65%, 8/15/2030 | 140 | 130 |
| NGPL PipeCo LLC 3.25%, 7/15/2031 (f) | 183 | 168 |
| ONEOK, Inc.  | ONEOK, Inc.  | ONEOK, Inc.  |
| 4.95%, 10/15/2032 | 70 | 70 |
| 5.70%, 11/1/2054 | 100 | 93 |
| Plains All American Pipeline LP 3.55%, 12/15/2029 | 230 | 223 |
| Shell Finance US, Inc. 4.75%, 1/6/2036 | 100 | 100 |
| Targa Resources Partners LP 4.00%, 1/15/2032 | 18 | 17 |
| Western Midstream Operating LP 5.25%, 2/1/2050 (h) | 100 | 86 |
| Williams Cos., Inc. (The) 2.60%, 3/15/2031 | 245 | 224 |
|  |  | 2419 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Kenvue, Inc. 5.20%, 3/22/2063 | 12 | 11 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Bristol-Myers Squibb Co. 3.70%, 3/15/2052 | 322 | 237 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Essex Portfolio LP 5.50%, 4/1/2034 | 165 | 171 |
| UDR, Inc. 3.20%, 1/15/2030 | 230 | 221 |
|  |  | 392 |
| **Retail REITs — 0.2%** | **Retail REITs — 0.2%** | **Retail REITs — 0.2%** |
| Brixmor Operating Partnership LP 4.13%, 5/15/2029 | 210 | 209 |
| NNN REIT, Inc. 4.60%, 2/15/2031 | 100 | 101 |
| Realty Income Corp. 3.25%, 1/15/2031 | 230 | 219 |
| Regency Centers LP 3.60%, 2/1/2027 | 230 | 229 |
|  |  | 758 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| Broadcom, Inc. 3.19%, 11/15/2036 (f) | 260 | 220 |
| Marvell Technology, Inc. 5.45%, 7/15/2035 | 89 | 92 |
| NXP BV (Netherlands) 2.50%, 5/11/2031 | 190 | 172 |
|  |  | 484 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 11

------

JPMorgan Diversified Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 4.80%, 9/26/2032 | 100 | 97 |
| 4.90%, 2/6/2033 | 71 | 68 |
| 3.60%, 4/1/2050 | 150 | 93 |
| Synopsys, Inc. 5.15%, 4/1/2035 | 34 | 35 |
|  |  | 293 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| American Tower Corp. 2.90%, 1/15/2030 | 180 | 171 |
| Extra Space Storage LP  | Extra Space Storage LP  | Extra Space Storage LP  |
| 2.20%, 10/15/2030 | 210 | 190 |
| 2.35%, 3/15/2032 | 90 | 79 |
|  |  | 440 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| AutoZone, Inc. 1.65%, 1/15/2031 | 230 | 201 |
| Lowe's Cos., Inc. 3.75%, 4/1/2032 | 190 | 182 |
| O'Reilly Automotive, Inc. 1.75%, 3/15/2031 | 230 | 202 |
|  |  | 585 |
| **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** |
| Dell International LLC  | Dell International LLC  | Dell International LLC  |
| 4.90%, 10/1/2026 | 17 | 17 |
| 5.25%, 2/1/2028 | 16 | 16 |
| Hewlett Packard Enterprise Co. 5.00%, 10/15/2034 | 6 | 6 |
|  |  | 39 |
| **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** |
| BAT Capital Corp. (United Kingdom) 5.35%, 8/15/2032 | 100 | 104 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| Aviation Capital Group LLC 5.13%, 4/10/2030 (f) | 55 | 56 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| American Water Capital Corp. 5.15%, 3/1/2034 | 280 | 288 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| T-Mobile USA, Inc. 3.88%, 4/15/2030 | 290 | 285 |
| Vodafone Group plc (United Kingdom) 5.63%, <br> 2/10/2053<br>| 230 | 220 |
|  |  | 505 |
| Total Corporate Bonds <br>(Cost $30,079)<br>|  | 29577 |
| **Mortgage-Backed Securities — 6.4%** | **Mortgage-Backed Securities — 6.4%** | **Mortgage-Backed Securities — 6.4%** |
| FHLMC Gold Pools, Other Pool # WN1157, 1.80%, <br> 11/1/2028<br>| 1000 | 945 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| FHLMC UMBS, 30 Year  |  |  |
| Pool # QA7633, 3.00%, 3/1/2050 | 133 | 119 |
| Pool # RA5276, 2.50%, 5/1/2051 | 527 | 451 |
| Pool # QC3244, 3.00%, 6/1/2051 | 271 | 241 |
| Pool # QC7410, 2.50%, 9/1/2051 | 388 | 335 |
| Pool # RA5906, 2.50%, 9/1/2051 | 372 | 321 |
| Pool # SD0809, 3.00%, 1/1/2052 | 359 | 319 |
| Pool # RA6702, 3.00%, 2/1/2052 | 448 | 397 |
| Pool # SD4119, 3.00%, 8/1/2052 | 645 | 578 |
| Pool # RA7937, 5.00%, 9/1/2052 | 457 | 459 |
| Pool # RJ2914, 5.50%, 11/1/2054 | 454 | 463 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # CA6079, 2.50%, 6/1/2050 | 481 | 407 |
| Pool # FS6514, 2.50%, 9/1/2051 | 417 | 360 |
| Pool # CB1874, 3.00%, 10/1/2051 | 436 | 387 |
| Pool # CB1878, 3.00%, 10/1/2051 | 264 | 237 |
| Pool # CB2066, 3.00%, 11/1/2051 | 439 | 390 |
| Pool # CB2094, 3.00%, 11/1/2051 | 1066 | 951 |
| Pool # BU1805, 2.50%, 12/1/2051 | 438 | 373 |
| Pool # CB2637, 2.50%, 1/1/2052 | 317 | 273 |
| Pool # FS0882, 2.50%, 3/1/2052 | 587 | 506 |
| Pool # CB3629, 4.00%, 5/1/2052 | 556 | 531 |
| Pool # BY4714, 5.00%, 6/1/2053 | 968 | 968 |
| Pool # DB1954, 5.00%, 11/1/2054 | 491 | 490 |
| FNMA, Other  |  |  |
| Pool # BS8224, 4.10%, 5/1/2028 | 550 | 553 |
| Pool # BL0907, 3.88%, 12/1/2028 | 600 | 596 |
| Pool # BS8252, 4.36%, 4/1/2030 | 486 | 491 |
| Pool # BS8846, 4.09%, 7/1/2030 | 500 | 499 |
| Pool # BS3634, 1.77%, 11/1/2031 | 600 | 522 |
| Pool # BS4525, 1.94%, 1/1/2032 | 600 | 525 |
| Pool # BS4030, 1.96%, 1/1/2032 | 983 | 868 |
| Pool # BS4563, 2.01%, 1/1/2032 | 600 | 529 |
| Pool # BZ2889, 4.37%, 1/1/2032 | 494 | 496 |
| Pool # BM7037, 1.75%, 3/1/2032 (i) | 845 | 737 |
| Pool # BS5117, 2.58%, 3/1/2032 | 399 | 363 |
| Pool # BS5193, 2.62%, 4/1/2032 | 400 | 363 |
| Pool # BZ3977, 4.42%, 6/1/2032 | 500 | 501 |
| Pool # BZ4488, 4.42%, 8/1/2032 | 515 | 516 |
| Pool # BZ4871, 4.23%, 10/1/2032 | 255 | 253 |
| Pool # BS2933, 1.82%, 9/1/2033 | 500 | 415 |
| Pool # BS4793, 2.44%, 2/1/2034 | 557 | 482 |
| Pool # BS7097, 4.67%, 11/1/2034 | 1100 | 1107 |
| Pool # BF0669, 4.00%, 6/1/2052 | 490 | 472 |
| Pool # BM6734, 4.00%, 8/1/2059 | 1501 | 1425 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BM7075, 3.00%, 3/1/2061 | 477 | 418 |
| Pool # BF0546, 2.50%, 7/1/2061 | 610 | 503 |
| Pool # BF0617, 2.50%, 3/1/2062 | 305 | 251 |
| Pool # BF0655, 3.50%, 6/1/2062 | 542 | 492 |
| Pool # BF0736, 4.00%, 6/1/2063 | 416 | 392 |
| GNMA II, 30 Year Pool # MA8148, 3.00%, 7/20/2052 | 2924 | 2630 |
| Total Mortgage-Backed Securities <br>(Cost $27,163)<br>|  | 26900 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Exchange-Traded Funds — 5.0%** | **Exchange-Traded Funds — 5.0%** | **Exchange-Traded Funds — 5.0%** |
| **International Equity — 1.5%** | **International Equity — 1.5%** | **International Equity — 1.5%** |
| JPMorgan BetaBuilders Japan ETF (c) | 93 | 6102 |
| **U.S. Equity — 3.5%** | **U.S. Equity — 3.5%** | **U.S. Equity — 3.5%** |
| JPMorgan Active Growth ETF (c) | 76 | 7074 |
| JPMorgan Active Value ETF (c) | 107 | 7698 |
| Total U.S. Equity |  | 14772 |
| Total Exchange-Traded Funds <br>(Cost $19,925)<br>|  | 20874 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Asset-Backed Securities — 2.2%** | **Asset-Backed Securities — 2.2%** | **Asset-Backed Securities — 2.2%** |
| Ally Auto Receivables Trust Series 2023-1, Class A3, <br> 5.46%, 5/15/2028<br>| 63 | 64 |
| American Airlines Pass-Through Trust Series 2021-1, <br> Class B, 3.95%, 7/11/2030<br>| 219 | 211 |
| American Credit Acceptance Receivables Trust |  |  |
| Series 2023-1, Class C, 5.59%, 4/12/2029 (f) |  |  |
| Series 2024-1, Class D, 5.86%, 5/13/2030 (f) | 84 | 85 |
| AmeriCredit Automobile Receivables Trust Series <br> 2024-1, Class B, 5.38%, 6/18/2029<br>| 180 | 183 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2024-2A, Class A, 5.13%, 10/20/2028 (f) | 100 | 102 |
| Series 2024-1A, Class A, 5.36%, 6/20/2030 (f) | 100 | 103 |
| BMW Vehicle Owner Trust Series 2023-A, Class A3, <br> 5.47%, 2/25/2028<br>| 23 | 23 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-1, Class C, 5.65%, 4/16/2029 | 144 | 145 |
| Series 2025-2, Class C, 5.17%, 3/17/2031 | 119 | 121 |
| Series 2025-3, Class C, 4.81%, 5/15/2031 | 70 | 70 |
| Business Jet Securities LLC Series 2024-2A, Class A, <br> 5.36%, 9/15/2039 ‡ (f)<br>| 101 | 102 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Carmax Auto Owner Trust |  |  |
| Series 2025-2, Class A3, 4.48%, 3/15/2030 | 87 | 88 |
| Series 2025-3, Class A3, 4.35%, 7/15/2030 | 70 | 71 |
| CarMax Auto Owner Trust |  |  |
| Series 2023-4, Class A3, 6.00%, 7/17/2028 | 57 | 58 |
| Series 2024-1, Class A3, 4.92%, 10/16/2028 | 50 | 51 |
| Carvana Auto Receivables Trust |  |  |
| Series 2022-P3, Class A3, 4.61%, 11/10/2027 | 8 | 8 |
| Series 2021-P4, Class A4, 1.64%, 12/10/2027 | 221 | 220 |
| Series 2025-P3, Class A3, 4.04%, 11/11/2030 | 170 | 170 |
| CoreVest American Finance Trust Series 2022-1, Class A, <br> 4.74%, 6/17/2055 (f) (i)<br>| 152 | 152 |
| CPS Auto Receivables Trust Series 2023-A, Class C, <br> 5.54%, 4/16/2029 (f)<br>| 29 | 29 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2023-1A, Class B, 7.02%, 5/16/2033 (f) | 300 | 302 |
| Series 2024-2A, Class A, 5.95%, 6/15/2034 (f) | 200 | 204 |
| Series 2025-1A, Class A, 5.02%, 3/15/2035 (f) | 160 | 162 |
| Series 2025-2A, Class A, 4.50%, 11/15/2035 (f) | 250 | 251 |
| Drive Auto Receivables Trust |  |  |
| Series 2024-1, Class B, 5.31%, 1/16/2029 | 53 | 53 |
| Series 2025-2, Class C, 4.39%, 9/15/2032 | 100 | 100 |
| Series 2025-1, Class C, 4.99%, 9/15/2032 | 50 | 51 |
| DT Auto Owner Trust |  |  |
| Series 2021-4A, Class D, 1.99%, 9/15/2027 (f) | 58 | 58 |
| Series 2023-1A, Class C, 5.55%, 10/16/2028 (f) | 119 | 120 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2022-2A, Class D, 4.56%, 7/17/2028 | 125 | 125 |
| Series 2023-1A, Class D, 6.69%, 6/15/2029 | 35 | 36 |
| Series 2024-3A, Class C, 5.70%, 7/16/2029 | 50 | 51 |
| Series 2024-1A, Class C, 5.41%, 5/15/2030 | 102 | 103 |
| Series 2025-4A, Class C, 4.57%, 6/16/2031 | 155 | 155 |
| Series 2025-3A, Class C, 5.09%, 10/15/2031 | 80 | 81 |
| Series 2025-5A, Class C, 4.68%, 3/15/2032 | 45 | 45 |
| FHF Trust Series 2023-1A, Class A2, 6.57%, <br> 6/15/2028 (f)<br>| 18 | 18 |
| FirstKey Homes Trust Series 2022-SFR1, Class A, 4.15%, <br> 5/19/2039 (f)<br>| 111 | 110 |
| Ford Credit Auto Owner Trust Series 2023-A, Class A3, <br> 4.65%, 2/15/2028<br>| 32 | 32 |
| GLS Auto Receivables Issuer Trust Series 2025-4A, <br> Class C, 4.74%, 8/15/2031 (f)<br>| 95 | 95 |
| GLS Auto Select Receivables Trust Series 2025-1A, <br> Class A2, 4.71%, 4/15/2030 (f)<br>| 57 | 58 |
| GM Financial Automobile Leasing Trust Series 2024-2, <br> Class A3, 5.39%, 7/20/2027<br>| 69 | 69 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 13

------

JPMorgan Diversified Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| GM Financial Consumer Automobile Receivables Trust |  |  |
| Series 2023-3, Class A3, 5.45%, 6/16/2028 | 36 | 36 |
| Series 2024-1, Class A3, 4.85%, 12/18/2028 | 37 | 37 |
| Hertz Vehicle Financing LLC Series 2025-3A, Class A, <br> 5.06%, 12/26/2029 (f)<br>| 240 | 243 |
| Hilton Grand Vacations Trust Series 2022-1D, Class A, <br> 3.61%, 6/20/2034 (f)<br>| 33 | 33 |
| Honda Auto Receivables Owner Trust Series 2023-1, <br> Class A3, 5.04%, 4/21/2027<br>| 25 | 25 |
| Hyundai Auto Receivables Trust |  |  |
| Series 2023-B, Class A3, 5.48%, 4/17/2028 | 46 | 46 |
| Series 2025-A, Class A3, 4.32%, 10/15/2029 | 143 | 144 |
| Kubota Credit Owner Trust Series 2023-1A, Class A3, <br> 5.02%, 6/15/2027 (f)<br>| 69 | 69 |
| Lendmark Funding Trust Series 2025-1A, Class A, <br> 4.94%, 9/20/2034 (f)<br>| 125 | 126 |
| Mercedes-Benz Auto Receivables Trust Series 2023-1, <br> Class A3, 4.51%, 11/15/2027<br>| 24 | 24 |
| MVW LLC |  |  |
| Series 2021-2A, Class A, 1.43%, 5/20/2039 (f) | 46 | 43 |
| Series 2024-1A, Class A, 5.32%, 2/20/2043 (f) | 107 | 109 |
| Nissan Auto Lease Trust Series 2025-A, Class A3, <br> 4.75%, 3/15/2028<br>| 198 | 200 |
| OneMain Direct Auto Receivables Trust Series 2023-1A, <br> Class A, 5.41%, 11/14/2029 (f)<br>| 344 | 347 |
| OneMain Financial Issuance Trust Series 2020-2A, <br> Class B, 2.21%, 9/14/2035 (f)<br>| 220 | 212 |
| Progress Residential Trust |  |  |
| Series 2021-SFR8, Class E1, 2.38%, 10/17/2038 (f) | 156 | 153 |
| Series 2022-SFR3, Class A, 3.20%, 4/17/2039 (f) | 290 | 286 |
| Series 2023-SFR1, Class A, 4.30%, 3/17/2040 (f) | 179 | 179 |
| Series 2025-SFR1, Class A, 3.40%, 2/17/2042 (f) | 239 | 229 |
| Series 2025-SFR2, Class A, 3.31%, 4/17/2042 (f) | 249 | 238 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2024-1, Class A3, 5.25%, 4/17/2028 | 8 | 8 |
| Series 2023-4, Class B, 5.77%, 12/15/2028 | 159 | 161 |
| Series 2023-5, Class B, 6.16%, 12/17/2029 | 202 | 205 |
| Series 2024-2, Class C, 5.84%, 6/17/2030 | 48 | 49 |
| Series 2024-3, Class C, 5.64%, 8/15/2030 | 196 | 200 |
| Series 2025-1, Class C, 5.04%, 3/17/2031 | 68 | 69 |
| Series 2025-3, Class C, 4.68%, 9/15/2031 | 70 | 70 |
| Series 2025-4, Class C, 4.52%, 1/15/2032 | 15 | 15 |
| SFS Auto Receivables Securitization Trust Series <br> 2024-1A, Class A3, 4.95%, 5/21/2029 (f)<br>| 20 | 20 |
| Sierra Timeshare Receivables Funding LLC Series <br> 2022-2A, Class A, 4.73%, 6/20/2040 (f)<br>| 30 | 30 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| SpringCastle America Funding LLC Series 2020-AA, <br> Class A, 1.97%, 9/25/2037 (f)<br>| 35 | 33 |
| Stream Innovations Issuer Trust Series 2025-1A, Class A, <br> 5.05%, 9/15/2045 (f)<br>| 95 | 96 |
| Structured Asset Securities Corp. Trust Series 2005-SC1, <br> Class 1A1, 4.39%, 5/25/2031 (f) (i)<br>|  |  |
| Tesla Auto Lease Trust Series 2024-A, Class A3, 5.30%, <br> 6/21/2027 (f)<br>| 33 | 33 |
| Toyota Auto Loan Extended Note Trust Series 2023-1A, <br> Class A, 4.93%, 6/25/2036 (f)<br>| 114 | 117 |
| United Airlines Pass-Through Trust Series 2016-2, <br> Class AA, 2.88%, 10/7/2028<br>| 301 | 290 |
| Western Funding Auto Loan Trust Series 2025-1, Class C, <br> 5.34%, 11/15/2035 (f)<br>| 106 | 107 |
| Westgate Resorts LLC |  |  |
| Series 2022-1A, Class A, 1.79%, 8/20/2036 (f) | 24 | 23 |
| Series 2024-1A, Class B, 6.56%, 1/20/2038 (f) | 156 | 159 |
| World Omni Auto Receivables Trust |  |  |
| Series 2022-B, Class A3, 3.25%, 7/15/2027 | 15 | 15 |
| Series 2023-A, Class A3, 4.83%, 5/15/2028 | 32 | 32 |
| Series 2023-D, Class A3, 5.79%, 2/15/2029 | 58 | 59 |
| World Omni Automobile Lease Securitization Trust Series <br> 2025-A, Class A3, 4.42%, 4/17/2028<br>| 63 | 64 |
| Total Asset-Backed Securities <br>(Cost $8,895)<br>|  | 8969 |
| **Commercial Mortgage-Backed Securities — 0.9%** | **Commercial Mortgage-Backed Securities — 0.9%** | **Commercial Mortgage-Backed Securities — 0.9%** |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K145, Class AM, 2.58%, 6/25/2032 | 880 | 794 |
| Series K-150, Class A2, 3.71%, 9/25/2032 (i) | 879 | 850 |
| Series KJ44, Class A2, 4.61%, 2/25/2033 | 500 | 507 |
| Series K-1515, Class A2, 1.94%, 2/25/2035 | 800 | 651 |
| FNMA ACES Series 2022-M1G, Class A2, 1.53%, <br> 9/25/2031 (i)<br>| 500 | 437 |
| Morgan Stanley Capital I Trust Series 2021-PLZA, <br> Class A, 2.57%, 11/9/2043 (f)<br>| 294 | 254 |
| SLG Office Trust Series 2021-OVA, Class A, 2.59%, <br> 7/15/2041 (f)<br>| 235 | 210 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $3,867)<br>|  | 3703 |
| **Collateralized Mortgage Obligations — 0.8%** | **Collateralized Mortgage Obligations — 0.8%** | **Collateralized Mortgage Obligations — 0.8%** |
| Banc of America Alternative Loan Trust Series 2006-5, <br> Class 3A1, 6.00%, 6/25/2046<br>|  |  |
| CHL Mortgage Pass-Through Trust Series 2006-21, <br> Class A14, 6.00%, 2/25/2037<br>|  |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2017-4, Class M60C, 3.50%, 6/25/2057 | 247 | 231 |
| Series 2017-4, Class MT, 3.50%, 6/25/2057 | 317 | 289 |
| Series 2022-1, Class MTU, 3.25%, 11/25/2061 | 307 | 267 |
| FHLMC, REMIC |  |  |
| Series 3989, Class JW, 3.50%, 1/15/2042 | 453 | 434 |
| Series 4995, Class QE, 1.25%, 7/25/2050 | 549 | 430 |
| Series 5190, Class EC, 2.00%, 12/25/2051 | 503 | 452 |
| Series 5190, Class PH, 2.50%, 2/25/2052 | 491 | 456 |
| FNMA, REMIC Series 2015-34, Class AZ, 2.25%, <br> 6/25/2045<br>| 888 | 772 |
| GSR Mortgage Loan Trust Series 2004-8F, Class 2A3, <br> 6.00%, 9/25/2034<br>| 1 | 1 |
| MASTR Alternative Loan Trust Series 2005-6, Class 1A2, <br> 5.50%, 12/25/2035<br>|  |  |
| PHH Mortgage Trust Series 2008-CIM2, Class 5A1, <br> 6.00%, 7/25/2038<br>| 1 | 1 |
| Total Collateralized Mortgage Obligations <br>(Cost $3,360)<br>|  | 3333 |
| **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** | **Foreign Government Securities — 0.1%** |
| Republic of Colombia 3.25%, 4/22/2032 | 250 | 211 |
| United Mexican States 3.77%, 5/24/2061 | 600 | 369 |
| Total Foreign Government Securities <br>(Cost $686)<br>|  | 580 |
| **Loan Assignments — 0.0% ‡ (g) (j) (k) ^** | **Loan Assignments — 0.0% ‡ (g) (j) (k) ^** | **Loan Assignments — 0.0% ‡ (g) (j) (k) ^** |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| Moran Foods LLC, 1st Lien PIK Term Loan (3-MONTH CME <br> TERM SOFR + 9.35% (PIK) + 2.00%), 5.77%, <br> 6/30/2026<br>| 95 | 23 |
| Moran Foods LLC, 1st Lien Super Senior Delayed Draw <br> Term Loan (3-MONTH CME TERM SOFR + 15.83% <br> (PIK) + 11.50%), 15.44%, 6/30/2026<br>| 3 | 3 |
| Moran Foods LLC, 2nd Lien PIK Term Loan (3-MONTH <br> CME TERM SOFR + 9.35% (PIK) + 2.00%), 5.77%, <br> 6/30/2026<br>| 60 | —<br> (a)<br>|
| Total Loan Assignments <br>(Cost $153)<br>|  | 26 |
|  | **NO. OF** <br> **RIGHTS** <br>**(000)**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| ABIOMED, Inc., CVR ‡ \* <br>(Cost $—)<br>|  | —<br> (a)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** | **Short-Term Investments — 3.7%** |
| **Investment Companies — 3.7%** | **Investment Companies — 3.7%** | **Investment Companies — 3.7%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (c) (l) <br>(Cost $15,492)<br>| 15489 | 15495 |
| **Total Investments — 99.8%** <br>**(Cost $340,805)**<br>|  | **417443** |
| **Other Assets in Excess of Liabilities — 0.2%** |  | **975** |
| **NET ASSETS — 100.0%** |  | **418418** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ACES | Alternative Credit Enhancement Securities |
| ADR | American Depositary Receipt |
| CME | Chicago Mercantile Exchange |
| CVR | Contingent Value Rights |
| ETF | Exchange Traded Fund |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GDR | Global Depositary Receipt |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| OYJ | Public Limited Company |
| PIK | Payment In Kind |
| PJSC | Public Joint Stock Company |
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SCA | Limited partnership with share capital |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | Value is zero. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 15

------

JPMorgan Diversified Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the effective yield as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The rate shown is the current yield as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY COUNTRY** <br>**AS OF December 31, 2025**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| United States | 79.6<br> %<br>|
| France | 2.4 |
| Japan | 1.8 |
| Germany | 1.7 |
| United Kingdom | 1.6 |
| Netherlands | 1.1 |
| Others (each less than 1.0%) | 8.1 |
| Short-Term Investments | 3.7 |

---

Detailed information about investment portfolios of the Underlying Funds, as defined in the Notes to Financial Statements, and ETFs can be found in the financial statements filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about Underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Funds December 31, 2025

------

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 19067 | &nbsp;&nbsp;&nbsp;&nbsp; (31)<br>|
| TOPIX Index | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 03/12/2026 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; 4156 | &nbsp;&nbsp;&nbsp;&nbsp; 59 |
| EURO STOXX 50 Index | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 2190 | &nbsp;&nbsp;&nbsp;&nbsp; 7 |
| FTSE 100 Index | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 4422 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| MSCI EAFE Index | &nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 10016 | &nbsp;&nbsp;&nbsp;&nbsp; 45 |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 48940 | &nbsp;&nbsp;&nbsp;&nbsp; (527)<br>|
| S&P E-Mini Communication Services Index | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4339 | &nbsp;&nbsp;&nbsp;&nbsp; 48 |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 22232 | &nbsp;&nbsp;&nbsp;&nbsp; (147)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4935 | &nbsp;&nbsp;&nbsp;&nbsp; (29)<br>|
| XAF Financial Index | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9167 | &nbsp;&nbsp;&nbsp;&nbsp; (27)<br>|
| XAK Technology Equity Index | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8774 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| XAU Utilities Index | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4077 | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp; 03/27/2026 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 24509 | &nbsp;&nbsp;&nbsp;&nbsp; 131 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2505 | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp; 03/31/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18893 | &nbsp;&nbsp;&nbsp;&nbsp; (73)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (456)<br>|
| **Short Contracts** |  |  |  |  |  |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; (127)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (19044)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>|
| Japan 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; (27912)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 207 |
| DJ US Real Estate Index | &nbsp;&nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (4069)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| MSCI Emerging Markets Index | &nbsp;&nbsp;&nbsp;&nbsp; (115)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (8116)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (77)<br>|
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (14241)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 657 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (115)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (93)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (10928)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 220 |
| XAB Materials Equity Index | &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (4747)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (34)<br>|
| XAP Consumer Staples Index | &nbsp;&nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (4739)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 79 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 583 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EAFE | Europe, Australasia and Far East |
| EUR | Euro |
| FTSE | Financial Times and the London Stock Exchange |
| GBP | British Pound |
| JPY | Japanese Yen |
| MSCI | Morgan Stanley Capital International |
| TOPIX | Tokyo Stock Price Index |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 17

------

JPMorgan Diversified Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

**Forward foreign currency exchange contracts outstanding as of December 31, 2025 (amounts in thousands):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| AUD | &nbsp;&nbsp;&nbsp; 2242 | CAD | &nbsp;&nbsp;&nbsp; 2044 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; 6 |
| AUD | &nbsp;&nbsp;&nbsp; 28596 | USD | &nbsp;&nbsp;&nbsp; 19072 | BNP Paribas | 1/22/2026 | &nbsp;&nbsp;&nbsp; 14 |
| AUD | &nbsp;&nbsp;&nbsp; 2344 | USD | &nbsp;&nbsp;&nbsp; 1550 | Goldman Sachs International | 1/22/2026 | &nbsp;&nbsp;&nbsp; 15 |
| AUD | &nbsp;&nbsp;&nbsp; 2234 | USD | &nbsp;&nbsp;&nbsp; 1484 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; 7 |
| CAD | &nbsp;&nbsp;&nbsp; 949 | AUD | &nbsp;&nbsp;&nbsp; 1036 | HSBC Bank, NA | 1/22/2026 | &nbsp;&nbsp;&nbsp; 1 |
| CAD | &nbsp;&nbsp;&nbsp; 4285 | USD | &nbsp;&nbsp;&nbsp; 3119 | BNP Paribas | 1/22/2026 | &nbsp;&nbsp;&nbsp; 5 |
| CAD | &nbsp;&nbsp;&nbsp; 1094 | USD | &nbsp;&nbsp;&nbsp; 790 | Citibank, NA | 1/22/2026 | &nbsp;&nbsp;&nbsp; 8 |
| CHF | &nbsp;&nbsp;&nbsp; 218 | USD | &nbsp;&nbsp;&nbsp; 275 | BNP Paribas | 1/22/2026 | &nbsp;&nbsp;&nbsp; 1 |
| CLP | &nbsp;&nbsp;&nbsp; 1083410 | USD | &nbsp;&nbsp;&nbsp; 1187 | BNP Paribas<sup>\*\*</sup> <br>| 1/22/2026 | &nbsp;&nbsp;&nbsp; 17 |
| CLP | &nbsp;&nbsp;&nbsp; 362489 | USD | &nbsp;&nbsp;&nbsp; 393 | Goldman Sachs International<sup>\*\*</sup> <br>| 1/22/2026 | &nbsp;&nbsp;&nbsp; 10 |
| CNY | &nbsp;&nbsp;&nbsp; 5507 | USD | &nbsp;&nbsp;&nbsp; 782 | BNP Paribas<sup>\*\*</sup> <br>| 1/22/2026 | &nbsp;&nbsp;&nbsp; 4 |
| CNY | &nbsp;&nbsp;&nbsp; 5558 | USD | &nbsp;&nbsp;&nbsp; 790 | Goldman Sachs International<sup>\*\*</sup> <br>| 1/22/2026 | &nbsp;&nbsp;&nbsp; 3 |
| COP | &nbsp;&nbsp;&nbsp; 3000971 | USD | &nbsp;&nbsp;&nbsp; 776 | Citibank, NA<sup>\*\*</sup> <br>| 1/22/2026 | &nbsp;&nbsp;&nbsp; 12 |
| CZK | &nbsp;&nbsp;&nbsp; 16184 | EUR | &nbsp;&nbsp;&nbsp; 664 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; 7 |
| CZK | &nbsp;&nbsp;&nbsp; 16400 | USD | &nbsp;&nbsp;&nbsp; 795 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; 3 |
| EUR | &nbsp;&nbsp;&nbsp; 1353 | USD | &nbsp;&nbsp;&nbsp; 1583 | Goldman Sachs International | 1/22/2026 | &nbsp;&nbsp;&nbsp; 9 |
| EUR | &nbsp;&nbsp;&nbsp; 10947 | USD | &nbsp;&nbsp;&nbsp; 12865 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; 10 |
| GBP | &nbsp;&nbsp;&nbsp; 3163 | USD | &nbsp;&nbsp;&nbsp; 4230 | BNP Paribas | 1/22/2026 | &nbsp;&nbsp;&nbsp; 34 |
| GBP | &nbsp;&nbsp;&nbsp; 552 | USD | &nbsp;&nbsp;&nbsp; 737 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; 7 |
| HUF | &nbsp;&nbsp;&nbsp; 311332 | USD | &nbsp;&nbsp;&nbsp; 949 | Barclays Bank plc | 1/22/2026 | &nbsp;&nbsp;&nbsp; 1 |
| INR | &nbsp;&nbsp;&nbsp; 357869 | USD | &nbsp;&nbsp;&nbsp; 3943 | Citibank, NA<sup>\*\*</sup> <br>| 1/22/2026 | &nbsp;&nbsp;&nbsp; 32 |
| JPY | &nbsp;&nbsp;&nbsp; 379602 | CHF | &nbsp;&nbsp;&nbsp; 1918 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; 1 |
| JPY | &nbsp;&nbsp;&nbsp; 104625 | USD | &nbsp;&nbsp;&nbsp; 668 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; 1 |
| KRW | &nbsp;&nbsp;&nbsp; 4578462 | USD | &nbsp;&nbsp;&nbsp; 3107 | Citibank, NA<sup>\*\*</sup> <br>| 1/22/2026 | &nbsp;&nbsp;&nbsp; 65 |
| MXN | &nbsp;&nbsp;&nbsp; 29288 | USD | &nbsp;&nbsp;&nbsp; 1620 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; 4 |
| NZD | &nbsp;&nbsp;&nbsp; 2788 | EUR | &nbsp;&nbsp;&nbsp; 1365 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; 1 |
| PLN | &nbsp;&nbsp;&nbsp; 2873 | EUR | &nbsp;&nbsp;&nbsp; 679 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; 2 |
| RON | &nbsp;&nbsp;&nbsp; 3195 | USD | &nbsp;&nbsp;&nbsp; 735 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; 2 |
| SEK | &nbsp;&nbsp;&nbsp; 14740 | EUR | &nbsp;&nbsp;&nbsp; 1357 | BNP Paribas | 1/22/2026 | &nbsp;&nbsp;&nbsp; 6 |
| SEK | &nbsp;&nbsp;&nbsp; 46393 | EUR | &nbsp;&nbsp;&nbsp; 4238 | Citibank, NA | 1/22/2026 | &nbsp;&nbsp;&nbsp; 59 |
| SEK | &nbsp;&nbsp;&nbsp; 33779 | EUR | &nbsp;&nbsp;&nbsp; 3090 | Merrill Lynch International | 1/22/2026 | &nbsp;&nbsp;&nbsp; 39 |
| SEK | &nbsp;&nbsp;&nbsp; 6837 | EUR | &nbsp;&nbsp;&nbsp; 628 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; 5 |
| SEK | &nbsp;&nbsp;&nbsp; 22207 | USD | &nbsp;&nbsp;&nbsp; 2395 | Barclays Bank plc | 1/22/2026 | &nbsp;&nbsp;&nbsp; 19 |
| THB | &nbsp;&nbsp;&nbsp; 50415 | USD | &nbsp;&nbsp;&nbsp; 1599 | BNP Paribas | 1/22/2026 | &nbsp;&nbsp;&nbsp; 3 |
| TRY | &nbsp;&nbsp;&nbsp; 33519 | USD | &nbsp;&nbsp;&nbsp; 763 | BNP Paribas | 1/22/2026 | &nbsp;&nbsp;&nbsp; 8 |
| USD | &nbsp;&nbsp;&nbsp; 1432 | BRL | &nbsp;&nbsp;&nbsp; 7786 | Citibank, NA<sup>\*\*</sup> <br>| 1/22/2026 | &nbsp;&nbsp;&nbsp; 18 |
| USD | &nbsp;&nbsp;&nbsp; 1660 | CHF | &nbsp;&nbsp;&nbsp; 1305 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; 9 |
| USD | &nbsp;&nbsp;&nbsp; 878 | IDR | &nbsp;&nbsp;&nbsp; 14662065 | Citibank, NA<sup>\*\*</sup> <br>| 1/22/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 806 | IDR | &nbsp;&nbsp;&nbsp; 13436264 | Goldman Sachs International<sup>\*\*</sup> <br>| 1/22/2026 | &nbsp;&nbsp;&nbsp; 1 |
| USD | &nbsp;&nbsp;&nbsp; 1574 | IDR | &nbsp;&nbsp;&nbsp; 26246039 | HSBC Bank, NA<sup>\*\*</sup> <br>| 1/22/2026 | &nbsp;&nbsp;&nbsp; 3 |
| USD | &nbsp;&nbsp;&nbsp; 1579 | JPY | &nbsp;&nbsp;&nbsp; 245999 | Goldman Sachs International | 1/22/2026 | &nbsp;&nbsp;&nbsp; 6 |
| USD | &nbsp;&nbsp;&nbsp; 2366 | MXN | &nbsp;&nbsp;&nbsp; 42611 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; 4 |
| USD | &nbsp;&nbsp;&nbsp; 788 | NZD | &nbsp;&nbsp;&nbsp; 1361 | Barclays Bank plc | 1/22/2026 | &nbsp;&nbsp;&nbsp; 4 |
| USD | &nbsp;&nbsp;&nbsp; 738 | SEK | &nbsp;&nbsp;&nbsp; 6775 | HSBC Bank, NA | 1/22/2026 | &nbsp;&nbsp;&nbsp; 2 |
| ZAR | &nbsp;&nbsp;&nbsp; 26779 | USD | &nbsp;&nbsp;&nbsp; 1573 | Barclays Bank plc | 1/22/2026 | &nbsp;&nbsp;&nbsp; 42 |
| AUD | &nbsp;&nbsp;&nbsp; 2075 | USD | &nbsp;&nbsp;&nbsp; 1349 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; 36 |
| CAD | &nbsp;&nbsp;&nbsp; 3570 | USD | &nbsp;&nbsp;&nbsp; 2556 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; 48 |
| CHF | &nbsp;&nbsp;&nbsp; 2 | USD | &nbsp;&nbsp;&nbsp; 3 | Citibank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| CHF | &nbsp;&nbsp;&nbsp; 148 | USD | &nbsp;&nbsp;&nbsp; 187 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; 1 |
| DKK | &nbsp;&nbsp;&nbsp; 25 | USD | &nbsp;&nbsp;&nbsp; 4 | Barclays Bank plc | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| DKK | &nbsp;&nbsp;&nbsp; 177 | USD | &nbsp;&nbsp;&nbsp; 27 | Citibank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; 1 |
| DKK | &nbsp;&nbsp;&nbsp; 514 | USD | &nbsp;&nbsp;&nbsp; 80 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; 2 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Funds December 31, 2025

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **PURCHASED** | **CURRENCY**<br> **PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT**<br> **DATE**<br>| &nbsp;&nbsp; **UNREALIZED**<br> **APPRECIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| DKK | &nbsp;&nbsp;&nbsp; 1326 | USD | &nbsp;&nbsp;&nbsp; 207 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; 2 |
| EUR | &nbsp;&nbsp;&nbsp; 298 | USD | &nbsp;&nbsp;&nbsp; 347 | Barclays Bank plc | 1/29/2026 | &nbsp;&nbsp;&nbsp; 3 |
| EUR | &nbsp;&nbsp;&nbsp; 129 | USD | &nbsp;&nbsp;&nbsp; 148 | Citibank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; 2 |
| EUR | &nbsp;&nbsp;&nbsp; 690 | USD | &nbsp;&nbsp;&nbsp; 807 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; 6 |
| EUR | &nbsp;&nbsp;&nbsp; 2439 | USD | &nbsp;&nbsp;&nbsp; 2834 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; 35 |
| GBP | &nbsp;&nbsp;&nbsp; 32 | USD | &nbsp;&nbsp;&nbsp; 42 | Barclays Bank plc | 1/29/2026 | &nbsp;&nbsp;&nbsp; 1 |
| GBP | &nbsp;&nbsp;&nbsp; 182 | USD | &nbsp;&nbsp;&nbsp; 242 | Citibank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; 2 |
| GBP | &nbsp;&nbsp;&nbsp; 1525 | USD | &nbsp;&nbsp;&nbsp; 2032 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; 24 |
| GBP | &nbsp;&nbsp;&nbsp; 451 | USD | &nbsp;&nbsp;&nbsp; 593 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; 15 |
| SEK | &nbsp;&nbsp;&nbsp; 2146 | USD | &nbsp;&nbsp;&nbsp; 227 | Barclays Bank plc | 1/29/2026 | &nbsp;&nbsp;&nbsp; 4 |
| SEK | &nbsp;&nbsp;&nbsp; 1028 | USD | &nbsp;&nbsp;&nbsp; 108 | Citibank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; 4 |
| SEK | &nbsp;&nbsp;&nbsp; 100 | USD | &nbsp;&nbsp;&nbsp; 11 | Goldman Sachs International | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| SEK | &nbsp;&nbsp;&nbsp; 6939 | USD | &nbsp;&nbsp;&nbsp; 738 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; 16 |
| SEK | &nbsp;&nbsp;&nbsp; 3986 | USD | &nbsp;&nbsp;&nbsp; 421 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; 10 |
| SGD | &nbsp;&nbsp;&nbsp; 27 | USD | &nbsp;&nbsp;&nbsp; 21 | Goldman Sachs International | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| SGD | &nbsp;&nbsp;&nbsp; 415 | USD | &nbsp;&nbsp;&nbsp; 321 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; 2 |
| SGD | &nbsp;&nbsp;&nbsp; 171 | USD | &nbsp;&nbsp;&nbsp; 134 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 8 | EUR | &nbsp;&nbsp;&nbsp; 6 | Barclays Bank plc | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 15 | EUR | &nbsp;&nbsp;&nbsp; 13 | Citibank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 3 | EUR | &nbsp;&nbsp;&nbsp; 3 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 15 | EUR | &nbsp;&nbsp;&nbsp; 13 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 2005 | HKD | &nbsp;&nbsp;&nbsp; 15561 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; 4 |
| USD | &nbsp;&nbsp;&nbsp; 101 | JPY | &nbsp;&nbsp;&nbsp; 15738 | Barclays Bank plc | 1/29/2026 | &nbsp;&nbsp;&nbsp; 1 |
| USD | &nbsp;&nbsp;&nbsp; 14 | JPY | &nbsp;&nbsp;&nbsp; 2212 | Goldman Sachs International | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 89 | JPY | &nbsp;&nbsp;&nbsp; 13830 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; 1 |
| USD | &nbsp;&nbsp;&nbsp; 2026 | JPY | &nbsp;&nbsp;&nbsp; 309962 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; 43 |
| USD | &nbsp;&nbsp;&nbsp; 29 | JPY | &nbsp;&nbsp;&nbsp; 4557 | Standard Chartered Bank | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 9 | SGD | &nbsp;&nbsp;&nbsp; 11 | BNP Paribas | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 4 | SGD | &nbsp;&nbsp;&nbsp; 6 | Citibank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 66 | SGD | &nbsp;&nbsp;&nbsp; 85 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 18 | SGD | &nbsp;&nbsp;&nbsp; 23 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp; 773 |
| AUD | &nbsp;&nbsp;&nbsp; 2379 | EUR | &nbsp;&nbsp;&nbsp; 1355 | BNP Paribas | 1/22/2026 | &nbsp;&nbsp;&nbsp; (6)<br>|
| BRL | &nbsp;&nbsp;&nbsp; 33487 | USD | &nbsp;&nbsp;&nbsp; 6161 | Goldman Sachs International\*\* | 1/22/2026 | &nbsp;&nbsp;&nbsp; (79)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 1881 | GBP | &nbsp;&nbsp;&nbsp; 1645 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; (4)<br>|
| INR | &nbsp;&nbsp;&nbsp; 496127 | USD | &nbsp;&nbsp;&nbsp; 5512 | Citibank, NA\*\* | 1/22/2026 | &nbsp;&nbsp;&nbsp; (1)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 246297 | CAD | &nbsp;&nbsp;&nbsp; 2177 | Citibank, NA | 1/22/2026 | &nbsp;&nbsp;&nbsp; (13)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 88917 | EUR | &nbsp;&nbsp;&nbsp; 487 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; (4)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 409155 | GBP | &nbsp;&nbsp;&nbsp; 1944 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; (4)<br>|
| NZD | &nbsp;&nbsp;&nbsp; 1423 | AUD | &nbsp;&nbsp;&nbsp; 1243 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; (9)<br>|
| NZD | &nbsp;&nbsp;&nbsp; 1276 | CAD | &nbsp;&nbsp;&nbsp; 1020 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; (8)<br>|
| NZD | &nbsp;&nbsp;&nbsp; 2664 | EUR | &nbsp;&nbsp;&nbsp; 1309 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; (5)<br>|
| NZD | &nbsp;&nbsp;&nbsp; 6818 | USD | &nbsp;&nbsp;&nbsp; 3958 | BNP Paribas | 1/22/2026 | &nbsp;&nbsp;&nbsp; (30)<br>|
| PHP | &nbsp;&nbsp;&nbsp; 47815 | USD | &nbsp;&nbsp;&nbsp; 815 | Goldman Sachs International\*\* | 1/22/2026 | &nbsp;&nbsp;&nbsp; (4)<br>|
| PLN | &nbsp;&nbsp;&nbsp; 2683 | USD | &nbsp;&nbsp;&nbsp; 747 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| TWD | &nbsp;&nbsp;&nbsp; 123644 | USD | &nbsp;&nbsp;&nbsp; 3959 | Citibank, NA\*\* | 1/22/2026 | &nbsp;&nbsp;&nbsp; (23)<br>|
| TWD | &nbsp;&nbsp;&nbsp; 24942 | USD | &nbsp;&nbsp;&nbsp; 799 | Goldman Sachs International\*\* | 1/22/2026 | &nbsp;&nbsp;&nbsp; (5)<br>|
| USD | &nbsp;&nbsp;&nbsp; 909 | AUD | &nbsp;&nbsp;&nbsp; 1374 | HSBC Bank, NA | 1/22/2026 | &nbsp;&nbsp;&nbsp; (8)<br>|
| USD | &nbsp;&nbsp;&nbsp; 788 | CAD | &nbsp;&nbsp;&nbsp; 1084 | BNP Paribas | 1/22/2026 | &nbsp;&nbsp;&nbsp; (2)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1575 | CHF | &nbsp;&nbsp;&nbsp; 1264 | BNP Paribas | 1/22/2026 | &nbsp;&nbsp;&nbsp; (25)<br>|
| USD | &nbsp;&nbsp;&nbsp; 25880 | CHF | &nbsp;&nbsp;&nbsp; 20503 | HSBC Bank, NA | 1/22/2026 | &nbsp;&nbsp;&nbsp; (55)<br>|
| USD | &nbsp;&nbsp;&nbsp; 2370 | CLP | &nbsp;&nbsp;&nbsp; 2159080 | Goldman Sachs International<sup>\*\*</sup> <br>| 1/22/2026 | &nbsp;&nbsp;&nbsp; (29)<br>|
| USD | &nbsp;&nbsp;&nbsp; 793 | CZK | &nbsp;&nbsp;&nbsp; 16499 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; (10)<br>|
| USD | &nbsp;&nbsp;&nbsp; 798 | EUR | &nbsp;&nbsp;&nbsp; 679 | BNP Paribas | 1/22/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 19

------

JPMorgan Diversified Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **PURCHASED** | **CURRENCY**<br> **PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT**<br> **DATE**<br>| &nbsp;&nbsp; **UNREALIZED**<br> **APPRECIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| USD | &nbsp;&nbsp;&nbsp; 1583 | EUR | &nbsp;&nbsp;&nbsp; 1356 | Citibank, NA | 1/22/2026 | &nbsp;&nbsp;&nbsp; (12)<br>|
| USD | &nbsp;&nbsp;&nbsp; 3979 | EUR | &nbsp;&nbsp;&nbsp; 3385 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; (3)<br>|
| USD | &nbsp;&nbsp;&nbsp; 6913 | GBP | &nbsp;&nbsp;&nbsp; 5170 | BNP Paribas | 1/22/2026 | &nbsp;&nbsp;&nbsp; (56)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1554 | GBP | &nbsp;&nbsp;&nbsp; 1164 | Citibank, NA | 1/22/2026 | &nbsp;&nbsp;&nbsp; (16)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1556 | GBP | &nbsp;&nbsp;&nbsp; 1164 | Goldman Sachs International | 1/22/2026 | &nbsp;&nbsp;&nbsp; (13)<br>|
| USD | &nbsp;&nbsp;&nbsp; 806 | HUF | &nbsp;&nbsp;&nbsp; 268667 | Barclays Bank plc | 1/22/2026 | &nbsp;&nbsp;&nbsp; (15)<br>|
| USD | &nbsp;&nbsp;&nbsp; 911 | HUF | &nbsp;&nbsp;&nbsp; 298816 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; (1)<br>|
| USD | &nbsp;&nbsp;&nbsp; 705 | IDR | &nbsp;&nbsp;&nbsp; 11810270 | Goldman Sachs International\*\* | 1/22/2026 | &nbsp;&nbsp;&nbsp; (2)<br>|
| USD | &nbsp;&nbsp;&nbsp; 786 | IDR | &nbsp;&nbsp;&nbsp; 13137783 | HSBC Bank, NA\*\* | 1/22/2026 | &nbsp;&nbsp;&nbsp; (1)<br>|
| USD | &nbsp;&nbsp;&nbsp; 794 | ILS | &nbsp;&nbsp;&nbsp; 2543 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; (4)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1562 | INR | &nbsp;&nbsp;&nbsp; 141317 | Citibank, NA<sup>\*\*</sup> <br>| 1/22/2026 | &nbsp;&nbsp;&nbsp; (8)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1613 | INR | &nbsp;&nbsp;&nbsp; 146271 | Goldman Sachs International\*\* | 1/22/2026 | &nbsp;&nbsp;&nbsp; (12)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1549 | JPY | &nbsp;&nbsp;&nbsp; 242626 | Citibank, NA | 1/22/2026 | &nbsp;&nbsp;&nbsp; (2)<br>|
| USD | &nbsp;&nbsp;&nbsp; 808 | KRW | &nbsp;&nbsp;&nbsp; 1170805 | Citibank, NA\*\* | 1/22/2026 | &nbsp;&nbsp;&nbsp; (3)<br>|
| USD | &nbsp;&nbsp;&nbsp; 2391 | MXN | &nbsp;&nbsp;&nbsp; 43242 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; (6)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1579 | PHP | &nbsp;&nbsp;&nbsp; 93310 | Goldman Sachs International<sup>\*\*</sup> <br>| 1/22/2026 | &nbsp;&nbsp;&nbsp; (3)<br>|
| USD | &nbsp;&nbsp;&nbsp; 4709 | RON | &nbsp;&nbsp;&nbsp; 20477 | Goldman Sachs International | 1/22/2026 | &nbsp;&nbsp;&nbsp; (12)<br>|
| USD | &nbsp;&nbsp;&nbsp; 4658 | SEK | &nbsp;&nbsp;&nbsp; 43182 | Barclays Bank plc | 1/22/2026 | &nbsp;&nbsp;&nbsp; (37)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1660 | SEK | &nbsp;&nbsp;&nbsp; 15286 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; (2)<br>|
| USD | &nbsp;&nbsp;&nbsp; 810 | THB | &nbsp;&nbsp;&nbsp; 25573 | Morgan Stanley | 1/22/2026 | &nbsp;&nbsp;&nbsp; (3)<br>|
| USD | &nbsp;&nbsp;&nbsp; 687 | TRY | &nbsp;&nbsp;&nbsp; 30001 | HSBC Bank, NA | 1/22/2026 | &nbsp;&nbsp;&nbsp; (2)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1699 | ZAR | &nbsp;&nbsp;&nbsp; 28583 | Goldman Sachs International | 1/22/2026 | &nbsp;&nbsp;&nbsp; (26)<br>|
| CHF | &nbsp;&nbsp;&nbsp; 1332 | USD | &nbsp;&nbsp;&nbsp; 1692 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; (6)<br>|
| HKD | &nbsp;&nbsp;&nbsp; 1508 | USD | &nbsp;&nbsp;&nbsp; 194 | Barclays Bank plc | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| HKD | &nbsp;&nbsp;&nbsp; 63 | USD | &nbsp;&nbsp;&nbsp; 8 | Citibank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| HKD | &nbsp;&nbsp;&nbsp; 9041 | USD | &nbsp;&nbsp;&nbsp; 1165 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; (2)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 5361 | USD | &nbsp;&nbsp;&nbsp; 34 | Barclays Bank plc | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 291463 | USD | &nbsp;&nbsp;&nbsp; 1912 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; (47)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 67216 | USD | &nbsp;&nbsp;&nbsp; 445 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; (15)<br>|
| NOK | &nbsp;&nbsp;&nbsp; 1513 | USD | &nbsp;&nbsp;&nbsp; 151 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; (1)<br>|
| USD | &nbsp;&nbsp;&nbsp; 781 | CAD | &nbsp;&nbsp;&nbsp; 1087 | Citibank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; (12)<br>|
| USD | &nbsp;&nbsp;&nbsp; 7 | CHF | &nbsp;&nbsp;&nbsp; 6 | Citibank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 180 | CHF | &nbsp;&nbsp;&nbsp; 144 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 918 | CHF | &nbsp;&nbsp;&nbsp; 729 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; (4)<br>|
| USD | &nbsp;&nbsp;&nbsp; 157 | DKK | &nbsp;&nbsp;&nbsp; 1002 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; (1)<br>|
| USD | &nbsp;&nbsp;&nbsp; 91 | EUR | &nbsp;&nbsp;&nbsp; 78 | Barclays Bank plc | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 3528 | EUR | &nbsp;&nbsp;&nbsp; 3036 | BNP Paribas | 1/29/2026 | &nbsp;&nbsp;&nbsp; (44)<br>|
| USD | &nbsp;&nbsp;&nbsp; 298 | EUR | &nbsp;&nbsp;&nbsp; 255 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; (1)<br>|
| USD | &nbsp;&nbsp;&nbsp; 201 | EUR | &nbsp;&nbsp;&nbsp; 171 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; (1)<br>|
| USD | &nbsp;&nbsp;&nbsp; 51 | EUR | &nbsp;&nbsp;&nbsp; 44 | Standard Chartered Bank | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 28 | EUR | &nbsp;&nbsp;&nbsp; 24 | State Street Corp. | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1144 | GBP | &nbsp;&nbsp;&nbsp; 870 | Goldman Sachs International | 1/29/2026 | &nbsp;&nbsp;&nbsp; (29)<br>|
| USD | &nbsp;&nbsp;&nbsp; 191 | GBP | &nbsp;&nbsp;&nbsp; 143 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; (2)<br>|
| USD | &nbsp;&nbsp;&nbsp; 53 | GBP | &nbsp;&nbsp;&nbsp; 39 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 8 | JPY | &nbsp;&nbsp;&nbsp; 1294 | Goldman Sachs International | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 105 | JPY | &nbsp;&nbsp;&nbsp; 16448 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1515 | SEK | &nbsp;&nbsp;&nbsp; 14141 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; (24)<br>|
| USD | &nbsp;&nbsp;&nbsp; 6 | SEK | &nbsp;&nbsp;&nbsp; 58 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 29 | SGD | &nbsp;&nbsp;&nbsp; 37 | Barclays Bank plc | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 142 | SGD | &nbsp;&nbsp;&nbsp; 182 | Goldman Sachs International | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 50 | SGD | &nbsp;&nbsp;&nbsp; 64 | HSBC Bank, NA | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 69 | SGD | &nbsp;&nbsp;&nbsp; 89 | Morgan Stanley | 1/29/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp; (752)<br>|
| Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | &nbsp;&nbsp;&nbsp; 21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Funds December 31, 2025

------

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chile Peso |
| CNY | China Yuan |
| COP | Columbian Peso |
| CZK | Czech Republic Koruna |
| DKK | Danish Krone |
| EUR | Euro |
| GBP | British Pound |
| HKD | Hong Kong Dollar |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| ILS | Israeli Shekel |
| INR | Indian Rupee |
| JPY | Japanese Yen |
| KRW | Korean Republic Won |
| MXN | Mexican Peso |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| PHP | Philippines Peso |
| PLN | Polish Zloty |
| RON | Romanian Leu |
| SEK | Swedish Krona |
| SGD | Singapore Dollar |
| THB | Thai Baht |
| TRY | Turkish Lira |
| TWD | Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

\*\* Non-deliverable forward.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 21

------

**STATEMENT 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>**Diversified** <br>**Fund**  |
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $299316 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 118127 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 8 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 211 |
| Receivables: |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 183 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 11 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 836 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 108 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 176 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 253 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 149 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 773 |
| Total Assets | &nbsp;&nbsp;&nbsp; 420151 |
| **LIABILITIES:** |  |
| Payables: |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; 51 |
| Distributions | &nbsp;&nbsp;&nbsp; 62 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 359 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 201 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 752 |
| Accrued liabilities: |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 124 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 25 |
| Service fees | &nbsp;&nbsp;&nbsp; 19 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 90 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 50 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 1733 |
| Net Assets | &nbsp;&nbsp;&nbsp; $418418 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Funds December 31, 2025

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Diversified**<br>**Fund**  |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $348687 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 69731 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $418418 |
| Net Assets: |  |
| Class A | &nbsp;&nbsp;&nbsp; $110542 |
| Class C | &nbsp;&nbsp;&nbsp; 2958 |
| Class I | &nbsp;&nbsp;&nbsp; 33701 |
| Class L | &nbsp;&nbsp;&nbsp; 106051 |
| Class R6 | &nbsp;&nbsp;&nbsp; 165166 |
| Total | &nbsp;&nbsp;&nbsp; $418418 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |
| Class A | &nbsp;&nbsp;&nbsp; 7226 |
| Class C | &nbsp;&nbsp;&nbsp; 196 |
| Class I | &nbsp;&nbsp;&nbsp; 2177 |
| Class L | &nbsp;&nbsp;&nbsp; 6874 |
| Class R6 | &nbsp;&nbsp;&nbsp; 10712 |
| Net Asset Value (a): |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $15.30 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;15.08 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;15.48 |
| Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;15.43 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;15.42 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $16.02 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $226754 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 114051 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 8 |

---

------

(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;

December 31, 2025 J.P. Morgan Funds 23

------

**STATEMENT 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>**Diversified** <br>**Fund**  |
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $2784 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 3 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 1452 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 2836 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (35)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 7040 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1115 |
| Administration fees | &nbsp;&nbsp;&nbsp; 174 |
| Distribution fees: |  |
| Class A | &nbsp;&nbsp;&nbsp; 139 |
| Class C | &nbsp;&nbsp;&nbsp; 11 |
| Service fees: |  |
| Class A | &nbsp;&nbsp;&nbsp; 139 |
| Class C | &nbsp;&nbsp;&nbsp; 4 |
| Class I | &nbsp;&nbsp;&nbsp; 43 |
| Class L | &nbsp;&nbsp;&nbsp; 53 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 158 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Professional fees | &nbsp;&nbsp;&nbsp; 64 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 13 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 17 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 39 |
| Transfer agency fees (See Note 2.J.) | &nbsp;&nbsp;&nbsp; 32 |
| Other | &nbsp;&nbsp;&nbsp; 21 |
| Total expenses | &nbsp;&nbsp;&nbsp; 2022 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (529)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 1493 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 5547 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Funds December 31, 2025

------

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Diversified**<br>**Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $24060 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 163 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 6929 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (11)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; (738)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 30403 |
| Distribution of capital gains received from investment company affiliates | &nbsp;&nbsp;&nbsp; 548 |
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (7289)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 881 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (2240)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp; (13)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; (201)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (8862)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 22089 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $27636 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 25

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**Diversified** <br>**Fund**  | **JPMorgan** <br>**Diversified** <br>**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; $5547 | &nbsp;&nbsp;&nbsp; $11663 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 30403 | &nbsp;&nbsp;&nbsp; 33865 |
| Distributions of capital gains received from investment company affiliates  | &nbsp;&nbsp;&nbsp; 548 | &nbsp;&nbsp;&nbsp; 782 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (8862)<br>| &nbsp;&nbsp;&nbsp; (379)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 27636 | &nbsp;&nbsp;&nbsp; 45931 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (12850)<br>| &nbsp;&nbsp;&nbsp; (4239)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (339)<br>| &nbsp;&nbsp;&nbsp; (113)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (3929)<br>| &nbsp;&nbsp;&nbsp; (1330)<br>|
| Class L | &nbsp;&nbsp;&nbsp; (12489)<br>| &nbsp;&nbsp;&nbsp; (4370)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (19887)<br>| &nbsp;&nbsp;&nbsp; (9235)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (49494)<br>| &nbsp;&nbsp;&nbsp; (19287)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (29375)<br>| &nbsp;&nbsp;&nbsp; (24618)<br>|
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (51233)<br>| &nbsp;&nbsp;&nbsp; 2026 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 469651 | &nbsp;&nbsp;&nbsp; 467625 |
| End of period | &nbsp;&nbsp;&nbsp; $418418 | &nbsp;&nbsp;&nbsp; $469651 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**Diversified** <br>**Fund** | **JPMorgan** <br>**Diversified** <br>**Fund** |
|  | &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; $2108 | &nbsp;&nbsp;&nbsp; $6576 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 12648 | &nbsp;&nbsp;&nbsp; 4173 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (6686)<br>| &nbsp;&nbsp;&nbsp; (15041)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 8070 | &nbsp;&nbsp;&nbsp; (4292)<br>|
| **Class C** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; 245 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp; 113 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (262)<br>| &nbsp;&nbsp;&nbsp; (1308)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp; (950)<br>|
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1703 | &nbsp;&nbsp;&nbsp; 2537 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3878 | &nbsp;&nbsp;&nbsp; 1311 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2225)<br>| &nbsp;&nbsp;&nbsp; (5242)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 3356 | &nbsp;&nbsp;&nbsp; (1394)<br>|
| **Class L** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 3326 | &nbsp;&nbsp;&nbsp; 2654 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 11759 | &nbsp;&nbsp;&nbsp; 4122 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (7414)<br>| &nbsp;&nbsp;&nbsp; (12102)<br>|
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; 7671 | &nbsp;&nbsp;&nbsp; (5326)<br>|
| **Class R6** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 11077 | &nbsp;&nbsp;&nbsp; 15775 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 19887 | &nbsp;&nbsp;&nbsp; 9234 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (79730)<br>| &nbsp;&nbsp;&nbsp; (37665)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (48766)<br>| &nbsp;&nbsp;&nbsp; (12656)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(29375)<br>| &nbsp;&nbsp;&nbsp; $(24618)<br>|
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 416 |
| Reinvested | &nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp; 263 |
| Redeemed | &nbsp;&nbsp;&nbsp; (407)<br>| &nbsp;&nbsp;&nbsp; (964)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 541 | &nbsp;&nbsp;&nbsp; (285)<br>|
| **Class C** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 16 |
| Reinvested | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 7 |
| Redeemed | &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (84)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; (61)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 27

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **JPMorgan**<br> **Diversified**<br> **Fund** | **JPMorgan**<br> **Diversified**<br> **Fund** |
|  | &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 I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 159 |
| Reinvested | &nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp; 81 |
| Redeemed | &nbsp;&nbsp;&nbsp; (134)<br>| &nbsp;&nbsp;&nbsp; (336)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; (96)<br>|
| **Class L** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp; 167 |
| Reinvested | &nbsp;&nbsp;&nbsp; 756 | &nbsp;&nbsp;&nbsp; 258 |
| Redeemed | &nbsp;&nbsp;&nbsp; (450)<br>| &nbsp;&nbsp;&nbsp; (758)<br>|
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp; (333)<br>|
| **Class R6** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 994 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1274 | &nbsp;&nbsp;&nbsp; 578 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4661)<br>| &nbsp;&nbsp;&nbsp; (2328)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (2727)<br>| &nbsp;&nbsp;&nbsp; (756)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Funds December 31, 2025

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

29 <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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Diversified Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $16.31 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $0.77 | &nbsp;&nbsp; $0.95 | &nbsp;&nbsp; $(0.25)<br>| &nbsp;&nbsp; $(1.71)<br>| &nbsp;&nbsp; $(1.96)<br>|
| Year Ended June 30, 2025 | 15.42 | 0.35 | 1.16 | 1.51 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2024 | 13.71 | 0.25 | 1.62 | 1.87 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16)<br>|
| Year Ended June 30, 2023 | 13.55 | 0.21 | 0.88 | 1.09 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.93)<br>|
| Year Ended June 30, 2022 | 18.47 | 0.14 | &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (1.83)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp; (3.09)<br>|
| Year Ended June 30, 2021 | 15.53 | 0.21 | 4.29 | 4.50 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.56)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 16.11 | 0.14 | 0.75 | 0.89 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (1.92)<br>|
| Year Ended June 30, 2025 | 15.23 | 0.27 | 1.15 | 1.42 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.54)<br>|
| Year Ended June 30, 2024 | 13.56 | 0.17 | 1.60 | 1.77 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| Year Ended June 30, 2023 | 13.40 | 0.14 | 0.87 | 1.01 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2022 | 18.31 | 0.05 | &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp; (3.01)<br>|
| Year Ended June 30, 2021 | 15.40 | 0.12 | 4.26 | 4.38 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.47)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 16.48 | 0.20 | 0.78 | 0.98 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (1.98)<br>|
| Year Ended June 30, 2025 | 15.58 | 0.40 | 1.16 | 1.56 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.66)<br>|
| Year Ended June 30, 2024 | 13.85 | 0.29 | 1.64 | 1.93 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 13.67 | 0.24 | 0.90 | 1.14 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.96)<br>|
| Year Ended June 30, 2022 | 18.61 | 0.18 | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp; (3.13)<br>|
| Year Ended June 30, 2021 | 15.64 | 0.25 | 4.32 | 4.57 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.60)<br>|
| **Class L** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 16.43 | 0.21 | 0.77 | 0.98 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (1.98)<br>|
| Year Ended June 30, 2025 | 15.53 | 0.40 | 1.17 | 1.57 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.67)<br>|
| Year Ended June 30, 2024 | 13.80 | 0.30 | 1.64 | 1.94 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>|
| Year Ended June 30, 2023 | 13.63 | 0.26 | 0.88 | 1.14 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.97)<br>|
| Year Ended June 30, 2022 | 18.57 | 0.19 | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp; (3.14)<br>|
| Year Ended June 30, 2021 | 15.60 | 0.26 | 4.32 | 4.58 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.61)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 16.43 | 0.21 | 0.77 | 0.98 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (1.99)<br>|
| Year Ended June 30, 2025 | 15.52 | 0.41 | 1.18 | 1.59 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.68)<br>|
| Year Ended June 30, 2024 | 13.80 | 0.31 | 1.63 | 1.94 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| Year Ended June 30, 2023 | 13.63 | 0.24 | 0.91 | 1.15 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2022 | 18.57 | 0.20 | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (1.79)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp; (3.15)<br>|
| Year Ended June 30, 2021 | 15.60 | 0.28 | 4.32 | 4.60 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.63)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Does not include expenses of Underlying Funds.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $110542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |

---

&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 Funds 31

------

**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 (the "Trust") was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The following is a separate fund of the Trust (the "Fund") covered by this report:

---

| | | |
|:---|:---|:---|
|  | **Classes Offered** | **Diversification Classification** |
| JPMorgan Diversified Fund | Class A, Class C, Class I, Class L and Class R6 | Diversified |

---

The investment objective of the Fund is to seek to provide a high total return from a diversified portfolio of equity and fixed income investments.

Class L Shares of the Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Fund unless they meet certain requirements as described in the Fund's prospectus.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class L and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund's prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Fund.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments**— Investments are valued in accordance with GAAP and the Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Fund's investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Funds December 31, 2025

------

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Fund are calculated on a valuation date. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAV is calculated.

Investments in open-end investment companies, excluding exchange-traded funds ("ETFs") ("Underlying Funds"), are valued at each Underlying Fund's NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8867 | &nbsp;&nbsp;&nbsp;&nbsp; $102 | &nbsp;&nbsp;&nbsp;&nbsp; $8969 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3333 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3333 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3703 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3703 |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; 2402 | &nbsp;&nbsp;&nbsp;&nbsp; 3477 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5879 |
| Air Freight & Logistics | &nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 207 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 878 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 996 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; 1849 | &nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2824 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; 8197 | &nbsp;&nbsp;&nbsp;&nbsp; 9004 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 17201 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; 1003 | &nbsp;&nbsp;&nbsp;&nbsp; 918 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1921 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; 3149 | &nbsp;&nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3490 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; 5213 | &nbsp;&nbsp;&nbsp;&nbsp; 1314 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6527 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; 2496 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2496 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; 6089 | &nbsp;&nbsp;&nbsp;&nbsp; 3274 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9363 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; 1376 | &nbsp;&nbsp;&nbsp;&nbsp; 1789 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3165 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; 597 | &nbsp;&nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 955 |
| Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 343 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; 1157 | &nbsp;&nbsp;&nbsp;&nbsp; 746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1903 |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; 712 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 712 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 33

------

**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;

---

| | | | | |
|:---|:---|:---|:---|:---|
| (continued) | (continued) | (continued) | (continued) | (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** |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; $1952 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1952 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; 2173 | &nbsp;&nbsp;&nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2435 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; 519 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 519 |
| Distributors | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 144 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 320 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp; 1383 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1743 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 3213 | &nbsp;&nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3484 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 1251 | &nbsp;&nbsp;&nbsp;&nbsp; 1211 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2462 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; 1198 | &nbsp;&nbsp;&nbsp;&nbsp; 629 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1827 |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; 1460 | &nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1644 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; 3190 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3190 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; 3643 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3643 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; 730 | &nbsp;&nbsp;&nbsp;&nbsp; 968 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1698 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; 640 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 640 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; 2537 | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2842 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; 2569 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2569 |
| Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101 |
| Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 248 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; 6060 | &nbsp;&nbsp;&nbsp;&nbsp; 579 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6639 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp;&nbsp; 1685 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1881 |
| Household Products | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 352 |
| Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp; 634 | &nbsp;&nbsp;&nbsp;&nbsp; 1512 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2146 |
| Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 367 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; 3037 | &nbsp;&nbsp;&nbsp;&nbsp; 2679 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5716 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; 8402 | &nbsp;&nbsp;&nbsp;&nbsp; 1942 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10344 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 963 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 307 |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1661 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; 1495 | &nbsp;&nbsp;&nbsp;&nbsp; 3017 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4512 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 409 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 979 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 979 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp;&nbsp; 1479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1965 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; 2935 | &nbsp;&nbsp;&nbsp;&nbsp; 1986 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4921 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 129 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 455 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; 3382 | &nbsp;&nbsp;&nbsp;&nbsp; 3382 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6764 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1085 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; 556 | &nbsp;&nbsp;&nbsp;&nbsp; 421 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 977 |
| Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp; 306 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 306 |
| Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 164 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 15646 | &nbsp;&nbsp;&nbsp;&nbsp; 5407 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21053 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; 10452 | &nbsp;&nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10856 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; 953 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 953 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; 3085 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3085 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; 7406 | &nbsp;&nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7569 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp; 1494 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1702 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 310 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1010 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| (continued) | (continued) | (continued) | (continued) | (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** |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 130672 | &nbsp;&nbsp;&nbsp;&nbsp; 58351 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189023 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $29577 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $29577 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 20874 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20874 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 580 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 81758 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81758 |
| Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26900 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26900 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37205 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37205 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 15495 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15495 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $248799 | &nbsp;&nbsp;&nbsp;&nbsp; $168516 | &nbsp;&nbsp;&nbsp;&nbsp; $128 | &nbsp;&nbsp;&nbsp;&nbsp; $417443 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $773 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $773 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1571 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1571 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(752)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(752)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (988)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (988)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $583 | &nbsp;&nbsp;&nbsp;&nbsp; $21 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $604 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Value is zero.

(b) Amount rounds to less than one thousand.

**B. Restricted Securities**— Certain securities held by the Fund may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Fund.

As of December 31, 2025, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

**C. Loan Assignments**— The Fund invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a "Lender") by corporate, governmental or other borrowers (a "Borrower"). A loan is often administered by a bank or other financial institution (the "Agent") that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Fund invested in loan assignments of all or a portion of the loans. When the Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan. In addition, it is unclear whether loans, loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loans are secured by collateral, the Fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower.

Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid when purchased, may become illiquid and difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, the Fund may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 35

------

**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;

**D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments**— The Fund purchased when-issued securities, including To-Be-Announced ("TBA") securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Fund may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

The Fund may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an "MSFTA"). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund's transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund's custodian bank and is included on the Statement of Assets and Liabilities as Restricted cash. Collateral received by the Fund is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan. These amounts are not reflected on the Fund's Statement of Assets and Liabilities.

The Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of December 31, 2025, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statement of Assets and Liabilities. The values of these securities held at December 31, 2025 are detailed on the SOI, if any.

**E. Securities Lending** — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Fund, pursuant to a Securities Lending Agency Agreement (the "Securities Lending Agency Agreement"). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Fund retains the interest earned on cash collateral investments but 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 Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank's fee) is included on the Statement of Operations as Income from securities lending (net). The Fund also receives payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statement of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.

The Fund bears the risk of loss associated with the collateral investments and is not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower's failure to return a loaned security.

The Fund did not lend out any securities during the six months ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**F. Investment Transactions with Affiliates**— The Fund invested in Underlying Funds and ETFs advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the table below to be affiliated issuers. The Underlying Funds' and ETFs' distributions may be reinvested into such Underlying Funds and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 Active Growth ETF (a) | $— | $7318 | $— | $— | $(244)<br>| $7074 | 76 | $11 | $— |
| JPMorgan Active Value ETF (a) |  | 7411 |  |  | 287 | 7698 | 107 | 32 |  |
| JPMorgan BetaBuilders Japan ETF (a) | 4838 | 980 |  |  | 284 | 6102 | 93 | 327 |  |
| JPMorgan Core Bond Fund Class R6 Shares (a) | 27435 | 11052 |  |  | 236 | 38723 | 3709 | 617 |  |
| JPMorgan High Yield Fund Class R6 Shares (a) | 14032 | 447 | 1902 | 25 | 56 | 12658 | 1921 | 447 |  |
| JPMorgan Income Fund Class R6 Shares (a) | 25120 | 715 | 4271 | 46 | 3 | 21613 | 2510 | 715 |  |
| JPMorgan Large Cap Value Fund Class R6 <br> Shares (a)<br>| 9659 | 627 | 1866 | 87 | 257 | 8764 | 414 | 78 | 548 |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.86% (a) (b)<br>| 25253 | 69962 | 79727 | 5 | 2 | 15495 | 15489 | 609 |  |
| **Total** | $106337 | $98512 | $87766 | $163 | $881 | $118127 |  | $2836 | $548 |

---

&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.

**G. Foreign Currency Translation** — The books and records of the Fund 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 Fund does 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 Statement 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 the 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 Statement 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 Statement of Operations.

**H. Derivatives**—The Fund used derivative instruments including futures contracts and forward foreign currency exchange contracts, in connection with their investment strategy. Derivative instruments may be used as substitutes for securities in which the Fund can invest, to hedge portfolio investments or to generate income or gain to the Fund. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Fund may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Fund to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Fund's risk of loss associated with these instruments may exceed their value, as recorded on the Statement of Assets and Liabilities.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Fund's ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund's net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 37

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Fund.

Notes H(1) — H(2) below describe the various derivatives used by the Fund.

**(1) Futures Contracts**— The Fund used treasury and index futures contracts to gain or reduce exposure to the stock and bond markets, or maintain liquidity or minimize transaction costs. The Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to equity price and interest rate risks. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund's credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Fund's futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**(2) Forward Foreign Currency Exchange Contracts**—The Fund is exposed to foreign currency risks associated with some or all of its portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of foreign currency.

The values of the forward foreign currency contracts are adjusted daily based on the applicable exchange rates of the underlying currencies. Changes in the value of these contracts are recorded as Change in net unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund's forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

**(3) Summary of Derivatives Information**—The following tables present the value of derivatives held as of December 31, 2025, by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities:

---

| | |
|:---|:---|
| **Equity Risk Exposure:** |  |
| Unrealized Appreciation on Futures Contracts \* | $1012 |
| Unrealized Depreciation on Futures Contracts \* | (673)<br>|
| **Foreign Exchange Rate Risk Exposure:** |  |
| Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | 773 |
| Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | (752)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan Funds December 31, 2025

------

---

| | |
|:---|:---|
| **Interest Rate Risk Exposure:** |  |
| Unrealized Appreciation on Futures Contracts \* | $559 |
| Unrealized Depreciation on Futures Contracts \* | (315)<br>|
| **Net Fair Value of Derivative Contracts:** |  |
| Unrealized Appreciation (Depreciation) on Futures Contracts \* | 583 |
| Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange Contracts | 21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOI. Only current day's variation margin is reported within the Statement of Assets and Liabilities.

The following tables present the effect of derivatives on the Statement of Operations for the six months ended December 31, 2025, by primary underlying risk exposure:

---

| | |
|:---|:---|
| **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $5410 |
| **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** |
| Forward Foreign Currency Exchange Contracts | (738)<br>|
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | 1519 |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** |
| **Equity Risk Exposure:** | **Equity Risk Exposure:** |
| Futures Contracts | $(1382)<br>|
| **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** |
| Forward Foreign Currency Exchange Contracts | (201)<br>|
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | (858)<br>|

---

**Derivatives Volume**

The table below discloses the volume of the Fund's futures contracts and forward foreign currency exchange contracts activity during the six months ended December 31, 2025. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

---

| | |
|:---|:---|
| **Futures Contracts:** |  |
| Average Notional Balance Long | &nbsp;&nbsp; $189822 |
| Average Notional Balance Short | &nbsp;&nbsp; (79318)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 188222 |
| Ending Notional Balance Short | &nbsp;&nbsp; (93911)<br>|
| **Forward Foreign Currency Exchange Contracts:** |  |
| Average Settlement Value Purchased | &nbsp;&nbsp; (170020)<br>|
| Average Settlement Value Sold | &nbsp;&nbsp; 107232 |
| Ending Settlement Value Purchased | &nbsp;&nbsp; (139222)<br>|
| Ending Settlement Value Sold | &nbsp;&nbsp; 102200 |

---

The Fund may be required to post or receive collateral based on the net value of the Fund's outstanding non-deliverable forward foreign currency exchange contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Fund is held in a segregated account at the Fund's custodian bank. For certain counterparties cash collateral posted by the Fund is invested in an affiliated money market fund (See Note 3.F), otherwise the cash collateral is included on the Statement of Assets and Liabilities as Restricted cash for OTC derivatives. Collateral received by the Fund is held in a separate segregated account maintained by JPMCB, an affiliate of the Funds. These amounts are not reflected on the Fund's Statement of Assets and Liabilities and are disclosed in the table below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 39

------

**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. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

Dividend income, net of foreign taxes withheld, if any, and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date or when the Fund first learns of the dividend. The Fund may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest income from non-affiliates on the Statement of Operations.

To the extent such information is publicly available, the Fund records distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Fund adjusts the estimated amounts of the components of distributions (and consequently its net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

**J. Allocation of Income and Expenses**— Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Fund for the six months ended December 31, 2025, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R6** | **Total** |
| Transfer agency fees  | $26 | $1 | $3 | $1 | $1 | $32 |

---

The Fund invested in Underlying Funds and ETFs and, as a result bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Statement of Operations and are not included in the ratios to average net assets shown in the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.

**K. Federal Income Taxes**— The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund's tax positions for all open tax years and has determined that as of December 31, 2025, no liability for Federal income tax is required in the Fund's financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**L. Foreign Taxes**—The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

**M. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least quarterly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

**N. 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 Fund and the Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**O. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee**— Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.48% of the Fund's average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the six months ended December 31, 2025, the effective annualized rate was 0.075% of the Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Fund's sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Fund's principal underwriter and promotes and arranges for the sale of the Fund's shares.

The Board has adopted a Distribution Plan (the "Distribution Plan") for Class A and Class C Shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L and Class R6 Shares of the Fund do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | |
|:---|:---|
| **Class A** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2025, JPMDS retained the following:

---

| | |
|:---|:---|
| **Front-End Sales Charge** | **CDSC** |
| &nbsp;&nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**D. Service Fees**— The Trust, on behalf of the Fund, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | |
|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class I** | **Class L** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Fund. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Fund. For performing these services, the Fund pays JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 41

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

**F. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Fund's respective average daily net assets as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Class A** | **Class C** | **Class I** | **Class L** | **Class R6** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.71<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>|

---

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.

To the extent that the Fund invests in an affiliated Underlying Fund, then the fee limitation amount will include, as applicable, (i) an amount sufficient to offset the respective net advisory, net administration and net shareholder servicing fees of that affiliated fund, or (ii) the management fee paid to the adviser pursuant to the Underlying Fund's management agreement.

For the six months ended December 31, 2025, the Fund's service providers waived fees and/or reimbursed expenses for the of the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | |
|:---|:---|:---|:---|
| **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |
| **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** |
| &nbsp;&nbsp; $229 | &nbsp;&nbsp; $149 | &nbsp;&nbsp; $134 | &nbsp;&nbsp; $512 |

---

Additionally, the Fund may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these money market funds for the six months ended December 31, 2025 was $17.

**G. Other**— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the 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.

During the six months ended December 31, 2025, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

**4. Investment Transactions** 

During the 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>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| $112176 | $157158 | $5372 | $17954 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at 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>|
| &nbsp;&nbsp;&nbsp;&nbsp; $340805 | &nbsp;&nbsp;&nbsp;&nbsp; $84639 | &nbsp;&nbsp;&nbsp;&nbsp; $7397 | &nbsp;&nbsp;&nbsp;&nbsp; $77242 |

---

At June 30, 2025, the Fund did not have any net capital loss carryforwards.

During the year ended June 30, 2025, the Fund utilized capital loss carryforwards as follows:

---

| |
|:---|
| **Capital Loss Utilized**  |
| **Short-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $2960 |

---

**6. Borrowings** 

The Fund relies upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Fund to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPMorgan Trust II and may be relied upon by the Fund because the Fund and the series of JPMorgan Trust II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended December 31, 2025.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2025.

The Trust, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted NAV and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted NAV or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Fund did not utilize the Credit Facility during the six months ended December 31, 2025.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Fund enter into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Funds 43

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

As of December 31, 2025, the Fund had one individual shareholder and/or affiliated omnibus account and one individual shareholders and/or non-affiliated omnibus accounts each owning more than 10% of the Fund's outstanding shares, and collectively owning 16.4% and 26.3% of the Fund's outstanding shares, respectively.

Significant shareholder transactions by these shareholders may impact the Fund's performance and liquidity.

The Fund is subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

The Fund is subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

The Fund is subject to credit risk. The Fund's investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the Fund's investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund's securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the year. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Fund's original investment. Many derivatives create leverage thereby causing the Fund to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Fund to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Fund to sell or otherwise close a derivatives position could expose the Fund to losses and could make derivatives more difficult for the Fund to value accurately.

The Fund is also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Fund.

Because of the Fund's investments in the Underlying Funds, the Fund indirectly pays a portion of the expenses incurred by the Underlying Funds. As a result, the cost of investing in the Fund may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Fund is also subject to certain risks related to the Underlying Funds' and ETFs' investments in securities and financial instruments such as fixed income securities including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

In addition, the Underlying Funds may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities. Specific risks and concentrations present in the Underlying Funds are disclosed within their individual financial statements and registration statements, as appropriate.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Funds December 31, 2025

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Fund.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g24384img100a157b2.jpg)

------

![](g24384imga9e4f7583.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-DIV-1225

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

------

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

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 agreement for the Fund whose semi-annual report is contained herein (the "Advisory Agreement"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the Fund and the other J.P. Morgan Funds overseen by the Board in which the Fund may invest ("Underlying 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 the Advisory Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 14, 2025.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund and Underlying Funds received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Fund's and Underlying Funds' performance as compared to the performance of the Fund's and Underlying Funds' peers and benchmarks, and analyses by the Adviser of the Fund's and Underlying 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, with respect to the Fund and/or Underlying Funds, 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 Fund and certain Underlying Funds, including risk and

performance return assessments as compared to the Fund's and/or Underlying Funds' objectives, benchmarks, and peers. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Fund, 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 Agreement. The Trustees also discussed the Advisory Agreement 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 the 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 Fund and Underlying 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 the Fund under the Advisory Agreement was fair and reasonable under the circumstances, and determined that the continuance of the Advisory Agreement was in the best interests of the 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 the Fund under its 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 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 agreement for the Fund whose semi-annual report is contained herein (the "Advisory Agreement"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the Fund and the other J.P. Morgan Funds overseen by the Board in which the Fund may invest ("Underlying 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 the Advisory Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to the Advisory Agreement or any of their affiliates, approved the continuation of the Advisory Agreement on August 14, 2025.

As part of their review of the Advisory Agreement, the Trustees considered and reviewed performance and other information about the Fund and Underlying Funds received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Fund's and Underlying Funds' performance as compared to the performance of the Fund's and Underlying Funds' peers and benchmarks, and analyses by the Adviser of the Fund's and Underlying 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, with respect to the Fund and/or Underlying Funds, 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 Fund and certain Underlying Funds, including risk and performance return assessments as compared to the Fund's and/or Underlying Funds' objectives, benchmarks, and peers. Before voting on the Advisory Agreement, the Trustees reviewed the Advisory Agreement with representatives of the Adviser, counsel to the Fund, 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 Agreement. The Trustees also discussed the Advisory Agreement 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 the 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 Fund and Underlying 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 the Fund under the Advisory Agreement was fair and reasonable under the circumstances, and determined that the continuance of the Advisory Agreement was in the best interests of the 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 the Fund under its 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 the Fund and Underlying Funds, including personnel changes, if any;

• The investment strategy for the Fund, and the infrastructure supporting the portfolio management team;

• Information about the structure and distribution strategy for the 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;

• 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 Fund 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 Fund and Underlying 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 the Fund and Underlying Funds.

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 Fund 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 the Fund and Underlying Funds. 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 Fund and Underlying 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 the Advisory Agreement was not unreasonable in light of the services and benefits provided to the Fund and Underlying Funds.

The Trustees also considered that JPMorgan Distribution Services, Inc. ("JPMDS"), an affiliate of the Adviser, and the Adviser earn fees from the Fund and/or Underlying 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 Fund's distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Fund, 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 the Fund and/or Underlying Funds, 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 Fund. 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 the benefits that may be received by the Adviser and its affiliates in connection with the Fund's potential investments in the Underlying Funds. 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 Fund.

***Economies of Scale***

The Trustees considered the extent to which the Fund 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 Fund and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Fund was priced to scale and whether it would be appropriate to add advisory fee breakpoints, but noted that the Fund has implemented fee waivers and contractual expense limitations ("Fee Caps") which allow the Fund's shareholders to share potential economies of scale from the Fund's inception, prior to reaching scale. The Trustees noted that the fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Fund 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 Fund. The Trustees further considered the Adviser's and JPMDS's ongoing investments in their business in support of the Fund, including the Adviser's and/or JPMDS's 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 the Fund, including Fee Caps that the Adviser has in place that serve to limit the overall net expense ratios of the Fund at competitive levels, was reasonable. The Trustees concluded that the Fund's shareholders received the benefits of potential economies of scale through the Fee Caps and from the Adviser's reinvestment in its

------

operations to serve the Fund and its shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Fund.

***Independent Written Evaluation of the Fund's Senior Officer***

The Trustees noted that, upon their direction, the Senior Officer for the 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 Agreement, 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 the 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 the 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 the Fund in comparison to those charged to the Adviser's other clients were reasonable.

***Investment Performance***

The Trustees receive and consider information about the Fund's performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Fund in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Fund 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 the 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 Group 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 the Fund's performance against its benchmark and considered the performance information provided for the Fund at regular Board meetings by the Adviser and the Trustees' independent consultant and also considered the special analysis prepared for the Fund 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 the Fund's performance for certain representative classes are summarized below:

The Trustees noted that the Fund's performance for Class A shares was in the fourth, fourth and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the Fund's performance for Class I and Class R6 shares was in the fourth, fourth 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 under the circumstances.

***Advisory Fees and Expense Ratios***

The Trustees considered the contractual advisory fee rate and administration fee rate paid by the 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 the 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 the Fund, and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. The Trustees considered the Fee Caps currently in place, the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements, 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 the Fund's advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the 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 and second quintiles of the Peer Group and Universe, respectively, and that the actual total

expenses for Class I shares were in the first 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 and third 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 and that such fees would be for services provided in addition to, rather than duplicative of, services provided under the advisory agreements of the Underlying Funds in which the Fund may invest.

------

Semi-Annual Financial Statements

J.P. Morgan Large Cap Funds

December 31, 2025 (Unaudited)

---

| |
|:---|
| JPMorgan Equity Income Fund |
| JPMorgan Equity Index Fund |
| JPMorgan Equity Premium Income Fund |
| JPMorgan Hedged Equity Fund |
| JPMorgan Hedged Equity 2 Fund |
| JPMorgan Hedged Equity 3 Fund |
| JPMorgan Large Cap Growth Fund |
| JPMorgan Large Cap Value Fund |
| JPMorgan U.S. Equity Fund |
| JPMorgan U.S. GARP Equity Fund |
| JPMorgan U.S. Large Cap Core Plus Fund |
| JPMorgan U.S. Research Enhanced Equity Fund |
| JPMorgan U.S. Sustainable Leaders Fund |
| JPMorgan U.S. Value Fund |

---

![](g58377imgb840b10f1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_83bd776b-274b-45cc-9ef4-7c76b793e5c4_SOI-TOC-ScheduleofInvestments-825_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_83bd776b-274b-45cc-9ef4-7c76b793e5c4_FS-TOC-FinancialStatement-825_1) | &nbsp;&nbsp; **57** |
| [Financial Highlights](#xx_83bd776b-274b-45cc-9ef4-7c76b793e5c4_FIHI-TOC-FinancialHighlights-761_1) | &nbsp;&nbsp; **100** |
| [Notes to Financial Statements](#xx_83bd776b-274b-45cc-9ef4-7c76b793e5c4_NTF-NTFRunningFooter-761_1) | &nbsp;&nbsp; **146** |

---

**Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund's share price is lower than when you invested.**

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.

Prospective investors should refer to the Funds' prospectuses for a discussion of the Funds' investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

------

JPMorgan Equity Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.8%** | **Common Stocks — 99.8%** | **Common Stocks — 99.8%** |
| **Aerospace & Defense — 3.7%** | **Aerospace & Defense — 3.7%** | **Aerospace & Defense — 3.7%** |
| General Dynamics Corp. | 2423 | 815700 |
| RTX Corp. | 4135 | 758434 |
|  |  | 1574134 |
| **Banks — 7.9%** | **Banks — 7.9%** | **Banks — 7.9%** |
| Bank of America Corp. | 22125 | 1216901 |
| Citigroup, Inc. | 5396 | 629613 |
| Wells Fargo & Co. | 16663 | 1552957 |
|  |  | 3399471 |
| **Beverages — 1.8%** | **Beverages — 1.8%** | **Beverages — 1.8%** |
| Coca-Cola Co. (The) | 6547 | 457718 |
| PepsiCo, Inc. | 2043 | 293167 |
|  |  | 750885 |
| **Biotechnology — 1.3%** | **Biotechnology — 1.3%** | **Biotechnology — 1.3%** |
| AbbVie, Inc. | 2471 | 564680 |
| **Building Products — 0.7%** | **Building Products — 0.7%** | **Building Products — 0.7%** |
| Carrier Global Corp. | 6014 | 317783 |
| **Capital Markets — 10.3%** | **Capital Markets — 10.3%** | **Capital Markets — 10.3%** |
| Ares Management Corp. | 2274 | 367591 |
| Bank of New York Mellon Corp. (The) | 6438 | 747337 |
| Blackrock, Inc. | 280 | 299795 |
| Blackstone, Inc. | 2636 | 406210 |
| Charles Schwab Corp. (The) | 8159 | 815196 |
| CME Group, Inc. | 1544 | 421708 |
| Goldman Sachs Group, Inc. (The) | 716 | 629652 |
| Morgan Stanley | 4174 | 741061 |
|  |  | 4428550 |
| **Chemicals — 1.8%** | **Chemicals — 1.8%** | **Chemicals — 1.8%** |
| Air Products and Chemicals, Inc. | 3035 | 749591 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| Republic Services, Inc., Class A | 1016 | 215210 |
| **Consumer Finance — 3.7%** | **Consumer Finance — 3.7%** | **Consumer Finance — 3.7%** |
| American Express Co. | 2106 | 778989 |
| Capital One Financial Corp. | 3375 | 818113 |
|  |  | 1597102 |
| **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** | **Consumer Staples Distribution & Retail — 1.5%** |
| Walmart, Inc. | 5582 | 621890 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| Packaging Corp. of America | 1195 | 246408 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| Verizon Communications, Inc. | 7295 | 297132 |
| **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** | **Electric Utilities — 2.3%** |
| NextEra Energy, Inc. | 6247 | 501547 |
| Xcel Energy, Inc. | 6418 | 474031 |
|  |  | 975578 |
| **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** |
| Eaton Corp. plc | 2511 | 799819 |
| **Electronic Equipment, Instruments & Components — 1.2%** | **Electronic Equipment, Instruments & Components — 1.2%** | **Electronic Equipment, Instruments & Components — 1.2%** |
| Corning, Inc. | 5741 | 502693 |
| **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
| Walt Disney Co. (The) | 2227 | 253386 |
| **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** |
| Fidelity National Information Services, Inc. | 6326 | 420418 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Mondelez International, Inc., Class A | 6597 | 355106 |
| **Ground Transportation — 2.6%** | **Ground Transportation — 2.6%** | **Ground Transportation — 2.6%** |
| Norfolk Southern Corp. | 983 | 283626 |
| Union Pacific Corp. | 3552 | 821719 |
|  |  | 1105345 |
| **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** | **Health Care Equipment & Supplies — 2.4%** |
| Abbott Laboratories | 3370 | 422266 |
| Becton Dickinson & Co. | 1190 | 230927 |
| Medtronic plc | 3789 | 363982 |
|  |  | 1017175 |
| **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** |
| Cencora, Inc. | 821 | 277158 |
| Cigna Group (The) | 1596 | 439162 |
| CVS Health Corp. | 6567 | 521169 |
| Quest Diagnostics, Inc. | 1244 | 215836 |
| UnitedHealth Group, Inc. | 1417 | 467948 |
|  |  | 1921273 |
| **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** |
| Ventas, Inc. | 5183 | 401050 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| McDonald's Corp. | 2364 | 722610 |
| Yum! Brands, Inc. | 1829 | 276643 |
|  |  | 999253 |
| **Household Products — 1.2%** | **Household Products — 1.2%** | **Household Products — 1.2%** |
| Procter & Gamble Co. (The) | 3626 | 519569 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 1

------

JPMorgan Equity Income 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** |
| **Industrial Conglomerates — 1.3%** | **Industrial Conglomerates — 1.3%** | **Industrial Conglomerates — 1.3%** |
| 3M Co. | 3530 | 565212 |
| **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** |
| Prologis, Inc. | 2776 | 354323 |
| **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
| Arthur J Gallagher & Co. | 1734 | 448843 |
| Chubb Ltd. | 807 | 251839 |
| Progressive Corp. (The) | 1936 | 440811 |
| Travelers Cos., Inc. (The) | 1084 | 314489 |
|  |  | 1455982 |
| **Interactive Media & Services — 2.7%** | **Interactive Media & Services — 2.7%** | **Interactive Media & Services — 2.7%** |
| Alphabet, Inc., Class C | 3752 | 1177387 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| Accenture plc, Class A | 337 | 90346 |
| International Business Machines Corp. | 717 | 212306 |
|  |  | 302652 |
| **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** | **Life Sciences Tools & Services — 1.0%** |
| Danaher Corp. | 1931 | 441947 |
| **Machinery — 3.2%** | **Machinery — 3.2%** | **Machinery — 3.2%** |
| Deere & Co. | 1572 | 732063 |
| Dover Corp. | 3382 | 660187 |
|  |  | 1392250 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| Comcast Corp., Class A | 11759 | 351477 |
| **Multi-Utilities — 2.3%** | **Multi-Utilities — 2.3%** | **Multi-Utilities — 2.3%** |
| CMS Energy Corp. | 4322 | 302228 |
| Dominion Energy, Inc. (a) | 9575 | 560977 |
| Public Service Enterprise Group, Inc. | 1616 | 129792 |
|  |  | 992997 |
| **Oil, Gas & Consumable Fuels — 5.2%** | **Oil, Gas & Consumable Fuels — 5.2%** | **Oil, Gas & Consumable Fuels — 5.2%** |
| Chevron Corp. | 5320 | 810885 |
| ConocoPhillips | 9570 | 895810 |
| EOG Resources, Inc. | 5098 | 535384 |
|  |  | 2242079 |
| **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** |
| Bristol-Myers Squibb Co. | 5942 | 320542 |
| Eli Lilly & Co. | 193 | 207319 |
| Johnson & Johnson | 4354 | 901072 |
| Merck & Co., Inc. | 5072 | 533855 |
|  |  | 1962788 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Residential REITs — 0.4%** | **Residential REITs — 0.4%** | **Residential REITs — 0.4%** |
| AvalonBay Communities, Inc. | 954 | 172916 |
| **Semiconductors & Semiconductor Equipment — 4.5%** | **Semiconductors & Semiconductor Equipment — 4.5%** | **Semiconductors & Semiconductor Equipment — 4.5%** |
| Analog Devices, Inc. | 2580 | 699757 |
| Lam Research Corp. | 1263 | 216287 |
| NXP Semiconductors NV (Netherlands) | 2058 | 446641 |
| Texas Instruments, Inc. | 3306 | 573546 |
|  |  | 1936231 |
| **Software — 2.0%** | **Software — 2.0%** | **Software — 2.0%** |
| Microsoft Corp. | 1792 | 866511 |
| **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** | **Specialized REITs — 1.0%** |
| American Tower Corp. | 1222 | 214531 |
| Digital Realty Trust, Inc. (a) | 1316 | 203672 |
|  |  | 418203 |
| **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** |
| Home Depot, Inc. (The) | 1707 | 587346 |
| Lowe's Cos., Inc. | 3203 | 772538 |
| TJX Cos., Inc. (The) | 3550 | 545291 |
|  |  | 1905175 |
| **Technology Hardware, Storage & Peripherals — 2.3%** | **Technology Hardware, Storage & Peripherals — 2.3%** | **Technology Hardware, Storage & Peripherals — 2.3%** |
| Hewlett Packard Enterprise Co. | 24439 | 587031 |
| Seagate Technology Holdings plc | 1446 | 398208 |
|  |  | 985239 |
| **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** |
| NIKE, Inc., Class B | 4855 | 309295 |
| **Tobacco — 2.3%** | **Tobacco — 2.3%** | **Tobacco — 2.3%** |
| Philip Morris International, Inc. | 6224 | 998335 |
| Total Common Stocks <br>(Cost $25,782,430)<br>|  | 42864500 |
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.86% (b) (c) <br>(Cost $129,226)<br>| 129174 | 129226 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **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% (b) (c) <br>(Cost $6,744)<br>| 6744 | 6744 |
| Total Short-Term Investments <br>(Cost $135,970)<br>|  | 135970 |
| **Total Investments — 100.1%** <br>**(Cost $25,918,400)**<br>|  | **43000470** |
| **Liabilities in Excess of Other Assets — (0.1)%** |  | **(47621)**<br>|
| **NET ASSETS — 100.0%** |  | **42952849** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (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 $6,552.<br>|
| (b) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (c) | The rate shown is the current yield as of December <br> 31, 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 3

------

JPMorgan Equity Index 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 — 99.5%** | **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| Axon Enterprise, Inc. \* | 17 | 9689 |
| Boeing Co. (The) \* | 169 | 36759 |
| GE Aerospace | 228 | 70251 |
| General Dynamics Corp. | 55 | 18455 |
| Howmet Aerospace, Inc. | 87 | 17823 |
| Huntington Ingalls Industries, Inc. | 9 | 2885 |
| L3Harris Technologies, Inc. | 40 | 11873 |
| Lockheed Martin Corp. | 44 | 21295 |
| Northrop Grumman Corp. | 29 | 16539 |
| RTX Corp. | 290 | 53166 |
| Textron, Inc. | 38 | 3321 |
| TransDigm Group, Inc. | 12 | 16194 |
|  |  | 278250 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| CH Robinson Worldwide, Inc. | 25 | 4106 |
| Expeditors International of Washington, Inc. | 29 | 4318 |
| FedEx Corp. | 47 | 13558 |
| United Parcel Service, Inc., Class B | 160 | 15848 |
|  |  | 37830 |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| Aptiv plc \* | 47 | 3555 |
| **Automobiles — 2.4%** | **Automobiles — 2.4%** | **Automobiles — 2.4%** |
| Ford Motor Co. | 846 | 11102 |
| General Motors Co. | 202 | 16402 |
| Tesla, Inc. \* | 607 | 273225 |
|  |  | 300729 |
| **Banks — 3.6%** | **Banks — 3.6%** | **Banks — 3.6%** |
| Bank of America Corp. | 1452 | 79892 |
| Citigroup, Inc. | 387 | 45144 |
| Citizens Financial Group, Inc. | 93 | 5424 |
| Fifth Third Bancorp (a) | 143 | 6690 |
| Huntington Bancshares, Inc. | 340 | 5897 |
| JPMorgan Chase & Co. (b) | 588 | 189655 |
| KeyCorp | 201 | 4146 |
| M&T Bank Corp. | 33 | 6695 |
| PNC Financial Services Group, Inc. (The) | 85 | 17698 |
| Regions Financial Corp. | 190 | 5138 |
| Truist Financial Corp. | 277 | 13611 |
| US Bancorp | 336 | 17934 |
| Wells Fargo & Co. | 679 | 63256 |
|  |  | 461180 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Brown-Forman Corp., Class B (a) | 38 | 992 |
| Coca-Cola Co. (The) | 837 | 58518 |
| Constellation Brands, Inc., Class A | 30 | 4205 |
| Keurig Dr Pepper, Inc. | 294 | 8228 |
| Molson Coors Beverage Co., Class B | 37 | 1709 |
| Monster Beverage Corp. \* | 154 | 11823 |
| PepsiCo, Inc. | 296 | 42430 |
|  |  | 127905 |
| **Biotechnology — 1.7%** | **Biotechnology — 1.7%** | **Biotechnology — 1.7%** |
| AbbVie, Inc. | 382 | 87313 |
| Amgen, Inc. | 116 | 38108 |
| Biogen, Inc. \* | 32 | 5582 |
| Gilead Sciences, Inc. | 268 | 32925 |
| Incyte Corp. \* | 36 | 3522 |
| Moderna, Inc. \* (a) | 75 | 2217 |
| Regeneron Pharmaceuticals, Inc. | 22 | 16819 |
| Vertex Pharmaceuticals, Inc. \* | 55 | 24870 |
|  |  | 211356 |
| **Broadline Retail — 3.9%** | **Broadline Retail — 3.9%** | **Broadline Retail — 3.9%** |
| Amazon.com, Inc. \* | 2103 | 485493 |
| eBay, Inc. | 98 | 8512 |
|  |  | 494005 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| A O Smith Corp. | 24 | 1639 |
| Allegion plc | 19 | 2962 |
| Builders FirstSource, Inc. \* | 24 | 2460 |
| Carrier Global Corp. | 171 | 9045 |
| Johnson Controls International plc | 132 | 15823 |
| Lennox International, Inc. | 7 | 3351 |
| Masco Corp. | 45 | 2850 |
| Trane Technologies plc | 48 | 18659 |
|  |  | 56789 |
| **Capital Markets — 3.4%** | **Capital Markets — 3.4%** | **Capital Markets — 3.4%** |
| Ameriprise Financial, Inc. | 20 | 9850 |
| Ares Management Corp. | 45 | 7199 |
| Bank of New York Mellon Corp. (The) | 151 | 17504 |
| Blackrock, Inc. | 31 | 33391 |
| Blackstone, Inc. | 160 | 24610 |
| Cboe Global Markets, Inc. | 23 | 5679 |
| Charles Schwab Corp. (The) | 361 | 36082 |
| CME Group, Inc. | 78 | 21291 |
| Coinbase Global, Inc., Class A \* | 49 | 11156 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Equity Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| FactSet Research Systems, Inc. | 8 | 2350 |
| Franklin Resources, Inc. | 67 | 1588 |
| Goldman Sachs Group, Inc. (The) | 65 | 57001 |
| Interactive Brokers Group, Inc., Class A | 96 | 6193 |
| Intercontinental Exchange, Inc. | 123 | 19966 |
| Invesco Ltd. | 96 | 2528 |
| KKR & Co., Inc. | 149 | 18918 |
| Moody's Corp. | 33 | 16946 |
| Morgan Stanley | 261 | 46363 |
| MSCI, Inc. | 16 | 9321 |
| Nasdaq, Inc. | 98 | 9473 |
| Northern Trust Corp. | 41 | 5585 |
| Raymond James Financial, Inc. | 38 | 6122 |
| Robinhood Markets, Inc., Class A \* | 170 | 19229 |
| S&P Global, Inc. | 67 | 35027 |
| State Street Corp. | 60 | 7791 |
| T. Rowe Price Group, Inc. | 47 | 4831 |
|  |  | 435994 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
| Air Products and Chemicals, Inc. | 48 | 11886 |
| Albemarle Corp. | 25 | 3599 |
| CF Industries Holdings, Inc. | 34 | 2608 |
| Corteva, Inc. | 146 | 9793 |
| Dow, Inc. | 154 | 3593 |
| DuPont de Nemours, Inc. | 91 | 3642 |
| Ecolab, Inc. | 55 | 14469 |
| International Flavors & Fragrances, Inc. | 55 | 3732 |
| Linde plc | 101 | 43048 |
| LyondellBasell Industries NV, Class A | 56 | 2411 |
| Mosaic Co. (The) | 69 | 1653 |
| PPG Industries, Inc. | 48 | 4971 |
| Sherwin-Williams Co. (The) | 50 | 16152 |
|  |  | 121557 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| Cintas Corp. | 74 | 13890 |
| Copart, Inc. \* | 193 | 7537 |
| Republic Services, Inc., Class A | 43 | 9220 |
| Rollins, Inc. | 63 | 3809 |
| Veralto Corp. | 54 | 5357 |
| Waste Management, Inc. | 80 | 17607 |
|  |  | 57420 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| Arista Networks, Inc. \* | 223 | 29254 |
| Cisco Systems, Inc. | 852 | 65632 |
| F5, Inc. \* | 13 | 3184 |
| Motorola Solutions, Inc. | 36 | 13804 |
|  |  | 111874 |
| **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** | **Construction & Engineering — 0.2%** |
| Comfort Systems USA, Inc. | 8 | 7101 |
| EMCOR Group, Inc. | 10 | 5922 |
| Quanta Services, Inc. | 32 | 13608 |
|  |  | 26631 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| CRH plc | 145 | 18086 |
| Martin Marietta Materials, Inc. | 13 | 8119 |
| Vulcan Materials Co. | 29 | 8148 |
|  |  | 34353 |
| **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** | **Consumer Finance — 0.7%** |
| American Express Co. | 116 | 42978 |
| Capital One Financial Corp. | 137 | 33313 |
| Synchrony Financial | 78 | 6497 |
|  |  | 82788 |
| **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |
| Costco Wholesale Corp. | 96 | 82630 |
| Dollar General Corp. | 48 | 6318 |
| Dollar Tree, Inc. \* | 41 | 5045 |
| Kroger Co. (The) | 132 | 8236 |
| Sysco Corp. | 103 | 7630 |
| Target Corp. | 98 | 9604 |
| Walmart, Inc. | 948 | 105629 |
|  |  | 225092 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Amcor plc | 499 | 4162 |
| Avery Dennison Corp. | 17 | 3040 |
| Ball Corp. | 58 | 3069 |
| International Paper Co. | 114 | 4497 |
| Packaging Corp. of America | 19 | 3985 |
| Smurfit WestRock plc | 113 | 4366 |
|  |  | 23119 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Equity Funds 5

------

JPMorgan Equity Index 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** |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| Genuine Parts Co. | 30 | 3699 |
| Pool Corp. | 7 | 1621 |
|  |  | 5320 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| AT&T, Inc. | 1533 | 38076 |
| Verizon Communications, Inc. | 911 | 37131 |
|  |  | 75207 |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
| Alliant Energy Corp. | 56 | 3613 |
| American Electric Power Co., Inc. | 116 | 13345 |
| Constellation Energy Corp. | 68 | 23853 |
| Duke Energy Corp. | 168 | 19708 |
| Edison International | 83 | 4993 |
| Entergy Corp. | 97 | 8925 |
| Evergy, Inc. | 50 | 3608 |
| Eversource Energy | 81 | 5462 |
| Exelon Corp. | 218 | 9522 |
| FirstEnergy Corp. | 112 | 5033 |
| NextEra Energy, Inc. | 450 | 36149 |
| NRG Energy, Inc. | 41 | 6598 |
| PG&E Corp. | 475 | 7637 |
| Pinnacle West Capital Corp. | 26 | 2295 |
| PPL Corp. | 160 | 5601 |
| Southern Co. (The) | 238 | 20760 |
| Xcel Energy, Inc. | 128 | 9447 |
|  |  | 186549 |
| **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| AMETEK, Inc. | 50 | 10219 |
| Eaton Corp. plc | 84 | 26748 |
| Emerson Electric Co. | 121 | 16121 |
| GE Vernova, Inc. | 59 | 38340 |
| Generac Holdings, Inc. \* | 13 | 1730 |
| Hubbell, Inc. | 11 | 5103 |
| Rockwell Automation, Inc. | 24 | 9445 |
|  |  | 107706 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| Amphenol Corp., Class A | 265 | 35766 |
| CDW Corp. | 28 | 3834 |
| Corning, Inc. | 169 | 14770 |
| Jabil, Inc. | 23 | 5267 |
| Keysight Technologies, Inc. \* | 37 | 7550 |
| TE Connectivity plc (Switzerland) | 63 | 14471 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** |
| Teledyne Technologies, Inc. \* | 10 | 5185 |
| Zebra Technologies Corp., Class A \* | 11 | 2660 |
|  |  | 89503 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co., Class A | 213 | 9716 |
| Halliburton Co. | 182 | 5143 |
| SLB Ltd. | 323 | 12397 |
|  |  | 27256 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Electronic Arts, Inc. | 48 | 9917 |
| Live Nation Entertainment, Inc. \* | 34 | 4865 |
| Netflix, Inc. \* | 916 | 85899 |
| Take-Two Interactive Software, Inc. \* | 38 | 9615 |
| TKO Group Holdings, Inc. | 14 | 2996 |
| Walt Disney Co. (The) | 386 | 43915 |
| Warner Bros Discovery, Inc. \* | 536 | 15441 |
|  |  | 172648 |
| **Financial Services — 3.9%** | **Financial Services — 3.9%** | **Financial Services — 3.9%** |
| Apollo Global Management, Inc. | 100 | 14533 |
| Berkshire Hathaway, Inc., Class B \* | 397 | 199289 |
| Block, Inc. \* | 119 | 7708 |
| Corpay, Inc. \* | 15 | 4552 |
| Fidelity National Information Services, Inc. | 112 | 7441 |
| Fiserv, Inc. \* | 116 | 7811 |
| Global Payments, Inc. | 51 | 3962 |
| Jack Henry & Associates, Inc. | 16 | 2856 |
| Mastercard, Inc., Class A | 177 | 101208 |
| PayPal Holdings, Inc. | 202 | 11810 |
| Visa, Inc., Class A | 365 | 127970 |
|  |  | 489140 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| Archer-Daniels-Midland Co. | 104 | 5974 |
| Bunge Global SA | 29 | 2607 |
| Campbell's Co. (The) (a) | 43 | 1184 |
| Conagra Brands, Inc. | 104 | 1790 |
| General Mills, Inc. | 115 | 5363 |
| Hershey Co. (The) | 32 | 5830 |
| Hormel Foods Corp. | 63 | 1494 |
| J M Smucker Co. (The) | 23 | 2256 |
| Kraft Heinz Co. (The) (a) | 184 | 4468 |
| Lamb Weston Holdings, Inc. | 30 | 1262 |
| McCormick & Co., Inc. (Non-Voting) | 55 | 3729 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Equity Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| Mondelez International, Inc., Class A | 279 | 15018 |
| Tyson Foods, Inc., Class A | 61 | 3588 |
|  |  | 54563 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Atmos Energy Corp. | 35 | 5818 |
| **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |
| CSX Corp. | 403 | 14595 |
| JB Hunt Transport Services, Inc. | 16 | 3161 |
| Norfolk Southern Corp. | 49 | 14007 |
| Old Dominion Freight Line, Inc. | 40 | 6238 |
| Uber Technologies, Inc. \* | 449 | 36708 |
| Union Pacific Corp. | 128 | 29667 |
|  |  | 104376 |
| **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |
| Abbott Laboratories | 376 | 47105 |
| Align Technology, Inc. \* | 14 | 2253 |
| Baxter International, Inc. (a) | 111 | 2124 |
| Becton Dickinson & Co. | 62 | 12027 |
| Boston Scientific Corp. \* | 321 | 30562 |
| Cooper Cos., Inc. (The) \* | 43 | 3523 |
| Dexcom, Inc. \* | 84 | 5597 |
| Edwards Lifesciences Corp. \* | 126 | 10696 |
| GE HealthCare Technologies, Inc. | 99 | 8078 |
| Hologic, Inc. \* | 48 | 3584 |
| IDEXX Laboratories, Inc. \* | 17 | 11680 |
| Insulet Corp. \* | 15 | 4323 |
| Intuitive Surgical, Inc. \* | 77 | 43410 |
| Medtronic plc | 277 | 26639 |
| ResMed, Inc. (a) | 32 | 7602 |
| Solventum Corp. \* | 32 | 2526 |
| STERIS plc | 21 | 5380 |
| Stryker Corp. | 74 | 26155 |
| Zimmer Biomet Holdings, Inc. | 43 | 3853 |
|  |  | 257117 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Cardinal Health, Inc. | 51 | 10557 |
| Cencora, Inc. | 42 | 14158 |
| Centene Corp. \* | 101 | 4154 |
| Cigna Group (The) | 58 | 15896 |
| CVS Health Corp. | 274 | 21782 |
| DaVita, Inc. \* (a) | 8 | 867 |
| Elevance Health, Inc. | 48 | 16844 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| HCA Healthcare, Inc. | 34 | 16124 |
| Henry Schein, Inc. \* | 22 | 1635 |
| Humana, Inc. | 26 | 6661 |
| Labcorp Holdings, Inc. | 18 | 4497 |
| McKesson Corp. | 27 | 21890 |
| Molina Healthcare, Inc. \* | 11 | 1929 |
| Quest Diagnostics, Inc. | 24 | 4174 |
| UnitedHealth Group, Inc. | 196 | 64653 |
| Universal Health Services, Inc., Class B | 12 | 2604 |
|  |  | 208425 |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Alexandria Real Estate Equities, Inc. | 34 | 1646 |
| Healthpeak Properties, Inc. | 150 | 2416 |
| Ventas, Inc. | 102 | 7859 |
| Welltower, Inc. | 148 | 27543 |
|  |  | 39464 |
| **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** |
| Host Hotels & Resorts, Inc. | 138 | 2452 |
| **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** |
| Airbnb, Inc., Class A \* | 92 | 12480 |
| Booking Holdings, Inc. | 7 | 37321 |
| Carnival Corp. \* | 235 | 7170 |
| Chipotle Mexican Grill, Inc., Class A \* | 286 | 10578 |
| Darden Restaurants, Inc. | 25 | 4628 |
| Domino's Pizza, Inc. | 7 | 2801 |
| DoorDash, Inc., Class A \* | 81 | 18305 |
| Expedia Group, Inc. | 25 | 7167 |
| Hilton Worldwide Holdings, Inc. | 50 | 14436 |
| Las Vegas Sands Corp. | 66 | 4282 |
| Marriott International, Inc., Class A | 48 | 14941 |
| McDonald's Corp. | 154 | 47060 |
| MGM Resorts International \* | 44 | 1618 |
| Norwegian Cruise Line Holdings Ltd. \* | 98 | 2197 |
| Royal Caribbean Cruises Ltd. | 55 | 15295 |
| Starbucks Corp. | 246 | 20700 |
| Wynn Resorts Ltd. | 18 | 2197 |
| Yum! Brands, Inc. | 60 | 9082 |
|  |  | 232258 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| DR Horton, Inc. | 59 | 8528 |
| Garmin Ltd. | 35 | 7170 |
| Lennar Corp., Class A | 47 | 4796 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Equity Funds 7

------

JPMorgan Equity Index 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** |
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| NVR, Inc. \* | 1 | 4478 |
| PulteGroup, Inc. | 42 | 4942 |
|  |  | 29914 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| Church & Dwight Co., Inc. | 52 | 4353 |
| Clorox Co. (The) | 27 | 2659 |
| Colgate-Palmolive Co. | 174 | 13772 |
| Kimberly-Clark Corp. | 72 | 7239 |
| Procter & Gamble Co. (The) | 505 | 72405 |
|  |  | 100428 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| AES Corp. (The) | 154 | 2208 |
| Vistra Corp. | 69 | 11110 |
|  |  | 13318 |
| **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** | **Industrial Conglomerates — 0.4%** |
| 3M Co. | 115 | 18389 |
| Honeywell International, Inc. | 137 | 26780 |
|  |  | 45169 |
| **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** | **Industrial REITs — 0.2%** |
| Prologis, Inc. | 201 | 25638 |
| **Insurance — 1.8%** | **Insurance — 1.8%** | **Insurance — 1.8%** |
| Aflac, Inc. | 102 | 11246 |
| Allstate Corp. (The) | 57 | 11777 |
| American International Group, Inc. | 117 | 9981 |
| Aon plc, Class A | 46 | 16399 |
| Arch Capital Group Ltd. \* | 78 | 7489 |
| Arthur J Gallagher & Co. | 55 | 14369 |
| Assurant, Inc. | 11 | 2608 |
| Brown & Brown, Inc. | 63 | 5060 |
| Chubb Ltd. | 79 | 24699 |
| Cincinnati Financial Corp. | 34 | 5509 |
| Erie Indemnity Co., Class A (a) | 5 | 1575 |
| Everest Group Ltd. | 9 | 3080 |
| Globe Life, Inc. | 17 | 2407 |
| Hartford Insurance Group, Inc. (The) | 60 | 8302 |
| Loews Corp. | 37 | 3859 |
| Marsh & McLennan Cos., Inc. | 106 | 19651 |
| MetLife, Inc. | 120 | 9446 |
| Principal Financial Group, Inc. | 43 | 3813 |
| Progressive Corp. (The) | 127 | 28872 |
| Prudential Financial, Inc. | 76 | 8542 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Travelers Cos., Inc. (The) | 48 | 13989 |
| Willis Towers Watson plc | 21 | 6803 |
| WR Berkley Corp. | 65 | 4552 |
|  |  | 224028 |
| **Interactive Media & Services — 8.0%** | **Interactive Media & Services — 8.0%** | **Interactive Media & Services — 8.0%** |
| Alphabet, Inc., Class A | 1258 | 393731 |
| Alphabet, Inc., Class C | 1005 | 315492 |
| Match Group, Inc. | 51 | 1648 |
| Meta Platforms, Inc., Class A | 471 | 310828 |
|  |  | 1021699 |
| **IT Services — 1.0%** | **IT Services — 1.0%** | **IT Services — 1.0%** |
| Accenture plc, Class A | 134 | 35974 |
| Akamai Technologies, Inc. \* | 31 | 2714 |
| Cognizant Technology Solutions Corp., Class A | 104 | 8661 |
| EPAM Systems, Inc. \* | 12 | 2447 |
| Gartner, Inc. \* | 16 | 3932 |
| GoDaddy, Inc., Class A \* | 29 | 3625 |
| International Business Machines Corp. | 202 | 59865 |
| VeriSign, Inc. | 18 | 4383 |
|  |  | 121601 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| Hasbro, Inc. | 29 | 2364 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Agilent Technologies, Inc. | 61 | 8341 |
| Bio-Techne Corp. | 34 | 1981 |
| Charles River Laboratories International, Inc. \* | 11 | 2123 |
| Danaher Corp. | 136 | 31115 |
| IQVIA Holdings, Inc. \* | 37 | 8300 |
| Mettler-Toledo International, Inc. \* | 4 | 6158 |
| Revvity, Inc. (a) | 24 | 2372 |
| Thermo Fisher Scientific, Inc. | 81 | 47070 |
| Waters Corp. \* | 13 | 4889 |
| West Pharmaceutical Services, Inc. | 16 | 4280 |
|  |  | 116629 |
| **Machinery — 1.6%** | **Machinery — 1.6%** | **Machinery — 1.6%** |
| Caterpillar, Inc. | 101 | 57965 |
| Cummins, Inc. | 30 | 15234 |
| Deere & Co. | 54 | 25307 |
| Dover Corp. | 30 | 5790 |
| Fortive Corp. | 69 | 3791 |
| IDEX Corp. | 16 | 2880 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Equity Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Illinois Tool Works, Inc. | 57 | 14058 |
| Ingersoll Rand, Inc. | 78 | 6158 |
| Nordson Corp. | 12 | 2775 |
| Otis Worldwide Corp. | 84 | 7360 |
| PACCAR, Inc. | 114 | 12435 |
| Parker-Hannifin Corp. | 27 | 23981 |
| Pentair plc | 35 | 3685 |
| Snap-on, Inc. | 11 | 3875 |
| Stanley Black & Decker, Inc. | 33 | 2487 |
| Westinghouse Air Brake Technologies Corp. | 37 | 7890 |
| Xylem, Inc. | 53 | 7169 |
|  |  | 202840 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Charter Communications, Inc., Class A \* (a) | 19 | 3972 |
| Comcast Corp., Class A | 786 | 23488 |
| Fox Corp., Class A | 45 | 3292 |
| Fox Corp., Class B | 32 | 2083 |
| News Corp., Class A | 81 | 2115 |
| News Corp., Class B (a) | 27 | 791 |
| Omnicom Group, Inc. | 69 | 5569 |
| Paramount Skydance Corp., Class B (a) | 67 | 900 |
| Trade Desk, Inc. (The), Class A \* | 95 | 3614 |
|  |  | 45824 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Freeport-McMoRan, Inc. | 310 | 15769 |
| Newmont Corp. | 236 | 23559 |
| Nucor Corp. | 50 | 8071 |
| Steel Dynamics, Inc. | 30 | 5029 |
|  |  | 52428 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| Ameren Corp. | 59 | 5840 |
| CenterPoint Energy, Inc. (a) | 141 | 5412 |
| CMS Energy Corp. | 66 | 4601 |
| Consolidated Edison, Inc. | 78 | 7751 |
| Dominion Energy, Inc. | 185 | 10817 |
| DTE Energy Co. | 45 | 5792 |
| NiSource, Inc. | 103 | 4309 |
| Public Service Enterprise Group, Inc. | 108 | 8666 |
| Sempra | 141 | 12459 |
| WEC Energy Group, Inc. | 70 | 7418 |
|  |  | 73065 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| BXP, Inc. | 32 | 2150 |
| **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** |
| APA Corp. | 77 | 1876 |
| Chevron Corp. | 409 | 62370 |
| ConocoPhillips | 267 | 25011 |
| Coterra Energy, Inc. | 165 | 4333 |
| Devon Energy Corp. | 136 | 4968 |
| Diamondback Energy, Inc. | 40 | 6053 |
| EOG Resources, Inc. | 117 | 12319 |
| EQT Corp. | 135 | 7232 |
| Expand Energy Corp. | 51 | 5683 |
| Exxon Mobil Corp. | 912 | 109727 |
| Kinder Morgan, Inc. | 423 | 11636 |
| Marathon Petroleum Corp. | 65 | 10570 |
| Occidental Petroleum Corp. | 156 | 6394 |
| ONEOK, Inc. | 136 | 10000 |
| Phillips 66 | 87 | 11242 |
| Targa Resources Corp. | 46 | 8563 |
| Texas Pacific Land Corp. (a) | 13 | 3596 |
| Valero Energy Corp. | 66 | 10735 |
| Williams Cos., Inc. (The) | 264 | 15872 |
|  |  | 328180 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 140 | 9733 |
| Southwest Airlines Co. | 112 | 4621 |
| United Airlines Holdings, Inc. \* | 70 | 7827 |
|  |  | 22181 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Estee Lauder Cos., Inc. (The), Class A | 53 | 5567 |
| Kenvue, Inc. | 414 | 7145 |
|  |  | 12712 |
| **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** | **Pharmaceuticals — 3.3%** |
| Bristol-Myers Squibb Co. | 440 | 23742 |
| Eli Lilly & Co. | 172 | 184522 |
| Johnson & Johnson | 521 | 107804 |
| Merck & Co., Inc. | 537 | 56487 |
| Pfizer, Inc. | 1229 | 30610 |
| Viatris, Inc. | 249 | 3100 |
| Zoetis, Inc. | 95 | 11989 |
|  |  | 418254 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Equity Funds 9

------

JPMorgan Equity Index 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 — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| Automatic Data Processing, Inc. | 87 | 22494 |
| Broadridge Financial Solutions, Inc. | 25 | 5632 |
| Dayforce, Inc. \* | 35 | 2393 |
| Equifax, Inc. | 26 | 5742 |
| Jacobs Solutions, Inc. | 26 | 3423 |
| Leidos Holdings, Inc. | 28 | 4987 |
| Paychex, Inc. | 70 | 7856 |
| Paycom Software, Inc. | 11 | 1684 |
| Verisk Analytics, Inc., Class A | 30 | 6741 |
|  |  | 60952 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| CBRE Group, Inc., Class A \* | 63 | 10191 |
| CoStar Group, Inc. \* | 92 | 6161 |
|  |  | 16352 |
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| AvalonBay Communities, Inc. | 31 | 5544 |
| Camden Property Trust | 23 | 2532 |
| Equity Residential | 75 | 4719 |
| Essex Property Trust, Inc. | 14 | 3644 |
| Invitation Homes, Inc. | 122 | 3389 |
| Mid-America Apartment Communities, Inc. | 25 | 3517 |
| UDR, Inc. | 65 | 2385 |
|  |  | 25730 |
| **Retail REITs — 0.2%** | **Retail REITs — 0.2%** | **Retail REITs — 0.2%** |
| Federal Realty Investment Trust | 17 | 1711 |
| Kimco Realty Corp. | 146 | 2968 |
| Realty Income Corp. | 199 | 11211 |
| Regency Centers Corp. | 36 | 2457 |
| Simon Property Group, Inc. | 70 | 13066 |
|  |  | 31413 |
| **Semiconductors & Semiconductor Equipment — 14.1%** | **Semiconductors & Semiconductor Equipment — 14.1%** | **Semiconductors & Semiconductor Equipment — 14.1%** |
| Advanced Micro Devices, Inc. \* | 352 | 75385 |
| Analog Devices, Inc. | 106 | 28847 |
| Applied Materials, Inc. | 172 | 44265 |
| Broadcom, Inc. | 1021 | 353381 |
| First Solar, Inc. \* | 23 | 6061 |
| Intel Corp. \* | 970 | 35773 |
| KLA Corp. | 28 | 34519 |
| Lam Research Corp. | 272 | 46487 |
| Microchip Technology, Inc. | 117 | 7446 |
| Micron Technology, Inc. | 243 | 69267 |
| Monolithic Power Systems, Inc. | 10 | 9388 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| NVIDIA Corp. | 5254 | 979866 |
| NXP Semiconductors NV (Netherlands) | 54 | 11811 |
| ON Semiconductor Corp. \* | 87 | 4711 |
| Qnity Electronics, Inc. | 45 | 3697 |
| QUALCOMM, Inc. | 232 | 39609 |
| Skyworks Solutions, Inc. | 32 | 2038 |
| Teradyne, Inc. | 34 | 6554 |
| Texas Instruments, Inc. | 197 | 34083 |
|  |  | 1793188 |
| **Software — 10.3%** | **Software — 10.3%** | **Software — 10.3%** |
| Adobe, Inc. \* | 91 | 31677 |
| AppLovin Corp., Class A \* | 59 | 39436 |
| Autodesk, Inc. \* | 46 | 13632 |
| Cadence Design Systems, Inc. \* | 59 | 18396 |
| Crowdstrike Holdings, Inc., Class A \* | 54 | 25435 |
| Datadog, Inc., Class A \* | 70 | 9569 |
| Fair Isaac Corp. \* | 5 | 8666 |
| Fortinet, Inc. \* | 137 | 10853 |
| Gen Digital, Inc. | 121 | 3299 |
| Intuit, Inc. | 60 | 39931 |
| Microsoft Corp. | 1607 | 777165 |
| Oracle Corp. | 364 | 70882 |
| Palantir Technologies, Inc., Class A \* | 494 | 87791 |
| Palo Alto Networks, Inc. \* | 148 | 27241 |
| PTC, Inc. \* | 26 | 4512 |
| Roper Technologies, Inc. | 23 | 10359 |
| Salesforce, Inc. | 206 | 54528 |
| ServiceNow, Inc. \* | 224 | 34361 |
| Synopsys, Inc. \* | 40 | 18864 |
| Trimble, Inc. \* | 52 | 4031 |
| Tyler Technologies, Inc. \* | 9 | 4223 |
| Workday, Inc., Class A \* | 47 | 10077 |
|  |  | 1304928 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| American Tower Corp. | 101 | 17771 |
| Crown Castle, Inc. | 94 | 8368 |
| Digital Realty Trust, Inc. | 70 | 10801 |
| Equinix, Inc. | 21 | 16265 |
| Extra Space Storage, Inc. | 46 | 5976 |
| Iron Mountain, Inc. | 64 | 5301 |
| Public Storage | 34 | 8861 |
| SBA Communications Corp. | 23 | 4456 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Equity Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialized REITs — continued** | **Specialized REITs — continued** | **Specialized REITs — continued** |
| VICI Properties, Inc., Class A | 231 | 6498 |
| Weyerhaeuser Co. | 156 | 3692 |
|  |  | 87989 |
| **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** | **Specialty Retail — 1.7%** |
| AutoZone, Inc. \* | 4 | 12196 |
| Best Buy Co., Inc. | 42 | 2828 |
| Carvana Co. \* | 31 | 12904 |
| Home Depot, Inc. (The) | 215 | 74055 |
| Lowe's Cos., Inc. | 121 | 29243 |
| O'Reilly Automotive, Inc. \* | 183 | 16646 |
| Ross Stores, Inc. | 70 | 12667 |
| TJX Cos., Inc. (The) | 241 | 36963 |
| Tractor Supply Co. (a) | 114 | 5713 |
| Ulta Beauty, Inc. \* | 10 | 5866 |
| Williams-Sonoma, Inc. | 26 | 4703 |
|  |  | 213784 |
| **Technology Hardware, Storage & Peripherals — 7.3%** | **Technology Hardware, Storage & Peripherals — 7.3%** | **Technology Hardware, Storage & Peripherals — 7.3%** |
| Apple, Inc. | 3195 | 868548 |
| Dell Technologies, Inc., Class C | 65 | 8203 |
| Hewlett Packard Enterprise Co. | 285 | 6852 |
| HP, Inc. | 202 | 4503 |
| NetApp, Inc. | 43 | 4622 |
| Sandisk Corp. \* | 30 | 7146 |
| Seagate Technology Holdings plc | 47 | 12973 |
| Super Micro Computer, Inc. \* | 109 | 3173 |
| Western Digital Corp. | 74 | 12735 |
|  |  | 928755 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Deckers Outdoor Corp. \* | 32 | 3267 |
| Lululemon Athletica, Inc. \* | 23 | 4849 |
| NIKE, Inc., Class B | 257 | 16383 |
| Ralph Lauren Corp. | 9 | 2963 |
| Tapestry, Inc. | 44 | 5653 |
|  |  | 33115 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Altria Group, Inc. | 363 | 20928 |
| Philip Morris International, Inc. | 337 | 53985 |
|  |  | 74913 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| Fastenal Co. | 248 | 9961 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| United Rentals, Inc. | 14 | 11135 |
| WW Grainger, Inc. | 9 | 9543 |
|  |  | 30639 |
| **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** |
| American Water Works Co., Inc. (a) | 42 | 5506 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| T-Mobile US, Inc. | 104 | 21114 |
| Total Common Stocks <br>(Cost $3,923,244)<br>|  | 12635029 |
|  | **NO. OF** <br> **RIGHTS** <br>**(000)**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| ABIOMED, Inc., CVR ‡ \* <br>(Cost $10)<br>| 10 |  |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| **Investment Companies — 0.7%** | **Investment Companies — 0.7%** | **Investment Companies — 0.7%** |
| JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 3.63% (c) (d) <br>(Cost $90,069)<br>| 90069 | 90069 |
| **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% (c) (d) <br>(Cost $39,515)<br>| 39515 | 39515 |
| Total Short-Term Investments <br>(Cost $129,584)<br>|  | 129584 |
| **Total Investments — 100.5%** <br>**(Cost $4,052,838)**<br>|  | **12764613** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(69774)**<br>|
| **NET ASSETS — 100.0%** |  | **12694839** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Equity Funds 11

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CVR | Contingent Value Rights |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | 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 $38,267.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.

&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.

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 64105 | &nbsp;&nbsp;&nbsp;&nbsp; 46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Equity Funds December 31, 2025

------

JPMorgan Equity Premium Income 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 — 85.3%** | **Common Stocks — 85.3%** | **Common Stocks — 85.3%** |
| **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** |
| Howmet Aerospace, Inc. | 444 | 91150 |
| RTX Corp. | 478 | 87592 |
| TransDigm Group, Inc. | 19 | 25573 |
|  |  | 204315 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| FedEx Corp. | 72 | 20727 |
| **Banks — 0.8%** | **Banks — 0.8%** | **Banks — 0.8%** |
| Bank of America Corp. | 515 | 28315 |
| US Bancorp | 337 | 17984 |
|  |  | 46299 |
| **Beverages — 2.3%** | **Beverages — 2.3%** | **Beverages — 2.3%** |
| Coca-Cola Co. (The) | 457 | 31924 |
| Keurig Dr Pepper, Inc. | 1032 | 28912 |
| PepsiCo, Inc. | 547 | 78459 |
|  |  | 139295 |
| **Biotechnology — 3.2%** | **Biotechnology — 3.2%** | **Biotechnology — 3.2%** |
| AbbVie, Inc. | 439 | 100163 |
| Regeneron Pharmaceuticals, Inc. | 76 | 58634 |
| Vertex Pharmaceuticals, Inc. \* | 80 | 36391 |
|  |  | 195188 |
| **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** | **Broadline Retail — 1.6%** |
| Amazon.com, Inc. \* | 413 | 95245 |
| **Building Products — 2.1%** | **Building Products — 2.1%** | **Building Products — 2.1%** |
| Carrier Global Corp. | 888 | 46904 |
| Trane Technologies plc | 206 | 80243 |
|  |  | 127147 |
| **Capital Markets — 1.8%** | **Capital Markets — 1.8%** | **Capital Markets — 1.8%** |
| Ameriprise Financial, Inc. | 88 | 43001 |
| Charles Schwab Corp. (The) | 82 | 8238 |
| CME Group, Inc. | 139 | 37936 |
| Intercontinental Exchange, Inc. | 55 | 8880 |
| Raymond James Financial, Inc. | 73 | 11812 |
|  |  | 109867 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Ecolab, Inc. | 206 | 54026 |
| Linde plc | 69 | 29520 |
|  |  | 83546 |
| **Construction Materials — 0.5%** | **Construction Materials — 0.5%** | **Construction Materials — 0.5%** |
| Vulcan Materials Co. | 100 | 28461 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** |
| American Express Co. | 179 | 66046 |
| **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** |
| Costco Wholesale Corp. | 22 | 18919 |
| Walmart, Inc. | 706 | 78629 |
|  |  | 97548 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| Verizon Communications, Inc. | 384 | 15634 |
| **Electric Utilities — 3.4%** | **Electric Utilities — 3.4%** | **Electric Utilities — 3.4%** |
| Entergy Corp. | 392 | 36209 |
| NextEra Energy, Inc. | 1081 | 86807 |
| Southern Co. (The) | 927 | 80849 |
| Xcel Energy, Inc. | 83 | 6130 |
|  |  | 209995 |
| **Electrical Equipment — 2.4%** | **Electrical Equipment — 2.4%** | **Electrical Equipment — 2.4%** |
| Eaton Corp. plc | 231 | 73602 |
| Emerson Electric Co. | 545 | 72334 |
|  |  | 145936 |
| **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
| Amphenol Corp., Class A | 410 | 55419 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co., Class A | 229 | 10409 |
| **Entertainment — 2.3%** | **Entertainment — 2.3%** | **Entertainment — 2.3%** |
| Netflix, Inc. \* | 562 | 52656 |
| Walt Disney Co. (The) | 772 | 87832 |
|  |  | 140488 |
| **Financial Services — 4.3%** | **Financial Services — 4.3%** | **Financial Services — 4.3%** |
| Berkshire Hathaway, Inc., Class B \* | 82 | 41405 |
| Corpay, Inc. \* | 121 | 36321 |
| Mastercard, Inc., Class A | 166 | 94598 |
| Visa, Inc., Class A | 262 | 92105 |
|  |  | 264429 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| Mondelez International, Inc., Class A | 1365 | 73468 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Union Pacific Corp. | 117 | 27112 |
| **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** |
| Boston Scientific Corp. \* | 256 | 24387 |
| Edwards Lifesciences Corp. \* | 138 | 11777 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 13

------

JPMorgan Equity Premium Income 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 Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| Medtronic plc | 849 | 81547 |
| Stryker Corp. | 223 | 78572 |
|  |  | 196283 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| Humana, Inc. | 73 | 18624 |
| UnitedHealth Group, Inc. | 61 | 20340 |
|  |  | 38964 |
| **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** |
| Ventas, Inc. | 380 | 29435 |
| Welltower, Inc. | 216 | 40094 |
|  |  | 69529 |
| **Hotels, Restaurants & Leisure — 4.1%** | **Hotels, Restaurants & Leisure — 4.1%** | **Hotels, Restaurants & Leisure — 4.1%** |
| Chipotle Mexican Grill, Inc., Class A \* | 1436 | 53116 |
| Hilton Worldwide Holdings, Inc. | 121 | 34765 |
| McDonald's Corp. | 254 | 77663 |
| Yum! Brands, Inc. | 554 | 83845 |
|  |  | 249389 |
| **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** |
| Church & Dwight Co., Inc. | 322 | 26962 |
| Procter & Gamble Co. (The) | 24 | 3513 |
|  |  | 30475 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Vistra Corp. | 61 | 9909 |
| **Industrial Conglomerates — 1.3%** | **Industrial Conglomerates — 1.3%** | **Industrial Conglomerates — 1.3%** |
| 3M Co. | 509 | 81518 |
| **Insurance — 3.8%** | **Insurance — 3.8%** | **Insurance — 3.8%** |
| Aon plc, Class A | 52 | 18130 |
| Arthur J Gallagher & Co. | 225 | 58258 |
| Chubb Ltd. | 142 | 44404 |
| Progressive Corp. (The) | 241 | 54907 |
| Travelers Cos., Inc. (The) | 194 | 56298 |
|  |  | 231997 |
| **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** |
| Alphabet, Inc., Class A | 328 | 102595 |
| Meta Platforms, Inc., Class A | 127 | 84119 |
|  |  | 186714 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **IT Services — 1.5%** | **IT Services — 1.5%** | **IT Services — 1.5%** |
| Accenture plc, Class A | 136 | 36670 |
| Cognizant Technology Solutions Corp., Class A | 655 | 54339 |
|  |  | 91009 |
| **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
| Danaher Corp. | 239 | 54613 |
| **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
| Deere & Co. | 74 | 34342 |
| Ingersoll Rand, Inc. | 150 | 11877 |
| Otis Worldwide Corp. | 244 | 21344 |
|  |  | 67563 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Comcast Corp., Class A | 849 | 25385 |
| **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** | **Multi-Utilities — 1.0%** |
| CMS Energy Corp. | 251 | 17548 |
| Public Service Enterprise Group, Inc. | 199 | 15987 |
| Sempra | 300 | 26469 |
|  |  | 60004 |
| **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** | **Oil, Gas & Consumable Fuels — 1.7%** |
| EOG Resources, Inc. | 683 | 71710 |
| Exxon Mobil Corp. | 252 | 30291 |
|  |  | 102001 |
| **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** | **Pharmaceuticals — 4.6%** |
| Bristol-Myers Squibb Co. | 1245 | 67130 |
| Eli Lilly & Co. | 55 | 59429 |
| Johnson & Johnson | 490 | 101433 |
| Merck & Co., Inc. | 489 | 51480 |
|  |  | 279472 |
| **Professional Services — 0.6%** | **Professional Services — 0.6%** | **Professional Services — 0.6%** |
| Automatic Data Processing, Inc. | 76 | 19649 |
| Leidos Holdings, Inc. | 99 | 17863 |
|  |  | 37512 |
| **Semiconductors & Semiconductor Equipment — 5.5%** | **Semiconductors & Semiconductor Equipment — 5.5%** | **Semiconductors & Semiconductor Equipment — 5.5%** |
| Analog Devices, Inc. | 349 | 94627 |
| ASML Holding NV (Registered), NYRS (Netherlands) | 14 | 15244 |
| Broadcom, Inc. | 182 | 63010 |
| Lam Research Corp. | 25 | 4221 |
| NVIDIA Corp. | 495 | 92217 |
| NXP Semiconductors NV (Netherlands) | 120 | 26136 |
| Texas Instruments, Inc. | 212 | 36814 |
|  |  | 332269 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — 5.8%** | **Software — 5.8%** | **Software — 5.8%** |
| Cadence Design Systems, Inc. \* | 202 | 62965 |
| Intuit, Inc. | 118 | 78332 |
| Microsoft Corp. | 190 | 91845 |
| Oracle Corp. | 246 | 48011 |
| ServiceNow, Inc. \* | 484 | 74158 |
|  |  | 355311 |
| **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** | **Specialized REITs — 1.6%** |
| American Tower Corp. | 135 | 23747 |
| Equinix, Inc. | 60 | 45906 |
| SBA Communications Corp. | 160 | 30835 |
|  |  | 100488 |
| **Specialty Retail — 4.0%** | **Specialty Retail — 4.0%** | **Specialty Retail — 4.0%** |
| AutoZone, Inc. \* | 3 | 9686 |
| Best Buy Co., Inc. | 239 | 16037 |
| Burlington Stores, Inc. \* | 140 | 40443 |
| Lowe's Cos., Inc. | 349 | 84122 |
| Ross Stores, Inc. | 511 | 92016 |
|  |  | 242304 |
| **Technology Hardware, Storage & Peripherals — 1.5%** | **Technology Hardware, Storage & Peripherals — 1.5%** | **Technology Hardware, Storage & Peripherals — 1.5%** |
| Apple, Inc. | 335 | 91112 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| NIKE, Inc., Class B | 782 | 49819 |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
| Altria Group, Inc. | 209 | 12032 |
| Philip Morris International, Inc. | 261 | 41898 |
|  |  | 53930 |
| Total Common Stocks <br>(Cost $3,995,581)<br>|  | 5194144 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Equity-Linked Notes — 13.9%** | **Equity-Linked Notes — 13.9%** | **Equity-Linked Notes — 13.9%** |
| BNP Paribas, ELN, 45.20%, 1/20/2026, (linked to <br> S&P 500 Index) (a)<br>| 7 | 52728 |
| BNP Paribas, ELN, 45.49%, 1/21/2026, (linked to <br> S&P 500 Index) (a)<br>| 8 | 56715 |
| BNP Paribas, ELN, 49.68%, 1/9/2026, (linked to S&P <br> 500 Index) (a)<br>| 8 | 56771 |
| BofA Finance LLC, ELN, 44.93%, 2/9/2026, (linked to <br> S&P 500 Index) (a)<br>| 9 | 60342 |
| BofA Finance LLC, ELN, 48.60%, 1/13/2026, (linked <br> to S&P 500 Index) (a)<br>| 8 | 56792 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| BofA Finance LLC, ELN, 50.35%, 1/16/2026, (linked <br> to S&P 500 Index) (a)<br>| 8 | 52797 |
| Citigroup Global Markets Holdings Inc., ELN, 41.82%, <br> 1/30/2026, (linked to S&P 500 Index) (a)<br>| 8 | 54394 |
| Citigroup Global Markets Holdings, Inc., ELN, 47.95%, <br> 1/12/2026, (linked to S&P 500 Index) (a)<br>| 8 | 56784 |
| Royal Bank of Canada, ELN, 43.43%, 2/6/2026, <br> (linked to S&P 500 Index) (a)<br>| 9 | 60430 |
| Royal Bank of Canada, ELN, 43.85%, 2/2/2026, <br> (linked to S&P 500 Index) (a)<br>| 8 | 54572 |
| Royal Bank of Canada, ELN, 46.85%, 1/27/2026, <br> (linked to S&P 500 Index) (a)<br>| 8 | 56161 |
| Royal Bank of Canada, ELN, 48.38%, 1/26/2026, <br> (linked to S&P 500 Index) (a)<br>| 8 | 55343 |
| Societe Generale SA, ELN, 42.84%, 2/3/2026, (linked <br> to S&P 500 Index) (a)<br>| 8 | 54574 |
| Societe Generale SA, ELN, 44.73%, 2/10/2026, <br> (linked to S&P 500 Index) (a)<br>| 9 | 60001 |
| UBS AG, ELN, 45.80%, 1/23/2026, (linked to S&P <br> 500 Index) (a)<br>| 8 | 56338 |
| Total Equity-Linked Notes <br>(Cost $837,958)<br>|  | 844742 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |
| **Investment Companies — 0.8%** | **Investment Companies — 0.8%** | **Investment Companies — 0.8%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (b) (c) <br>(Cost $48,157)<br>| 48138 | 48157 |
| **Total Investments — 100.0%** <br>**(Cost $4,881,696)**<br>|  | **6087043** |
| **Liabilities in Excess of Other Assets — (0.0)% ^** |  | **(2782)**<br>|
| **NET ASSETS — 100.0%** |  | **6084261** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ELN | Equity-Linked Note |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 15

------

JPMorgan Equity Premium Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the current yield as of December 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Large Cap Funds December 31, 2025

------

JPMorgan Hedged 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 — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** |
| Boeing Co. (The) \* | 148 | 32230 |
| Howmet Aerospace, Inc. | 969 | 198656 |
| RTX Corp. | 899 | 164893 |
| Textron, Inc. | 413 | 36022 |
| TransDigm Group, Inc. | 68 | 89854 |
|  |  | 521655 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| FedEx Corp. | 212 | 61213 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc \* | 181 | 13773 |
| **Automobiles — 2.1%** | **Automobiles — 2.1%** | **Automobiles — 2.1%** |
| Tesla, Inc. \* (a) | 973 | 437626 |
| **Banks — 3.8%** | **Banks — 3.8%** | **Banks — 3.8%** |
| Bank of America Corp. | 4700 | 258509 |
| Citigroup, Inc. | 669 | 78052 |
| Fifth Third Bancorp | 1471 | 68839 |
| Regions Financial Corp. | 1211 | 32808 |
| Truist Financial Corp. | 1077 | 53012 |
| US Bancorp | 1602 | 85508 |
| Wells Fargo & Co. (a) | 2615 | 243706 |
|  |  | 820434 |
| **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** |
| Coca-Cola Co. (The) | 570 | 39814 |
| Keurig Dr Pepper, Inc. | 2757 | 77235 |
| PepsiCo, Inc. | 1254 | 180007 |
|  |  | 297056 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| AbbVie, Inc. (a) | 1099 | 251085 |
| Neurocrine Biosciences, Inc. \* | 113 | 16001 |
| Regeneron Pharmaceuticals, Inc. | 122 | 94314 |
| Vertex Pharmaceuticals, Inc. \* | 161 | 73022 |
|  |  | 434422 |
| **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** |
| Amazon.com, Inc. \* (a) | 3862 | 891480 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| Carrier Global Corp. | 1183 | 62486 |
| Masco Corp. | 630 | 39992 |
| Trane Technologies plc | 464 | 180703 |
|  |  | 283181 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** |
| Ameriprise Financial, Inc. | 105 | 51598 |
| Charles Schwab Corp. (The) | 1989 | 198759 |
| CME Group, Inc. | 318 | 86785 |
| LPL Financial Holdings, Inc. | 61 | 21854 |
| Raymond James Financial, Inc. | 89 | 14271 |
| State Street Corp. | 268 | 34501 |
|  |  | 407768 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| Ecolab, Inc. | 542 | 142302 |
| Linde plc | 222 | 94459 |
| PPG Industries, Inc. | 409 | 41932 |
|  |  | 278693 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| Arista Networks, Inc. \* | 583 | 76361 |
| Motorola Solutions, Inc. | 61 | 23388 |
|  |  | 99749 |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| Martin Marietta Materials, Inc. | 64 | 39624 |
| Vulcan Materials Co. | 152 | 43414 |
|  |  | 83038 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| American Express Co. | 231 | 85357 |
| Capital One Financial Corp. | 402 | 97564 |
|  |  | 182921 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| Walmart, Inc. | 1443 | 160796 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc. | 4442 | 110347 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| Entergy Corp. | 851 | 78678 |
| NextEra Energy, Inc. | 2221 | 178347 |
| NRG Energy, Inc. | 73 | 11559 |
| Southern Co. (The) | 1297 | 113095 |
|  |  | 381679 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| Eaton Corp. plc | 256 | 81441 |
| Emerson Electric Co. | 390 | 51754 |
| GE Vernova, Inc. | 99 | 64990 |
|  |  | 198185 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 17

------

JPMorgan Hedged 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** |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| Amphenol Corp., Class A | 671 | 90626 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| Baker Hughes Co., Class A | 1588 | 72309 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc. \* | 1531 | 143548 |
| Walt Disney Co. (The) | 1244 | 141509 |
| Warner Music Group Corp., Class A | 579 | 17755 |
|  |  | 302812 |
| **Financial Services — 5.3%** | **Financial Services — 5.3%** | **Financial Services — 5.3%** |
| Apollo Global Management, Inc. | 544 | 78714 |
| Berkshire Hathaway, Inc., Class B \* (a) | 591 | 297112 |
| Corpay, Inc. \* | 259 | 77882 |
| Fidelity National Information Services, Inc. | 1074 | 71402 |
| Mastercard, Inc., Class A (a) | 586 | 334785 |
| Toast, Inc., Class A \* | 753 | 26724 |
| Visa, Inc., Class A (a) | 670 | 235042 |
| WEX, Inc. \* | 51 | 7568 |
|  |  | 1129229 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Mondelez International, Inc., Class A | 2401 | 129251 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| Union Pacific Corp. | 251 | 58108 |
| **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |
| Boston Scientific Corp. \* | 474 | 45242 |
| Dexcom, Inc. \* | 140 | 9313 |
| Edwards Lifesciences Corp. \* | 1136 | 96826 |
| Medline, Inc., Class A \* | 316 | 13261 |
| Medtronic plc | 1608 | 154515 |
| Stryker Corp. | 427 | 149911 |
|  |  | 469068 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Cigna Group (The) | 269 | 73950 |
| HCA Healthcare, Inc. | 59 | 27764 |
| Humana, Inc. | 226 | 57754 |
| McKesson Corp. | 48 | 39684 |
| UnitedHealth Group, Inc. | 411 | 135652 |
|  |  | 334804 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Ventas, Inc. | 1333 | 103145 |
| Welltower, Inc. | 378 | 70109 |
|  |  | 173254 |
| **Hotels, Restaurants & Leisure — 3.1%** | **Hotels, Restaurants & Leisure — 3.1%** | **Hotels, Restaurants & Leisure — 3.1%** |
| Booking Holdings, Inc. | 9 | 49366 |
| Carnival Corp. \* | 2132 | 65109 |
| Chipotle Mexican Grill, Inc., Class A \* | 2403 | 88897 |
| DoorDash, Inc., Class A \* | 125 | 28332 |
| Expedia Group, Inc. | 210 | 59607 |
| Hilton Worldwide Holdings, Inc. | 418 | 120073 |
| McDonald's Corp. | 507 | 154804 |
| Yum! Brands, Inc. | 655 | 99128 |
|  |  | 665316 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Lennar Corp., Class A | 182 | 18660 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. | 308 | 25791 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Vistra Corp. | 73 | 11736 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| 3M Co. | 1117 | 178836 |
| **Insurance — 1.6%** | **Insurance — 1.6%** | **Insurance — 1.6%** |
| Aon plc, Class A | 206 | 72737 |
| Arch Capital Group Ltd. \* | 370 | 35465 |
| Arthur J Gallagher & Co. | 513 | 132878 |
| Chubb Ltd. | 134 | 41763 |
| Progressive Corp. (The) | 238 | 54109 |
|  |  | 336952 |
| **Interactive Media & Services — 8.0%** | **Interactive Media & Services — 8.0%** | **Interactive Media & Services — 8.0%** |
| Alphabet, Inc., Class A (a) | 2150 | 672946 |
| Alphabet, Inc., Class C | 1412 | 443034 |
| Meta Platforms, Inc., Class A (a) | 908 | 599597 |
|  |  | 1715577 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Cognizant Technology Solutions Corp., Class A | 1434 | 119052 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| Danaher Corp. | 555 | 127062 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| Deere & Co. | 240 | 111542 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Ingersoll Rand, Inc. | 404 | 32016 |
| Otis Worldwide Corp. | 545 | 47607 |
|  |  | 191165 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Charter Communications, Inc., Class A \* | 125 | 26059 |
| Comcast Corp., Class A | 2217 | 66275 |
| Omnicom Group, Inc. | 308 | 24885 |
|  |  | 117219 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Sempra | 959 | 84705 |
| **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
| Diamondback Energy, Inc. | 326 | 49026 |
| EOG Resources, Inc. | 1189 | 124912 |
| EQT Corp. | 637 | 34141 |
| Exxon Mobil Corp. (a) | 2699 | 324756 |
|  |  | 532835 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 513 | 35589 |
| United Airlines Holdings, Inc. \* | 149 | 16686 |
|  |  | 52275 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| Bristol-Myers Squibb Co. | 2185 | 117827 |
| Eli Lilly & Co. (a) | 239 | 257131 |
| Johnson & Johnson (a) | 1210 | 250418 |
| Merck & Co., Inc. | 216 | 22763 |
|  |  | 648139 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Leidos Holdings, Inc. | 464 | 83653 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Equity LifeStyle Properties, Inc. | 464 | 28131 |
| **Semiconductors & Semiconductor Equipment — 14.2%** | **Semiconductors & Semiconductor Equipment — 14.2%** | **Semiconductors & Semiconductor Equipment — 14.2%** |
| Advanced Micro Devices, Inc. \* | 281 | 60096 |
| Analog Devices, Inc. | 657 | 178166 |
| Broadcom, Inc. (a) | 1671 | 578179 |
| Lam Research Corp. | 454 | 77791 |
| Micron Technology, Inc. | 494 | 141108 |
| NVIDIA Corp. (a) | 9408 | 1754522 |
| NXP Semiconductors NV (Netherlands) | 563 | 122168 |
| Texas Instruments, Inc. | 691 | 119924 |
|  |  | 3031954 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Software — 10.6%** | **Software — 10.6%** | **Software — 10.6%** |
| AppLovin Corp., Class A \* | 59 | 39905 |
| Cadence Design Systems, Inc. \* | 179 | 55827 |
| Intuit, Inc. | 187 | 123694 |
| Microsoft Corp. (a) | 2955 | 1429291 |
| Oracle Corp. | 934 | 182034 |
| Palantir Technologies, Inc., Class A \* | 615 | 109375 |
| Roper Technologies, Inc. | 95 | 42365 |
| Salesforce, Inc. | 333 | 88329 |
| ServiceNow, Inc. \* | 1290 | 197549 |
|  |  | 2268369 |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
| American Tower Corp. | 217 | 38170 |
| Equinix, Inc. | 85 | 65342 |
| SBA Communications Corp. | 297 | 57342 |
|  |  | 160854 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| AutoZone, Inc. \* | 15 | 50876 |
| Burlington Stores, Inc. \* | 225 | 65104 |
| Lowe's Cos., Inc. | 784 | 188980 |
| Ross Stores, Inc. | 555 | 99875 |
|  |  | 404835 |
| **Technology Hardware, Storage & Peripherals — 7.7%** | **Technology Hardware, Storage & Peripherals — 7.7%** | **Technology Hardware, Storage & Peripherals — 7.7%** |
| Apple, Inc. (a) | 5518 | 1500100 |
| Seagate Technology Holdings plc | 345 | 95041 |
| Western Digital Corp. | 312 | 53732 |
|  |  | 1648873 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| NIKE, Inc., Class B | 967 | 61614 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 618 | 35629 |
| Philip Morris International, Inc. | 662 | 106135 |
|  |  | 141764 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 23 | 18805 |
| Total Common Stocks <br>(Cost $10,742,927)<br>|  | 21097649 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 19

------

JPMorgan Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE** <br>**($000)**<br>|
| **Options Purchased — 1.2%** | **Options Purchased — 1.2%** | **Options Purchased — 1.2%** |
| **Put Options Purchased — 1.2%** | **Put Options Purchased — 1.2%** | **Put Options Purchased — 1.2%** |
| S&P 500 Index |  |  |
| 3/31/2026 at USD 6,475.00, European Style |  |  |
| Notional Amount: USD 21,376,443 |  |  |
| Counterparty: Exchange-Traded \* (Cost <br> $259,215)<br>| 31227 | 258715 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| **Investment Companies — 1.0%** | **Investment Companies — 1.0%** | **Investment Companies — 1.0%** |
| JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 3.63% (b) (c) <br>(Cost $215,907)<br>| 215907 | 215907 |
| **Total Investments — 101.1%** <br>**(Cost $11,218,049)**<br>|  | **21572271** |
| **Liabilities in Excess of Other Assets — (1.1)%** |  | **(242871)**<br>|
| **NET ASSETS — 100.0%** |  | **21329400** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) All or a portion of the security is segregated as collateral for options written. The total value of securities segregated as collateral is $4,145,761. 

(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;

20 J.P. Morgan Large Cap Funds December 31, 2025

------

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 729 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 251250 | &nbsp;&nbsp;&nbsp;&nbsp; 121 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 31227 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 21,376,443<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 7,155.00<br>| 3/31/2026 | &nbsp;&nbsp; (205318)<br>|
| **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 31227 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 21,376,443<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 5,470.00<br>| 3/31/2026 | &nbsp;&nbsp; (54803)<br>|
| Total Written Options Contracts (Premiums Received $260,683) | Total Written Options Contracts (Premiums Received $260,683) | Total Written Options Contracts (Premiums Received $260,683) | Total Written Options Contracts (Premiums Received $260,683) | Total Written Options Contracts (Premiums Received $260,683) | Total Written Options Contracts (Premiums Received $260,683) | &nbsp;&nbsp; (260121)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 21

------

JPMorgan Hedged Equity 2 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 — 99.0%** | **Common Stocks — 99.0%** | **Common Stocks — 99.0%** |
| **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** |
| Boeing Co. (The) \* | 38 | 8209 |
| Howmet Aerospace, Inc. | 247 | 50599 |
| RTX Corp. | 229 | 41999 |
| Textron, Inc. | 105 | 9175 |
| TransDigm Group, Inc. | 17 | 22887 |
|  |  | 132869 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| FedEx Corp. | 54 | 15591 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc \* | 46 | 3508 |
| **Automobiles — 2.1%** | **Automobiles — 2.1%** | **Automobiles — 2.1%** |
| Tesla, Inc. \* (a) | 248 | 111465 |
| **Banks — 3.9%** | **Banks — 3.9%** | **Banks — 3.9%** |
| Bank of America Corp. | 1197 | 65844 |
| Citigroup, Inc. | 170 | 19880 |
| Fifth Third Bancorp | 375 | 17534 |
| Regions Financial Corp. | 308 | 8357 |
| Truist Financial Corp. | 275 | 13502 |
| US Bancorp | 408 | 21779 |
| Wells Fargo & Co. | 666 | 62073 |
|  |  | 208969 |
| **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** |
| Coca-Cola Co. (The) | 145 | 10143 |
| Keurig Dr Pepper, Inc. | 702 | 19673 |
| PepsiCo, Inc. | 320 | 45849 |
|  |  | 75665 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| AbbVie, Inc. | 280 | 63953 |
| Neurocrine Biosciences, Inc. \* | 29 | 4075 |
| Regeneron Pharmaceuticals, Inc. | 31 | 24022 |
| Vertex Pharmaceuticals, Inc. \* | 41 | 18599 |
|  |  | 110649 |
| **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** |
| Amazon.com, Inc. \* (a) | 984 | 227065 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| Carrier Global Corp. | 301 | 15915 |
| Masco Corp. | 161 | 10186 |
| Trane Technologies plc | 118 | 46023 |
|  |  | 72124 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** |
| Ameriprise Financial, Inc. | 27 | 13143 |
| Charles Schwab Corp. (The) | 507 | 50624 |
| CME Group, Inc. | 81 | 22104 |
| LPL Financial Holdings, Inc. | 15 | 5566 |
| Raymond James Financial, Inc. | 23 | 3635 |
| State Street Corp. | 68 | 8789 |
|  |  | 103861 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| Ecolab, Inc. | 138 | 36242 |
| Linde plc | 57 | 24060 |
| PPG Industries, Inc. | 104 | 10680 |
|  |  | 70982 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| Arista Networks, Inc. \* | 148 | 19449 |
| Motorola Solutions, Inc. | 16 | 5957 |
|  |  | 25406 |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| Martin Marietta Materials, Inc. | 16 | 10092 |
| Vulcan Materials Co. | 39 | 11058 |
|  |  | 21150 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| American Express Co. | 59 | 21741 |
| Capital One Financial Corp. | 102 | 24851 |
|  |  | 46592 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| Walmart, Inc. | 368 | 40956 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc. | 1131 | 28106 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| Entergy Corp. | 217 | 20099 |
| NextEra Energy, Inc. | 566 | 45426 |
| NRG Energy, Inc. | 19 | 2944 |
| Southern Co. (The) | 330 | 28807 |
|  |  | 97276 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| Eaton Corp. plc | 65 | 20743 |
| Emerson Electric Co. | 99 | 13182 |
| GE Vernova, Inc. | 26 | 16553 |
|  |  | 50478 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| Amphenol Corp., Class A | 171 | 23073 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| Baker Hughes Co., Class A | 404 | 18418 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc. \* | 390 | 36563 |
| Walt Disney Co. (The) | 317 | 36042 |
| Warner Music Group Corp., Class A | 143 | 4384 |
|  |  | 76989 |
| **Financial Services — 5.3%** | **Financial Services — 5.3%** | **Financial Services — 5.3%** |
| Apollo Global Management, Inc. | 138 | 20049 |
| Berkshire Hathaway, Inc., Class B \* | 150 | 75676 |
| Corpay, Inc. \* | 66 | 19837 |
| Fidelity National Information Services, Inc. | 274 | 18186 |
| Mastercard, Inc., Class A | 149 | 85271 |
| Toast, Inc., Class A \* | 192 | 6807 |
| Visa, Inc., Class A | 171 | 59841 |
| WEX, Inc. \* | 13 | 1928 |
|  |  | 287595 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Mondelez International, Inc., Class A | 611 | 32921 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| Union Pacific Corp. | 64 | 14800 |
| **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |
| Boston Scientific Corp. \* | 121 | 11524 |
| Dexcom, Inc. \* | 36 | 2371 |
| Edwards Lifesciences Corp. \* | 289 | 24662 |
| Medline, Inc., Class A \* | 80 | 3376 |
| Medtronic plc | 410 | 39356 |
| Stryker Corp. | 109 | 38183 |
|  |  | 119472 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Cigna Group (The) | 69 | 18835 |
| HCA Healthcare, Inc. | 15 | 7072 |
| Humana, Inc. | 57 | 14710 |
| McKesson Corp. | 12 | 10108 |
| UnitedHealth Group, Inc. | 105 | 34551 |
|  |  | 85276 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Ventas, Inc. | 340 | 26272 |
| Welltower, Inc. | 96 | 17857 |
|  |  | 44129 |
| **Hotels, Restaurants & Leisure — 3.1%** | **Hotels, Restaurants & Leisure — 3.1%** | **Hotels, Restaurants & Leisure — 3.1%** |
| Booking Holdings, Inc. | 2 | 12574 |
| Carnival Corp. \* | 543 | 16584 |
| Chipotle Mexican Grill, Inc., Class A \* | 612 | 22643 |
| DoorDash, Inc., Class A \* | 32 | 7216 |
| Expedia Group, Inc. | 54 | 15182 |
| Hilton Worldwide Holdings, Inc. | 106 | 30583 |
| McDonald's Corp. | 129 | 39429 |
| Yum! Brands, Inc. | 167 | 25248 |
|  |  | 169459 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Lennar Corp., Class A | 46 | 4753 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. | 78 | 6569 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Vistra Corp. | 18 | 2989 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| 3M Co. | 284 | 45531 |
| **Insurance — 1.6%** | **Insurance — 1.6%** | **Insurance — 1.6%** |
| Aon plc, Class A | 52 | 18526 |
| Arch Capital Group Ltd. \* | 94 | 9033 |
| Arthur J Gallagher & Co. | 131 | 33845 |
| Chubb Ltd. | 34 | 10637 |
| Progressive Corp. (The) | 61 | 13781 |
|  |  | 85822 |
| **Interactive Media & Services — 8.0%** | **Interactive Media & Services — 8.0%** | **Interactive Media & Services — 8.0%** |
| Alphabet, Inc., Class A | 543 | 170068 |
| Alphabet, Inc., Class C | 357 | 111964 |
| Meta Platforms, Inc., Class A (a) | 231 | 152657 |
|  |  | 434689 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Cognizant Technology Solutions Corp., Class A | 365 | 30323 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| Danaher Corp. | 141 | 32365 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| Deere & Co. | 61 | 28410 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 23

------

JPMorgan Hedged Equity 2 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** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Ingersoll Rand, Inc. | 103 | 8155 |
| Otis Worldwide Corp. | 139 | 12126 |
|  |  | 48691 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Charter Communications, Inc., Class A \* | 32 | 6638 |
| Comcast Corp., Class A | 565 | 16881 |
| Omnicom Group, Inc. | 78 | 6338 |
|  |  | 29857 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Sempra | 244 | 21574 |
| **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
| Diamondback Energy, Inc. | 83 | 12487 |
| EOG Resources, Inc. | 303 | 31815 |
| EQT Corp. | 162 | 8696 |
| Exxon Mobil Corp. | 688 | 82717 |
|  |  | 135715 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 131 | 9064 |
| United Airlines Holdings, Inc. \* | 38 | 4250 |
|  |  | 13314 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| Bristol-Myers Squibb Co. | 557 | 30011 |
| Eli Lilly & Co. | 61 | 65492 |
| Johnson & Johnson | 308 | 63784 |
| Merck & Co., Inc. | 55 | 5799 |
|  |  | 165086 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Leidos Holdings, Inc. | 118 | 21307 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Equity LifeStyle Properties, Inc. | 118 | 7165 |
| **Semiconductors & Semiconductor Equipment — 14.2%** | **Semiconductors & Semiconductor Equipment — 14.2%** | **Semiconductors & Semiconductor Equipment — 14.2%** |
| Advanced Micro Devices, Inc. \* | 72 | 15307 |
| Analog Devices, Inc. | 167 | 45380 |
| Broadcom, Inc. | 426 | 147265 |
| Lam Research Corp. | 116 | 19819 |
| Micron Technology, Inc. | 126 | 35948 |
| NVIDIA Corp. (a) | 2396 | 446885 |
| NXP Semiconductors NV (Netherlands) | 143 | 31116 |
| Texas Instruments, Inc. | 176 | 30545 |
|  |  | 772265 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Software — 10.6%** | **Software — 10.6%** | **Software — 10.6%** |
| AppLovin Corp., Class A \* | 15 | 10164 |
| Cadence Design Systems, Inc. \* | 45 | 14219 |
| Intuit, Inc. | 48 | 31505 |
| Microsoft Corp. (a) | 753 | 364047 |
| Oracle Corp. | 238 | 46365 |
| Palantir Technologies, Inc., Class A \* | 157 | 27859 |
| Roper Technologies, Inc. | 24 | 10791 |
| Salesforce, Inc. | 85 | 22498 |
| ServiceNow, Inc. \* | 328 | 50316 |
|  |  | 577764 |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
| American Tower Corp. | 55 | 9722 |
| Equinix, Inc. | 22 | 16644 |
| SBA Communications Corp. | 76 | 14605 |
|  |  | 40971 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| AutoZone, Inc. \* | 4 | 12959 |
| Burlington Stores, Inc. \* | 57 | 16632 |
| Lowe's Cos., Inc. | 200 | 48134 |
| Ross Stores, Inc. | 141 | 25439 |
|  |  | 103164 |
| **Technology Hardware, Storage & Peripherals — 7.7%** | **Technology Hardware, Storage & Peripherals — 7.7%** | **Technology Hardware, Storage & Peripherals — 7.7%** |
| Apple, Inc. (a) | 1406 | 382084 |
| Seagate Technology Holdings plc | 88 | 24208 |
| Western Digital Corp. | 79 | 13686 |
|  |  | 419978 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| NIKE, Inc., Class B | 246 | 15693 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 157 | 9075 |
| Philip Morris International, Inc. | 169 | 27030 |
|  |  | 36105 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 6 | 4789 |
| Total Common Stocks <br>(Cost $3,324,932)<br>|  | 5371323 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE** <br>**($000)**<br>|
| **Options Purchased — 0.3%** | **Options Purchased — 0.3%** | **Options Purchased — 0.3%** |
| **Put Options Purchased — 0.3%** | **Put Options Purchased — 0.3%** | **Put Options Purchased — 0.3%** |
| S&P 500 Index |  |  |
| 1/30/2026 at USD 6,470.00, European Style |  |  |
| Notional Amount: USD 5,418,213 |  |  |
| Counterparty: Exchange-Traded \* (Cost $80,595) | 7915 | 16265 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| **Investment Companies — 0.7%** | **Investment Companies — 0.7%** | **Investment Companies — 0.7%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (b) (c) <br>(Cost $40,022)<br>| 40022 | 40022 |
| **Total Investments — 100.0%** <br>**(Cost $3,445,549)**<br>|  | **5427610** |
| **Liabilities in Excess of Other Assets — (0.0)% ^** |  | **(1710)**<br>|
| **NET ASSETS — 100.0%** |  | **5425900** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | All or a portion of the security is segregated as <br> collateral for options written. The total value of <br> securities segregated as collateral is $283,901.<br>|
| (b) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (c) | The rate shown is the current yield as of December <br> 31, 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 25

------

JPMorgan Hedged Equity 2 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 47217 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 7915 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 5,418,213<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 7,210.00<br>| 1/30/2026 | &nbsp;&nbsp; (2849)<br>|
| **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 7915 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 5,418,213<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 5,450.00<br>| 1/30/2026 | &nbsp;&nbsp; (1718)<br>|
| Total Written Options Contracts (Premiums Received $78,970) | Total Written Options Contracts (Premiums Received $78,970) | Total Written Options Contracts (Premiums Received $78,970) | Total Written Options Contracts (Premiums Received $78,970) | Total Written Options Contracts (Premiums Received $78,970) | Total Written Options Contracts (Premiums Received $78,970) | &nbsp;&nbsp; (4567)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Large Cap Funds December 31, 2025

------

JPMorgan Hedged Equity 3 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 — 2.4%** | **Aerospace & Defense — 2.4%** | **Aerospace & Defense — 2.4%** |
| Boeing Co. (The) \* | 20 | 4241 |
| Howmet Aerospace, Inc. | 128 | 26141 |
| RTX Corp. | 118 | 21699 |
| Textron, Inc. | 54 | 4740 |
| TransDigm Group, Inc. | 9 | 11824 |
|  |  | 68645 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| FedEx Corp. | 28 | 8055 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc \* | 24 | 1812 |
| **Automobiles — 2.1%** | **Automobiles — 2.1%** | **Automobiles — 2.1%** |
| Tesla, Inc. \* | 128 | 57588 |
| **Banks — 3.8%** | **Banks — 3.8%** | **Banks — 3.8%** |
| Bank of America Corp. | 618 | 34017 |
| Citigroup, Inc. | 88 | 10271 |
| Fifth Third Bancorp | 194 | 9059 |
| Regions Financial Corp. | 159 | 4317 |
| Truist Financial Corp. | 142 | 6976 |
| US Bancorp | 211 | 11252 |
| Wells Fargo & Co. | 344 | 32070 |
|  |  | 107962 |
| **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** |
| Coca-Cola Co. (The) | 75 | 5239 |
| Keurig Dr Pepper, Inc. | 363 | 10164 |
| PepsiCo, Inc. | 165 | 23687 |
|  |  | 39090 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| AbbVie, Inc. | 145 | 33040 |
| Neurocrine Biosciences, Inc. \* | 15 | 2106 |
| Regeneron Pharmaceuticals, Inc. | 16 | 12411 |
| Vertex Pharmaceuticals, Inc. \* | 21 | 9609 |
|  |  | 57166 |
| **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** |
| Amazon.com, Inc. \* | 508 | 117311 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| Carrier Global Corp. | 156 | 8222 |
| Masco Corp. | 83 | 5263 |
| Trane Technologies plc | 61 | 23780 |
|  |  | 37265 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** |
| Ameriprise Financial, Inc. | 14 | 6789 |
| Charles Schwab Corp. (The) | 262 | 26155 |
| CME Group, Inc. | 42 | 11420 |
| LPL Financial Holdings, Inc. | 8 | 2876 |
| Raymond James Financial, Inc. | 11 | 1878 |
| State Street Corp. | 35 | 4540 |
|  |  | 53658 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| Ecolab, Inc. | 71 | 18726 |
| Linde plc | 29 | 12430 |
| PPG Industries, Inc. | 54 | 5518 |
|  |  | 36674 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| Arista Networks, Inc. \* | 77 | 10048 |
| Motorola Solutions, Inc. | 8 | 3078 |
|  |  | 13126 |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| Martin Marietta Materials, Inc. | 8 | 5214 |
| Vulcan Materials Co. | 20 | 5713 |
|  |  | 10927 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| American Express Co. | 30 | 11232 |
| Capital One Financial Corp. | 53 | 12839 |
|  |  | 24071 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| Walmart, Inc. | 190 | 21159 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc. | 585 | 14521 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| Entergy Corp. | 112 | 10336 |
| NextEra Energy, Inc. | 292 | 23471 |
| NRG Energy, Inc. | 10 | 1521 |
| Southern Co. (The) | 171 | 14896 |
|  |  | 50224 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| Eaton Corp. plc | 34 | 10717 |
| Emerson Electric Co. | 51 | 6810 |
| GE Vernova, Inc. | 13 | 8552 |
|  |  | 26079 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 27

------

JPMorgan Hedged Equity 3 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** |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| Amphenol Corp., Class A | 88 | 11926 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| Baker Hughes Co., Class A | 209 | 9515 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc. \* | 202 | 18890 |
| Walt Disney Co. (The) | 164 | 18621 |
| Warner Music Group Corp., Class A | 75 | 2313 |
|  |  | 39824 |
| **Financial Services — 5.3%** | **Financial Services — 5.3%** | **Financial Services — 5.3%** |
| Apollo Global Management, Inc. | 72 | 10358 |
| Berkshire Hathaway, Inc., Class B \* | 78 | 39097 |
| Corpay, Inc. \* | 34 | 10248 |
| Fidelity National Information Services, Inc. | 141 | 9396 |
| Mastercard, Inc., Class A | 77 | 44055 |
| Toast, Inc., Class A \* | 99 | 3517 |
| Visa, Inc., Class A | 88 | 30930 |
| WEX, Inc. \* | 7 | 996 |
|  |  | 148597 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Mondelez International, Inc., Class A | 316 | 17008 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| Union Pacific Corp. | 33 | 7646 |
| **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |
| Boston Scientific Corp. \* | 62 | 5953 |
| Dexcom, Inc. \* | 19 | 1226 |
| Edwards Lifesciences Corp. \* | 149 | 12741 |
| Medline, Inc., Class A \* | 42 | 1745 |
| Medtronic plc | 212 | 20333 |
| Stryker Corp. | 56 | 19727 |
|  |  | 61725 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Cigna Group (The) | 35 | 9731 |
| HCA Healthcare, Inc. | 8 | 3653 |
| Humana, Inc. | 30 | 7600 |
| McKesson Corp. | 6 | 5222 |
| UnitedHealth Group, Inc. | 54 | 17851 |
|  |  | 44057 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Ventas, Inc. | 175 | 13573 |
| Welltower, Inc. | 50 | 9226 |
|  |  | 22799 |
| **Hotels, Restaurants & Leisure — 3.1%** | **Hotels, Restaurants & Leisure — 3.1%** | **Hotels, Restaurants & Leisure — 3.1%** |
| Booking Holdings, Inc. | 1 | 6496 |
| Carnival Corp. \* | 281 | 8568 |
| Chipotle Mexican Grill, Inc., Class A \* | 316 | 11698 |
| DoorDash, Inc., Class A \* | 16 | 3728 |
| Expedia Group, Inc. | 28 | 7844 |
| Hilton Worldwide Holdings, Inc. | 55 | 15801 |
| McDonald's Corp. | 67 | 20371 |
| Yum! Brands, Inc. | 86 | 13044 |
|  |  | 87550 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Lennar Corp., Class A | 24 | 2456 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. | 40 | 3394 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Vistra Corp. | 10 | 1544 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| 3M Co. | 147 | 23534 |
| **Insurance — 1.6%** | **Insurance — 1.6%** | **Insurance — 1.6%** |
| Aon plc, Class A | 27 | 9572 |
| Arch Capital Group Ltd. \* | 49 | 4667 |
| Arthur J Gallagher & Co. | 67 | 17486 |
| Chubb Ltd. | 18 | 5495 |
| Progressive Corp. (The) | 31 | 7120 |
|  |  | 44340 |
| **Interactive Media & Services — 8.0%** | **Interactive Media & Services — 8.0%** | **Interactive Media & Services — 8.0%** |
| Alphabet, Inc., Class A | 283 | 88554 |
| Alphabet, Inc., Class C | 186 | 58299 |
| Meta Platforms, Inc., Class A | 119 | 78905 |
|  |  | 225758 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Cognizant Technology Solutions Corp., Class A | 189 | 15666 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| Danaher Corp. | 73 | 16720 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| Deere & Co. | 31 | 14678 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Ingersoll Rand, Inc. | 53 | 4213 |
| Otis Worldwide Corp. | 72 | 6265 |
|  |  | 25156 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| Charter Communications, Inc., Class A \* | 16 | 3429 |
| Comcast Corp., Class A | 292 | 8721 |
| Omnicom Group, Inc. | 41 | 3275 |
|  |  | 15425 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Sempra | 126 | 11146 |
| **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
| Diamondback Energy, Inc. | 43 | 6451 |
| EOG Resources, Inc. | 156 | 16437 |
| EQT Corp. | 84 | 4493 |
| Exxon Mobil Corp. | 355 | 42735 |
|  |  | 70116 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 67 | 4683 |
| United Airlines Holdings, Inc. \* | 20 | 2196 |
|  |  | 6879 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| Bristol-Myers Squibb Co. | 287 | 15505 |
| Eli Lilly & Co. | 32 | 33836 |
| Johnson & Johnson | 159 | 32953 |
| Merck & Co., Inc. | 29 | 2995 |
|  |  | 85289 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Leidos Holdings, Inc. | 61 | 11008 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Equity LifeStyle Properties, Inc. | 61 | 3702 |
| **Semiconductors & Semiconductor Equipment — 14.2%** | **Semiconductors & Semiconductor Equipment — 14.2%** | **Semiconductors & Semiconductor Equipment — 14.2%** |
| Advanced Micro Devices, Inc. \* | 37 | 7908 |
| Analog Devices, Inc. | 86 | 23445 |
| Broadcom, Inc. | 220 | 76083 |
| Lam Research Corp. | 60 | 10236 |
| Micron Technology, Inc. | 65 | 18568 |
| NVIDIA Corp. (a) | 1238 | 230879 |
| NXP Semiconductors NV (Netherlands) | 74 | 16076 |
| Texas Instruments, Inc. | 91 | 15781 |
|  |  | 398976 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Software — 10.6%** | **Software — 10.6%** | **Software — 10.6%** |
| AppLovin Corp., Class A \* | 8 | 5251 |
| Cadence Design Systems, Inc. \* | 23 | 7346 |
| Intuit, Inc. | 25 | 16277 |
| Microsoft Corp. (a) | 389 | 188082 |
| Oracle Corp. | 123 | 23954 |
| Palantir Technologies, Inc., Class A \* | 81 | 14393 |
| Roper Technologies, Inc. | 12 | 5575 |
| Salesforce, Inc. | 44 | 11623 |
| ServiceNow, Inc. \* | 170 | 25996 |
|  |  | 298497 |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
| American Tower Corp. | 29 | 5023 |
| Equinix, Inc. | 11 | 8599 |
| SBA Communications Corp. | 39 | 7545 |
|  |  | 21167 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| AutoZone, Inc. \* | 2 | 6695 |
| Burlington Stores, Inc. \* | 30 | 8721 |
| Lowe's Cos., Inc. | 103 | 24868 |
| Ross Stores, Inc. | 73 | 13142 |
|  |  | 53426 |
| **Technology Hardware, Storage & Peripherals — 7.7%** | **Technology Hardware, Storage & Peripherals — 7.7%** | **Technology Hardware, Storage & Peripherals — 7.7%** |
| Apple, Inc. (a) | 726 | 197399 |
| Seagate Technology Holdings plc | 46 | 12506 |
| Western Digital Corp. | 41 | 7071 |
|  |  | 216976 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| NIKE, Inc., Class B | 127 | 8108 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 81 | 4688 |
| Philip Morris International, Inc. | 87 | 13967 |
|  |  | 18655 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 3 | 2475 |
| Total Common Stocks <br>(Cost $1,646,905)<br>|  | 2776393 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 29

------

JPMorgan Hedged Equity 3 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE** <br>**($000)**<br>|
| **Options Purchased — 0.7%** | **Options Purchased — 0.7%** | **Options Purchased — 0.7%** |
| **Put Options Purchased — 0.7%** | **Put Options Purchased — 0.7%** | **Put Options Purchased — 0.7%** |
| S&P 500 Index |  |  |
| 2/27/2026 at USD 6,475.00, European Style |  |  |
| Notional Amount: USD 2,800,494 |  |  |
| Counterparty: Exchange-Traded \* (Cost $38,756) | 4091 | 20291 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** | **Short-Term Investments — 0.8%** |
| **Investment Companies — 0.8%** | **Investment Companies — 0.8%** | **Investment Companies — 0.8%** |
| JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (b) (c) <br>(Cost $21,978)<br>| 21978 | 21978 |
| **Total Investments — 100.4%** <br>**(Cost $1,707,639)**<br>|  | **2818662** |
| **Liabilities in Excess of Other Assets — (0.4)%** |  | **(11797)**<br>|
| **NET ASSETS — 100.0%** |  | **2806865** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) All or a portion of the security is segregated as collateral for options written. The total value of securities segregated as collateral is $164,300. 

(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;

30 J.P. Morgan Large Cap Funds December 31, 2025

------

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 24470 | &nbsp;&nbsp;&nbsp;&nbsp; (101)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 4091 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 2,800,494<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 7,200.00<br>| 2/27/2026 | &nbsp;&nbsp; (9327)<br>|
| **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2025 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange-Traded | 4091 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 2,800,494<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 5,470.00<br>| 2/27/2026 | &nbsp;&nbsp; (3232)<br>|
| Total Written Options Contracts (Premiums Received $37,508) | Total Written Options Contracts (Premiums Received $37,508) | Total Written Options Contracts (Premiums Received $37,508) | Total Written Options Contracts (Premiums Received $37,508) | Total Written Options Contracts (Premiums Received $37,508) | Total Written Options Contracts (Premiums Received $37,508) | &nbsp;&nbsp; (12559)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 31

------

JPMorgan Large 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 — 99.0%** | **Common Stocks — 99.0%** | **Common Stocks — 99.0%** |
| **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** | **Aerospace & Defense — 2.3%** |
| GE Aerospace | 5172 | 1593253 |
| Rocket Lab Corp. \* | 3259 | 227318 |
| RTX Corp. | 4304 | 789438 |
| TransDigm Group, Inc. | 123 | 163130 |
|  |  | 2773139 |
| **Automobiles — 3.9%** | **Automobiles — 3.9%** | **Automobiles — 3.9%** |
| Tesla, Inc. \* | 10501 | 4722505 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| Coca-Cola Co. (The) | 10451 | 730630 |
| **Biotechnology — 4.6%** | **Biotechnology — 4.6%** | **Biotechnology — 4.6%** |
| AbbVie, Inc. | 4299 | 982286 |
| Alnylam Pharmaceuticals, Inc. \* | 1391 | 553174 |
| Gilead Sciences, Inc. | 7048 | 865037 |
| Insmed, Inc. \* | 10515 | 1830049 |
| Natera, Inc. \* | 5790 | 1326393 |
|  |  | 5556939 |
| **Broadline Retail — 4.9%** | **Broadline Retail — 4.9%** | **Broadline Retail — 4.9%** |
| Alibaba Group Holding Ltd., ADR (China) (a) | 7483 | 1096834 |
| Amazon.com, Inc. \* | 15392 | 3552940 |
| MercadoLibre, Inc. (Brazil) \* | 288 | 579529 |
| Sea Ltd., ADR (Singapore) \* | 5219 | 665807 |
|  |  | 5895110 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| Trane Technologies plc | 867 | 337292 |
| **Capital Markets — 3.8%** | **Capital Markets — 3.8%** | **Capital Markets — 3.8%** |
| Charles Schwab Corp. (The) | 7520 | 751359 |
| Goldman Sachs Group, Inc. (The) | 2697 | 2370824 |
| Intercontinental Exchange, Inc. | 549 | 88861 |
| Robinhood Markets, Inc., Class A \* | 11572 | 1308819 |
|  |  | 4519863 |
| **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
| Arista Networks, Inc. \* | 929 | 121670 |
| Ciena Corp. \* | 2895 | 677068 |
| Lumentum Holdings, Inc. \* (a) | 572 | 210810 |
|  |  | 1009548 |
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
| Quanta Services, Inc. | 1488 | 628221 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| SoFi Technologies, Inc. \* | 37841 | 990690 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** | **Consumer Staples Distribution & Retail — 1.6%** |
| Walmart, Inc. | 16910 | 1883958 |
| **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** | **Electrical Equipment — 1.5%** |
| GE Vernova, Inc. | 2738 | 1789417 |
| **Electronic Equipment, Instruments & Components — 1.2%** | **Electronic Equipment, Instruments & Components — 1.2%** | **Electronic Equipment, Instruments & Components — 1.2%** |
| Amphenol Corp., Class A | 7159 | 967508 |
| Celestica, Inc. (Canada) \* | 1689 | 499216 |
|  |  | 1466724 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| Netflix, Inc. \* | 9305 | 872441 |
| ROBLOX Corp., Class A \* | 7918 | 641604 |
| Spotify Technology SA \* | 99 | 57637 |
|  |  | 1571682 |
| **Financial Services — 3.6%** | **Financial Services — 3.6%** | **Financial Services — 3.6%** |
| Berkshire Hathaway, Inc., Class B \* | 900 | 452320 |
| Mastercard, Inc., Class A | 5938 | 3390011 |
| Visa, Inc., Class A | 1286 | 450825 |
|  |  | 4293156 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| Uber Technologies, Inc. \* | 3877 | 316802 |
| **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| Abbott Laboratories | 6085 | 762450 |
| Intuitive Surgical, Inc. \* | 615 | 348166 |
|  |  | 1110616 |
| **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** | **Health Care Providers & Services — 0.9%** |
| Hims & Hers Health, Inc. \* (a) | 10603 | 344285 |
| McKesson Corp. | 856 | 701703 |
|  |  | 1045988 |
| **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** |
| Booking Holdings, Inc. | 203 | 1083405 |
| DoorDash, Inc., Class A \* | 2284 | 517275 |
| McDonald's Corp. | 1991 | 608600 |
|  |  | 2209280 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| DR Horton, Inc. | 3382 | 487065 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| Vistra Corp. | 2032 | 327869 |
| **Industrial Conglomerates — 1.2%** | **Industrial Conglomerates — 1.2%** | **Industrial Conglomerates — 1.2%** |
| 3M Co. | 8797 | 1408342 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Interactive Media & Services — 8.3%** | **Interactive Media & Services — 8.3%** | **Interactive Media & Services — 8.3%** |
| Alphabet, Inc., Class C | 22180 | 6960234 |
| Meta Platforms, Inc., Class A | 4654 | 3071993 |
|  |  | 10032227 |
| **IT Services — 4.1%** | **IT Services — 4.1%** | **IT Services — 4.1%** |
| Cloudflare, Inc., Class A \* | 5479 | 1080221 |
| International Business Machines Corp. | 5821 | 1724069 |
| Shopify, Inc., Class A (Canada) \* | 9654 | 1554000 |
| Snowflake, Inc., Class A \* | 1366 | 299716 |
| Twilio, Inc., Class A \* | 2024 | 287906 |
|  |  | 4945912 |
| **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| Deere & Co. | 833 | 387601 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| Cheniere Energy, Inc. | 386 | 74982 |
| **Pharmaceuticals — 3.1%** | **Pharmaceuticals — 3.1%** | **Pharmaceuticals — 3.1%** |
| Eli Lilly & Co. | 2322 | 2495678 |
| Johnson & Johnson | 5843 | 1209171 |
|  |  | 3704849 |
| **Semiconductors & Semiconductor Equipment — 20.1%** | **Semiconductors & Semiconductor Equipment — 20.1%** | **Semiconductors & Semiconductor Equipment — 20.1%** |
| Advanced Micro Devices, Inc. \* | 4892 | 1047742 |
| Broadcom, Inc. | 17446 | 6037892 |
| Lam Research Corp. | 585 | 100056 |
| NVIDIA Corp. | 84572 | 15772731 |
| Taiwan Semiconductor Manufacturing Co. Ltd., <br> ADR (Taiwan)<br>| 3874 | 1177358 |
|  |  | 24135779 |
| **Software — 15.3%** | **Software — 15.3%** | **Software — 15.3%** |
| AppLovin Corp., Class A \* | 1745 | 1176060 |
| Crowdstrike Holdings, Inc., Class A \* | 1455 | 682137 |
| Intuit, Inc. | 1351 | 894919 |
| Microsoft Corp. | 24028 | 11620638 |
| Oracle Corp. | 6811 | 1327597 |
| Palantir Technologies, Inc., Class A \* | 10777 | 1915519 |
| Palo Alto Networks, Inc. \* | 1660 | 305731 |
| ServiceNow, Inc. \* | 3553 | 544267 |
|  |  | 18466868 |
| **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** |
| AutoZone, Inc. \* | 94 | 318289 |
| Carvana Co. \* (a) | 2333 | 984811 |
|  |  | 1303100 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Technology Hardware, Storage & Peripherals — 8.1%** | **Technology Hardware, Storage & Peripherals — 8.1%** | **Technology Hardware, Storage & Peripherals — 8.1%** |
| Apple, Inc. | 33425 | 9087069 |
| Western Digital Corp. | 3683 | 634405 |
|  |  | 9721474 |
| **Tobacco — 1.0%** | **Tobacco — 1.0%** | **Tobacco — 1.0%** |
| Philip Morris International, Inc. | 7820 | 1254271 |
| Total Common Stocks <br>(Cost $72,174,582)<br>|  | 119101899 |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| **Investment Companies — 1.3%** | **Investment Companies — 1.3%** | **Investment Companies — 1.3%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.86% (b) (c) <br>(Cost $1,624,750)<br>| 1624274 | 1624923 |
| **Investment of Cash Collateral from Securities Loaned — 0.2%** | **Investment of Cash Collateral from Securities Loaned — 0.2%** | **Investment of Cash Collateral from Securities Loaned — 0.2%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (b) (c) <br>(Cost $203,259)<br>| 203259 | 203259 |
| Total Short-Term Investments <br>(Cost $1,828,009)<br>|  | 1828182 |
| **Total Investments — 100.5%** <br>**(Cost $74,002,591)**<br>|  | **120930081** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(636225)**<br>|
| **NET ASSETS — 100.0%** |  | **120293856** |

---

&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;

\* 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 $195,838. 

(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 Large Cap Funds 33

------

JPMorgan Large 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 — 98.8%** | **Common Stocks — 98.8%** | **Common Stocks — 98.8%** |
| **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** |
| Boeing Co. (The) \* | 248 | 53896 |
| RTX Corp. | 243 | 44550 |
|  |  | 98446 |
| **Automobile Components — 0.3%** | **Automobile Components — 0.3%** | **Automobile Components — 0.3%** |
| Gentex Corp. | 800 | 18625 |
| **Automobiles — 0.7%** | **Automobiles — 0.7%** | **Automobiles — 0.7%** |
| Ford Motor Co. | 2723 | 35727 |
| **Banks — 11.6%** | **Banks — 11.6%** | **Banks — 11.6%** |
| Bank of America Corp. | 3016 | 165858 |
| Fifth Third Bancorp (a) | 1460 | 68356 |
| First Citizens BancShares, Inc., Class A | 37 | 78829 |
| Huntington Bancshares, Inc. | 2540 | 44074 |
| Regions Financial Corp. | 1914 | 51869 |
| US Bancorp | 1523 | 81279 |
| Wells Fargo & Co. | 1569 | 146196 |
|  |  | 636461 |
| **Biotechnology — 4.3%** | **Biotechnology — 4.3%** | **Biotechnology — 4.3%** |
| Biogen, Inc. \* | 245 | 43222 |
| Ionis Pharmaceuticals, Inc. \* | 141 | 11140 |
| Neurocrine Biosciences, Inc. \* | 104 | 14757 |
| Regeneron Pharmaceuticals, Inc. | 102 | 78502 |
| Vertex Pharmaceuticals, Inc. \* | 193 | 87317 |
|  |  | 234938 |
| **Broadline Retail — 2.1%** | **Broadline Retail — 2.1%** | **Broadline Retail — 2.1%** |
| Amazon.com, Inc. \* | 489 | 112824 |
| **Capital Markets — 1.5%** | **Capital Markets — 1.5%** | **Capital Markets — 1.5%** |
| Intercontinental Exchange, Inc. | 184 | 29815 |
| Morgan Stanley | 200 | 35477 |
| Raymond James Financial, Inc. | 102 | 16408 |
|  |  | 81700 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Albemarle Corp. (a) | 418 | 59127 |
| Chemours Co. (The) | 1666 | 19642 |
|  |  | 78769 |
| **Construction Materials — 1.6%** | **Construction Materials — 1.6%** | **Construction Materials — 1.6%** |
| Amrize Ltd. \* (a) | 926 | 50103 |
| James Hardie Industries plc, ADR \* | 1873 | 38863 |
|  |  | 88966 |
| **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** |
| American Express Co. | 188 | 69732 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** | **Consumer Staples Distribution & Retail — 2.2%** |
| BJ's Wholesale Club Holdings, Inc. \* | 584 | 52534 |
| Performance Food Group Co. \* | 437 | 39292 |
| Walmart, Inc. | 244 | 27201 |
|  |  | 119027 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| Silgan Holdings, Inc. | 583 | 23522 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
| AT&T, Inc. | 1889 | 46923 |
| **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** |
| NextEra Energy, Inc. | 675 | 54156 |
| PG&E Corp. | 860 | 13829 |
| Southern Co. (The) | 941 | 82053 |
|  |  | 150038 |
| **Electrical Equipment — 2.2%** | **Electrical Equipment — 2.2%** | **Electrical Equipment — 2.2%** |
| Eaton Corp. plc | 79 | 25321 |
| Emerson Electric Co. | 707 | 93816 |
|  |  | 119137 |
| **Electronic Equipment, Instruments & Components — 3.2%** | **Electronic Equipment, Instruments & Components — 3.2%** | **Electronic Equipment, Instruments & Components — 3.2%** |
| CDW Corp. | 222 | 30230 |
| Corning, Inc. | 903 | 79109 |
| TD SYNNEX Corp. | 424 | 63677 |
|  |  | 173016 |
| **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** |
| Baker Hughes Co., Class A | 852 | 38787 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Live Nation Entertainment, Inc. \* (a) | 90 | 12878 |
| Walt Disney Co. (The) | 542 | 61599 |
|  |  | 74477 |
| **Financial Services — 5.5%** | **Financial Services — 5.5%** | **Financial Services — 5.5%** |
| Berkshire Hathaway, Inc., Class B \* | 351 | 176489 |
| Corpay, Inc. \* | 139 | 41851 |
| Fidelity National Information Services, Inc. | 427 | 28388 |
| Fiserv, Inc. \* | 780 | 52341 |
|  |  | 299069 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| Mondelez International, Inc., Class A | 505 | 27207 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Ground Transportation — 1.5%** | **Ground Transportation — 1.5%** | **Ground Transportation — 1.5%** |
| Ryder System, Inc. | 280 | 53605 |
| Saia, Inc. \* | 89 | 29022 |
|  |  | 82627 |
| **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** | **Health Care Equipment & Supplies — 1.6%** |
| GE HealthCare Technologies, Inc. | 393 | 32198 |
| Medtronic plc | 505 | 48467 |
| Zimmer Biomet Holdings, Inc. | 90 | 8142 |
|  |  | 88807 |
| **Health Care Providers & Services — 6.8%** | **Health Care Providers & Services — 6.8%** | **Health Care Providers & Services — 6.8%** |
| Cardinal Health, Inc. | 156 | 32007 |
| Elevance Health, Inc. | 187 | 65543 |
| Henry Schein, Inc. \* | 299 | 22632 |
| Humana, Inc. | 535 | 137002 |
| Labcorp Holdings, Inc. | 220 | 55175 |
| Quest Diagnostics, Inc. | 166 | 28808 |
| UnitedHealth Group, Inc. | 97 | 32083 |
|  |  | 373250 |
| **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
| Darden Restaurants, Inc. (a) | 398 | 73242 |
| **Household Durables — 1.1%** | **Household Durables — 1.1%** | **Household Durables — 1.1%** |
| Lennar Corp., Class A | 574 | 59022 |
| **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** | **Industrial Conglomerates — 0.5%** |
| 3M Co. | 181 | 28924 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| Marsh & McLennan Cos., Inc. | 302 | 56039 |
| Progressive Corp. (The) | 157 | 35794 |
|  |  | 91833 |
| **Interactive Media & Services — 5.0%** | **Interactive Media & Services — 5.0%** | **Interactive Media & Services — 5.0%** |
| Alphabet, Inc., Class C | 673 | 211130 |
| Meta Platforms, Inc., Class A | 52 | 34228 |
| Pinterest, Inc., Class A \* | 1164 | 30137 |
|  |  | 275495 |
| **IT Services — 1.5%** | **IT Services — 1.5%** | **IT Services — 1.5%** |
| Accenture plc, Class A | 197 | 52774 |
| GoDaddy, Inc., Class A \* | 166 | 20631 |
| Okta, Inc. \* | 125 | 10806 |
|  |  | 84211 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| Mattel, Inc. \* | 799 | 15857 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** | **Life Sciences Tools & Services — 1.2%** |
| ICON plc \* | 368 | 67118 |
| **Machinery — 3.5%** | **Machinery — 3.5%** | **Machinery — 3.5%** |
| AGCO Corp. | 111 | 11576 |
| Cummins, Inc. | 46 | 23369 |
| Flowserve Corp. | 1008 | 69908 |
| Gates Industrial Corp. plc \* | 3985 | 85566 |
|  |  | 190419 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Omnicom Group, Inc. | 251 | 20227 |
| **Metals & Mining — 3.0%** | **Metals & Mining — 3.0%** | **Metals & Mining — 3.0%** |
| Alcoa Corp. | 1330 | 70668 |
| Cleveland-Cliffs, Inc. \* | 1578 | 20963 |
| Freeport-McMoRan, Inc. | 568 | 28835 |
| Teck Resources Ltd., Class B (Canada) | 965 | 46222 |
|  |  | 166688 |
| **Multi-Utilities — 1.2%** | **Multi-Utilities — 1.2%** | **Multi-Utilities — 1.2%** |
| Dominion Energy, Inc. | 1161 | 68006 |
| **Oil, Gas & Consumable Fuels — 3.2%** | **Oil, Gas & Consumable Fuels — 3.2%** | **Oil, Gas & Consumable Fuels — 3.2%** |
| EOG Resources, Inc. | 523 | 54944 |
| EQT Corp. | 1434 | 76853 |
| Range Resources Corp. | 1154 | 40702 |
|  |  | 172499 |
| **Passenger Airlines — 1.3%** | **Passenger Airlines — 1.3%** | **Passenger Airlines — 1.3%** |
| Alaska Air Group, Inc. \* | 368 | 18521 |
| Southwest Airlines Co. | 1287 | 53183 |
|  |  | 71704 |
| **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** | **Pharmaceuticals — 2.6%** |
| Bristol-Myers Squibb Co. | 1061 | 57219 |
| Johnson & Johnson | 399 | 82670 |
|  |  | 139889 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| Booz Allen Hamilton Holding Corp. | 63 | 5352 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| Zillow Group, Inc., Class C \* | 299 | 20390 |
| **Residential REITs — 1.2%** | **Residential REITs — 1.2%** | **Residential REITs — 1.2%** |
| AvalonBay Communities, Inc. | 323 | 58526 |
| Invitation Homes, Inc. | 203 | 5649 |
|  |  | 64175 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 35

------

JPMorgan Large 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** |
| **Semiconductors & Semiconductor Equipment — 3.6%** | **Semiconductors & Semiconductor Equipment — 3.6%** | **Semiconductors & Semiconductor Equipment — 3.6%** |
| Micron Technology, Inc. | 338 | 96573 |
| NXP Semiconductors NV (Netherlands) | 226 | 48924 |
| ON Semiconductor Corp. \* | 711 | 38487 |
| Universal Display Corp. | 103 | 12027 |
|  |  | 196011 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| Roper Technologies, Inc. | 83 | 36913 |
| **Specialized REITs — 1.2%** | **Specialized REITs — 1.2%** | **Specialized REITs — 1.2%** |
| Equinix, Inc. | 86 | 65606 |
| **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** | **Specialty Retail — 0.8%** |
| Lowe's Cos., Inc. | 174 | 41969 |
| **Technology Hardware, Storage & Peripherals — 3.1%** | **Technology Hardware, Storage & Peripherals — 3.1%** | **Technology Hardware, Storage & Peripherals — 3.1%** |
| Hewlett Packard Enterprise Co. | 2694 | 64712 |
| Western Digital Corp. | 616 | 106054 |
|  |  | 170766 |
| **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** |
| Kontoor Brands, Inc. | 768 | 46910 |
| NIKE, Inc., Class B | 258 | 16423 |
|  |  | 63333 |
| **Tobacco — 1.3%** | **Tobacco — 1.3%** | **Tobacco — 1.3%** |
| Philip Morris International, Inc. | 446 | 71617 |
| **Trading Companies & Distributors — 1.2%** | **Trading Companies & Distributors — 1.2%** | **Trading Companies & Distributors — 1.2%** |
| AerCap Holdings NV (Ireland) | 464 | 66684 |
| Total Common Stocks <br>(Cost $4,712,883)<br>|  | 5400025 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (b) (c) <br>(Cost $63,566)<br>| 63537 | 63563 |
| **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** | **Investment of Cash Collateral from Securities Loaned — 0.5%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (b) (c) <br>(Cost $25,364)<br>| 25364 | 25364 |
| Total Short-Term Investments <br>(Cost $88,930)<br>|  | 88927 |
| **Total Investments — 100.4%** <br>**(Cost $4,801,813)**<br>|  | **5488952** |
| **Liabilities in Excess of Other Assets — (0.4)%** |  | **(22147)**<br>|
| **NET ASSETS — 100.0%** |  | **5466805** |

---

&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 $24,539. 

(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;

36 J.P. Morgan Large Cap Funds December 31, 2025

------

JPMorgan U.S. 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 — 99.6%** | **Common Stocks — 99.6%** | **Common Stocks — 99.6%** |
| **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** |
| Howmet Aerospace, Inc. | 1908 | 391268 |
| Northrop Grumman Corp. | 999 | 569622 |
|  |  | 960890 |
| **Automobiles — 1.6%** | **Automobiles — 1.6%** | **Automobiles — 1.6%** |
| Tesla, Inc. \* | 1255 | 564208 |
| **Banks — 3.8%** | **Banks — 3.8%** | **Banks — 3.8%** |
| US Bancorp | 4585 | 244640 |
| Wells Fargo & Co. | 11429 | 1065229 |
|  |  | 1309869 |
| **Biotechnology — 3.0%** | **Biotechnology — 3.0%** | **Biotechnology — 3.0%** |
| AbbVie, Inc. | 2301 | 525865 |
| Regeneron Pharmaceuticals, Inc. | 338 | 260565 |
| Vertex Pharmaceuticals, Inc. \* | 540 | 244961 |
|  |  | 1031391 |
| **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** | **Broadline Retail — 4.4%** |
| Amazon.com, Inc. \* | 6527 | 1506472 |
| **Building Products — 1.7%** | **Building Products — 1.7%** | **Building Products — 1.7%** |
| Carrier Global Corp. | 3396 | 179477 |
| Trane Technologies plc | 1055 | 410499 |
|  |  | 589976 |
| **Capital Markets — 3.8%** | **Capital Markets — 3.8%** | **Capital Markets — 3.8%** |
| Ameriprise Financial, Inc. | 433 | 212536 |
| Blackstone, Inc. | 3893 | 600027 |
| Morgan Stanley | 2725 | 483681 |
|  |  | 1296244 |
| **Construction Materials — 1.5%** | **Construction Materials — 1.5%** | **Construction Materials — 1.5%** |
| Vulcan Materials Co. | 1794 | 511776 |
| **Consumer Finance — 2.5%** | **Consumer Finance — 2.5%** | **Consumer Finance — 2.5%** |
| American Express Co. | 2323 | 859255 |
| **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** |
| Walmart, Inc. | 6387 | 711608 |
| **Electric Utilities — 3.4%** | **Electric Utilities — 3.4%** | **Electric Utilities — 3.4%** |
| Entergy Corp. | 2465 | 227865 |
| NextEra Energy, Inc. | 8002 | 642392 |
| Southern Co. (The) | 3373 | 294075 |
|  |  | 1164332 |
| **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** |
| Eaton Corp. plc | 1413 | 450012 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
| Amphenol Corp., Class A | 2175 | 293995 |
| **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** |
| Baker Hughes Co., Class A | 15143 | 689621 |
| **Entertainment — 2.1%** | **Entertainment — 2.1%** | **Entertainment — 2.1%** |
| Walt Disney Co. (The) | 6461 | 735118 |
| **Financial Services — 2.7%** | **Financial Services — 2.7%** | **Financial Services — 2.7%** |
| Mastercard, Inc., Class A | 1608 | 917940 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Mondelez International, Inc., Class A | 5165 | 278025 |
| **Health Care Equipment & Supplies — 4.1%** | **Health Care Equipment & Supplies — 4.1%** | **Health Care Equipment & Supplies — 4.1%** |
| Edwards Lifesciences Corp. \* | 5345 | 455663 |
| Medtronic plc | 4912 | 471792 |
| Stryker Corp. | 1368 | 480851 |
|  |  | 1408306 |
| **Hotels, Restaurants & Leisure — 3.4%** | **Hotels, Restaurants & Leisure — 3.4%** | **Hotels, Restaurants & Leisure — 3.4%** |
| Chipotle Mexican Grill, Inc., Class A \* | 4222 | 156211 |
| DoorDash, Inc., Class A \* | 789 | 178721 |
| Marriott International, Inc., Class A | 610 | 189151 |
| McDonald's Corp. | 2095 | 640285 |
|  |  | 1164368 |
| **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| Prologis, Inc. | 1988 | 253781 |
| **Insurance — 3.4%** | **Insurance — 3.4%** | **Insurance — 3.4%** |
| Arthur J Gallagher & Co. | 2283 | 590953 |
| Progressive Corp. (The) | 1391 | 316692 |
| Travelers Cos., Inc. (The) | 862 | 249938 |
|  |  | 1157583 |
| **Interactive Media & Services — 8.4%** | **Interactive Media & Services — 8.4%** | **Interactive Media & Services — 8.4%** |
| Alphabet, Inc., Class A | 5429 | 1699101 |
| Meta Platforms, Inc., Class A | 1791 | 1182502 |
|  |  | 2881603 |
| **Machinery — 1.0%** | **Machinery — 1.0%** | **Machinery — 1.0%** |
| Deere & Co. | 744 | 346491 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| Eli Lilly & Co. | 560 | 601685 |
| **Semiconductors & Semiconductor Equipment — 13.8%** | **Semiconductors & Semiconductor Equipment — 13.8%** | **Semiconductors & Semiconductor Equipment — 13.8%** |
| Broadcom, Inc. | 3262 | 1129003 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 37

------

JPMorgan U.S. 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** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| NVIDIA Corp. | 15903 | 2965880 |
| NXP Semiconductors NV (Netherlands) | 2923 | 634540 |
|  |  | 4729423 |
| **Software — 12.2%** | **Software — 12.2%** | **Software — 12.2%** |
| Intuit, Inc. | 586 | 388140 |
| Microsoft Corp. | 5393 | 2608141 |
| Oracle Corp. | 3159 | 615770 |
| Roper Technologies, Inc. | 431 | 191715 |
| ServiceNow, Inc. \* | 2446 | 374704 |
|  |  | 4178470 |
| **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** |
| Lowe's Cos., Inc. | 3339 | 805226 |
| **Technology Hardware, Storage & Peripherals — 7.6%** | **Technology Hardware, Storage & Peripherals — 7.6%** | **Technology Hardware, Storage & Peripherals — 7.6%** |
| Apple, Inc. | 9593 | 2607842 |
| **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
| United Rentals, Inc. | 247 | 200188 |
| Total Common Stocks <br>(Cost $17,849,847)<br>|  | 34205698 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** | **Short-Term Investments — 0.3%** |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (a) (b) <br>(Cost $91,580)<br>| 91543 | 91580 |
| **Total Investments — 99.9%** <br>**(Cost $17,941,427)**<br>|  | **34297278** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **24128** |
| **NET ASSETS — 100.0%** |  | **34321406** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of December 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan Large Cap Funds December 31, 2025

------

JPMorgan U.S. GARP 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 — 98.7%** | **Common Stocks — 98.7%** | **Common Stocks — 98.7%** |
| **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** | **Aerospace & Defense — 2.7%** |
| GE Aerospace | 84 | 25861 |
| Howmet Aerospace, Inc. | 67 | 13679 |
| RTX Corp. | 42 | 7783 |
| TransDigm Group, Inc. | 5 | 6520 |
|  |  | 53843 |
| **Automobiles — 3.4%** | **Automobiles — 3.4%** | **Automobiles — 3.4%** |
| Tesla, Inc. \* | 152 | 68311 |
| **Banks — 0.4%** | **Banks — 0.4%** | **Banks — 0.4%** |
| Bank of America Corp. | 125 | 6849 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| PepsiCo, Inc. | 45 | 6446 |
| **Biotechnology — 3.4%** | **Biotechnology — 3.4%** | **Biotechnology — 3.4%** |
| AbbVie, Inc. | 174 | 39710 |
| Alnylam Pharmaceuticals, Inc. \* | 8 | 3360 |
| Neurocrine Biosciences, Inc. \* | 37 | 5260 |
| Regeneron Pharmaceuticals, Inc. | 11 | 8688 |
| Vertex Pharmaceuticals, Inc. \* (a) | 25 | 11103 |
|  |  | 68121 |
| **Broadline Retail — 6.1%** | **Broadline Retail — 6.1%** | **Broadline Retail — 6.1%** |
| Amazon.com, Inc. \* | 525 | 121149 |
| **Building Products — 0.7%** | **Building Products — 0.7%** | **Building Products — 0.7%** |
| Trane Technologies plc | 34 | 13256 |
| **Capital Markets — 2.1%** | **Capital Markets — 2.1%** | **Capital Markets — 2.1%** |
| Charles Schwab Corp. (The) | 132 | 13205 |
| CME Group, Inc. | 14 | 3945 |
| Goldman Sachs Group, Inc. (The) | 14 | 12056 |
| Interactive Brokers Group, Inc., Class A | 75 | 4806 |
| Morgan Stanley | 42 | 7534 |
|  |  | 41546 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Linde plc | 13 | 5350 |
| **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** | **Communications Equipment — 1.1%** |
| Arista Networks, Inc. \* | 118 | 15416 |
| Motorola Solutions, Inc. | 15 | 5816 |
|  |  | 21232 |
| **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** | **Construction & Engineering — 0.3%** |
| Quanta Services, Inc. | 15 | 6220 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| American Express Co. | 31 | 11478 |
| Capital One Financial Corp. | 33 | 8012 |
|  |  | 19490 |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
| Costco Wholesale Corp. | 13 | 11523 |
| US Foods Holding Corp. \* | 118 | 8848 |
|  |  | 20371 |
| **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** | **Electric Utilities — 0.5%** |
| NextEra Energy, Inc. | 73 | 5864 |
| Southern Co. (The) | 55 | 4816 |
|  |  | 10680 |
| **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |
| GE Vernova, Inc. | 13 | 8471 |
| **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** |
| Amphenol Corp., Class A | 155 | 20951 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| Baker Hughes Co., Class A | 81 | 3702 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc. \* | 197 | 18434 |
| Walt Disney Co. (The) | 87 | 9897 |
|  |  | 28331 |
| **Financial Services — 3.5%** | **Financial Services — 3.5%** | **Financial Services — 3.5%** |
| Fidelity National Information Services, Inc. | 61 | 4025 |
| Mastercard, Inc., Class A | 86 | 49161 |
| Visa, Inc., Class A | 46 | 16231 |
|  |  | 69417 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| Uber Technologies, Inc. \* | 168 | 13717 |
| **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| Boston Scientific Corp. \* | 56 | 5361 |
| Intuitive Surgical, Inc. \* | 10 | 5729 |
| Stryker Corp. | 20 | 6884 |
|  |  | 17974 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| Cigna Group (The) | 15 | 4046 |
| Humana, Inc. | 13 | 3269 |
| McKesson Corp. | 6 | 5289 |
|  |  | 12604 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 39

------

JPMorgan U.S. GARP 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** |
| **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** | **Health Care REITs — 0.3%** |
| Ventas, Inc. | 70 | 5392 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| Booking Holdings, Inc. | 1 | 5238 |
| Chipotle Mexican Grill, Inc., Class A \* | 212 | 7845 |
| DoorDash, Inc., Class A \* (a) | 56 | 12759 |
| Hilton Worldwide Holdings, Inc. | 49 | 13886 |
| McDonald's Corp. | 25 | 7605 |
|  |  | 47333 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| Arthur J Gallagher & Co. | 27 | 6888 |
| **Interactive Media & Services — 11.0%** | **Interactive Media & Services — 11.0%** | **Interactive Media & Services — 11.0%** |
| Alphabet, Inc., Class A | 284 | 88843 |
| Alphabet, Inc., Class C | 136 | 42662 |
| Meta Platforms, Inc., Class A | 133 | 87696 |
|  |  | 219201 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| GoDaddy, Inc., Class A \* | 39 | 4848 |
| **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** |
| EOG Resources, Inc. | 43 | 4568 |
| **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** | **Passenger Airlines — 0.3%** |
| Delta Air Lines, Inc. | 79 | 5519 |
| **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** |
| Eli Lilly & Co. | 37 | 39810 |
| Johnson & Johnson | 64 | 13290 |
| Zoetis, Inc. | 32 | 4018 |
|  |  | 57118 |
| **Semiconductors & Semiconductor Equipment — 19.5%** | **Semiconductors & Semiconductor Equipment — 19.5%** | **Semiconductors & Semiconductor Equipment — 19.5%** |
| Advanced Micro Devices, Inc. \* | 36 | 7641 |
| Analog Devices, Inc. | 38 | 10309 |
| Broadcom, Inc. | 238 | 82256 |
| KLA Corp. | 9 | 10450 |
| Lam Research Corp. | 20 | 3437 |
| Micron Technology, Inc. | 20 | 5731 |
| NVIDIA Corp. | 1363 | 254299 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 43 | 13206 |
|  |  | 387329 |
| **Software — 16.3%** | **Software — 16.3%** | **Software — 16.3%** |
| AppLovin Corp., Class A \* | 15 | 9925 |
| Autodesk, Inc. \* | 23 | 6707 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Software — continued** | **Software — continued** | **Software — continued** |
| Cadence Design Systems, Inc. \* | 30 | 9583 |
| Crowdstrike Holdings, Inc., Class A \* | 20 | 9409 |
| Intuit, Inc. | 30 | 19710 |
| Microsoft Corp. | 438 | 211942 |
| Nutanix, Inc., Class A \* | 57 | 2941 |
| Oracle Corp. | 96 | 18816 |
| Palantir Technologies, Inc., Class A \* | 86 | 15282 |
| ServiceNow, Inc. \* | 125 | 19127 |
|  |  | 323442 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| Equinix, Inc. | 5 | 4047 |
| **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** | **Specialty Retail — 1.4%** |
| Lowe's Cos., Inc. | 74 | 17823 |
| TJX Cos., Inc. (The) | 63 | 9661 |
|  |  | 27484 |
| **Technology Hardware, Storage & Peripherals — 10.8%** | **Technology Hardware, Storage & Peripherals — 10.8%** | **Technology Hardware, Storage & Peripherals — 10.8%** |
| Apple, Inc. | 711 | 193327 |
| Seagate Technology Holdings plc | 37 | 10329 |
| Western Digital Corp. | 65 | 11133 |
|  |  | 214789 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Philip Morris International, Inc. | 77 | 12400 |
| Total Common Stocks <br>(Cost $850,155)<br>|  | 1958389 |
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| **Investment Companies — 1.3%** | **Investment Companies — 1.3%** | **Investment Companies — 1.3%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (b) (c) <br>(Cost $26,362)<br>| 26353 | 26363 |
| **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 $5,907)<br>| 5907 | 5907 |
| Total Short-Term Investments <br>(Cost $32,269)<br>|  | 32270 |
| **Total Investments — 100.3%** <br>**(Cost $882,424)**<br>|  | **1990659** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(5678)**<br>|
| **NET ASSETS — 100.0%** |  | **1984981** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | |
|:---|:---|
| **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 $5,753. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the current yield as of December 31, 2025.

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 24470 | &nbsp;&nbsp;&nbsp;&nbsp; 24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 41

------

JPMorgan U.S. Large Cap Core Plus 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>|
| **Long Positions — 122.0%** | **Long Positions — 122.0%** | **Long Positions — 122.0%** |
| **Common Stocks — 120.5%** | **Common Stocks — 120.5%** | **Common Stocks — 120.5%** |
| **Aerospace & Defense — 4.7%** | **Aerospace & Defense — 4.7%** | **Aerospace & Defense — 4.7%** |
| Boeing Co. (The) \* | 45 | 9724 |
| Howmet Aerospace, Inc. (a) | 260 | 53260 |
| RTX Corp. | 321 | 58983 |
| TransDigm Group, Inc. | 33 | 44077 |
|  |  | 166044 |
| **Automobiles — 0.7%** | **Automobiles — 0.7%** | **Automobiles — 0.7%** |
| General Motors Co. | 121 | 9821 |
| Tesla, Inc. \* | 34 | 15249 |
|  |  | 25070 |
| **Banks — 4.6%** | **Banks — 4.6%** | **Banks — 4.6%** |
| Bank of America Corp. (a) | 737 | 40539 |
| Citigroup, Inc. | 60 | 7018 |
| Fifth Third Bancorp | 601 | 28135 |
| Regions Financial Corp. | 394 | 10683 |
| US Bancorp | 189 | 10089 |
| Wells Fargo & Co. (a) | 690 | 64300 |
|  |  | 160764 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| Keurig Dr Pepper, Inc. | 471 | 13197 |
| PepsiCo, Inc. (a) | 192 | 27540 |
|  |  | 40737 |
| **Biotechnology — 2.9%** | **Biotechnology — 2.9%** | **Biotechnology — 2.9%** |
| AbbVie, Inc. (a) | 238 | 54294 |
| Biogen, Inc. \* | 20 | 3522 |
| Gilead Sciences, Inc. | 59 | 7266 |
| Neurocrine Biosciences, Inc. \* | 12 | 1700 |
| Regeneron Pharmaceuticals, Inc. | 19 | 15093 |
| Vertex Pharmaceuticals, Inc. \* (a) | 47 | 21231 |
|  |  | 103106 |
| **Broadline Retail — 5.4%** | **Broadline Retail — 5.4%** | **Broadline Retail — 5.4%** |
| Amazon.com, Inc. \* (a) | 822 | 189630 |
| **Building Products — 1.5%** | **Building Products — 1.5%** | **Building Products — 1.5%** |
| Masco Corp. | 67 | 4263 |
| Trane Technologies plc | 127 | 49287 |
|  |  | 53550 |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| Ameriprise Financial, Inc. (a) | 8 | 3934 |
| Charles Schwab Corp. (The) (a) | 245 | 24449 |
| CME Group, Inc. | 27 | 7536 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Goldman Sachs Group, Inc. (The) (a) | 19 | 16673 |
| LPL Financial Holdings, Inc. | 17 | 6128 |
| MarketAxess Holdings, Inc. | 19 | 3460 |
| Morgan Stanley | 63 | 11135 |
| MSCI, Inc. | 7 | 4057 |
|  |  | 77372 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Ecolab, Inc. (a) | 124 | 32637 |
| Linde plc | 33 | 13824 |
| PPG Industries, Inc. | 33 | 3381 |
|  |  | 49842 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| Waste Connections, Inc. | 68 | 12009 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| Arista Networks, Inc. \* | 50 | 6491 |
| **Construction Materials — 0.7%** | **Construction Materials — 0.7%** | **Construction Materials — 0.7%** |
| Martin Marietta Materials, Inc. (a) | 41 | 25589 |
| **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** |
| American Express Co. (a) | 116 | 42796 |
| Capital One Financial Corp. | 75 | 18324 |
|  |  | 61120 |
| **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** | **Consumer Staples Distribution & Retail — 1.4%** |
| Costco Wholesale Corp. | 14 | 12245 |
| Walmart, Inc. | 342 | 38125 |
|  |  | 50370 |
| **Electric Utilities — 3.7%** | **Electric Utilities — 3.7%** | **Electric Utilities — 3.7%** |
| Entergy Corp. | 385 | 35613 |
| NextEra Energy, Inc. (a) | 572 | 45921 |
| Southern Co. (The) (a) | 452 | 39421 |
| Xcel Energy, Inc. | 128 | 9428 |
|  |  | 130383 |
| **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** | **Electrical Equipment — 1.8%** |
| Eaton Corp. plc | 70 | 22143 |
| Emerson Electric Co. (a) | 218 | 28898 |
| GE Vernova, Inc. | 16 | 10671 |
|  |  | 61712 |
| **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** | **Electronic Equipment, Instruments & Components — 1.0%** |
| Amphenol Corp., Class A | 252 | 33986 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
| Baker Hughes Co., Class A (a) | 273 | 12430 |
| **Entertainment — 2.1%** | **Entertainment — 2.1%** | **Entertainment — 2.1%** |
| Live Nation Entertainment, Inc. \* | 23 | 3233 |
| Walt Disney Co. (The) (a) | 425 | 48381 |
| Warner Music Group Corp., Class A | 674 | 20658 |
|  |  | 72272 |
| **Financial Services — 6.3%** | **Financial Services — 6.3%** | **Financial Services — 6.3%** |
| Affirm Holdings, Inc. \* | 71 | 5309 |
| Apollo Global Management, Inc. | 195 | 28266 |
| Corpay, Inc. \* | 117 | 35051 |
| Fidelity National Information Services, Inc. (a) | 599 | 39793 |
| Fiserv, Inc. \* | 80 | 5353 |
| Jack Henry & Associates, Inc. | 55 | 10051 |
| Mastercard, Inc., Class A (a) | 165 | 94292 |
| Toast, Inc., Class A \* | 92 | 3280 |
|  |  | 221395 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| Mondelez International, Inc., Class A (a) | 323 | 17365 |
| **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |
| CSX Corp. | 799 | 28949 |
| **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |
| Boston Scientific Corp. \* (a) | 117 | 11146 |
| Dexcom, Inc. \* | 26 | 1712 |
| Edwards Lifesciences Corp. \* | 133 | 11340 |
| Medtronic plc | 203 | 19474 |
| Stryker Corp. (a) | 74 | 26066 |
|  |  | 69738 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| HCA Healthcare, Inc. | 16 | 7377 |
| Tenet Healthcare Corp. \* | 24 | 4758 |
| UnitedHealth Group, Inc. (a) | 133 | 43964 |
|  |  | 56099 |
| **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** |
| Ventas, Inc. | 255 | 19711 |
| Welltower, Inc. | 33 | 6119 |
|  |  | 25830 |
| **Hotels, Restaurants & Leisure — 5.0%** | **Hotels, Restaurants & Leisure — 5.0%** | **Hotels, Restaurants & Leisure — 5.0%** |
| Booking Holdings, Inc. (a) | 3 | 16205 |
| Carnival Corp. \* | 804 | 24561 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Chipotle Mexican Grill, Inc., Class A \* | 407 | 15061 |
| Darden Restaurants, Inc. | 18 | 3365 |
| DoorDash, Inc., Class A \* | 110 | 24925 |
| Expedia Group, Inc. | 50 | 14136 |
| Hilton Worldwide Holdings, Inc. (a) | 80 | 22958 |
| McDonald's Corp. (a) | 112 | 34078 |
| Yum! Brands, Inc. (a) | 143 | 21657 |
|  |  | 176946 |
| **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| Church & Dwight Co., Inc. | 100 | 8418 |
| **Industrial Conglomerates — 1.6%** | **Industrial Conglomerates — 1.6%** | **Industrial Conglomerates — 1.6%** |
| 3M Co. (a) | 347 | 55596 |
| **Insurance — 2.4%** | **Insurance — 2.4%** | **Insurance — 2.4%** |
| Aon plc, Class A | 52 | 18278 |
| Arthur J Gallagher & Co. (a) | 193 | 49906 |
| Chubb Ltd. | 13 | 4000 |
| Progressive Corp. (The) (a) | 50 | 11556 |
|  |  | 83740 |
| **Interactive Media & Services — 9.2%** | **Interactive Media & Services — 9.2%** | **Interactive Media & Services — 9.2%** |
| Alphabet, Inc., Class C | 114 | 35760 |
| Alphabet, Inc., Class A (a) | 523 | 163640 |
| Meta Platforms, Inc., Class A (a) | 180 | 118947 |
| Pinterest, Inc., Class A \* | 163 | 4222 |
|  |  | 322569 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| Accenture plc, Class A | 16 | 4411 |
| Cognizant Technology Solutions Corp., Class A | 274 | 22728 |
| Shopify, Inc., Class A (Canada) \* | 29 | 4681 |
|  |  | 31820 |
| **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** |
| Agilent Technologies, Inc. | 41 | 5585 |
| Danaher Corp. | 106 | 24292 |
| Thermo Fisher Scientific, Inc. (a) | 37 | 21696 |
| Waters Corp. \* | 22 | 8224 |
|  |  | 59797 |
| **Machinery — 0.4%** | **Machinery — 0.4%** | **Machinery — 0.4%** |
| IDEX Corp. | 18 | 3208 |
| Ingersoll Rand, Inc. | 117 | 9294 |
|  |  | 12502 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 43

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Omnicom Group, Inc. | 105 | 8462 |
| **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** |
| Ameren Corp. | 66 | 6606 |
| Dominion Energy, Inc. | 102 | 5988 |
| Sempra | 315 | 27758 |
|  |  | 40352 |
| **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** |
| Diamondback Energy, Inc. | 23 | 3427 |
| EOG Resources, Inc. (a) | 206 | 21619 |
| EQT Corp. | 437 | 23411 |
| Exxon Mobil Corp. (a) | 440 | 52987 |
| Phillips 66 | 14 | 1803 |
| Targa Resources Corp. | 22 | 4141 |
| TC Energy Corp. (Canada) | 75 | 4126 |
| Williams Cos., Inc. (The) | 54 | 3254 |
|  |  | 114768 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| Delta Air Lines, Inc. | 31 | 2148 |
| United Airlines Holdings, Inc. \* | 16 | 1825 |
|  |  | 3973 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Estee Lauder Cos., Inc. (The), Class A | 36 | 3763 |
| **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
| Bristol-Myers Squibb Co. (a) | 351 | 18958 |
| Elanco Animal Health, Inc. \* | 185 | 4180 |
| Eli Lilly & Co. (a) | 32 | 33916 |
| Johnson & Johnson (a) | 296 | 61323 |
|  |  | 118377 |
| **Semiconductors & Semiconductor Equipment — 17.9%** | **Semiconductors & Semiconductor Equipment — 17.9%** | **Semiconductors & Semiconductor Equipment — 17.9%** |
| Analog Devices, Inc. | 110 | 29776 |
| ASML Holding NV (Registered), NYRS (Netherlands) | 12 | 12829 |
| Broadcom, Inc. (a) | 286 | 99000 |
| Microchip Technology, Inc. | 57 | 3622 |
| Micron Technology, Inc. | 144 | 41089 |
| NVIDIA Corp. (a) | 1652 | 308139 |
| NXP Semiconductors NV (Netherlands) | 139 | 30132 |
| Skyworks Solutions, Inc. | 23 | 1463 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 193 | 58713 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| Texas Instruments, Inc. (a) | 205 | 35577 |
| Universal Display Corp. | 66 | 7742 |
|  |  | 628082 |
| **Software — 11.0%** | **Software — 11.0%** | **Software — 11.0%** |
| Autodesk, Inc. \* | 21 | 6263 |
| Cadence Design Systems, Inc. \* | 34 | 10483 |
| Crowdstrike Holdings, Inc., Class A \* | 4 | 2099 |
| Intuit, Inc. | 49 | 32310 |
| Microsoft Corp. (a) | 521 | 251752 |
| Oracle Corp. | 117 | 22806 |
| Roper Technologies, Inc. | 30 | 13424 |
| ServiceNow, Inc. \* | 298 | 45649 |
|  |  | 384786 |
| **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** | **Specialized REITs — 1.4%** |
| American Tower Corp. | 139 | 24348 |
| Equinix, Inc. | 23 | 17876 |
| Extra Space Storage, Inc. | 41 | 5287 |
|  |  | 47511 |
| **Specialty Retail — 3.7%** | **Specialty Retail — 3.7%** | **Specialty Retail — 3.7%** |
| AutoZone, Inc. \* | 3 | 9672 |
| Burlington Stores, Inc. \* (a) | 130 | 37578 |
| Lowe's Cos., Inc. (a) | 281 | 67806 |
| O'Reilly Automotive, Inc. \* | 69 | 6340 |
| Ross Stores, Inc. | 34 | 6056 |
| Tractor Supply Co. | 82 | 4090 |
|  |  | 131542 |
| **Technology Hardware, Storage & Peripherals — 6.4%** | **Technology Hardware, Storage & Peripherals — 6.4%** | **Technology Hardware, Storage & Peripherals — 6.4%** |
| Apple, Inc. (a) | 744 | 202291 |
| Hewlett Packard Enterprise Co. | 410 | 9831 |
| Seagate Technology Holdings plc | 19 | 5304 |
| Western Digital Corp. | 41 | 7084 |
|  |  | 224510 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| NIKE, Inc., Class B | 93 | 5901 |
| **Tobacco — 0.4%** | **Tobacco — 0.4%** | **Tobacco — 0.4%** |
| Philip Morris International, Inc. | 90 | 14489 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 4 | 3431 |
| Total Common Stocks <br>(Cost $2,592,452)<br>|  | 4233188 |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| **Investment Companies — 1.5%** | **Investment Companies — 1.5%** | **Investment Companies — 1.5%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (b) (c)(Cost $52,637)<br>| 52620 | 52641 |
| Total Long Positions <br>(Cost $2,645,089)<br>|  | 4285829 |
| **Short Positions — (22.1)%** | **Short Positions — (22.1)%** | **Short Positions — (22.1)%** |
| **Common Stocks — (22.1)%** | **Common Stocks — (22.1)%** | **Common Stocks — (22.1)%** |
| **Aerospace & Defense — (0.5)%** | **Aerospace & Defense — (0.5)%** | **Aerospace & Defense — (0.5)%** |
| Lockheed Martin Corp. | (27)<br>| (13262)<br>|
| Northrop Grumman Corp. | (11)<br>| (5980)<br>|
|  |  | (19242)<br>|
| **Automobiles — (0.3)%** | **Automobiles — (0.3)%** | **Automobiles — (0.3)%** |
| Ford Motor Co. | (724)<br>| (9501)<br>|
| **Banks — (0.7)%** | **Banks — (0.7)%** | **Banks — (0.7)%** |
| Citizens Financial Group, Inc. | (130)<br>| (7604)<br>|
| Huntington Bancshares, Inc. | (190)<br>| (3291)<br>|
| PNC Financial Services Group, Inc. (The) | (69)<br>| (14426)<br>|
|  |  | (25321)<br>|
| **Beverages — (0.1)%** | **Beverages — (0.1)%** | **Beverages — (0.1)%** |
| Molson Coors Beverage Co., Class B | (62)<br>| (2886)<br>|
| **Biotechnology — (0.5)%** | **Biotechnology — (0.5)%** | **Biotechnology — (0.5)%** |
| Amgen, Inc. | (29)<br>| (9639)<br>|
| Incyte Corp. \* | (42)<br>| (4149)<br>|
| Moderna, Inc. \* | (119)<br>| (3509)<br>|
|  |  | (17297)<br>|
| **Broadline Retail — (0.3)%** | **Broadline Retail — (0.3)%** | **Broadline Retail — (0.3)%** |
| eBay, Inc. | (120)<br>| (10443)<br>|
| **Building Products — (0.2)%** | **Building Products — (0.2)%** | **Building Products — (0.2)%** |
| Johnson Controls International plc | (16)<br>| (1936)<br>|
| Lennox International, Inc. | (8)<br>| (3806)<br>|
|  |  | (5742)<br>|
| **Capital Markets — (1.1)%** | **Capital Markets — (1.1)%** | **Capital Markets — (1.1)%** |
| Blackrock, Inc. | (3)<br>| (3459)<br>|
| Carlyle Group, Inc. (The) | (101)<br>| (5960)<br>|
| Cboe Global Markets, Inc. | (13)<br>| (3288)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Franklin Resources, Inc. | (445)<br>| (10622)<br>|
| Moody's Corp. | (23)<br>| (11904)<br>|
| Tradeweb Markets, Inc., Class A | (33)<br>| (3523)<br>|
|  |  | (38756)<br>|
| **Chemicals — (0.3)%** | **Chemicals — (0.3)%** | **Chemicals — (0.3)%** |
| Air Products and Chemicals, Inc. | (38)<br>| (9293)<br>|
| Eastman Chemical Co. | (52)<br>| (3357)<br>|
|  |  | (12650)<br>|
| **Commercial Services & Supplies — (0.6)%** | **Commercial Services & Supplies — (0.6)%** | **Commercial Services & Supplies — (0.6)%** |
| Cintas Corp. | (46)<br>| (8619)<br>|
| Waste Management, Inc. | (59)<br>| (12976)<br>|
|  |  | (21595)<br>|
| **Communications Equipment — (0.5)%** | **Communications Equipment — (0.5)%** | **Communications Equipment — (0.5)%** |
| Cisco Systems, Inc. | (234)<br>| (18023)<br>|
| **Consumer Finance — (0.4)%** | **Consumer Finance — (0.4)%** | **Consumer Finance — (0.4)%** |
| Synchrony Financial | (164)<br>| (13658)<br>|
| **Consumer Staples Distribution & Retail — (1.4)%** | **Consumer Staples Distribution & Retail — (1.4)%** | **Consumer Staples Distribution & Retail — (1.4)%** |
| Dollar Tree, Inc. \* | (65)<br>| (7950)<br>|
| Kroger Co. (The) | (97)<br>| (6056)<br>|
| Sysco Corp. | (198)<br>| (14594)<br>|
| Target Corp. | (225)<br>| (22055)<br>|
|  |  | (50655)<br>|
| **Containers & Packaging — (0.1)%** | **Containers & Packaging — (0.1)%** | **Containers & Packaging — (0.1)%** |
| International Paper Co. | (80)<br>| (3139)<br>|
| **Distributors — (0.1)%** | **Distributors — (0.1)%** | **Distributors — (0.1)%** |
| Pool Corp. | (14)<br>| (3079)<br>|
| **Electric Utilities — (1.8)%** | **Electric Utilities — (1.8)%** | **Electric Utilities — (1.8)%** |
| American Electric Power Co., Inc. | (91)<br>| (10435)<br>|
| Duke Energy Corp. | (44)<br>| (5159)<br>|
| Edison International | (119)<br>| (7155)<br>|
| Eversource Energy | (138)<br>| (9319)<br>|
| Exelon Corp. | (327)<br>| (14270)<br>|
| Pinnacle West Capital Corp. | (34)<br>| (2983)<br>|
| PPL Corp. | (371)<br>| (12987)<br>|
|  |  | (62308)<br>|
| **Electrical Equipment — (0.2)%** | **Electrical Equipment — (0.2)%** | **Electrical Equipment — (0.2)%** |
| Acuity, Inc. | (8)<br>| (2693)<br>|
| Rockwell Automation, Inc. | (11)<br>| (4355)<br>|
|  |  | (7048)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 45

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Energy Equipment & Services — (0.1)%** | **Energy Equipment & Services — (0.1)%** | **Energy Equipment & Services — (0.1)%** |
| Halliburton Co. | (175)<br>| (4957)<br>|
| **Entertainment — (0.2)%** | **Entertainment — (0.2)%** | **Entertainment — (0.2)%** |
| TKO Group Holdings, Inc. | (29)<br>| (6116)<br>|
| **Financial Services — (0.6)%** | **Financial Services — (0.6)%** | **Financial Services — (0.6)%** |
| PayPal Holdings, Inc. | (225)<br>| (13114)<br>|
| Voya Financial, Inc. | (44)<br>| (3302)<br>|
| Western Union Co. (The) | (366)<br>| (3407)<br>|
|  |  | (19823)<br>|
| **Food Products — (0.2)%** | **Food Products — (0.2)%** | **Food Products — (0.2)%** |
| General Mills, Inc. | (89)<br>| (4163)<br>|
| Kraft Heinz Co. (The) | (81)<br>| (1962)<br>|
|  |  | (6125)<br>|
| **Ground Transportation — (0.3)%** | **Ground Transportation — (0.3)%** | **Ground Transportation — (0.3)%** |
| Uber Technologies, Inc. \* | (132)<br>| (10809)<br>|
| **Health Care Equipment & Supplies — (0.1)%** | **Health Care Equipment & Supplies — (0.1)%** | **Health Care Equipment & Supplies — (0.1)%** |
| Dentsply Sirona, Inc. | (209)<br>| (2384)<br>|
| **Health Care Providers & Services — (0.4)%** | **Health Care Providers & Services — (0.4)%** | **Health Care Providers & Services — (0.4)%** |
| Centene Corp. \* | (50)<br>| (2048)<br>|
| CVS Health Corp. | (66)<br>| (5218)<br>|
| Elevance Health, Inc. | (14)<br>| (5069)<br>|
| Quest Diagnostics, Inc. | (9)<br>| (1612)<br>|
|  |  | (13947)<br>|
| **Hotels, Restaurants & Leisure — (0.5)%** | **Hotels, Restaurants & Leisure — (0.5)%** | **Hotels, Restaurants & Leisure — (0.5)%** |
| Royal Caribbean Cruises Ltd. | (18)<br>| (5051)<br>|
| Starbucks Corp. | (137)<br>| (11525)<br>|
|  |  | (16576)<br>|
| **Household Durables — (0.2)%** | **Household Durables — (0.2)%** | **Household Durables — (0.2)%** |
| DR Horton, Inc. | (11)<br>| (1665)<br>|
| NVR, Inc. \* | (1)<br>| (4850)<br>|
|  |  | (6515)<br>|
| **Household Products — (0.2)%** | **Household Products — (0.2)%** | **Household Products — (0.2)%** |
| Clorox Co. (The) | (32)<br>| (3180)<br>|
| Procter & Gamble Co. (The) | (22)<br>| (3220)<br>|
|  |  | (6400)<br>|
| **Industrial Conglomerates — (0.2)%** | **Industrial Conglomerates — (0.2)%** | **Industrial Conglomerates — (0.2)%** |
| Honeywell International, Inc. | (37)<br>| (7126)<br>|
| **Insurance — (1.7)%** | **Insurance — (1.7)%** | **Insurance — (1.7)%** |
| Aflac, Inc. | (56)<br>| (6145)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Allstate Corp. (The) | (82)<br>| (17083)<br>|
| American International Group, Inc. | (163)<br>| (13904)<br>|
| Kinsale Capital Group, Inc. | (12)<br>| (4881)<br>|
| Willis Towers Watson plc | (20)<br>| (6455)<br>|
| WR Berkley Corp. | (146)<br>| (10242)<br>|
|  |  | (58710)<br>|
| **IT Services — (0.2)%** | **IT Services — (0.2)%** | **IT Services — (0.2)%** |
| International Business Machines Corp. | (23)<br>| (6739)<br>|
| **Life Sciences Tools & Services — (0.5)%** | **Life Sciences Tools & Services — (0.5)%** | **Life Sciences Tools & Services — (0.5)%** |
| Bruker Corp. | (121)<br>| (5669)<br>|
| Illumina, Inc. \* | (38)<br>| (5019)<br>|
| Revvity, Inc. | (73)<br>| (7095)<br>|
|  |  | (17783)<br>|
| **Machinery — (0.9)%** | **Machinery — (0.9)%** | **Machinery — (0.9)%** |
| Donaldson Co., Inc. | (104)<br>| (9240)<br>|
| Illinois Tool Works, Inc. | (55)<br>| (13417)<br>|
| Snap-on, Inc. | (22)<br>| (7704)<br>|
|  |  | (30361)<br>|
| **Media — (0.2)%** | **Media — (0.2)%** | **Media — (0.2)%** |
| Fox Corp., Class A | (113)<br>| (8280)<br>|
| **Multi-Utilities — (0.3)%** | **Multi-Utilities — (0.3)%** | **Multi-Utilities — (0.3)%** |
| Consolidated Edison, Inc. | (46)<br>| (4608)<br>|
| WEC Energy Group, Inc. | (66)<br>| (6956)<br>|
|  |  | (11564)<br>|
| **Oil, Gas & Consumable Fuels — (1.0)%** | **Oil, Gas & Consumable Fuels — (1.0)%** | **Oil, Gas & Consumable Fuels — (1.0)%** |
| APA Corp. | (227)<br>| (5549)<br>|
| Devon Energy Corp. | (143)<br>| (5256)<br>|
| Enbridge, Inc. (Canada) | (119)<br>| (5717)<br>|
| Kinder Morgan, Inc. | (176)<br>| (4844)<br>|
| Occidental Petroleum Corp. | (151)<br>| (6192)<br>|
| ONEOK, Inc. | (48)<br>| (3514)<br>|
| Valero Energy Corp. | (34)<br>| (5479)<br>|
|  |  | (36551)<br>|
| **Pharmaceuticals — (0.4)%** | **Pharmaceuticals — (0.4)%** | **Pharmaceuticals — (0.4)%** |
| Merck & Co., Inc. | (62)<br>| (6506)<br>|
| Pfizer, Inc. | (171)<br>| (4272)<br>|
| Zoetis, Inc. | (26)<br>| (3279)<br>|
|  |  | (14057)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Professional Services — (0.6)%** | **Professional Services — (0.6)%** | **Professional Services — (0.6)%** |
| Booz Allen Hamilton Holding Corp. | (74)<br>| (6248)<br>|
| Paychex, Inc. | (108)<br>| (12097)<br>|
| Paycom Software, Inc. | (27)<br>| (4283)<br>|
|  |  | (22628)<br>|
| **Retail REITs — (0.4)%** | **Retail REITs — (0.4)%** | **Retail REITs — (0.4)%** |
| NNN REIT, Inc. | (123)<br>| (4871)<br>|
| Realty Income Corp. | (155)<br>| (8728)<br>|
|  |  | (13599)<br>|
| **Semiconductors & Semiconductor Equipment — (1.5)%** | **Semiconductors & Semiconductor Equipment — (1.5)%** | **Semiconductors & Semiconductor Equipment — (1.5)%** |
| Applied Materials, Inc. | (7)<br>| (1698)<br>|
| ARM Holdings plc \* | (35)<br>| (3825)<br>|
| Intel Corp. \* | (141)<br>| (5222)<br>|
| KLA Corp. | (5)<br>| (6016)<br>|
| Lam Research Corp. | (10)<br>| (1794)<br>|
| Marvell Technology, Inc. | (20)<br>| (1729)<br>|
| Monolithic Power Systems, Inc. | (9)<br>| (7823)<br>|
| QUALCOMM, Inc. | (102)<br>| (17472)<br>|
| Teradyne, Inc. | (36)<br>| (6888)<br>|
|  |  | (52467)<br>|
| **Software — (0.9)%** | **Software — (0.9)%** | **Software — (0.9)%** |
| Adobe, Inc. \* | (19)<br>| (6634)<br>|
| Fair Isaac Corp. \* | (5)<br>| (7588)<br>|
| Palo Alto Networks, Inc. \* | (16)<br>| (2927)<br>|
| Salesforce, Inc. | (26)<br>| (6884)<br>|
| Workday, Inc., Class A \* | (42)<br>| (9095)<br>|
|  |  | (33128)<br>|
| **Specialized REITs — (0.1)%** | **Specialized REITs — (0.1)%** | **Specialized REITs — (0.1)%** |
| Public Storage | (20)<br>| (5084)<br>|
| **Specialty Retail — (0.2)%** | **Specialty Retail — (0.2)%** | **Specialty Retail — (0.2)%** |
| Home Depot, Inc. (The) | (18)<br>| (6215)<br>|

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Technology Hardware, Storage & Peripherals — (0.6)%** | **Technology Hardware, Storage & Peripherals — (0.6)%** | **Technology Hardware, Storage & Peripherals — (0.6)%** |
| Dell Technologies, Inc., Class C | (55)<br>| (6987)<br>|
| NetApp, Inc. | (68)<br>| (7250)<br>|
| Sandisk Corp. \* | (25)<br>| (5966)<br>|
|  |  | (20203)<br>|
| **Trading Companies & Distributors — (0.3)%** | **Trading Companies & Distributors — (0.3)%** | **Trading Companies & Distributors — (0.3)%** |
| Fastenal Co. | (248)<br>| (9940)<br>|
| **Wireless Telecommunication Services — (0.2)%** | **Wireless Telecommunication Services — (0.2)%** | **Wireless Telecommunication Services — (0.2)%** |
| T-Mobile US, Inc. | (33)<br>| (6764)<br>|
| Total Common Stocks <br>(Proceeds $(774356))<br>|  | (776194)<br>|
| Total Short Positions <br>(Proceeds $(774356))<br>|  | (776194)<br>|
| **Total Investments — 99.9%** <br>**(Cost $1,870,733)**<br>|  | **3509635** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **2774** |
| **Net Assets — 100.0%** |  | **3512409** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| NYRS | New York Registry Shares |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is $1,058,798. 

(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 Large Cap Funds 47

------

JPMorgan U.S. Research Enhanced 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 — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
| **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** | **Aerospace & Defense — 2.5%** |
| Boeing Co. (The) \* | 77 | 16689 |
| Howmet Aerospace, Inc. | 500 | 102450 |
| RTX Corp. | 463 | 85038 |
| Textron, Inc. | 213 | 18578 |
| TransDigm Group, Inc. | 35 | 46339 |
|  |  | 269094 |
| **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** | **Air Freight & Logistics — 0.3%** |
| FedEx Corp. | 109 | 31569 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Aptiv plc \* | 93 | 7103 |
| **Automobiles — 2.1%** | **Automobiles — 2.1%** | **Automobiles — 2.1%** |
| Tesla, Inc. \* | 502 | 225693 |
| **Banks — 3.9%** | **Banks — 3.9%** | **Banks — 3.9%** |
| Bank of America Corp. | 2424 | 133318 |
| Citigroup, Inc. | 346 | 40419 |
| Fifth Third Bancorp | 758 | 35501 |
| Regions Financial Corp. | 624 | 16920 |
| Truist Financial Corp. | 556 | 27339 |
| US Bancorp | 827 | 44098 |
| Wells Fargo & Co. | 1349 | 125683 |
|  |  | 423278 |
| **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** |
| Coca-Cola Co. (The) | 294 | 20533 |
| Keurig Dr Pepper, Inc. | 1422 | 39831 |
| PepsiCo, Inc. | 647 | 92833 |
|  |  | 153197 |
| **Biotechnology — 2.0%** | **Biotechnology — 2.0%** | **Biotechnology — 2.0%** |
| AbbVie, Inc. | 567 | 129489 |
| Neurocrine Biosciences, Inc. \* | 58 | 8252 |
| Regeneron Pharmaceuticals, Inc. | 63 | 48639 |
| Vertex Pharmaceuticals, Inc. \* | 83 | 37659 |
|  |  | 224039 |
| **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** | **Broadline Retail — 4.2%** |
| Amazon.com, Inc. \* | 1992 | 459753 |
| **Building Products — 1.3%** | **Building Products — 1.3%** | **Building Products — 1.3%** |
| Carrier Global Corp. | 610 | 32225 |
| Masco Corp. | 325 | 20625 |
| Trane Technologies plc | 239 | 93191 |
|  |  | 146041 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** |
| Ameriprise Financial, Inc. | 54 | 26611 |
| Charles Schwab Corp. (The) | 1026 | 102504 |
| CME Group, Inc. | 164 | 44756 |
| LPL Financial Holdings, Inc. | 31 | 11273 |
| Raymond James Financial, Inc. | 46 | 7360 |
| State Street Corp. | 138 | 17793 |
|  |  | 210297 |
| **Chemicals — 1.3%** | **Chemicals — 1.3%** | **Chemicals — 1.3%** |
| Ecolab, Inc. | 280 | 73387 |
| Linde plc | 114 | 48715 |
| PPG Industries, Inc. | 211 | 21625 |
|  |  | 143727 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| Arista Networks, Inc. \* | 301 | 39380 |
| Motorola Solutions, Inc. | 31 | 12062 |
|  |  | 51442 |
| **Construction Materials — 0.4%** | **Construction Materials — 0.4%** | **Construction Materials — 0.4%** |
| Martin Marietta Materials, Inc. | 33 | 20433 |
| Vulcan Materials Co. | 78 | 22391 |
|  |  | 42824 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| American Express Co. | 119 | 44021 |
| Capital One Financial Corp. | 208 | 50315 |
|  |  | 94336 |
| **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** | **Consumer Staples Distribution & Retail — 0.8%** |
| Walmart, Inc. | 744 | 82926 |
| **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** | **Diversified Telecommunication Services — 0.5%** |
| AT&T, Inc. | 2295 | 57018 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| Entergy Corp. | 442 | 40884 |
| NextEra Energy, Inc. | 1146 | 91977 |
| NRG Energy, Inc. | 37 | 5961 |
| Southern Co. (The) | 669 | 58318 |
|  |  | 197140 |
| **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** | **Electrical Equipment — 0.9%** |
| Eaton Corp. plc | 132 | 41999 |
| Emerson Electric Co. | 201 | 26690 |
| GE Vernova, Inc. | 51 | 33517 |
|  |  | 102206 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** | **Electronic Equipment, Instruments & Components — 0.4%** |
| Amphenol Corp., Class A | 346 | 46738 |
| **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** | **Energy Equipment & Services — 0.3%** |
| Baker Hughes Co., Class A | 819 | 37291 |
| **Entertainment — 1.4%** | **Entertainment — 1.4%** | **Entertainment — 1.4%** |
| Netflix, Inc. \* | 790 | 74031 |
| Walt Disney Co. (The) | 641 | 72979 |
| Warner Music Group Corp., Class A | 313 | 9609 |
|  |  | 156619 |
| **Financial Services — 5.3%** | **Financial Services — 5.3%** | **Financial Services — 5.3%** |
| Apollo Global Management, Inc. | 280 | 40594 |
| Berkshire Hathaway, Inc., Class B \* | 305 | 153227 |
| Corpay, Inc. \* | 134 | 40166 |
| Fidelity National Information Services, Inc. | 554 | 36823 |
| Mastercard, Inc., Class A | 302 | 172656 |
| Toast, Inc., Class A \* | 388 | 13782 |
| Visa, Inc., Class A | 346 | 121212 |
| WEX, Inc. \* | 26 | 3859 |
|  |  | 582319 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Mondelez International, Inc., Class A | 1238 | 66657 |
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| Union Pacific Corp. | 130 | 30090 |
| **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** | **Health Care Equipment & Supplies — 2.2%** |
| Boston Scientific Corp. \* | 245 | 23332 |
| Dexcom, Inc. \* | 72 | 4803 |
| Edwards Lifesciences Corp. \* | 586 | 49935 |
| Medline, Inc., Class A \* | 171 | 7177 |
| Medtronic plc | 829 | 79686 |
| Stryker Corp. | 220 | 77311 |
|  |  | 242244 |
| **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
| Cigna Group (The) | 138 | 38137 |
| HCA Healthcare, Inc. | 31 | 14319 |
| Humana, Inc. | 117 | 29911 |
| McKesson Corp. | 25 | 20464 |
| UnitedHealth Group, Inc. | 212 | 69957 |
|  |  | 172788 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** | **Health Care REITs — 0.8%** |
| Ventas, Inc. | 687 | 53194 |
| Welltower, Inc. | 195 | 36156 |
|  |  | 89350 |
| **Hotels, Restaurants & Leisure — 3.1%** | **Hotels, Restaurants & Leisure — 3.1%** | **Hotels, Restaurants & Leisure — 3.1%** |
| Booking Holdings, Inc. | 5 | 25454 |
| Carnival Corp. \* | 1099 | 33578 |
| Chipotle Mexican Grill, Inc., Class A \* | 1239 | 45846 |
| DoorDash, Inc., Class A \* | 65 | 14612 |
| Expedia Group, Inc. | 108 | 30741 |
| Hilton Worldwide Holdings, Inc. | 216 | 61924 |
| McDonald's Corp. | 261 | 79835 |
| Yum! Brands, Inc. | 338 | 51122 |
|  |  | 343112 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Lennar Corp., Class A | 94 | 9623 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Church & Dwight Co., Inc. | 159 | 13300 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Vistra Corp. | 38 | 6052 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| 3M Co. | 576 | 92228 |
| **Insurance — 1.6%** | **Insurance — 1.6%** | **Insurance — 1.6%** |
| Aon plc, Class A | 106 | 37511 |
| Arch Capital Group Ltd. \* | 191 | 18290 |
| Arthur J Gallagher & Co. | 265 | 68528 |
| Chubb Ltd. | 69 | 21537 |
| Progressive Corp. (The) | 122 | 27904 |
|  |  | 173770 |
| **Interactive Media & Services — 8.1%** | **Interactive Media & Services — 8.1%** | **Interactive Media & Services — 8.1%** |
| Alphabet, Inc., Class A | 1109 | 347050 |
| Alphabet, Inc., Class C | 728 | 228480 |
| Meta Platforms, Inc., Class A | 468 | 309220 |
|  |  | 884750 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| Cognizant Technology Solutions Corp., Class A | 740 | 61397 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| Danaher Corp. | 286 | 65528 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| Deere & Co. | 124 | 57524 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 49

------

JPMorgan U.S. Research Enhanced 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** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Ingersoll Rand, Inc. | 208 | 16511 |
| Otis Worldwide Corp. | 281 | 24552 |
|  |  | 98587 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Charter Communications, Inc., Class A \* | 64 | 13440 |
| Comcast Corp., Class A | 1144 | 34179 |
| Omnicom Group, Inc. | 159 | 12833 |
|  |  | 60452 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| Sempra | 495 | 43684 |
| **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** | **Oil, Gas & Consumable Fuels — 2.5%** |
| Diamondback Energy, Inc. | 168 | 25284 |
| EOG Resources, Inc. | 613 | 64419 |
| EQT Corp. | 329 | 17607 |
| Exxon Mobil Corp. | 1392 | 167483 |
|  |  | 274793 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| Delta Air Lines, Inc. | 264 | 18354 |
| United Airlines Holdings, Inc. \* | 77 | 8606 |
|  |  | 26960 |
| **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** | **Pharmaceuticals — 3.0%** |
| Bristol-Myers Squibb Co. | 1127 | 60766 |
| Eli Lilly & Co. | 123 | 132609 |
| Johnson & Johnson | 624 | 129145 |
| Merck & Co., Inc. | 112 | 11739 |
|  |  | 334259 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| Leidos Holdings, Inc. | 240 | 43322 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Equity LifeStyle Properties, Inc. | 239 | 14508 |
| **Semiconductors & Semiconductor Equipment — 14.3%** | **Semiconductors & Semiconductor Equipment — 14.3%** | **Semiconductors & Semiconductor Equipment — 14.3%** |
| Advanced Micro Devices, Inc. \* | 145 | 30993 |
| Analog Devices, Inc. | 339 | 91883 |
| Broadcom, Inc. | 862 | 298177 |
| Lam Research Corp. | 234 | 40118 |
| Micron Technology, Inc. | 255 | 72773 |
| NVIDIA Corp. | 4852 | 904838 |
| NXP Semiconductors NV (Netherlands) | 290 | 63004 |
| Texas Instruments, Inc. | 356 | 61847 |
|  |  | 1563633 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Software — 10.7%** | **Software — 10.7%** | **Software — 10.7%** |
| AppLovin Corp., Class A \* | 31 | 20581 |
| Cadence Design Systems, Inc. \* | 92 | 28791 |
| Intuit, Inc. | 96 | 63792 |
| Microsoft Corp. | 1524 | 737111 |
| Oracle Corp. | 482 | 93878 |
| Palantir Technologies, Inc., Class A \* | 317 | 56407 |
| Roper Technologies, Inc. | 49 | 21849 |
| Salesforce, Inc. | 172 | 45554 |
| ServiceNow, Inc. \* | 665 | 101880 |
|  |  | 1169843 |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
| American Tower Corp. | 112 | 19685 |
| Equinix, Inc. | 44 | 33696 |
| SBA Communications Corp. | 153 | 29573 |
|  |  | 82954 |
| **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** | **Specialty Retail — 1.9%** |
| AutoZone, Inc. \* | 8 | 26230 |
| Burlington Stores, Inc. \* | 124 | 35795 |
| Lowe's Cos., Inc. | 404 | 97460 |
| Ross Stores, Inc. | 286 | 51508 |
|  |  | 210993 |
| **Technology Hardware, Storage & Peripherals — 7.8%** | **Technology Hardware, Storage & Peripherals — 7.8%** | **Technology Hardware, Storage & Peripherals — 7.8%** |
| Apple, Inc. | 2846 | 773628 |
| Seagate Technology Holdings plc | 178 | 49014 |
| Western Digital Corp. | 161 | 27710 |
|  |  | 850352 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| NIKE, Inc., Class B | 499 | 31804 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| Altria Group, Inc. | 319 | 18375 |
| Philip Morris International, Inc. | 341 | 54735 |
|  |  | 73110 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| United Rentals, Inc. | 12 | 9697 |
| Total Common Stocks <br>(Cost $5,399,260)<br>|  | 10884490 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — 3.8%** | **Short-Term Investments — 3.8%** | **Short-Term Investments — 3.8%** |
| **Investment Companies — 3.8%** | **Investment Companies — 3.8%** | **Investment Companies — 3.8%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.86% (a) (b) <br>(Cost $416,373)<br>| 416219 | 416385 |
| **Total Investments — 103.2%** <br>**(Cost $5,815,633)**<br>|  | **11300875** |
| **Liabilities in Excess of Other Assets — (3.2)%** |  | **(351913)**<br>|
| **NET ASSETS — 100.0%** |  | **10948962** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of December 31, 2025.

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 66517 | &nbsp;&nbsp;&nbsp;&nbsp; 182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 51

------

JPMorgan U.S. Sustainable Leaders 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 — 97.8%** | **Common Stocks — 97.8%** | **Common Stocks — 97.8%** |
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| Howmet Aerospace, Inc. | 20 | 4198 |
| **Automobiles — 1.6%** | **Automobiles — 1.6%** | **Automobiles — 1.6%** |
| Tesla, Inc. \* | 11 | 4915 |
| **Banks — 4.0%** | **Banks — 4.0%** | **Banks — 4.0%** |
| Bank of America Corp. | 83 | 4547 |
| Fifth Third Bancorp | 41 | 1942 |
| Wells Fargo & Co. | 59 | 5496 |
|  |  | 11985 |
| **Biotechnology — 4.6%** | **Biotechnology — 4.6%** | **Biotechnology — 4.6%** |
| AbbVie, Inc. | 35 | 8048 |
| Regeneron Pharmaceuticals, Inc. | 4 | 2863 |
| Vertex Pharmaceuticals, Inc. \* | 6 | 2878 |
|  |  | 13789 |
| **Broadline Retail — 6.5%** | **Broadline Retail — 6.5%** | **Broadline Retail — 6.5%** |
| Amazon.com, Inc. \* | 85 | 19553 |
| **Building Products — 1.5%** | **Building Products — 1.5%** | **Building Products — 1.5%** |
| Trane Technologies plc | 12 | 4507 |
| **Capital Markets — 1.4%** | **Capital Markets — 1.4%** | **Capital Markets — 1.4%** |
| Charles Schwab Corp. (The) | 41 | 4114 |
| **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
| Ecolab, Inc. | 12 | 3240 |
| Linde plc | 9 | 3801 |
|  |  | 7041 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| American Express Co. | 7 | 2461 |
| **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** |
| AT&T, Inc. | 142 | 3527 |
| **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** | **Electric Utilities — 2.0%** |
| NextEra Energy, Inc. | 56 | 4467 |
| PG&E Corp. | 100 | 1606 |
|  |  | 6073 |
| **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
| Emerson Electric Co. | 22 | 2959 |
| **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** |
| Amphenol Corp., Class A | 26 | 3457 |
| **Entertainment — 2.9%** | **Entertainment — 2.9%** | **Entertainment — 2.9%** |
| Netflix, Inc. \* | 38 | 3586 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Entertainment — continued** | **Entertainment — continued** | **Entertainment — continued** |
| Walt Disney Co. (The) | 37 | 4162 |
| Warner Music Group Corp., Class A | 34 | 1047 |
|  |  | 8795 |
| **Financial Services — 6.2%** | **Financial Services — 6.2%** | **Financial Services — 6.2%** |
| Apollo Global Management, Inc. | 14 | 2117 |
| Corpay, Inc. \* | 9 | 2621 |
| Fidelity National Information Services, Inc. | 51 | 3387 |
| Mastercard, Inc., Class A | 19 | 10787 |
|  |  | 18912 |
| **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
| Edwards Lifesciences Corp. \* | 34 | 2904 |
| Medtronic plc | 23 | 2207 |
| Stryker Corp. | 9 | 3273 |
|  |  | 8384 |
| **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** |
| UnitedHealth Group, Inc. | 12 | 3885 |
| **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** |
| Ventas, Inc. | 27 | 2085 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| Chipotle Mexican Grill, Inc., Class A \* | 69 | 2547 |
| DoorDash, Inc., Class A \* | 9 | 1896 |
| Hilton Worldwide Holdings, Inc. | 10 | 2961 |
|  |  | 7404 |
| **Household Products — 1.7%** | **Household Products — 1.7%** | **Household Products — 1.7%** |
| Church & Dwight Co., Inc. | 17 | 1450 |
| Procter & Gamble Co. (The) | 27 | 3821 |
|  |  | 5271 |
| **Insurance — 2.4%** | **Insurance — 2.4%** | **Insurance — 2.4%** |
| Aon plc, Class A | 8 | 3017 |
| Arthur J Gallagher & Co. | 17 | 4289 |
|  |  | 7306 |
| **Interactive Media & Services — 5.0%** | **Interactive Media & Services — 5.0%** | **Interactive Media & Services — 5.0%** |
| Alphabet, Inc., Class A | 48 | 15034 |
| **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
| Cognizant Technology Solutions Corp., Class A | 30 | 2473 |
| **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** |
| Danaher Corp. | 17 | 4005 |
| **Machinery — 1.1%** | **Machinery — 1.1%** | **Machinery — 1.1%** |
| Ingersoll Rand, Inc. | 42 | 3339 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** |
| Bristol-Myers Squibb Co. | 60 | 3235 |
| Eli Lilly & Co. | 2 | 2588 |
|  |  | 5823 |
| **Semiconductors & Semiconductor Equipment — 15.5%** | **Semiconductors & Semiconductor Equipment — 15.5%** | **Semiconductors & Semiconductor Equipment — 15.5%** |
| Analog Devices, Inc. | 11 | 3051 |
| Broadcom, Inc. | 20 | 6674 |
| NVIDIA Corp. | 150 | 27963 |
| NXP Semiconductors NV (Netherlands) | 13 | 2765 |
| Taiwan Semiconductor Manufacturing Co. Ltd., ADR <br> (Taiwan)<br>| 12 | 3731 |
| Texas Instruments, Inc. | 15 | 2618 |
|  |  | 46802 |
| **Software — 12.6%** | **Software — 12.6%** | **Software — 12.6%** |
| Cadence Design Systems, Inc. \* | 6 | 1869 |
| Intuit, Inc. | 7 | 4352 |
| Microsoft Corp. | 49 | 23782 |
| Oracle Corp. | 13 | 2569 |
| Roper Technologies, Inc. | 5 | 2389 |
| ServiceNow, Inc. \* | 21 | 3207 |
|  |  | 38168 |
| **Specialized REITs — 1.7%** | **Specialized REITs — 1.7%** | **Specialized REITs — 1.7%** |
| American Tower Corp. | 16 | 2847 |
| Equinix, Inc. | 3 | 2192 |
|  |  | 5039 |
| **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** |
| Burlington Stores, Inc. \* | 10 | 3045 |
| Lowe's Cos., Inc. | 20 | 4744 |
|  |  | 7789 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Technology Hardware, Storage & Peripherals — 4.8%** | **Technology Hardware, Storage & Peripherals — 4.8%** | **Technology Hardware, Storage & Peripherals — 4.8%** |
| Apple, Inc. | 54 | 14622 |
| **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** |
| United Rentals, Inc. | 3 | 2249 |
| Total Common Stocks <br>(Cost $212,661)<br>|  | 295964 |
| **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** | **Short-Term Investments — 2.1%** |
| **Investment Companies — 2.1%** | **Investment Companies — 2.1%** | **Investment Companies — 2.1%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (a) (b) <br>(Cost $6,364)<br>| 6362 | 6365 |
| **Total Investments — 99.9%** <br>**(Cost $219,025)**<br>|  | **302329** |
| **Other Assets in Excess of Liabilities — 0.1%** |  | **233** |
| **NET ASSETS — 100.0%** |  | **302562** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of December 31, 2025.

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4825 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 53

------

JPMorgan U.S. 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 — 99.6%** | **Common Stocks — 99.6%** | **Common Stocks — 99.6%** |
| **Aerospace & Defense — 4.0%** | **Aerospace & Defense — 4.0%** | **Aerospace & Defense — 4.0%** |
| General Dynamics Corp. | 316 | 106317 |
| Northrop Grumman Corp. | 47 | 26892 |
| RTX Corp. | 686 | 125770 |
|  |  | 258979 |
| **Banks — 8.9%** | **Banks — 8.9%** | **Banks — 8.9%** |
| Bank of America Corp. | 3052 | 167883 |
| Citigroup, Inc. | 791 | 92302 |
| First Citizens BancShares, Inc., Class A | 27 | 57142 |
| M&T Bank Corp. | 136 | 27457 |
| Wells Fargo & Co. | 2462 | 229448 |
|  |  | 574232 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| PepsiCo, Inc. | 291 | 41794 |
| **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
| AbbVie, Inc. | 360 | 82242 |
| Regeneron Pharmaceuticals, Inc. | 56 | 43021 |
| Vertex Pharmaceuticals, Inc. \* | 80 | 36357 |
|  |  | 161620 |
| **Broadline Retail — 2.3%** | **Broadline Retail — 2.3%** | **Broadline Retail — 2.3%** |
| Amazon.com, Inc. \* | 639 | 147559 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| Carrier Global Corp. | 1987 | 104987 |
| **Capital Markets — 8.4%** | **Capital Markets — 8.4%** | **Capital Markets — 8.4%** |
| Ares Management Corp. | 308 | 49712 |
| Bank of New York Mellon Corp. (The) | 671 | 77904 |
| Blackrock, Inc. | 38 | 40700 |
| Blackstone, Inc. | 355 | 54784 |
| Charles Schwab Corp. (The) | 1198 | 119733 |
| Goldman Sachs Group, Inc. (The) | 107 | 93581 |
| Morgan Stanley | 619 | 109851 |
|  |  | 546265 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| Air Products and Chemicals, Inc. | 381 | 94001 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| Republic Services, Inc., Class A | 159 | 33790 |
| **Construction Materials — 1.3%** | **Construction Materials — 1.3%** | **Construction Materials — 1.3%** |
| Vulcan Materials Co. | 286 | 81671 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Finance — 3.4%** | **Consumer Finance — 3.4%** | **Consumer Finance — 3.4%** |
| American Express Co. | 289 | 107109 |
| Capital One Financial Corp. | 472 | 114305 |
|  |  | 221414 |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
| Walmart, Inc. | 596 | 66353 |
| **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** | **Containers & Packaging — 0.8%** |
| Ball Corp. | 1025 | 54290 |
| **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** |
| Entergy Corp. | 498 | 46020 |
| NextEra Energy, Inc. | 900 | 72233 |
| Xcel Energy, Inc. | 688 | 50820 |
|  |  | 169073 |
| **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** |
| Eaton Corp. plc | 351 | 111672 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| Walt Disney Co. (The) | 693 | 78864 |
| **Financial Services — 2.3%** | **Financial Services — 2.3%** | **Financial Services — 2.3%** |
| Berkshire Hathaway, Inc., Class B \* | 173 | 86812 |
| Fidelity National Information Services, Inc. | 919 | 61118 |
|  |  | 147930 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Mondelez International, Inc., Class A | 824 | 44344 |
| **Ground Transportation — 2.4%** | **Ground Transportation — 2.4%** | **Ground Transportation — 2.4%** |
| CSX Corp. | 1635 | 59264 |
| Union Pacific Corp. | 421 | 97386 |
|  |  | 156650 |
| **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** |
| Becton Dickinson & Co. | 173 | 33641 |
| Boston Scientific Corp. \* | 299 | 28525 |
| Medtronic plc | 491 | 47139 |
|  |  | 109305 |
| **Health Care Providers & Services — 4.1%** | **Health Care Providers & Services — 4.1%** | **Health Care Providers & Services — 4.1%** |
| Cardinal Health, Inc. | 320 | 65875 |
| Cigna Group (The) | 222 | 61109 |
| CVS Health Corp. | 873 | 69281 |
| UnitedHealth Group, Inc. | 205 | 67539 |
|  |  | 263804 |
| **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** | **Health Care REITs — 0.9%** |
| Ventas, Inc. | 724 | 56041 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** |
| Host Hotels & Resorts, Inc. | 2223 | 39421 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |
| Booking Holdings, Inc. | 6 | 30204 |
| McDonald's Corp. | 269 | 82369 |
|  |  | 112573 |
| **Household Products — 0.9%** | **Household Products — 0.9%** | **Household Products — 0.9%** |
| Procter & Gamble Co. (The) | 406 | 58137 |
| **Industrial Conglomerates — 1.4%** | **Industrial Conglomerates — 1.4%** | **Industrial Conglomerates — 1.4%** |
| 3M Co. | 581 | 93028 |
| **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** | **Industrial REITs — 0.4%** |
| Prologis, Inc. | 191 | 24380 |
| **Insurance — 3.1%** | **Insurance — 3.1%** | **Insurance — 3.1%** |
| Arthur J Gallagher & Co. (a) | 206 | 53313 |
| Chubb Ltd. | 150 | 46745 |
| Progressive Corp. (The) | 260 | 59214 |
| Travelers Cos., Inc. (The) | 151 | 43708 |
|  |  | 202980 |
| **Interactive Media & Services — 3.5%** | **Interactive Media & Services — 3.5%** | **Interactive Media & Services — 3.5%** |
| Alphabet, Inc., Class C | 551 | 172725 |
| Meta Platforms, Inc., Class A | 85 | 56222 |
|  |  | 228947 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| International Business Machines Corp. | 147 | 43493 |
| **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** | **Life Sciences Tools & Services — 1.5%** |
| Thermo Fisher Scientific, Inc. | 163 | 94707 |
| **Machinery — 3.2%** | **Machinery — 3.2%** | **Machinery — 3.2%** |
| Deere & Co. | 156 | 72594 |
| Dover Corp. | 466 | 91013 |
| Parker-Hannifin Corp. | 48 | 42310 |
|  |  | 205917 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| Comcast Corp., Class A | 1793 | 53605 |
| **Multi-Utilities — 1.4%** | **Multi-Utilities — 1.4%** | **Multi-Utilities — 1.4%** |
| CMS Energy Corp. | 826 | 57777 |
| Public Service Enterprise Group, Inc. | 448 | 35938 |
|  |  | 93715 |
| **Oil, Gas & Consumable Fuels — 5.0%** | **Oil, Gas & Consumable Fuels — 5.0%** | **Oil, Gas & Consumable Fuels — 5.0%** |
| Chevron Corp. | 768 | 116993 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| ConocoPhillips | 1231 | 115286 |
| EOG Resources, Inc. | 863 | 90648 |
|  |  | 322927 |
| **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** |
| Bristol-Myers Squibb Co. | 952 | 51333 |
| Eli Lilly & Co. | 36 | 39063 |
| Johnson & Johnson | 559 | 115722 |
| Merck & Co., Inc. | 641 | 67489 |
|  |  | 273607 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| AvalonBay Communities, Inc. | 89 | 16076 |
| **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** |
| Advanced Micro Devices, Inc. \* | 113 | 24127 |
| Analog Devices, Inc. | 464 | 125804 |
| Micron Technology, Inc. | 252 | 72055 |
| NXP Semiconductors NV (Netherlands) | 301 | 65467 |
| Texas Instruments, Inc. | 476 | 82543 |
|  |  | 369996 |
| **Software — 1.7%** | **Software — 1.7%** | **Software — 1.7%** |
| Microsoft Corp. | 224 | 108330 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| American Tower Corp. | 173 | 30419 |
| **Specialty Retail — 5.5%** | **Specialty Retail — 5.5%** | **Specialty Retail — 5.5%** |
| AutoZone, Inc. \* | 15 | 48922 |
| Home Depot, Inc. (The) | 229 | 78690 |
| Lowe's Cos., Inc. | 427 | 103014 |
| O'Reilly Automotive, Inc. \* | 393 | 35839 |
| TJX Cos., Inc. (The) | 562 | 86369 |
|  |  | 352834 |
| **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** | **Technology Hardware, Storage & Peripherals — 1.2%** |
| Western Digital Corp. | 452 | 77873 |
| **Tobacco — 1.9%** | **Tobacco — 1.9%** | **Tobacco — 1.9%** |
| Philip Morris International, Inc. | 772 | 123767 |
| Total Common Stocks <br>(Cost $4,495,950)<br>|  | 6451370 |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (b) (c) <br>(Cost $28,076)<br>| 28065 | 28076 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 55

------

JPMorgan U.S. Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **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 $5,078)<br>| 5078 | 5078 |
| Total Short-Term Investments <br>(Cost $33,154)<br>|  | 33154 |
| **Total Investments — 100.1%** <br>**(Cost $4,529,104)**<br>|  | **6484524** |
| **Liabilities in Excess of Other Assets — (0.1)%** |  | **(7785)**<br>|
| **NET ASSETS — 100.0%** |  | **6476739** |

---

&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 $4,917. 

(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;

56 J.P. Morgan Large 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>**Equity Income** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Index** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Premium** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $42864500 | &nbsp;&nbsp;&nbsp; $12445374 | &nbsp;&nbsp;&nbsp; $6038886 | &nbsp;&nbsp;&nbsp; $21097649 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 129226 | &nbsp;&nbsp;&nbsp; 279724 | &nbsp;&nbsp;&nbsp; 48157 | &nbsp;&nbsp;&nbsp; 215907 |
| Investments of cash collateral received from securities loaned, at <br> value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; 6744 | &nbsp;&nbsp;&nbsp; 39515 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 258715 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6460 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16531 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 9573 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 179420 | &nbsp;&nbsp;&nbsp; 1148778 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 13307 | &nbsp;&nbsp;&nbsp; 16640 | &nbsp;&nbsp;&nbsp; 4046 | &nbsp;&nbsp;&nbsp; 13834 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 20418 | &nbsp;&nbsp;&nbsp; — |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 50503 | &nbsp;&nbsp;&nbsp; 6433 | &nbsp;&nbsp;&nbsp; 6299 | &nbsp;&nbsp;&nbsp; 14550 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 888 | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 653 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Due from adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 43074741 | &nbsp;&nbsp;&nbsp; 12794338 | &nbsp;&nbsp;&nbsp; 6297315 | &nbsp;&nbsp;&nbsp; 22766617 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1989 | &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 180766 | &nbsp;&nbsp;&nbsp; 1155977 |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 6744 | &nbsp;&nbsp;&nbsp; 39515 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 90702 | &nbsp;&nbsp;&nbsp; 57902 | &nbsp;&nbsp;&nbsp; 26849 | &nbsp;&nbsp;&nbsp; 8199 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 741 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1868 |
| Options written, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 260121 |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 14755 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1299 | &nbsp;&nbsp;&nbsp; 4509 |
| Administration fees | &nbsp;&nbsp;&nbsp; 1337 | &nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp; 1094 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 1443 | &nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp; 695 |
| Service fees | &nbsp;&nbsp;&nbsp; 4497 | &nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp; 1096 | &nbsp;&nbsp;&nbsp; 4053 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 164 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 2064 | &nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; 537 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 121892 | &nbsp;&nbsp;&nbsp; 99499 | &nbsp;&nbsp;&nbsp; 213054 | &nbsp;&nbsp;&nbsp; 1437217 |
| Net Assets | &nbsp;&nbsp;&nbsp; $42952849 | &nbsp;&nbsp;&nbsp; $12694839 | &nbsp;&nbsp;&nbsp; $6084261 | &nbsp;&nbsp;&nbsp; $21329400 |

---

------

(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 Large Cap Funds 57

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF December 31, 2025 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Equity Income**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Equity Index**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Equity Premium**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br>**Equity Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $24946592 | &nbsp;&nbsp;&nbsp; $4219045 | &nbsp;&nbsp;&nbsp; $6204311 | &nbsp;&nbsp;&nbsp; $12653035 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 18006257 | &nbsp;&nbsp;&nbsp; 8475794 | &nbsp;&nbsp;&nbsp; (120050)<br>| &nbsp;&nbsp;&nbsp; 8676365 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $42952849 | &nbsp;&nbsp;&nbsp; $12694839 | &nbsp;&nbsp;&nbsp; $6084261 | &nbsp;&nbsp;&nbsp; $21329400 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $4755392 | &nbsp;&nbsp;&nbsp; $1133191 | &nbsp;&nbsp;&nbsp; $561497 | &nbsp;&nbsp;&nbsp; $1482757 |
| Class C | &nbsp;&nbsp;&nbsp; 548881 | &nbsp;&nbsp;&nbsp; 75970 | &nbsp;&nbsp;&nbsp; 338482 | &nbsp;&nbsp;&nbsp; 592134 |
| Class I | &nbsp;&nbsp;&nbsp; 15045841 | &nbsp;&nbsp;&nbsp; 1577581 | &nbsp;&nbsp;&nbsp; 4235151 | &nbsp;&nbsp;&nbsp; 16939173 |
| Class R2 | &nbsp;&nbsp;&nbsp; 85350 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 142639 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 107472 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 567121 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 3427 |
| Class R6 | &nbsp;&nbsp;&nbsp; 21700153 | &nbsp;&nbsp;&nbsp; 9908097 | &nbsp;&nbsp;&nbsp; 948723 | &nbsp;&nbsp;&nbsp; 2311909 |
| Total | &nbsp;&nbsp;&nbsp; $42952849 | &nbsp;&nbsp;&nbsp; $12694839 | &nbsp;&nbsp;&nbsp; $6084261 | &nbsp;&nbsp;&nbsp; $21329400 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 196906 | &nbsp;&nbsp;&nbsp; 11069 | &nbsp;&nbsp;&nbsp; 39393 | &nbsp;&nbsp;&nbsp; 42096 |
| Class C | &nbsp;&nbsp;&nbsp; 23385 | &nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp; 23746 | &nbsp;&nbsp;&nbsp; 16962 |
| Class I | &nbsp;&nbsp;&nbsp; 607788 | &nbsp;&nbsp;&nbsp; 15386 | &nbsp;&nbsp;&nbsp; 297043 | &nbsp;&nbsp;&nbsp; 479285 |
| Class R2 | &nbsp;&nbsp;&nbsp; 3558 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 5912 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 4345 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 22885 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 95 |
| Class R6 | &nbsp;&nbsp;&nbsp; 876655 | &nbsp;&nbsp;&nbsp; 96605 | &nbsp;&nbsp;&nbsp; 66555 | &nbsp;&nbsp;&nbsp; 65258 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $24.15 | &nbsp;&nbsp;&nbsp; $102.38 | &nbsp;&nbsp;&nbsp; $14.25 | &nbsp;&nbsp;&nbsp; $35.22 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;23.47 | &nbsp;&nbsp;&nbsp;&nbsp;101.29 | &nbsp;&nbsp;&nbsp;&nbsp;14.25 | &nbsp;&nbsp;&nbsp;&nbsp;34.91 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;24.76 | &nbsp;&nbsp;&nbsp;&nbsp;102.53 | &nbsp;&nbsp;&nbsp;&nbsp;14.26 | &nbsp;&nbsp;&nbsp;&nbsp;35.34 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;23.99 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;24.13 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;24.73 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;24.78 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;14.26 | &nbsp;&nbsp;&nbsp;&nbsp;35.41 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;24.75 | &nbsp;&nbsp;&nbsp;&nbsp;102.56 | &nbsp;&nbsp;&nbsp;&nbsp;14.25 | &nbsp;&nbsp;&nbsp;&nbsp;35.43 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $25.49 | &nbsp;&nbsp;&nbsp; $108.05 | &nbsp;&nbsp;&nbsp; $15.04 | &nbsp;&nbsp;&nbsp; $37.17 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $25782430 | &nbsp;&nbsp;&nbsp; $3885438 | &nbsp;&nbsp;&nbsp; $4833539 | &nbsp;&nbsp;&nbsp; $10742927 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 129226 | &nbsp;&nbsp;&nbsp; 127885 | &nbsp;&nbsp;&nbsp; 48157 | &nbsp;&nbsp;&nbsp; 215907 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 259215 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 6552 | &nbsp;&nbsp;&nbsp; 38267 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 6744 | &nbsp;&nbsp;&nbsp; 39515 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 260683 |

---

------

(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;

58 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity 2 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity 3 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Large Cap** <br>**Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Large Cap** <br>**Value Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $5371323 | &nbsp;&nbsp;&nbsp; $2776393 | &nbsp;&nbsp;&nbsp; $119101899 | &nbsp;&nbsp;&nbsp; $5400025 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 40022 | &nbsp;&nbsp;&nbsp; 21978 | &nbsp;&nbsp;&nbsp; 1624923 | &nbsp;&nbsp;&nbsp; 63563 |
| Investments of cash collateral received from securities loaned, at <br> value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 203259 | &nbsp;&nbsp;&nbsp; 25364 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; 16265 | &nbsp;&nbsp;&nbsp; 20291 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 8 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 3627 | &nbsp;&nbsp;&nbsp; 872 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 2656 | &nbsp;&nbsp;&nbsp; 993 | &nbsp;&nbsp;&nbsp; 111415 | &nbsp;&nbsp;&nbsp; 3028 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 127 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 3708 | &nbsp;&nbsp;&nbsp; 1910 | &nbsp;&nbsp;&nbsp; 23718 | &nbsp;&nbsp;&nbsp; 6536 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 5557 | &nbsp;&nbsp;&nbsp; 247 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 3 |
| Total Assets | &nbsp;&nbsp;&nbsp; 5437756 | &nbsp;&nbsp;&nbsp; 2822567 | &nbsp;&nbsp;&nbsp; 121070804 | &nbsp;&nbsp;&nbsp; 5498901 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 4016 | &nbsp;&nbsp;&nbsp; — |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 203259 | &nbsp;&nbsp;&nbsp; 25364 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 3913 | &nbsp;&nbsp;&nbsp; 1244 | &nbsp;&nbsp;&nbsp; 510354 | &nbsp;&nbsp;&nbsp; 3673 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options written, at value | &nbsp;&nbsp;&nbsp; 4567 | &nbsp;&nbsp;&nbsp; 12559 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1153 | &nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 44367 | &nbsp;&nbsp;&nbsp; 1743 |
| Administration fees | &nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp; 264 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 2826 | &nbsp;&nbsp;&nbsp; 134 |
| Service fees | &nbsp;&nbsp;&nbsp; 996 | &nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp; 9518 | &nbsp;&nbsp;&nbsp; 616 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 809 | &nbsp;&nbsp;&nbsp; 43 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |
| Other | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 1372 | &nbsp;&nbsp;&nbsp; 258 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 11856 | &nbsp;&nbsp;&nbsp; 15702 | &nbsp;&nbsp;&nbsp; 776948 | &nbsp;&nbsp;&nbsp; 32096 |
| Net Assets | &nbsp;&nbsp;&nbsp; $5425900 | &nbsp;&nbsp;&nbsp; $2806865 | &nbsp;&nbsp;&nbsp; $120293856 | &nbsp;&nbsp;&nbsp; $5466805 |

---

------

(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 Large Cap Funds 59

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF December 31, 2025 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br> **Equity 2 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br> **Equity 3 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Large Cap**<br> **Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Large Cap**<br>**Value Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $4478651 | &nbsp;&nbsp;&nbsp; $2028915 | &nbsp;&nbsp;&nbsp; $71668875 | &nbsp;&nbsp;&nbsp; $4558787 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 947249 | &nbsp;&nbsp;&nbsp; 777950 | &nbsp;&nbsp;&nbsp; 48624981 | &nbsp;&nbsp;&nbsp; 908018 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $5425900 | &nbsp;&nbsp;&nbsp; $2806865 | &nbsp;&nbsp;&nbsp; $120293856 | &nbsp;&nbsp;&nbsp; $5466805 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $239732 | &nbsp;&nbsp;&nbsp; $157213 | &nbsp;&nbsp;&nbsp; $8019201 | &nbsp;&nbsp;&nbsp; $342380 |
| Class C | &nbsp;&nbsp;&nbsp; 246914 | &nbsp;&nbsp;&nbsp; 151831 | &nbsp;&nbsp;&nbsp; 1189435 | &nbsp;&nbsp;&nbsp; 79346 |
| Class I | &nbsp;&nbsp;&nbsp; 4167778 | &nbsp;&nbsp;&nbsp; 2312183 | &nbsp;&nbsp;&nbsp; 32745513 | &nbsp;&nbsp;&nbsp; 2370622 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 303230 | &nbsp;&nbsp;&nbsp; 17120 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 899227 | &nbsp;&nbsp;&nbsp; 16772 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 725276 | &nbsp;&nbsp;&nbsp; 650 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 1033999 | &nbsp;&nbsp;&nbsp; 32181 |
| Class R6 | &nbsp;&nbsp;&nbsp; 770336 | &nbsp;&nbsp;&nbsp; 185601 | &nbsp;&nbsp;&nbsp; 75377975 | &nbsp;&nbsp;&nbsp; 2607734 |
| Total | &nbsp;&nbsp;&nbsp; $5425900 | &nbsp;&nbsp;&nbsp; $2806865 | &nbsp;&nbsp;&nbsp; $120293856 | &nbsp;&nbsp;&nbsp; $5466805 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 12089 | &nbsp;&nbsp;&nbsp; 7503 | &nbsp;&nbsp;&nbsp; 101607 | &nbsp;&nbsp;&nbsp; 15841 |
| Class C | &nbsp;&nbsp;&nbsp; 12500 | &nbsp;&nbsp;&nbsp; 7278 | &nbsp;&nbsp;&nbsp; 24797 | &nbsp;&nbsp;&nbsp; 3930 |
| Class I | &nbsp;&nbsp;&nbsp; 209931 | &nbsp;&nbsp;&nbsp; 110177 | &nbsp;&nbsp;&nbsp; 400313 | &nbsp;&nbsp;&nbsp; 112758 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4163 | &nbsp;&nbsp;&nbsp; 803 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11309 | &nbsp;&nbsp;&nbsp; 801 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8888 | &nbsp;&nbsp;&nbsp; 30 |
| Class R5 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 12135 | &nbsp;&nbsp;&nbsp; 1505 |
| Class R6 | &nbsp;&nbsp;&nbsp; 38770 | &nbsp;&nbsp;&nbsp; 8835 | &nbsp;&nbsp;&nbsp; 872004 | &nbsp;&nbsp;&nbsp; 123261 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $19.83 | &nbsp;&nbsp;&nbsp; $20.95 | &nbsp;&nbsp;&nbsp; $78.92 | &nbsp;&nbsp;&nbsp; $21.61 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;19.75 | &nbsp;&nbsp;&nbsp;&nbsp;20.86 | &nbsp;&nbsp;&nbsp;&nbsp;47.97 | &nbsp;&nbsp;&nbsp;&nbsp;20.19 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.85 | &nbsp;&nbsp;&nbsp;&nbsp;20.99 | &nbsp;&nbsp;&nbsp;&nbsp;81.80 | &nbsp;&nbsp;&nbsp;&nbsp;21.02 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;72.83 | &nbsp;&nbsp;&nbsp;&nbsp;21.32 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;79.51 | &nbsp;&nbsp;&nbsp;&nbsp;20.95 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;81.60 | &nbsp;&nbsp;&nbsp;&nbsp;21.65 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.86 | &nbsp;&nbsp;&nbsp;&nbsp;21.01 | &nbsp;&nbsp;&nbsp;&nbsp;85.21 | &nbsp;&nbsp;&nbsp;&nbsp;21.37 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;19.87 | &nbsp;&nbsp;&nbsp;&nbsp;21.01 | &nbsp;&nbsp;&nbsp;&nbsp;86.44 | &nbsp;&nbsp;&nbsp;&nbsp;21.16 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &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; $20.93 | &nbsp;&nbsp;&nbsp; $22.11 | &nbsp;&nbsp;&nbsp; $83.29 | &nbsp;&nbsp;&nbsp; $22.81 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $3324932 | &nbsp;&nbsp;&nbsp; $1646905 | &nbsp;&nbsp;&nbsp; $72174582 | &nbsp;&nbsp;&nbsp; $4712883 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 40022 | &nbsp;&nbsp;&nbsp; 21978 | &nbsp;&nbsp;&nbsp; 1624750 | &nbsp;&nbsp;&nbsp; 63566 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; 80595 | &nbsp;&nbsp;&nbsp; 38756 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 195838 | &nbsp;&nbsp;&nbsp; 24539 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 203259 | &nbsp;&nbsp;&nbsp; 25364 |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; 78970 | &nbsp;&nbsp;&nbsp; 37508 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan U.S.** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. GARP** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Research** <br>**Enhanced** <br>**Equity Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $34205698 | &nbsp;&nbsp;&nbsp; $1958389 | &nbsp;&nbsp;&nbsp; $4233188 | &nbsp;&nbsp;&nbsp; $10884490 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 91580 | &nbsp;&nbsp;&nbsp; 26363 | &nbsp;&nbsp;&nbsp; 52641 | &nbsp;&nbsp;&nbsp; 416385 |
| Investments of cash collateral received from securities loaned, at <br> value (See Note 2.C.) <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5907 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1601 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28282 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 578461 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 147241 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 18899 | &nbsp;&nbsp;&nbsp; 862 | &nbsp;&nbsp;&nbsp; 5135 | &nbsp;&nbsp;&nbsp; 4773 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 20948 | &nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp; 3010 | &nbsp;&nbsp;&nbsp; 7795 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 487 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; — |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 34916036 | &nbsp;&nbsp;&nbsp; 1993650 | &nbsp;&nbsp;&nbsp; 4294202 | &nbsp;&nbsp;&nbsp; 11489456 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Securities sold short, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 776194 | &nbsp;&nbsp;&nbsp; — |
| Dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 14584 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Interest expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; — |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5907 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 562410 | &nbsp;&nbsp;&nbsp; 1777 | &nbsp;&nbsp;&nbsp; 2311 | &nbsp;&nbsp;&nbsp; 534044 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3604 |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 11695 | &nbsp;&nbsp;&nbsp; 447 | &nbsp;&nbsp;&nbsp; 1762 | &nbsp;&nbsp;&nbsp; 1971 |
| Administration fees | &nbsp;&nbsp;&nbsp; 1142 | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 374 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 151 |
| Service fees | &nbsp;&nbsp;&nbsp; 2652 | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 181 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 81 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 88 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 594630 | &nbsp;&nbsp;&nbsp; 8669 | &nbsp;&nbsp;&nbsp; 781793 | &nbsp;&nbsp;&nbsp; 540494 |
| Net Assets | &nbsp;&nbsp;&nbsp; $34321406 | &nbsp;&nbsp;&nbsp; $1984981 | &nbsp;&nbsp;&nbsp; $3512409 | &nbsp;&nbsp;&nbsp; $10948962 |

---

------

(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 Large Cap Funds 61

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF December 31, 2025 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan U.S.**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. GARP**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Large**<br> **Cap Core**<br> **Plus Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Research**<br> **Enhanced**<br>**Equity Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $17826386 | &nbsp;&nbsp;&nbsp; $864096 | &nbsp;&nbsp;&nbsp; $1899411 | &nbsp;&nbsp;&nbsp; $5269790 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 16495020 | &nbsp;&nbsp;&nbsp; 1120885 | &nbsp;&nbsp;&nbsp; 1612998 | &nbsp;&nbsp;&nbsp; 5679172 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $34321406 | &nbsp;&nbsp;&nbsp; $1984981 | &nbsp;&nbsp;&nbsp; $3512409 | &nbsp;&nbsp;&nbsp; $10948962 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $3045354 | &nbsp;&nbsp;&nbsp; $241530 | &nbsp;&nbsp;&nbsp; $384105 | &nbsp;&nbsp;&nbsp; $702527 |
| Class C | &nbsp;&nbsp;&nbsp; 567866 | &nbsp;&nbsp;&nbsp; 13508 | &nbsp;&nbsp;&nbsp; 107610 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 5793418 | &nbsp;&nbsp;&nbsp; 284000 | &nbsp;&nbsp;&nbsp; 2055506 | &nbsp;&nbsp;&nbsp; 1457438 |
| Class L | &nbsp;&nbsp;&nbsp; 4663754 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 313076 | &nbsp;&nbsp;&nbsp; 51862 | &nbsp;&nbsp;&nbsp; 3873 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 293748 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 122179 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 1124324 | &nbsp;&nbsp;&nbsp; 187959 | &nbsp;&nbsp;&nbsp; 51096 | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 18397687 | &nbsp;&nbsp;&nbsp; 1206122 | &nbsp;&nbsp;&nbsp; 910219 | &nbsp;&nbsp;&nbsp; 8788997 |
| Total | &nbsp;&nbsp;&nbsp; $34321406 | &nbsp;&nbsp;&nbsp; $1984981 | &nbsp;&nbsp;&nbsp; $3512409 | &nbsp;&nbsp;&nbsp; $10948962 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 113835 | &nbsp;&nbsp;&nbsp; 2596 | &nbsp;&nbsp;&nbsp; 17349 | &nbsp;&nbsp;&nbsp; 14866 |
| Class C | &nbsp;&nbsp;&nbsp; 22632 | &nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp; 6458 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 215494 | &nbsp;&nbsp;&nbsp; 2942 | &nbsp;&nbsp;&nbsp; 87340 | &nbsp;&nbsp;&nbsp; 30361 |
| Class L | &nbsp;&nbsp;&nbsp; 172953 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 11904 | &nbsp;&nbsp;&nbsp; 589 | &nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 11045 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 4554 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 41667 | &nbsp;&nbsp;&nbsp; 1997 | &nbsp;&nbsp;&nbsp; 2131 | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 679713 | &nbsp;&nbsp;&nbsp; 12817 | &nbsp;&nbsp;&nbsp; 37996 | &nbsp;&nbsp;&nbsp; 183418 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $26.75 | &nbsp;&nbsp;&nbsp; $93.06 | &nbsp;&nbsp;&nbsp; $22.14 | &nbsp;&nbsp;&nbsp; $47.26 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;25.09 | &nbsp;&nbsp;&nbsp;&nbsp;87.48 | &nbsp;&nbsp;&nbsp;&nbsp;16.66 | &nbsp;&nbsp;&nbsp; — |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;26.88 | &nbsp;&nbsp;&nbsp;&nbsp;96.54 | &nbsp;&nbsp;&nbsp;&nbsp;23.53 | &nbsp;&nbsp;&nbsp;&nbsp;48.00 |
| Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;26.97 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;26.30 | &nbsp;&nbsp;&nbsp;&nbsp;87.99 | &nbsp;&nbsp;&nbsp;&nbsp;18.91 | &nbsp;&nbsp;&nbsp; — |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;26.60 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;26.83 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;26.98 | &nbsp;&nbsp;&nbsp;&nbsp;94.13 | &nbsp;&nbsp;&nbsp;&nbsp;23.97 | &nbsp;&nbsp;&nbsp; — |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;27.07 | &nbsp;&nbsp;&nbsp;&nbsp;94.10 | &nbsp;&nbsp;&nbsp;&nbsp;23.96 | &nbsp;&nbsp;&nbsp;&nbsp;47.92 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $28.23 | &nbsp;&nbsp;&nbsp; $98.22 | &nbsp;&nbsp;&nbsp; $23.37 | &nbsp;&nbsp;&nbsp; $49.88 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $17849847 | &nbsp;&nbsp;&nbsp; $850155 | &nbsp;&nbsp;&nbsp; $2592452 | &nbsp;&nbsp;&nbsp; $5399260 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 91580 | &nbsp;&nbsp;&nbsp; 26362 | &nbsp;&nbsp;&nbsp; 52637 | &nbsp;&nbsp;&nbsp; 416373 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5753 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5907 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Proceeds from securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 774356 | &nbsp;&nbsp;&nbsp; — |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Sustainable** <br>**Leaders Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Value** <br>**Fund**  |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $295964 | &nbsp;&nbsp;&nbsp; $6451370 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 6365 | &nbsp;&nbsp;&nbsp; 28076 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5078 |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 3034 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 6279 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 111 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
| Total Assets | &nbsp;&nbsp;&nbsp; 302962 | &nbsp;&nbsp;&nbsp; 6493982 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5078 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; 8236 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 2049 |
| Administration fees | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 309 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 412 |
| Service fees | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 931 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 52 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Other | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 175 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 17243 |
| Net Assets | &nbsp;&nbsp;&nbsp; $302562 | &nbsp;&nbsp;&nbsp; $6476739 |

---

------

(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 Large Cap Funds 63

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF December 31, 2025 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Sustainable**<br> **Leaders Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Value**<br>**Fund**  |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $219507 | &nbsp;&nbsp;&nbsp; $4461559 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 83055 | &nbsp;&nbsp;&nbsp; 2015180 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $302562 | &nbsp;&nbsp;&nbsp; $6476739 |
| Net Assets: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $114251 | &nbsp;&nbsp;&nbsp; $1557398 |
| Class C | &nbsp;&nbsp;&nbsp; 4622 | &nbsp;&nbsp;&nbsp; 116723 |
| Class I | &nbsp;&nbsp;&nbsp; 105861 | &nbsp;&nbsp;&nbsp; 2716093 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7055 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14667 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4808 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8974 |
| Class R6 | &nbsp;&nbsp;&nbsp; 77828 | &nbsp;&nbsp;&nbsp; 2051021 |
| Total | &nbsp;&nbsp;&nbsp; $302562 | &nbsp;&nbsp;&nbsp; $6476739 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1433 | &nbsp;&nbsp;&nbsp; 18599 |
| Class C | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 1605 |
| Class I | &nbsp;&nbsp;&nbsp; 1313 | &nbsp;&nbsp;&nbsp; 30270 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 84 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 164 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 54 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 99 |
| Class R6 | &nbsp;&nbsp;&nbsp; 966 | &nbsp;&nbsp;&nbsp; 22645 |
| Net Asset Value (a): |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $79.73 | &nbsp;&nbsp;&nbsp; $83.74 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;77.86 | &nbsp;&nbsp;&nbsp;&nbsp;72.69 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;80.62 | &nbsp;&nbsp;&nbsp;&nbsp;89.73 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;83.89 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;89.44 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;89.73 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;90.53 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;80.59 | &nbsp;&nbsp;&nbsp;&nbsp;90.57 |
| 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; $84.15 | &nbsp;&nbsp;&nbsp; $88.38 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $212661 | &nbsp;&nbsp;&nbsp; $4495950 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 6364 | &nbsp;&nbsp;&nbsp; 28076 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4917 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5078 |

---

------

(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;

64 J.P. Morgan Large 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>**Equity Income** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Index** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Equity Premium** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp; $65 | &nbsp;&nbsp;&nbsp; $212808 | &nbsp;&nbsp;&nbsp; $298 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 487230 | &nbsp;&nbsp;&nbsp; 70041 | &nbsp;&nbsp;&nbsp; 42287 | &nbsp;&nbsp;&nbsp; 119268 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 4163 | &nbsp;&nbsp;&nbsp; 2393 | &nbsp;&nbsp;&nbsp; 509 | &nbsp;&nbsp;&nbsp; 3476 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 491397 | &nbsp;&nbsp;&nbsp; 72510 | &nbsp;&nbsp;&nbsp; 255698 | &nbsp;&nbsp;&nbsp; 123042 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 87899 | &nbsp;&nbsp;&nbsp; 2459 | &nbsp;&nbsp;&nbsp; 7887 | &nbsp;&nbsp;&nbsp; 26808 |
| Administration fees | &nbsp;&nbsp;&nbsp; 7873 | &nbsp;&nbsp;&nbsp; 4339 | &nbsp;&nbsp;&nbsp; 2366 | &nbsp;&nbsp;&nbsp; 6466 |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5977 | &nbsp;&nbsp;&nbsp; 1392 | &nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp; 1862 |
| Class C | &nbsp;&nbsp;&nbsp; 2211 | &nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp; 1266 | &nbsp;&nbsp;&nbsp; 2271 |
| Class R2 | &nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5977 | &nbsp;&nbsp;&nbsp; 1392 | &nbsp;&nbsp;&nbsp; 715 | &nbsp;&nbsp;&nbsp; 1862 |
| Class C | &nbsp;&nbsp;&nbsp; 737 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp; 757 |
| Class I | &nbsp;&nbsp;&nbsp; 19321 | &nbsp;&nbsp;&nbsp; 1923 | &nbsp;&nbsp;&nbsp; 5504 | &nbsp;&nbsp;&nbsp; 21464 |
| Class R2 | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 2 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 645 | &nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 322 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| Professional fees | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 98 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 37 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 1082 | &nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp; 381 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 300 |
| Transfer agency fees (See Note 2.K.) | &nbsp;&nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 128 |
| Other | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 73 |
| Total expenses | &nbsp;&nbsp;&nbsp; 133857 | &nbsp;&nbsp;&nbsp; 12489 | &nbsp;&nbsp;&nbsp; 19466 | &nbsp;&nbsp;&nbsp; 62831 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (101)<br>| &nbsp;&nbsp;&nbsp; (5863)<br>| &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (191)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 133756 | &nbsp;&nbsp;&nbsp; 6596 | &nbsp;&nbsp;&nbsp; 19450 | &nbsp;&nbsp;&nbsp; 62640 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 357641 | &nbsp;&nbsp;&nbsp; 65914 | &nbsp;&nbsp;&nbsp; 236248 | &nbsp;&nbsp;&nbsp; 60402 |

---

------

(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 Large Cap Funds 65

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited) (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Equity Income**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Equity Index**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Equity Premium**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br>**Equity Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $2679239 | &nbsp;&nbsp;&nbsp; $32775 | &nbsp;&nbsp;&nbsp; $(12102)<br>| &nbsp;&nbsp;&nbsp; $1117105 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 2703 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (586928)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5341 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18080 |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (50087)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 2679315 | &nbsp;&nbsp;&nbsp; 40819 | &nbsp;&nbsp;&nbsp; (12097)<br>| &nbsp;&nbsp;&nbsp; 498170 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 300220 | &nbsp;&nbsp;&nbsp; 1130043 | &nbsp;&nbsp;&nbsp; 102353 | &nbsp;&nbsp;&nbsp; 901221 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; 16741 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4442)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1037)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1226)<br>|
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 426 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 300213 | &nbsp;&nbsp;&nbsp; 1145747 | &nbsp;&nbsp;&nbsp; 102353 | &nbsp;&nbsp;&nbsp; 895979 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 2979528 | &nbsp;&nbsp;&nbsp; 1186566 | &nbsp;&nbsp;&nbsp; 90256 | &nbsp;&nbsp;&nbsp; 1394149 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $3337169 | &nbsp;&nbsp;&nbsp; $1252480 | &nbsp;&nbsp;&nbsp; $326504 | &nbsp;&nbsp;&nbsp; $1454551 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity 2 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Hedged** <br>**Equity 3 Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Large Cap** <br>**Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Large Cap** <br>**Value Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $100 | &nbsp;&nbsp;&nbsp; $64 | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp; $136 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 30136 | &nbsp;&nbsp;&nbsp; 16131 | &nbsp;&nbsp;&nbsp; 316317 | &nbsp;&nbsp;&nbsp; 48520 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 1312 | &nbsp;&nbsp;&nbsp; 672 | &nbsp;&nbsp;&nbsp; 43202 | &nbsp;&nbsp;&nbsp; 1771 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; 84 |
| Total investment income | &nbsp;&nbsp;&nbsp; 31548 | &nbsp;&nbsp;&nbsp; 16867 | &nbsp;&nbsp;&nbsp; 359674 | &nbsp;&nbsp;&nbsp; 50511 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 6723 | &nbsp;&nbsp;&nbsp; 3614 | &nbsp;&nbsp;&nbsp; 274890 | &nbsp;&nbsp;&nbsp; 10736 |
| Administration fees | &nbsp;&nbsp;&nbsp; 2017 | &nbsp;&nbsp;&nbsp; 1084 | &nbsp;&nbsp;&nbsp; 11772 | &nbsp;&nbsp;&nbsp; 2013 |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; 10253 | &nbsp;&nbsp;&nbsp; 418 |
| Class C | &nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp; 4559 | &nbsp;&nbsp;&nbsp; 291 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 760 | &nbsp;&nbsp;&nbsp; 44 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1113 | &nbsp;&nbsp;&nbsp; 20 |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; 10253 | &nbsp;&nbsp;&nbsp; 418 |
| Class C | &nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp; 1520 | &nbsp;&nbsp;&nbsp; 97 |
| Class I | &nbsp;&nbsp;&nbsp; 5430 | &nbsp;&nbsp;&nbsp; 2971 | &nbsp;&nbsp;&nbsp; 40702 | &nbsp;&nbsp;&nbsp; 2991 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp; 22 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1113 | &nbsp;&nbsp;&nbsp; 20 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 932 | &nbsp;&nbsp;&nbsp; 1 |
| Class R5 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp; 17 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 1628 | &nbsp;&nbsp;&nbsp; 84 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Professional fees | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp; 54 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp; 19 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 1535 | &nbsp;&nbsp;&nbsp; 153 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp; 58 |
| Transfer agency fees (See Note 2.K.) | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 882 | &nbsp;&nbsp;&nbsp; 60 |
| Other | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp; 23 |
| Total expenses | &nbsp;&nbsp;&nbsp; 16573 | &nbsp;&nbsp;&nbsp; 9182 | &nbsp;&nbsp;&nbsp; 364261 | &nbsp;&nbsp;&nbsp; 17539 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp; (24190)<br>| &nbsp;&nbsp;&nbsp; (1427)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (181)<br>| &nbsp;&nbsp;&nbsp; (12)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 16539 | &nbsp;&nbsp;&nbsp; 9157 | &nbsp;&nbsp;&nbsp; 339890 | &nbsp;&nbsp;&nbsp; 16100 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 15009 | &nbsp;&nbsp;&nbsp; 7710 | &nbsp;&nbsp;&nbsp; 19784 | &nbsp;&nbsp;&nbsp; 34411 |

---

------

(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 Large Cap Funds 67

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited) (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br> **Equity 2 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Hedged**<br> **Equity 3 Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Large Cap**<br> **Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Large Cap**<br>**Value Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $305412 | &nbsp;&nbsp;&nbsp; $237600 | &nbsp;&nbsp;&nbsp; $8305981 | &nbsp;&nbsp;&nbsp; $497738 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; 9 |
| Options purchased | &nbsp;&nbsp;&nbsp; (185754)<br>| &nbsp;&nbsp;&nbsp; (86603)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; (3179)<br>| &nbsp;&nbsp;&nbsp; 2801 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; (379787)<br>| &nbsp;&nbsp;&nbsp; (88851)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (263308)<br>| &nbsp;&nbsp;&nbsp; 64947 | &nbsp;&nbsp;&nbsp; 8306333 | &nbsp;&nbsp;&nbsp; 497747 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 219742 | &nbsp;&nbsp;&nbsp; 43129 | &nbsp;&nbsp;&nbsp; 12488 | &nbsp;&nbsp;&nbsp; 31768 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp; (6)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; 43734 | &nbsp;&nbsp;&nbsp; 20005 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; (1280)<br>| &nbsp;&nbsp;&nbsp; (1013)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; 282805 | &nbsp;&nbsp;&nbsp; 65955 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 545001 | &nbsp;&nbsp;&nbsp; 128076 | &nbsp;&nbsp;&nbsp; 12647 | &nbsp;&nbsp;&nbsp; 31762 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 281693 | &nbsp;&nbsp;&nbsp; 193023 | &nbsp;&nbsp;&nbsp; 8318980 | &nbsp;&nbsp;&nbsp; 529509 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $296702 | &nbsp;&nbsp;&nbsp; $200733 | &nbsp;&nbsp;&nbsp; $8338764 | &nbsp;&nbsp;&nbsp; $563920 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan U.S.** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. GARP** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Research** <br>**Enhanced** <br>**Equity Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $47 | &nbsp;&nbsp;&nbsp; $29 | &nbsp;&nbsp;&nbsp; $26 | &nbsp;&nbsp;&nbsp; $128 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 176503 | &nbsp;&nbsp;&nbsp; 5760 | &nbsp;&nbsp;&nbsp; 25313 | &nbsp;&nbsp;&nbsp; 64168 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 3260 | &nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; 886 | &nbsp;&nbsp;&nbsp; 1821 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 179819 | &nbsp;&nbsp;&nbsp; 6117 | &nbsp;&nbsp;&nbsp; 26225 | &nbsp;&nbsp;&nbsp; 66117 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 69582 | &nbsp;&nbsp;&nbsp; 2949 | &nbsp;&nbsp;&nbsp; 11392 | &nbsp;&nbsp;&nbsp; 14429 |
| Administration fees | &nbsp;&nbsp;&nbsp; 7430 | &nbsp;&nbsp;&nbsp; 737 | &nbsp;&nbsp;&nbsp; 1315 | &nbsp;&nbsp;&nbsp; 4147 |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3840 | &nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp; 846 |
| Class C | &nbsp;&nbsp;&nbsp; 2129 | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 812 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 3840 | &nbsp;&nbsp;&nbsp; 292 | &nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp; 846 |
| Class C | &nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 7327 | &nbsp;&nbsp;&nbsp; 397 | &nbsp;&nbsp;&nbsp; 2610 | &nbsp;&nbsp;&nbsp; 1744 |
| Class L | &nbsp;&nbsp;&nbsp; 2213 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 601 | &nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; — |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 481 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; 167 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Professional fees | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 64 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 25 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 113 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 178 |
| Transfer agency fees (See Note 2.K.) | &nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 68 |
| Dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8571 | &nbsp;&nbsp;&nbsp; — |
| Interest expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2161 | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 48 |
| Total expenses | &nbsp;&nbsp;&nbsp; 101773 | &nbsp;&nbsp;&nbsp; 5245 | &nbsp;&nbsp;&nbsp; 27918 | &nbsp;&nbsp;&nbsp; 22675 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (2404)<br>| &nbsp;&nbsp;&nbsp; (561)<br>| &nbsp;&nbsp;&nbsp; (4250)<br>| &nbsp;&nbsp;&nbsp; (6383)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (115)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 99254 | &nbsp;&nbsp;&nbsp; 4684 | &nbsp;&nbsp;&nbsp; 23668 | &nbsp;&nbsp;&nbsp; 16292 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 80565 | &nbsp;&nbsp;&nbsp; 1433 | &nbsp;&nbsp;&nbsp; 2557 | &nbsp;&nbsp;&nbsp; 49825 |

---

------

(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 Large Cap Funds 69

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited) (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan U.S.**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. GARP**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Large**<br> **Cap Core**<br> **Plus Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Research**<br> **Enhanced**<br>**Equity Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1286539 | &nbsp;&nbsp;&nbsp; $61298 | &nbsp;&nbsp;&nbsp; $137573 | &nbsp;&nbsp;&nbsp; $467902 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 16 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 2930 | &nbsp;&nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp; 2099 | &nbsp;&nbsp;&nbsp; 7112 |
| Securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (38118)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 1289507 | &nbsp;&nbsp;&nbsp; 62028 | &nbsp;&nbsp;&nbsp; 101563 | &nbsp;&nbsp;&nbsp; 475030 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 1608667 | &nbsp;&nbsp;&nbsp; 180120 | &nbsp;&nbsp;&nbsp; 195812 | &nbsp;&nbsp;&nbsp; 609255 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 5 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (287)<br>| &nbsp;&nbsp;&nbsp; (1581)<br>| &nbsp;&nbsp;&nbsp; (512)<br>|
| Securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2437)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 1608639 | &nbsp;&nbsp;&nbsp; 179833 | &nbsp;&nbsp;&nbsp; 191795 | &nbsp;&nbsp;&nbsp; 608748 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 2898146 | &nbsp;&nbsp;&nbsp; 241861 | &nbsp;&nbsp;&nbsp; 293358 | &nbsp;&nbsp;&nbsp; 1083778 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $2978711 | &nbsp;&nbsp;&nbsp; $243294 | &nbsp;&nbsp;&nbsp; $295915 | &nbsp;&nbsp;&nbsp; $1133603 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Sustainable** <br>**Leaders Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Value** <br>**Fund**  |
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $16 | &nbsp;&nbsp;&nbsp; $9 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 1466 | &nbsp;&nbsp;&nbsp; 60307 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 1518 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 |
| Total investment income | &nbsp;&nbsp;&nbsp; 1614 | &nbsp;&nbsp;&nbsp; 61844 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp; 13036 |
| Administration fees | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 2444 |
| Distribution fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 1913 |
| Class C | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 440 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18 |
| Service fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp; 1913 |
| Class C | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 147 |
| Class I | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 3486 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 98 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Professional fees | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 55 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 20 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 128 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 121 |
| Transfer agency fees (See Note 2.K.) | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 127 |
| Other | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 27 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1113 | &nbsp;&nbsp;&nbsp; 24029 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (395)<br>| &nbsp;&nbsp;&nbsp; (1733)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 718 | &nbsp;&nbsp;&nbsp; 22277 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp; 39567 |

---

------

(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 Large Cap Funds 71

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited) (continued)

(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Sustainable**<br> **Leaders Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Value**<br>**Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $10543 | &nbsp;&nbsp;&nbsp; $165242 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 19 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 10927 | &nbsp;&nbsp;&nbsp; 165261 |
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 14485 | &nbsp;&nbsp;&nbsp; 326023 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (2)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 14435 | &nbsp;&nbsp;&nbsp; 326021 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 25362 | &nbsp;&nbsp;&nbsp; 491282 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $26258 | &nbsp;&nbsp;&nbsp; $530849 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72 J.P. Morgan Large Cap Funds 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 Equity Income Fund**  | **JPMorgan Equity Income Fund**  | **JPMorgan Equity Index Fund**  | **JPMorgan Equity Index 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; $357641 | &nbsp;&nbsp;&nbsp; $838565 | &nbsp;&nbsp;&nbsp; $65914 | &nbsp;&nbsp;&nbsp; $133624 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 2679315 | &nbsp;&nbsp;&nbsp; 3632012 | &nbsp;&nbsp;&nbsp; 40819 | &nbsp;&nbsp;&nbsp; 89603 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 300213 | &nbsp;&nbsp;&nbsp; 1251891 | &nbsp;&nbsp;&nbsp; 1145747 | &nbsp;&nbsp;&nbsp; 1328868 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 3337169 | &nbsp;&nbsp;&nbsp; 5722468 | &nbsp;&nbsp;&nbsp; 1252480 | &nbsp;&nbsp;&nbsp; 1552095 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (446082)<br>| &nbsp;&nbsp;&nbsp; (350071)<br>| &nbsp;&nbsp;&nbsp; (6290)<br>| &nbsp;&nbsp;&nbsp; (8784)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (52442)<br>| &nbsp;&nbsp;&nbsp; (51812)<br>| &nbsp;&nbsp;&nbsp; (200)<br>| &nbsp;&nbsp;&nbsp; (225)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (1410681)<br>| &nbsp;&nbsp;&nbsp; (1213461)<br>| &nbsp;&nbsp;&nbsp; (10763)<br>| &nbsp;&nbsp;&nbsp; (15600)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (7865)<br>| &nbsp;&nbsp;&nbsp; (7022)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; (13632)<br>| &nbsp;&nbsp;&nbsp; (13098)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; (9976)<br>| &nbsp;&nbsp;&nbsp; (12783)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; (54031)<br>| &nbsp;&nbsp;&nbsp; (65204)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; (2041706)<br>| &nbsp;&nbsp;&nbsp; (1755520)<br>| &nbsp;&nbsp;&nbsp; (74145)<br>| &nbsp;&nbsp;&nbsp; (108455)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (4036415)<br>| &nbsp;&nbsp;&nbsp; (3468971)<br>| &nbsp;&nbsp;&nbsp; (91398)<br>| &nbsp;&nbsp;&nbsp; (133064)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (183927)<br>| &nbsp;&nbsp;&nbsp; (2984260)<br>| &nbsp;&nbsp;&nbsp; 121027 | &nbsp;&nbsp;&nbsp; (345226)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (883173)<br>| &nbsp;&nbsp;&nbsp; (730763)<br>| &nbsp;&nbsp;&nbsp; 1282109 | &nbsp;&nbsp;&nbsp; 1073805 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 43836022 | &nbsp;&nbsp;&nbsp; 44566785 | &nbsp;&nbsp;&nbsp; 11412730 | &nbsp;&nbsp;&nbsp; 10338925 |
| End of period | &nbsp;&nbsp;&nbsp; $42952849 | &nbsp;&nbsp;&nbsp; $43836022 | &nbsp;&nbsp;&nbsp; $12694839 | &nbsp;&nbsp;&nbsp; $11412730 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 73

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Premium** <br>**Income Fund**  | **JPMorgan Equity Premium** <br>**Income Fund**  | **JPMorgan Hedged Equity Fund**  | **JPMorgan Hedged Equity Fund**  |
|  | &nbsp;&nbsp; **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; $236248 | &nbsp;&nbsp;&nbsp; $517398 | &nbsp;&nbsp;&nbsp; $60402 | &nbsp;&nbsp;&nbsp; $158468 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (12097)<br>| &nbsp;&nbsp;&nbsp; (100504)<br>| &nbsp;&nbsp;&nbsp; 498170 | &nbsp;&nbsp;&nbsp; 57036 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 102353 | &nbsp;&nbsp;&nbsp; 87958 | &nbsp;&nbsp;&nbsp; 895979 | &nbsp;&nbsp;&nbsp; 1200961 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 326504 | &nbsp;&nbsp;&nbsp; 504852 | &nbsp;&nbsp;&nbsp; 1454551 | &nbsp;&nbsp;&nbsp; 1416465 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (20882)<br>| &nbsp;&nbsp;&nbsp; (44323)<br>| &nbsp;&nbsp;&nbsp; (3317)<br>| &nbsp;&nbsp;&nbsp; (7480)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (11498)<br>| &nbsp;&nbsp;&nbsp; (23497)<br>| &nbsp;&nbsp;&nbsp; (45)<br>| &nbsp;&nbsp;&nbsp; (387)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (166283)<br>| &nbsp;&nbsp;&nbsp; (356815)<br>| &nbsp;&nbsp;&nbsp; (58926)<br>| &nbsp;&nbsp;&nbsp; (126088)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp; (40)<br>| &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; (42)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (38859)<br>| &nbsp;&nbsp;&nbsp; (93384)<br>| &nbsp;&nbsp;&nbsp; (10409)<br>| &nbsp;&nbsp;&nbsp; (21402)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (237540)<br>| &nbsp;&nbsp;&nbsp; (518059)<br>| &nbsp;&nbsp;&nbsp; (72711)<br>| &nbsp;&nbsp;&nbsp; (155399)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (400164)<br>| &nbsp;&nbsp;&nbsp; 182010 | &nbsp;&nbsp;&nbsp; (1109457)<br>| &nbsp;&nbsp;&nbsp; 104501 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (311200)<br>| &nbsp;&nbsp;&nbsp; 168803 | &nbsp;&nbsp;&nbsp; 272383 | &nbsp;&nbsp;&nbsp; 1365567 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 6395461 | &nbsp;&nbsp;&nbsp; 6226658 | &nbsp;&nbsp;&nbsp; 21057017 | &nbsp;&nbsp;&nbsp; 19691450 |
| End of period | &nbsp;&nbsp;&nbsp; $6084261 | &nbsp;&nbsp;&nbsp; $6395461 | &nbsp;&nbsp;&nbsp; $21329400 | &nbsp;&nbsp;&nbsp; $21057017 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity 2 Fund**  | **JPMorgan Hedged Equity 2 Fund**  | **JPMorgan Hedged Equity 3 Fund**  | **JPMorgan Hedged Equity 3 Fund**  |
|  | &nbsp;&nbsp; **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>| **Year Ended** <br>**June 30, 2025**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $15009 | &nbsp;&nbsp;&nbsp; $38679 | &nbsp;&nbsp;&nbsp; $7710 | &nbsp;&nbsp;&nbsp; $22591 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (263308)<br>| &nbsp;&nbsp;&nbsp; 132040 | &nbsp;&nbsp;&nbsp; 64947 | &nbsp;&nbsp;&nbsp; 68173 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 545001 | &nbsp;&nbsp;&nbsp; 215751 | &nbsp;&nbsp;&nbsp; 128076 | &nbsp;&nbsp;&nbsp; 152796 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 296702 | &nbsp;&nbsp;&nbsp; 386470 | &nbsp;&nbsp;&nbsp; 200733 | &nbsp;&nbsp;&nbsp; 243560 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (533)<br>| &nbsp;&nbsp;&nbsp; (1231)<br>| &nbsp;&nbsp;&nbsp; (370)<br>| &nbsp;&nbsp;&nbsp; (654)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (68)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (14624)<br>| &nbsp;&nbsp;&nbsp; (30799)<br>| &nbsp;&nbsp;&nbsp; (8269)<br>| &nbsp;&nbsp;&nbsp; (17571)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2775)<br>| &nbsp;&nbsp;&nbsp; (5788)<br>| &nbsp;&nbsp;&nbsp; (888)<br>| &nbsp;&nbsp;&nbsp; (3828)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (17944)<br>| &nbsp;&nbsp;&nbsp; (37967)<br>| &nbsp;&nbsp;&nbsp; (9542)<br>| &nbsp;&nbsp;&nbsp; (22121)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (41876)<br>| &nbsp;&nbsp;&nbsp; 87975 | &nbsp;&nbsp;&nbsp; (607917)<br>| &nbsp;&nbsp;&nbsp; 95306 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 236882 | &nbsp;&nbsp;&nbsp; 436478 | &nbsp;&nbsp;&nbsp; (416726)<br>| &nbsp;&nbsp;&nbsp; 316745 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 5189018 | &nbsp;&nbsp;&nbsp; 4752540 | &nbsp;&nbsp;&nbsp; 3223591 | &nbsp;&nbsp;&nbsp; 2906846 |
| End of period | &nbsp;&nbsp;&nbsp; $5425900 | &nbsp;&nbsp;&nbsp; $5189018 | &nbsp;&nbsp;&nbsp; $2806865 | &nbsp;&nbsp;&nbsp; $3223591 |

---

------

(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 Large Cap Funds 75

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Growth Fund**  | **JPMorgan Large Cap Growth Fund**  | **JPMorgan Large Cap Value Fund**  | **JPMorgan Large Cap Value Fund**  |
|  | &nbsp;&nbsp; **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; $19784 | &nbsp;&nbsp;&nbsp; $293567 | &nbsp;&nbsp;&nbsp; $34411 | &nbsp;&nbsp;&nbsp; $70401 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 8306333 | &nbsp;&nbsp;&nbsp; 8078400 | &nbsp;&nbsp;&nbsp; 497747 | &nbsp;&nbsp;&nbsp; 266675 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 12647 | &nbsp;&nbsp;&nbsp; 6169405 | &nbsp;&nbsp;&nbsp; 31762 | &nbsp;&nbsp;&nbsp; 249089 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 8338764 | &nbsp;&nbsp;&nbsp; 14541372 | &nbsp;&nbsp;&nbsp; 563920 | &nbsp;&nbsp;&nbsp; 586165 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (861124)<br>| &nbsp;&nbsp;&nbsp; (73377)<br>| &nbsp;&nbsp;&nbsp; (23126)<br>| &nbsp;&nbsp;&nbsp; (30009)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (198124)<br>| &nbsp;&nbsp;&nbsp; (15893)<br>| &nbsp;&nbsp;&nbsp; (5544)<br>| &nbsp;&nbsp;&nbsp; (8026)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (3428450)<br>| &nbsp;&nbsp;&nbsp; (254318)<br>| &nbsp;&nbsp;&nbsp; (177142)<br>| &nbsp;&nbsp;&nbsp; (229234)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (34388)<br>| &nbsp;&nbsp;&nbsp; (2693)<br>| &nbsp;&nbsp;&nbsp; (1146)<br>| &nbsp;&nbsp;&nbsp; (1495)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (92815)<br>| &nbsp;&nbsp;&nbsp; (7938)<br>| &nbsp;&nbsp;&nbsp; (1162)<br>| &nbsp;&nbsp;&nbsp; (1406)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (74917)<br>| &nbsp;&nbsp;&nbsp; (7545)<br>| &nbsp;&nbsp;&nbsp; (68)<br>| &nbsp;&nbsp;&nbsp; (171)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (104273)<br>| &nbsp;&nbsp;&nbsp; (10307)<br>| &nbsp;&nbsp;&nbsp; (2409)<br>| &nbsp;&nbsp;&nbsp; (3551)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (7610503)<br>| &nbsp;&nbsp;&nbsp; (770115)<br>| &nbsp;&nbsp;&nbsp; (185921)<br>| &nbsp;&nbsp;&nbsp; (224967)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (12404594)<br>| &nbsp;&nbsp;&nbsp; (1142186)<br>| &nbsp;&nbsp;&nbsp; (396518)<br>| &nbsp;&nbsp;&nbsp; (498859)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 10295288 | &nbsp;&nbsp;&nbsp; 6585164 | &nbsp;&nbsp;&nbsp; 249384 | &nbsp;&nbsp;&nbsp; 722622 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 6229458 | &nbsp;&nbsp;&nbsp; 19984350 | &nbsp;&nbsp;&nbsp; 416786 | &nbsp;&nbsp;&nbsp; 809928 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 114064398 | &nbsp;&nbsp;&nbsp; 94080048 | &nbsp;&nbsp;&nbsp; 5050019 | &nbsp;&nbsp;&nbsp; 4240091 |
| End of period | &nbsp;&nbsp;&nbsp; $120293856 | &nbsp;&nbsp;&nbsp; $114064398 | &nbsp;&nbsp;&nbsp; $5466805 | &nbsp;&nbsp;&nbsp; $5050019 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Equity Fund**  | **JPMorgan U.S. Equity Fund**  | **JPMorgan U.S. GARP Equity Fund**  | **JPMorgan U.S. GARP Equity Fund**  |
|  | &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; $80565 | &nbsp;&nbsp;&nbsp; $190689 | &nbsp;&nbsp;&nbsp; $1433 | &nbsp;&nbsp;&nbsp; $4970 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 1289507 | &nbsp;&nbsp;&nbsp; 1056495 | &nbsp;&nbsp;&nbsp; 62028 | &nbsp;&nbsp;&nbsp; 124902 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 1608639 | &nbsp;&nbsp;&nbsp; 2378950 | &nbsp;&nbsp;&nbsp; 179833 | &nbsp;&nbsp;&nbsp; 108805 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 2978711 | &nbsp;&nbsp;&nbsp; 3626134 | &nbsp;&nbsp;&nbsp; 243294 | &nbsp;&nbsp;&nbsp; 238677 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (158428)<br>| &nbsp;&nbsp;&nbsp; (160572)<br>| &nbsp;&nbsp;&nbsp; (17172)<br>| &nbsp;&nbsp;&nbsp; (10778)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (30853)<br>| &nbsp;&nbsp;&nbsp; (29799)<br>| &nbsp;&nbsp;&nbsp; (994)<br>| &nbsp;&nbsp;&nbsp; (683)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (307115)<br>| &nbsp;&nbsp;&nbsp; (325048)<br>| &nbsp;&nbsp;&nbsp; (19877)<br>| &nbsp;&nbsp;&nbsp; (11444)<br>|
| Class L | &nbsp;&nbsp;&nbsp; (251335)<br>| &nbsp;&nbsp;&nbsp; (222450)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; (16386)<br>| &nbsp;&nbsp;&nbsp; (17541)<br>| &nbsp;&nbsp;&nbsp; (3844)<br>| &nbsp;&nbsp;&nbsp; (2874)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (15462)<br>| &nbsp;&nbsp;&nbsp; (14448)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; (6465)<br>| &nbsp;&nbsp;&nbsp; (6843)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; (60739)<br>| &nbsp;&nbsp;&nbsp; (78964)<br>| &nbsp;&nbsp;&nbsp; (13346)<br>| &nbsp;&nbsp;&nbsp; (9189)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1017876)<br>| &nbsp;&nbsp;&nbsp; (1064602)<br>| &nbsp;&nbsp;&nbsp; (87351)<br>| &nbsp;&nbsp;&nbsp; (57887)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (1864659)<br>| &nbsp;&nbsp;&nbsp; (1920267)<br>| &nbsp;&nbsp;&nbsp; (142584)<br>| &nbsp;&nbsp;&nbsp; (92855)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1028617 | &nbsp;&nbsp;&nbsp; 659457 | &nbsp;&nbsp;&nbsp; 12806 | &nbsp;&nbsp;&nbsp; 211261 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 2142669 | &nbsp;&nbsp;&nbsp; 2365324 | &nbsp;&nbsp;&nbsp; 113516 | &nbsp;&nbsp;&nbsp; 357083 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 32178737 | &nbsp;&nbsp;&nbsp; 29813413 | &nbsp;&nbsp;&nbsp; 1871465 | &nbsp;&nbsp;&nbsp; 1514382 |
| End of period | &nbsp;&nbsp;&nbsp; $34321406 | &nbsp;&nbsp;&nbsp; $32178737 | &nbsp;&nbsp;&nbsp; $1984981 | &nbsp;&nbsp;&nbsp; $1871465 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 77

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Large Cap Core Plus Fund**  | **JPMorgan U.S. Large Cap Core Plus Fund**  | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund**  | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund**  |
|  | &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; $2557 | &nbsp;&nbsp;&nbsp; $5609 | &nbsp;&nbsp;&nbsp; $49825 | &nbsp;&nbsp;&nbsp; $110033 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 101563 | &nbsp;&nbsp;&nbsp; 47824 | &nbsp;&nbsp;&nbsp; 475030 | &nbsp;&nbsp;&nbsp; 488124 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 191795 | &nbsp;&nbsp;&nbsp; 280250 | &nbsp;&nbsp;&nbsp; 608748 | &nbsp;&nbsp;&nbsp; 722307 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 295915 | &nbsp;&nbsp;&nbsp; 333683 | &nbsp;&nbsp;&nbsp; 1133603 | &nbsp;&nbsp;&nbsp; 1320464 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (11075)<br>| &nbsp;&nbsp;&nbsp; (22370)<br>| &nbsp;&nbsp;&nbsp; (35107)<br>| &nbsp;&nbsp;&nbsp; (11151)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (4071)<br>| &nbsp;&nbsp;&nbsp; (6307)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; (59864)<br>| &nbsp;&nbsp;&nbsp; (107912)<br>| &nbsp;&nbsp;&nbsp; (71908)<br>| &nbsp;&nbsp;&nbsp; (70693)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (131)<br>| &nbsp;&nbsp;&nbsp; (592)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; (1465)<br>| &nbsp;&nbsp;&nbsp; (2791)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; (26558)<br>| &nbsp;&nbsp;&nbsp; (35849)<br>| &nbsp;&nbsp;&nbsp; (471267)<br>| &nbsp;&nbsp;&nbsp; (531861)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (103164)<br>| &nbsp;&nbsp;&nbsp; (175821)<br>| &nbsp;&nbsp;&nbsp; (578282)<br>| &nbsp;&nbsp;&nbsp; (613705)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (18576)<br>| &nbsp;&nbsp;&nbsp; 792132 | &nbsp;&nbsp;&nbsp; (638897)<br>| &nbsp;&nbsp;&nbsp; 954145 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 174175 | &nbsp;&nbsp;&nbsp; 949994 | &nbsp;&nbsp;&nbsp; (83576)<br>| &nbsp;&nbsp;&nbsp; 1660904 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 3338234 | &nbsp;&nbsp;&nbsp; 2388240 | &nbsp;&nbsp;&nbsp; 11032538 | &nbsp;&nbsp;&nbsp; 9371634 |
| End of period | &nbsp;&nbsp;&nbsp; $3512409 | &nbsp;&nbsp;&nbsp; $3338234 | &nbsp;&nbsp;&nbsp; $10948962 | &nbsp;&nbsp;&nbsp; $11032538 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Sustainable Leaders Fund**  | **JPMorgan U.S. Sustainable Leaders Fund**  | **JPMorgan U.S. Value Fund**  | **JPMorgan U.S. Value Fund**  |
|  | &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; $896 | &nbsp;&nbsp;&nbsp; $1671 | &nbsp;&nbsp;&nbsp; $39567 | &nbsp;&nbsp;&nbsp; $84400 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 10927 | &nbsp;&nbsp;&nbsp; 31960 | &nbsp;&nbsp;&nbsp; 165261 | &nbsp;&nbsp;&nbsp; 203528 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 14435 | &nbsp;&nbsp;&nbsp; (4942)<br>| &nbsp;&nbsp;&nbsp; 326021 | &nbsp;&nbsp;&nbsp; 368897 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 26258 | &nbsp;&nbsp;&nbsp; 28689 | &nbsp;&nbsp;&nbsp; 530849 | &nbsp;&nbsp;&nbsp; 656825 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (10239)<br>| &nbsp;&nbsp;&nbsp; (369)<br>| &nbsp;&nbsp;&nbsp; (70526)<br>| &nbsp;&nbsp;&nbsp; (37003)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (402)<br>| &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (5848)<br>| &nbsp;&nbsp;&nbsp; (3127)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (9709)<br>| &nbsp;&nbsp;&nbsp; (680)<br>| &nbsp;&nbsp;&nbsp; (118516)<br>| &nbsp;&nbsp;&nbsp; (71787)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (310)<br>| &nbsp;&nbsp;&nbsp; (158)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (633)<br>| &nbsp;&nbsp;&nbsp; (254)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (206)<br>| &nbsp;&nbsp;&nbsp; (58)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (404)<br>| &nbsp;&nbsp;&nbsp; (397)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (7073)<br>| &nbsp;&nbsp;&nbsp; (570)<br>| &nbsp;&nbsp;&nbsp; (91931)<br>| &nbsp;&nbsp;&nbsp; (56148)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (27423)<br>| &nbsp;&nbsp;&nbsp; (1620)<br>| &nbsp;&nbsp;&nbsp; (288374)<br>| &nbsp;&nbsp;&nbsp; (168932)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 32620 | &nbsp;&nbsp;&nbsp; 26567 | &nbsp;&nbsp;&nbsp; (162757)<br>| &nbsp;&nbsp;&nbsp; 211140 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 31455 | &nbsp;&nbsp;&nbsp; 53636 | &nbsp;&nbsp;&nbsp; 79718 | &nbsp;&nbsp;&nbsp; 699033 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 271107 | &nbsp;&nbsp;&nbsp; 217471 | &nbsp;&nbsp;&nbsp; 6397021 | &nbsp;&nbsp;&nbsp; 5697988 |
| End of period | &nbsp;&nbsp;&nbsp; $302562 | &nbsp;&nbsp;&nbsp; $271107 | &nbsp;&nbsp;&nbsp; $6476739 | &nbsp;&nbsp;&nbsp; $6397021 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 79

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Index Fund** | **JPMorgan Equity Index 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; $240821 | &nbsp;&nbsp;&nbsp; $555740 | &nbsp;&nbsp;&nbsp; $41036 | &nbsp;&nbsp;&nbsp; $99188 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 413573 | &nbsp;&nbsp;&nbsp; 324641 | &nbsp;&nbsp;&nbsp; 6012 | &nbsp;&nbsp;&nbsp; 8400 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (462149)<br>| &nbsp;&nbsp;&nbsp; (894899)<br>| &nbsp;&nbsp;&nbsp; (74966)<br>| &nbsp;&nbsp;&nbsp; (132757)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 192245 | &nbsp;&nbsp;&nbsp; (14518)<br>| &nbsp;&nbsp;&nbsp; (27918)<br>| &nbsp;&nbsp;&nbsp; (25169)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 10837 | &nbsp;&nbsp;&nbsp; 49178 | &nbsp;&nbsp;&nbsp; 2293 | &nbsp;&nbsp;&nbsp; 6265 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 50221 | &nbsp;&nbsp;&nbsp; 48821 | &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 213 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (116023)<br>| &nbsp;&nbsp;&nbsp; (273537)<br>| &nbsp;&nbsp;&nbsp; (11079)<br>| &nbsp;&nbsp;&nbsp; (32004)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (54965)<br>| &nbsp;&nbsp;&nbsp; (175538)<br>| &nbsp;&nbsp;&nbsp; (8586)<br>| &nbsp;&nbsp;&nbsp; (25526)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 785097 | &nbsp;&nbsp;&nbsp; 1949103 | &nbsp;&nbsp;&nbsp; 111857 | &nbsp;&nbsp;&nbsp; 415258 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1267602 | &nbsp;&nbsp;&nbsp; 1095729 | &nbsp;&nbsp;&nbsp; 10364 | &nbsp;&nbsp;&nbsp; 14937 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2211992)<br>| &nbsp;&nbsp;&nbsp; (4522118)<br>| &nbsp;&nbsp;&nbsp; (124394)<br>| &nbsp;&nbsp;&nbsp; (432614)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (159293)<br>| &nbsp;&nbsp;&nbsp; (1477286)<br>| &nbsp;&nbsp;&nbsp; (2173)<br>| &nbsp;&nbsp;&nbsp; (2419)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 3969 | &nbsp;&nbsp;&nbsp; 11718 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 7783 | &nbsp;&nbsp;&nbsp; 6934 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (18300)<br>| &nbsp;&nbsp;&nbsp; (26808)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (6548)<br>| &nbsp;&nbsp;&nbsp; (8156)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 9844 | &nbsp;&nbsp;&nbsp; 28040 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 11006 | &nbsp;&nbsp;&nbsp; 10554 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (44122)<br>| &nbsp;&nbsp;&nbsp; (55097)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; (23272)<br>| &nbsp;&nbsp;&nbsp; (16503)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 7546 | &nbsp;&nbsp;&nbsp; 36575 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 9976 | &nbsp;&nbsp;&nbsp; 12783 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (36316)<br>| &nbsp;&nbsp;&nbsp; (132388)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; (18794)<br>| &nbsp;&nbsp;&nbsp; (83030)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 38140 | &nbsp;&nbsp;&nbsp; 91207 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 52197 | &nbsp;&nbsp;&nbsp; 63131 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (207782)<br>| &nbsp;&nbsp;&nbsp; (367523)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (117445)<br>| &nbsp;&nbsp;&nbsp; (213185)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Index Fund** | **JPMorgan Equity Index 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; $1030451 | &nbsp;&nbsp;&nbsp; $2524007 | &nbsp;&nbsp;&nbsp; $547503 | &nbsp;&nbsp;&nbsp; $1238525 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1985530 | &nbsp;&nbsp;&nbsp; 1704252 | &nbsp;&nbsp;&nbsp; 73660 | &nbsp;&nbsp;&nbsp; 107688 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3011836)<br>| &nbsp;&nbsp;&nbsp; (5224303)<br>| &nbsp;&nbsp;&nbsp; (461459)<br>| &nbsp;&nbsp;&nbsp; (1638325)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 4145 | &nbsp;&nbsp;&nbsp; (996044)<br>| &nbsp;&nbsp;&nbsp; 159704 | &nbsp;&nbsp;&nbsp; (292112)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(183927)<br>| &nbsp;&nbsp;&nbsp; $(2984260)<br>| &nbsp;&nbsp;&nbsp; $121027 | &nbsp;&nbsp;&nbsp; $(345226)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9556 | &nbsp;&nbsp;&nbsp; 22818 | &nbsp;&nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp; 1144 |
| Reinvested | &nbsp;&nbsp;&nbsp; 16893 | &nbsp;&nbsp;&nbsp; 13333 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 96 |
| Redeemed | &nbsp;&nbsp;&nbsp; (18339)<br>| &nbsp;&nbsp;&nbsp; (36814)<br>| &nbsp;&nbsp;&nbsp; (759)<br>| &nbsp;&nbsp;&nbsp; (1539)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 8110 | &nbsp;&nbsp;&nbsp; (663)<br>| &nbsp;&nbsp;&nbsp; (287)<br>| &nbsp;&nbsp;&nbsp; (299)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp; 2069 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 75 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2112 | &nbsp;&nbsp;&nbsp; 2058 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 2 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4727)<br>| &nbsp;&nbsp;&nbsp; (11531)<br>| &nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp; (374)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (2172)<br>| &nbsp;&nbsp;&nbsp; (7404)<br>| &nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp; (297)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 30491 | &nbsp;&nbsp;&nbsp; 78437 | &nbsp;&nbsp;&nbsp; 1127 | &nbsp;&nbsp;&nbsp; 4848 |
| Reinvested | &nbsp;&nbsp;&nbsp; 50497 | &nbsp;&nbsp;&nbsp; 43999 | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 170 |
| Redeemed | &nbsp;&nbsp;&nbsp; (85894)<br>| &nbsp;&nbsp;&nbsp; (181387)<br>| &nbsp;&nbsp;&nbsp; (1249)<br>| &nbsp;&nbsp;&nbsp; (5053)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (4906)<br>| &nbsp;&nbsp;&nbsp; (58951)<br>| &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; (35)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (723)<br>| &nbsp;&nbsp;&nbsp; (1103)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (245)<br>| &nbsp;&nbsp;&nbsp; (331)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 392 | &nbsp;&nbsp;&nbsp; 1156 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (1753)<br>| &nbsp;&nbsp;&nbsp; (2258)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (911)<br>| &nbsp;&nbsp;&nbsp; (668)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp; 1465 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp; 514 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (1406)<br>| &nbsp;&nbsp;&nbsp; (5322)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (717)<br>| &nbsp;&nbsp;&nbsp; (3343)<br>| &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 Large Cap Funds 81

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Index Fund** | **JPMorgan Equity Index Fund** |
|  | &nbsp;&nbsp; **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; 1476 | &nbsp;&nbsp;&nbsp; 3653 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 2076 | &nbsp;&nbsp;&nbsp; 2532 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (8066)<br>| &nbsp;&nbsp;&nbsp; (14705)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (4514)<br>| &nbsp;&nbsp;&nbsp; (8520)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 39946 | &nbsp;&nbsp;&nbsp; 101438 | &nbsp;&nbsp;&nbsp; 5558 | &nbsp;&nbsp;&nbsp; 14545 |
| Reinvested | &nbsp;&nbsp;&nbsp; 79064 | &nbsp;&nbsp;&nbsp; 68428 | &nbsp;&nbsp;&nbsp; 728 | &nbsp;&nbsp;&nbsp; 1225 |
| Redeemed | &nbsp;&nbsp;&nbsp; (116789)<br>| &nbsp;&nbsp;&nbsp; (209602)<br>| &nbsp;&nbsp;&nbsp; (4660)<br>| &nbsp;&nbsp;&nbsp; (18797)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 2221 | &nbsp;&nbsp;&nbsp; (39736)<br>| &nbsp;&nbsp;&nbsp; 1626 | &nbsp;&nbsp;&nbsp; (3027)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Premium** <br>**Income Fund** | **JPMorgan Equity Premium** <br>**Income Fund** | **JPMorgan Hedged Equity Fund** | **JPMorgan Hedged Equity Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $57297 | &nbsp;&nbsp;&nbsp; $167635 | &nbsp;&nbsp;&nbsp; $135083 | &nbsp;&nbsp;&nbsp; $433602 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 20644 | &nbsp;&nbsp;&nbsp; 43974 | &nbsp;&nbsp;&nbsp; 3293 | &nbsp;&nbsp;&nbsp; 7426 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (96593)<br>| &nbsp;&nbsp;&nbsp; (165062)<br>| &nbsp;&nbsp;&nbsp; (203636)<br>| &nbsp;&nbsp;&nbsp; (468982)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (18652)<br>| &nbsp;&nbsp;&nbsp; 46547 | &nbsp;&nbsp;&nbsp; (65260)<br>| &nbsp;&nbsp;&nbsp; (27954)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 26988 | &nbsp;&nbsp;&nbsp; 72603 | &nbsp;&nbsp;&nbsp; 32226 | &nbsp;&nbsp;&nbsp; 151872 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 11402 | &nbsp;&nbsp;&nbsp; 23363 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 385 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (34485)<br>| &nbsp;&nbsp;&nbsp; (61736)<br>| &nbsp;&nbsp;&nbsp; (71515)<br>| &nbsp;&nbsp;&nbsp; (101015)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 3905 | &nbsp;&nbsp;&nbsp; 34230 | &nbsp;&nbsp;&nbsp; (39244)<br>| &nbsp;&nbsp;&nbsp; 51242 |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 592729 | &nbsp;&nbsp;&nbsp; 1860331 | &nbsp;&nbsp;&nbsp; 1544825 | &nbsp;&nbsp;&nbsp; 4931189 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 161558 | &nbsp;&nbsp;&nbsp; 348924 | &nbsp;&nbsp;&nbsp; 57521 | &nbsp;&nbsp;&nbsp; 123002 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1063914)<br>| &nbsp;&nbsp;&nbsp; (1874710)<br>| &nbsp;&nbsp;&nbsp; (2741906)<br>| &nbsp;&nbsp;&nbsp; (4629408)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (309627)<br>| &nbsp;&nbsp;&nbsp; 334545 | &nbsp;&nbsp;&nbsp; (1139560)<br>| &nbsp;&nbsp;&nbsp; 424783 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp; 755 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 42 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (185)<br>| &nbsp;&nbsp;&nbsp; (368)<br>| &nbsp;&nbsp;&nbsp; (185)<br>| &nbsp;&nbsp;&nbsp; (3745)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; (2948)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 22524 | &nbsp;&nbsp;&nbsp; 46941 | &nbsp;&nbsp;&nbsp; 313208 | &nbsp;&nbsp;&nbsp; 1051969 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 36413 | &nbsp;&nbsp;&nbsp; 87749 | &nbsp;&nbsp;&nbsp; 5313 | &nbsp;&nbsp;&nbsp; 11285 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (134595)<br>| &nbsp;&nbsp;&nbsp; (368269)<br>| &nbsp;&nbsp;&nbsp; (183996)<br>| &nbsp;&nbsp;&nbsp; (1403876)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (75658)<br>| &nbsp;&nbsp;&nbsp; (233579)<br>| &nbsp;&nbsp;&nbsp; 134525 | &nbsp;&nbsp;&nbsp; (340622)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(400164)<br>| &nbsp;&nbsp;&nbsp; $182010 | &nbsp;&nbsp;&nbsp; $(1109457)<br>| &nbsp;&nbsp;&nbsp; $104501 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4053 | &nbsp;&nbsp;&nbsp; 11673 | &nbsp;&nbsp;&nbsp; 3944 | &nbsp;&nbsp;&nbsp; 13424 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1458 | &nbsp;&nbsp;&nbsp; 3068 | &nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 228 |
| Redeemed | &nbsp;&nbsp;&nbsp; (6830)<br>| &nbsp;&nbsp;&nbsp; (11580)<br>| &nbsp;&nbsp;&nbsp; (5947)<br>| &nbsp;&nbsp;&nbsp; (14512)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (1319)<br>| &nbsp;&nbsp;&nbsp; 3161 | &nbsp;&nbsp;&nbsp; (1908)<br>| &nbsp;&nbsp;&nbsp; (860)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1910 | &nbsp;&nbsp;&nbsp; 5047 | &nbsp;&nbsp;&nbsp; 959 | &nbsp;&nbsp;&nbsp; 4714 |
| Reinvested | &nbsp;&nbsp;&nbsp; 806 | &nbsp;&nbsp;&nbsp; 1631 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 12 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2439)<br>| &nbsp;&nbsp;&nbsp; (4314)<br>| &nbsp;&nbsp;&nbsp; (2105)<br>| &nbsp;&nbsp;&nbsp; (3148)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp; 2364 | &nbsp;&nbsp;&nbsp; (1145)<br>| &nbsp;&nbsp;&nbsp; 1578 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 83

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Premium**<br> **Income Fund** | **JPMorgan Equity Premium**<br> **Income Fund** | **JPMorgan Hedged Equity Fund** | **JPMorgan Hedged Equity Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 41927 | &nbsp;&nbsp;&nbsp; 130053 | &nbsp;&nbsp;&nbsp; 45065 | &nbsp;&nbsp;&nbsp; 152732 |
| Reinvested | &nbsp;&nbsp;&nbsp; 11411 | &nbsp;&nbsp;&nbsp; 24338 | &nbsp;&nbsp;&nbsp; 1655 | &nbsp;&nbsp;&nbsp; 3759 |
| Redeemed | &nbsp;&nbsp;&nbsp; (75239)<br>| &nbsp;&nbsp;&nbsp; (131228)<br>| &nbsp;&nbsp;&nbsp; (79887)<br>| &nbsp;&nbsp;&nbsp; (143167)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (21901)<br>| &nbsp;&nbsp;&nbsp; 23163 | &nbsp;&nbsp;&nbsp; (33167)<br>| &nbsp;&nbsp;&nbsp; 13324 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 23 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (116)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (92)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1594 | &nbsp;&nbsp;&nbsp; 3279 | &nbsp;&nbsp;&nbsp; 9019 | &nbsp;&nbsp;&nbsp; 32862 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2573 | &nbsp;&nbsp;&nbsp; 6113 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 344 |
| Redeemed | &nbsp;&nbsp;&nbsp; (9507)<br>| &nbsp;&nbsp;&nbsp; (25699)<br>| &nbsp;&nbsp;&nbsp; (5332)<br>| &nbsp;&nbsp;&nbsp; (43210)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (5340)<br>| &nbsp;&nbsp;&nbsp; (16307)<br>| &nbsp;&nbsp;&nbsp; 3840 | &nbsp;&nbsp;&nbsp; (10004)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity 2 Fund** | **JPMorgan Hedged Equity 2 Fund** | **JPMorgan Hedged Equity 3 Fund** | **JPMorgan Hedged Equity 3 Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $23520 | &nbsp;&nbsp;&nbsp; $53180 | &nbsp;&nbsp;&nbsp; $12246 | &nbsp;&nbsp;&nbsp; $50870 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 531 | &nbsp;&nbsp;&nbsp; 1227 | &nbsp;&nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp; 653 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (48650)<br>| &nbsp;&nbsp;&nbsp; (72587)<br>| &nbsp;&nbsp;&nbsp; (23031)<br>| &nbsp;&nbsp;&nbsp; (43353)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (24599)<br>| &nbsp;&nbsp;&nbsp; (18180)<br>| &nbsp;&nbsp;&nbsp; (10417)<br>| &nbsp;&nbsp;&nbsp; 8170 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 11278 | &nbsp;&nbsp;&nbsp; 46176 | &nbsp;&nbsp;&nbsp; 4363 | &nbsp;&nbsp;&nbsp; 37734 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 67 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (20283)<br>| &nbsp;&nbsp;&nbsp; (47195)<br>| &nbsp;&nbsp;&nbsp; (11547)<br>| &nbsp;&nbsp;&nbsp; (18575)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (8999)<br>| &nbsp;&nbsp;&nbsp; (879)<br>| &nbsp;&nbsp;&nbsp; (7169)<br>| &nbsp;&nbsp;&nbsp; 19226 |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 700915 | &nbsp;&nbsp;&nbsp; 1709276 | &nbsp;&nbsp;&nbsp; 251958 | &nbsp;&nbsp;&nbsp; 1248542 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 14224 | &nbsp;&nbsp;&nbsp; 30066 | &nbsp;&nbsp;&nbsp; 8083 | &nbsp;&nbsp;&nbsp; 17272 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1032836)<br>| &nbsp;&nbsp;&nbsp; (1617312)<br>| &nbsp;&nbsp;&nbsp; (704264)<br>| &nbsp;&nbsp;&nbsp; (1121441)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (317697)<br>| &nbsp;&nbsp;&nbsp; 122030 | &nbsp;&nbsp;&nbsp; (444223)<br>| &nbsp;&nbsp;&nbsp; 144373 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 356 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 6 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; (229)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 6 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 346562 | &nbsp;&nbsp;&nbsp; 696148 | &nbsp;&nbsp;&nbsp; 68492 | &nbsp;&nbsp;&nbsp; 229540 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2601 | &nbsp;&nbsp;&nbsp; 5347 | &nbsp;&nbsp;&nbsp; 632 | &nbsp;&nbsp;&nbsp; 3368 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (39746)<br>| &nbsp;&nbsp;&nbsp; (716626)<br>| &nbsp;&nbsp;&nbsp; (215235)<br>| &nbsp;&nbsp;&nbsp; (309377)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 309417 | &nbsp;&nbsp;&nbsp; (15131)<br>| &nbsp;&nbsp;&nbsp; (146111)<br>| &nbsp;&nbsp;&nbsp; (76469)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(41876)<br>| &nbsp;&nbsp;&nbsp; $87975 | &nbsp;&nbsp;&nbsp; $(607917)<br>| &nbsp;&nbsp;&nbsp; $95306 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1221 | &nbsp;&nbsp;&nbsp; 2896 | &nbsp;&nbsp;&nbsp; 602 | &nbsp;&nbsp;&nbsp; 2659 |
| Reinvested | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 34 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2500)<br>| &nbsp;&nbsp;&nbsp; (3965)<br>| &nbsp;&nbsp;&nbsp; (1129)<br>| &nbsp;&nbsp;&nbsp; (2287)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (1252)<br>| &nbsp;&nbsp;&nbsp; (1002)<br>| &nbsp;&nbsp;&nbsp; (509)<br>| &nbsp;&nbsp;&nbsp; 406 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 2525 | &nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp; 1986 |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1053)<br>| &nbsp;&nbsp;&nbsp; (2589)<br>| &nbsp;&nbsp;&nbsp; (571)<br>| &nbsp;&nbsp;&nbsp; (985)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (461)<br>| &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (354)<br>| &nbsp;&nbsp;&nbsp; 1005 |

---

------

(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 Large Cap Funds 85

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity 2 Fund** | **JPMorgan Hedged Equity 2 Fund** | **JPMorgan Hedged Equity 3 Fund** | **JPMorgan Hedged Equity 3 Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 36317 | &nbsp;&nbsp;&nbsp; 93439 | &nbsp;&nbsp;&nbsp; 12392 | &nbsp;&nbsp;&nbsp; 65878 |
| Reinvested | &nbsp;&nbsp;&nbsp; 727 | &nbsp;&nbsp;&nbsp; 1630 | &nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp; 900 |
| Redeemed | &nbsp;&nbsp;&nbsp; (53160)<br>| &nbsp;&nbsp;&nbsp; (88889)<br>| &nbsp;&nbsp;&nbsp; (34953)<br>| &nbsp;&nbsp;&nbsp; (59100)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (16116)<br>| &nbsp;&nbsp;&nbsp; 6180 | &nbsp;&nbsp;&nbsp; (22168)<br>| &nbsp;&nbsp;&nbsp; 7678 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |
| Reinvested | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 17772 | &nbsp;&nbsp;&nbsp; 38309 | &nbsp;&nbsp;&nbsp; 3325 | &nbsp;&nbsp;&nbsp; 12266 |
| Reinvested | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 176 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2040)<br>| &nbsp;&nbsp;&nbsp; (39290)<br>| &nbsp;&nbsp;&nbsp; (10694)<br>| &nbsp;&nbsp;&nbsp; (16225)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 15865 | &nbsp;&nbsp;&nbsp; (691)<br>| &nbsp;&nbsp;&nbsp; (7339)<br>| &nbsp;&nbsp;&nbsp; (3783)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Value Fund** | **JPMorgan Large Cap Value Fund** |
|  | &nbsp;&nbsp; **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; $598795 | &nbsp;&nbsp;&nbsp; $1365507 | &nbsp;&nbsp;&nbsp; $28546 | &nbsp;&nbsp;&nbsp; $52975 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 803132 | &nbsp;&nbsp;&nbsp; 68401 | &nbsp;&nbsp;&nbsp; 22736 | &nbsp;&nbsp;&nbsp; 29497 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (819347)<br>| &nbsp;&nbsp;&nbsp; (1303748)<br>| &nbsp;&nbsp;&nbsp; (39292)<br>| &nbsp;&nbsp;&nbsp; (68031)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 582580 | &nbsp;&nbsp;&nbsp; 130160 | &nbsp;&nbsp;&nbsp; 11990 | &nbsp;&nbsp;&nbsp; 14441 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 114159 | &nbsp;&nbsp;&nbsp; 314836 | &nbsp;&nbsp;&nbsp; 7259 | &nbsp;&nbsp;&nbsp; 10817 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 187740 | &nbsp;&nbsp;&nbsp; 14918 | &nbsp;&nbsp;&nbsp; 5539 | &nbsp;&nbsp;&nbsp; 8012 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (135811)<br>| &nbsp;&nbsp;&nbsp; (205022)<br>| &nbsp;&nbsp;&nbsp; (11443)<br>| &nbsp;&nbsp;&nbsp; (25659)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 166088 | &nbsp;&nbsp;&nbsp; 124732 | &nbsp;&nbsp;&nbsp; 1355 | &nbsp;&nbsp;&nbsp; (6830)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 5201183 | &nbsp;&nbsp;&nbsp; 8851531 | &nbsp;&nbsp;&nbsp; 305671 | &nbsp;&nbsp;&nbsp; 1038031 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3103224 | &nbsp;&nbsp;&nbsp; 229506 | &nbsp;&nbsp;&nbsp; 159625 | &nbsp;&nbsp;&nbsp; 209647 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4145112)<br>| &nbsp;&nbsp;&nbsp; (5429101)<br>| &nbsp;&nbsp;&nbsp; (424564)<br>| &nbsp;&nbsp;&nbsp; (853169)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 4159295 | &nbsp;&nbsp;&nbsp; 3651936 | &nbsp;&nbsp;&nbsp; 40732 | &nbsp;&nbsp;&nbsp; 394509 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 47929 | &nbsp;&nbsp;&nbsp; 84283 | &nbsp;&nbsp;&nbsp; 1201 | &nbsp;&nbsp;&nbsp; 3248 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 34141 | &nbsp;&nbsp;&nbsp; 2674 | &nbsp;&nbsp;&nbsp; 1144 | &nbsp;&nbsp;&nbsp; 1490 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (38018)<br>| &nbsp;&nbsp;&nbsp; (81309)<br>| &nbsp;&nbsp;&nbsp; (2879)<br>| &nbsp;&nbsp;&nbsp; (2633)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; 44052 | &nbsp;&nbsp;&nbsp; 5648 | &nbsp;&nbsp;&nbsp; (534)<br>| &nbsp;&nbsp;&nbsp; 2105 |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 125977 | &nbsp;&nbsp;&nbsp; 233009 | &nbsp;&nbsp;&nbsp; 1441 | &nbsp;&nbsp;&nbsp; 1737 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 73500 | &nbsp;&nbsp;&nbsp; 6361 | &nbsp;&nbsp;&nbsp; 1162 | &nbsp;&nbsp;&nbsp; 1405 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (101296)<br>| &nbsp;&nbsp;&nbsp; (224034)<br>| &nbsp;&nbsp;&nbsp; (1260)<br>| &nbsp;&nbsp;&nbsp; (1945)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 98181 | &nbsp;&nbsp;&nbsp; 15336 | &nbsp;&nbsp;&nbsp; 1343 | &nbsp;&nbsp;&nbsp; 1197 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 98340 | &nbsp;&nbsp;&nbsp; 200144 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 187 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 70386 | &nbsp;&nbsp;&nbsp; 7273 | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 171 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (144375)<br>| &nbsp;&nbsp;&nbsp; (267198)<br>| &nbsp;&nbsp;&nbsp; (756)<br>| &nbsp;&nbsp;&nbsp; (1279)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 24351 | &nbsp;&nbsp;&nbsp; (59781)<br>| &nbsp;&nbsp;&nbsp; (610)<br>| &nbsp;&nbsp;&nbsp; (921)<br>|
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 113700 | &nbsp;&nbsp;&nbsp; 244615 | &nbsp;&nbsp;&nbsp; 4255 | &nbsp;&nbsp;&nbsp; 5017 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 100559 | &nbsp;&nbsp;&nbsp; 9991 | &nbsp;&nbsp;&nbsp; 2210 | &nbsp;&nbsp;&nbsp; 3309 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (142474)<br>| &nbsp;&nbsp;&nbsp; (379940)<br>| &nbsp;&nbsp;&nbsp; (5309)<br>| &nbsp;&nbsp;&nbsp; (15297)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 71785 | &nbsp;&nbsp;&nbsp; (125334)<br>| &nbsp;&nbsp;&nbsp; 1156 | &nbsp;&nbsp;&nbsp; (6971)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 87

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Value Fund** | **JPMorgan Large Cap Value Fund** |
|  | &nbsp;&nbsp; **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; $7391606 | &nbsp;&nbsp;&nbsp; $15792636 | &nbsp;&nbsp;&nbsp; $184897 | &nbsp;&nbsp;&nbsp; $481222 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 7377362 | &nbsp;&nbsp;&nbsp; 734332 | &nbsp;&nbsp;&nbsp; 182491 | &nbsp;&nbsp;&nbsp; 219587 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (9620012)<br>| &nbsp;&nbsp;&nbsp; (13684501)<br>| &nbsp;&nbsp;&nbsp; (173436)<br>| &nbsp;&nbsp;&nbsp; (375717)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 5148956 | &nbsp;&nbsp;&nbsp; 2842467 | &nbsp;&nbsp;&nbsp; 193952 | &nbsp;&nbsp;&nbsp; 325092 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $10295288 | &nbsp;&nbsp;&nbsp; $6585164 | &nbsp;&nbsp;&nbsp; $249384 | &nbsp;&nbsp;&nbsp; $722622 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 7001 | &nbsp;&nbsp;&nbsp; 18154 | &nbsp;&nbsp;&nbsp; 1314 | &nbsp;&nbsp;&nbsp; 2536 |
| Reinvested | &nbsp;&nbsp;&nbsp; 9972 | &nbsp;&nbsp;&nbsp; 856 | &nbsp;&nbsp;&nbsp; 1036 | &nbsp;&nbsp;&nbsp; 1399 |
| Redeemed | &nbsp;&nbsp;&nbsp; (9555)<br>| &nbsp;&nbsp;&nbsp; (17409)<br>| &nbsp;&nbsp;&nbsp; (1797)<br>| &nbsp;&nbsp;&nbsp; (3254)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 7418 | &nbsp;&nbsp;&nbsp; 1601 | &nbsp;&nbsp;&nbsp; 553 | &nbsp;&nbsp;&nbsp; 681 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2079 | &nbsp;&nbsp;&nbsp; 6392 | &nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp; 551 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3835 | &nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 404 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2500)<br>| &nbsp;&nbsp;&nbsp; (4184)<br>| &nbsp;&nbsp;&nbsp; (563)<br>| &nbsp;&nbsp;&nbsp; (1311)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 3414 | &nbsp;&nbsp;&nbsp; 2494 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; (356)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 58651 | &nbsp;&nbsp;&nbsp; 114687 | &nbsp;&nbsp;&nbsp; 14296 | &nbsp;&nbsp;&nbsp; 50643 |
| Reinvested | &nbsp;&nbsp;&nbsp; 37169 | &nbsp;&nbsp;&nbsp; 2788 | &nbsp;&nbsp;&nbsp; 7476 | &nbsp;&nbsp;&nbsp; 10201 |
| Redeemed | &nbsp;&nbsp;&nbsp; (47035)<br>| &nbsp;&nbsp;&nbsp; (70456)<br>| &nbsp;&nbsp;&nbsp; (20056)<br>| &nbsp;&nbsp;&nbsp; (42072)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 48785 | &nbsp;&nbsp;&nbsp; 47019 | &nbsp;&nbsp;&nbsp; 1716 | &nbsp;&nbsp;&nbsp; 18772 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 608 | &nbsp;&nbsp;&nbsp; 1215 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 156 |
| Reinvested | &nbsp;&nbsp;&nbsp; 459 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 72 |
| Redeemed | &nbsp;&nbsp;&nbsp; (473)<br>| &nbsp;&nbsp;&nbsp; (1153)<br>| &nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp; (126)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; 102 |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1485 | &nbsp;&nbsp;&nbsp; 3070 | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 86 |
| Reinvested | &nbsp;&nbsp;&nbsp; 906 | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 69 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1163)<br>| &nbsp;&nbsp;&nbsp; (2963)<br>| &nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp; (97)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 1228 | &nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 58 |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1114 | &nbsp;&nbsp;&nbsp; 2579 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 9 |
| Reinvested | &nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 8 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1636)<br>| &nbsp;&nbsp;&nbsp; (3495)<br>| &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (63)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp; (827)<br>| &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; (46)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Growth Fund** | **JPMorgan Large Cap Value Fund** | **JPMorgan Large 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 R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp; 3109 | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 243 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1155 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 158 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1533)<br>| &nbsp;&nbsp;&nbsp; (4765)<br>| &nbsp;&nbsp;&nbsp; (247)<br>| &nbsp;&nbsp;&nbsp; (731)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp; (1539)<br>| &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; (330)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 79030 | &nbsp;&nbsp;&nbsp; 194227 | &nbsp;&nbsp;&nbsp; 8658 | &nbsp;&nbsp;&nbsp; 24023 |
| Reinvested | &nbsp;&nbsp;&nbsp; 83511 | &nbsp;&nbsp;&nbsp; 8521 | &nbsp;&nbsp;&nbsp; 8494 | &nbsp;&nbsp;&nbsp; 10624 |
| Redeemed | &nbsp;&nbsp;&nbsp; (102761)<br>| &nbsp;&nbsp;&nbsp; (168387)<br>| &nbsp;&nbsp;&nbsp; (8138)<br>| &nbsp;&nbsp;&nbsp; (18433)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 59780 | &nbsp;&nbsp;&nbsp; 34361 | &nbsp;&nbsp;&nbsp; 9014 | &nbsp;&nbsp;&nbsp; 16214 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 89

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. GARP Equity Fund** | **JPMorgan U.S. GARP 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; $202853 | &nbsp;&nbsp;&nbsp; $569469 | &nbsp;&nbsp;&nbsp; $25530 | &nbsp;&nbsp;&nbsp; $64942 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 151559 | &nbsp;&nbsp;&nbsp; 153797 | &nbsp;&nbsp;&nbsp; 12917 | &nbsp;&nbsp;&nbsp; 8363 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (322909)<br>| &nbsp;&nbsp;&nbsp; (549132)<br>| &nbsp;&nbsp;&nbsp; (21431)<br>| &nbsp;&nbsp;&nbsp; (44821)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 31503 | &nbsp;&nbsp;&nbsp; 174134 | &nbsp;&nbsp;&nbsp; 17016 | &nbsp;&nbsp;&nbsp; 28484 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 51195 | &nbsp;&nbsp;&nbsp; 126148 | &nbsp;&nbsp;&nbsp; 1791 | &nbsp;&nbsp;&nbsp; 2811 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 30069 | &nbsp;&nbsp;&nbsp; 29002 | &nbsp;&nbsp;&nbsp; 932 | &nbsp;&nbsp;&nbsp; 631 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (62267)<br>| &nbsp;&nbsp;&nbsp; (126062)<br>| &nbsp;&nbsp;&nbsp; (1215)<br>| &nbsp;&nbsp;&nbsp; (5035)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 18997 | &nbsp;&nbsp;&nbsp; 29088 | &nbsp;&nbsp;&nbsp; 1508 | &nbsp;&nbsp;&nbsp; (1593)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 586628 | &nbsp;&nbsp;&nbsp; 1461424 | &nbsp;&nbsp;&nbsp; 38094 | &nbsp;&nbsp;&nbsp; 283020 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 289698 | &nbsp;&nbsp;&nbsp; 309179 | &nbsp;&nbsp;&nbsp; 18275 | &nbsp;&nbsp;&nbsp; 9887 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (857775)<br>| &nbsp;&nbsp;&nbsp; (1659072)<br>| &nbsp;&nbsp;&nbsp; (131308)<br>| &nbsp;&nbsp;&nbsp; (154031)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 18551 | &nbsp;&nbsp;&nbsp; 111531 | &nbsp;&nbsp;&nbsp; (74939)<br>| &nbsp;&nbsp;&nbsp; 138876 |
| **Class L** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1674167 | &nbsp;&nbsp;&nbsp; 1352168 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 249159 | &nbsp;&nbsp;&nbsp; 219329 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (489506)<br>| &nbsp;&nbsp;&nbsp; (1492277)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; 1433820 | &nbsp;&nbsp;&nbsp; 79220 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 13014 | &nbsp;&nbsp;&nbsp; 48938 | &nbsp;&nbsp;&nbsp; 4285 | &nbsp;&nbsp;&nbsp; 10669 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 16355 | &nbsp;&nbsp;&nbsp; 17513 | &nbsp;&nbsp;&nbsp; 3792 | &nbsp;&nbsp;&nbsp; 2864 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (42664)<br>| &nbsp;&nbsp;&nbsp; (72275)<br>| &nbsp;&nbsp;&nbsp; (8648)<br>| &nbsp;&nbsp;&nbsp; (17224)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (13295)<br>| &nbsp;&nbsp;&nbsp; (5824)<br>| &nbsp;&nbsp;&nbsp; (571)<br>| &nbsp;&nbsp;&nbsp; (3691)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 23135 | &nbsp;&nbsp;&nbsp; 59112 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 13936 | &nbsp;&nbsp;&nbsp; 13155 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (29650)<br>| &nbsp;&nbsp;&nbsp; (59642)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; 7421 | &nbsp;&nbsp;&nbsp; 12625 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 6253 | &nbsp;&nbsp;&nbsp; 34630 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6465 | &nbsp;&nbsp;&nbsp; 6843 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (12991)<br>| &nbsp;&nbsp;&nbsp; (28388)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; (273)<br>| &nbsp;&nbsp;&nbsp; 13085 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 46371 | &nbsp;&nbsp;&nbsp; 153564 | &nbsp;&nbsp;&nbsp; 13769 | &nbsp;&nbsp;&nbsp; 23648 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 58561 | &nbsp;&nbsp;&nbsp; 76557 | &nbsp;&nbsp;&nbsp; 13261 | &nbsp;&nbsp;&nbsp; 9179 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (242699)<br>| &nbsp;&nbsp;&nbsp; (369833)<br>| &nbsp;&nbsp;&nbsp; (13875)<br>| &nbsp;&nbsp;&nbsp; (38651)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (137767)<br>| &nbsp;&nbsp;&nbsp; (139712)<br>| &nbsp;&nbsp;&nbsp; 13155 | &nbsp;&nbsp;&nbsp; (5824)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. GARP Equity Fund** | **JPMorgan U.S. GARP 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; $1663036 | &nbsp;&nbsp;&nbsp; $3636203 | &nbsp;&nbsp;&nbsp; $68116 | &nbsp;&nbsp;&nbsp; $106830 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 989433 | &nbsp;&nbsp;&nbsp; 1027536 | &nbsp;&nbsp;&nbsp; 85367 | &nbsp;&nbsp;&nbsp; 56642 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2982809)<br>| &nbsp;&nbsp;&nbsp; (4278429)<br>| &nbsp;&nbsp;&nbsp; (96846)<br>| &nbsp;&nbsp;&nbsp; (108463)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (330340)<br>| &nbsp;&nbsp;&nbsp; 385310 | &nbsp;&nbsp;&nbsp; 56637 | &nbsp;&nbsp;&nbsp; 55009 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $1028617 | &nbsp;&nbsp;&nbsp; $659457 | &nbsp;&nbsp;&nbsp; $12806 | &nbsp;&nbsp;&nbsp; $211261 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 7418 | &nbsp;&nbsp;&nbsp; 22837 | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 782 |
| Reinvested | &nbsp;&nbsp;&nbsp; 5606 | &nbsp;&nbsp;&nbsp; 6005 | &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; 97 |
| Redeemed | &nbsp;&nbsp;&nbsp; (11782)<br>| &nbsp;&nbsp;&nbsp; (22079)<br>| &nbsp;&nbsp;&nbsp; (226)<br>| &nbsp;&nbsp;&nbsp; (548)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp; 6763 | &nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 331 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1987 | &nbsp;&nbsp;&nbsp; 5356 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 35 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1186 | &nbsp;&nbsp;&nbsp; 1199 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 8 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2422)<br>| &nbsp;&nbsp;&nbsp; (5376)<br>| &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (64)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp; 1179 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; (21)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 21385 | &nbsp;&nbsp;&nbsp; 58432 | &nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp; 3306 |
| Reinvested | &nbsp;&nbsp;&nbsp; 10654 | &nbsp;&nbsp;&nbsp; 12026 | &nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp; 111 |
| Redeemed | &nbsp;&nbsp;&nbsp; (31004)<br>| &nbsp;&nbsp;&nbsp; (66634)<br>| &nbsp;&nbsp;&nbsp; (1348)<br>| &nbsp;&nbsp;&nbsp; (1833)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 1035 | &nbsp;&nbsp;&nbsp; 3824 | &nbsp;&nbsp;&nbsp; (770)<br>| &nbsp;&nbsp;&nbsp; 1584 |
| **Class L** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 61299 | &nbsp;&nbsp;&nbsp; 53957 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 9133 | &nbsp;&nbsp;&nbsp; 8509 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (17810)<br>| &nbsp;&nbsp;&nbsp; (60678)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; 52622 | &nbsp;&nbsp;&nbsp; 1788 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp; 1998 | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 139 |
| Reinvested | &nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; 694 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 35 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1581)<br>| &nbsp;&nbsp;&nbsp; (2941)<br>| &nbsp;&nbsp;&nbsp; (95)<br>| &nbsp;&nbsp;&nbsp; (220)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (480)<br>| &nbsp;&nbsp;&nbsp; (249)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (46)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 851 | &nbsp;&nbsp;&nbsp; 2429 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp; 517 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (1094)<br>| &nbsp;&nbsp;&nbsp; (2379)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp; 567 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp; 1394 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (471)<br>| &nbsp;&nbsp;&nbsp; (1182)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; 479 | &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 Large Cap Funds 91

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. GARP Equity Fund** | **JPMorgan U.S. GARP 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; 1672 | &nbsp;&nbsp;&nbsp; 6107 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; 283 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2145 | &nbsp;&nbsp;&nbsp; 2968 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; 105 |
| Redeemed | &nbsp;&nbsp;&nbsp; (8728)<br>| &nbsp;&nbsp;&nbsp; (14816)<br>| &nbsp;&nbsp;&nbsp; (145)<br>| &nbsp;&nbsp;&nbsp; (467)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (4911)<br>| &nbsp;&nbsp;&nbsp; (5741)<br>| &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; (79)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 60394 | &nbsp;&nbsp;&nbsp; 144904 | &nbsp;&nbsp;&nbsp; 709 | &nbsp;&nbsp;&nbsp; 1298 |
| Reinvested | &nbsp;&nbsp;&nbsp; 36123 | &nbsp;&nbsp;&nbsp; 39740 | &nbsp;&nbsp;&nbsp; 899 | &nbsp;&nbsp;&nbsp; 651 |
| Redeemed | &nbsp;&nbsp;&nbsp; (108254)<br>| &nbsp;&nbsp;&nbsp; (169319)<br>| &nbsp;&nbsp;&nbsp; (1008)<br>| &nbsp;&nbsp;&nbsp; (1290)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (11737)<br>| &nbsp;&nbsp;&nbsp; 15325 | &nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 659 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Large Cap Core Plus Fund** | **JPMorgan U.S. Large Cap Core Plus Fund** | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund** | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund** |
|  | &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; $23374 | &nbsp;&nbsp;&nbsp; $74877 | &nbsp;&nbsp;&nbsp; $180428 | &nbsp;&nbsp;&nbsp; $625524 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 10519 | &nbsp;&nbsp;&nbsp; 21141 | &nbsp;&nbsp;&nbsp; 34973 | &nbsp;&nbsp;&nbsp; 11086 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (33175)<br>| &nbsp;&nbsp;&nbsp; (70089)<br>| &nbsp;&nbsp;&nbsp; (115326)<br>| &nbsp;&nbsp;&nbsp; (300798)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 718 | &nbsp;&nbsp;&nbsp; 25929 | &nbsp;&nbsp;&nbsp; 100075 | &nbsp;&nbsp;&nbsp; 335812 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 17133 | &nbsp;&nbsp;&nbsp; 41280 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3981 | &nbsp;&nbsp;&nbsp; 6210 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (10554)<br>| &nbsp;&nbsp;&nbsp; (18342)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 10560 | &nbsp;&nbsp;&nbsp; 29148 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 192846 | &nbsp;&nbsp;&nbsp; 948040 | &nbsp;&nbsp;&nbsp; 201749 | &nbsp;&nbsp;&nbsp; 670378 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 58546 | &nbsp;&nbsp;&nbsp; 105451 | &nbsp;&nbsp;&nbsp; 42165 | &nbsp;&nbsp;&nbsp; 45383 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (341270)<br>| &nbsp;&nbsp;&nbsp; (599365)<br>| &nbsp;&nbsp;&nbsp; (133677)<br>| &nbsp;&nbsp;&nbsp; (352664)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (89878)<br>| &nbsp;&nbsp;&nbsp; 454126 | &nbsp;&nbsp;&nbsp; 110237 | &nbsp;&nbsp;&nbsp; 363097 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 808 | &nbsp;&nbsp;&nbsp; 1102 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (6151)<br>| &nbsp;&nbsp;&nbsp; (967)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (5212)<br>| &nbsp;&nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 9697 | &nbsp;&nbsp;&nbsp; 10258 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1451 | &nbsp;&nbsp;&nbsp; 2689 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (8916)<br>| &nbsp;&nbsp;&nbsp; (14001)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 2232 | &nbsp;&nbsp;&nbsp; (1054)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 127319 | &nbsp;&nbsp;&nbsp; 369467 | &nbsp;&nbsp;&nbsp; 316297 | &nbsp;&nbsp;&nbsp; 1475645 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 21537 | &nbsp;&nbsp;&nbsp; 29153 | &nbsp;&nbsp;&nbsp; 467720 | &nbsp;&nbsp;&nbsp; 522922 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (85852)<br>| &nbsp;&nbsp;&nbsp; (115363)<br>| &nbsp;&nbsp;&nbsp; (1633226)<br>| &nbsp;&nbsp;&nbsp; (1743331)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 63004 | &nbsp;&nbsp;&nbsp; 283257 | &nbsp;&nbsp;&nbsp; (849209)<br>| &nbsp;&nbsp;&nbsp; 255236 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(18576)<br>| &nbsp;&nbsp;&nbsp; $792132 | &nbsp;&nbsp;&nbsp; $(638897)<br>| &nbsp;&nbsp;&nbsp; $954145 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp;&nbsp; 3713 | &nbsp;&nbsp;&nbsp; 3811 | &nbsp;&nbsp;&nbsp; 15453 |
| Reinvested | &nbsp;&nbsp;&nbsp; 472 | &nbsp;&nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp; 252 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1509)<br>| &nbsp;&nbsp;&nbsp; (3501)<br>| &nbsp;&nbsp;&nbsp; (2416)<br>| &nbsp;&nbsp;&nbsp; (7448)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 1238 | &nbsp;&nbsp;&nbsp; 2129 | &nbsp;&nbsp;&nbsp; 8257 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 93

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Large Cap Core Plus** <br> **Fund** | **JPMorgan U.S. Large Cap Core Plus** <br> **Fund** | **JPMorgan U.S. Research**<br> **Enhanced Equity Fund** | **JPMorgan U.S. Research**<br> **Enhanced Equity Fund** |
|  | &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 C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp; 2673 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (631)<br>| &nbsp;&nbsp;&nbsp; (1204)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 633 | &nbsp;&nbsp;&nbsp; 1863 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 8285 | &nbsp;&nbsp;&nbsp; 44390 | &nbsp;&nbsp;&nbsp; 4162 | &nbsp;&nbsp;&nbsp; 15343 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2472 | &nbsp;&nbsp;&nbsp; 4823 | &nbsp;&nbsp;&nbsp; 871 | &nbsp;&nbsp;&nbsp; 1013 |
| Redeemed | &nbsp;&nbsp;&nbsp; (14571)<br>| &nbsp;&nbsp;&nbsp; (28502)<br>| &nbsp;&nbsp;&nbsp; (2774)<br>| &nbsp;&nbsp;&nbsp; (8205)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (3814)<br>| &nbsp;&nbsp;&nbsp; 20711 | &nbsp;&nbsp;&nbsp; 2259 | &nbsp;&nbsp;&nbsp; 8151 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (318)<br>| &nbsp;&nbsp;&nbsp; (57)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (269)<br>| &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (375)<br>| &nbsp;&nbsp;&nbsp; (652)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; (60)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5345 | &nbsp;&nbsp;&nbsp; 17139 | &nbsp;&nbsp;&nbsp; 6577 | &nbsp;&nbsp;&nbsp; 34292 |
| Reinvested | &nbsp;&nbsp;&nbsp; 894 | &nbsp;&nbsp;&nbsp; 1310 | &nbsp;&nbsp;&nbsp; 9683 | &nbsp;&nbsp;&nbsp; 11702 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3594)<br>| &nbsp;&nbsp;&nbsp; (5316)<br>| &nbsp;&nbsp;&nbsp; (33944)<br>| &nbsp;&nbsp;&nbsp; (39785)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 2645 | &nbsp;&nbsp;&nbsp; 13133 | &nbsp;&nbsp;&nbsp; (17684)<br>| &nbsp;&nbsp;&nbsp; 6209 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | &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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $25134 | &nbsp;&nbsp;&nbsp; $39391 | &nbsp;&nbsp;&nbsp; $83187 | &nbsp;&nbsp;&nbsp; $245906 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 10165 | &nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 66628 | &nbsp;&nbsp;&nbsp; 34970 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (11246)<br>| &nbsp;&nbsp;&nbsp; (17158)<br>| &nbsp;&nbsp;&nbsp; (119312)<br>| &nbsp;&nbsp;&nbsp; (170834)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 24053 | &nbsp;&nbsp;&nbsp; 22598 | &nbsp;&nbsp;&nbsp; 30503 | &nbsp;&nbsp;&nbsp; 110042 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; 3937 | &nbsp;&nbsp;&nbsp; 15965 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 5494 | &nbsp;&nbsp;&nbsp; 2906 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (601)<br>| &nbsp;&nbsp;&nbsp; (1112)<br>| &nbsp;&nbsp;&nbsp; (12865)<br>| &nbsp;&nbsp;&nbsp; (23703)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp; (843)<br>| &nbsp;&nbsp;&nbsp; (3434)<br>| &nbsp;&nbsp;&nbsp; (4832)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 6633 | &nbsp;&nbsp;&nbsp; 24995 | &nbsp;&nbsp;&nbsp; 391303 | &nbsp;&nbsp;&nbsp; 796511 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 9441 | &nbsp;&nbsp;&nbsp; 678 | &nbsp;&nbsp;&nbsp; 110157 | &nbsp;&nbsp;&nbsp; 66988 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (12884)<br>| &nbsp;&nbsp;&nbsp; (18389)<br>| &nbsp;&nbsp;&nbsp; (667918)<br>| &nbsp;&nbsp;&nbsp; (735443)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 3190 | &nbsp;&nbsp;&nbsp; 7284 | &nbsp;&nbsp;&nbsp; (166458)<br>| &nbsp;&nbsp;&nbsp; 128056 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp; 1462 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp; 158 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (680)<br>| &nbsp;&nbsp;&nbsp; (1625)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp; (5)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1730 | &nbsp;&nbsp;&nbsp; 6036 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp; 86 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1318)<br>| &nbsp;&nbsp;&nbsp; (2333)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp; 3789 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1198 | &nbsp;&nbsp;&nbsp; 2147 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp; 58 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (370)<br>| &nbsp;&nbsp;&nbsp; (1678)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1034 | &nbsp;&nbsp;&nbsp; 527 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 667 | &nbsp;&nbsp;&nbsp; 7843 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp; 380 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6741)<br>| &nbsp;&nbsp;&nbsp; (4389)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5695)<br>| &nbsp;&nbsp;&nbsp; 3834 |

---

------

(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 Large Cap Funds 95

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | &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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $4299 | &nbsp;&nbsp;&nbsp; $11627 | &nbsp;&nbsp;&nbsp; $167296 | &nbsp;&nbsp;&nbsp; $455431 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 7073 | &nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp; 89432 | &nbsp;&nbsp;&nbsp; 54483 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (6149)<br>| &nbsp;&nbsp;&nbsp; (14669)<br>| &nbsp;&nbsp;&nbsp; (276100)<br>| &nbsp;&nbsp;&nbsp; (540185)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 5223 | &nbsp;&nbsp;&nbsp; (2472)<br>| &nbsp;&nbsp;&nbsp; (19372)<br>| &nbsp;&nbsp;&nbsp; (30271)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $32620 | &nbsp;&nbsp;&nbsp; $26567 | &nbsp;&nbsp;&nbsp; $(162757)<br>| &nbsp;&nbsp;&nbsp; $211140 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 554 | &nbsp;&nbsp;&nbsp; 997 | &nbsp;&nbsp;&nbsp; 3111 |
| Reinvested | &nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 790 | &nbsp;&nbsp;&nbsp; 437 |
| Redeemed | &nbsp;&nbsp;&nbsp; (136)<br>| &nbsp;&nbsp;&nbsp; (229)<br>| &nbsp;&nbsp;&nbsp; (1426)<br>| &nbsp;&nbsp;&nbsp; (2166)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; 1382 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 229 |
| Reinvested | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 41 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (177)<br>| &nbsp;&nbsp;&nbsp; (344)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; (48)<br>| &nbsp;&nbsp;&nbsp; (74)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp; 4394 | &nbsp;&nbsp;&nbsp; 9480 |
| Reinvested | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 1219 | &nbsp;&nbsp;&nbsp; 785 |
| Redeemed | &nbsp;&nbsp;&nbsp; (153)<br>| &nbsp;&nbsp;&nbsp; (243)<br>| &nbsp;&nbsp;&nbsp; (7451)<br>| &nbsp;&nbsp;&nbsp; (8768)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; (1838)<br>| &nbsp;&nbsp;&nbsp; 1497 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 18 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 2 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (20)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 72 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (28)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 45 |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 27 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (21)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 7 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. 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>| **Year Ended**<br> **June 30, 2025** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 91 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 4 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (75)<br>| &nbsp;&nbsp;&nbsp; (52)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (64)<br>| &nbsp;&nbsp;&nbsp; 43 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 1858 | &nbsp;&nbsp;&nbsp; 5360 |
| Reinvested | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp; 634 |
| Redeemed | &nbsp;&nbsp;&nbsp; (72)<br>| &nbsp;&nbsp;&nbsp; (193)<br>| &nbsp;&nbsp;&nbsp; (3064)<br>| &nbsp;&nbsp;&nbsp; (6319)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (226)<br>| &nbsp;&nbsp;&nbsp; (325)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 97

------

**STATEMENT OF CASH FLOWS**

FOR THE PERIOD ENDED December 31, 2025

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund** <br>|
| **INCREASE (DECREASE) IN CASH** |  |
| **Cash flows provided (used) by operating activities:** |  |
| Net increase in net assets resulting from operations | &nbsp;&nbsp; $295915 |
| **Adjustments to reconcile net increase/decrease in net assets resulting** <br>**from operations to net cash provided (used) by operating activities:**<br>|  |
| Purchases of investment securities | &nbsp;&nbsp; (1443992)<br>|
| Proceeds from disposition of investment securities | &nbsp;&nbsp; 1431095 |
| Covers of investment securities sold short | &nbsp;&nbsp; (561392)<br>|
| Proceeds from investment securities sold short | &nbsp;&nbsp; 644803 |
| Purchases of short-term investments — affiliates, net | &nbsp;&nbsp; 51626 |
| Change in unrealized (appreciation)/depreciation on investments in non-affiliates | &nbsp;&nbsp; (195812)<br>|
| Change in unrealized (appreciation)/depreciation on investments in affiliates | &nbsp;&nbsp; (1)<br>|
| Change in unrealized (appreciation)/depreciation on investment securities sold short | &nbsp;&nbsp; 2437 |
| Net realized (gain)/loss on investments in non-affiliates | &nbsp;&nbsp; (137573)<br>|
| Net realized (gain)/loss on investments in affiliates | &nbsp;&nbsp; (9)<br>|
| Net realized (gain)/loss on securities sold short | &nbsp;&nbsp; 38118 |
| Increase in dividends receivable from affiliates | &nbsp;&nbsp; (119)<br>|
| Increase in dividends receivable from non-affiliates | &nbsp;&nbsp; (583)<br>|
| Increase in tax reclaims receivable | &nbsp;&nbsp; (56)<br>|
| Decrease in variation margin receivable | &nbsp;&nbsp; 255 |
| Decrease in dividend expense payable to non-affiliates on securities sold short | &nbsp;&nbsp; (77)<br>|
| Increase in interest expense payable to non-affiliates on securities sold short | &nbsp;&nbsp; 75 |
| Increase in investment advisory fees payable | &nbsp;&nbsp; 213 |
| Increase in administration fees payable | &nbsp;&nbsp; 21 |
| Increase in distribution fees payable | &nbsp;&nbsp; 21 |
| Increase in service fees payable | &nbsp;&nbsp; 12 |
| Increase in custodian and accounting fees payable | &nbsp;&nbsp; 9 |
| Increase in Trustees' and Chief Compliance Officer's fees  | &nbsp;&nbsp; 1 |
| Decrease in other accrued expenses payable | &nbsp;&nbsp; (60)<br>|
| Net cash provided (used) by operating activities | &nbsp;&nbsp; 124927 |
| **Cash flows provided (used) by financing activities:** |  |
| Due to custodian | &nbsp;&nbsp; —<br> (a)<br>|
| Proceeds from shares issued | &nbsp;&nbsp; 368719 |
| Payment for shares redeemed | &nbsp;&nbsp; (491245)<br>|
| Cash distributions paid to shareholders (net of reinvestments $96,165) | &nbsp;&nbsp; (6999)<br>|
| Net cash provided (used) by financing activities | &nbsp;&nbsp; (129525)<br>|
| **Cash:** |  |
| Net increase (decrease) in restricted and unrestricted cash and deposits at broker | &nbsp;&nbsp; (4598)<br>|
| Restricted and unrestricted cash and deposits at broker at beginning of year | &nbsp;&nbsp; 4598 |
| Restricted and unrestricted cash and deposits at broker at end of year | &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

Supplemental disclosure of cash flow information:

For the period ended December 31, 2025 the Fund paid approximately $2,086 in interest expense.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

Reconciliation of restricted and unrestricted cash at the end of period to the Statements of Assets and Liabilities:

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund**<br>| **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund**<br>|
|  | **June 30, 2025** | **December 31, 2025** |
| Cash | &nbsp;&nbsp; $350 | &nbsp;&nbsp; $— |
| Deposits at broker: |  |  |
| Futures contracts | &nbsp;&nbsp; 4248 | &nbsp;&nbsp; — |
|  | &nbsp;&nbsp; $4598 | &nbsp;&nbsp; $— |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 99

------

**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 Equity Income Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $24.65 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $1.77 | &nbsp;&nbsp; $1.93 | &nbsp;&nbsp; $(0.18)<br>| &nbsp;&nbsp; $(2.25)<br>| &nbsp;&nbsp; $(2.43)<br>|
| Year Ended June 30, 2025 | 23.49 | 0.37 | 2.68 | 3.05 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.89)<br>|
| Year Ended June 30, 2024 | 21.85 | 0.40 | 1.81 | 2.21 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2023 | 21.15 | 0.40 | 1.11 | 1.51 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.81)<br>|
| Year Ended June 30, 2022 | 22.34 | 0.34 | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2021 | 16.22 | 0.29 | 6.12 | 6.41 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.02 | 0.10 | 1.71 | 1.81 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (2.36)<br>|
| Year Ended June 30, 2025 | 22.93 | 0.25 | 2.61 | 2.86 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.77)<br>|
| Year Ended June 30, 2024 | 21.35 | 0.28 | 1.76 | 2.04 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.46)<br>|
| Year Ended June 30, 2023 | 20.68 | 0.28 | 1.09 | 1.37 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.70)<br>|
| Year Ended June 30, 2022 | 21.87 | 0.22 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.66)<br>|
| Year Ended June 30, 2021 | 15.88 | 0.19 | 6.00 | 6.19 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 25.21 | 0.20 | 1.81 | 2.01 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (2.46)<br>|
| Year Ended June 30, 2025 | 23.98 | 0.44 | 2.74 | 3.18 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.95)<br>|
| Year Ended June 30, 2024 | 22.29 | 0.46 | 1.86 | 2.32 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2023 | 21.56 | 0.46 | 1.13 | 1.59 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.86)<br>|
| Year Ended June 30, 2022 | 22.76 | 0.40 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.83)<br>|
| Year Ended June 30, 2021 | 16.52 | 0.35 | 6.23 | 6.58 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.50 | 0.13 | 1.75 | 1.88 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2025 | 23.36 | 0.31 | 2.65 | 2.96 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.82)<br>|
| Year Ended June 30, 2024 | 21.73 | 0.34 | 1.81 | 2.15 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.52)<br>|
| Year Ended June 30, 2023 | 21.04 | 0.34 | 1.10 | 1.44 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.75)<br>|
| Year Ended June 30, 2022 | 22.23 | 0.29 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2021 | 16.14 | 0.23 | 6.10 | 6.33 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.62 | 0.16 | 1.78 | 1.94 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (2.43)<br>|
| Year Ended June 30, 2025 | 23.47 | 0.37 | 2.67 | 3.04 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.89)<br>|
| Year Ended June 30, 2024 | 21.83 | 0.40 | 1.81 | 2.21 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.57)<br>|
| Year Ended June 30, 2023 | 21.13 | 0.40 | 1.11 | 1.51 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.81)<br>|
| Year Ended June 30, 2022 | 22.32 | 0.33 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2021 | 16.21 | 0.29 | 6.11 | 6.40 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 25.19 | 0.20 | 1.80 | 2.00 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (2.46)<br>|
| Year Ended June 30, 2025 | 23.96 | 0.44 | 2.73 | 3.17 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.94)<br>|
| Year Ended June 30, 2024 | 22.28 | 0.46 | 1.85 | 2.31 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.63)<br>|
| Year Ended June 30, 2023 | 21.54 | 0.46 | 1.14 | 1.60 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.86)<br>|
| Year Ended June 30, 2022 | 22.75 | 0.40 | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.83)<br>|
| Year Ended June 30, 2021 | 16.51 | 0.35 | 6.23 | 6.58 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(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; $24.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4755392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4653837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4450073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4423141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4562270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4715916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 613883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 997751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1206824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1493408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15045841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15445719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16105559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18495976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17614254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17980353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 168022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 101

------

**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 Equity Income Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $25.23 | &nbsp;&nbsp; $0.22 | &nbsp;&nbsp; $1.81 | &nbsp;&nbsp; $2.03 | &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(2.25)<br>| &nbsp;&nbsp; $(2.48)<br>|
| Year Ended June 30, 2025 | 24.00 | 0.48 | 2.73 | 3.21 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (1.98)<br>|
| Year Ended June 30, 2024 | 22.31 | 0.50 | 1.85 | 2.35 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.66)<br>|
| Year Ended June 30, 2023 | 21.58 | 0.50 | 1.12 | 1.62 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.89)<br>|
| Year Ended June 30, 2022 | 22.78 | 0.43 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.86)<br>|
| Year Ended June 30, 2021 | 16.53 | 0.37 | 6.25 | 6.62 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 25.21 | 0.23 | 1.80 | 2.03 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (2.25)<br>| &nbsp;&nbsp; (2.49)<br>|
| Year Ended June 30, 2025 | 23.98 | 0.51 | 2.73 | 3.24 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (2.01)<br>|
| Year Ended June 30, 2024 | 22.29 | 0.52 | 1.86 | 2.38 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.69)<br>|
| Year Ended June 30, 2023 | 21.56 | 0.52 | 1.13 | 1.65 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.92)<br>|
| Year Ended June 30, 2022 | 22.76 | 0.46 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.89)<br>|
| Year Ended June 30, 2021 | 16.52 | 0.39 | 6.24 | 6.63 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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;

102 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(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; $24.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $567121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 862123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1247583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1300595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1655531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21700153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22042487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21919414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22139090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20740383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19952074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 103

------

**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 Equity Index Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $92.97 | &nbsp;&nbsp; $0.36 | &nbsp;&nbsp; $9.61 | &nbsp;&nbsp; $9.97 | &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(0.56)<br>|
| Year Ended June 30, 2025 | 81.79 | 0.77 | 11.18 | 11.95 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2024 | 66.66 | 0.77 | 15.13 | 15.90 | &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2023 | 56.74 | 0.75 | 9.94 | 10.69 | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2022 | 65.24 | 0.65 | &nbsp;&nbsp; (7.60)<br>| &nbsp;&nbsp; (6.95)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.55)<br>|
| Year Ended June 30, 2021 | 47.11 | 0.62 | 18.24 | 18.86 | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.73)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 91.98 | 0.06 | 9.51 | 9.57 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.26)<br>|
| Year Ended June 30, 2025 | 80.91 | 0.24 | 11.06 | 11.30 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|
| Year Ended June 30, 2024 | 65.96 | 0.34 | 14.95 | 15.29 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2023 | 56.14 | 0.39 | 9.83 | 10.22 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2022 | 64.55 | 0.25 | &nbsp;&nbsp; (7.51)<br>| &nbsp;&nbsp; (7.26)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.15)<br>|
| Year Ended June 30, 2021 | 46.65 | 0.28 | 18.00 | 18.28 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 93.10 | 0.49 | 9.63 | 10.12 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.69)<br>|
| Year Ended June 30, 2025 | 81.90 | 0.98 | 11.20 | 12.18 | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2024 | 66.76 | 0.96 | 15.13 | 16.09 | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.95)<br>|
| Year Ended June 30, 2023 | 56.81 | 0.90 | 9.96 | 10.86 | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.91)<br>|
| Year Ended June 30, 2022 | 65.33 | 0.81 | &nbsp;&nbsp; (7.62)<br>| &nbsp;&nbsp; (6.81)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.71)<br>|
| Year Ended June 30, 2021 | 47.22 | 0.77 | 18.21 | 18.98 | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.87)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 93.13 | 0.57 | 9.63 | 10.20 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2025 | 81.93 | 1.12 | 11.20 | 12.32 | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.12)<br>|
| Year Ended June 30, 2024 | 66.77 | 1.07 | 15.15 | 16.22 | &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.06)<br>|
| Year Ended June 30, 2023 | 56.83 | 1.00 | 9.95 | 10.95 | &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.01)<br>|
| Year Ended June 30, 2022 | 65.35 | 0.92 | &nbsp;&nbsp; (7.62)<br>| &nbsp;&nbsp; (6.70)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (1.82)<br>|
| Year Ended June 30, 2021 | 47.21 | 0.85 | 18.25 | 19.10 | &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.96)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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) Net expenses for Class R6 Shares are 0.044% for the six months ended December 31, 2025, 0.044% for the year ended June 30, 2025, 0.044% for the year ended June 30, 2024, 0.045% for the year ended June 30, 2023, 0.045% for the year ended June 30, 2022 and 0.044% for the year ended June 30, 2021. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

104 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $102.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1133191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1055685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 770835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1577581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1434328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1264640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1121519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9908097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8845652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8029206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6194790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5395106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4793114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 105

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan Equity Premium Income Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $14.05 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $0.20 | &nbsp;&nbsp; $0.72 | &nbsp;&nbsp; $(0.52)<br>| &nbsp;&nbsp; $14.25 |
| Year Ended June 30, 2025 | 14.06 | 1.13 | &nbsp;&nbsp; (0.01)<br>| 1.12 | &nbsp;&nbsp; (1.13)<br>| 14.05 |
| Year Ended June 30, 2024 | 13.72 | 0.97 | 0.34 | 1.31 | &nbsp;&nbsp; (0.97)<br>| 14.06 |
| Year Ended June 30, 2023 | 13.79 | 1.53 | &nbsp;&nbsp; (0.13)<br>| 1.40 | &nbsp;&nbsp; (1.47)<br>| 13.72 |
| Year Ended June 30, 2022 | 15.23 | 1.46 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.34)<br>| 13.79 |
| Year Ended June 30, 2021 | 12.96 | 1.26 | 2.40 | 3.66 | &nbsp;&nbsp; (1.39)<br>| 15.23 |
| **Class C** |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 14.05 | 0.48 | 0.20 | 0.68 | &nbsp;&nbsp; (0.48)<br>| 14.25 |
| Year Ended June 30, 2025 | 14.06 | 1.06 | &nbsp;&nbsp; (0.01)<br>| 1.05 | &nbsp;&nbsp; (1.06)<br>| 14.05 |
| Year Ended June 30, 2024 | 13.72 | 0.90 | 0.35 | 1.25 | &nbsp;&nbsp; (0.91)<br>| 14.06 |
| Year Ended June 30, 2023 | 13.79 | 1.48 | &nbsp;&nbsp; (0.15)<br>| 1.33 | &nbsp;&nbsp; (1.40)<br>| 13.72 |
| Year Ended June 30, 2022 | 15.23 | 1.38 | &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.26)<br>| 13.79 |
| Year Ended June 30, 2021 | 12.96 | 1.15 | 2.44 | 3.59 | &nbsp;&nbsp; (1.32)<br>| 15.23 |
| **Class I** |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 14.06 | 0.54 | 0.20 | 0.74 | &nbsp;&nbsp; (0.54)<br>| 14.26 |
| Year Ended June 30, 2025 | 14.07 | 1.17 | &nbsp;&nbsp; (0.02)<br>| 1.15 | &nbsp;&nbsp; (1.16)<br>| 14.06 |
| Year Ended June 30, 2024 | 13.72 | 1.01 | 0.35 | 1.36 | &nbsp;&nbsp; (1.01)<br>| 14.07 |
| Year Ended June 30, 2023 | 13.80 | 1.46 | &nbsp;&nbsp; (0.03)<br>| 1.43 | &nbsp;&nbsp; (1.51)<br>| 13.72 |
| Year Ended June 30, 2022 | 15.23 | 1.48 | &nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.37)<br>| 13.80 |
| Year Ended June 30, 2021 | 12.96 | 1.38 | 2.32 | 3.70 | &nbsp;&nbsp; (1.43)<br>| 15.23 |
| **Class R5** |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 14.05 | 0.54 | 0.22 | 0.76 | &nbsp;&nbsp; (0.55)<br>| 14.26 |
| Year Ended June 30, 2025 | 14.07 | 1.20 | &nbsp;&nbsp; (0.04)<br>| 1.16 | &nbsp;&nbsp; (1.18)<br>| 14.05 |
| Year Ended June 30, 2024 | 13.72 | 1.03 | 0.35 | 1.38 | &nbsp;&nbsp; (1.03)<br>| 14.07 |
| Year Ended June 30, 2023 | 13.79 | 1.45 | 0.01 | 1.46 | &nbsp;&nbsp; (1.53)<br>| 13.72 |
| Year Ended June 30, 2022 | 15.23 | 1.48 | &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.40)<br>| 13.79 |
| Year Ended June 30, 2021 | 12.96 | 1.37 | 2.35 | 3.72 | &nbsp;&nbsp; (1.45)<br>| 15.23 |
| **Class R6** |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 14.05 | 0.55 | 0.21 | 0.76 | &nbsp;&nbsp; (0.56)<br>| 14.25 |
| Year Ended June 30, 2025 | 14.06 | 1.19 | &nbsp;&nbsp; —<br> (f)<br>| 1.19 | &nbsp;&nbsp; (1.20)<br>| 14.05 |
| Year Ended June 30, 2024 | 13.72 | 1.04 | 0.34 | 1.38 | &nbsp;&nbsp; (1.04)<br>| 14.06 |
| Year Ended June 30, 2023 | 13.80 | 1.45 | 0.01 | 1.46 | &nbsp;&nbsp; (1.54)<br>| 13.72 |
| Year Ended June 30, 2022 | 15.23 | 1.50 | &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.41)<br>| 13.80 |
| Year Ended June 30, 2021 | 12.96 | 1.43 | 2.30 | 3.73 | &nbsp;&nbsp; (1.46)<br>| 15.23 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

106 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $561497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 905284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 756008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4235151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4482797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4160918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3641748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1859617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 948723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1010271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1240522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1571873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 107

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan Hedged Equity Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $33.00 | &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $2.24 | &nbsp;&nbsp; $2.30 | &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $35.22 |
| Year Ended June 30, 2025 | 31.06 | 0.17 | 1.94 | 2.11 | &nbsp;&nbsp; (0.17)<br>| 33.00 |
| Year Ended June 30, 2024 | 27.57 | 0.20 | 3.48 | 3.68 | &nbsp;&nbsp; (0.19)<br>| 31.06 |
| Year Ended June 30, 2023 | 24.20 | 0.20 | 3.38 | 3.58 | &nbsp;&nbsp; (0.21)<br>| 27.57 |
| Year Ended June 30, 2022 | 25.90 | 0.13 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (0.13)<br>| 24.20 |
| Year Ended June 30, 2021 | 21.83 | 0.15 | 4.11 | 4.26 | &nbsp;&nbsp; (0.19)<br>| 25.90 |
| **Class C** |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 32.72 | &nbsp;&nbsp; (0.03)(f)<br>| 2.22 | 2.19 | &nbsp;&nbsp; —<br> (g)<br>| 34.91 |
| Year Ended June 30, 2025 | 30.81 | 0.01 | 1.92 | 1.93 | &nbsp;&nbsp; (0.02)<br>| 32.72 |
| Year Ended June 30, 2024 | 27.37 | 0.05 | 3.45 | 3.50 | &nbsp;&nbsp; (0.06)<br>| 30.81 |
| Year Ended June 30, 2023 | 24.02 | 0.08 | 3.35 | 3.43 | &nbsp;&nbsp; (0.08)<br>| 27.37 |
| Year Ended June 30, 2022 | 25.72 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (0.02)<br>| 24.02 |
| Year Ended June 30, 2021 | 21.70 | 0.03 | 4.07 | 4.10 | &nbsp;&nbsp; (0.08)<br>| 25.72 |
| **Class I** |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 33.12 | 0.10 | 2.24 | 2.34 | &nbsp;&nbsp; (0.12)<br>| 35.34 |
| Year Ended June 30, 2025 | 31.16 | 0.25 | 1.96 | 2.21 | &nbsp;&nbsp; (0.25)<br>| 33.12 |
| Year Ended June 30, 2024 | 27.66 | 0.27 | 3.50 | 3.77 | &nbsp;&nbsp; (0.27)<br>| 31.16 |
| Year Ended June 30, 2023 | 24.28 | 0.27 | 3.38 | 3.65 | &nbsp;&nbsp; (0.27)<br>| 27.66 |
| Year Ended June 30, 2022 | 25.98 | 0.20 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp; (0.20)<br>| 24.28 |
| Year Ended June 30, 2021 | 21.90 | 0.21 | 4.11 | 4.32 | &nbsp;&nbsp; (0.24)<br>| 25.98 |
| **Class R5** |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 33.18 | 0.12 | 2.25 | 2.37 | &nbsp;&nbsp; (0.14)<br>| 35.41 |
| Year Ended June 30, 2025 | 31.21 | 0.29 | 1.97 | 2.26 | &nbsp;&nbsp; (0.29)<br>| 33.18 |
| Year Ended June 30, 2024 | 27.71 | 0.31 | 3.50 | 3.81 | &nbsp;&nbsp; (0.31)<br>| 31.21 |
| Year Ended June 30, 2023 | 24.32 | 0.31 | 3.39 | 3.70 | &nbsp;&nbsp; (0.31)<br>| 27.71 |
| Year Ended June 30, 2022 | 26.02 | 0.24 | &nbsp;&nbsp; (1.70)<br>| &nbsp;&nbsp; (1.46)<br>| &nbsp;&nbsp; (0.24)<br>| 24.32 |
| Year Ended June 30, 2021 | 21.93 | 0.25 | 4.11 | 4.36 | &nbsp;&nbsp; (0.27)<br>| 26.02 |
| **Class R6** |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 33.19 | 0.14 | 2.27 | 2.41 | &nbsp;&nbsp; (0.17)<br>| 35.43 |
| Year Ended June 30, 2025 | 31.23 | 0.34 | 1.95 | 2.29 | &nbsp;&nbsp; (0.33)<br>| 33.19 |
| Year Ended June 30, 2024 | 27.73 | 0.34 | 3.50 | 3.84 | &nbsp;&nbsp; (0.34)<br>| 31.23 |
| Year Ended June 30, 2023 | 24.33 | 0.33 | 3.40 | 3.73 | &nbsp;&nbsp; (0.33)<br>| 27.73 |
| Year Ended June 30, 2022 | 26.04 | 0.27 | &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (0.26)<br>| 24.33 |
| Year Ended June 30, 2021 | 21.95 | 0.28 | 4.11 | 4.39 | &nbsp;&nbsp; (0.30)<br>| 26.04 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. 

(g) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

108 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1482757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.82<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1452343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1393286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1274360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1647387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1778457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16939173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16970246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15552472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12697762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12790417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14416679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2311909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2038756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2230651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1594675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1614304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1591643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 109

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Hedged Equity 2 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $18.83 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $1.01 | &nbsp;&nbsp; $1.04 | &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended June 30, 2025 | 17.53 | 0.09 | 1.30 | 1.39 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2024 | 15.74 | 0.11 | 1.79 | 1.90 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>|
| Year Ended June 30, 2023 | 14.87 | 0.11 | 1.70 | 1.81 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year Ended June 30, 2022 | 15.97 | 0.09 | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.03 | 0.95 | 0.98 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 18.77 | &nbsp;&nbsp; (0.02)(h)<br>| 1.00 | 0.98 | &nbsp;&nbsp; —<br> (i)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (i)<br>|
| Year Ended June 30, 2025 | 17.48 | &nbsp;&nbsp; —<br> (i)<br>| 1.30 | 1.30 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended June 30, 2024 | 15.70 | 0.03 | 1.78 | 1.81 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended June 30, 2023 | 14.84 | 0.04 | 1.69 | 1.73 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.87)<br>|
| Year Ended June 30, 2022 | 15.95 | 0.01 | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | &nbsp;&nbsp; —<br> (i)<br>| 0.95 | 0.95 | &nbsp;&nbsp; —<br> (i)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 18.85 | 0.06 | 1.01 | 1.07 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2025 | 17.55 | 0.14 | 1.30 | 1.44 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| Year Ended June 30, 2024 | 15.76 | 0.15 | 1.79 | 1.94 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Year Ended June 30, 2023 | 14.89 | 0.15 | 1.70 | 1.85 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2022 | 15.98 | 0.13 | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.04 | 0.96 | 1.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 18.86 | 0.07 | 1.01 | 1.08 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| Year Ended June 30, 2025 | 17.55 | 0.16 | 1.31 | 1.47 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16)<br>|
| Year Ended June 30, 2024 | 15.76 | 0.17 | 1.79 | 1.96 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2023 | 14.89 | 0.17 | 1.70 | 1.87 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.00)<br>|
| Year Ended June 30, 2022 | 15.98 | 0.15 | &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.05 | 0.95 | 1.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

110 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $239732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.43<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4167778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &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;18.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4261391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3858374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3631690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4110283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1018781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 111

------

**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 Hedged Equity 2 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $18.87 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $1.01 | &nbsp;&nbsp; $1.09 | &nbsp;&nbsp; $(0.09)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.09)<br>|
| Year Ended June 30, 2025 | 17.56 | 0.19 | 1.30 | 1.49 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Year Ended June 30, 2024 | 15.77 | 0.19 | 1.79 | 1.98 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| Year Ended June 30, 2023 | 14.90 | 0.18 | 1.70 | 1.88 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (1.01)<br>|
| Year Ended June 30, 2022 | 15.99 | 0.18 | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.05 | 0.96 | 1.01 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(h) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. 

(i) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

112 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $770336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 432133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 113

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Hedged Equity 3 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $19.61 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $1.36 | &nbsp;&nbsp; $1.39 | &nbsp;&nbsp; $(0.05)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.05)<br>|
| Year Ended June 30, 2025 | 18.27 | 0.09 | 1.34 | 1.43 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2024 | 15.63 | 0.11 | 2.64 | 2.75 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>|
| Year Ended June 30, 2023 | 14.34 | 0.11 | 1.45 | 1.56 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.27)<br>|
| Year Ended June 30, 2022 | 15.96 | 0.09 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.56)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.03 | 0.95 | 0.98 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 19.53 | &nbsp;&nbsp; (0.02)(h)<br>| 1.35 | 1.33 | &nbsp;&nbsp; —<br> (i)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2025 | 18.22 | &nbsp;&nbsp; —<br> (i)<br>| 1.32 | 1.32 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended June 30, 2024 | 15.59 | 0.03 | 2.63 | 2.66 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended June 30, 2023 | 14.30 | 0.04 | 1.44 | 1.48 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.19)<br>|
| Year Ended June 30, 2022 | 15.95 | 0.01 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.64)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | &nbsp;&nbsp; —<br> (i)<br>| 0.96 | 0.96 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 19.64 | 0.06 | 1.36 | 1.42 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2025 | 18.30 | 0.14 | 1.34 | 1.48 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| Year Ended June 30, 2024 | 15.65 | 0.15 | 2.65 | 2.80 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Year Ended June 30, 2023 | 14.36 | 0.15 | 1.44 | 1.59 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2022 | 15.98 | 0.13 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.52)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.04 | 0.96 | 1.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 19.66 | 0.07 | 1.37 | 1.44 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2025 | 18.32 | 0.17 | 1.34 | 1.51 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2024 | 15.67 | 0.17 | 2.65 | 2.82 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2023 | 14.37 | 0.16 | 1.46 | 1.62 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.32)<br>|
| Year Ended June 30, 2022 | 15.98 | 0.17 | &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (1.49)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.05 | 0.95 | 1.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

114 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $20.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $157213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18)(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2312183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2599366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2281551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1923674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2257577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.22<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 115

------

**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 Hedged Equity 3 Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $19.66 | &nbsp;&nbsp; $0.08 | &nbsp;&nbsp; $1.37 | &nbsp;&nbsp; $1.45 | &nbsp;&nbsp; $(0.10)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.10)<br>|
| Year Ended June 30, 2025 | 18.32 | 0.19 | 1.33 | 1.52 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Year Ended June 30, 2024 | 15.67 | 0.20 | 2.64 | 2.84 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| Year Ended June 30, 2023 | 14.37 | 0.18 | 1.46 | 1.64 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.34)<br>|
| Year Ended June 30, 2022 | 15.98 | 0.17 | &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (1.48)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>|
| February 26, 2021 (f) through June 30, 2021 | 15.00 | 0.06 | 0.94 | 1.00 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(f) Commencement of operations.

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(h) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. 

(i) Amount rounds to less than $0.005.

(j) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

116 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $185601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.79<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 117

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Large Cap Growth Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $82.27 | &nbsp;&nbsp; $(0.15)(f)<br>| &nbsp;&nbsp; $6.13 | &nbsp;&nbsp; $5.98 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(9.33)<br>| &nbsp;&nbsp; $(9.33)<br>|
| Year Ended June 30, 2025 | 72.60 | &nbsp;&nbsp; (0.07)<br>| 10.54 | 10.47 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 53.66 | &nbsp;&nbsp; (0.14)(f)<br>| 19.08 | 18.94 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 44.12 | 0.11 | 10.83 | 10.94 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.40)<br>|
| Year Ended June 30, 2022 | 64.22 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (10.74)<br>| &nbsp;&nbsp; (10.86)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 48.04 | &nbsp;&nbsp; (0.27)<br>| 19.59 | 19.32 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.14)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 53.48 | &nbsp;&nbsp; (0.24)(f)<br>| 4.06 | 3.82 | &nbsp;&nbsp; — | &nbsp;&nbsp; (9.33)<br>| &nbsp;&nbsp; (9.33)<br>|
| Year Ended June 30, 2025 | 47.68 | &nbsp;&nbsp; (0.29)<br>| 6.89 | 6.60 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 35.42 | &nbsp;&nbsp; (0.29)(f)<br>| 12.55 | 12.26 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 29.67 | &nbsp;&nbsp; (0.08)<br>| 7.18 | 7.10 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2022 | 46.21 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (7.01)<br>| &nbsp;&nbsp; (7.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 35.43 | &nbsp;&nbsp; (0.41)<br>| 14.33 | 13.92 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.14)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 84.88 | &nbsp;&nbsp; (0.04)(f)<br>| 6.32 | 6.28 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (9.33)<br>| &nbsp;&nbsp; (9.36)<br>|
| Year Ended June 30, 2025 | 74.70 | 0.12 | 10.86 | 10.98 | &nbsp;&nbsp; —<br> (h)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 55.14 | 0.01 | 19.62 | 19.63 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2023 | 45.32 | 0.22 | 11.13 | 11.35 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.53)<br>|
| Year Ended June 30, 2022 | 65.59 | 0.03 | &nbsp;&nbsp; (11.06)<br>| &nbsp;&nbsp; (11.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 48.91 | &nbsp;&nbsp; (0.12)<br>| 19.97 | 19.85 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.17)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 76.67 | &nbsp;&nbsp; (0.24)(f)<br>| 5.73 | 5.49 | &nbsp;&nbsp; — | &nbsp;&nbsp; (9.33)<br>| &nbsp;&nbsp; (9.33)<br>|
| Year Ended June 30, 2025 | 67.88 | &nbsp;&nbsp; (0.24)<br>| 9.83 | 9.59 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 50.29 | &nbsp;&nbsp; (0.27)(f)<br>| 17.86 | 17.59 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 41.49 | &nbsp;&nbsp; (0.01)<br>| 10.16 | 10.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2022 | 61.05 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (10.06)<br>| &nbsp;&nbsp; (10.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 45.90 | &nbsp;&nbsp; (0.39)<br>| 18.68 | 18.29 | &nbsp;&nbsp; — | &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.14)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 82.81 | &nbsp;&nbsp; (0.15)(f)<br>| 6.18 | 6.03 | &nbsp;&nbsp; — | &nbsp;&nbsp; (9.33)<br>| &nbsp;&nbsp; (9.33)<br>|
| Year Ended June 30, 2025 | 73.08 | &nbsp;&nbsp; (0.07)<br>| 10.60 | 10.53 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 54.04 | &nbsp;&nbsp; (0.16)(f)<br>| 19.23 | 19.07 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended June 30, 2023 | 44.45 | 0.10 | 10.91 | 11.01 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.42)<br>|
| Year Ended June 30, 2022 | 64.64 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (10.83)<br>| &nbsp;&nbsp; (10.95)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 48.34 | &nbsp;&nbsp; (0.27)<br>| 19.72 | 19.45 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.15)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 84.67 | &nbsp;&nbsp; (0.04)(f)<br>| 6.31 | 6.27 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (9.33)<br>| &nbsp;&nbsp; (9.34)<br>|
| Year Ended June 30, 2025 | 74.52 | 0.12 | 10.83 | 10.95 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.80)<br>|
| Year Ended June 30, 2024 | 55.02 | 0.01 | 19.58 | 19.59 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2023 | 45.23 | 0.19 | 11.13 | 11.32 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.53)<br>|
| Year Ended June 30, 2022 | 65.47 | 0.02 | &nbsp;&nbsp; (11.02)<br>| &nbsp;&nbsp; (11.00)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 48.84 | &nbsp;&nbsp; (0.12)<br>| 19.94 | 19.82 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.19)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

118 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(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; $78.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8019201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35)%(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7748457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6722152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4742066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3734120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4970767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1189435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.85)(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.48<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1143570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 900693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.73)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32745513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10)(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29837081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22747050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15667641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9509669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10983173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.60)(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.48)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 899227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35)(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.98<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10)(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 119

------

**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 Large Cap Growth Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $88.09 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $6.57 | &nbsp;&nbsp; $6.59 | &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(9.33)<br>| &nbsp;&nbsp; $(9.47)<br>|
| Year Ended June 30, 2025 | 77.47 | 0.24 | 11.28 | 11.52 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2024 | 57.16 | 0.11 | 20.34 | 20.45 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| Year Ended June 30, 2023 | 46.91 | 0.30 | 11.53 | 11.83 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.58)<br>|
| Year Ended June 30, 2022 | 67.49 | 0.12 | &nbsp;&nbsp; (11.46)<br>| &nbsp;&nbsp; (11.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 50.20 | &nbsp;&nbsp; (0.04)<br>| 20.52 | 20.48 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.19)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 89.27 | 0.07 | 6.65 | 6.72 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (9.33)<br>| &nbsp;&nbsp; (9.55)<br>|
| Year Ended June 30, 2025 | 78.50 | 0.33 | 11.41 | 11.74 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.97)<br>|
| Year Ended June 30, 2024 | 57.91 | 0.18 | 20.61 | 20.79 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2023 | 47.51 | 0.35 | 11.69 | 12.04 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.64)<br>|
| Year Ended June 30, 2022 | 68.18 | 0.19 | &nbsp;&nbsp; (11.62)<br>| &nbsp;&nbsp; (11.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp; (9.24)<br>|
| Year Ended June 30, 2021 | 50.66 | 0.03 | 20.71 | 20.74 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.22)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. 

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(h) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

120 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(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; $85.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1033999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629918 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75377975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72508865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61059217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37609592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16482609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19127249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 121

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(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 Large Cap Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $20.86 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $2.20 | &nbsp;&nbsp; $2.30 | &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $(1.42)<br>| &nbsp;&nbsp; $(1.55)<br>|
| Year Ended June 30, 2025 | 20.36 | 0.24 | 2.38 | 2.62 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.12)<br>|
| Year Ended June 30, 2024 | 18.93 | 0.28 | 2.13 | 2.41 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2023 | 17.90 | 0.24 | 1.82 | 2.06 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.03)<br>|
| Year Ended June 30, 2022 | 20.48 | 0.19 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.56)<br>|
| Year Ended June 30, 2021 | 12.72 | 0.11 | 7.73 | 7.84 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 19.58 | 0.05 | 2.06 | 2.11 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.50)<br>|
| Year Ended June 30, 2025 | 19.23 | 0.12 | 2.25 | 2.37 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.02)<br>|
| Year Ended June 30, 2024 | 17.93 | 0.17 | 2.01 | 2.18 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2023 | 17.01 | 0.14 | 1.72 | 1.86 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year Ended June 30, 2022 | 19.55 | 0.09 | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.47)<br>|
| Year Ended June 30, 2021 | 12.17 | 0.02 | 7.39 | 7.41 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 20.32 | 0.13 | 2.15 | 2.28 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.58)<br>|
| Year Ended June 30, 2025 | 19.89 | 0.28 | 2.32 | 2.60 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.17)<br>|
| Year Ended June 30, 2024 | 18.51 | 0.32 | 2.08 | 2.40 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.02)<br>|
| Year Ended June 30, 2023 | 17.53 | 0.28 | 1.77 | 2.05 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.07)<br>|
| Year Ended June 30, 2022 | 20.10 | 0.23 | &nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.61)<br>|
| Year Ended June 30, 2021 | 12.49 | 0.15 | 7.59 | 7.74 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 20.60 | 0.08 | 2.16 | 2.24 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.52)<br>|
| Year Ended June 30, 2025 | 20.13 | 0.18 | 2.36 | 2.54 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.07)<br>|
| Year Ended June 30, 2024 | 18.73 | 0.23 | 2.10 | 2.33 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.93)<br>|
| Year Ended June 30, 2023 | 17.72 | 0.19 | 1.80 | 1.99 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2022 | 20.30 | 0.14 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.51)<br>|
| Year Ended June 30, 2021 | 12.61 | 0.06 | 7.67 | 7.73 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 20.26 | 0.10 | 2.14 | 2.24 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.55)<br>|
| Year Ended June 30, 2025 | 19.84 | 0.23 | 2.31 | 2.54 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.12)<br>|
| Year Ended June 30, 2024 | 18.47 | 0.27 | 2.08 | 2.35 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (0.98)<br>|
| Year Ended June 30, 2023 | 17.49 | 0.24 | 1.77 | 2.01 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.03)<br>|
| Year Ended June 30, 2022 | 20.09 | 0.20 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.59)<br>|
| Year Ended June 30, 2021 | 12.48 | 0.10 | 7.59 | 7.69 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 20.88 | 0.13 | 2.21 | 2.34 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.57)<br>|
| Year Ended June 30, 2025 | 20.38 | 0.28 | 2.38 | 2.66 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.16)<br>|
| Year Ended June 30, 2024 | 18.94 | 0.33 | 2.13 | 2.46 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.02)<br>|
| Year Ended June 30, 2023 | 17.92 | 0.30 | 1.80 | 2.10 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.08)<br>|
| Year Ended June 30, 2022 | 20.50 | 0.26 | &nbsp;&nbsp; (1.23)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.61)<br>|
| Year Ended June 30, 2021 | 12.73 | 0.12 | 7.77 | 7.89 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

122 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $342380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2370622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2256860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1835424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1297201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1275387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1418653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 123

------

**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 Large Cap Value Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $20.64 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $2.17 | &nbsp;&nbsp; $2.32 | &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(1.42)<br>| &nbsp;&nbsp; $(1.59)<br>|
| Year Ended June 30, 2025 | 20.17 | 0.31 | 2.36 | 2.67 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.20)<br>|
| Year Ended June 30, 2024 | 18.75 | 0.35 | 2.12 | 2.47 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.05)<br>|
| Year Ended June 30, 2023 | 17.75 | 0.31 | 1.79 | 2.10 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.10)<br>|
| Year Ended June 30, 2022 | 20.32 | 0.26 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.63)<br>|
| Year Ended June 30, 2021 | 12.62 | 0.17 | 7.68 | 7.85 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 20.44 | 0.16 | 2.16 | 2.32 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp; (1.60)<br>|
| Year Ended June 30, 2025 | 19.99 | 0.33 | 2.34 | 2.67 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; (2.22)<br>|
| Year Ended June 30, 2024 | 18.60 | 0.37 | 2.09 | 2.46 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.07)<br>|
| Year Ended June 30, 2023 | 17.61 | 0.33 | 1.78 | 2.11 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (1.12)<br>|
| Year Ended June 30, 2022 | 20.18 | 0.28 | &nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.38)<br>| &nbsp;&nbsp; (1.65)<br>|
| Year Ended June 30, 2021 | 12.53 | 0.19 | 7.63 | 7.82 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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;

124 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $21.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $32181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2607734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2335547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1960039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1733785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1564013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2606033 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 125

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $25.88 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $2.32 | &nbsp;&nbsp; $2.33 | &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(1.43)<br>| &nbsp;&nbsp; $(1.46)<br>|
| Year Ended June 30, 2025 | 24.46 | 0.06 | 2.83 | 2.89 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.47)<br>|
| Year Ended June 30, 2024 | 19.75 | 0.11 | 4.93 | 5.04 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 17.48 | 0.14 | 2.94 | 3.08 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.81)<br>|
| Year Ended June 30, 2022 | 21.51 | 0.08 | &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (1.73)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.30)<br>|
| Year Ended June 30, 2021 | 16.22 | 0.09 | 6.39 | 6.48 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.19)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 24.39 | &nbsp;&nbsp; (0.05)(f)<br>| 2.18 | 2.13 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (1.43)<br>|
| Year Ended June 30, 2025 | 23.18 | &nbsp;&nbsp; (0.06)<br>| 2.68 | 2.62 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.41)<br>|
| Year Ended June 30, 2024 | 18.76 | &nbsp;&nbsp; —<br> (g)<br>| 4.68 | 4.68 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.26)<br>|
| Year Ended June 30, 2023 | 16.65 | 0.05 | 2.79 | 2.84 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.73)<br>|
| Year Ended June 30, 2022 | 20.61 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.69)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.24)<br>|
| Year Ended June 30, 2021 | 15.60 | &nbsp;&nbsp; (0.01)<br>| 6.14 | 6.13 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.12)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 26.00 | 0.05 | 2.32 | 2.37 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (1.49)<br>|
| Year Ended June 30, 2025 | 24.57 | 0.12 | 2.84 | 2.96 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.53)<br>|
| Year Ended June 30, 2024 | 19.83 | 0.16 | 4.97 | 5.13 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2023 | 17.56 | 0.19 | 2.94 | 3.13 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.86)<br>|
| Year Ended June 30, 2022 | 21.59 | 0.13 | &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.35)<br>|
| Year Ended June 30, 2021 | 16.27 | 0.13 | 6.43 | 6.56 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.24)<br>|
| **Class L** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 26.07 | 0.07 | 2.35 | 2.42 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (1.52)<br>|
| Year Ended June 30, 2025 | 24.63 | 0.16 | 2.85 | 3.01 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.57)<br>|
| Year Ended June 30, 2024 | 19.88 | 0.20 | 4.97 | 5.17 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2023 | 17.60 | 0.22 | 2.94 | 3.16 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2022 | 21.63 | 0.16 | &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (1.65)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.38)<br>|
| Year Ended June 30, 2021 | 16.30 | 0.16 | 6.44 | 6.60 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 25.47 | &nbsp;&nbsp; (0.02)(f)<br>| 2.28 | 2.26 | &nbsp;&nbsp; —<br> (g)<br>| &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (1.43)<br>|
| Year Ended June 30, 2025 | 24.11 | &nbsp;&nbsp; —<br> (g)<br>| 2.78 | 2.78 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.42)<br>|
| Year Ended June 30, 2024 | 19.48 | 0.06 | 4.85 | 4.91 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.28)<br>|
| Year Ended June 30, 2023 | 17.25 | 0.10 | 2.90 | 3.00 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.77)<br>|
| Year Ended June 30, 2022 | 21.26 | 0.02 | &nbsp;&nbsp; (1.78)<br>| &nbsp;&nbsp; (1.76)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.25)<br>|
| Year Ended June 30, 2021 | 16.04 | 0.04 | 6.33 | 6.37 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.15)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 25.74 | 0.01 | 2.31 | 2.32 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (1.46)<br>|
| Year Ended June 30, 2025 | 24.33 | 0.06 | 2.82 | 2.88 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.47)<br>|
| Year Ended June 30, 2024 | 19.65 | 0.11 | 4.90 | 5.01 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 17.40 | 0.14 | 2.92 | 3.06 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.81)<br>|
| Year Ended June 30, 2022 | 21.42 | 0.08 | &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.30)<br>|
| Year Ended June 30, 2021 | 16.15 | 0.09 | 6.38 | 6.47 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.20)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

126 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3045354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2913795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2588595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1925367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1577771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1642046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 567866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 533614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5793418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5575707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5174279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3250488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1863855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1731572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4663754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3137481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2919844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2149699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.63)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1578191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1907620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.16)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 127

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Equity Fund (continued)** |  |  |  |  |  |  |  |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $25.95 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $2.32 | &nbsp;&nbsp; $2.37 | &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(1.43)<br>| &nbsp;&nbsp; $(1.49)<br>|
| Year Ended June 30, 2025 | 24.52 | 0.12 | 2.84 | 2.96 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.53)<br>|
| Year Ended June 30, 2024 | 19.80 | 0.16 | 4.95 | 5.11 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.39)<br>|
| Year Ended June 30, 2023 | 17.52 | 0.19 | 2.94 | 3.13 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2022 | 21.55 | 0.13 | &nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp; (1.68)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.35)<br>|
| Year Ended June 30, 2021 | 16.25 | 0.13 | 6.41 | 6.54 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.24)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 26.09 | 0.07 | 2.33 | 2.40 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (1.51)<br>|
| Year Ended June 30, 2025 | 24.64 | 0.16 | 2.86 | 3.02 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.57)<br>|
| Year Ended June 30, 2024 | 19.89 | 0.20 | 4.97 | 5.17 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2023 | 17.60 | 0.22 | 2.95 | 3.17 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2022 | 21.64 | 0.16 | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.66)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.38)<br>|
| Year Ended June 30, 2021 | 16.31 | 0.16 | 6.44 | 6.60 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.27)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 26.17 | 0.08 | 2.35 | 2.43 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.43)<br>| &nbsp;&nbsp; (1.53)<br>|
| Year Ended June 30, 2025 | 24.71 | 0.19 | 2.86 | 3.05 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.41)<br>| &nbsp;&nbsp; (1.59)<br>|
| Year Ended June 30, 2024 | 19.95 | 0.22 | 4.98 | 5.20 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.44)<br>|
| Year Ended June 30, 2023 | 17.65 | 0.24 | 2.96 | 3.20 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.90)<br>|
| Year Ended June 30, 2022 | 21.69 | 0.19 | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.41)<br>|
| Year Ended June 30, 2021 | 16.34 | 0.18 | 6.46 | 6.64 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.29)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. 

(g) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

128 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(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; $26.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.08<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $122179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1124324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1215149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1289344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1089931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18397687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18092080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16708451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13841409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11891028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12615063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 129

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. GARP Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $88.39 | &nbsp;&nbsp; $(0.11)(f)<br>| &nbsp;&nbsp; $11.85 | &nbsp;&nbsp; $11.74 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(7.07)<br>| &nbsp;&nbsp; $(7.07)<br>|
| Year Ended June 30, 2025 | 81.19 | &nbsp;&nbsp; (0.05)<br>| 11.97 | 11.92 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.72)<br>|
| Year Ended June 30, 2024 | 60.47 | &nbsp;&nbsp; (0.03)(f)<br>| 21.23 | 21.20 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2023 | 49.61 | 0.09 | 12.73 | 12.82 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (1.96)<br>|
| Year Ended June 30, 2022 | 73.40 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (8.99)<br>| &nbsp;&nbsp; (9.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.78)<br>|
| Year Ended June 30, 2021 | 57.64 | &nbsp;&nbsp; (0.01)<br>| 21.89 | 21.88 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (6.12)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 83.67 | &nbsp;&nbsp; (0.33)(f)<br>| 11.21 | 10.88 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.07)<br>| &nbsp;&nbsp; (7.07)<br>|
| Year Ended June 30, 2025 | 77.45 | &nbsp;&nbsp; (0.44)<br>| 11.38 | 10.94 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.72)<br>|
| Year Ended June 30, 2024 | 57.93 | &nbsp;&nbsp; (0.35)(f)<br>| 20.28 | 19.93 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2023 | 47.82 | &nbsp;&nbsp; (0.16)<br>| 12.21 | 12.05 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (1.94)<br>|
| Year Ended June 30, 2022 | 71.55 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (8.60)<br>| &nbsp;&nbsp; (8.95)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.78)<br>|
| Year Ended June 30, 2021 | 56.26 | &nbsp;&nbsp; (0.32)<br>| 21.36 | 21.04 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (5.75)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 91.35 | 0.02 | 12.24 | 12.26 | &nbsp;&nbsp; —<br> (h)<br>| &nbsp;&nbsp; (7.07)<br>| &nbsp;&nbsp; (7.07)<br>|
| Year Ended June 30, 2025 | 83.69 | 0.16 | 12.35 | 12.51 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.85)<br>|
| Year Ended June 30, 2024 | 62.29 | 0.15 | 21.87 | 22.02 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2023 | 51.05 | 0.23 | 13.10 | 13.33 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (2.09)<br>|
| Year Ended June 30, 2022 | 75.08 | 0.15 | &nbsp;&nbsp; (9.28)<br>| &nbsp;&nbsp; (9.13)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.90)<br>|
| Year Ended June 30, 2021 | 58.80 | 0.16 | 22.37 | 22.53 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (6.25)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 84.01 | &nbsp;&nbsp; (0.21)(f)<br>| 11.26 | 11.05 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.07)<br>| &nbsp;&nbsp; (7.07)<br>|
| Year Ended June 30, 2025 | 77.56 | &nbsp;&nbsp; (0.25)<br>| 11.42 | 11.17 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.72)<br>|
| Year Ended June 30, 2024 | 57.87 | &nbsp;&nbsp; (0.19)(f)<br>| 20.29 | 20.10 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.41)<br>|
| Year Ended June 30, 2023 | 47.65 | &nbsp;&nbsp; (0.04)<br>| 12.20 | 12.16 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (1.94)<br>|
| Year Ended June 30, 2022 | 71.18 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (8.57)<br>| &nbsp;&nbsp; (8.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.78)<br>|
| Year Ended June 30, 2021 | 56.08 | &nbsp;&nbsp; (0.17)<br>| 21.26 | 21.09 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (5.99)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 89.33 | 0.09 | 11.98 | 12.07 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (7.07)<br>| &nbsp;&nbsp; (7.27)<br>|
| Year Ended June 30, 2025 | 81.89 | 0.27 | 12.11 | 12.38 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (4.94)<br>|
| Year Ended June 30, 2024 | 60.95 | 0.25 | 21.39 | 21.64 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.70)<br>|
| Year Ended June 30, 2023 | 50.02 | 0.31 | 12.80 | 13.11 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (2.18)<br>|
| Year Ended June 30, 2022 | 73.80 | 0.24 | &nbsp;&nbsp; (9.05)<br>| &nbsp;&nbsp; (8.81)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (14.97)<br>|
| Year Ended June 30, 2021 | 57.93 | 0.26 | 21.96 | 22.22 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (6.35)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

130 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $93.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.22<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $241530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22)%(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.34<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.72)(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.41<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.09<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.47)(f)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 131

------

**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 U.S. GARP Equity Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $89.33 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $11.98 | &nbsp;&nbsp; $12.12 | &nbsp;&nbsp; $(0.28)<br>| &nbsp;&nbsp; $(7.07)<br>| &nbsp;&nbsp; $(7.35)<br>|
| Year Ended June 30, 2025 | 81.89 | 0.36 | 12.09 | 12.45 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (4.72)<br>| &nbsp;&nbsp; (5.01)<br>|
| Year Ended June 30, 2024 | 60.94 | 0.31 | 21.40 | 21.71 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.76)<br>|
| Year Ended June 30, 2023 | 50.02 | 0.36 | 12.80 | 13.16 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.94)<br>| &nbsp;&nbsp; (2.24)<br>|
| Year Ended June 30, 2022 | 73.81 | 0.31 | &nbsp;&nbsp; (9.04)<br>| &nbsp;&nbsp; (8.73)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (14.78)<br>| &nbsp;&nbsp; (15.06)<br>|
| Year Ended June 30, 2021 | 57.93 | 0.33 | 21.96 | 22.29 | &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (5.60)<br>| &nbsp;&nbsp; (6.41)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. 

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(h) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

132 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $94.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1206122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1091404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 759948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 642876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 133

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Large Cap Core Plus Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $20.95 | &nbsp;&nbsp; $(0.01)(g)<br>| &nbsp;&nbsp; $1.86 | &nbsp;&nbsp; $1.85 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.66)<br>| &nbsp;&nbsp; $(0.66)<br>|
| Year Ended June 30, 2025 | 19.89 | &nbsp;&nbsp; —<br> (i)<br>| 2.41 | 2.41 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2024 | 16.89 | &nbsp;&nbsp; (0.01)(g)<br>| 5.00 | 4.99 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (1.99)<br>|
| Year Ended June 30, 2023 | 18.03 | &nbsp;&nbsp; (0.01)<br>| 3.71 | 3.70 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.84)<br>|
| Year Ended June 30, 2022 | 26.84 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.95)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 24.58 | &nbsp;&nbsp; (0.10)<br>| 9.21 | 9.11 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.85)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 15.95 | &nbsp;&nbsp; (0.05)(g)<br>| 1.42 | 1.37 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.66)<br>|
| Year Ended June 30, 2025 | 15.51 | &nbsp;&nbsp; (0.08)<br>| 1.87 | 1.79 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2024 | 13.64 | &nbsp;&nbsp; (0.08)(g)<br>| 3.94 | 3.86 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (1.99)<br>|
| Year Ended June 30, 2023 | 15.48 | &nbsp;&nbsp; (0.07)<br>| 3.07 | 3.00 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.84)<br>|
| Year Ended June 30, 2022 | 24.01 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.58)<br>| &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 22.67 | &nbsp;&nbsp; (0.21)<br>| 8.37 | 8.16 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.82)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 22.24 | 0.02 | 1.98 | 2.00 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.71)<br>|
| Year Ended June 30, 2025 | 21.01 | 0.05 | 2.55 | 2.60 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended June 30, 2024 | 17.73 | 0.03 | 5.28 | 5.31 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (2.03)<br>|
| Year Ended June 30, 2023 | 18.68 | 0.04 | 3.87 | 3.91 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.86)<br>|
| Year Ended June 30, 2022 | 27.53 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 25.04 | &nbsp;&nbsp; (0.03)<br>| 9.41 | 9.38 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.89)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 18.02 | &nbsp;&nbsp; (0.05)(g)<br>| 1.60 | 1.55 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.66)<br>|
| Year Ended June 30, 2025 | 17.35 | &nbsp;&nbsp; (0.08)<br>| 2.10 | 2.02 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2024 | 15.03 | &nbsp;&nbsp; (0.08)(g)<br>| 4.39 | 4.31 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (1.99)<br>|
| Year Ended June 30, 2023 | 16.59 | &nbsp;&nbsp; (0.07)<br>| 3.35 | 3.28 | &nbsp;&nbsp; — | &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.84)<br>|
| Year Ended June 30, 2022 | 25.27 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 23.54 | &nbsp;&nbsp; (0.18)<br>| 8.74 | 8.56 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.83)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 22.64 | 0.02 | 2.00 | 2.02 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.69)<br>|
| Year Ended June 30, 2025 | 21.36 | 0.04 | 2.60 | 2.64 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.36)<br>|
| Year Ended June 30, 2024 | 18.00 | 0.02 | 5.36 | 5.38 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (2.02)<br>|
| Year Ended June 30, 2023 | 18.91 | 0.04 | 3.92 | 3.96 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.87)<br>|
| Year Ended June 30, 2022 | 27.78 | &nbsp;&nbsp; — | &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 25.20 | &nbsp;&nbsp; (0.02)<br>| 9.49 | 9.47 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.89)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

134 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp; Net <br>expenses <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(e)(f)<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)<br>| &nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(f)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(excluding securities <br>sold short)(c)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(including securities <br>sold short)(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22.14 | &nbsp;&nbsp;&nbsp;&nbsp; 8.79<br> %<br>| &nbsp;&nbsp; $384105 | &nbsp;&nbsp;&nbsp;&nbsp; 1.56<br> %(h)<br>| &nbsp;&nbsp; (0.07)%(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.86<br> %<br>| &nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp; 48<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.95 | &nbsp;&nbsp;&nbsp;&nbsp;12.21 | &nbsp;&nbsp; 362828 | &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> (j)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.89 | &nbsp;&nbsp;&nbsp;&nbsp;32.19 | &nbsp;&nbsp; 319841 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71<br> (k)<br>| &nbsp;&nbsp; (0.08)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.89 | &nbsp;&nbsp;&nbsp;&nbsp;24.17 | &nbsp;&nbsp; 237165 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79<br> (k)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.03 | &nbsp;&nbsp; (12.89)<br>| &nbsp;&nbsp; 240209 | &nbsp;&nbsp;&nbsp;&nbsp; 1.85<br> (l)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.84 | &nbsp;&nbsp;&nbsp;&nbsp;42.30 | &nbsp;&nbsp; 335206 | &nbsp;&nbsp;&nbsp;&nbsp; 1.94<br> (m)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.66 | &nbsp;&nbsp;&nbsp;&nbsp;8.54 | &nbsp;&nbsp; 107610 | &nbsp;&nbsp;&nbsp;&nbsp; 2.06<br> (h)<br>| &nbsp;&nbsp; (0.56)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.95 | &nbsp;&nbsp;&nbsp;&nbsp;11.64 | &nbsp;&nbsp; 92937 | &nbsp;&nbsp;&nbsp;&nbsp; 2.13<br> (j)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.51 | &nbsp;&nbsp;&nbsp;&nbsp;31.50 | &nbsp;&nbsp; 61460 | &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> (k)<br>| &nbsp;&nbsp; (0.57)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.64 | &nbsp;&nbsp;&nbsp;&nbsp;23.54 | &nbsp;&nbsp; 31189 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> (k)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.48 | &nbsp;&nbsp; (13.31)<br>| &nbsp;&nbsp; 28297 | &nbsp;&nbsp;&nbsp;&nbsp; 2.35<br> (l)<br>| &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.01 | &nbsp;&nbsp;&nbsp;&nbsp;41.55 | &nbsp;&nbsp; 36784 | &nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> (m)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.53 | &nbsp;&nbsp;&nbsp;&nbsp;8.94 | &nbsp;&nbsp; 2055506 | &nbsp;&nbsp;&nbsp;&nbsp; 1.31<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.24 | &nbsp;&nbsp;&nbsp;&nbsp;12.48 | &nbsp;&nbsp; 2027630 | &nbsp;&nbsp;&nbsp;&nbsp; 1.39<br> (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.01 | &nbsp;&nbsp;&nbsp;&nbsp;32.52 | &nbsp;&nbsp; 1480079 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> (k)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.73 | &nbsp;&nbsp;&nbsp;&nbsp;24.50 | &nbsp;&nbsp; 837722 | &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> (k)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.68 | &nbsp;&nbsp; (12.70)<br>| &nbsp;&nbsp; 970509 | &nbsp;&nbsp;&nbsp;&nbsp; 1.60<br> (l)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.53 | &nbsp;&nbsp;&nbsp;&nbsp;42.65 | &nbsp;&nbsp; 1702566 | &nbsp;&nbsp;&nbsp;&nbsp; 1.69<br> (m)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.91 | &nbsp;&nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp; 3873 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00<br> (h)<br>| &nbsp;&nbsp; (0.51)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.02 | &nbsp;&nbsp;&nbsp;&nbsp;11.73 | &nbsp;&nbsp; 8540 | &nbsp;&nbsp;&nbsp;&nbsp; 2.09<br> (j)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.35 | &nbsp;&nbsp;&nbsp;&nbsp;31.58 | &nbsp;&nbsp; 7541 | &nbsp;&nbsp;&nbsp;&nbsp; 2.16<br> (k)<br>| &nbsp;&nbsp; (0.52)(g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.03 | &nbsp;&nbsp;&nbsp;&nbsp;23.65 | &nbsp;&nbsp; 5757 | &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> (k)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.59 | &nbsp;&nbsp; (13.23)<br>| &nbsp;&nbsp; 4602 | &nbsp;&nbsp;&nbsp;&nbsp; 2.20<br> (l)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.27 | &nbsp;&nbsp;&nbsp;&nbsp;41.77 | &nbsp;&nbsp; 5838 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29<br> (m)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.97 | &nbsp;&nbsp;&nbsp;&nbsp;8.91 | &nbsp;&nbsp; 51096 | &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.64 | &nbsp;&nbsp;&nbsp;&nbsp;12.46 | &nbsp;&nbsp; 46122 | &nbsp;&nbsp;&nbsp;&nbsp; 1.44<br> (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.36 | &nbsp;&nbsp;&nbsp;&nbsp;32.43 | &nbsp;&nbsp; 44798 | &nbsp;&nbsp;&nbsp;&nbsp; 1.51<br> (k)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.00 | &nbsp;&nbsp;&nbsp;&nbsp;24.48 | &nbsp;&nbsp; 30667 | &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> (k)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.91 | &nbsp;&nbsp; (12.65)<br>| &nbsp;&nbsp; 27541 | &nbsp;&nbsp;&nbsp;&nbsp; 1.55<br> (l)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.78 | &nbsp;&nbsp;&nbsp;&nbsp;42.75 | &nbsp;&nbsp; 34191 | &nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> (m)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 135

------

**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 U.S. Large Cap Core Plus Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $22.64 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $2.01 | &nbsp;&nbsp; $2.04 | &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $(0.66)<br>| &nbsp;&nbsp; $(0.72)<br>|
| Year Ended June 30, 2025 | 21.36 | 0.06 | 2.60 | 2.66 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.35)<br>| &nbsp;&nbsp; (1.38)<br>|
| Year Ended June 30, 2024 | 17.99 | 0.04 | 5.37 | 5.41 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.99)<br>| &nbsp;&nbsp; (2.04)<br>|
| Year Ended June 30, 2023 | 18.90 | 0.05 | 3.93 | 3.98 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (4.84)<br>| &nbsp;&nbsp; (4.89)<br>|
| Year Ended June 30, 2022 | 27.75 | 0.02 | &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (2.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6.78)<br>| &nbsp;&nbsp; (6.78)<br>|
| Year Ended June 30, 2021 | 25.18 | &nbsp;&nbsp; —<br> (i)<br>| 9.47 | 9.47 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.90)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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) nan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2023** | **June 30, 2022** | **June 30, 2021** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (excluding dividend and <br> interest expense for securities sold <br> short)<br>|  |  |  |  |  |  |
| Class A | 0.95<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 1.01<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>|
| Class C | 1.45 | 1.44 | 1.44 | 1.51 | 1.60 | 1.59 |
| Class I | 0.70 | 0.70 | 0.69 | 0.76 | 0.85 | 0.85 |
| Class R2 | 1.40 | 1.40 | 1.40 | 1.42 | 1.45 | 1.45 |
| Class R5 | 0.75 | 0.75 | 0.75 | 0.77 | 0.80 | 0.80 |
| Class R6 | 0.65 | 0.64 | 0.64 | 0.67 | 0.70 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without waivers and <br> reimbursements (excluding dividend <br> and interest expense for securities <br> sold short)<br>|  |  |  |  |  |  |
| Class A | 1.25 | 1.25 | 1.25 | 1.26 | 1.25 | 1.25 |
| Class C | 1.75 | 1.75 | 1.75 | 1.76 | 1.76 | 1.74 |
| Class I | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 0.99 |
| Class R2 | 1.52 | 1.51 | 1.52 | 1.52 | 1.51 | 1.50 |
| Class R5 | 0.85 | 0.85 | 0.85 | 0.86 | 0.85 | 0.84 |
| Class R6 | 0.75 | 0.74 | 0.74 | 0.75 | 0.75 | 0.74 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (g) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Interest expense on securities sold short is 0.12%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(i) Amount rounds to less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(j) Interest expense on securities sold short is 0.13%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(k) Interest expense on securities sold short is 0.14%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(l) Interest expense on securities sold short is 0.62%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(m) Interest expense on securities sold short is 0.16%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

136 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp; Net <br>expenses <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(e)(f)<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)<br>| &nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements <br>(including dividend <br>and interest expense <br>for securities sold <br>short)(f)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(excluding securities <br>sold short)(c)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(including securities <br>sold short)(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23.96 | &nbsp;&nbsp;&nbsp;&nbsp; 8.97<br> %<br>| &nbsp;&nbsp;&nbsp; $910219 | &nbsp;&nbsp;&nbsp;&nbsp; 1.26<br> %(h)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.36<br> %<br>| &nbsp;&nbsp;&nbsp; 34<br> %<br>| &nbsp;&nbsp;&nbsp; 48<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.64 | &nbsp;&nbsp;&nbsp;&nbsp;12.56 | &nbsp;&nbsp;&nbsp; 800177 | &nbsp;&nbsp;&nbsp;&nbsp; 1.33<br> (j)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.36 | &nbsp;&nbsp;&nbsp;&nbsp;32.61 | &nbsp;&nbsp;&nbsp; 474521 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40<br> (k)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.99 | &nbsp;&nbsp;&nbsp;&nbsp;24.60 | &nbsp;&nbsp;&nbsp; 285919 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> (k)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.90 | &nbsp;&nbsp;&nbsp; (12.58)<br>| &nbsp;&nbsp;&nbsp; 365912 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45<br> (l)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.75 | &nbsp;&nbsp;&nbsp;&nbsp;42.86 | &nbsp;&nbsp;&nbsp; 536661 | &nbsp;&nbsp;&nbsp;&nbsp; 1.54<br> (m)<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 96 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 Large Cap Funds 137

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Research Enhanced Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $45.03 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $4.50 | &nbsp;&nbsp; $4.63 | &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $(2.24)<br>| &nbsp;&nbsp; $(2.40)<br>|
| Year Ended June 30, 2025 | 42.22 | 0.32 | 5.05 | 5.37 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.56)<br>|
| Year Ended June 30, 2024 | 33.84 | 0.31 | 8.44 | 8.75 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.37)<br>|
| Year Ended June 30, 2023 | 28.88 | 0.31 | 5.41 | 5.72 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.76)<br>|
| Year Ended June 30, 2022 | 36.46 | 0.27 | &nbsp;&nbsp; (3.20)<br>| &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp; (4.65)<br>|
| Year Ended June 30, 2021 | 26.55 | 0.27 | 10.81 | 11.08 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.17)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 45.70 | 0.19 | 4.57 | 4.76 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (2.46)<br>|
| Year Ended June 30, 2025 | 42.81 | 0.44 | 5.10 | 5.54 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.65)<br>|
| Year Ended June 30, 2024 | 34.30 | 0.41 | 8.57 | 8.98 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.47)<br>|
| Year Ended June 30, 2023 | 29.26 | 0.39 | 5.49 | 5.88 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.84)<br>|
| Year Ended June 30, 2022 | 36.89 | 0.36 | &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (2.90)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp; (4.73)<br>|
| Year Ended June 30, 2021 | 26.85 | 0.35 | 10.94 | 11.29 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.25)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 45.62 | 0.22 | 4.56 | 4.78 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (2.24)<br>| &nbsp;&nbsp; (2.48)<br>|
| Year Ended June 30, 2025 | 42.73 | 0.48 | 5.10 | 5.58 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp; (2.69)<br>|
| Year Ended June 30, 2024 | 34.24 | 0.45 | 8.54 | 8.99 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.50)<br>|
| Year Ended June 30, 2023 | 29.21 | 0.42 | 5.48 | 5.90 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.87)<br>|
| Year Ended June 30, 2022 | 36.84 | 0.40 | &nbsp;&nbsp; (3.26)<br>| &nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (4.40)<br>| &nbsp;&nbsp; (4.77)<br>|
| Year Ended June 30, 2021 | 26.81 | 0.38 | 10.93 | 11.31 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.28)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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;

138 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $47.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $702527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1457438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1284221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8788997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9174782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8328482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6675403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5994312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4185201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 139

------

**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)(c)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Sustainable Leaders Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $79.94 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $7.41 | &nbsp;&nbsp; $7.60 | &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(7.45)<br>| &nbsp;&nbsp; $(7.81)<br>|
| Year Ended June 30, 2025 | 72.21 | 0.40 | 7.75 | 8.15 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended June 30, 2024 | 57.02 | 0.43 | 15.24 | 15.67 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.48)<br>|
| Year Ended June 30, 2023 | 48.80 | 0.41 | 8.30 | 8.71 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.49)<br>|
| Year Ended June 30, 2022 | 59.20 | 0.39 | &nbsp;&nbsp; (8.35)<br>| &nbsp;&nbsp; (7.96)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (2.44)<br>|
| Year Ended June 30, 2021 | 42.76 | 0.42 | 16.81 | 17.23 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.79)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 78.10 | &nbsp;&nbsp; (0.02)(b)<br>| 7.23 | 7.21 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7.45)<br>| &nbsp;&nbsp; (7.45)<br>|
| Year Ended June 30, 2025 | 70.53 | 0.03 | 7.55 | 7.58 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended June 30, 2024 | 55.67 | 0.12 | 14.89 | 15.01 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Year Ended June 30, 2023 | 47.61 | 0.15 | 8.10 | 8.25 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|
| Year Ended June 30, 2022 | 57.87 | 0.09 | &nbsp;&nbsp; (8.14)<br>| &nbsp;&nbsp; (8.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (2.21)<br>|
| Year Ended June 30, 2021 | 41.80 | 0.16 | 16.43 | 16.59 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.52)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 80.79 | 0.30 | 7.48 | 7.78 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (7.45)<br>| &nbsp;&nbsp; (7.95)<br>|
| Year Ended June 30, 2025 | 72.95 | 0.60 | 7.82 | 8.42 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.58)<br>|
| Year Ended June 30, 2024 | 57.58 | 0.59 | 15.39 | 15.98 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2023 | 49.27 | 0.54 | 8.38 | 8.92 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.61)<br>|
| Year Ended June 30, 2022 | 59.71 | 0.54 | &nbsp;&nbsp; (8.43)<br>| &nbsp;&nbsp; (7.89)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (2.55)<br>|
| Year Ended June 30, 2021 | 43.11 | 0.55 | 16.95 | 17.50 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.90)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 80.78 | 0.32 | 7.48 | 7.80 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (7.45)<br>| &nbsp;&nbsp; (7.99)<br>|
| Year Ended June 30, 2025 | 72.93 | 0.63 | 7.84 | 8.47 | &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.62)<br>|
| Year Ended June 30, 2024 | 57.57 | 0.63 | 15.37 | 16.00 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2023 | 49.27 | 0.57 | 8.37 | 8.94 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.64)<br>|
| Year Ended June 30, 2022 | 59.69 | 0.57 | &nbsp;&nbsp; (8.42)<br>| &nbsp;&nbsp; (7.85)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp; (2.57)<br>|
| September 30, 2020 (g) through June 30, 2021 | 46.79 | 0.43 | 13.40 | 13.83 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.93)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes. 

(c) Calculated based upon average shares outstanding.

(d) Not annualized for periods less than one year.

(e) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(f) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(g) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

140 J.P. Morgan Large Cap Funds December 31, 2025

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(d)(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(f)<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(d)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $79.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $114251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&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 Large Cap Funds 141

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan U.S. Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $80.87 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $6.39 | &nbsp;&nbsp; $6.79 | &nbsp;&nbsp; $(0.51)<br>| &nbsp;&nbsp; $(3.41)<br>| &nbsp;&nbsp; $(3.92)<br>|
| Year Ended June 30, 2025 | 74.67 | 0.89 | 7.43 | 8.32 | &nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.12)<br>|
| Year Ended June 30, 2024 | 66.58 | 0.90 | 8.16 | 9.06 | &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.97)<br>|
| Year Ended June 30, 2023 | 60.21 | 0.90 | 6.53 | 7.43 | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.06)<br>|
| Year Ended June 30, 2022 | 64.61 | 0.74 | &nbsp;&nbsp; (3.22)<br>| &nbsp;&nbsp; (2.48)<br>| &nbsp;&nbsp; (0.71)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.92)<br>|
| Year Ended June 30, 2021 | 45.62 | 0.64 | 19.59 | 20.23 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.24)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 70.71 | 0.17 | 5.57 | 5.74 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (3.76)<br>|
| Year Ended June 30, 2025 | 65.56 | 0.43 | 6.53 | 6.96 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.81)<br>|
| Year Ended June 30, 2024 | 58.61 | 0.49 | 7.15 | 7.64 | &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.69)<br>|
| Year Ended June 30, 2023 | 53.16 | 0.51 | 5.76 | 6.27 | &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.82)<br>|
| Year Ended June 30, 2022 | 57.32 | 0.38 | &nbsp;&nbsp; (2.84)<br>| &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.70)<br>|
| Year Ended June 30, 2021 | 40.63 | 0.32 | 17.40 | 17.72 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.03)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 86.38 | 0.54 | 6.83 | 7.37 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.02)<br>|
| Year Ended June 30, 2025 | 79.59 | 1.16 | 7.93 | 9.09 | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.30)<br>|
| Year Ended June 30, 2024 | 70.89 | 1.15 | 8.68 | 9.83 | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.13)<br>|
| Year Ended June 30, 2023 | 64.02 | 1.13 | 6.94 | 8.07 | &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.20)<br>|
| Year Ended June 30, 2022 | 68.55 | 0.97 | &nbsp;&nbsp; (3.43)<br>| &nbsp;&nbsp; (2.46)<br>| &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (2.07)<br>|
| Year Ended June 30, 2021 | 48.34 | 0.83 | 20.76 | 21.59 | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.38)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 81.01 | 0.30 | 6.40 | 6.70 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (3.82)<br>|
| Year Ended June 30, 2025 | 74.78 | 0.69 | 7.45 | 8.14 | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.91)<br>|
| Year Ended June 30, 2024 | 66.68 | 0.73 | 8.16 | 8.89 | &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.79)<br>|
| Year Ended June 30, 2023 | 60.30 | 0.74 | 6.53 | 7.27 | &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.89)<br>|
| Year Ended June 30, 2022 | 64.73 | 0.59 | &nbsp;&nbsp; (3.24)<br>| &nbsp;&nbsp; (2.65)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.78)<br>|
| Year Ended June 30, 2021 | 45.72 | 0.50 | 19.63 | 20.13 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.12)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 86.12 | 0.43 | 6.80 | 7.23 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (3.91)<br>|
| Year Ended June 30, 2025 | 79.38 | 0.94 | 7.91 | 8.85 | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.11)<br>|
| Year Ended June 30, 2024 | 70.69 | 0.96 | 8.66 | 9.62 | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.93)<br>|
| Year Ended June 30, 2023 | 63.83 | 0.93 | 6.95 | 7.88 | &nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.02)<br>|
| Year Ended June 30, 2022 | 68.41 | 0.80 | &nbsp;&nbsp; (3.44)<br>| &nbsp;&nbsp; (2.64)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (1.94)<br>|
| Year Ended June 30, 2021 | 48.25 | 0.68 | 20.73 | 21.41 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.25)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 86.39 | 0.55 | 6.81 | 7.36 | &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.02)<br>|
| Year Ended June 30, 2025 | 79.60 | 1.19 | 7.90 | 9.09 | &nbsp;&nbsp; (1.13)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.30)<br>|
| Year Ended June 30, 2024 | 70.87 | 1.15 | 8.68 | 9.83 | &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.10)<br>|
| Year Ended June 30, 2023 | 64.04 | 1.22 | 6.85 | 8.07 | &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.24)<br>|
| Year Ended June 30, 2022 | 68.60 | 0.94 | &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (2.09)<br>|
| Year Ended June 30, 2021 | 48.31 | 0.79 | 20.81 | 21.60 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.31)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

142 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $83.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1557398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1475038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1045975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 522230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2716093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2773567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2436511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2205435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1440632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4808 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 143

------

**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 U.S. Value Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $87.12 | &nbsp;&nbsp; $0.60 | &nbsp;&nbsp; $6.89 | &nbsp;&nbsp; $7.49 | &nbsp;&nbsp; $(0.67)<br>| &nbsp;&nbsp; $(3.41)<br>| &nbsp;&nbsp; $(4.08)<br>|
| Year Ended June 30, 2025 | 80.25 | 1.31 | 7.99 | 9.30 | &nbsp;&nbsp; (1.26)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.43)<br>|
| Year Ended June 30, 2024 | 71.45 | 1.27 | 8.75 | 10.02 | &nbsp;&nbsp; (1.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.22)<br>|
| Year Ended June 30, 2023 | 64.52 | 1.25 | 6.98 | 8.23 | &nbsp;&nbsp; (1.14)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.30)<br>|
| Year Ended June 30, 2022 | 69.09 | 1.12 | &nbsp;&nbsp; (3.51)<br>| &nbsp;&nbsp; (2.39)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (2.18)<br>|
| Year Ended June 30, 2021 | 48.69 | 0.93 | 20.93 | 21.86 | &nbsp;&nbsp; (0.82)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.46)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 87.16 | 0.66 | 6.88 | 7.54 | &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (3.41)<br>| &nbsp;&nbsp; (4.13)<br>|
| Year Ended June 30, 2025 | 80.28 | 1.38 | 8.01 | 9.39 | &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (2.51)<br>|
| Year Ended June 30, 2024 | 71.49 | 1.34 | 8.76 | 10.10 | &nbsp;&nbsp; (1.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.31)<br>|
| Year Ended June 30, 2023 | 64.55 | 1.33 | 6.98 | 8.31 | &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.37)<br>|
| Year Ended June 30, 2022 | 69.10 | 1.16 | &nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp; (2.31)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (1.21)<br>| &nbsp;&nbsp; (2.24)<br>|
| Year Ended June 30, 2021 | 48.70 | 1.02 | 20.89 | 21.91 | &nbsp;&nbsp; (0.87)<br>| &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (1.51)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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;

144 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $90.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2051021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1993376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1862143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1319430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 275186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 145

------

**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"), JPMorgan Trust II ("JPM II") and JPMorgan Trust IV ("JPM IV") (collectively, the "Trusts") were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies.

The following are 14 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan Equity Income Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM II | Diversified |
| JPMorgan Equity Index Fund | Class A, Class C, Class I and Class R6 | JPM II | Diversified<sup>(1)</sup> <br>|
| JPMorgan Equity Premium Income Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM IV | Diversified |
| JPMorgan Hedged Equity Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM I | Diversified |
| JPMorgan Hedged Equity 2 Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM IV | Diversified |
| JPMorgan Hedged Equity 3 Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM IV | Diversified |
| JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM II | Non-Diversified |
| JPMorgan Large Cap Value Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM II | Diversified |
| JPMorgan U.S. Equity Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, Class R3, <br> Class R4, Class R5 and Class R6<br>| JPM I | Diversified |
| JPMorgan U.S. GARP Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Non-Diversified |
| JPMorgan U.S. Large Cap Core Plus Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified |
| JPMorgan U.S. Research Enhanced Equity Fund | Class A, Class I and Class R6 | JPM I | Diversified |
| JPMorgan U.S. Sustainable Leaders Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified |
| JPMorgan U.S. Value Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM I | Diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> The Fund is classified as "diversified" under the 1940 Act. However, the Fund may operate as a "non-diversified" fund, as defined by the 1940 Act, to the approximate extent the S&P 500 Index is non-diversified. The Fund may, therefore, operate as non-diversified solely as a result of a change in the relative market capitalization or index weighting of one or more constituents of the S&P 500 Index. 

The investment objective of JPMorgan Equity Income Fund ("Equity Income Fund") is to seek capital appreciation and current income.

The investment objective of JPMorgan Equity Index Fund ("Equity Index Fund") is to seek investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor's 500 Composite Stock Price Index.

The investment objective of JPMorgan Equity Premium Income Fund ("Equity Premium Income Fund") is to seek current income while maintaining prospects for capital appreciation.

The investment objective of JPMorgan Hedged Equity Fund ("Hedged Equity Fund"), JPMorgan Hedged Equity 2 Fund ("Hedged Equity 2 Fund") and JPMorgan Hedged Equity 3 Fund ("Hedged Equity 3 Fund") is to seek to provide capital appreciation.

The investment objective of JPMorgan Large Cap Growth Fund ("Large Cap Growth Fund") is to seek long-term capital appreciation.

The investment objective of JPMorgan Large Cap Value Fund ("Large Cap Value Fund") is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

The investment objective of JPMorgan U.S. Equity Fund ("U.S. Equity Fund") and JPMorgan U.S. Large Cap Core Plus Fund ("U.S. Large Cap Core Plus Fund") is to seek to provide high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. GARP Equity Fund ("U.S. GARP Equity Fund") is to seek to provide long-term capital growth.

The investment objective of JPMorgan U.S. Research Enhanced Equity Fund ("U.S. Research Enhanced Equity Fund") is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor's 500 Composite Stock Price Index.

The investment objective of JPMorgan U.S. Sustainable Leaders Fund ("U.S. Sustainable Leaders Fund") is to seek to provide long-term capital appreciation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

146 J.P. Morgan Large Cap Funds December 31, 2025

------

The investment objective of JPMorgan U.S. Value Fund ("U.S. Value Fund") is to seek to provide capital growth over the long-term and to earn income from dividends.

Class L Shares of U.S. Equity Fund and Class A Shares of U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in the Funds' prospectus.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments**— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations. 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.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Funds are calculated on a valuation date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 147

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's NAV per share as of the report date.

Futures contracts and options are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $43000470 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $43000470 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $12635029 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $12635029 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 90069 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90069 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 39515 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39515 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 129584 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 129584 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $12764613 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $12764613 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $46 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Premium Income Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $5194144 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5194144 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 844742 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 844742 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 48157 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48157 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $5242301 | &nbsp;&nbsp;&nbsp;&nbsp; $844742 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6087043 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

148 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $21572271 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21572271 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $121 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $121 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written (a) |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(205318)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(205318)<br>|
| Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (54803)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (54803)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(260000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(260000)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity 2 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $5427610 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5427610 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $23 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $23 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written (a) |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(2849)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2849)<br>|
| Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (1718)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1718)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(4544)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(4544)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity 3 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $2818662 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2818662 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $(101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(101)<br>|
| Options Written (a) |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (9327)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9327)<br>|
| Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (3232)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3232)<br>|
| **Total Depreciation in Other Financial Instruments** | &nbsp;&nbsp;&nbsp;&nbsp; $(12660)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(12660)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 149

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $120930081 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $120930081 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $5488952 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $5488952 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $34297278 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $34297278 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GARP Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1990659 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1990659 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $24 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Large Cap Core Plus Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $4285829 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4285829 |
| **Total Liabilities in Securities Sold Short** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $(776194)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(776194)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Research Enhanced Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $11300875 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11300875 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $182 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $182 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

150 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Sustainable Leaders Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $302329 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $302329 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | &nbsp;&nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Value Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $6484524 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $6484524 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

**B. Restricted Securities**— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of December 31, 2025, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

**C. Securities Lending** — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the "Securities Lending Agency Agreement"). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund, the Class IM Shares of the JPMorgan Prime Money Market Fund, and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank's fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 151

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| Equity Income Fund | &nbsp;&nbsp; $6552 | &nbsp;&nbsp; $(6552)<br>| &nbsp;&nbsp; $— |
| Equity Index Fund | &nbsp;&nbsp; 38267 | &nbsp;&nbsp; (38267)<br>| &nbsp;&nbsp; — |
| Large Cap Growth Fund | &nbsp;&nbsp; 195838 | &nbsp;&nbsp; (195838)<br>| &nbsp;&nbsp; — |
| Large Cap Value Fund | &nbsp;&nbsp; 24539 | &nbsp;&nbsp; (24539)<br>| &nbsp;&nbsp; — |
| U.S. GARP Equity Fund | &nbsp;&nbsp; 5753 | &nbsp;&nbsp; (5753)<br>| &nbsp;&nbsp; — |
| U.S. Value Fund | &nbsp;&nbsp; 4917 | &nbsp;&nbsp; (4917)<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.

Equity Premium Income Fund and U.S. Equity Fund did not have any securities out on loan at December 31, 2025. Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund did not lend out any securities during the six months ended December 31, 2025.

**D. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds' distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  | **Equity Income Fund**  |
| **For the 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>| $76341 | $3101803 | $3048987 | $76 | $(7)<br>| $129226 | 129174 | $4163 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>|  | 17170 | 10426 |  |  | 6744 | 6744 | 13<br> \*<br>|  |
| **Total** | $76341 | $3118973 | $3059413 | $76 | $(7)<br>| $135970 |  | $4176 | $— |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  | **Equity Index Fund**  |
| **For the 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 Chase & Co. (a) | $174507 | $2417 | $6713 | $2703 | $16741 | $189655 | 588 | $1732 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

152 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Index Fund** (continued) | **Equity Index Fund** (continued) | **Equity Index Fund** (continued) | **Equity Index Fund** (continued) | **Equity Index Fund** (continued) | **Equity Index Fund** (continued) | **Equity Index Fund** (continued) | **Equity Index Fund** (continued) | **Equity Index Fund** (continued) | **Equity Index Fund** (continued) |
| **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 Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (b) (c)<br>| $— | $128916 | $89401 | $— | $— | $39515 | 39515 | $277<br> \*<br>| $— |
| JPMorgan U.S. Government Money Market <br> Fund Class Institutional Shares, 3.63% <br> (b) (c)<br>| 29487 | 345255 | 284673 |  |  | 90069 | 90069 | 661 |  |
| **Total** | $203994 | $476588 | $380787 | $2703 | $16741 | $319239 |  | $2670 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in affiliate. This security is included in an index in which the Fund, as an index fund, tracks.

(b) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(c) The rate shown is the current yield as of 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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  |
| **For the 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>| $9909 | $1433272 | $1395029 | $5 | $—<br> (c)<br>| $48157 | 48138 | $509 | $— |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (a) (b)<br>|  | 46800 | 46800 |  |  |  |  | 17<br> \*<br>|  |
| **Total** | $9909 | $1480072 | $1441829 | $5 | $—<br> (c)<br>| $48157 |  | $526 | $— |

---

&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.

(c) Amount rounds to less than one thousand.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  | **Hedged Equity Fund**  |
| **For the 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 U.S. Government Money Market <br> Fund Class Institutional Shares, 3.63% <br> (a) (b)<br>| $1013700 | $1938016 | $2735809 | $— | $— | $215907 | 215907 | $3476 | $— |

---

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 153

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  |
| **For the 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 U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (b)<br>| $64889 | $1498299 | $1523166 | $— | $— | $40022 | 40022 | $1312 | $— |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  | **Hedged Equity 3 Fund**  |
| **For the 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 U.S. Government Money Market Fund <br> Class IM Shares, 3.73% (a) (b)<br>| $21549 | $467674 | $467245 | $— | $— | $21978 | 21978 | $672 | $— |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  |
| **For the 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 <br> Class IM Shares, 3.86% (a) (b)<br>| $588926 | $13451589 | $12416103 | $352 | $159 | $1624923 | 1624274 | $43202 | $— |
| JPMorgan Securities Lending Money <br> Market Fund Agency SL Class Shares, <br> 3.82% (a) (b)<br>| 10377 | 1464251 | 1271369 |  |  | 203259 | 203259 | 3,699<br> \*<br>|  |
| **Total** | $599303 | $14915840 | $13687472 | $352 | $159 | $1828182 |  | $46901 | $— |

---

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

154 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  |
| **For the 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>| $28240 | $1352191 | $1316871 | $9 | $(6)<br>| $63563 | 63537 | $1771 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>| 19800 | 373481 | 367917 |  |  | 25364 | 25364 | 500<br> \*<br>|  |
| **Total** | $48040 | $1725672 | $1684788 | $9 | $(6)<br>| $88927 |  | $2271 | $— |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  | **U.S. Equity Fund**  |
| **For the 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>| $247623 | $5242076 | $5398142 | $38 | $(15)<br>| $91580 | 91543 | $3260 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>|  | 11892 | 11892 |  |  |  |  | 6<br> \*<br>|  |
| **Total** | $247623 | $5253968 | $5410034 | $38 | $(15)<br>| $91580 |  | $3266 | $— |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  |
| **For the 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>| $10767 | $176239 | $160647 | $4 | $—<br> (c)<br>| $26363 | 26353 | $328 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% (a) (b)<br>|  | 13502 | 7595 |  |  | 5907 | 5907 | 6<br> \*<br>|  |
| **Total** | $10767 | $189741 | $168242 | $4 | $—<br> (c)<br>| $32270 |  | $334 | $— |

---

&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.

(c) Amount rounds to less than one thousand.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 155

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  | **U.S. Large Cap Core Plus Fund**  |
| **For the 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>| $104257 | $419530 | $471156 | $9 | $1 | $52641 | 52620 | $886 | $— |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  | **U.S. Research Enhanced Equity Fund**  |
| **For the 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>| $49275 | $1179874 | $812785 | $16 | $5 | $416385 | 416219 | $1821 | $— |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  | **U.S. Sustainable Leaders Fund**  |
| **For the 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>| $3096 | $62938 | $59670 | $1 | $—<br> (c)<br>| $6365 | 6362 | $132 | $— |

---

&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.

(c) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

156 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  | **U.S. Value Fund**  |
| **For the 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>| $184750 | $259399 | $416090 | $19 | $(2)<br>| $28076 | 28065 | $1518 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>| 23649 | 103389 | 121960 |  |  | 5078 | 5078 | 264<br> \*<br>|  |
| **Total** | $208399 | $362788 | $538050 | $19 | $(2)<br>| $33154 |  | $1782 | $— |

---

&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).

**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. Options**— Hedged Equity Fund, Hedged Equity 2 Fund and Hedged Equity 3 Fund purchased and sold ("wrote") put and call options on various instruments including options on indices to manage and hedge interest rate risks within their portfolios and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller.

*Options Purchased*— Premiums paid by the Funds for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium they paid and record a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written*— Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation on options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds is added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Funds pledge collateral to the counterparty in the form of cash or securities for options written. Cash collateral deposited with the broker is recorded as Deposits at broker for option contracts, while cash collateral deposited at the Funds' custodian for the benefit of the broker is recorded as Restricted cash for exchange-traded options on the Statements of Assets and Liabilities. Securities designated as collateral are denoted on the SOIs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 157

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Funds' exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**G. Futures Contracts**— Equity Index Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**Derivatives Volume**

The table below discloses the volume of the Funds' options and futures contracts activity during the six months ended December 31, 2025. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands, except number of contracts):

---

| | |
|:---|:---|
|  | **Equity Index** <br>**Fund**<br>|
| **Futures Contracts:** |  |
| Average Notional Balance Long | &nbsp;&nbsp; $44857 |
| Ending Notional Balance Long | &nbsp;&nbsp; 64105 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Hedged** <br>**Equity** <br>**Fund**<br>| **Hedged** <br>**Equity 2** <br>**Fund**<br>| **Hedged** <br>**Equity 3** <br>**Fund**<br>|
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $133443 | &nbsp;&nbsp; $158057 | &nbsp;&nbsp; $60335 |
| Ending Notional Balance Long | &nbsp;&nbsp; 251250 | &nbsp;&nbsp; 47217 | &nbsp;&nbsp; 24470 |
| **Exchange-Traded Options:** |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; 32462 | &nbsp;&nbsp; 8301 | &nbsp;&nbsp; 4527 |
| Average Number of Contracts Written | &nbsp;&nbsp; (64924)<br>| &nbsp;&nbsp; (16602)<br>| &nbsp;&nbsp; (9056)<br>|
| Ending Number of Contracts Purchased | &nbsp;&nbsp; 31227 | &nbsp;&nbsp; 7915 | &nbsp;&nbsp; 4091 |
| Ending Number of Contracts Written | &nbsp;&nbsp; (62454)<br>| &nbsp;&nbsp; (15830)<br>| &nbsp;&nbsp; (8182)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

158 J.P. Morgan Large Cap Funds December 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S.** <br>**Equity** <br>**Fund**<br>| **U.S.** <br>**GARP** <br>**Equity** <br>**Fund**<br>| **U.S.** <br>**Large Cap** <br>**Core Plus** <br>**Fund**<br>|
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $12603 | &nbsp;&nbsp; $13398 | &nbsp;&nbsp; $7157 |
| Ending Notional Balance Long | &nbsp;&nbsp; — | &nbsp;&nbsp; 24470 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **U.S.** <br>**Research** <br>**Enhanced** <br>**Equity** <br>**Fund**<br>| **U.S.** <br>**Sustainable** <br>**Leaders** <br>**Fund**<br>|
| **Futures Contracts:** |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $61249 | &nbsp;&nbsp; $4775 |
| Ending Notional Balance Long | &nbsp;&nbsp; 66517 | &nbsp;&nbsp; 4825 |

---

The Funds' derivatives contracts held at December 31, 2025 are not accounted for as hedging instruments under GAAP.

**H. Equity-Linked Notes**— Equity Premium Income Fund invested in Equity-Linked Notes ("ELNs"). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs' values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of December 31, 2025, Equity Premium Income Fund had outstanding ELNs as listed on its SOI.

**I. Short Sales**— U.S. Large Cap Core Plus Fund engaged in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as Deposits at broker for securities sold short, while cash collateral deposited at the Fund's custodian for the benefit of the broker is recorded as Restricted cash for securities sold short on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOIs. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker's fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a financing charge for the difference between the market value of the short position and cash collateral deposited with the broker. The net amounts of income or fees are included as interest income or interest expense on securities sold short on the Statements of Operations.

The Fund is obligated to pay the broker dividends declared on short positions when a position is open on the record date. Dividends on short positions are reported on ex-dividend date on the Statements of Operations as Dividend expense on securities sold short. The Fund is obligated to pay the broker interest accrued on short positions while the position is outstanding. Interest expense on short positions is reported as Interest expense to non-affiliates on securities sold short on the Statements of Operations. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation/depreciation on the Statements of Operations. Short sale transactions may result in unlimited losses as the security's price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.

As of December 31, 2025, U.S. Large Cap Core Plus Fund had outstanding short sales as listed on its SOI.

**J. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

Interest income and interest expense on securities sold short, if any, is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

Dividend income and dividend expense on securities sold short, if any, is recorded on the ex-dividend date or when the Funds first learn of the dividend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 159

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

**K. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the 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** |
| **Equity Income Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | $91 | $14 | $57 | n/a | $6 | $3 | $2 | $6 | $234 | $413 |
| **Equity Index Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 99 | 2 | 11 | n/a | n/a | n/a | n/a | n/a | 30 | 142 |
| **Equity Premium Income Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 10 | 7 | 23 | n/a | n/a | n/a | n/a | —<br> (a)<br>| 5 | 45 |
| **Hedged Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 23 | 9 | 70 | n/a | n/a | n/a | n/a | —<br> (a)<br>| 26 | 128 |
| **Hedged Equity 2 Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 4 | 3 | 20 | n/a | n/a | n/a | n/a | —<br> (a)<br>| 8 | 35 |
| **Hedged Equity 3 Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 2 | 2 | 10 | n/a | n/a | n/a | n/a | —<br> (a)<br>| 3 | 17 |
| **Large Cap Growth Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 229 | 17 | 122 | n/a | 21 | 11 | 5 | 8 | 469 | 882 |
| **Large Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 24 | 2 | 12 | n/a | 2 | 1 | —<br> (a)<br>| 1 | 18 | 60 |
| **U.S. Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 61 | 8 | 22 | $17 | 6 | 5 | 1 | 6 | 115 | 241 |
| **U.S. GARP Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 7 | 1 | 4 | n/a | 10 | n/a | n/a | 1 | 4 | 27 |
| **U.S. Large Cap Core Plus Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 9 | 2 | 14 | n/a | 1 | n/a | n/a | 1 | 4 | 31 |
| **U.S. Research Enhanced Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 9 | n/a | 17 | n/a | n/a | n/a | n/a | n/a | 42 | 68 |
| **U.S. Sustainable Leaders Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 3 | —<br> (a)<br>| 2 | n/a | n/a | n/a | n/a | n/a | 1 | 6 |
| **U.S. Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 80 | 4 | 17 | n/a | 1 | 1 | —<br> (a)<br>| —<br> (a)<br>| 24 | 127 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**L. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of 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, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

160 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**M. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for Large Cap Growth Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Sustainable Leaders Fund, for which distributions are generally declared and paid at least annually, Equity Income Fund, for which distributions are generally declared and paid at least monthly, and Equity Premium Income Fund, for which distributions are generally declared daily and paid at least monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

**N. 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.

**O. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.04 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |

---

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund's respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2025, the effective annualized rate for Equity Income Fund, Equity Index Fund, Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, Large Cap Growth Fund, Large Cap Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. Value Fund was 0.036%, 0.071%, 0.075%, 0.060%, 0.075%, 0.075%, 0.019%, 0.075%, 0.043%, 0.075%, 0.075%, 0.072%, 0.075% and 0.075%, respectively, of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 161

------

**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;

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.

The Boards have adopted a Distribution Plan (the "Distribution Plan") for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R2** | **Class R3** |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |

---

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** |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $87 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

162 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**D. Service Fees**— The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** |
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. Research Enhanced Equity <br> Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 163

------

**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 R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| Equity Index Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>|
| Equity Premium Income <br> Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Hedged Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Hedged Equity 2 Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Hedged Equity 3 Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Large Cap Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| Large Cap Value Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| U.S. Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| U.S. GARP Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| U.S. Large Cap Core Plus <br> Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| U.S. Research Enhanced <br> Equity Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. Sustainable Leaders <br> Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| U.S. Value Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;0.44 |

---

The expense limitation agreements were in effect for the six months ended December 31, 2025 and the contractual expense limitation percentages in the table above 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>|
| Equity Index Fund | &nbsp;&nbsp; $2459 | &nbsp;&nbsp; $2005 | &nbsp;&nbsp; $1370 | &nbsp;&nbsp; $5834 | &nbsp;&nbsp; $30 |
| Equity Premium Income Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; — |
| Hedged Equity 2 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; — |
| Hedged Equity 3 Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 1 |
| Large Cap Growth Fund | &nbsp;&nbsp; 13737 | &nbsp;&nbsp; 9166 | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 23148 | &nbsp;&nbsp; 181 |
| Large Cap Value Fund | &nbsp;&nbsp; 796 | &nbsp;&nbsp; 530 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 1378 | &nbsp;&nbsp; 12 |
| U.S. Equity Fund | &nbsp;&nbsp; 1319 | &nbsp;&nbsp; 876 | &nbsp;&nbsp; 109 | &nbsp;&nbsp; 2304 | &nbsp;&nbsp; 115 |
| U.S. GARP Equity Fund | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 213 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 553 | &nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 982 | &nbsp;&nbsp; 654 | &nbsp;&nbsp; 2585 | &nbsp;&nbsp; 4221 | &nbsp;&nbsp; — |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp; 2861 | &nbsp;&nbsp; 1908 | &nbsp;&nbsp; 1571 | &nbsp;&nbsp; 6340 | &nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 392 | &nbsp;&nbsp; — |
| U.S. Value Fund | &nbsp;&nbsp; 951 | &nbsp;&nbsp; 636 | &nbsp;&nbsp; 93 | &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 19 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

164 J.P. Morgan Large Cap Funds December 31, 2025

------

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $101 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 191 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 34 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1042 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 43 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 53 |

---

**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 Boards' independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2025, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Large Cap Core Plus Fund and U.S. Research Enhanced Equity Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The below Funds used related party broker-dealers during the six months ended December 31, 2025, and incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows:

---

| | |
|:---|:---|
|  | **Brokerage Commissions** |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $16 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 97 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 22 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

**4. Investment Transactions** 

During the 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>| **Securities** <br>**Sold Short**<br>| **Covers on** <br>**Securities** <br>**Sold Short**<br>|
| Equity Income Fund | $4752498 | $8573175 | $— | $— |
| Equity Index Fund | 357150 | 272283 |  |  |
| Equity Premium Income Fund | 5826819 | 6153689 |  |  |
| Hedged Equity Fund | 2928368 | 4791291 |  |  |
| Hedged Equity 2 Fund | 1315567 | 1924260 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 165

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases**<br> **(excluding**<br> **U.S. Government)**<br>| **Sales**<br> **(excluding**<br> **U.S. Government)**<br>| **Securities**<br> **Sold Short**<br>| **Covers on**<br> **Securities**<br> **Sold Short**<br>|
| Hedged Equity 3 Fund | $473938 | $1316052 | $— | $— |
| Large Cap Growth Fund | 29205018 | 31763159 |  |  |
| Large Cap Value Fund | 4727761 | 4873098 |  |  |
| U.S. Equity Fund | 8101559 | 8800730 |  |  |
| U.S. GARP Equity Fund | 264808 | 405119 |  |  |
| U.S. Large Cap Core Plus Fund | 1440683 | 1429066 | 643189 | 558166 |
| U.S. Research Enhanced Equity Fund | 1601741 | 2807486 |  |  |
| U.S. Sustainable Leaders Fund | 80265 | 77134 |  |  |
| U.S. Value Fund | 661823 | 904937 |  |  |

---

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>|
| Equity Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $25918400 | &nbsp;&nbsp;&nbsp;&nbsp; $17331214 | &nbsp;&nbsp;&nbsp;&nbsp; $249144 | &nbsp;&nbsp;&nbsp;&nbsp; $17082070 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4052838 | &nbsp;&nbsp;&nbsp;&nbsp; 8807900 | &nbsp;&nbsp;&nbsp;&nbsp; 96079 | &nbsp;&nbsp;&nbsp;&nbsp; 8711821 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4881696 | &nbsp;&nbsp;&nbsp;&nbsp; 1296176 | &nbsp;&nbsp;&nbsp;&nbsp; 90829 | &nbsp;&nbsp;&nbsp;&nbsp; 1205347 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10957366 | &nbsp;&nbsp;&nbsp;&nbsp; 10530186 | &nbsp;&nbsp;&nbsp;&nbsp; 175281 | &nbsp;&nbsp;&nbsp;&nbsp; 10354905 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3366579 | &nbsp;&nbsp;&nbsp;&nbsp; 2166029 | &nbsp;&nbsp;&nbsp;&nbsp; 109542 | &nbsp;&nbsp;&nbsp;&nbsp; 2056487 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1670131 | &nbsp;&nbsp;&nbsp;&nbsp; 1177579 | &nbsp;&nbsp;&nbsp;&nbsp; 41708 | &nbsp;&nbsp;&nbsp;&nbsp; 1135871 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 74002591 | &nbsp;&nbsp;&nbsp;&nbsp; 47985778 | &nbsp;&nbsp;&nbsp;&nbsp; 1058288 | &nbsp;&nbsp;&nbsp;&nbsp; 46927490 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4801813 | &nbsp;&nbsp;&nbsp;&nbsp; 796469 | &nbsp;&nbsp;&nbsp;&nbsp; 109330 | &nbsp;&nbsp;&nbsp;&nbsp; 687139 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17941427 | &nbsp;&nbsp;&nbsp;&nbsp; 16713174 | &nbsp;&nbsp;&nbsp;&nbsp; 357323 | &nbsp;&nbsp;&nbsp;&nbsp; 16355851 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 882424 | &nbsp;&nbsp;&nbsp;&nbsp; 1120975 | &nbsp;&nbsp;&nbsp;&nbsp; 12716 | &nbsp;&nbsp;&nbsp;&nbsp; 1108259 |
| U.S. Large Cap Core Plus Fund \* | &nbsp;&nbsp;&nbsp;&nbsp; 1870733 | &nbsp;&nbsp;&nbsp;&nbsp; 1698279 | &nbsp;&nbsp;&nbsp;&nbsp; 59377 | &nbsp;&nbsp;&nbsp;&nbsp; 1638902 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5815633 | &nbsp;&nbsp;&nbsp;&nbsp; 5565980 | &nbsp;&nbsp;&nbsp;&nbsp; 80556 | &nbsp;&nbsp;&nbsp;&nbsp; 5485424 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 219025 | &nbsp;&nbsp;&nbsp;&nbsp; 90641 | &nbsp;&nbsp;&nbsp;&nbsp; 7333 | &nbsp;&nbsp;&nbsp;&nbsp; 83308 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4529104 | &nbsp;&nbsp;&nbsp;&nbsp; 2044960 | &nbsp;&nbsp;&nbsp;&nbsp; 89540 | &nbsp;&nbsp;&nbsp;&nbsp; 1955420 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* The tax cost includes the proceeds from short sales which may result in a net negative cost.

At June 30, 2025, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3265 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1099073 | &nbsp;&nbsp;&nbsp;&nbsp; 62031 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1063642 | &nbsp;&nbsp;&nbsp;&nbsp; 447595 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 446580 | &nbsp;&nbsp;&nbsp;&nbsp; 513724 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 116617 | &nbsp;&nbsp;&nbsp;&nbsp; 241739 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

166 J.P. Morgan Large Cap Funds December 31, 2025

------

Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2025, the Funds deferred to July 1, 2025 the following net capital losses (gains) of:

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
|  | **Short-Term** | **Long-Term** |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; $339900 | &nbsp;&nbsp;&nbsp;&nbsp; $(258944)<br>|
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 401169 | &nbsp;&nbsp;&nbsp;&nbsp; 14264 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 86642 | &nbsp;&nbsp;&nbsp;&nbsp; (3417)<br>|
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 32733 | &nbsp;&nbsp;&nbsp;&nbsp; (1942)<br>|
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8638 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 51056 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

During the year ended June 30, 2025, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; $30625 | &nbsp;&nbsp;&nbsp;&nbsp; $62506 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93497 |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 541933 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 11932 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 167

------

**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;

**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 shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| Equity Income Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 12.2<br> %<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 34.6<br> %<br>|
| Equity Index Fund | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;31.3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Equity Premium Income Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;13.5 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;52.5 |
| Hedged Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;40.2 |
| Hedged Equity 2 Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;17.8 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;27.8 |
| Hedged Equity 3 Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;54.5 |
| Large Cap Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;19.9 |
| Large Cap Value Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;11.8 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;27.6 |
| U.S. Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;27.6 |
| U.S. GARP Equity Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;29.6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;29.4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;36.6 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;40.5 |
| U.S. Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;40.7 |

---

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

As of December 31, 2025, J.P. Morgan Investor Funds, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **J.P. Morgan** <br>**Investor** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Blend Funds**<br>|
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63.5<br> %<br>|
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;24.1 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;44.2 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;11.1 | &nbsp;&nbsp;&nbsp;&nbsp;22.0 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Equity Premium Income Fund's investments in ELNs entail varying degrees of risks. The Fund is subject to loss of their full principal amount. In addition, the ELNs are subject to a stated maximum return which may limit the payment at maturity. The Fund may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to the issuer's ability to make payment at maturity; liquidity risk related to a lack of liquid market for these notes, preventing the Fund from trading or selling the notes easily; and a greater degree of market risk than other types of debt securities because the investor bears the risk associated with the underlying financial instruments.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's underlying index, if any, or in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

168 J.P. Morgan Large Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**8. Reorganization**

At a meeting held on February 10-12, 2026, the JPM I Board approved the reorganization (the "Reorganization") of the U.S. GARP Equity Fund into a newly created exchange-traded fund, JPMorgan Fundamental Data Science Large Growth ETF ("JPM Fundamental Data Science Large Growth ETF"), a series of J.P. Morgan Exchange-Traded Fund Trust. The Reorganization is expected to occur as of the close of business on or about July 10, 2026.

Following the Reorganization, the Fund's performance and financial history will be adopted by JPM Fundamental Data Science Large Growth ETF. JPMorgan Fundamental Data Science Large Growth ETF will have the same objective and fundamental investment policies as U.S. GARP Equity Fund, but its investment process will be changed from a fundamental bottom-up approach to a fundamental data science approach and the portfolio management team will change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Large Cap Funds 169

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g58377img4746fec02.jpg)

------

![](g58377img2c6297793.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-LCE-1225

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

------

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

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 agreement 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 certain 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 in executive sessions with independent legal counsel 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;

------

&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

------

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 Equity Income Fund, Equity Index Fund, Large Cap Growth Fund, Large Cap Value Fund and U.S. Equity 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. 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 certain 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 Equity Income Fund's performance for both Class A and Class R6 shares was in the fourth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees noted that the performance for Class I shares was in the fourth, fifth 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. The Trustees requested, however, that the Fund's Adviser provide additional Fund performance information to be reviewed with the members of the Equity Committee at each of their regular meetings over the course of the next year.

------

The Trustees noted that the Equity Index Fund's performance for Class A, Class I and Class R6 shares was in the second quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. 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 Equity Premium Income 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 second, third and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. Broadridge did not calculate quintile rankings for Class R6 shares due to the limited number of funds in the Universe. 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 Hedged Equity Fund's performance for Class A, Class I and Class R6 shares was in the first quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. 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 Hedged Equity 2 Fund's performance for Class A, Class I and Class R6 shares was in the first and second quintiles of the Universe for the one- and three-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 Hedged Equity 3 Fund's performance for Class A shares was in the second and first quintiles of the Universe for the one- and three-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for both Class I and Class R6 shares was in the second quintile of the Universe for both the one- and three- year periods ended December 31, 2024. 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 Large Cap Growth Fund's performance for Class A, Class I and Class R6 shares was in the second, first 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 Large Cap Value Fund's performance for Class A, Class I and Class R6 shares was in the second, first 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 U.S. Equity Fund's performance for Class A and 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 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 U.S. GARP Equity Fund's performance for Class A and Class I shares was in the second, first 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 second, first 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.

------

The Trustees noted that the U.S. Large Cap Core Plus Fund's performance for Class A, Class I and Class R6 shares was in the first quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis 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 U.S. Research Enhanced Equity Fund's performance for Class A and Class R6 shares was in the second, second 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 I shares was in the second, first 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 U.S. Sustainable Leaders Fund's performance for Class A shares was in the second, 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 first, fourth 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 second and fourth quintiles of the Universe for the one- and three-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 requested, however, that the Fund's Adviser provide additional Fund performance information to be reviewed with the members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the U.S. Value Fund's performance for both Class A and Class R6 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 I 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 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.

***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/or 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 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 Equity Income Fund's net advisory fee for Class A shares was in the second and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class A 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 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 for Class R6 shares was in the third and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the second and first 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 Equity Index 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 second and first quintiles of the Peer Group and Universe, respectively, 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 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 Equity Premium Income Fund's net advisory fee and actual total expenses for both Class A and Class I shares were in the first quintile of both the Peer Group and Universe. Broadridge did not calculate quintile rankings for Class R6 shares due to the limited number of funds in 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 Hedged Equity Fund's net advisory fee and actual total expenses for Class A, Class I and 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 Hedged Equity 2 Fund's net advisory fee and actual total expenses for both Class A and Class I shares were in the first quintile of both the Peer Group and Universe. 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 the actual total expenses for Class R6 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 Hedged Equity 3 Fund's net advisory fee and actual total expenses for Class A, Class I and 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 Large Cap Growth Fund's net advisory fee for Class A and Class I shares was in the first 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 second quintiles of the Peer Group and Universe, respectively. The Trustees noted that both the net advisory fee and 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 Large 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 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 quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee and 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 U.S. Equity 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 third 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 fourth and third quintiles of the Peer Group and Universe, respectively. The Trustees noted that both 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 U.S. GARP Equity Fund's net advisory fee and actual total expenses for Class A, Class I and 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 U.S. Large Cap Core Plus Fund's net advisory fee for Class A shares was in the second and fourth quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class A 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 I shares was in the third and fourth quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the third quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the fourth and fifth quintiles of

------

the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the fourth quintile of both the Peer Group and Universe. After considering all of 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 U.S. Research Enhanced Equity Fund's net advisory fee and actual total expenses for Class A, Class I and 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 U.S. Sustainable Leaders Fund's net advisory fee and actual total expenses for Class A, Class I and 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 U.S. 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 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 quintile of both the Peer Group and Universe. 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 second and first 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.

------

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

------

---

| | | |
|:---|:---|:---|
|  | **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

------

**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

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

37 <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 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

------

&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

------

**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

------

&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 |

---

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:

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | &nbsp;&nbsp;&nbsp; **Late Year** <br>**Ordinary Loss Deferral** |
|  | **Short-Term** | &nbsp;&nbsp;&nbsp; **Late Year** <br>**Ordinary Loss Deferral** |
| Growth Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8628 |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8090 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 46760 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the 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

------

**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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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 |

---

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:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>|
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17.8<br> %<br>|

---

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

------

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)

------

![](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

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

------

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

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;

------

&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

------

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

------

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

------

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.

------

Semi-Annual Financial Statements

J.P. Morgan Small Cap Funds

December 31, 2025 (Unaudited)

---

| |
|:---|
| JPMorgan Small Cap Blend Fund |
| JPMorgan Small Cap Equity Fund |
| JPMorgan Small Cap Growth Fund |
| JPMorgan Small Cap Value Fund |
| JPMorgan SMID Cap Equity Fund |
| JPMorgan U.S. Small Company Fund |

---

![](g24460img0128e6be1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_32c57b28-3109-4396-b2f9-b3b62b3d9632_SOI-TOC-ScheduleofInvestments-798_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_32c57b28-3109-4396-b2f9-b3b62b3d9632_FS-TOC-FinancialStatement-798_1) | &nbsp;&nbsp; **34** |
| [Financial Highlights](#xx_32c57b28-3109-4396-b2f9-b3b62b3d9632_FIHI-TOC-FinancialHighlights-798_1) | &nbsp;&nbsp; **54** |
| [Notes to Financial Statements](#xx_32c57b28-3109-4396-b2f9-b3b62b3d9632_NTF-NTFRunningFooter-798_1) | &nbsp;&nbsp; **74** |

---

**Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund's share price is lower than when you invested.**

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.

Prospective investors should refer to the Funds' prospectuses for a discussion of the Funds' investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

------

JPMorgan Small Cap Blend Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.4%** | **Common Stocks — 98.4%** | **Common Stocks — 98.4%** |
| **Aerospace & Defense — 2.9%** | **Aerospace & Defense — 2.9%** | **Aerospace & Defense — 2.9%** |
| AeroVironment, Inc. \* (a) | 27 | 6476 |
| Cadre Holdings, Inc. | 144 | 5882 |
| Firefly Aerospace, Inc. \* (a) | 80 | 1783 |
| Hexcel Corp. | 64 | 4765 |
| Karman Holdings, Inc. \* (a) | 75 | 5472 |
| Kratos Defense & Security Solutions, Inc. \* | 67 | 5059 |
| Moog, Inc., Class A | 23 | 5723 |
| VSE Corp. | 47 | 8218 |
|  |  | 43378 |
| **Automobile Components — 1.4%** | **Automobile Components — 1.4%** | **Automobile Components — 1.4%** |
| Dorman Products, Inc. \* | 25 | 3123 |
| LCI Industries | 58 | 7005 |
| Patrick Industries, Inc. (a) | 65 | 7103 |
| Visteon Corp. | 43 | 4068 |
|  |  | 21299 |
| **Banks — 9.3%** | **Banks — 9.3%** | **Banks — 9.3%** |
| Ameris Bancorp | 108 | 8020 |
| Associated Banc-Corp. | 211 | 5430 |
| BancFirst Corp. | 53 | 5655 |
| Camden National Corp. | 153 | 6641 |
| City Holding Co. | 40 | 4723 |
| Columbia Banking System, Inc. | 287 | 8015 |
| First Commonwealth Financial Corp. | 360 | 6075 |
| First Merchants Corp. | 172 | 6435 |
| Heritage Commerce Corp. | 233 | 2803 |
| Independent Bank Corp. | 213 | 6941 |
| NBT Bancorp, Inc. | 116 | 4828 |
| Old National Bancorp | 518 | 11561 |
| Old Second Bancorp, Inc. | 120 | 2334 |
| Provident Financial Services, Inc. | 434 | 8571 |
| QCR Holdings, Inc. | 109 | 9054 |
| ServisFirst Bancshares, Inc. | 57 | 4063 |
| Simmons First National Corp., Class A | 386 | 7269 |
| SOUTHSTATE BANK Corp. | 90 | 8502 |
| TriCo Bancshares | 122 | 5799 |
| WesBanco, Inc. | 246 | 8190 |
| WSFS Financial Corp. | 121 | 6672 |
|  |  | 137581 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Primo Brands Corp. | 192 | 3146 |
| **Biotechnology — 7.8%** | **Biotechnology — 7.8%** | **Biotechnology — 7.8%** |
| Alkermes plc \* | 227 | 6347 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| Apogee Therapeutics, Inc. \* | 126 | 9514 |
| Arcellx, Inc. \* | 89 | 5771 |
| Bridgebio Pharma, Inc. \* | 70 | 5317 |
| Caris Life Sciences, Inc. \* | 123 | 3324 |
| Cytokinetics, Inc. \* | 88 | 5621 |
| Disc Medicine, Inc. \* | 98 | 7807 |
| Dyne Therapeutics, Inc. \* | 330 | 6457 |
| Evommune, Inc. \* | 202 | 3459 |
| Immunome, Inc. \* | 277 | 5958 |
| Newamsterdam Pharma Co. NV (Netherlands) \* | 153 | 5363 |
| Nuvalent, Inc., Class A \* | 79 | 7894 |
| REGENXBIO, Inc. \* | 451 | 6498 |
| Rhythm Pharmaceuticals, Inc. \* | 87 | 9311 |
| Sionna Therapeutics, Inc. \* | 188 | 7732 |
| Ultragenyx Pharmaceutical, Inc. \* | 108 | 2485 |
| uniQure NV (Netherlands) \* | 131 | 3133 |
| Vaxcyte, Inc. \* | 101 | 4661 |
| Viking Therapeutics, Inc. \* (a) | 72 | 2524 |
| Xenon Pharmaceuticals, Inc. (Canada) \* | 162 | 7274 |
|  |  | 116450 |
| **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** |
| Global-e Online Ltd. (Israel) \* | 86 | 3361 |
| Ollie's Bargain Outlet Holdings, Inc. \* | 44 | 4834 |
|  |  | 8195 |
| **Building Products — 2.4%** | **Building Products — 2.4%** | **Building Products — 2.4%** |
| AAON, Inc. (a) | 32 | 2457 |
| AZZ, Inc. | 60 | 6392 |
| Hayward Holdings, Inc. \* | 445 | 6870 |
| Modine Manufacturing Co. \* | 64 | 8591 |
| Simpson Manufacturing Co., Inc. | 38 | 6141 |
| UFP Industries, Inc. | 63 | 5703 |
|  |  | 36154 |
| **Capital Markets — 3.2%** | **Capital Markets — 3.2%** | **Capital Markets — 3.2%** |
| Donnelley Financial Solutions, Inc. \* | 203 | 9467 |
| Evercore, Inc., Class A | 18 | 6326 |
| Hamilton Lane, Inc., Class A | 61 | 8140 |
| Piper Sandler Cos. | 35 | 11882 |
| StoneX Group, Inc. \* | 71 | 6748 |
| Virtus Investment Partners, Inc. | 35 | 5689 |
|  |  | 48252 |
| **Chemicals — 2.1%** | **Chemicals — 2.1%** | **Chemicals — 2.1%** |
| Avient Corp. | 200 | 6240 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 1

------

JPMorgan Small Cap Blend 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** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Hawkins, Inc. | 13 | 1902 |
| HB Fuller Co. | 158 | 9413 |
| Innospec, Inc. | 71 | 5425 |
| Quaker Chemical Corp. | 58 | 7990 |
|  |  | 30970 |
| **Commercial Services & Supplies — 1.4%** | **Commercial Services & Supplies — 1.4%** | **Commercial Services & Supplies — 1.4%** |
| ACV Auctions, Inc., Class A \* | 361 | 2895 |
| Casella Waste Systems, Inc., Class A \* (a) | 94 | 9231 |
| MSA Safety, Inc. | 33 | 5303 |
| UniFirst Corp. | 19 | 3536 |
|  |  | 20965 |
| **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** | **Communications Equipment — 0.3%** |
| Ciena Corp. \* | 16 | 3708 |
| **Construction & Engineering — 1.3%** | **Construction & Engineering — 1.3%** | **Construction & Engineering — 1.3%** |
| Primoris Services Corp. | 59 | 7251 |
| Sterling Infrastructure, Inc. \* | 20 | 6235 |
| Valmont Industries, Inc. | 14 | 5673 |
|  |  | 19159 |
| **Construction Materials — 0.8%** | **Construction Materials — 0.8%** | **Construction Materials — 0.8%** |
| Eagle Materials, Inc. | 33 | 6901 |
| James Hardie Industries plc, ADR \* | 212 | 4400 |
|  |  | 11301 |
| **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** |
| Figure Technology Solutions, Inc., Class A \* (a) | 107 | 4355 |
| FirstCash Holdings, Inc. | 61 | 9792 |
| Upstart Holdings, Inc. \* (a) | 40 | 1737 |
|  |  | 15884 |
| **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |
| Chefs' Warehouse, Inc. (The) \* | 154 | 9585 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| Myers Industries, Inc. | 216 | 4051 |
| **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** |
| Bright Horizons Family Solutions, Inc. \* | 51 | 5117 |
| Graham Holdings Co., Class B | 7 | 8111 |
|  |  | 13228 |
| **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** |
| Essential Properties Realty Trust, Inc. | 231 | 6840 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| Lumen Technologies, Inc. \* | 747 | 5806 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| IDACORP, Inc. (a) | 44 | 5486 |
| Portland General Electric Co. | 145 | 6974 |
|  |  | 12460 |
| **Electrical Equipment — 2.2%** | **Electrical Equipment — 2.2%** | **Electrical Equipment — 2.2%** |
| Bloom Energy Corp., Class A \* | 80 | 6988 |
| Nextpower, Inc., Class A \* | 127 | 11093 |
| Thermon Group Holdings, Inc. \* | 109 | 4032 |
| Vicor Corp. \* | 95 | 10351 |
|  |  | 32464 |
| **Electronic Equipment, Instruments & Components — 4.8%** | **Electronic Equipment, Instruments & Components — 4.8%** | **Electronic Equipment, Instruments & Components — 4.8%** |
| Fabrinet (Thailand) \* | 34 | 15630 |
| Ingram Micro Holding Corp. | 345 | 7367 |
| Insight Enterprises, Inc. \* | 122 | 9967 |
| Littelfuse, Inc. | 21 | 5289 |
| Mirion Technologies, Inc. \* | 187 | 4367 |
| OSI Systems, Inc. \* (a) | 22 | 5723 |
| Plexus Corp. \* | 42 | 6126 |
| Ralliant Corp. | 106 | 5388 |
| Sanmina Corp. \* | 10 | 1490 |
| ScanSource, Inc. \* | 238 | 9275 |
|  |  | 70622 |
| **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** | **Energy Equipment & Services — 1.5%** |
| Cactus, Inc., Class A | 134 | 6112 |
| Kodiak Gas Services, Inc. | 162 | 6065 |
| TechnipFMC plc (United Kingdom) | 89 | 3970 |
| Weatherford International plc | 72 | 5596 |
|  |  | 21743 |
| **Financial Services — 1.7%** | **Financial Services — 1.7%** | **Financial Services — 1.7%** |
| PennyMac Financial Services, Inc. | 113 | 14900 |
| Radian Group, Inc. | 307 | 11045 |
|  |  | 25945 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| Dole plc | 360 | 5401 |
| **Gas Utilities — 1.4%** | **Gas Utilities — 1.4%** | **Gas Utilities — 1.4%** |
| Chesapeake Utilities Corp. | 60 | 7491 |
| ONE Gas, Inc. | 117 | 9076 |
| Southwest Gas Holdings, Inc. | 59 | 4715 |
|  |  | 21282 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |
| Marten Transport Ltd. | 410 | 4667 |
| Saia, Inc. \* | 15 | 4914 |
|  |  | 9581 |
| **Health Care Equipment & Supplies — 3.5%** | **Health Care Equipment & Supplies — 3.5%** | **Health Care Equipment & Supplies — 3.5%** |
| Glaukos Corp. \* | 62 | 6958 |
| ICU Medical, Inc. \* | 41 | 5851 |
| Inmode Ltd. \* | 335 | 4919 |
| iRhythm Technologies, Inc. \* | 50 | 8959 |
| Lantheus Holdings, Inc. \* | 76 | 5045 |
| LivaNova plc \* | 156 | 9633 |
| Merit Medical Systems, Inc. \* | 65 | 5715 |
| TransMedics Group, Inc. \* (a) | 45 | 5516 |
|  |  | 52596 |
| **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** | **Health Care Providers & Services — 2.8%** |
| Billiontoone, Inc., Class A \* (a) | 48 | 3914 |
| Concentra Group Holdings Parent, Inc. | 295 | 5803 |
| Encompass Health Corp. | 79 | 8431 |
| Ensign Group, Inc. (The) | 57 | 9951 |
| HealthEquity, Inc. \* | 49 | 4534 |
| Hims & Hers Health, Inc. \* (a) | 76 | 2457 |
| Hinge Health, Inc., Class A \* | 80 | 3708 |
| Lumexa Imaging Holdings, Inc. \* (a) | 133 | 2452 |
|  |  | 41250 |
| **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** | **Health Care REITs — 0.7%** |
| American Healthcare REIT, Inc. | 58 | 2748 |
| Sabra Health Care REIT, Inc. | 395 | 7481 |
|  |  | 10229 |
| **Health Care Technology — 0.6%** | **Health Care Technology — 0.6%** | **Health Care Technology — 0.6%** |
| Evolent Health, Inc., Class A \* | 435 | 1741 |
| HeartFlow, Inc. \* (a) | 84 | 2434 |
| Waystar Holding Corp. \* | 133 | 4366 |
|  |  | 8541 |
| **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** | **Hotel & Resort REITs — 0.6%** |
| Apple Hospitality REIT, Inc. | 382 | 4524 |
| RLJ Lodging Trust | 673 | 5013 |
|  |  | 9537 |
| **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** |
| Boyd Gaming Corp. | 92 | 7804 |
| Brinker International, Inc. \* | 29 | 4181 |
| First Watch Restaurant Group, Inc. \* | 285 | 4293 |
| Life Time Group Holdings, Inc. \* | 238 | 6330 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Planet Fitness, Inc., Class A \* | 64 | 6892 |
| Sportradar Group AG, Class A (Switzerland) \* | 243 | 5785 |
| Wingstop, Inc. (a) | 13 | 3168 |
| Wyndham Hotels & Resorts, Inc. | 74 | 5626 |
|  |  | 44079 |
| **Household Durables — 0.9%** | **Household Durables — 0.9%** | **Household Durables — 0.9%** |
| La-Z-Boy, Inc. | 96 | 3594 |
| M/I Homes, Inc. \* | 55 | 6983 |
| Meritage Homes Corp. | 52 | 3408 |
|  |  | 13985 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| Reynolds Consumer Products, Inc. | 224 | 5136 |
| **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** | **Industrial REITs — 0.8%** |
| Terreno Realty Corp. | 193 | 11343 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| Lemonade, Inc. \* (a) | 60 | 4263 |
| Safety Insurance Group, Inc. | 126 | 9845 |
| Selective Insurance Group, Inc. | 142 | 11872 |
|  |  | 25980 |
| **Interactive Media & Services — 1.8%** | **Interactive Media & Services — 1.8%** | **Interactive Media & Services — 1.8%** |
| Angi, Inc. \* | 584 | 7552 |
| Cars.com, Inc. \* (a) | 723 | 8825 |
| MediaAlpha, Inc., Class A \* | 768 | 9945 |
|  |  | 26322 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| Applied Digital Corp. \* (a) | 91 | 2217 |
| DigitalOcean Holdings, Inc. \* | 162 | 7807 |
|  |  | 10024 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| YETI Holdings, Inc. \* (a) | 114 | 5016 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| Bruker Corp. (a) | 59 | 2789 |
| **Machinery — 4.7%** | **Machinery — 4.7%** | **Machinery — 4.7%** |
| Atmus Filtration Technologies, Inc. | 59 | 3064 |
| Enpro, Inc. | 29 | 6334 |
| Esab Corp. | 63 | 6996 |
| Hillman Solutions Corp. \* | 365 | 3164 |
| ITT, Inc. | 45 | 7737 |
| JBT Marel Corp. | 55 | 8281 |
| Kadant, Inc. (a) | 15 | 4203 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 3

------

JPMorgan Small Cap Blend 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** |
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Mueller Industries, Inc. | 68 | 7866 |
| SPX Technologies, Inc. \* | 63 | 12580 |
| Tennant Co. | 72 | 5280 |
| Toro Co. (The) | 52 | 4066 |
|  |  | 69571 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| John Wiley & Sons, Inc., Class A | 311 | 9530 |
| Stagwell, Inc. \* (a) | 1549 | 7572 |
|  |  | 17102 |
| **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** |
| Unitil Corp. | 148 | 7187 |
| **Office REITs — 1.0%** | **Office REITs — 1.0%** | **Office REITs — 1.0%** |
| COPT Defense Properties | 151 | 4202 |
| Easterly Government Properties, Inc. | 226 | 4790 |
| Highwoods Properties, Inc. | 250 | 6451 |
|  |  | 15443 |
| **Oil, Gas & Consumable Fuels — 2.1%** | **Oil, Gas & Consumable Fuels — 2.1%** | **Oil, Gas & Consumable Fuels — 2.1%** |
| Chord Energy Corp. | 49 | 4530 |
| CNX Resources Corp. \* (a) | 196 | 7225 |
| Gulfport Energy Corp. \* | 28 | 5792 |
| Magnolia Oil & Gas Corp., Class A | 350 | 7655 |
| Matador Resources Co. | 150 | 6363 |
|  |  | 31565 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| Joby Aviation, Inc. \* | 474 | 6252 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| Interparfums, Inc. | 50 | 4217 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| Crinetics Pharmaceuticals, Inc. \* (a) | 144 | 6717 |
| LB Pharmaceuticals, Inc. \* (a) | 249 | 5529 |
| Prestige Consumer Healthcare, Inc. \* | 88 | 5441 |
| Terns Pharmaceuticals, Inc. \* | 140 | 5650 |
|  |  | 23337 |
| **Professional Services — 1.0%** | **Professional Services — 1.0%** | **Professional Services — 1.0%** |
| ExlService Holdings, Inc. \* | 120 | 5097 |
| Korn Ferry | 43 | 2814 |
| Verra Mobility Corp. \* | 276 | 6194 |
|  |  | 14105 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
| Compass, Inc., Class A \* | 711 | 7516 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Residential REITs — 0.8%** | **Residential REITs — 0.8%** | **Residential REITs — 0.8%** |
| Centerspace | 77 | 5143 |
| Independence Realty Trust, Inc. | 400 | 7000 |
|  |  | 12143 |
| **Retail REITs — 1.3%** | **Retail REITs — 1.3%** | **Retail REITs — 1.3%** |
| Kite Realty Group Trust | 458 | 10988 |
| Tanger, Inc. | 241 | 8029 |
|  |  | 19017 |
| **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** |
| Allegro MicroSystems, Inc. (Japan) \* | 243 | 6420 |
| Credo Technology Group Holding Ltd. \* | 78 | 11267 |
| MACOM Technology Solutions Holdings, Inc. \* | 32 | 5524 |
| MKS, Inc. | 39 | 6285 |
| Navitas Semiconductor Corp. \* (a) | 120 | 855 |
| Onto Innovation, Inc. \* | 32 | 5039 |
| Rambus, Inc. \* | 93 | 8501 |
| Rigetti Computing, Inc. \* (a) | 108 | 2389 |
| Synaptics, Inc. \* | 82 | 6069 |
|  |  | 52349 |
| **Software — 4.4%** | **Software — 4.4%** | **Software — 4.4%** |
| Agilysys, Inc. \* | 37 | 4355 |
| BlackLine, Inc. \* | 165 | 9103 |
| Box, Inc., Class A \* | 186 | 5558 |
| Braze, Inc., Class A \* | 126 | 4331 |
| Clear Secure, Inc., Class A | 135 | 4741 |
| Clearwater Analytics Holdings, Inc., Class A \* (a) | 234 | 5652 |
| Commvault Systems, Inc. \* | 34 | 4290 |
| D-Wave Quantum, Inc. (Canada) \* (a) | 105 | 2753 |
| Gitlab, Inc., Class A \* | 71 | 2661 |
| JFrog Ltd. \* | 159 | 9944 |
| SentinelOne, Inc., Class A \* | 258 | 3874 |
| Varonis Systems, Inc. \* | 116 | 3792 |
| Vertex, Inc., Class A \* | 229 | 4571 |
|  |  | 65625 |
| **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** |
| Arhaus, Inc. \* | 323 | 3618 |
| Group 1 Automotive, Inc. | 21 | 8307 |
| Lithia Motors, Inc., Class A | 17 | 5589 |
| Petco Health & Wellness Co., Inc. \* | 839 | 2357 |
| Urban Outfitters, Inc. \* | 82 | 6181 |
| Warby Parker, Inc., Class A \* | 345 | 7529 |
|  |  | 33581 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** |
| IonQ, Inc. \* (a) | 104 | 4657 |
| **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** |
| Kontoor Brands, Inc. | 115 | 7047 |
| Levi Strauss & Co., Class A (a) | 217 | 4494 |
| Wolverine World Wide, Inc. | 217 | 3935 |
|  |  | 15476 |
| **Trading Companies & Distributors — 2.3%** | **Trading Companies & Distributors — 2.3%** | **Trading Companies & Distributors — 2.3%** |
| Applied Industrial Technologies, Inc. | 47 | 12116 |
| McGrath RentCorp | 70 | 7348 |
| Rush Enterprises, Inc., Class A | 139 | 7516 |
| WESCO International, Inc. | 30 | 7274 |
|  |  | 34254 |
| **Water Utilities — 0.4%** | **Water Utilities — 0.4%** | **Water Utilities — 0.4%** |
| American States Water Co. | 84 | 6121 |
| Total Common Stocks <br>(Cost $1,199,753)<br>|  | 1461795 |
| **Short-Term Investments — 6.8%** | **Short-Term Investments — 6.8%** | **Short-Term Investments — 6.8%** |
| **Investment Companies — 1.6%** | **Investment Companies — 1.6%** | **Investment Companies — 1.6%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (b) (c) <br>(Cost $23,925)<br>| 23919 | 23928 |
| **Investment of Cash Collateral from Securities Loaned — 5.2%** | **Investment of Cash Collateral from Securities Loaned — 5.2%** | **Investment of Cash Collateral from Securities Loaned — 5.2%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (b) (c) <br>(Cost $77,206)<br>| 77206 | 77206 |
| Total Short-Term Investments <br>(Cost $101,131)<br>|  | 101134 |
| **Total Investments — 105.2%** <br>**(Cost $1,300,884)**<br>|  | **1562929** |
| **Liabilities in Excess of Other Assets — (5.2)%** |  | **(76855)**<br>|
| **NET ASSETS — 100.0%** |  | **1486074** |

---

&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 $74,414. 

(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 Small Cap Funds 5

------

JPMorgan Small 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 — 99.7%** | **Common Stocks — 99.7%** | **Common Stocks — 99.7%** |
| **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
| Karman Holdings, Inc. \* (a) | 259 | 18932 |
| Loar Holdings, Inc. \* | 342 | 23251 |
| Woodward, Inc. | 30 | 9198 |
|  |  | 51381 |
| **Automobile Components — 0.6%** | **Automobile Components — 0.6%** | **Automobile Components — 0.6%** |
| Gentex Corp. | 776 | 18055 |
| **Banks — 9.3%** | **Banks — 9.3%** | **Banks — 9.3%** |
| BankUnited, Inc. | 596 | 26538 |
| Commerce Bancshares, Inc. | 690 | 36115 |
| Cullen/Frost Bankers, Inc. | 299 | 37807 |
| First Financial Bancorp | 1009 | 25254 |
| First Hawaiian, Inc. | 896 | 22659 |
| First Horizon Corp. | 613 | 14658 |
| First Interstate BancSystem, Inc., Class A (a) | 780 | 26998 |
| ServisFirst Bancshares, Inc. | 380 | 27289 |
| Wintrust Financial Corp. | 309 | 43170 |
| WSFS Financial Corp. | 504 | 27855 |
|  |  | 288343 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| Primo Brands Corp. | 1814 | 29657 |
| **Building Products — 6.4%** | **Building Products — 6.4%** | **Building Products — 6.4%** |
| AAON, Inc. (a) | 273 | 20775 |
| Fortune Brands Innovations, Inc. | 361 | 18068 |
| Hayward Holdings, Inc. \* | 3898 | 60229 |
| Janus International Group, Inc. \* | 3419 | 22359 |
| Modine Manufacturing Co. \* (a) | 290 | 38727 |
| Simpson Manufacturing Co., Inc. | 231 | 37325 |
|  |  | 197483 |
| **Capital Markets — 7.5%** | **Capital Markets — 7.5%** | **Capital Markets — 7.5%** |
| Evercore, Inc., Class A | 131 | 44507 |
| MarketAxess Holdings, Inc. | 243 | 44130 |
| Miami International Holdings, Inc. \* (a) | 506 | 22453 |
| Moelis & Co., Class A | 309 | 21254 |
| Morningstar, Inc. | 197 | 42795 |
| StepStone Group, Inc., Class A | 622 | 39916 |
| Wealthfront Corp. \* | 1177 | 15988 |
|  |  | 231043 |
| **Chemicals — 4.3%** | **Chemicals — 4.3%** | **Chemicals — 4.3%** |
| Balchem Corp. | 241 | 36914 |
| Element Solutions, Inc. (a) | 1986 | 49637 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Perimeter Solutions, Inc. \* | 813 | 22370 |
| Quaker Chemical Corp. | 186 | 25589 |
|  |  | 134510 |
| **Commercial Services & Supplies — 3.6%** | **Commercial Services & Supplies — 3.6%** | **Commercial Services & Supplies — 3.6%** |
| Casella Waste Systems, Inc., Class A \* (a) | 471 | 46102 |
| MSA Safety, Inc. | 399 | 63937 |
|  |  | 110039 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| Digi International, Inc. \* | 323 | 13967 |
| **Construction & Engineering — 1.5%** | **Construction & Engineering — 1.5%** | **Construction & Engineering — 1.5%** |
| WillScot Holdings Corp. | 2473 | 46576 |
| **Construction Materials — 1.2%** | **Construction Materials — 1.2%** | **Construction Materials — 1.2%** |
| Eagle Materials, Inc. | 186 | 38520 |
| **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** | **Consumer Staples Distribution & Retail — 2.1%** |
| BJ's Wholesale Club Holdings, Inc. \* | 145 | 13022 |
| Chefs' Warehouse, Inc. (The) \* | 274 | 17112 |
| Performance Food Group Co. \* | 401 | 36024 |
|  |  | 66158 |
| **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** |
| AptarGroup, Inc. | 190 | 23114 |
| **Distributors — 1.0%** | **Distributors — 1.0%** | **Distributors — 1.0%** |
| Pool Corp. (a) | 138 | 31646 |
| **Diversified Consumer Services — 2.4%** | **Diversified Consumer Services — 2.4%** | **Diversified Consumer Services — 2.4%** |
| Bright Horizons Family Solutions, Inc. \* | 468 | 47434 |
| Driven Brands Holdings, Inc. \* (a) | 1775 | 26309 |
|  |  | 73743 |
| **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
| Portland General Electric Co. | 551 | 26451 |
| **Electronic Equipment, Instruments & Components — 4.4%** | **Electronic Equipment, Instruments & Components — 4.4%** | **Electronic Equipment, Instruments & Components — 4.4%** |
| Badger Meter, Inc. | 206 | 35956 |
| Bel Fuse, Inc., Class B | 85 | 14391 |
| Fabrinet (Thailand) \* | 81 | 36779 |
| Novanta, Inc. \* | 418 | 49794 |
|  |  | 136920 |
| **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** | **Energy Equipment & Services — 2.0%** |
| Cactus, Inc., Class A | 840 | 38341 |
| Flowco Holdings, Inc., Class A | 1189 | 22287 |
|  |  | 60628 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Food Products — 1.8%** | **Food Products — 1.8%** | **Food Products — 1.8%** |
| Freshpet, Inc. \* | 405 | 24660 |
| Utz Brands, Inc. | 3056 | 31723 |
|  |  | 56383 |
| **Ground Transportation — 2.2%** | **Ground Transportation — 2.2%** | **Ground Transportation — 2.2%** |
| Landstar System, Inc. | 241 | 34697 |
| Saia, Inc. \* | 102 | 33293 |
|  |  | 67990 |
| **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** |
| Envista Holdings Corp. \* | 1859 | 40365 |
| ICU Medical, Inc. \* | 255 | 36364 |
|  |  | 76729 |
| **Health Care Providers & Services — 5.2%** | **Health Care Providers & Services — 5.2%** | **Health Care Providers & Services — 5.2%** |
| Chemed Corp. | 90 | 38584 |
| Concentra Group Holdings Parent, Inc. | 1560 | 30694 |
| Encompass Health Corp. | 355 | 37675 |
| HealthEquity, Inc. \* | 379 | 34704 |
| Molina Healthcare, Inc. \* | 103 | 17855 |
|  |  | 159512 |
| **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** |
| Doximity, Inc., Class A \* | 507 | 22468 |
| **Hotel & Resort REITs — 1.4%** | **Hotel & Resort REITs — 1.4%** | **Hotel & Resort REITs — 1.4%** |
| Ryman Hospitality Properties, Inc. | 458 | 43377 |
| **Hotels, Restaurants & Leisure — 4.5%** | **Hotels, Restaurants & Leisure — 4.5%** | **Hotels, Restaurants & Leisure — 4.5%** |
| Monarch Casino & Resort, Inc. | 238 | 22825 |
| Planet Fitness, Inc., Class A \* | 391 | 42401 |
| Shake Shack, Inc., Class A \* | 260 | 21115 |
| Vail Resorts, Inc. (a) | 104 | 13794 |
| Wyndham Hotels & Resorts, Inc. | 504 | 38057 |
|  |  | 138192 |
| **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** | **Industrial REITs — 0.7%** |
| EastGroup Properties, Inc. | 114 | 20320 |
| **Insurance — 3.7%** | **Insurance — 3.7%** | **Insurance — 3.7%** |
| Accelerant Holdings, Class A (Cayman Islands) \* (a) | 1027 | 16790 |
| Baldwin Insurance Group, Inc. (The), Class A \* (a) | 719 | 17278 |
| Kinsale Capital Group, Inc. (a) | 90 | 35193 |
| Neptune Insurance Holdings, Inc., Class A \* | 572 | 16679 |
| RLI Corp. | 445 | 28451 |
|  |  | 114391 |
| **Leisure Products — 0.7%** | **Leisure Products — 0.7%** | **Leisure Products — 0.7%** |
| Acushnet Holdings Corp. (a) | 257 | 20508 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
| Medpace Holdings, Inc. \* | 26 | 14864 |
| **Machinery — 4.4%** | **Machinery — 4.4%** | **Machinery — 4.4%** |
| Alliance Laundry Holdings, Inc. \* | 880 | 17897 |
| Hillman Solutions Corp. \* | 3231 | 27983 |
| Lincoln Electric Holdings, Inc. | 118 | 28342 |
| Middleby Corp. (The) \* | 101 | 15013 |
| RBC Bearings, Inc. \* | 103 | 46365 |
|  |  | 135600 |
| **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** | **Oil, Gas & Consumable Fuels — 1.8%** |
| DT Midstream, Inc. | 240 | 28687 |
| SM Energy Co. | 1518 | 28384 |
|  |  | 57071 |
| **Professional Services — 3.8%** | **Professional Services — 3.8%** | **Professional Services — 3.8%** |
| Andersen Group, Inc., Class A \* (a) | 539 | 13976 |
| First Advantage Corp. \* (a) | 1961 | 28499 |
| Paylocity Holding Corp. \* | 272 | 41440 |
| Verra Mobility Corp. \* | 1483 | 33235 |
|  |  | 117150 |
| **Real Estate Management & Development — 2.7%** | **Real Estate Management & Development — 2.7%** | **Real Estate Management & Development — 2.7%** |
| Colliers International Group, Inc. (Canada) | 290 | 42611 |
| Cushman & Wakefield Ltd. \* | 2582 | 41798 |
|  |  | 84409 |
| **Semiconductors & Semiconductor Equipment — 3.9%** | **Semiconductors & Semiconductor Equipment — 3.9%** | **Semiconductors & Semiconductor Equipment — 3.9%** |
| Allegro MicroSystems, Inc. (Japan) \* (a) | 1176 | 31027 |
| MACOM Technology Solutions Holdings, Inc. \* | 325 | 55626 |
| Power Integrations, Inc. (a) | 916 | 32551 |
|  |  | 119204 |
| **Software — 3.9%** | **Software — 3.9%** | **Software — 3.9%** |
| CCC Intelligent Solutions Holdings, Inc. \* (a) | 3018 | 23990 |
| Clearwater Analytics Holdings, Inc., Class A \* (a) | 1245 | 30034 |
| nCino, Inc. \* (a) | 687 | 17609 |
| Qualys, Inc. \* | 210 | 27956 |
| SPS Commerce, Inc. \* | 222 | 19813 |
|  |  | 119402 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| CubeSmart | 445 | 16045 |
| **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** |
| Five Below, Inc. \* | 99 | 18591 |
| Warby Parker, Inc., Class A \* | 852 | 18560 |
|  |  | 37151 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 7

------

JPMorgan Small 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** |
| **Trading Companies & Distributors — 2.6%** | **Trading Companies & Distributors — 2.6%** | **Trading Companies & Distributors — 2.6%** |
| Applied Industrial Technologies, Inc. | 146 | 37376 |
| Core & Main, Inc., Class A \* | 839 | 43631 |
|  |  | 81007 |
| Total Common Stocks <br>(Cost $2,326,801)<br>|  | 3080007 |
| **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** |
| **Investment Companies — 2.5%** | **Investment Companies — 2.5%** | **Investment Companies — 2.5%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (b) (c) <br>(Cost $78,624)<br>| 78598 | 78629 |
| **Investment of Cash Collateral from Securities Loaned — 3.8%** | **Investment of Cash Collateral from Securities Loaned — 3.8%** | **Investment of Cash Collateral from Securities Loaned — 3.8%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (b) (c) <br>(Cost $116,659)<br>| 116659 | 116659 |
| Total Short-Term Investments <br>(Cost $195,283)<br>|  | 195288 |
| **Total Investments — 106.0%** <br>**(Cost $2,522,084)**<br>|  | **3275295** |
| **Liabilities in Excess of Other Assets — (6.0)%** |  | **(184797)**<br>|
| **NET ASSETS — 100.0%** |  | **3090498** |

---

&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 $111,047. 

(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;

8 J.P. Morgan Small Cap Funds December 31, 2025

------

JPMorgan Small 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 — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
| **Aerospace & Defense — 4.2%** | **Aerospace & Defense — 4.2%** | **Aerospace & Defense — 4.2%** |
| AeroVironment, Inc. \* (a) | 94 | 22746 |
| Firefly Aerospace, Inc. \* (a) | 280 | 6262 |
| Hexcel Corp. | 226 | 16735 |
| Karman Holdings, Inc. \* (a) | 263 | 19220 |
| Kratos Defense & Security Solutions, Inc. \* | 234 | 17770 |
| VSE Corp. | 167 | 28864 |
|  |  | 111597 |
| **Automobile Components — 1.4%** | **Automobile Components — 1.4%** | **Automobile Components — 1.4%** |
| LCI Industries | 203 | 24604 |
| Visteon Corp. | 150 | 14286 |
|  |  | 38890 |
| **Banks — 1.6%** | **Banks — 1.6%** | **Banks — 1.6%** |
| Ameris Bancorp | 379 | 28169 |
| ServisFirst Bancshares, Inc. | 199 | 14272 |
|  |  | 42441 |
| **Biotechnology — 15.3%** | **Biotechnology — 15.3%** | **Biotechnology — 15.3%** |
| Alkermes plc \* | 797 | 22293 |
| Apogee Therapeutics, Inc. \* (a) | 443 | 33416 |
| Arcellx, Inc. \* (a) | 311 | 20270 |
| Bridgebio Pharma, Inc. \* | 244 | 18676 |
| Caris Life Sciences, Inc. \* | 433 | 11675 |
| Cytokinetics, Inc. \* | 311 | 19742 |
| Disc Medicine, Inc. \* | 345 | 27421 |
| Dyne Therapeutics, Inc. \* (a) | 1159 | 22678 |
| Evommune, Inc. \* (a) | 723 | 12373 |
| Immunome, Inc. \* | 974 | 20927 |
| Newamsterdam Pharma Co. NV (Netherlands) \* | 537 | 18837 |
| Nuvalent, Inc., Class A \* | 276 | 27725 |
| REGENXBIO, Inc. \* | 1585 | 22822 |
| Rhythm Pharmaceuticals, Inc. \* | 305 | 32701 |
| Sionna Therapeutics, Inc. \* | 660 | 27159 |
| Ultragenyx Pharmaceutical, Inc. \* | 379 | 8726 |
| uniQure NV (Netherlands) \* | 460 | 11004 |
| Vaxcyte, Inc. \* | 355 | 16371 |
| Viking Therapeutics, Inc. \* (a) | 252 | 8865 |
| Xenon Pharmaceuticals, Inc. (Canada) \* | 570 | 25547 |
|  |  | 409228 |
| **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** |
| Global-e Online Ltd. (Israel) \* | 300 | 11806 |
| Ollie's Bargain Outlet Holdings, Inc. \* (a) | 155 | 16976 |
|  |  | 28782 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Building Products — 2.2%** | **Building Products — 2.2%** | **Building Products — 2.2%** |
| AAON, Inc. (a) | 113 | 8629 |
| Modine Manufacturing Co. \* | 226 | 30174 |
| Simpson Manufacturing Co., Inc. | 134 | 21569 |
|  |  | 60372 |
| **Capital Markets — 3.3%** | **Capital Markets — 3.3%** | **Capital Markets — 3.3%** |
| Evercore, Inc., Class A | 65 | 22217 |
| Piper Sandler Cos. (a) | 123 | 41733 |
| StoneX Group, Inc. \* | 249 | 23702 |
|  |  | 87652 |
| **Commercial Services & Supplies — 2.3%** | **Commercial Services & Supplies — 2.3%** | **Commercial Services & Supplies — 2.3%** |
| ACV Auctions, Inc., Class A \* | 1268 | 10168 |
| Casella Waste Systems, Inc., Class A \* (a) | 331 | 32423 |
| MSA Safety, Inc. | 116 | 18625 |
|  |  | 61216 |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| Ciena Corp. \* | 56 | 13022 |
| **Construction & Engineering — 2.5%** | **Construction & Engineering — 2.5%** | **Construction & Engineering — 2.5%** |
| Primoris Services Corp. (a) | 205 | 25469 |
| Sterling Infrastructure, Inc. \* | 71 | 21899 |
| Valmont Industries, Inc. | 50 | 19923 |
|  |  | 67291 |
| **Construction Materials — 1.5%** | **Construction Materials — 1.5%** | **Construction Materials — 1.5%** |
| Eagle Materials, Inc. | 117 | 24237 |
| James Hardie Industries plc, ADR \* | 745 | 15453 |
|  |  | 39690 |
| **Consumer Finance — 2.1%** | **Consumer Finance — 2.1%** | **Consumer Finance — 2.1%** |
| Figure Technology Solutions, Inc., Class A \* (a) | 375 | 15294 |
| FirstCash Holdings, Inc. | 216 | 34393 |
| Upstart Holdings, Inc. \* (a) | 139 | 6100 |
|  |  | 55787 |
| **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** | **Consumer Staples Distribution & Retail — 1.2%** |
| Chefs' Warehouse, Inc. (The) \* | 540 | 33665 |
| **Diversified Consumer Services — 0.7%** | **Diversified Consumer Services — 0.7%** | **Diversified Consumer Services — 0.7%** |
| Bright Horizons Family Solutions, Inc. \* | 177 | 17974 |
| **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** | **Diversified Telecommunication Services — 0.8%** |
| Lumen Technologies, Inc. \* | 2625 | 20393 |
| **Electrical Equipment — 3.7%** | **Electrical Equipment — 3.7%** | **Electrical Equipment — 3.7%** |
| Bloom Energy Corp., Class A \* | 282 | 24541 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 9

------

JPMorgan Small 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** |
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| Nextpower, Inc., Class A \* | 447 | 38962 |
| Vicor Corp. \* | 332 | 36356 |
|  |  | 99859 |
| **Electronic Equipment, Instruments & Components — 4.1%** | **Electronic Equipment, Instruments & Components — 4.1%** | **Electronic Equipment, Instruments & Components — 4.1%** |
| Fabrinet (Thailand) \* | 121 | 54899 |
| Littelfuse, Inc. | 73 | 18575 |
| Mirion Technologies, Inc. \* | 655 | 15337 |
| OSI Systems, Inc. \* (a) | 79 | 20100 |
|  |  | 108911 |
| **Energy Equipment & Services — 1.3%** | **Energy Equipment & Services — 1.3%** | **Energy Equipment & Services — 1.3%** |
| Cactus, Inc., Class A | 470 | 21466 |
| TechnipFMC plc (United Kingdom) | 313 | 13945 |
|  |  | 35411 |
| **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** |
| PennyMac Financial Services, Inc. | 203 | 26713 |
| **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** | **Ground Transportation — 0.6%** |
| Saia, Inc. \* | 53 | 17260 |
| **Health Care Equipment & Supplies — 4.2%** | **Health Care Equipment & Supplies — 4.2%** | **Health Care Equipment & Supplies — 4.2%** |
| Glaukos Corp. \* | 217 | 24440 |
| iRhythm Technologies, Inc. \* | 177 | 31468 |
| Lantheus Holdings, Inc. \* | 266 | 17718 |
| Merit Medical Systems, Inc. \* (a) | 228 | 20074 |
| TransMedics Group, Inc. \* (a) | 159 | 19373 |
|  |  | 113073 |
| **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** |
| Billiontoone, Inc., Class A \* (a) | 171 | 14000 |
| HealthEquity, Inc. \* | 174 | 15923 |
| Hims & Hers Health, Inc. \* (a) | 266 | 8631 |
| Hinge Health, Inc., Class A \* | 280 | 13025 |
| Lumexa Imaging Holdings, Inc. \* (a) | 474 | 8768 |
|  |  | 60347 |
| **Health Care Technology — 1.1%** | **Health Care Technology — 1.1%** | **Health Care Technology — 1.1%** |
| Evolent Health, Inc., Class A \* | 1529 | 6116 |
| HeartFlow, Inc. \* (a) | 293 | 8547 |
| Waystar Holding Corp. \* | 468 | 15335 |
|  |  | 29998 |
| **Hotels, Restaurants & Leisure — 5.2%** | **Hotels, Restaurants & Leisure — 5.2%** | **Hotels, Restaurants & Leisure — 5.2%** |
| Boyd Gaming Corp. | 322 | 27411 |
| First Watch Restaurant Group, Inc. \* (a) | 1000 | 15079 |
| Life Time Group Holdings, Inc. \* | 836 | 22231 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Planet Fitness, Inc., Class A \* | 223 | 24205 |
| Sportradar Group AG, Class A (Switzerland) \* | 855 | 20320 |
| Wingstop, Inc. (a) | 47 | 11128 |
| Wyndham Hotels & Resorts, Inc. | 261 | 19760 |
|  |  | 140134 |
| **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** | **Industrial REITs — 1.0%** |
| Terreno Realty Corp. | 454 | 26627 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
| Lemonade, Inc. \* (a) | 210 | 14974 |
| **IT Services — 1.3%** | **IT Services — 1.3%** | **IT Services — 1.3%** |
| Applied Digital Corp. \* (a) | 317 | 7787 |
| DigitalOcean Holdings, Inc. \* | 570 | 27421 |
|  |  | 35208 |
| **Machinery — 4.7%** | **Machinery — 4.7%** | **Machinery — 4.7%** |
| Esab Corp. | 220 | 24571 |
| ITT, Inc. | 156 | 27175 |
| JBT Marel Corp. | 193 | 29087 |
| SPX Technologies, Inc. \* | 221 | 44185 |
|  |  | 125018 |
| **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** | **Oil, Gas & Consumable Fuels — 0.8%** |
| Gulfport Energy Corp. \* | 98 | 20343 |
| **Passenger Airlines — 0.8%** | **Passenger Airlines — 0.8%** | **Passenger Airlines — 0.8%** |
| Joby Aviation, Inc. \* | 1664 | 21959 |
| **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
| Crinetics Pharmaceuticals, Inc. \* | 507 | 23591 |
| LB Pharmaceuticals, Inc. \* (a) | 872 | 19421 |
| Terns Pharmaceuticals, Inc. \* | 491 | 19844 |
|  |  | 62856 |
| **Professional Services — 1.5%** | **Professional Services — 1.5%** | **Professional Services — 1.5%** |
| ExlService Holdings, Inc. \* | 422 | 17903 |
| Verra Mobility Corp. \* | 971 | 21757 |
|  |  | 39660 |
| **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** |
| Compass, Inc., Class A \* | 2497 | 26398 |
| **Semiconductors & Semiconductor Equipment — 6.1%** | **Semiconductors & Semiconductor Equipment — 6.1%** | **Semiconductors & Semiconductor Equipment — 6.1%** |
| Allegro MicroSystems, Inc. (Japan) \* | 855 | 22549 |
| Credo Technology Group Holding Ltd. \* | 275 | 39574 |
| MACOM Technology Solutions Holdings, Inc. \* | 113 | 19404 |
| MKS, Inc. | 138 | 22074 |
| Navitas Semiconductor Corp. \* (a) | 421 | 3002 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| Onto Innovation, Inc. \* | 112 | 17697 |
| Rambus, Inc. \* | 325 | 29857 |
| Rigetti Computing, Inc. \* (a) | 379 | 8393 |
|  |  | 162550 |
| **Software — 8.6%** | **Software — 8.6%** | **Software — 8.6%** |
| Agilysys, Inc. \* | 129 | 15297 |
| BlackLine, Inc. \* | 578 | 31971 |
| Box, Inc., Class A \* | 653 | 19522 |
| Braze, Inc., Class A \* | 443 | 15212 |
| Clear Secure, Inc., Class A | 475 | 16653 |
| Clearwater Analytics Holdings, Inc., Class A \* (a) | 823 | 19851 |
| Commvault Systems, Inc. \* | 120 | 15067 |
| D-Wave Quantum, Inc. (Canada) \* (a) | 370 | 9669 |
| Gitlab, Inc., Class A \* (a) | 249 | 9346 |
| JFrog Ltd. \* | 559 | 34925 |
| SentinelOne, Inc., Class A \* | 907 | 13608 |
| Varonis Systems, Inc. \* | 406 | 13319 |
| Vertex, Inc., Class A \* (a) | 804 | 16053 |
|  |  | 230493 |
| **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** |
| Arhaus, Inc. \* | 1133 | 12705 |
| Lithia Motors, Inc., Class A | 59 | 19631 |
| Warby Parker, Inc., Class A \* (a) | 1214 | 26445 |
|  |  | 58781 |
| **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** | **Technology Hardware, Storage & Peripherals — 0.6%** |
| IonQ, Inc. \* (a) | 365 | 16357 |
| **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** |
| Levi Strauss & Co., Class A (a) | 761 | 15784 |
| Wolverine World Wide, Inc. | 761 | 13820 |
|  |  | 29604 |
| **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** | **Trading Companies & Distributors — 2.8%** |
| Applied Industrial Technologies, Inc. | 87 | 22406 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| Rush Enterprises, Inc., Class A | 489 | 26398 |
| WESCO International, Inc. | 105 | 25547 |
|  |  | 74351 |
| Total Common Stocks <br>(Cost $2,061,370)<br>|  | 2664885 |
| **Short-Term Investments — 11.5%** | **Short-Term Investments — 11.5%** | **Short-Term Investments — 11.5%** |
| **Investment Companies — 1.8%** | **Investment Companies — 1.8%** | **Investment Companies — 1.8%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (b) (c) <br>(Cost $47,386)<br>| 47367 | 47386 |
| **Investment of Cash Collateral from Securities Loaned — 9.7%** | **Investment of Cash Collateral from Securities Loaned — 9.7%** | **Investment of Cash Collateral from Securities Loaned — 9.7%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (b) (c) <br>(Cost $261,482)<br>| 261482 | 261482 |
| Total Short-Term Investments <br>(Cost $308,868)<br>|  | 308868 |
| **Total Investments — 110.9%** <br>**(Cost $2,370,238)**<br>|  | **2973753** |
| **Liabilities in Excess of Other Assets — (10.9)%** |  | **(292993)**<br>|
| **NET ASSETS — 100.0%** |  | **2680760** |

---

&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 $252,332. 

(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;

December 31, 2025 J.P. Morgan Small Cap Funds 11

------

JPMorgan Small 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 — 97.6%** | **Common Stocks — 97.6%** | **Common Stocks — 97.6%** |
| **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| Mercury Systems, Inc. \* | 33 | 2388 |
| StandardAero, Inc. \* | 39 | 1139 |
| V2X, Inc. \* | 39 | 2127 |
|  |  | 5654 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| Radiant Logistics, Inc. \* | 150 | 953 |
| **Automobile Components — 1.6%** | **Automobile Components — 1.6%** | **Automobile Components — 1.6%** |
| Adient plc \* | 210 | 4018 |
| Dana, Inc. | 166 | 3936 |
| Garrett Motion, Inc. (Switzerland) | 300 | 5227 |
| LCI Industries | 10 | 1242 |
| Motorcar Parts of America, Inc. \* | 95 | 1176 |
| Phinia, Inc. | 62 | 3891 |
|  |  | 19490 |
| **Banks — 17.8%** | **Banks — 17.8%** | **Banks — 17.8%** |
| 1st Source Corp. | 12 | 745 |
| Amerant Bancorp, Inc. | 52 | 1020 |
| Ameris Bancorp | 94 | 6985 |
| Associated Banc-Corp. | 21 | 539 |
| Atlantic Union Bankshares Corp. | 26 | 936 |
| Axos Financial, Inc. \* | 46 | 4003 |
| Banc of California, Inc. | 297 | 5721 |
| Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 153 | 7633 |
| BankUnited, Inc. | 83 | 3697 |
| BayCom Corp. | 8 | 231 |
| Beacon Financial Corp. | 67 | 1764 |
| Bridgewater Bancshares, Inc. \* | 71 | 1237 |
| Burke & Herbert Financial Services Corp. | 10 | 615 |
| Business First Bancshares, Inc. | 85 | 2211 |
| Byline Bancorp, Inc. | 153 | 4455 |
| Capital City Bank Group, Inc. | 16 | 695 |
| Capitol Federal Financial, Inc. | 158 | 1074 |
| Central Pacific Financial Corp. | 49 | 1517 |
| ChoiceOne Financial Services, Inc. | 13 | 382 |
| CNB Financial Corp. | 66 | 1736 |
| Community Trust Bancorp, Inc. | 34 | 1931 |
| ConnectOne Bancorp, Inc. | 193 | 5074 |
| Customers Bancorp, Inc. \* | 104 | 7608 |
| Dime Community Bancshares, Inc. | 27 | 801 |
| Eastern Bankshares, Inc. | 375 | 6912 |
| Enterprise Financial Services Corp. | 118 | 6394 |
| Equity Bancshares, Inc., Class A | 108 | 4805 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| FB Financial Corp. | 15 | 813 |
| Financial Institutions, Inc. | 74 | 2316 |
| First BanCorp (Puerto Rico) | 166 | 3440 |
| First Busey Corp. | 20 | 475 |
| First Commonwealth Financial Corp. | 19 | 329 |
| First Financial Bancorp | 36 | 906 |
| First Financial Corp. | 59 | 3584 |
| First Interstate BancSystem, Inc., Class A (a) | 22 | 747 |
| First Merchants Corp. | 104 | 3882 |
| First Mid Bancshares, Inc. | 71 | 2788 |
| Five Star Bancorp | 16 | 560 |
| Fulton Financial Corp. | 60 | 1158 |
| Hancock Whitney Corp. | 65 | 4116 |
| Hanmi Financial Corp. | 101 | 2731 |
| HBT Financial, Inc. | 9 | 238 |
| Heritage Commerce Corp. | 386 | 4631 |
| Hilltop Holdings, Inc. | 155 | 5269 |
| Home BancShares, Inc. | 40 | 1116 |
| HomeTrust Bancshares, Inc. | 27 | 1142 |
| Horizon Bancorp, Inc. | 207 | 3513 |
| Independent Bank Corp. | 33 | 2423 |
| Mercantile Bank Corp. | 49 | 2341 |
| Metropolitan Bank Holding Corp. | 43 | 3276 |
| Mid Penn Bancorp, Inc. | 14 | 451 |
| Midland States Bancorp, Inc. | 18 | 376 |
| MidWestOne Financial Group, Inc. | 32 | 1245 |
| National Bank Holdings Corp., Class A | 30 | 1158 |
| Nicolet Bankshares, Inc. | 12 | 1509 |
| Northrim BanCorp, Inc. | 37 | 982 |
| OceanFirst Financial Corp. | 220 | 3953 |
| OFG Bancorp (Puerto Rico) | 99 | 4039 |
| Old National Bancorp | 417 | 9299 |
| Old Second Bancorp, Inc. | 238 | 4649 |
| Origin Bancorp, Inc. | 23 | 885 |
| Orrstown Financial Services, Inc. | 13 | 470 |
| Pathward Financial, Inc. | 55 | 3891 |
| Peapack-Gladstone Financial Corp. | 19 | 517 |
| Pinnacle Financial Partners, Inc. | 4 | 415 |
| Provident Financial Services, Inc. | 32 | 639 |
| QCR Holdings, Inc. | 78 | 6465 |
| Renasant Corp. | 29 | 1034 |
| Seacoast Banking Corp. of Florida | 32 | 1004 |
| Sierra Bancorp | 16 | 517 |
| Simmons First National Corp., Class A | 201 | 3787 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| SmartFinancial, Inc. | 13 | 487 |
| South Plains Financial, Inc. | 121 | 4683 |
| Southern Missouri Bancorp, Inc. | 12 | 737 |
| Southside Bancshares, Inc. | 50 | 1520 |
| SOUTHSTATE BANK Corp. | 27 | 2519 |
| Texas Capital Bancshares, Inc. \* | 19 | 1689 |
| Towne Bank | 80 | 2677 |
| TriCo Bancshares | 36 | 1691 |
| Trustmark Corp. | 17 | 675 |
| UMB Financial Corp. | 43 | 4918 |
| United Bankshares, Inc. | 52 | 1986 |
| United Community Banks, Inc. | 14 | 428 |
| Unity Bancorp, Inc. | 4 | 183 |
| Univest Financial Corp. | 25 | 813 |
| WesBanco, Inc. | 86 | 2865 |
| Wintrust Financial Corp. | 18 | 2565 |
| WSFS Financial Corp. | 33 | 1810 |
|  |  | 212046 |
| **Biotechnology — 5.8%** | **Biotechnology — 5.8%** | **Biotechnology — 5.8%** |
| Agios Pharmaceuticals, Inc. \* | 69 | 1885 |
| Aurinia Pharmaceuticals, Inc. (Canada) \* | 94 | 1495 |
| Avidity Biosciences, Inc. \* | 20 | 1460 |
| Beam Therapeutics, Inc. \* (a) | 126 | 3499 |
| Biohaven Ltd. \* | 3 | 36 |
| Celldex Therapeutics, Inc. \* | 48 | 1295 |
| Cidara Therapeutics, Inc. \* | 13 | 2834 |
| Compass Therapeutics, Inc. \* | 481 | 2582 |
| CRISPR Therapeutics AG (Switzerland) \* (a) | 95 | 4995 |
| Cytokinetics, Inc. \* | 84 | 5332 |
| Denali Therapeutics, Inc. \* | 32 | 533 |
| Enanta Pharmaceuticals, Inc. \* | 63 | 987 |
| Erasca, Inc. \* | 665 | 2475 |
| GRAIL, Inc. \* (a) | 25 | 2121 |
| Ideaya Biosciences, Inc. \* | 70 | 2415 |
| Intellia Therapeutics, Inc. \* (a) | 87 | 780 |
| Iovance Biotherapeutics, Inc. \* (a) | 787 | 2150 |
| Olema Pharmaceuticals, Inc. \* | 148 | 3706 |
| ORIC Pharmaceuticals, Inc. \* (a) | 165 | 1352 |
| Praxis Precision Medicines, Inc. \* (a) | 22 | 6342 |
| PTC Therapeutics, Inc. \* (a) | 19 | 1473 |
| Relay Therapeutics, Inc. \* | 220 | 1864 |
| Replimune Group, Inc. \* | 245 | 2379 |
| Scholar Rock Holding Corp. \* | 21 | 920 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| Syndax Pharmaceuticals, Inc. \* | 74 | 1546 |
| Travere Therapeutics, Inc. \* | 41 | 1560 |
| Upstream Bio, Inc. \* (a) | 59 | 1588 |
| Vanda Pharmaceuticals, Inc. \* | 173 | 1527 |
| Vaxcyte, Inc. \* | 100 | 4605 |
| Viridian Therapeutics, Inc. \* | 121 | 3768 |
|  |  | 69504 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Kohl's Corp. | 108 | 2209 |
| **Building Products — 2.1%** | **Building Products — 2.1%** | **Building Products — 2.1%** |
| Apogee Enterprises, Inc. | 54 | 1957 |
| Griffon Corp. | 69 | 5062 |
| Masterbrand, Inc. \* | 212 | 2345 |
| Modine Manufacturing Co. \* | 36 | 4801 |
| Resideo Technologies, Inc. \* | 226 | 7937 |
| UFP Industries, Inc. | 33 | 3031 |
|  |  | 25133 |
| **Capital Markets — 0.8%** | **Capital Markets — 0.8%** | **Capital Markets — 0.8%** |
| BGC Group, Inc., Class A | 139 | 1241 |
| Bullish (Cayman Islands) \* (a) | 39 | 1490 |
| DigitalBridge Group, Inc. | 98 | 1498 |
| Marex Group plc (United Kingdom) | 58 | 2237 |
| StoneX Group, Inc. \* | 17 | 1604 |
| Virtus Investment Partners, Inc. | 9 | 1439 |
|  |  | 9509 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| Avient Corp. | 55 | 1702 |
| Ecovyst, Inc. \* | 36 | 353 |
| HB Fuller Co. | 104 | 6194 |
| Innospec, Inc. | 31 | 2373 |
| Mativ Holdings, Inc. | 231 | 2806 |
| Perimeter Solutions, Inc. \* | 235 | 6456 |
| Quaker Chemical Corp. | 23 | 3177 |
|  |  | 23061 |
| **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** | **Commercial Services & Supplies — 0.9%** |
| ABM Industries, Inc. | 107 | 4544 |
| ACCO Brands Corp. | 72 | 268 |
| Healthcare Services Group, Inc. \* | 155 | 2961 |
| MillerKnoll, Inc. | 113 | 2077 |
| OPENLANE, Inc. \* | 37 | 1095 |
|  |  | 10945 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 13

------

JPMorgan Small 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** |
| **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** | **Communications Equipment — 0.5%** |
| NETGEAR, Inc. \* | 106 | 2602 |
| Viasat, Inc. \* | 89 | 3047 |
|  |  | 5649 |
| **Construction & Engineering — 2.0%** | **Construction & Engineering — 2.0%** | **Construction & Engineering — 2.0%** |
| API Group Corp. \* | 51 | 1958 |
| Arcosa, Inc. | 38 | 4082 |
| Fluor Corp. \* | 67 | 2661 |
| MYR Group, Inc. \* | 26 | 5578 |
| Primoris Services Corp. (a) | 36 | 4399 |
| Tutor Perini Corp. | 76 | 5115 |
|  |  | 23793 |
| **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** |
| Encore Capital Group, Inc. \* | 25 | 1346 |
| Enova International, Inc. \* | 39 | 6077 |
| LendingClub Corp. \* | 80 | 1521 |
| Nelnet, Inc., Class A | 14 | 1927 |
| PROG Holdings, Inc. | 74 | 2176 |
|  |  | 13047 |
| **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** | **Consumer Staples Distribution & Retail — 0.6%** |
| Andersons, Inc. (The) | 81 | 4304 |
| United Natural Foods, Inc. \* | 84 | 2818 |
|  |  | 7122 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| Greif, Inc., Class A | 39 | 2617 |
| O-I Glass, Inc. \* | 144 | 2133 |
|  |  | 4750 |
| **Distributors — 0.3%** | **Distributors — 0.3%** | **Distributors — 0.3%** |
| GigaCloud Technology, Inc., Class A \* (a) | 96 | 3769 |
| **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** |
| American Public Education, Inc. \* | 28 | 1049 |
| Laureate Education, Inc., Class A \* | 90 | 3055 |
| McGraw Hill, Inc. \* | 301 | 4964 |
| Perdoceo Education Corp. | 38 | 1111 |
|  |  | 10179 |
| **Diversified REITs — 1.7%** | **Diversified REITs — 1.7%** | **Diversified REITs — 1.7%** |
| Alexander & Baldwin, Inc. | 250 | 5157 |
| American Assets Trust, Inc. | 86 | 1626 |
| Broadstone Net Lease, Inc. | 392 | 6805 |
| Essential Properties Realty Trust, Inc. | 229 | 6813 |
|  |  | 20401 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| Lumen Technologies, Inc. \* | 86 | 672 |
| **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** | **Electric Utilities — 1.8%** |
| IDACORP, Inc. | 40 | 5060 |
| Oklo, Inc. \* (a) | 42 | 3049 |
| Otter Tail Corp. | 75 | 6056 |
| Portland General Electric Co. | 146 | 6984 |
|  |  | 21149 |
| **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** |
| Atkore, Inc. | 59 | 3707 |
| EnerSys | 53 | 7690 |
| Nextpower, Inc., Class A \* | 5 | 470 |
| Sunrun, Inc. \* | 169 | 3115 |
| Thermon Group Holdings, Inc. \* | 42 | 1565 |
|  |  | 16547 |
| **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** |
| Benchmark Electronics, Inc. | 57 | 2423 |
| CTS Corp. | 11 | 467 |
| Daktronics, Inc. \* | 118 | 2336 |
| Kimball Electronics, Inc. \* | 58 | 1608 |
| Knowles Corp. \* | 306 | 6560 |
| nLight, Inc. \* | 26 | 983 |
| Plexus Corp. \* | 15 | 2240 |
| Sanmina Corp. \* | 50 | 7575 |
| TTM Technologies, Inc. \* | 82 | 5643 |
| Vishay Intertechnology, Inc. | 93 | 1349 |
| Vishay Precision Group, Inc. \* | 64 | 2464 |
|  |  | 33648 |
| **Energy Equipment & Services — 2.4%** | **Energy Equipment & Services — 2.4%** | **Energy Equipment & Services — 2.4%** |
| Bristow Group, Inc. \* | 61 | 2254 |
| DMC Global, Inc. \* | 46 | 308 |
| Forum Energy Technologies, Inc. \* | 71 | 2619 |
| Helix Energy Solutions Group, Inc. \* | 50 | 312 |
| Liberty Energy, Inc. | 196 | 3614 |
| Mammoth Energy Services, Inc. \* | 98 | 181 |
| National Energy Services Reunited Corp. \* | 95 | 1484 |
| Noble Corp. plc | 35 | 983 |
| Oceaneering International, Inc. \* | 28 | 676 |
| Oil States International, Inc. \* | 295 | 1994 |
| Patterson-UTI Energy, Inc. | 285 | 1744 |
| ProPetro Holding Corp. \* | 260 | 2469 |
| Ranger Energy Services, Inc., Class A | 117 | 1641 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** |
| Transocean Ltd. \* (a) | 1434 | 5923 |
| Valaris Ltd. \* (a) | 41 | 2064 |
|  |  | 28266 |
| **Entertainment — 0.4%** | **Entertainment — 0.4%** | **Entertainment — 0.4%** |
| AMC Entertainment Holdings, Inc., Class A \* (a) | 420 | 655 |
| Cinemark Holdings, Inc. | 17 | 403 |
| Sphere Entertainment Co. \* (a) | 37 | 3527 |
|  |  | 4585 |
| **Financial Services — 3.2%** | **Financial Services — 3.2%** | **Financial Services — 3.2%** |
| Banco Latinoamericano de Comercio Exterior SA, <br> Class E (Panama)<br>| 37 | 1673 |
| Burford Capital Ltd. | 140 | 1247 |
| Enact Holdings, Inc. | 52 | 2055 |
| Essent Group Ltd. | 96 | 6232 |
| HA Sustainable Infrastructure Capital, Inc. (a) | 97 | 3037 |
| Jackson Financial, Inc., Class A | 75 | 7968 |
| NMI Holdings, Inc., Class A \* | 93 | 3791 |
| PennyMac Financial Services, Inc. | 38 | 5047 |
| Radian Group, Inc. | 131 | 4729 |
| Walker & Dunlop, Inc. | 46 | 2764 |
|  |  | 38543 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| Dole plc | 179 | 2691 |
| Fresh Del Monte Produce, Inc. | 23 | 815 |
|  |  | 3506 |
| **Gas Utilities — 1.8%** | **Gas Utilities — 1.8%** | **Gas Utilities — 1.8%** |
| Chesapeake Utilities Corp. | 23 | 2845 |
| New Jersey Resources Corp. | 114 | 5286 |
| Southwest Gas Holdings, Inc. | 141 | 11253 |
| Spire, Inc. | 28 | 2334 |
|  |  | 21718 |
| **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** | **Ground Transportation — 0.2%** |
| ArcBest Corp. | 27 | 1976 |
| **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** |
| Alphatec Holdings, Inc. \* | 199 | 4182 |
| Beta Bionics, Inc. \* | 106 | 3217 |
| Embecta Corp. | 36 | 425 |
| LivaNova plc \* | 45 | 2792 |
| Omnicell, Inc. \* | 145 | 6554 |
| OraSure Technologies, Inc. \* | 180 | 436 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| Orthofix Medical, Inc. \* | 113 | 1714 |
| Varex Imaging Corp. \* | 119 | 1390 |
|  |  | 20710 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| Enhabit, Inc. \* | 140 | 1294 |
| Fulgent Genetics, Inc. \* (a) | 19 | 498 |
| Pediatrix Medical Group, Inc. \* | 284 | 6066 |
| Strata Critical Medical, Inc. \* | 108 | 522 |
|  |  | 8380 |
| **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** | **Health Care REITs — 1.1%** |
| American Healthcare REIT, Inc. | 6 | 289 |
| CareTrust REIT, Inc. | 169 | 6120 |
| Community Healthcare Trust, Inc. | 25 | 405 |
| LTC Properties, Inc. | 22 | 760 |
| National Health Investors, Inc. | 15 | 1161 |
| Sabra Health Care REIT, Inc. | 223 | 4217 |
|  |  | 12952 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| Health Catalyst, Inc. \* | 135 | 324 |
| Teladoc Health, Inc. \* | 261 | 1827 |
|  |  | 2151 |
| **Hotel & Resort REITs — 1.2%** | **Hotel & Resort REITs — 1.2%** | **Hotel & Resort REITs — 1.2%** |
| Chatham Lodging Trust | 195 | 1329 |
| DiamondRock Hospitality Co. | 449 | 4026 |
| RLJ Lodging Trust | 113 | 840 |
| Ryman Hospitality Properties, Inc. | 32 | 2984 |
| Xenia Hotels & Resorts, Inc. | 358 | 5065 |
|  |  | 14244 |
| **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** | **Hotels, Restaurants & Leisure — 0.9%** |
| Biglari Holdings, Inc., Class B \* (a) | 4 | 1488 |
| Black Rock Coffee Bar, Inc., Class A \* | 22 | 484 |
| Brightstar Lottery plc | 67 | 1035 |
| Dine Brands Global, Inc. (a) | 36 | 1155 |
| Jack in the Box, Inc. (a) | 96 | 1821 |
| Marriott Vacations Worldwide Corp. (a) | 40 | 2320 |
| United Parks & Resorts, Inc. \* (a) | 65 | 2346 |
|  |  | 10649 |
| **Household Durables — 2.4%** | **Household Durables — 2.4%** | **Household Durables — 2.4%** |
| Beazer Homes USA, Inc. \* | 42 | 853 |
| Century Communities, Inc. | 33 | 1921 |
| Green Brick Partners, Inc. \* | 29 | 1829 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 15

------

JPMorgan Small 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** |
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| KB Home | 72 | 4078 |
| LGI Homes, Inc. \* | 9 | 374 |
| M/I Homes, Inc. \* | 37 | 4777 |
| Meritage Homes Corp. | 46 | 3034 |
| Taylor Morrison Home Corp. \* | 99 | 5790 |
| Tri Pointe Homes, Inc. \* | 184 | 5796 |
|  |  | 28452 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Central Garden & Pet Co., Class A \* | 42 | 1221 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Clearway Energy, Inc. | 66 | 2061 |
| Clearway Energy, Inc., Class C | 14 | 470 |
|  |  | 2531 |
| **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** | **Industrial REITs — 0.6%** |
| LXP Industrial Trust | 94 | 4640 |
| Terreno Realty Corp. | 49 | 2892 |
|  |  | 7532 |
| **Insurance — 1.7%** | **Insurance — 1.7%** | **Insurance — 1.7%** |
| CNO Financial Group, Inc. | 141 | 6003 |
| Fidelis Insurance Holdings Ltd. (United Kingdom) | 121 | 2377 |
| Hamilton Insurance Group Ltd., Class B (Bermuda) \* | 97 | 2696 |
| Heritage Insurance Holdings, Inc. \* | 26 | 751 |
| Horace Mann Educators Corp. | 21 | 994 |
| Mercury General Corp. | 15 | 1408 |
| RLI Corp. | 17 | 1083 |
| Safety Insurance Group, Inc. | 22 | 1712 |
| Selective Insurance Group, Inc. | 7 | 584 |
| SiriusPoint Ltd. (Sweden) \* | 77 | 1681 |
| Stewart Information Services Corp. | 15 | 1024 |
| Universal Insurance Holdings, Inc. | 17 | 577 |
|  |  | 20890 |
| **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** | **Interactive Media & Services — 0.3%** |
| Cars.com, Inc. \* | 84 | 1019 |
| Nextdoor Holdings, Inc. \* | 236 | 495 |
| QuinStreet, Inc. \* | 17 | 244 |
| Shutterstock, Inc. | 13 | 252 |
| Webtoon Entertainment, Inc. (South Korea) \* (a) | 104 | 1358 |
|  |  | 3368 |
| **IT Services — 0.3%** | **IT Services — 0.3%** | **IT Services — 0.3%** |
| Applied Digital Corp. \* (a) | 58 | 1427 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| BigBear.ai Holdings, Inc. \* (a) | 212 | 1143 |
| Unisys Corp. \* | 303 | 836 |
|  |  | 3406 |
| **Leisure Products — 0.9%** | **Leisure Products — 0.9%** | **Leisure Products — 0.9%** |
| Funko, Inc., Class A \* | 193 | 655 |
| Peloton Interactive, Inc., Class A \* | 353 | 2177 |
| Polaris, Inc. (a) | 69 | 4367 |
| Topgolf Callaway Brands Corp. \* | 330 | 3852 |
|  |  | 11051 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| 10X Genomics, Inc., Class A \* | 235 | 3833 |
| Cytek Biosciences, Inc. \* | 175 | 883 |
| Fortrea Holdings, Inc. \* | 153 | 2633 |
|  |  | 7349 |
| **Machinery — 1.0%** | **Machinery — 1.0%** | **Machinery — 1.0%** |
| Blue Bird Corp. \* | 34 | 1576 |
| Hillenbrand, Inc. | 60 | 1902 |
| Hillman Solutions Corp. \* | 250 | 2164 |
| Mueller Industries, Inc. | 27 | 3147 |
| Terex Corp. | 48 | 2568 |
| Worthington Enterprises, Inc. | 15 | 775 |
|  |  | 12132 |
| **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** | **Marine Transportation — 0.7%** |
| Costamare Bulkers Holdings Ltd. (Monaco) \* | 14 | 227 |
| Costamare, Inc. (Monaco) | 274 | 4326 |
| Matson, Inc. | 23 | 2825 |
| Safe Bulkers, Inc. (Monaco) | 129 | 620 |
|  |  | 7998 |
| **Media — 1.4%** | **Media — 1.4%** | **Media — 1.4%** |
| AMC Networks, Inc., Class A \* | 55 | 526 |
| EchoStar Corp., Class A \* | 107 | 11641 |
| Gray Media, Inc. | 317 | 1534 |
| John Wiley & Sons, Inc., Class A | 65 | 1972 |
| Stagwell, Inc. \* | 278 | 1361 |
|  |  | 17034 |
| **Metals & Mining — 3.9%** | **Metals & Mining — 3.9%** | **Metals & Mining — 3.9%** |
| Alpha Metallurgical Resources, Inc. \* | 3 | 540 |
| Coeur Mining, Inc. \* | 451 | 8033 |
| Commercial Metals Co. | 129 | 8938 |
| Constellium SE \* | 327 | 6169 |
| Hecla Mining Co. | 488 | 9365 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| Ivanhoe Electric, Inc. \* (a) | 9 | 147 |
| Materion Corp. | 34 | 4173 |
| SSR Mining, Inc. (Canada) \* | 189 | 4143 |
| Warrior Met Coal, Inc. | 59 | 5236 |
|  |  | 46744 |
| **Mortgage Real Estate Investment Trusts (REITs) — 1.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.4%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.4%** |
| Adamas Trust, Inc. | 136 | 991 |
| Apollo Commercial Real Estate Finance, Inc. | 114 | 1105 |
| Brightspire Capital, Inc. | 503 | 2815 |
| Ellington Financial, Inc. | 121 | 1649 |
| KKR Real Estate Finance Trust, Inc. | 102 | 839 |
| Ladder Capital Corp. | 680 | 7477 |
| TPG RE Finance Trust, Inc. | 168 | 1446 |
|  |  | 16322 |
| **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** |
| Avista Corp. | 14 | 545 |
| Black Hills Corp. | 82 | 5715 |
| Northwestern Energy Group, Inc. | 26 | 1674 |
| Unitil Corp. | 102 | 4915 |
|  |  | 12849 |
| **Office REITs — 1.3%** | **Office REITs — 1.3%** | **Office REITs — 1.3%** |
| COPT Defense Properties | 268 | 7465 |
| Empire State Realty Trust, Inc., Class A | 190 | 1242 |
| Piedmont Realty Trust, Inc., Class A | 411 | 3425 |
| Postal Realty Trust, Inc., Class A | 55 | 885 |
| SL Green Realty Corp. | 54 | 2470 |
|  |  | 15487 |
| **Oil, Gas & Consumable Fuels — 4.3%** | **Oil, Gas & Consumable Fuels — 4.3%** | **Oil, Gas & Consumable Fuels — 4.3%** |
| California Resources Corp. | 44 | 1953 |
| Centrus Energy Corp., Class A \* | 3 | 655 |
| Chord Energy Corp. | 14 | 1299 |
| Clean Energy Fuels Corp. \* | 721 | 1515 |
| CNX Resources Corp. \* | 136 | 5013 |
| Core Natural Resources, Inc. | 23 | 2000 |
| Energy Fuels, Inc. \* (a) | 151 | 2188 |
| Excelerate Energy, Inc., Class A | 65 | 1832 |
| Gulfport Energy Corp. \* | 17 | 3577 |
| International Seaways, Inc. | 38 | 1844 |
| Magnolia Oil & Gas Corp., Class A | 113 | 2478 |
| Murphy Oil Corp. | 61 | 1901 |
| New Fortress Energy, Inc. \* (a) | 215 | 246 |
| Ovintiv, Inc. | 28 | 1096 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Par Pacific Holdings, Inc. \* | 131 | 4599 |
| PBF Energy, Inc., Class A | 67 | 1809 |
| Peabody Energy Corp. | 160 | 4757 |
| Scorpio Tankers, Inc. (Monaco) | 16 | 799 |
| SM Energy Co. | 46 | 866 |
| Teekay Corp. Ltd. (Bermuda) | 240 | 2166 |
| Teekay Tankers Ltd., Class A (Canada) | 127 | 6794 |
| World Kinect Corp. | 76 | 1778 |
|  |  | 51165 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| SkyWest, Inc. \* | 45 | 4529 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| BellRing Brands, Inc. \* | 20 | 539 |
| Nature's Sunshine Products, Inc. \* | 63 | 1362 |
|  |  | 1901 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| Aclaris Therapeutics, Inc. \* | 311 | 936 |
| Alumis, Inc. \* (a) | 135 | 1313 |
| Atea Pharmaceuticals, Inc. \* | 148 | 529 |
| Esperion Therapeutics, Inc. \* (a) | 341 | 1263 |
| Nuvation Bio, Inc. \* (a) | 313 | 2802 |
| Phathom Pharmaceuticals, Inc. \* (a) | 53 | 877 |
| Prestige Consumer Healthcare, Inc. \* | 14 | 862 |
| Septerna, Inc. \* (a) | 35 | 982 |
| Supernus Pharmaceuticals, Inc. \* (a) | 42 | 2077 |
| Terns Pharmaceuticals, Inc. \* | 68 | 2759 |
| Theravance Biopharma, Inc. \* | 42 | 790 |
| WaVe Life Sciences Ltd. \* | 187 | 3174 |
|  |  | 18364 |
| **Professional Services — 0.2%** | **Professional Services — 0.2%** | **Professional Services — 0.2%** |
| Alight, Inc., Class A | 75 | 145 |
| IBEX Holdings Ltd. \* | 33 | 1267 |
| Kelly Services, Inc., Class A | 79 | 699 |
|  |  | 2111 |
| **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** | **Real Estate Management & Development — 0.6%** |
| Cushman & Wakefield Ltd. \* | 114 | 1849 |
| Newmark Group, Inc., Class A | 260 | 4505 |
| RE/MAX Holdings, Inc., Class A \* | 55 | 419 |
|  |  | 6773 |
| **Residential REITs — 0.5%** | **Residential REITs — 0.5%** | **Residential REITs — 0.5%** |
| Centerspace | 14 | 904 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 17

------

JPMorgan Small 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** |
| **Residential REITs — continued** | **Residential REITs — continued** | **Residential REITs — continued** |
| Independence Realty Trust, Inc. | 192 | 3350 |
| UMH Properties, Inc. | 34 | 549 |
| Veris Residential, Inc. | 58 | 869 |
|  |  | 5672 |
| **Retail REITs — 2.2%** | **Retail REITs — 2.2%** | **Retail REITs — 2.2%** |
| Agree Realty Corp. | 5 | 397 |
| Curbline Properties Corp. | 150 | 3472 |
| Getty Realty Corp. | 64 | 1757 |
| InvenTrust Properties Corp. | 109 | 3062 |
| Kite Realty Group Trust | 211 | 5060 |
| Macerich Co. (The) | 185 | 3421 |
| NETSTREIT Corp. (a) | 90 | 1583 |
| Phillips Edison & Co., Inc. | 143 | 5086 |
| Tanger, Inc. | 57 | 1912 |
|  |  | 25750 |
| **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** |
| Ambarella, Inc. \* | 17 | 1204 |
| Diodes, Inc. \* | 72 | 3543 |
| Navitas Semiconductor Corp. \* (a) | 89 | 635 |
| Penguin Solutions, Inc. \* (a) | 43 | 848 |
| Veeco Instruments, Inc. \* | 48 | 1372 |
|  |  | 7602 |
| **Software — 3.1%** | **Software — 3.1%** | **Software — 3.1%** |
| Adeia, Inc. | 214 | 3698 |
| Bit Digital, Inc. \* (a) | 531 | 1003 |
| Cipher Mining, Inc. \* (a) | 305 | 4494 |
| Cleanspark, Inc. \* (a) | 358 | 3620 |
| Consensus Cloud Solutions, Inc. \* | 46 | 994 |
| Digital Turbine, Inc. \* | 150 | 752 |
| Hut 8 Corp. (Canada) \* | 89 | 4100 |
| LiveRamp Holdings, Inc. \* | 77 | 2250 |
| MARA Holdings, Inc. \* (a) | 367 | 3299 |
| NCR Voyix Corp. \* | 127 | 1297 |
| ON24, Inc. \* | 208 | 1659 |
| OneSpan, Inc. | 125 | 1603 |
| Porch Group, Inc. \* | 143 | 1305 |
| Riot Platforms, Inc. \* | 291 | 3683 |
| Terawulf, Inc. \* (a) | 82 | 946 |
| Xperi, Inc. \* | 310 | 1815 |
|  |  | 36518 |
| **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** | **Specialized REITs — 0.6%** |
| Four Corners Property Trust, Inc. | 60 | 1389 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Specialized REITs — continued** | **Specialized REITs — continued** | **Specialized REITs — continued** |
| Outfront Media, Inc. | 59 | 1416 |
| PotlatchDeltic Corp. | 63 | 2528 |
| Smartstop Self Storage REIT, Inc. (a) | 68 | 2102 |
|  |  | 7435 |
| **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** |
| American Eagle Outfitters, Inc. | 236 | 6229 |
| Asbury Automotive Group, Inc. \* | 15 | 3435 |
| Buckle, Inc. (The) | 31 | 1640 |
| EVgo, Inc. \* (a) | 202 | 589 |
| Group 1 Automotive, Inc. | 5 | 1901 |
| National Vision Holdings, Inc. \* | 63 | 1639 |
| RealReal, Inc. (The) \* | 119 | 1879 |
| Signet Jewelers Ltd. | 89 | 7381 |
| Sonic Automotive, Inc., Class A | 15 | 911 |
| Urban Outfitters, Inc. \* | 78 | 5871 |
| Victoria's Secret & Co. \* | 81 | 4390 |
|  |  | 35865 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Turtle Beach Corp. \* | 68 | 947 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| Capri Holdings Ltd. \* | 145 | 3529 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Turning Point Brands, Inc. | 6 | 692 |
| **Trading Companies & Distributors — 1.9%** | **Trading Companies & Distributors — 1.9%** | **Trading Companies & Distributors — 1.9%** |
| BlueLinx Holdings, Inc. \* | 11 | 661 |
| Boise Cascade Co. | 39 | 2872 |
| DNOW, Inc. \* | 384 | 5086 |
| GATX Corp. | 24 | 4006 |
| Hudson Technologies, Inc. \* | 58 | 397 |
| Rush Enterprises, Inc., Class A | 71 | 3853 |
| WESCO International, Inc. | 21 | 5257 |
|  |  | 22132 |
| **Water Utilities — 0.7%** | **Water Utilities — 0.7%** | **Water Utilities — 0.7%** |
| American States Water Co. | 19 | 1377 |
| Consolidated Water Co. Ltd., Class D | 195 | 6865 |
|  |  | 8242 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| Spok Holdings, Inc. | 43 | 570 |
| Telephone and Data Systems, Inc. | 35 | 1408 |
|  |  | 1978 |
| Total Common Stocks <br>(Cost $896,721)<br>|  | 1162481 |
|  | **NO. OF** <br> **RIGHTS** <br>**(000)**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** |
| iTeos Therapeutics, Inc., CVR ‡ \* <br>(Cost $—)<br>| 353 |  |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 8.0%** | **Short-Term Investments — 8.0%** | **Short-Term Investments — 8.0%** |
| **Investment Companies — 2.9%** | **Investment Companies — 2.9%** | **Investment Companies — 2.9%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (b) (c) <br>(Cost $34,042)<br>| 34030 | 34044 |
| **Investment of Cash Collateral from Securities Loaned — 5.1%** | **Investment of Cash Collateral from Securities Loaned — 5.1%** | **Investment of Cash Collateral from Securities Loaned — 5.1%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (b) (c) <br>(Cost $61,362)<br>| 61362 | 61362 |
| Total Short-Term Investments <br>(Cost $95,404)<br>|  | 95406 |
| **Total Investments — 105.6%** <br>**(Cost $992,125)**<br>|  | **1257887** |
| **Liabilities in Excess of Other Assets — (5.6)%** |  | **(66999)**<br>|
| **NET ASSETS — 100.0%** |  | **1190888** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CVR | Contingent Value Rights |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | 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 $58,966.<br>|
| (b) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (c) | The rate shown is the current yield as of December <br> 31, 2025.<br>|

---

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 31230 | &nbsp;&nbsp;&nbsp;&nbsp; (539)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 19

------

JPMorgan SMID 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 — 97.6%** | **Common Stocks — 97.6%** | **Common Stocks — 97.6%** |
| **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** | **Aerospace & Defense — 1.8%** |
| Karman Holdings, Inc. \* (a) | 23 | 1674 |
| Loar Holdings, Inc. \* (a) | 28 | 1890 |
| Woodward, Inc. | 6 | 2034 |
|  |  | 5598 |
| **Automobile Components — 0.4%** | **Automobile Components — 0.4%** | **Automobile Components — 0.4%** |
| Gentex Corp. | 47 | 1099 |
| **Banks — 6.1%** | **Banks — 6.1%** | **Banks — 6.1%** |
| Commerce Bancshares, Inc. | 56 | 2912 |
| Cullen/Frost Bankers, Inc. | 22 | 2796 |
| First Horizon Corp. | 144 | 3444 |
| First Interstate BancSystem, Inc., Class A (a) | 40 | 1404 |
| ServisFirst Bancshares, Inc. | 30 | 2140 |
| Wintrust Financial Corp. | 27 | 3763 |
| WSFS Financial Corp. | 37 | 2034 |
|  |  | 18493 |
| **Beverages — 0.9%** | **Beverages — 0.9%** | **Beverages — 0.9%** |
| Primo Brands Corp. | 169 | 2765 |
| **Building Products — 7.1%** | **Building Products — 7.1%** | **Building Products — 7.1%** |
| AAON, Inc. (a) | 22 | 1710 |
| Fortune Brands Innovations, Inc. | 49 | 2431 |
| Hayward Holdings, Inc. \* | 383 | 5915 |
| Janus International Group, Inc. \* | 196 | 1281 |
| Lennox International, Inc. | 8 | 3903 |
| Modine Manufacturing Co. \* | 27 | 3607 |
| Simpson Manufacturing Co., Inc. | 16 | 2641 |
|  |  | 21488 |
| **Capital Markets — 9.7%** | **Capital Markets — 9.7%** | **Capital Markets — 9.7%** |
| Cboe Global Markets, Inc. | 11 | 2715 |
| Evercore, Inc., Class A | 12 | 4037 |
| FactSet Research Systems, Inc. | 12 | 3493 |
| LPL Financial Holdings, Inc. | 10 | 3678 |
| MarketAxess Holdings, Inc. | 22 | 4066 |
| Moelis & Co., Class A | 32 | 2212 |
| Morningstar, Inc. | 20 | 4369 |
| StepStone Group, Inc., Class A | 54 | 3453 |
| Wealthfront Corp. \* (a) | 106 | 1435 |
|  |  | 29458 |
| **Chemicals — 0.5%** | **Chemicals — 0.5%** | **Chemicals — 0.5%** |
| Perimeter Solutions, Inc. \* | 58 | 1607 |
| **Commercial Services & Supplies — 4.0%** | **Commercial Services & Supplies — 4.0%** | **Commercial Services & Supplies — 4.0%** |
| MSA Safety, Inc. | 36 | 5767 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| RB Global, Inc. (Canada) | 31 | 3133 |
| Waste Connections, Inc. | 19 | 3378 |
|  |  | 12278 |
| **Construction & Engineering — 1.4%** | **Construction & Engineering — 1.4%** | **Construction & Engineering — 1.4%** |
| WillScot Holdings Corp. | 225 | 4227 |
| **Construction Materials — 1.2%** | **Construction Materials — 1.2%** | **Construction Materials — 1.2%** |
| Eagle Materials, Inc. | 18 | 3684 |
| **Consumer Staples Distribution & Retail — 3.2%** | **Consumer Staples Distribution & Retail — 3.2%** | **Consumer Staples Distribution & Retail — 3.2%** |
| BJ's Wholesale Club Holdings, Inc. \* | 35 | 3154 |
| Casey's General Stores, Inc. | 4 | 1977 |
| Performance Food Group Co. \* | 50 | 4544 |
|  |  | 9675 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| AptarGroup, Inc. | 16 | 1984 |
| **Distributors — 1.9%** | **Distributors — 1.9%** | **Distributors — 1.9%** |
| LKQ Corp. | 74 | 2244 |
| Pool Corp. | 16 | 3598 |
|  |  | 5842 |
| **Diversified Consumer Services — 2.1%** | **Diversified Consumer Services — 2.1%** | **Diversified Consumer Services — 2.1%** |
| Bright Horizons Family Solutions, Inc. \* | 40 | 4083 |
| Driven Brands Holdings, Inc. \* (a) | 152 | 2254 |
|  |  | 6337 |
| **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** |
| nVent Electric plc | 33 | 3365 |
| **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** | **Electronic Equipment, Instruments & Components — 1.4%** |
| Novanta, Inc. \* | 35 | 4142 |
| **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** |
| Cactus, Inc., Class A | 70 | 3204 |
| Flowco Holdings, Inc., Class A (a) | 111 | 2069 |
|  |  | 5273 |
| **Financial Services — 1.1%** | **Financial Services — 1.1%** | **Financial Services — 1.1%** |
| Jack Henry & Associates, Inc. | 18 | 3275 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| Utz Brands, Inc. | 233 | 2417 |
| **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** |
| Atmos Energy Corp. | 14 | 2297 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Ground Transportation — 1.9%** | **Ground Transportation — 1.9%** | **Ground Transportation — 1.9%** |
| Landstar System, Inc. | 18 | 2601 |
| Saia, Inc. \* | 10 | 3176 |
|  |  | 5777 |
| **Health Care Equipment & Supplies — 3.6%** | **Health Care Equipment & Supplies — 3.6%** | **Health Care Equipment & Supplies — 3.6%** |
| Align Technology, Inc. \* | 13 | 2039 |
| Envista Holdings Corp. \* | 178 | 3867 |
| ICU Medical, Inc. \* | 14 | 1997 |
| STERIS plc | 12 | 2999 |
|  |  | 10902 |
| **Health Care Providers & Services — 4.4%** | **Health Care Providers & Services — 4.4%** | **Health Care Providers & Services — 4.4%** |
| Chemed Corp. | 7 | 3038 |
| Concentra Group Holdings Parent, Inc. | 116 | 2292 |
| Encompass Health Corp. | 23 | 2414 |
| HealthEquity, Inc. \* | 25 | 2299 |
| Molina Healthcare, Inc. \* | 19 | 3285 |
|  |  | 13328 |
| **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** |
| Doximity, Inc., Class A \* | 51 | 2269 |
| **Hotel & Resort REITs — 1.1%** | **Hotel & Resort REITs — 1.1%** | **Hotel & Resort REITs — 1.1%** |
| Ryman Hospitality Properties, Inc. | 34 | 3254 |
| **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** |
| Domino's Pizza, Inc. | 8 | 3320 |
| Planet Fitness, Inc., Class A \* | 35 | 3836 |
| Shake Shack, Inc., Class A \* | 24 | 1947 |
| Vail Resorts, Inc. (a) | 9 | 1183 |
| Wyndham Hotels & Resorts, Inc. | 49 | 3674 |
|  |  | 13960 |
| **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** | **Industrial REITs — 0.5%** |
| EastGroup Properties, Inc. | 9 | 1503 |
| **Insurance — 3.6%** | **Insurance — 3.6%** | **Insurance — 3.6%** |
| Accelerant Holdings, Class A (Cayman Islands) \* (a) | 88 | 1446 |
| Brown & Brown, Inc. | 52 | 4112 |
| Kinsale Capital Group, Inc. | 9 | 3407 |
| RLI Corp. | 31 | 2021 |
|  |  | 10986 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| Medpace Holdings, Inc. \* | 3 | 1712 |
| **Machinery — 5.1%** | **Machinery — 5.1%** | **Machinery — 5.1%** |
| IDEX Corp. | 23 | 3974 |
| Lincoln Electric Holdings, Inc. | 17 | 4082 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Middleby Corp. (The) \* | 9 | 1376 |
| Nordson Corp. | 12 | 2809 |
| RBC Bearings, Inc. \* | 7 | 3277 |
|  |  | 15518 |
| **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** | **Metals & Mining — 1.4%** |
| Reliance, Inc. | 14 | 4160 |
| **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** |
| DT Midstream, Inc. | 19 | 2276 |
| SM Energy Co. | 141 | 2628 |
|  |  | 4904 |
| **Professional Services — 4.7%** | **Professional Services — 4.7%** | **Professional Services — 4.7%** |
| Andersen Group, Inc., Class A \* (a) | 51 | 1328 |
| Paylocity Holding Corp. \* | 30 | 4504 |
| SS&C Technologies Holdings, Inc. | 42 | 3703 |
| TransUnion | 56 | 4787 |
|  |  | 14322 |
| **Real Estate Management & Development — 2.6%** | **Real Estate Management & Development — 2.6%** | **Real Estate Management & Development — 2.6%** |
| Colliers International Group, Inc. (Canada) | 26 | 3863 |
| Cushman & Wakefield Ltd. \* | 241 | 3893 |
|  |  | 7756 |
| **Residential REITs — 0.5%** | **Residential REITs — 0.5%** | **Residential REITs — 0.5%** |
| Mid-America Apartment Communities, Inc. | 10 | 1435 |
| **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** | **Semiconductors & Semiconductor Equipment — 4.6%** |
| Allegro MicroSystems, Inc. (Japan) \* | 114 | 3018 |
| Entegris, Inc. (a) | 47 | 3959 |
| MACOM Technology Solutions Holdings, Inc. \* | 27 | 4638 |
| Power Integrations, Inc. | 68 | 2398 |
|  |  | 14013 |
| **Software — 3.7%** | **Software — 3.7%** | **Software — 3.7%** |
| Clearwater Analytics Holdings, Inc., Class A \* (a) | 101 | 2423 |
| Guidewire Software, Inc. \* | 9 | 1795 |
| Manhattan Associates, Inc. \* | 16 | 2810 |
| Qualys, Inc. \* | 18 | 2397 |
| Tyler Technologies, Inc. \* | 4 | 1825 |
|  |  | 11250 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| CubeSmart | 39 | 1420 |
| **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** |
| Burlington Stores, Inc. \* | 13 | 3772 |
| Five Below, Inc. \* | 9 | 1574 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 21

------

JPMorgan SMID 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** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Warby Parker, Inc., Class A \* | 85 | 1859 |
| Williams-Sonoma, Inc. | 5 | 913 |
|  |  | 8118 |
| **Trading Companies & Distributors — 1.4%** | **Trading Companies & Distributors — 1.4%** | **Trading Companies & Distributors — 1.4%** |
| Core & Main, Inc., Class A \* | 80 | 4142 |
| Total Common Stocks <br>(Cost $248,463)<br>|  | 296033 |
| **Short-Term Investments — 5.0%** | **Short-Term Investments — 5.0%** | **Short-Term Investments — 5.0%** |
| **Investment Companies — 2.5%** | **Investment Companies — 2.5%** | **Investment Companies — 2.5%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (b) (c) <br>(Cost $7,543)<br>| 7541 | 7544 |
| **Investment of Cash Collateral from Securities Loaned — 2.5%** | **Investment of Cash Collateral from Securities Loaned — 2.5%** | **Investment of Cash Collateral from Securities Loaned — 2.5%** |
| JPMorgan Securities Lending Money Market Fund Agency <br> SL Class Shares, 3.82% (b) (c) <br>(Cost $7,509)<br>| 7509 | 7509 |
| Total Short-Term Investments <br>(Cost $15,052)<br>|  | 15053 |
| **Total Investments — 102.6%** <br>**(Cost $263,515)**<br>|  | **311086** |
| **Liabilities in Excess of Other Assets — (2.6)%** |  | **(7912)**<br>|
| **NET ASSETS — 100.0%** |  | **303174** |

---

&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 $7,272. 

(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;

22 J.P. Morgan Small Cap Funds December 31, 2025

------

JPMorgan U.S. Small Company 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 — 98.6%** | **Common Stocks — 98.6%** | **Common Stocks — 98.6%** |
| **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** |
| AeroVironment, Inc. \* (a) | 10 | 2421 |
| Archer Aviation, Inc., Class A \* | 58 | 436 |
| Beta Technologies, Inc., Class A \* (a) | 44 | 1256 |
| Firefly Aerospace, Inc. \* (a) | 61 | 1371 |
| Kratos Defense & Security Solutions, Inc. \* | 28 | 2090 |
| Moog, Inc., Class A | 9 | 2233 |
| Park Aerospace Corp. | 16 | 343 |
| Red Cat Holdings, Inc. \* (a) | 32 | 252 |
| StandardAero, Inc. \* | 28 | 804 |
|  |  | 11206 |
| **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** | **Air Freight & Logistics — 0.1%** |
| Radiant Logistics, Inc. \* | 74 | 470 |
| **Automobile Components — 1.1%** | **Automobile Components — 1.1%** | **Automobile Components — 1.1%** |
| Adient plc \* | 101 | 1942 |
| Dana, Inc. | 56 | 1339 |
| Garrett Motion, Inc. (Switzerland) | 203 | 3538 |
| LCI Industries | 3 | 392 |
| Motorcar Parts of America, Inc. \* | 70 | 859 |
| Patrick Industries, Inc. | 10 | 1028 |
| Phinia, Inc. | 26 | 1636 |
|  |  | 10734 |
| **Banks — 10.1%** | **Banks — 10.1%** | **Banks — 10.1%** |
| Amerant Bancorp, Inc. | 12 | 244 |
| Ameris Bancorp | 47 | 3471 |
| Associated Banc-Corp. | 14 | 367 |
| Atlantic Union Bankshares Corp. | 9 | 319 |
| Axos Financial, Inc. \* | 25 | 2142 |
| Banc of California, Inc. | 167 | 3229 |
| Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | 109 | 5431 |
| BankUnited, Inc. | 18 | 809 |
| BayCom Corp. | 3 | 85 |
| Beacon Financial Corp. | 26 | 676 |
| Bridgewater Bancshares, Inc. \* | 31 | 538 |
| Burke & Herbert Financial Services Corp. | 4 | 221 |
| Business First Bancshares, Inc. | 35 | 919 |
| Byline Bancorp, Inc. | 81 | 2362 |
| Capital City Bank Group, Inc. | 4 | 182 |
| Capitol Federal Financial, Inc. | 26 | 178 |
| Central Pacific Financial Corp. | 11 | 351 |
| ChoiceOne Financial Services, Inc. | 7 | 220 |
| CNB Financial Corp. | 43 | 1135 |
| Community Trust Bancorp, Inc. | 14 | 774 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| ConnectOne Bancorp, Inc. | 75 | 1972 |
| Customers Bancorp, Inc. \* | 63 | 4628 |
| Dime Community Bancshares, Inc. | 9 | 279 |
| Eastern Bankshares, Inc. | 210 | 3875 |
| Enterprise Financial Services Corp. | 44 | 2385 |
| Equity Bancshares, Inc., Class A | 48 | 2147 |
| FB Financial Corp. | 6 | 312 |
| Financial Institutions, Inc. | 50 | 1553 |
| First BanCorp (Puerto Rico) | 116 | 2398 |
| First Financial Bancorp | 13 | 313 |
| First Financial Corp. | 33 | 1993 |
| First Interstate BancSystem, Inc., Class A (a) | 7 | 240 |
| First Merchants Corp. | 42 | 1561 |
| First Mid Bancshares, Inc. | 27 | 1043 |
| Five Star Bancorp | 10 | 361 |
| Fulton Financial Corp. | 34 | 660 |
| Hancock Whitney Corp. | 21 | 1352 |
| Hanmi Financial Corp. | 55 | 1488 |
| HBT Financial, Inc. | 3 | 84 |
| Heritage Commerce Corp. | 153 | 1833 |
| Hilltop Holdings, Inc. | 55 | 1878 |
| HomeTrust Bancshares, Inc. | 4 | 193 |
| Horizon Bancorp, Inc. | 125 | 2128 |
| Independent Bank Corp. | 3 | 234 |
| Mercantile Bank Corp. | 31 | 1514 |
| Metropolitan Bank Holding Corp. | 23 | 1729 |
| Mid Penn Bancorp, Inc. | 6 | 182 |
| MidWestOne Financial Group, Inc. | 17 | 658 |
| National Bank Holdings Corp., Class A | 12 | 441 |
| Nicolet Bankshares, Inc. (a) | 7 | 896 |
| Northrim BanCorp, Inc. | 22 | 592 |
| OceanFirst Financial Corp. | 109 | 1949 |
| OFG Bancorp (Puerto Rico) | 39 | 1579 |
| Old National Bancorp | 142 | 3161 |
| Old Second Bancorp, Inc. | 85 | 1651 |
| Origin Bancorp, Inc. | 10 | 357 |
| Pathward Financial, Inc. | 48 | 3407 |
| Pinnacle Financial Partners, Inc. | 3 | 244 |
| Provident Financial Services, Inc. | 17 | 331 |
| QCR Holdings, Inc. | 29 | 2431 |
| Simmons First National Corp., Class A | 94 | 1769 |
| SmartFinancial, Inc. | 5 | 178 |
| South Plains Financial, Inc. | 80 | 3099 |
| Southern Missouri Bancorp, Inc. | 6 | 346 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 23

------

JPMorgan U.S. Small Company 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** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Southside Bancshares, Inc. | 16 | 484 |
| SOUTHSTATE BANK Corp. | 6 | 526 |
| Texas Capital Bancshares, Inc. \* | 4 | 381 |
| Towne Bank | 37 | 1250 |
| TriCo Bancshares | 16 | 744 |
| UMB Financial Corp. | 16 | 1792 |
| United Bankshares, Inc. | 12 | 477 |
| United Community Banks, Inc. | 10 | 320 |
| Unity Bancorp, Inc. | 10 | 523 |
| Univest Financial Corp. | 20 | 661 |
| WesBanco, Inc. | 20 | 660 |
| Wintrust Financial Corp. | 11 | 1598 |
| WSFS Financial Corp. | 7 | 409 |
|  |  | 94902 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Vita Coco Co., Inc. (The) \* | 21 | 1104 |
| **Biotechnology — 8.6%** | **Biotechnology — 8.6%** | **Biotechnology — 8.6%** |
| ACADIA Pharmaceuticals, Inc. \* | 65 | 1744 |
| Alkermes plc \* | 50 | 1406 |
| Amicus Therapeutics, Inc. \* | 200 | 2850 |
| Apogee Therapeutics, Inc. \* | 12 | 874 |
| ArriVent Biopharma, Inc. \* | 21 | 418 |
| Arrowhead Pharmaceuticals, Inc. \* | 48 | 3219 |
| ARS Pharmaceuticals, Inc. \* (a) | 149 | 1742 |
| Beam Therapeutics, Inc. \* (a) | 34 | 936 |
| BioCryst Pharmaceuticals, Inc. \* | 148 | 1153 |
| Biohaven Ltd. \* | 168 | 1900 |
| Bridgebio Pharma, Inc. \* | 66 | 5063 |
| Capricor Therapeutics, Inc. \* (a) | 65 | 1866 |
| Catalyst Pharmaceuticals, Inc. \* | 78 | 1825 |
| Celcuity, Inc. \* (a) | 12 | 1160 |
| Celldex Therapeutics, Inc. \* | 19 | 511 |
| CG oncology, Inc. \* | 28 | 1168 |
| Cogent Biosciences, Inc. \* | 55 | 1952 |
| CRISPR Therapeutics AG (Switzerland) \* (a) | 32 | 1671 |
| Cullinan Therapeutics, Inc. \* | 47 | 485 |
| Cytokinetics, Inc. \* | 39 | 2452 |
| Dynavax Technologies Corp. \* | 197 | 3030 |
| Gossamer Bio, Inc. \* (a) | 129 | 401 |
| GRAIL, Inc. \* | 11 | 965 |
| Halozyme Therapeutics, Inc. \* | 23 | 1543 |
| Ideaya Biosciences, Inc. \* | 28 | 966 |
| Intellia Therapeutics, Inc. \* (a) | 33 | 301 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| Iovance Biotherapeutics, Inc. \* (a) | 208 | 567 |
| Janux Therapeutics, Inc. \* | 50 | 696 |
| Krystal Biotech, Inc. \* | 10 | 2463 |
| Kymera Therapeutics, Inc. \* | 32 | 2462 |
| Madrigal Pharmaceuticals, Inc. \* | 8 | 4820 |
| Mirum Pharmaceuticals, Inc. \* (a) | 24 | 1932 |
| Nuvalent, Inc., Class A \* | 19 | 1875 |
| ORIC Pharmaceuticals, Inc. \* | 46 | 373 |
| Prothena Corp. plc (Ireland) \* (a) | 55 | 527 |
| PTC Therapeutics, Inc. \* (a) | 20 | 1556 |
| Recursion Pharmaceuticals, Inc., Class A \* (a) | 334 | 1365 |
| REGENXBIO, Inc. \* | 35 | 505 |
| Replimune Group, Inc. \* | 196 | 1902 |
| Rhythm Pharmaceuticals, Inc. \* | 17 | 1829 |
| Scholar Rock Holding Corp. \* | 25 | 1119 |
| Soleno Therapeutics, Inc. \* | 28 | 1311 |
| Stoke Therapeutics, Inc. \* | 35 | 1096 |
| Syndax Pharmaceuticals, Inc. \* | 30 | 628 |
| Travere Therapeutics, Inc. \* | 66 | 2511 |
| Twist Bioscience Corp. \* (a) | 6 | 184 |
| Tyra Biosciences, Inc. \* | 22 | 578 |
| Vaxcyte, Inc. \* | 46 | 2114 |
| Veracyte, Inc. \* | 89 | 3739 |
| Vericel Corp. \* | 26 | 948 |
| Viridian Therapeutics, Inc. \* | 42 | 1307 |
| Xencor, Inc. \* | 62 | 948 |
|  |  | 80956 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| Kohl's Corp. | 47 | 962 |
| **Building Products — 1.7%** | **Building Products — 1.7%** | **Building Products — 1.7%** |
| Apogee Enterprises, Inc. | 10 | 362 |
| Griffon Corp. | 54 | 4020 |
| Masterbrand, Inc. \* | 69 | 761 |
| Modine Manufacturing Co. \* | 45 | 5983 |
| Resideo Technologies, Inc. \* | 76 | 2662 |
| Simpson Manufacturing Co., Inc. | 2 | 313 |
| UFP Industries, Inc. | 24 | 2160 |
|  |  | 16261 |
| **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** |
| Acadian Asset Management, Inc. | 9 | 425 |
| BGC Group, Inc., Class A | 256 | 2280 |
| Bullish (Cayman Islands) \* (a) | 31 | 1172 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| DigitalBridge Group, Inc. | 51 | 785 |
| Donnelley Financial Solutions, Inc. \* | 31 | 1419 |
| Marex Group plc (United Kingdom) | 42 | 1618 |
| Moelis & Co., Class A | 12 | 810 |
| Piper Sandler Cos. | 10 | 3332 |
| StepStone Group, Inc., Class A | 5 | 332 |
| StoneX Group, Inc. \* | 37 | 3541 |
| Victory Capital Holdings, Inc., Class A | 14 | 884 |
| Virtus Investment Partners, Inc. | 6 | 1031 |
| WisdomTree, Inc. (a) | 39 | 479 |
|  |  | 18108 |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| Avient Corp. | 32 | 1003 |
| Balchem Corp. | 21 | 3170 |
| Chemours Co. (The) | 45 | 534 |
| Ecovyst, Inc. \* | 14 | 135 |
| Hawkins, Inc. | 3 | 419 |
| HB Fuller Co. | 49 | 2946 |
| Innospec, Inc. | 17 | 1317 |
| Mativ Holdings, Inc. | 76 | 931 |
| Orion SA (Germany) | 74 | 392 |
| Perimeter Solutions, Inc. \* | 153 | 4201 |
| Quaker Chemical Corp. | 11 | 1460 |
| Sensient Technologies Corp. | 19 | 1770 |
|  |  | 18278 |
| **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** |
| ABM Industries, Inc. | 89 | 3779 |
| ACV Auctions, Inc., Class A \* | 288 | 2307 |
| Brink's Co. (The) | 16 | 1866 |
| Cimpress plc (Ireland) \* (a) | 7 | 433 |
| MillerKnoll, Inc. | 65 | 1196 |
| Tetra Tech, Inc. | 66 | 2216 |
|  |  | 11797 |
| **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** | **Communications Equipment — 0.8%** |
| ADTRAN Holdings, Inc. \* (a) | 110 | 956 |
| Clearfield, Inc. \* | 65 | 1893 |
| CommScope Holding Co., Inc. \* | 107 | 1944 |
| Extreme Networks, Inc. \* | 44 | 722 |
| NETGEAR, Inc. \* | 35 | 859 |
| Viasat, Inc. \* | 35 | 1211 |
|  |  | 7585 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Construction & Engineering — 4.6%** | **Construction & Engineering — 4.6%** | **Construction & Engineering — 4.6%** |
| API Group Corp. \* | 152 | 5818 |
| Arcosa, Inc. | 31 | 3259 |
| Dycom Industries, Inc. \* | 22 | 7341 |
| Fluor Corp. \* | 69 | 2718 |
| Granite Construction, Inc. | 10 | 1185 |
| IES Holdings, Inc. \* (a) | 5 | 1851 |
| Matrix Service Co. \* | 55 | 647 |
| MYR Group, Inc. \* | 27 | 5945 |
| NWPX Infrastructure, Inc. \* | 7 | 445 |
| Orion Group Holdings, Inc. \* | 68 | 679 |
| Primoris Services Corp. | 48 | 5994 |
| Sterling Infrastructure, Inc. \* | 15 | 4713 |
| Tutor Perini Corp. | 31 | 2041 |
|  |  | 42636 |
| **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** |
| Enova International, Inc. \* | 37 | 5815 |
| FirstCash Holdings, Inc. | 19 | 2963 |
| LendingClub Corp. \* | 34 | 653 |
| LendingTree, Inc. \* | 3 | 187 |
| Nelnet, Inc., Class A | 4 | 477 |
| NerdWallet, Inc., Class A \* | 16 | 212 |
| PROG Holdings, Inc. | 25 | 732 |
| Upstart Holdings, Inc. \* (a) | 31 | 1355 |
|  |  | 12394 |
| **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** | **Consumer Staples Distribution & Retail — 0.7%** |
| Andersons, Inc. (The) | 45 | 2396 |
| Chefs' Warehouse, Inc. (The) \* | 38 | 2389 |
| United Natural Foods, Inc. \* | 39 | 1297 |
|  |  | 6082 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Greif, Inc., Class A (a) | 15 | 1048 |
| O-I Glass, Inc. \* | 45 | 663 |
|  |  | 1711 |
| **Distributors — 0.2%** | **Distributors — 0.2%** | **Distributors — 0.2%** |
| GigaCloud Technology, Inc., Class A \* | 41 | 1600 |
| **Diversified Consumer Services — 1.2%** | **Diversified Consumer Services — 1.2%** | **Diversified Consumer Services — 1.2%** |
| Adtalem Global Education, Inc. \* | 26 | 2632 |
| American Public Education, Inc. \* | 24 | 912 |
| Laureate Education, Inc., Class A \* | 55 | 1864 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 25

------

JPMorgan U.S. Small Company 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** |
| **Diversified Consumer Services — continued** | **Diversified Consumer Services — continued** | **Diversified Consumer Services — continued** |
| McGraw Hill, Inc. \* | 244 | 4028 |
| OneSpaWorld Holdings Ltd. (Bahamas) | 86 | 1777 |
|  |  | 11213 |
| **Diversified REITs — 1.1%** | **Diversified REITs — 1.1%** | **Diversified REITs — 1.1%** |
| Alexander & Baldwin, Inc. | 174 | 3592 |
| American Assets Trust, Inc. | 16 | 299 |
| Broadstone Net Lease, Inc. | 217 | 3780 |
| Essential Properties Realty Trust, Inc. | 104 | 3073 |
|  |  | 10744 |
| **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** | **Diversified Telecommunication Services — 0.4%** |
| Globalstar, Inc. \* (a) | 13 | 779 |
| Iridium Communications, Inc. (a) | 10 | 177 |
| Lumen Technologies, Inc. \* | 312 | 2426 |
|  |  | 3382 |
| **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
| Genie Energy Ltd., Class B | 19 | 256 |
| IDACORP, Inc. | 23 | 2884 |
| Oklo, Inc. \* (a) | 14 | 1012 |
| Otter Tail Corp. | 32 | 2618 |
| Portland General Electric Co. | 50 | 2417 |
|  |  | 9187 |
| **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** | **Electrical Equipment — 1.9%** |
| Atkore, Inc. | 27 | 1691 |
| Bloom Energy Corp., Class A \* | 53 | 4623 |
| EnerSys | 40 | 5892 |
| Fluence Energy, Inc. \* (a) | 36 | 712 |
| Nextpower, Inc., Class A \* | 24 | 2116 |
| NuScale Power Corp. \* | 18 | 256 |
| Sunrun, Inc. \* | 55 | 1016 |
| Thermon Group Holdings, Inc. \* | 43 | 1592 |
|  |  | 17898 |
| **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** |
| Arlo Technologies, Inc. \* (a) | 146 | 2044 |
| Fabrinet (Thailand) \* | 14 | 6201 |
| Insight Enterprises, Inc. \* | 4 | 282 |
| Knowles Corp. \* | 90 | 1932 |
| Mirion Technologies, Inc. \* | 74 | 1722 |
| nLight, Inc. \* | 49 | 1855 |
| Plexus Corp. \* | 22 | 3219 |
| Sanmina Corp. \* | 27 | 4096 |
| ScanSource, Inc. \* | 24 | 951 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** |
| TTM Technologies, Inc. \* | 33 | 2279 |
| Vishay Intertechnology, Inc. | 115 | 1670 |
|  |  | 26251 |
| **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** |
| Bristow Group, Inc. \* | 12 | 432 |
| Cactus, Inc., Class A | 6 | 251 |
| Forum Energy Technologies, Inc. \* | 45 | 1675 |
| Liberty Energy, Inc. | 102 | 1890 |
| National Energy Services Reunited Corp. \* | 76 | 1194 |
| Noble Corp. plc | 28 | 793 |
| Oceaneering International, Inc. \* | 61 | 1460 |
| Oil States International, Inc. \* | 196 | 1323 |
| Patterson-UTI Energy, Inc. | 116 | 710 |
| ProPetro Holding Corp. \* | 61 | 580 |
| Ranger Energy Services, Inc., Class A | 68 | 951 |
| Tidewater, Inc. \* | 15 | 769 |
| Transocean Ltd. \* (a) | 663 | 2738 |
| Valaris Ltd. \* (a) | 10 | 519 |
| Weatherford International plc | 13 | 1021 |
|  |  | 16306 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| AMC Entertainment Holdings, Inc., Class A \* (a) | 212 | 330 |
| IMAX Corp. \* | 12 | 462 |
| Playtika Holding Corp. | 109 | 431 |
|  |  | 1223 |
| **Financial Services — 2.4%** | **Financial Services — 2.4%** | **Financial Services — 2.4%** |
| Banco Latinoamericano de Comercio Exterior SA, <br> Class E (Panama)<br>| 20 | 878 |
| Burford Capital Ltd. | 127 | 1129 |
| Enact Holdings, Inc. | 31 | 1245 |
| Essent Group Ltd. | 35 | 2265 |
| EVERTEC, Inc. (Puerto Rico) | 56 | 1629 |
| HA Sustainable Infrastructure Capital, Inc. (a) | 50 | 1582 |
| Jackson Financial, Inc., Class A | 35 | 3692 |
| Marqeta, Inc., Class A \* | 370 | 1756 |
| NMI Holdings, Inc., Class A \* | 47 | 1922 |
| PennyMac Financial Services, Inc. | 21 | 2703 |
| Radian Group, Inc. | 57 | 2064 |
| Sezzle, Inc. \* (a) | 12 | 793 |
| Walker & Dunlop, Inc. | 21 | 1258 |
|  |  | 22916 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| Cal-Maine Foods, Inc. | 16 | 1261 |
| Dole plc | 81 | 1220 |
| Fresh Del Monte Produce, Inc. | 9 | 309 |
| Mama's Creations, Inc. \* (a) | 83 | 1113 |
| SunOpta, Inc. (Canada) \* | 231 | 877 |
| Vital Farms, Inc. \* (a) | 27 | 872 |
|  |  | 5652 |
| **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** |
| Chesapeake Utilities Corp. | 15 | 1902 |
| New Jersey Resources Corp. | 58 | 2674 |
| ONE Gas, Inc. | 38 | 2910 |
| Southwest Gas Holdings, Inc. | 41 | 3259 |
|  |  | 10745 |
| **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** | **Health Care Equipment & Supplies — 2.7%** |
| AtriCure, Inc. \* | 54 | 2123 |
| Avanos Medical, Inc. \* | 25 | 286 |
| Axogen, Inc. \* | 68 | 2235 |
| Beta Bionics, Inc. \* | 32 | 981 |
| Butterfly Network, Inc. \* (a) | 270 | 1026 |
| Ceribell, Inc. \* | 104 | 2276 |
| Embecta Corp. | 34 | 404 |
| Glaukos Corp. \* | 25 | 2792 |
| Haemonetics Corp. \* | 30 | 2388 |
| Inogen, Inc. \* | 112 | 752 |
| Integra LifeSciences Holdings Corp. \* | 65 | 803 |
| iRhythm Technologies, Inc. \* | 15 | 2660 |
| Lantheus Holdings, Inc. \* | 20 | 1360 |
| Novocure Ltd. \* | 68 | 875 |
| Outset Medical, Inc. \* | 40 | 149 |
| Pulmonx Corp. \* | 160 | 355 |
| SI-BONE, Inc. \* | 35 | 685 |
| Sight Sciences, Inc. \* | 14 | 107 |
| Tandem Diabetes Care, Inc. \* | 52 | 1148 |
| TransMedics Group, Inc. \* (a) | 16 | 1940 |
|  |  | 25345 |
| **Health Care Providers & Services — 2.9%** | **Health Care Providers & Services — 2.9%** | **Health Care Providers & Services — 2.9%** |
| Addus HomeCare Corp. \* (a) | 4 | 410 |
| Billiontoone, Inc., Class A \* (a) | 33 | 2717 |
| BrightSpring Health Services, Inc. \* (a) | 33 | 1229 |
| Castle Biosciences, Inc. \* | 24 | 948 |
| Concentra Group Holdings Parent, Inc. | 59 | 1171 |
| Ensign Group, Inc. (The) | 21 | 3666 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| GeneDx Holdings Corp. \* | 4 | 578 |
| Guardant Health, Inc. \* | 43 | 4412 |
| Hinge Health, Inc., Class A \* | 57 | 2642 |
| National HealthCare Corp. | 6 | 838 |
| NeoGenomics, Inc. \* | 34 | 397 |
| Oncology Institute, Inc. (The) \* (a) | 141 | 500 |
| Option Care Health, Inc. \* | 69 | 2186 |
| Pediatrix Medical Group, Inc. \* | 34 | 718 |
| Progyny, Inc. \* | 99 | 2557 |
| Surgery Partners, Inc. \* (a) | 13 | 202 |
| US Physical Therapy, Inc. | 22 | 1694 |
|  |  | 26865 |
| **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** |
| American Healthcare REIT, Inc. | 7 | 333 |
| CareTrust REIT, Inc. | 77 | 2778 |
| Community Healthcare Trust, Inc. | 12 | 194 |
| LTC Properties, Inc. | 15 | 530 |
| National Health Investors, Inc. | 3 | 258 |
| Sabra Health Care REIT, Inc. | 96 | 1816 |
|  |  | 5909 |
| **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** | **Health Care Technology — 0.3%** |
| Health Catalyst, Inc. \* | 198 | 473 |
| HealthStream, Inc. | 69 | 1586 |
| HeartFlow, Inc. \* (a) | 12 | 352 |
|  |  | 2411 |
| **Hotel & Resort REITs — 0.8%** | **Hotel & Resort REITs — 0.8%** | **Hotel & Resort REITs — 0.8%** |
| Chatham Lodging Trust | 142 | 965 |
| DiamondRock Hospitality Co. | 139 | 1245 |
| Ryman Hospitality Properties, Inc. | 38 | 3586 |
| Xenia Hotels & Resorts, Inc. | 147 | 2080 |
|  |  | 7876 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |
| Biglari Holdings, Inc., Class B \* (a) | 3 | 1032 |
| Black Rock Coffee Bar, Inc., Class A \* | 18 | 393 |
| Brinker International, Inc. \* | 9 | 1299 |
| Hilton Grand Vacations, Inc. \* | 34 | 1505 |
| Jack in the Box, Inc. (a) | 92 | 1755 |
| Kura Sushi USA, Inc., Class A \* (a) | 31 | 1618 |
| Marriott Vacations Worldwide Corp. (a) | 12 | 689 |
| Monarch Casino & Resort, Inc. | 16 | 1502 |
| Shake Shack, Inc., Class A \* | 37 | 2996 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 27

------

JPMorgan U.S. Small Company 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** |
| Super Group SGHC Ltd. (Guernsey) (a) | 169 | 2022 |
| United Parks & Resorts, Inc. \* (a) | 41 | 1489 |
|  |  | 16300 |
| **Household Durables — 2.1%** | **Household Durables — 2.1%** | **Household Durables — 2.1%** |
| Beazer Homes USA, Inc. \* | 16 | 336 |
| Cavco Industries, Inc. \* | 3 | 1886 |
| Century Communities, Inc. | 10 | 602 |
| Champion Homes, Inc. \* | 30 | 2500 |
| Green Brick Partners, Inc. \* | 26 | 1615 |
| Installed Building Products, Inc. (a) | 10 | 2595 |
| KB Home | 26 | 1446 |
| M/I Homes, Inc. \* | 17 | 2216 |
| Meritage Homes Corp. | 16 | 1052 |
| Taylor Morrison Home Corp. \* | 51 | 3025 |
| Tri Pointe Homes, Inc. \* | 84 | 2636 |
|  |  | 19909 |
| **Household Products — 0.1%** | **Household Products — 0.1%** | **Household Products — 0.1%** |
| Central Garden & Pet Co., Class A \* | 17 | 498 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Clearway Energy, Inc. | 13 | 402 |
| Clearway Energy, Inc., Class C | 33 | 1105 |
|  |  | 1507 |
| **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** | **Industrial REITs — 0.3%** |
| LXP Industrial Trust | 31 | 1557 |
| Terreno Realty Corp. | 18 | 1046 |
|  |  | 2603 |
| **Insurance — 1.5%** | **Insurance — 1.5%** | **Insurance — 1.5%** |
| Accelerant Holdings, Class A (Cayman Islands) \* (a) | 66 | 1078 |
| CNO Financial Group, Inc. | 53 | 2245 |
| Fidelis Insurance Holdings Ltd. (United Kingdom) | 73 | 1425 |
| Hamilton Insurance Group Ltd., Class B (Bermuda) \* | 19 | 547 |
| Heritage Insurance Holdings, Inc. \* | 8 | 241 |
| Horace Mann Educators Corp. | 13 | 604 |
| Mercury General Corp. | 8 | 722 |
| Oscar Health, Inc., Class A \* | 91 | 1307 |
| Palomar Holdings, Inc. \* | 9 | 1185 |
| RLI Corp. | 12 | 774 |
| Safety Insurance Group, Inc. | 13 | 985 |
| Selective Insurance Group, Inc. | 10 | 854 |
| SiriusPoint Ltd. (Sweden) \* | 54 | 1190 |
| Skyward Specialty Insurance Group, Inc. \* | 6 | 289 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Stewart Information Services Corp. | 9 | 623 |
| Universal Insurance Holdings, Inc. | 7 | 240 |
|  |  | 14309 |
| **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** |
| Cargurus, Inc. \* | 72 | 2734 |
| Cars.com, Inc. \* | 19 | 231 |
| Nextdoor Holdings, Inc. \* | 79 | 166 |
| QuinStreet, Inc. \* | 28 | 404 |
| Yelp, Inc. \* | 73 | 2222 |
|  |  | 5757 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| Applied Digital Corp. \* (a) | 114 | 2791 |
| BigBear.ai Holdings, Inc. \* (a) | 126 | 681 |
| DigitalOcean Holdings, Inc. \* | 36 | 1739 |
| Unisys Corp. \* | 295 | 813 |
| Whitefiber, Inc. \* (a) | 38 | 600 |
|  |  | 6624 |
| **Leisure Products — 0.6%** | **Leisure Products — 0.6%** | **Leisure Products — 0.6%** |
| Peloton Interactive, Inc., Class A \* | 219 | 1352 |
| Polaris, Inc. (a) | 35 | 2203 |
| Topgolf Callaway Brands Corp. \* | 144 | 1677 |
|  |  | 5232 |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| 10X Genomics, Inc., Class A \* | 131 | 2141 |
| Adaptive Biotechnologies Corp. \* | 63 | 1020 |
| CryoPort, Inc. \* | 71 | 682 |
| OmniAb, Inc. \* | 44 | 82 |
|  |  | 3925 |
| **Machinery — 1.7%** | **Machinery — 1.7%** | **Machinery — 1.7%** |
| Atmus Filtration Technologies, Inc. | 37 | 1923 |
| Blue Bird Corp. \* | 24 | 1115 |
| Greenbrier Cos., Inc. (The) | 2 | 100 |
| Kennametal, Inc. | 40 | 1124 |
| Mueller Industries, Inc. | 31 | 3522 |
| Terex Corp. | 43 | 2306 |
| Titan International, Inc. \* | 88 | 688 |
| Watts Water Technologies, Inc., Class A | 17 | 4811 |
| Worthington Enterprises, Inc. | 9 | 462 |
|  |  | 16051 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** |
| Costamare, Inc. (Monaco) | 123 | 1945 |
| Safe Bulkers, Inc. (Monaco) | 63 | 304 |
|  |  | 2249 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| AMC Networks, Inc., Class A \* | 10 | 91 |
| EchoStar Corp., Class A \* (a) | 41 | 4507 |
| Gray Media, Inc. | 34 | 166 |
| John Wiley & Sons, Inc., Class A | 30 | 913 |
| Magnite, Inc. \* | 106 | 1713 |
| PubMatic, Inc., Class A \* | 27 | 236 |
| Scholastic Corp. | 30 | 892 |
| Stagwell, Inc. \* | 167 | 816 |
| TechTarget, Inc. \* | 55 | 299 |
| Thryv Holdings, Inc. \* | 49 | 297 |
|  |  | 9930 |
| **Metals & Mining — 2.9%** | **Metals & Mining — 2.9%** | **Metals & Mining — 2.9%** |
| Alpha Metallurgical Resources, Inc. \* | 5 | 1055 |
| Century Aluminum Co. \* | 17 | 657 |
| Coeur Mining, Inc. \* | 329 | 5862 |
| Commercial Metals Co. | 62 | 4300 |
| Constellium SE \* | 233 | 4390 |
| Hecla Mining Co. | 172 | 3296 |
| Ivanhoe Electric, Inc. \* (a) | 30 | 478 |
| Materion Corp. | 18 | 2301 |
| Olympic Steel, Inc. | 7 | 291 |
| Perpetua Resources Corp. \* (a) | 23 | 549 |
| SSR Mining, Inc. (Canada) \* | 81 | 1770 |
| Warrior Met Coal, Inc. | 23 | 2082 |
|  |  | 27031 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** |
| Adamas Trust, Inc. | 79 | 579 |
| Apollo Commercial Real Estate Finance, Inc. | 41 | 400 |
| Brightspire Capital, Inc. | 147 | 825 |
| Ellington Financial, Inc. | 66 | 892 |
| Ladder Capital Corp. | 345 | 3785 |
| TPG RE Finance Trust, Inc. | 57 | 487 |
|  |  | 6968 |
| **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** | **Multi-Utilities — 0.6%** |
| Avista Corp. | 6 | 233 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| Black Hills Corp. | 45 | 3089 |
| Unitil Corp. | 54 | 2637 |
|  |  | 5959 |
| **Office REITs — 0.7%** | **Office REITs — 0.7%** | **Office REITs — 0.7%** |
| COPT Defense Properties | 116 | 3213 |
| Piedmont Realty Trust, Inc., Class A | 188 | 1568 |
| Postal Realty Trust, Inc., Class A | 33 | 536 |
| SL Green Realty Corp. | 19 | 861 |
|  |  | 6178 |
| **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** |
| California Resources Corp. | 17 | 774 |
| Centrus Energy Corp., Class A \* | 5 | 1134 |
| Chord Energy Corp. | 7 | 667 |
| Clean Energy Fuels Corp. \* | 413 | 868 |
| CNX Resources Corp. \* | 63 | 2312 |
| Core Natural Resources, Inc. | 5 | 484 |
| CVR Energy, Inc. \* | 19 | 492 |
| Delek US Holdings, Inc. | 29 | 850 |
| Energy Fuels, Inc. \* (a) | 102 | 1488 |
| Excelerate Energy, Inc., Class A | 39 | 1091 |
| Gulfport Energy Corp. \* | 9 | 1794 |
| International Seaways, Inc. | 11 | 518 |
| Magnolia Oil & Gas Corp., Class A | 48 | 1055 |
| Murphy Oil Corp. | 36 | 1132 |
| New Fortress Energy, Inc. \* (a) | 85 | 97 |
| Ovintiv, Inc. | 21 | 811 |
| Par Pacific Holdings, Inc. \* | 86 | 3016 |
| PBF Energy, Inc., Class A | 26 | 702 |
| Peabody Energy Corp. | 68 | 2007 |
| Scorpio Tankers, Inc. (Monaco) | 2 | 118 |
| Teekay Corp. Ltd. (Bermuda) | 211 | 1904 |
| Teekay Tankers Ltd., Class A (Canada) | 48 | 2581 |
| Uranium Energy Corp. \* (a) | 131 | 1532 |
| World Kinect Corp. | 49 | 1151 |
|  |  | 28578 |
| **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** | **Passenger Airlines — 0.4%** |
| Joby Aviation, Inc. \* | 123 | 1625 |
| SkyWest, Inc. \* | 17 | 1731 |
|  |  | 3356 |
| **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** | **Personal Care Products — 0.3%** |
| BellRing Brands, Inc. \* | 13 | 337 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 29

------

JPMorgan U.S. Small Company 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** |
| **Personal Care Products — continued** | **Personal Care Products — continued** | **Personal Care Products — continued** |
| Nature's Sunshine Products, Inc. \* | 27 | 585 |
| Oddity Tech Ltd., Class A (Israel) \* (a) | 35 | 1419 |
|  |  | 2341 |
| **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** | **Pharmaceuticals — 2.9%** |
| Alumis, Inc. \* | 43 | 426 |
| Amneal Pharmaceuticals, Inc. \* | 147 | 1851 |
| ANI Pharmaceuticals, Inc. \* | 27 | 2137 |
| Atea Pharmaceuticals, Inc. \* | 399 | 1424 |
| Axsome Therapeutics, Inc. \* | 8 | 1411 |
| Corcept Therapeutics, Inc. \* | 30 | 1038 |
| Crinetics Pharmaceuticals, Inc. \* | 54 | 2535 |
| Edgewise Therapeutics, Inc. \* | 31 | 763 |
| Indivior plc (United Kingdom) \* | 42 | 1494 |
| Liquidia Corp. \* (a) | 37 | 1266 |
| Mind Medicine MindMed, Inc. \* | 38 | 510 |
| Ocular Therapeutix, Inc. \* | 153 | 1861 |
| Phathom Pharmaceuticals, Inc. \* (a) | 31 | 509 |
| Phibro Animal Health Corp., Class A | 74 | 2780 |
| Supernus Pharmaceuticals, Inc. \* (a) | 19 | 944 |
| Terns Pharmaceuticals, Inc. \* | 79 | 3213 |
| Theravance Biopharma, Inc. \* | 37 | 689 |
| WaVe Life Sciences Ltd. \* | 48 | 815 |
| Zevra Therapeutics, Inc. \* | 151 | 1354 |
|  |  | 27020 |
| **Professional Services — 1.2%** | **Professional Services — 1.2%** | **Professional Services — 1.2%** |
| BlackSky Technology, Inc. \* (a) | 7 | 132 |
| ExlService Holdings, Inc. \* | 26 | 1102 |
| IBEX Holdings Ltd. \* | 56 | 2162 |
| Innodata, Inc. \* (a) | 22 | 1104 |
| KBR, Inc. | 27 | 1096 |
| Kelly Services, Inc., Class A | 64 | 562 |
| Legalzoom.com, Inc. \* | 80 | 793 |
| Planet Labs PBC \* | 51 | 1005 |
| TriNet Group, Inc. (a) | 9 | 559 |
| Verra Mobility Corp. \* | 109 | 2435 |
|  |  | 10950 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| Cushman & Wakefield Ltd. \* | 17 | 282 |
| Newmark Group, Inc., Class A | 127 | 2203 |
| RE/MAX Holdings, Inc., Class A \* | 13 | 96 |
| Real Brokerage, Inc. (The) (Canada) \* | 175 | 640 |
|  |  | 3221 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Residential REITs — 0.2%** | **Residential REITs — 0.2%** | **Residential REITs — 0.2%** |
| Centerspace | 5 | 353 |
| Independence Realty Trust, Inc. | 70 | 1213 |
| UMH Properties, Inc. | 14 | 225 |
| Veris Residential, Inc. | 17 | 255 |
|  |  | 2046 |
| **Retail REITs — 1.3%** | **Retail REITs — 1.3%** | **Retail REITs — 1.3%** |
| Curbline Properties Corp. | 68 | 1586 |
| Getty Realty Corp. | 33 | 900 |
| InvenTrust Properties Corp. | 60 | 1684 |
| Kite Realty Group Trust | 55 | 1316 |
| Macerich Co. (The) | 56 | 1026 |
| NETSTREIT Corp. (a) | 29 | 507 |
| Phillips Edison & Co., Inc. | 81 | 2888 |
| Tanger, Inc. | 61 | 2046 |
|  |  | 11953 |
| **Semiconductors & Semiconductor Equipment — 3.9%** | **Semiconductors & Semiconductor Equipment — 3.9%** | **Semiconductors & Semiconductor Equipment — 3.9%** |
| ACM Research, Inc., Class A \* | 19 | 747 |
| Aehr Test Systems \* | 20 | 394 |
| Alpha & Omega Semiconductor Ltd. \* | 13 | 261 |
| Ambarella, Inc. \* | 12 | 877 |
| Axcelis Technologies, Inc. \* | 4 | 338 |
| Credo Technology Group Holding Ltd. \* | 54 | 7828 |
| Diodes, Inc. \* | 43 | 2120 |
| FormFactor, Inc. \* | 49 | 2735 |
| Impinj, Inc. \* (a) | 32 | 5537 |
| Kopin Corp. \* (a) | 134 | 314 |
| MaxLinear, Inc. \* | 21 | 362 |
| Navitas Semiconductor Corp. \* (a) | 40 | 282 |
| NVE Corp. | 6 | 357 |
| Rambus, Inc. \* | 57 | 5271 |
| Rigetti Computing, Inc. \* (a) | 137 | 3038 |
| Semtech Corp. \* | 18 | 1322 |
| SiTime Corp. \* | 7 | 2466 |
| Ultra Clean Holdings, Inc. \* | 99 | 2497 |
|  |  | 36746 |
| **Software — 5.0%** | **Software — 5.0%** | **Software — 5.0%** |
| A10 Networks, Inc. | 18 | 320 |
| Adeia, Inc. | 32 | 544 |
| Appian Corp., Class A \* | 32 | 1146 |
| Asana, Inc., Class A \* (a) | 72 | 991 |
| Bit Digital, Inc. \* (a) | 785 | 1484 |
| Bitdeer Technologies Group, Class A \* (a) | 35 | 389 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| BlackLine, Inc. \* | 22 | 1230 |
| Box, Inc., Class A \* | 88 | 2625 |
| Braze, Inc., Class A \* | 24 | 829 |
| Cipher Mining, Inc. \* (a) | 159 | 2341 |
| Cleanspark, Inc. \* (a) | 184 | 1866 |
| Clearwater Analytics Holdings, Inc., Class A \* (a) | 112 | 2696 |
| Commvault Systems, Inc. \* | 11 | 1378 |
| Consensus Cloud Solutions, Inc. \* | 63 | 1380 |
| Digital Turbine, Inc. \* | 110 | 547 |
| D-Wave Quantum, Inc. (Canada) \* | 138 | 3607 |
| Freshworks, Inc., Class A \* | 150 | 1835 |
| Hut 8 Corp. (Canada) \* (a) | 42 | 1930 |
| InterDigital, Inc. (a) | 6 | 1832 |
| LiveRamp Holdings, Inc. \* | 43 | 1257 |
| MARA Holdings, Inc. \* (a) | 158 | 1418 |
| ON24, Inc. \* | 302 | 2405 |
| Ooma, Inc. \* | 131 | 1541 |
| Pagaya Technologies Ltd., Class A \* | 23 | 486 |
| Porch Group, Inc. \* | 61 | 553 |
| Qualys, Inc. \* | 14 | 1844 |
| Riot Platforms, Inc. \* | 108 | 1373 |
| SoundHound AI, Inc. \* (a) | 82 | 817 |
| Tenable Holdings, Inc. \* | 49 | 1146 |
| Terawulf, Inc. \* (a) | 121 | 1394 |
| WM Technology, Inc. \* | 173 | 143 |
| Workiva, Inc. \* | 15 | 1320 |
| Xperi, Inc. \* | 233 | 1367 |
| Zeta Global Holdings Corp., Class A \* (a) | 54 | 1089 |
|  |  | 47123 |
| **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** | **Specialized REITs — 0.3%** |
| Four Corners Property Trust, Inc. | 31 | 710 |
| PotlatchDeltic Corp. | 25 | 1005 |
| Smartstop Self Storage REIT, Inc. (a) | 47 | 1446 |
|  |  | 3161 |
| **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** | **Specialty Retail — 2.2%** |
| Abercrombie & Fitch Co., Class A \* | 10 | 1202 |
| American Eagle Outfitters, Inc. | 92 | 2414 |
| Asbury Automotive Group, Inc. \* | 5 | 1207 |
| Boot Barn Holdings, Inc. \* | 9 | 1546 |
| Buckle, Inc. (The) | 28 | 1517 |
| EVgo, Inc. \* (a) | 110 | 320 |
| Group 1 Automotive, Inc. | 3 | 1075 |
| RealReal, Inc. (The) \* | 74 | 1163 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Signet Jewelers Ltd. (a) | 53 | 4370 |
| Sonic Automotive, Inc., Class A | 7 | 462 |
| Urban Outfitters, Inc. \* | 40 | 3050 |
| Victoria's Secret & Co. \* | 35 | 1903 |
| Warby Parker, Inc., Class A \* | 34 | 746 |
|  |  | 20975 |
| **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| Diebold Nixdorf, Inc. \* | 22 | 1497 |
| IonQ, Inc. \* (a) | 106 | 4748 |
| Turtle Beach Corp. \* | 38 | 533 |
|  |  | 6778 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| Capri Holdings Ltd. \* | 115 | 2802 |
| Wolverine World Wide, Inc. | 83 | 1506 |
|  |  | 4308 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Turning Point Brands, Inc. | 7 | 781 |
| **Trading Companies & Distributors — 1.9%** | **Trading Companies & Distributors — 1.9%** | **Trading Companies & Distributors — 1.9%** |
| Applied Industrial Technologies, Inc. | 16 | 4030 |
| BlueLinx Holdings, Inc. \* | 5 | 331 |
| Boise Cascade Co. | 11 | 826 |
| DNOW, Inc. \* | 236 | 3128 |
| DXP Enterprises, Inc. \* | 5 | 559 |
| GATX Corp. | 11 | 1833 |
| Herc Holdings, Inc. | 9 | 1426 |
| Hudson Technologies, Inc. \* | 8 | 53 |
| McGrath RentCorp | 6 | 617 |
| Rush Enterprises, Inc., Class A | 55 | 2980 |
| WESCO International, Inc. | 10 | 2380 |
|  |  | 18163 |
| **Water Utilities — 0.4%** | **Water Utilities — 0.4%** | **Water Utilities — 0.4%** |
| American States Water Co. | 8 | 561 |
| Consolidated Water Co. Ltd., Class D | 80 | 2823 |
|  |  | 3384 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| Gogo, Inc. \* | 23 | 108 |
| Telephone and Data Systems, Inc. | 24 | 987 |
|  |  | 1095 |
| Total Common Stocks <br>(Cost $752,131)<br>|  | 923718 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 31

------

JPMorgan U.S. Small Company Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **RIGHTS** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** |
| OmniAb Operations, Inc., expiring 11/2/2022 ‡ \* | 8 |  |
| **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** |
| OmniAb, Inc., expiring 11/3/2022 ‡ \* | 7 |  |
| Total Rights <br>(Cost $— (b))<br>|  |  |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 10.4%** | **Short-Term Investments — 10.4%** | **Short-Term Investments — 10.4%** |
| **Investment Companies — 2.0%** | **Investment Companies — 2.0%** | **Investment Companies — 2.0%** |
| JPMorgan Prime Money Market Fund Class IM Shares, <br> 3.86% (c) (d) <br>(Cost $18,831)<br>| 18824 | 18832 |
| **Investment of Cash Collateral from Securities Loaned — 8.4%** | **Investment of Cash Collateral from Securities Loaned — 8.4%** | **Investment of Cash Collateral from Securities Loaned — 8.4%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.82% (c) (d) <br>(Cost $78,560)<br>| 78560 | 78560 |
| Total Short-Term Investments <br>(Cost $97,391)<br>|  | 97392 |
| **Total Investments — 109.0%** <br>**(Cost $849,522)**<br>|  | **1021110** |
| **Liabilities in Excess of Other Assets — (9.0)%** |  | **(84373)**<br>|
| **NET ASSETS — 100.0%** |  | **936737** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| REIT | Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | 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 $75,678.<br>|
| (b) | Value is zero. |
| (c) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (d) | The rate shown is the current yield as of December <br> 31, 2025.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Small Cap Funds December 31, 2025

------

**Futures contracts outstanding as of December 31, 2025 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | &nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; 03/20/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 14491 | &nbsp;&nbsp;&nbsp;&nbsp; (359)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 33

------

**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>**Small Cap** <br>**Blend Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Growth Fund**  |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $1461795 | &nbsp;&nbsp;&nbsp; $3080007 | &nbsp;&nbsp;&nbsp; $2664885 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 23928 | &nbsp;&nbsp;&nbsp; 78629 | &nbsp;&nbsp;&nbsp; 47386 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; 77206 | &nbsp;&nbsp;&nbsp; 116659 | &nbsp;&nbsp;&nbsp; 261482 |
| Cash | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6394 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 1453 | &nbsp;&nbsp;&nbsp; 1535 | &nbsp;&nbsp;&nbsp; 3577 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 1217 | &nbsp;&nbsp;&nbsp; 2489 | &nbsp;&nbsp;&nbsp; 478 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; 99 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; — |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 60 |
| Total Assets | &nbsp;&nbsp;&nbsp; 1565745 | &nbsp;&nbsp;&nbsp; 3279849 | &nbsp;&nbsp;&nbsp; 2984362 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Collateral received on securities loaned (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; 77206 | &nbsp;&nbsp;&nbsp; 116659 | &nbsp;&nbsp;&nbsp; 261482 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 1111 | &nbsp;&nbsp;&nbsp; 69979 | &nbsp;&nbsp;&nbsp; 39682 |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 823 | &nbsp;&nbsp;&nbsp; 1788 | &nbsp;&nbsp;&nbsp; 1549 |
| Administration fees | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; 173 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 80 |
| Service fees | &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp; 265 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 27 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp; 344 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 79671 | &nbsp;&nbsp;&nbsp; 189351 | &nbsp;&nbsp;&nbsp; 303602 |
| Net Assets | &nbsp;&nbsp;&nbsp; $1486074 | &nbsp;&nbsp;&nbsp; $3090498 | &nbsp;&nbsp;&nbsp; $2680760 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Blend Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br>**Growth Fund**  |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $1238693 | &nbsp;&nbsp;&nbsp; $2199501 | &nbsp;&nbsp;&nbsp; $2120687 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 247381 | &nbsp;&nbsp;&nbsp; 890997 | &nbsp;&nbsp;&nbsp; 560073 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $1486074 | &nbsp;&nbsp;&nbsp; $3090498 | &nbsp;&nbsp;&nbsp; $2680760 |
| Net Assets: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $449919 | &nbsp;&nbsp;&nbsp; $311205 | &nbsp;&nbsp;&nbsp; $288036 |
| Class C | &nbsp;&nbsp;&nbsp; 18572 | &nbsp;&nbsp;&nbsp; 6294 | &nbsp;&nbsp;&nbsp; 16986 |
| Class I | &nbsp;&nbsp;&nbsp; 332920 | &nbsp;&nbsp;&nbsp; 970666 | &nbsp;&nbsp;&nbsp; 814784 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 237403 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2983 | &nbsp;&nbsp;&nbsp; 8524 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1951 | &nbsp;&nbsp;&nbsp; 3198 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp; 1285 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 381978 | &nbsp;&nbsp;&nbsp; 9300 |
| Class R6 | &nbsp;&nbsp;&nbsp; 684663 | &nbsp;&nbsp;&nbsp; 1414811 | &nbsp;&nbsp;&nbsp; 1301244 |
| Total | &nbsp;&nbsp;&nbsp; $1486074 | &nbsp;&nbsp;&nbsp; $3090498 | &nbsp;&nbsp;&nbsp; $2680760 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 17301 | &nbsp;&nbsp;&nbsp; 9620 | &nbsp;&nbsp;&nbsp; 16386 |
| Class C | &nbsp;&nbsp;&nbsp; 1294 | &nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp; 1797 |
| Class I | &nbsp;&nbsp;&nbsp; 10170 | &nbsp;&nbsp;&nbsp; 21584 | &nbsp;&nbsp;&nbsp; 39005 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10763 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 524 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 182 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 72 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8455 | &nbsp;&nbsp;&nbsp; 421 |
| Class R6 | &nbsp;&nbsp;&nbsp; 20831 | &nbsp;&nbsp;&nbsp; 31340 | &nbsp;&nbsp;&nbsp; 57875 |
| Net Asset Value (a): |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $26.01 | &nbsp;&nbsp;&nbsp; $32.35 | &nbsp;&nbsp;&nbsp; $17.58 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;14.36 | &nbsp;&nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;&nbsp;9.45 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;32.73 | &nbsp;&nbsp;&nbsp;&nbsp;44.97 | &nbsp;&nbsp;&nbsp;&nbsp;20.89 |
| Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;22.06 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;30.44 | &nbsp;&nbsp;&nbsp;&nbsp;16.30 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;31.75 | &nbsp;&nbsp;&nbsp;&nbsp;17.53 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;44.73 | &nbsp;&nbsp;&nbsp;&nbsp;17.92 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;45.18 | &nbsp;&nbsp;&nbsp;&nbsp;22.07 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;32.87 | &nbsp;&nbsp;&nbsp;&nbsp;45.14 | &nbsp;&nbsp;&nbsp;&nbsp;22.48 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $27.45 | &nbsp;&nbsp;&nbsp; $34.14 | &nbsp;&nbsp;&nbsp; $18.55 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1199753 | &nbsp;&nbsp;&nbsp; $2326801 | &nbsp;&nbsp;&nbsp; $2061370 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 23925 | &nbsp;&nbsp;&nbsp; 78624 | &nbsp;&nbsp;&nbsp; 47386 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 74414 | &nbsp;&nbsp;&nbsp; 111047 | &nbsp;&nbsp;&nbsp; 252332 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 77206 | &nbsp;&nbsp;&nbsp; 116659 | &nbsp;&nbsp;&nbsp; 261482 |

---

------

(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;

December 31, 2025 J.P. Morgan Small Cap Funds 35

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF December 31, 2025 (Unaudited) (continued)

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SMID Cap** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Small** <br>**Company Fund**  |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $1162481 | &nbsp;&nbsp;&nbsp; $296033 | &nbsp;&nbsp;&nbsp; $923718 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 34044 | &nbsp;&nbsp;&nbsp; 7544 | &nbsp;&nbsp;&nbsp; 18832 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.C.)  | &nbsp;&nbsp;&nbsp; 61362 | &nbsp;&nbsp;&nbsp; 7509 | &nbsp;&nbsp;&nbsp; 78560 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 2718 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1828 |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 39676 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1807 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 399 |
| Dividends from non-affiliates | &nbsp;&nbsp;&nbsp; 2057 | &nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp; 932 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 57 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 3 |
| Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 23 |
| Total Assets | &nbsp;&nbsp;&nbsp; 1303012 | &nbsp;&nbsp;&nbsp; 311387 | &nbsp;&nbsp;&nbsp; 1026159 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 61362 | &nbsp;&nbsp;&nbsp; 7509 | &nbsp;&nbsp;&nbsp; 78560 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 49225 | &nbsp;&nbsp;&nbsp; 446 | &nbsp;&nbsp;&nbsp; 9936 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 166 |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 493 |
| Administration fees | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 62 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 55 |
| Service fees | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 92 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 18 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Other | &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 39 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 112124 | &nbsp;&nbsp;&nbsp; 8213 | &nbsp;&nbsp;&nbsp; 89422 |
| Net Assets | &nbsp;&nbsp;&nbsp; $1190888 | &nbsp;&nbsp;&nbsp; $303174 | &nbsp;&nbsp;&nbsp; $936737 |

---

------

(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 Small Cap Funds December 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Value Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SMID Cap**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Small**<br>**Company Fund**  |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $919095 | &nbsp;&nbsp;&nbsp; $255054 | &nbsp;&nbsp;&nbsp; $761361 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 271793 | &nbsp;&nbsp;&nbsp; 48120 | &nbsp;&nbsp;&nbsp; 175376 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $1190888 | &nbsp;&nbsp;&nbsp; $303174 | &nbsp;&nbsp;&nbsp; $936737 |
| Net Assets: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $126589 | &nbsp;&nbsp;&nbsp; $105500 | &nbsp;&nbsp;&nbsp; $112225 |
| Class C | &nbsp;&nbsp;&nbsp; 1882 | &nbsp;&nbsp;&nbsp; 5674 | &nbsp;&nbsp;&nbsp; 3144 |
| Class I | &nbsp;&nbsp;&nbsp; 188976 | &nbsp;&nbsp;&nbsp; 74649 | &nbsp;&nbsp;&nbsp; 140160 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 242054 |
| Class R2 | &nbsp;&nbsp;&nbsp; 23724 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45197 |
| Class R3 | &nbsp;&nbsp;&nbsp; 14420 | &nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp; 39812 |
| Class R4 | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6528 |
| Class R5 | &nbsp;&nbsp;&nbsp; 19407 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 25763 |
| Class R6 | &nbsp;&nbsp;&nbsp; 815842 | &nbsp;&nbsp;&nbsp; 116487 | &nbsp;&nbsp;&nbsp; 321854 |
| Total | &nbsp;&nbsp;&nbsp; $1190888 | &nbsp;&nbsp;&nbsp; $303174 | &nbsp;&nbsp;&nbsp; $936737 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5033 | &nbsp;&nbsp;&nbsp; 7083 | &nbsp;&nbsp;&nbsp; 6390 |
| Class C | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 203 |
| Class I | &nbsp;&nbsp;&nbsp; 6689 | &nbsp;&nbsp;&nbsp; 4449 | &nbsp;&nbsp;&nbsp; 7606 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13155 |
| Class R2 | &nbsp;&nbsp;&nbsp; 967 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2710 |
| Class R3 | &nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 2297 |
| Class R4 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 359 |
| Class R5 | &nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1408 |
| Class R6 | &nbsp;&nbsp;&nbsp; 28746 | &nbsp;&nbsp;&nbsp; 6919 | &nbsp;&nbsp;&nbsp; 17479 |
| Net Asset Value (a): |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $25.15 | &nbsp;&nbsp;&nbsp; $14.90 | &nbsp;&nbsp;&nbsp; $17.56 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;16.41 | &nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;&nbsp;&nbsp;15.45 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;28.25 | &nbsp;&nbsp;&nbsp;&nbsp;16.78 | &nbsp;&nbsp;&nbsp;&nbsp;18.43 |
| Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;18.40 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;24.54 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;16.68 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;25.07 | &nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;17.33 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;28.32 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;18.22 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;28.31 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;18.30 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;28.38 | &nbsp;&nbsp;&nbsp;&nbsp;16.83 | &nbsp;&nbsp;&nbsp;&nbsp;18.41 |
| 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; $26.54 | &nbsp;&nbsp;&nbsp; $15.73 | &nbsp;&nbsp;&nbsp; $18.53 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $896721 | &nbsp;&nbsp;&nbsp; $248463 | &nbsp;&nbsp;&nbsp; $752131 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 34042 | &nbsp;&nbsp;&nbsp; 7543 | &nbsp;&nbsp;&nbsp; 18831 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 58966 | &nbsp;&nbsp;&nbsp; 7272 | &nbsp;&nbsp;&nbsp; 75678 |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 61362 | &nbsp;&nbsp;&nbsp; 7509 | &nbsp;&nbsp;&nbsp; 78560 |

---

------

(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;

December 31, 2025 J.P. Morgan Small Cap Funds 37

------

**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>**Small Cap** <br>**Blend Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Growth Fund** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $9 | &nbsp;&nbsp;&nbsp; $9 | &nbsp;&nbsp;&nbsp; $4 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 8953 | &nbsp;&nbsp;&nbsp; 18976 | &nbsp;&nbsp;&nbsp; 4292 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp; 2086 | &nbsp;&nbsp;&nbsp; 622 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; 469 |
| Total investment income | &nbsp;&nbsp;&nbsp; 9615 | &nbsp;&nbsp;&nbsp; 21214 | &nbsp;&nbsp;&nbsp; 5396 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 4967 | &nbsp;&nbsp;&nbsp; 11507 | &nbsp;&nbsp;&nbsp; 10033 |
| Administration fees | &nbsp;&nbsp;&nbsp; 573 | &nbsp;&nbsp;&nbsp; 1328 | &nbsp;&nbsp;&nbsp; 1158 |
| Distribution fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; 380 |
| Class C | &nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 71 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 27 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 4 |
| Service fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; 380 |
| Class C | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 23 |
| Class I | &nbsp;&nbsp;&nbsp; 453 | &nbsp;&nbsp;&nbsp; 1511 | &nbsp;&nbsp;&nbsp; 1031 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 173 |
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 14 |
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 4 |
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 5 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 52 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18 |
| Professional fees | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 48 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 16 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 193 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 70 |
| Transfer agency fees (See Note 2.G.) | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 65 |
| Other | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 17 |
| Total expenses | &nbsp;&nbsp;&nbsp; 7517 | &nbsp;&nbsp;&nbsp; 15879 | &nbsp;&nbsp;&nbsp; 13784 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (184)<br>| &nbsp;&nbsp;&nbsp; (187)<br>| &nbsp;&nbsp;&nbsp; (198)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (30)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 7328 | &nbsp;&nbsp;&nbsp; 15692 | &nbsp;&nbsp;&nbsp; 13556 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 2287 | &nbsp;&nbsp;&nbsp; 5522 | &nbsp;&nbsp;&nbsp; (8160)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Blend Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Growth Fund** <br>|
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $53120 | &nbsp;&nbsp;&nbsp; $355780 | &nbsp;&nbsp;&nbsp; $226193 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 12 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 53124 | &nbsp;&nbsp;&nbsp; 355811 | &nbsp;&nbsp;&nbsp; 226205 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 42947 | &nbsp;&nbsp;&nbsp; (357490)<br>| &nbsp;&nbsp;&nbsp; 72662 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (3)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 42948 | &nbsp;&nbsp;&nbsp; (357495)<br>| &nbsp;&nbsp;&nbsp; 72659 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 96072 | &nbsp;&nbsp;&nbsp; (1684)<br>| &nbsp;&nbsp;&nbsp; 298864 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $98359 | &nbsp;&nbsp;&nbsp; $3838 | &nbsp;&nbsp;&nbsp; $290704 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 39

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED December 31, 2025 (Unaudited) (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**SMID Cap** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Small** <br>**Company Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $46 | &nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp; $50 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 10056 | &nbsp;&nbsp;&nbsp; 1681 | &nbsp;&nbsp;&nbsp; 5009 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 493 | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 439 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 130 |
| Total investment income | &nbsp;&nbsp;&nbsp; 10747 | &nbsp;&nbsp;&nbsp; 1838 | &nbsp;&nbsp;&nbsp; 5628 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 4066 | &nbsp;&nbsp;&nbsp; 892 | &nbsp;&nbsp;&nbsp; 2871 |
| Administration fees | &nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; 359 |
| Distribution fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 145 |
| Class C | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 12 |
| Class R2 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 114 |
| Class R3 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 52 |
| Service fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 145 |
| Class C | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 4 |
| Class I | &nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 179 |
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 121 |
| Class R2 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 57 |
| Class R3 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 52 |
| Class R4 (b) | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 8 |
| Class R5 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 40 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Professional fees | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 46 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 14 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 31 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 60 |
| Transfer agency fees (See Note 2.G.) | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 29 |
| Other | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 10 |
| Total expenses | &nbsp;&nbsp;&nbsp; 5495 | &nbsp;&nbsp;&nbsp; 1605 | &nbsp;&nbsp;&nbsp; 4362 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (253)<br>| &nbsp;&nbsp;&nbsp; (209)<br>| &nbsp;&nbsp;&nbsp; (55)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 5242 | &nbsp;&nbsp;&nbsp; 1396 | &nbsp;&nbsp;&nbsp; 4307 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 5505 | &nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp; 1321 |

---

------

(a) Amount rounds to less than one thousand.

(b) Liquidated on September 22, 2025 for JPMorgan SMID Cap Equity Fund.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Value Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **SMID Cap**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Small**<br>**Company Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $54218 | &nbsp;&nbsp;&nbsp; $11440 | &nbsp;&nbsp;&nbsp; $77964 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 5 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 4067 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4167 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 58287 | &nbsp;&nbsp;&nbsp; 11441 | &nbsp;&nbsp;&nbsp; 82136 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 120717 | &nbsp;&nbsp;&nbsp; (14667)<br>| &nbsp;&nbsp;&nbsp; 35918 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; (1411)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1188)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 119306 | &nbsp;&nbsp;&nbsp; (14666)<br>| &nbsp;&nbsp;&nbsp; 34730 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 177593 | &nbsp;&nbsp;&nbsp; (3225)<br>| &nbsp;&nbsp;&nbsp; 116866 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $183098 | &nbsp;&nbsp;&nbsp; $(2783)<br>| &nbsp;&nbsp;&nbsp; $118187 |

---

------

(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 Small Cap Funds 41

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small** <br>**Cap Blend Fund**  | **JPMorgan Small** <br>**Cap Blend Fund**  | **JPMorgan Small Cap Equity Fund**  | **JPMorgan Small Cap Equity Fund**  |
|  | &nbsp;&nbsp; **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; $2287 | &nbsp;&nbsp;&nbsp; $5478 | &nbsp;&nbsp;&nbsp; $5522 | &nbsp;&nbsp;&nbsp; $17091 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 53124 | &nbsp;&nbsp;&nbsp; 74496 | &nbsp;&nbsp;&nbsp; 355811 | &nbsp;&nbsp;&nbsp; 470888 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 42948 | &nbsp;&nbsp;&nbsp; (39244)<br>| &nbsp;&nbsp;&nbsp; (357495)<br>| &nbsp;&nbsp;&nbsp; (217112)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 98359 | &nbsp;&nbsp;&nbsp; 40730 | &nbsp;&nbsp;&nbsp; 3838 | &nbsp;&nbsp;&nbsp; 270867 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (24324)<br>| &nbsp;&nbsp;&nbsp; (3985)<br>| &nbsp;&nbsp;&nbsp; (67426)<br>| &nbsp;&nbsp;&nbsp; (49415)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1788)<br>| &nbsp;&nbsp;&nbsp; (272)<br>| &nbsp;&nbsp;&nbsp; (3020)<br>| &nbsp;&nbsp;&nbsp; (2862)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (15078)<br>| &nbsp;&nbsp;&nbsp; (3971)<br>| &nbsp;&nbsp;&nbsp; (162653)<br>| &nbsp;&nbsp;&nbsp; (155155)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (623)<br>| &nbsp;&nbsp;&nbsp; (471)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (403)<br>| &nbsp;&nbsp;&nbsp; (1393)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (96)<br>| &nbsp;&nbsp;&nbsp; (53)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (60999)<br>| &nbsp;&nbsp;&nbsp; (54466)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (32193)<br>| &nbsp;&nbsp;&nbsp; (7625)<br>| &nbsp;&nbsp;&nbsp; (238745)<br>| &nbsp;&nbsp;&nbsp; (146927)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (73383)<br>| &nbsp;&nbsp;&nbsp; (15853)<br>| &nbsp;&nbsp;&nbsp; (533965)<br>| &nbsp;&nbsp;&nbsp; (410742)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (19514)<br>| &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; (202164)<br>| &nbsp;&nbsp;&nbsp; (608379)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 5462 | &nbsp;&nbsp;&nbsp; 24941 | &nbsp;&nbsp;&nbsp; (732291)<br>| &nbsp;&nbsp;&nbsp; (748254)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 1480612 | &nbsp;&nbsp;&nbsp; 1455671 | &nbsp;&nbsp;&nbsp; 3822789 | &nbsp;&nbsp;&nbsp; 4571043 |
| End of period | &nbsp;&nbsp;&nbsp; $1486074 | &nbsp;&nbsp;&nbsp; $1480612 | &nbsp;&nbsp;&nbsp; $3090498 | &nbsp;&nbsp;&nbsp; $3822789 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Small Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Growth Fund**  | **JPMorgan Small Cap Growth Fund**  | **JPMorgan Small Cap Value Fund**  | **JPMorgan Small Cap Value Fund**  |
|  | &nbsp;&nbsp; **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; $(8160)<br>| &nbsp;&nbsp;&nbsp; $(13805)<br>| &nbsp;&nbsp;&nbsp; $5505 | &nbsp;&nbsp;&nbsp; $12760 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 226205 | &nbsp;&nbsp;&nbsp; 307703 | &nbsp;&nbsp;&nbsp; 58287 | &nbsp;&nbsp;&nbsp; 86595 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 72659 | &nbsp;&nbsp;&nbsp; (187977)<br>| &nbsp;&nbsp;&nbsp; 119306 | &nbsp;&nbsp;&nbsp; (39611)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 290704 | &nbsp;&nbsp;&nbsp; 105921 | &nbsp;&nbsp;&nbsp; 183098 | &nbsp;&nbsp;&nbsp; 59744 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (20507)<br>| &nbsp;&nbsp;&nbsp; (1938)<br>| &nbsp;&nbsp;&nbsp; (11722)<br>| &nbsp;&nbsp;&nbsp; (9078)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (2151)<br>| &nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp; (241)<br>| &nbsp;&nbsp;&nbsp; (261)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (49909)<br>| &nbsp;&nbsp;&nbsp; (5457)<br>| &nbsp;&nbsp;&nbsp; (16073)<br>| &nbsp;&nbsp;&nbsp; (11753)<br>|
| Class L | &nbsp;&nbsp;&nbsp; (13971)<br>| &nbsp;&nbsp;&nbsp; (3763)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp; (629)<br>| &nbsp;&nbsp;&nbsp; (42)<br>| &nbsp;&nbsp;&nbsp; (2201)<br>| &nbsp;&nbsp;&nbsp; (1739)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (220)<br>| &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; (1368)<br>| &nbsp;&nbsp;&nbsp; (1071)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (89)<br>| &nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (4)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (542)<br>| &nbsp;&nbsp;&nbsp; (82)<br>| &nbsp;&nbsp;&nbsp; (1639)<br>| &nbsp;&nbsp;&nbsp; (1306)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (81165)<br>| &nbsp;&nbsp;&nbsp; (17050)<br>| &nbsp;&nbsp;&nbsp; (74866)<br>| &nbsp;&nbsp;&nbsp; (60869)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (169183)<br>| &nbsp;&nbsp;&nbsp; (28568)<br>| &nbsp;&nbsp;&nbsp; (108114)<br>| &nbsp;&nbsp;&nbsp; (86081)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (673814)<br>| &nbsp;&nbsp;&nbsp; (468496)<br>| &nbsp;&nbsp;&nbsp; (67236)<br>| &nbsp;&nbsp;&nbsp; (64334)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (552293)<br>| &nbsp;&nbsp;&nbsp; (391143)<br>| &nbsp;&nbsp;&nbsp; 7748 | &nbsp;&nbsp;&nbsp; (90671)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 3233053 | &nbsp;&nbsp;&nbsp; 3624196 | &nbsp;&nbsp;&nbsp; 1183140 | &nbsp;&nbsp;&nbsp; 1273811 |
| End of period | &nbsp;&nbsp;&nbsp; $2680760 | &nbsp;&nbsp;&nbsp; $3233053 | &nbsp;&nbsp;&nbsp; $1190888 | &nbsp;&nbsp;&nbsp; $1183140 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 43

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SMID Cap Equity Fund**  | **JPMorgan SMID Cap Equity Fund**  | **JPMorgan U.S. Small Company Fund**  | **JPMorgan U.S. Small Company 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>| **Year Ended** <br>**June 30, 2025**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $442 | &nbsp;&nbsp;&nbsp; $1550 | &nbsp;&nbsp;&nbsp; $1321 | &nbsp;&nbsp;&nbsp; $3710 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 11441 | &nbsp;&nbsp;&nbsp; 19117 | &nbsp;&nbsp;&nbsp; 82136 | &nbsp;&nbsp;&nbsp; 42770 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (14666)<br>| &nbsp;&nbsp;&nbsp; 5305 | &nbsp;&nbsp;&nbsp; 34730 | &nbsp;&nbsp;&nbsp; (19746)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (2783)<br>| &nbsp;&nbsp;&nbsp; 25972 | &nbsp;&nbsp;&nbsp; 118187 | &nbsp;&nbsp;&nbsp; 26734 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (7695)<br>| &nbsp;&nbsp;&nbsp; (1172)<br>| &nbsp;&nbsp;&nbsp; (8596)<br>| &nbsp;&nbsp;&nbsp; (9175)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (604)<br>| &nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp; (270)<br>| &nbsp;&nbsp;&nbsp; (415)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (4923)<br>| &nbsp;&nbsp;&nbsp; (958)<br>| &nbsp;&nbsp;&nbsp; (10605)<br>| &nbsp;&nbsp;&nbsp; (13123)<br>|
| Class L | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (18654)<br>| &nbsp;&nbsp;&nbsp; (18446)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3608)<br>| &nbsp;&nbsp;&nbsp; (3460)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; (3266)<br>| &nbsp;&nbsp;&nbsp; (3084)<br>|
| Class R4 (a) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (491)<br>| &nbsp;&nbsp;&nbsp; (532)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1981)<br>| &nbsp;&nbsp;&nbsp; (2450)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (7989)<br>| &nbsp;&nbsp;&nbsp; (2208)<br>| &nbsp;&nbsp;&nbsp; (25449)<br>| &nbsp;&nbsp;&nbsp; (27987)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (21276)<br>| &nbsp;&nbsp;&nbsp; (4434)<br>| &nbsp;&nbsp;&nbsp; (72920)<br>| &nbsp;&nbsp;&nbsp; (78672)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (6924)<br>| &nbsp;&nbsp;&nbsp; (80582)<br>| &nbsp;&nbsp;&nbsp; (28644)<br>| &nbsp;&nbsp;&nbsp; 12468 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (30983)<br>| &nbsp;&nbsp;&nbsp; (59044)<br>| &nbsp;&nbsp;&nbsp; 16623 | &nbsp;&nbsp;&nbsp; (39470)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 334157 | &nbsp;&nbsp;&nbsp; 393201 | &nbsp;&nbsp;&nbsp; 920114 | &nbsp;&nbsp;&nbsp; 959584 |
| End of period | &nbsp;&nbsp;&nbsp; $303174 | &nbsp;&nbsp;&nbsp; $334157 | &nbsp;&nbsp;&nbsp; $936737 | &nbsp;&nbsp;&nbsp; $920114 |

---

------

(a) Liquidated on September 22, 2025 for JPMorgan SMID Cap Equity Fund.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Small Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small** <br>**Cap Blend Fund** | **JPMorgan Small** <br>**Cap Blend Fund** | **JPMorgan Small Cap Equity Fund** | **JPMorgan Small Cap Equity Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $39020 | &nbsp;&nbsp;&nbsp; $94277 | &nbsp;&nbsp;&nbsp; $16725 | &nbsp;&nbsp;&nbsp; $50899 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 23378 | &nbsp;&nbsp;&nbsp; 3813 | &nbsp;&nbsp;&nbsp; 63861 | &nbsp;&nbsp;&nbsp; 46790 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (40556)<br>| &nbsp;&nbsp;&nbsp; (70638)<br>| &nbsp;&nbsp;&nbsp; (82144)<br>| &nbsp;&nbsp;&nbsp; (111122)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 21842 | &nbsp;&nbsp;&nbsp; 27452 | &nbsp;&nbsp;&nbsp; (1558)<br>| &nbsp;&nbsp;&nbsp; (13433)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1405 | &nbsp;&nbsp;&nbsp; 5282 | &nbsp;&nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp; 2628 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1787 | &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 3020 | &nbsp;&nbsp;&nbsp; 2860 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2575)<br>| &nbsp;&nbsp;&nbsp; (3884)<br>| &nbsp;&nbsp;&nbsp; (2177)<br>| &nbsp;&nbsp;&nbsp; (16786)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp; 1668 | &nbsp;&nbsp;&nbsp; 1270 | &nbsp;&nbsp;&nbsp; (11298)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 34696 | &nbsp;&nbsp;&nbsp; 109564 | &nbsp;&nbsp;&nbsp; 150496 | &nbsp;&nbsp;&nbsp; 339862 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 15029 | &nbsp;&nbsp;&nbsp; 3965 | &nbsp;&nbsp;&nbsp; 151919 | &nbsp;&nbsp;&nbsp; 147279 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (91448)<br>| &nbsp;&nbsp;&nbsp; (168456)<br>| &nbsp;&nbsp;&nbsp; (582582)<br>| &nbsp;&nbsp;&nbsp; (966418)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (41723)<br>| &nbsp;&nbsp;&nbsp; (54927)<br>| &nbsp;&nbsp;&nbsp; (280167)<br>| &nbsp;&nbsp;&nbsp; (479277)<br>|
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 223 | &nbsp;&nbsp;&nbsp; 570 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 608 | &nbsp;&nbsp;&nbsp; 461 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (744)<br>| &nbsp;&nbsp;&nbsp; (1148)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; (117)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 2286 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp; 590 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (442)<br>| &nbsp;&nbsp;&nbsp; (13421)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; (10545)<br>|
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 51 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; 53 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (41)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; 63 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18156 | &nbsp;&nbsp;&nbsp; 61983 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 59825 | &nbsp;&nbsp;&nbsp; 50976 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (56409)<br>| &nbsp;&nbsp;&nbsp; (242266)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21572 | &nbsp;&nbsp;&nbsp; (129307)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 45

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small**<br> **Cap Blend Fund** | **JPMorgan Small**<br> **Cap Blend Fund** | **JPMorgan Small Cap Equity Fund** | **JPMorgan Small Cap Equity Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $65192 | &nbsp;&nbsp;&nbsp; $176841 | &nbsp;&nbsp;&nbsp; $205613 | &nbsp;&nbsp;&nbsp; $297293 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 32175 | &nbsp;&nbsp;&nbsp; 7612 | &nbsp;&nbsp;&nbsp; 235762 | &nbsp;&nbsp;&nbsp; 144647 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (97617)<br>| &nbsp;&nbsp;&nbsp; (158582)<br>| &nbsp;&nbsp;&nbsp; (385050)<br>| &nbsp;&nbsp;&nbsp; (406405)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (250)<br>| &nbsp;&nbsp;&nbsp; 25871 | &nbsp;&nbsp;&nbsp; 56325 | &nbsp;&nbsp;&nbsp; 35535 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(19514)<br>| &nbsp;&nbsp;&nbsp; $64 | &nbsp;&nbsp;&nbsp; $(202164)<br>| &nbsp;&nbsp;&nbsp; $(608379)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1451 | &nbsp;&nbsp;&nbsp; 3600 | &nbsp;&nbsp;&nbsp; 438 | &nbsp;&nbsp;&nbsp; 1172 |
| Reinvested | &nbsp;&nbsp;&nbsp; 862 | &nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp; 1918 | &nbsp;&nbsp;&nbsp; 1060 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1506)<br>| &nbsp;&nbsp;&nbsp; (2721)<br>| &nbsp;&nbsp;&nbsp; (2139)<br>| &nbsp;&nbsp;&nbsp; (2627)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 807 | &nbsp;&nbsp;&nbsp; 1022 | &nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp; (395)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 118 |
| Reinvested | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp; 133 |
| Redeemed | &nbsp;&nbsp;&nbsp; (169)<br>| &nbsp;&nbsp;&nbsp; (257)<br>| &nbsp;&nbsp;&nbsp; (137)<br>| &nbsp;&nbsp;&nbsp; (735)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp; (484)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1039 | &nbsp;&nbsp;&nbsp; 3393 | &nbsp;&nbsp;&nbsp; 2894 | &nbsp;&nbsp;&nbsp; 6104 |
| Reinvested | &nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 3281 | &nbsp;&nbsp;&nbsp; 2547 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2734)<br>| &nbsp;&nbsp;&nbsp; (5333)<br>| &nbsp;&nbsp;&nbsp; (11225)<br>| &nbsp;&nbsp;&nbsp; (17346)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (1255)<br>| &nbsp;&nbsp;&nbsp; (1820)<br>| &nbsp;&nbsp;&nbsp; (5050)<br>| &nbsp;&nbsp;&nbsp; (8695)<br>|
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 14 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 11 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; (28)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (3)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 55 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 14 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; (344)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; (275)<br>|
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small**<br> **Cap Blend Fund** | **JPMorgan Small**<br> **Cap Blend Fund** | **JPMorgan Small Cap Equity Fund** | **JPMorgan Small Cap Equity Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp; 1102 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1283 | &nbsp;&nbsp;&nbsp; 877 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1067)<br>| &nbsp;&nbsp;&nbsp; (4548)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 562 | &nbsp;&nbsp;&nbsp; (2569)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1935 | &nbsp;&nbsp;&nbsp; 5458 | &nbsp;&nbsp;&nbsp; 4040 | &nbsp;&nbsp;&nbsp; 5478 |
| Reinvested | &nbsp;&nbsp;&nbsp; 939 | &nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 5060 | &nbsp;&nbsp;&nbsp; 2491 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2891)<br>| &nbsp;&nbsp;&nbsp; (4895)<br>| &nbsp;&nbsp;&nbsp; (7657)<br>| &nbsp;&nbsp;&nbsp; (7228)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; 793 | &nbsp;&nbsp;&nbsp; 1443 | &nbsp;&nbsp;&nbsp; 741 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 47

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Value Fund** | **JPMorgan Small 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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $16704 | &nbsp;&nbsp;&nbsp; $34750 | &nbsp;&nbsp;&nbsp; $5658 | &nbsp;&nbsp;&nbsp; $10712 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 18386 | &nbsp;&nbsp;&nbsp; 1778 | &nbsp;&nbsp;&nbsp; 11378 | &nbsp;&nbsp;&nbsp; 8816 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (51552)<br>| &nbsp;&nbsp;&nbsp; (81529)<br>| &nbsp;&nbsp;&nbsp; (12091)<br>| &nbsp;&nbsp;&nbsp; (28741)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (16462)<br>| &nbsp;&nbsp;&nbsp; (45001)<br>| &nbsp;&nbsp;&nbsp; 4945 | &nbsp;&nbsp;&nbsp; (9213)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 307 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2111 | &nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp; 261 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3904)<br>| &nbsp;&nbsp;&nbsp; (9945)<br>| &nbsp;&nbsp;&nbsp; (357)<br>| &nbsp;&nbsp;&nbsp; (1668)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (1656)<br>| &nbsp;&nbsp;&nbsp; (9267)<br>| &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; (1100)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 111633 | &nbsp;&nbsp;&nbsp; 251648 | &nbsp;&nbsp;&nbsp; 33100 | &nbsp;&nbsp;&nbsp; 44858 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 10482 | &nbsp;&nbsp;&nbsp; 1469 | &nbsp;&nbsp;&nbsp; 16064 | &nbsp;&nbsp;&nbsp; 11747 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (103428)<br>| &nbsp;&nbsp;&nbsp; (168949)<br>| &nbsp;&nbsp;&nbsp; (39787)<br>| &nbsp;&nbsp;&nbsp; (62410)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 18687 | &nbsp;&nbsp;&nbsp; 84168 | &nbsp;&nbsp;&nbsp; 9377 | &nbsp;&nbsp;&nbsp; (5805)<br>|
| **Class L** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 18497 | &nbsp;&nbsp;&nbsp; 75266 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 12947 | &nbsp;&nbsp;&nbsp; 3637 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (243380)<br>| &nbsp;&nbsp;&nbsp; (190252)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; (211936)<br>| &nbsp;&nbsp;&nbsp; (111349)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp; 2470 | &nbsp;&nbsp;&nbsp; 3208 | &nbsp;&nbsp;&nbsp; 6593 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 629 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 2179 | &nbsp;&nbsp;&nbsp; 1724 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4292)<br>| &nbsp;&nbsp;&nbsp; (4640)<br>| &nbsp;&nbsp;&nbsp; (4766)<br>| &nbsp;&nbsp;&nbsp; (9748)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; (2912)<br>| &nbsp;&nbsp;&nbsp; (2128)<br>| &nbsp;&nbsp;&nbsp; 621 | &nbsp;&nbsp;&nbsp; (1431)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp; 1056 | &nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp; 3027 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 1368 | &nbsp;&nbsp;&nbsp; 1071 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (944)<br>| &nbsp;&nbsp;&nbsp; (1925)<br>| &nbsp;&nbsp;&nbsp; (2240)<br>| &nbsp;&nbsp;&nbsp; (3452)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; (614)<br>| &nbsp;&nbsp;&nbsp; (849)<br>| &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 646 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 132 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 4 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (90)<br>| &nbsp;&nbsp;&nbsp; (3161)<br>| &nbsp;&nbsp;&nbsp; (141)<br>| &nbsp;&nbsp;&nbsp; (98)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; (2955)<br>| &nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp; 38 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Value Fund** | **JPMorgan Small 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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $694 | &nbsp;&nbsp;&nbsp; $2246 | &nbsp;&nbsp;&nbsp; $2237 | &nbsp;&nbsp;&nbsp; $6757 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 1559 | &nbsp;&nbsp;&nbsp; 1242 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1811)<br>| &nbsp;&nbsp;&nbsp; (4891)<br>| &nbsp;&nbsp;&nbsp; (3941)<br>| &nbsp;&nbsp;&nbsp; (14057)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; (575)<br>| &nbsp;&nbsp;&nbsp; (2563)<br>| &nbsp;&nbsp;&nbsp; (145)<br>| &nbsp;&nbsp;&nbsp; (6058)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 76614 | &nbsp;&nbsp;&nbsp; 286331 | &nbsp;&nbsp;&nbsp; 39710 | &nbsp;&nbsp;&nbsp; 161750 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 78807 | &nbsp;&nbsp;&nbsp; 16668 | &nbsp;&nbsp;&nbsp; 74866 | &nbsp;&nbsp;&nbsp; 60869 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (613824)<br>| &nbsp;&nbsp;&nbsp; (681551)<br>| &nbsp;&nbsp;&nbsp; (196643)<br>| &nbsp;&nbsp;&nbsp; (264030)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; (458403)<br>| &nbsp;&nbsp;&nbsp; (378552)<br>| &nbsp;&nbsp;&nbsp; (82067)<br>| &nbsp;&nbsp;&nbsp; (41411)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(673814)<br>| &nbsp;&nbsp;&nbsp; $(468496)<br>| &nbsp;&nbsp;&nbsp; $(67236)<br>| &nbsp;&nbsp;&nbsp; $(64334)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 914 | &nbsp;&nbsp;&nbsp; 2013 | &nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp; 424 |
| Reinvested | &nbsp;&nbsp;&nbsp; 995 | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 436 | &nbsp;&nbsp;&nbsp; 338 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2830)<br>| &nbsp;&nbsp;&nbsp; (4757)<br>| &nbsp;&nbsp;&nbsp; (468)<br>| &nbsp;&nbsp;&nbsp; (1149)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (921)<br>| &nbsp;&nbsp;&nbsp; (2644)<br>| &nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp; (387)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 17 |
| Reinvested | &nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 15 |
| Redeemed | &nbsp;&nbsp;&nbsp; (380)<br>| &nbsp;&nbsp;&nbsp; (1017)<br>| &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; (96)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (154)<br>| &nbsp;&nbsp;&nbsp; (949)<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (64)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5210 | &nbsp;&nbsp;&nbsp; 12605 | &nbsp;&nbsp;&nbsp; 1132 | &nbsp;&nbsp;&nbsp; 1659 |
| Reinvested | &nbsp;&nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 548 | &nbsp;&nbsp;&nbsp; 406 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4799)<br>| &nbsp;&nbsp;&nbsp; (8448)<br>| &nbsp;&nbsp;&nbsp; (1373)<br>| &nbsp;&nbsp;&nbsp; (2255)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 888 | &nbsp;&nbsp;&nbsp; 4228 | &nbsp;&nbsp;&nbsp; 307 | &nbsp;&nbsp;&nbsp; (190)<br>|
| **Class L** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 824 | &nbsp;&nbsp;&nbsp; 3538 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (10544)<br>| &nbsp;&nbsp;&nbsp; (8949)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; (9162)<br>| &nbsp;&nbsp;&nbsp; (5244)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; 269 |
| Reinvested | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 67 |
| Redeemed | &nbsp;&nbsp;&nbsp; (251)<br>| &nbsp;&nbsp;&nbsp; (288)<br>| &nbsp;&nbsp;&nbsp; (186)<br>| &nbsp;&nbsp;&nbsp; (398)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (168)<br>| &nbsp;&nbsp;&nbsp; (130)<br>| &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; (62)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 49

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Value Fund** | **JPMorgan Small 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>| **Year Ended**<br> **June 30, 2025** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 121 |
| Reinvested | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 41 |
| Redeemed | &nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp; (111)<br>| &nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp; (143)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 19 |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 6 |
| Reinvested | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Redeemed | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (176)<br>| &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (4)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (164)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; 2 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 237 |
| Reinvested | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 43 |
| Redeemed | &nbsp;&nbsp;&nbsp; (80)<br>| &nbsp;&nbsp;&nbsp; (233)<br>| &nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp; (481)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp; (128)<br>| &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (201)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3303 | &nbsp;&nbsp;&nbsp; 13266 | &nbsp;&nbsp;&nbsp; 1376 | &nbsp;&nbsp;&nbsp; 5897 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3332 | &nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp; 2539 | &nbsp;&nbsp;&nbsp; 2098 |
| Redeemed | &nbsp;&nbsp;&nbsp; (26600)<br>| &nbsp;&nbsp;&nbsp; (31409)<br>| &nbsp;&nbsp;&nbsp; (6839)<br>| &nbsp;&nbsp;&nbsp; (9338)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (19965)<br>| &nbsp;&nbsp;&nbsp; (17393)<br>| &nbsp;&nbsp;&nbsp; (2924)<br>| &nbsp;&nbsp;&nbsp; (1343)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Small Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SMID Cap Equity Fund** | **JPMorgan SMID Cap Equity Fund** | **JPMorgan U.S. Small Company Fund** | **JPMorgan U.S. Small Company Fund** |
|  | &nbsp;&nbsp; **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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1535 | &nbsp;&nbsp;&nbsp; $10227 | &nbsp;&nbsp;&nbsp; $5852 | &nbsp;&nbsp;&nbsp; $21398 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 7519 | &nbsp;&nbsp;&nbsp; 1134 | &nbsp;&nbsp;&nbsp; 8259 | &nbsp;&nbsp;&nbsp; 8178 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (15642)<br>| &nbsp;&nbsp;&nbsp; (25238)<br>| &nbsp;&nbsp;&nbsp; (18218)<br>| &nbsp;&nbsp;&nbsp; (26661)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (6588)<br>| &nbsp;&nbsp;&nbsp; (13877)<br>| &nbsp;&nbsp;&nbsp; (4107)<br>| &nbsp;&nbsp;&nbsp; 2915 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp; 347 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp; 409 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1008)<br>| &nbsp;&nbsp;&nbsp; (2606)<br>| &nbsp;&nbsp;&nbsp; (559)<br>| &nbsp;&nbsp;&nbsp; (2598)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (287)<br>| &nbsp;&nbsp;&nbsp; (2048)<br>| &nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp; (1842)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4728 | &nbsp;&nbsp;&nbsp; 15295 | &nbsp;&nbsp;&nbsp; 7119 | &nbsp;&nbsp;&nbsp; 28247 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4920 | &nbsp;&nbsp;&nbsp; 925 | &nbsp;&nbsp;&nbsp; 10389 | &nbsp;&nbsp;&nbsp; 12668 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (13180)<br>| &nbsp;&nbsp;&nbsp; (29458)<br>| &nbsp;&nbsp;&nbsp; (23010)<br>| &nbsp;&nbsp;&nbsp; (57562)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (3532)<br>| &nbsp;&nbsp;&nbsp; (13238)<br>| &nbsp;&nbsp;&nbsp; (5502)<br>| &nbsp;&nbsp;&nbsp; (16647)<br>|
| **Class L** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12894 | &nbsp;&nbsp;&nbsp; 33716 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18301 | &nbsp;&nbsp;&nbsp; 17915 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (22277)<br>| &nbsp;&nbsp;&nbsp; (48162)<br>|
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8918 | &nbsp;&nbsp;&nbsp; 3469 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4006 | &nbsp;&nbsp;&nbsp; 8160 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3589 | &nbsp;&nbsp;&nbsp; 3443 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6198)<br>| &nbsp;&nbsp;&nbsp; (8501)<br>|
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1397 | &nbsp;&nbsp;&nbsp; 3102 |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 5398 | &nbsp;&nbsp;&nbsp; 8520 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 3093 | &nbsp;&nbsp;&nbsp; 2921 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (188)<br>| &nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp; (10461)<br>| &nbsp;&nbsp;&nbsp; (7684)<br>|
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; (1970)<br>| &nbsp;&nbsp;&nbsp; 3757 |
| **Class R4** (a) |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp; 1997 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp; 532 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (247)<br>| &nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp; (626)<br>| &nbsp;&nbsp;&nbsp; (2397)<br>|
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp; (246)<br>| &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 132 |

---

------

(a) Liquidated on September 22, 2025 for JPMorgan SMID Cap Equity Fund.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 51

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SMID Cap Equity Fund** | **JPMorgan SMID Cap Equity Fund** | **JPMorgan U.S. Small Company Fund** | **JPMorgan U.S. Small Company 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>| **Year Ended**<br> **June 30, 2025** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $257 | &nbsp;&nbsp;&nbsp; $8409 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1817 | &nbsp;&nbsp;&nbsp; 2247 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5413)<br>| &nbsp;&nbsp;&nbsp; (4214)<br>|
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3339)<br>| &nbsp;&nbsp;&nbsp; 6442 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 11599 | &nbsp;&nbsp;&nbsp; 41264 | &nbsp;&nbsp;&nbsp; 21796 | &nbsp;&nbsp;&nbsp; 81073 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 7930 | &nbsp;&nbsp;&nbsp; 2190 | &nbsp;&nbsp;&nbsp; 24690 | &nbsp;&nbsp;&nbsp; 27288 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (15772)<br>| &nbsp;&nbsp;&nbsp; (94877)<br>| &nbsp;&nbsp;&nbsp; (70577)<br>| &nbsp;&nbsp;&nbsp; (97221)<br>|
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 3757 | &nbsp;&nbsp;&nbsp; (51423)<br>| &nbsp;&nbsp;&nbsp; (24091)<br>| &nbsp;&nbsp;&nbsp; 11140 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(6924)<br>| &nbsp;&nbsp;&nbsp; $(80582)<br>| &nbsp;&nbsp;&nbsp; $(28644)<br>| &nbsp;&nbsp;&nbsp; $12468 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp; 1223 |
| Reinvested | &nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp; 448 |
| Redeemed | &nbsp;&nbsp;&nbsp; (980)<br>| &nbsp;&nbsp;&nbsp; (1547)<br>| &nbsp;&nbsp;&nbsp; (990)<br>| &nbsp;&nbsp;&nbsp; (1554)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (391)<br>| &nbsp;&nbsp;&nbsp; (865)<br>| &nbsp;&nbsp;&nbsp; (217)<br>| &nbsp;&nbsp;&nbsp; 117 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 22 |
| Reinvested | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 25 |
| Redeemed | &nbsp;&nbsp;&nbsp; (96)<br>| &nbsp;&nbsp;&nbsp; (239)<br>| &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; (167)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp; (190)<br>| &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (120)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp; 833 | &nbsp;&nbsp;&nbsp; 377 | &nbsp;&nbsp;&nbsp; 1532 |
| Reinvested | &nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 539 | &nbsp;&nbsp;&nbsp; 664 |
| Redeemed | &nbsp;&nbsp;&nbsp; (733)<br>| &nbsp;&nbsp;&nbsp; (1636)<br>| &nbsp;&nbsp;&nbsp; (1216)<br>| &nbsp;&nbsp;&nbsp; (3298)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (181)<br>| &nbsp;&nbsp;&nbsp; (755)<br>| &nbsp;&nbsp;&nbsp; (300)<br>| &nbsp;&nbsp;&nbsp; (1102)<br>|
| **Class L** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp; 1890 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 951 | &nbsp;&nbsp;&nbsp; 939 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1166)<br>| &nbsp;&nbsp;&nbsp; (2727)<br>|
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 466 | &nbsp;&nbsp;&nbsp; 102 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp; 488 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp; 197 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (357)<br>| &nbsp;&nbsp;&nbsp; (510)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 175 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan SMID Cap Equity Fund** | **JPMorgan SMID Cap Equity Fund** | **JPMorgan U.S. Small Company Fund** | **JPMorgan U.S. Small Company 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>| **Year Ended**<br> **June 30, 2025** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp; 502 |
| Reinvested | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 162 |
| Redeemed | &nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (593)<br>| &nbsp;&nbsp;&nbsp; (437)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; (120)<br>| &nbsp;&nbsp;&nbsp; 227 |
| **Class R4** (a) |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 108 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 28 |
| Redeemed | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (130)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 6 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 438 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 118 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (302)<br>| &nbsp;&nbsp;&nbsp; (245)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp; 311 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 648 | &nbsp;&nbsp;&nbsp; 2211 | &nbsp;&nbsp;&nbsp; 1149 | &nbsp;&nbsp;&nbsp; 4483 |
| Reinvested | &nbsp;&nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 1282 | &nbsp;&nbsp;&nbsp; 1431 |
| Redeemed | &nbsp;&nbsp;&nbsp; (875)<br>| &nbsp;&nbsp;&nbsp; (5253)<br>| &nbsp;&nbsp;&nbsp; (3785)<br>| &nbsp;&nbsp;&nbsp; (5392)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp; (2927)<br>| &nbsp;&nbsp;&nbsp; (1354)<br>| &nbsp;&nbsp;&nbsp; 522 |

---

------

(a) Liquidated on September 22, 2025 for JPMorgan SMID Cap Equity Fund.

(b) 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 Small Cap Funds 53

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(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 Small Cap Blend Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $25.74 | &nbsp;&nbsp; $—<br> (f)<br>| &nbsp;&nbsp; $1.74 | &nbsp;&nbsp; $1.74 | &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(1.32)<br>| &nbsp;&nbsp; $(1.47)<br>|
| Year Ended June 30, 2025 | 25.27 | 0.02 | 0.70 | 0.72 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended June 30, 2024 | 23.08 | 0.03 | 2.23 | 2.26 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2023 | 20.86 | 0.03 | 2.68 | 2.71 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.49)<br>|
| Year Ended June 30, 2022 | 28.67 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (5.77)<br>| &nbsp;&nbsp; (5.79)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.02)<br>|
| Year Ended June 30, 2021 | 19.11 | &nbsp;&nbsp; (0.03)<br>| 10.08 | 10.05 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.49)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 14.83 | &nbsp;&nbsp; (0.04)<br>| 1.03 | 0.99 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.46)<br>|
| Year Ended June 30, 2025 | 14.71 | &nbsp;&nbsp; (0.06)<br>| 0.41 | 0.35 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|
| Year Ended June 30, 2024 | 13.51 | &nbsp;&nbsp; (0.05)<br>| 1.30 | 1.25 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended June 30, 2023 | 12.44 | &nbsp;&nbsp; (0.05)<br>| 1.59 | 1.54 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.47)<br>|
| Year Ended June 30, 2022 | 18.01 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.02)<br>|
| Year Ended June 30, 2021 | 12.19 | &nbsp;&nbsp; (0.08)<br>| 6.37 | 6.29 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.47)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 32.04 | 0.04 | 2.16 | 2.20 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.51)<br>|
| Year Ended June 30, 2025 | 31.37 | 0.10 | 0.86 | 0.96 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| Year Ended June 30, 2024 | 28.60 | 0.11 | 2.77 | 2.88 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>|
| Year Ended June 30, 2023 | 25.71 | 0.11 | 3.31 | 3.42 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.53)<br>|
| Year Ended June 30, 2022 | 34.81 | 0.05 | &nbsp;&nbsp; (7.10)<br>| &nbsp;&nbsp; (7.05)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.05)<br>|
| Year Ended June 30, 2021 | 23.09 | 0.04 | 12.20 | 12.24 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.52)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 32.21 | 0.09 | 2.17 | 2.26 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp; (1.60)<br>|
| Year Ended June 30, 2025 | 31.53 | 0.19 | 0.86 | 1.05 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended June 30, 2024 | 28.74 | 0.19 | 2.77 | 2.96 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2023 | 25.83 | 0.18 | 3.33 | 3.51 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.60)<br>|
| Year Ended June 30, 2022 | 34.96 | 0.13 | &nbsp;&nbsp; (7.13)<br>| &nbsp;&nbsp; (7.00)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (2.02)<br>| &nbsp;&nbsp; (2.13)<br>|
| Year Ended June 30, 2021 | 23.17 | 0.11 | 12.25 | 12.36 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.57)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan Small Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $26.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.56<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $449919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &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; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 55

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(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 Small Cap Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $40.44 | &nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(8.16)<br>| &nbsp;&nbsp; $(8.23)<br>|
| Year Ended June 30, 2025 | 42.85 | 0.03 | 2.78 | 2.81 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (5.22)<br>|
| Year Ended June 30, 2024 | 42.10 | 0.07 | 2.72 | 2.79 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.04)<br>|
| Year Ended June 30, 2023 | 43.52 | 0.15 | 4.60 | 4.75 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.17)<br>|
| Year Ended June 30, 2022 | 65.04 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (8.96)<br>| &nbsp;&nbsp; (9.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.48)<br>|
| Year Ended June 30, 2021 | 45.69 | &nbsp;&nbsp; (0.02)<br>| 21.07 | 21.05 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.70)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 19.60 | &nbsp;&nbsp; (0.05)<br>| 0.19 | 0.14 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (8.16)<br>| &nbsp;&nbsp; (8.29)<br>|
| Year Ended June 30, 2025 | 23.13 | &nbsp;&nbsp; (0.11)<br>| 1.71 | 1.60 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (5.13)<br>|
| Year Ended June 30, 2024 | 23.71 | &nbsp;&nbsp; (0.08)<br>| 1.49 | 1.41 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (1.99)<br>|
| Year Ended June 30, 2023 | 27.11 | &nbsp;&nbsp; (0.04)<br>| 2.81 | 2.77 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.17)<br>|
| Year Ended June 30, 2022 | 45.39 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (5.57)<br>| &nbsp;&nbsp; (5.80)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.48)<br>|
| Year Ended June 30, 2021 | 32.42 | &nbsp;&nbsp; (0.20)<br>| 14.84 | 14.64 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.67)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 53.06 | 0.05 | 0.13 | 0.18 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (8.16)<br>| &nbsp;&nbsp; (8.27)<br>|
| Year Ended June 30, 2025 | 54.73 | 0.17 | 3.44 | 3.61 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (5.28)<br>|
| Year Ended June 30, 2024 | 53.16 | 0.23 | 3.46 | 3.69 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.12)<br>|
| Year Ended June 30, 2023 | 53.40 | 0.33 | 5.67 | 6.00 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.24)<br>|
| Year Ended June 30, 2022 | 76.84 | 0.09 | &nbsp;&nbsp; (10.99)<br>| &nbsp;&nbsp; (10.90)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.54)<br>|
| Year Ended June 30, 2021 | 53.70 | 0.17 | 24.81 | 24.98 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.84)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 38.50 | &nbsp;&nbsp; (0.06)<br>| 0.16 | 0.10 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.16)<br>| &nbsp;&nbsp; (8.16)<br>|
| Year Ended June 30, 2025 | 41.03 | &nbsp;&nbsp; (0.08)<br>| 2.68 | 2.60 | &nbsp;&nbsp; — | &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (5.13)<br>|
| Year Ended June 30, 2024 | 40.43 | &nbsp;&nbsp; (0.03)<br>| 2.61 | 2.58 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (1.98)<br>|
| Year Ended June 30, 2023 | 42.12 | 0.05 | 4.43 | 4.48 | &nbsp;&nbsp; — | &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.17)<br>|
| Year Ended June 30, 2022 | 63.47 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (8.67)<br>| &nbsp;&nbsp; (8.87)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.48)<br>|
| Year Ended June 30, 2021 | 44.70 | &nbsp;&nbsp; (0.15)<br>| 20.59 | 20.44 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.67)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 39.78 | &nbsp;&nbsp; (0.01)<br>| 0.14 | 0.13 | &nbsp;&nbsp; — | &nbsp;&nbsp; (8.16)<br>| &nbsp;&nbsp; (8.16)<br>|
| Year Ended June 30, 2025 | 42.20 | 0.01 | 2.77 | 2.78 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (5.20)<br>|
| Year Ended June 30, 2024 | 41.64 | 0.07 | 2.68 | 2.75 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.19)<br>|
| Year Ended June 30, 2023 | 43.11 | 0.14 | 4.57 | 4.71 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.18)<br>|
| Year Ended June 30, 2022 | 64.53 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (8.88)<br>| &nbsp;&nbsp; (8.94)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.48)<br>|
| Year Ended June 30, 2021 | 45.38 | &nbsp;&nbsp; —<br> (f)<br>| 20.92 | 20.92 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.77)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 52.86 | 0.06 | 0.13 | 0.19 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (8.16)<br>| &nbsp;&nbsp; (8.32)<br>|
| Year Ended June 30, 2025 | 54.56 | 0.18 | 3.42 | 3.60 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (5.30)<br>|
| Year Ended June 30, 2024 | 53.01 | 0.23 | 3.45 | 3.68 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.13)<br>|
| Year Ended June 30, 2023 | 53.28 | 0.31 | 5.68 | 5.99 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.26)<br>|
| Year Ended June 30, 2022 | 76.73 | 0.09 | &nbsp;&nbsp; (10.98)<br>| &nbsp;&nbsp; (10.89)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.56)<br>|
| Year Ended June 30, 2021 | 53.63 | 0.17 | 24.78 | 24.95 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.85)<br>|

---

&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; $32.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $311205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.65)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 970666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1413214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1933600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2320448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2480437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4239905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

57 <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 Small Cap Equity Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $53.34 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $0.12 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $(0.23)<br>| &nbsp;&nbsp; $(8.16)<br>| &nbsp;&nbsp; $(8.39)<br>|
| Year Ended June 30, 2025 | 55.00 | 0.28 | 3.46 | 3.74 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (5.40)<br>|
| Year Ended June 30, 2024 | 53.42 | 0.33 | 3.48 | 3.81 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.23)<br>|
| Year Ended June 30, 2023 | 53.64 | 0.44 | 5.69 | 6.13 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.35)<br>|
| Year Ended June 30, 2022 | 77.14 | 0.23 | &nbsp;&nbsp; (11.05)<br>| &nbsp;&nbsp; (10.82)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.68)<br>|
| Year Ended June 30, 2021 | 53.88 | 0.30 | 24.90 | 25.20 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.94)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 53.32 | 0.12 | 0.12 | 0.24 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (8.16)<br>| &nbsp;&nbsp; (8.42)<br>|
| Year Ended June 30, 2025 | 54.98 | 0.31 | 3.46 | 3.77 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (5.13)<br>| &nbsp;&nbsp; (5.43)<br>|
| Year Ended June 30, 2024 | 53.41 | 0.36 | 3.48 | 3.84 | &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (1.71)<br>| &nbsp;&nbsp; (2.27)<br>|
| Year Ended June 30, 2023 | 53.63 | 0.48 | 5.68 | 6.16 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (6.17)<br>| &nbsp;&nbsp; (6.38)<br>|
| Year Ended June 30, 2022 | 77.14 | 0.26 | &nbsp;&nbsp; (11.05)<br>| &nbsp;&nbsp; (10.79)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (12.48)<br>| &nbsp;&nbsp; (12.72)<br>|
| Year Ended June 30, 2021 | 53.87 | 0.34 | 24.90 | 25.24 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (1.63)<br>| &nbsp;&nbsp; (1.97)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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.

(g) Amount rounds to less than 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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; $45.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $381978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 882992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1309013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1414811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1593997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1603059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2036447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1793598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2069498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

59 <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 Small Cap Growth Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $17.23 | &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $1.73 | &nbsp;&nbsp; $1.65 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1.30)<br>| &nbsp;&nbsp; $(1.30)<br>|
| Year Ended June 30, 2025 | 16.91 | &nbsp;&nbsp; (0.13)<br>| 0.55 | 0.42 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| Year Ended June 30, 2024 | 15.75 | &nbsp;&nbsp; (0.11)<br>| 1.27 | 1.16 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 13.92 | &nbsp;&nbsp; (0.10)<br>| 2.00 | 1.90 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 25.86 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (8.46)<br>| &nbsp;&nbsp; (8.66)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 18.70 | &nbsp;&nbsp; (0.23)<br>| 9.22 | 8.99 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.83)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 9.81 | &nbsp;&nbsp; (0.07)<br>| 1.01 | 0.94 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.30)<br>|
| Year Ended June 30, 2025 | 9.69 | &nbsp;&nbsp; (0.13)<br>| 0.33 | 0.20 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| Year Ended June 30, 2024 | 9.08 | &nbsp;&nbsp; (0.11)<br>| 0.72 | 0.61 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 8.09 | &nbsp;&nbsp; (0.10)<br>| 1.16 | 1.06 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 16.62 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (5.07)<br>| &nbsp;&nbsp; (5.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 12.53 | &nbsp;&nbsp; (0.23)<br>| 6.14 | 5.91 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.82)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 20.27 | &nbsp;&nbsp; (0.07)<br>| 2.02 | 1.95 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.33)<br>|
| Year Ended June 30, 2025 | 19.86 | &nbsp;&nbsp; (0.11)<br>| 0.67 | 0.56 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Year Ended June 30, 2024 | 18.46 | &nbsp;&nbsp; (0.08)<br>| 1.48 | 1.40 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 16.26 | &nbsp;&nbsp; (0.07)<br>| 2.34 | 2.27 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 29.53 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (9.83)<br>| &nbsp;&nbsp; (9.99)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 21.14 | &nbsp;&nbsp; (0.20)<br>| 10.46 | 10.26 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.87)<br>|
| **Class L** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 21.33 | &nbsp;&nbsp; (0.06)<br>| 2.13 | 2.07 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.34)<br>|
| Year Ended June 30, 2025 | 20.88 | &nbsp;&nbsp; (0.08)<br>| 0.70 | 0.62 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2024 | 19.38 | &nbsp;&nbsp; (0.06)<br>| 1.56 | 1.50 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 17.04 | &nbsp;&nbsp; (0.05)<br>| 2.46 | 2.41 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 30.73 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (10.27)<br>| &nbsp;&nbsp; (10.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 21.93 | &nbsp;&nbsp; (0.16)<br>| 10.85 | 10.69 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.89)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 16.09 | &nbsp;&nbsp; (0.10)<br>| 1.61 | 1.51 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.30)<br>|
| Year Ended June 30, 2025 | 15.78 | &nbsp;&nbsp; (0.16)<br>| 0.53 | 0.37 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>|
| Year Ended June 30, 2024 | 14.74 | &nbsp;&nbsp; (0.14)<br>| 1.18 | 1.04 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 13.06 | &nbsp;&nbsp; (0.13)<br>| 1.88 | 1.75 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 24.55 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (7.98)<br>| &nbsp;&nbsp; (8.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 17.85 | &nbsp;&nbsp; (0.27)<br>| 8.79 | 8.52 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.82)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 17.19 | &nbsp;&nbsp; (0.08)<br>| 1.72 | 1.64 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.30)<br>|
| Year Ended June 30, 2025 | 16.85 | &nbsp;&nbsp; (0.13)<br>| 0.56 | 0.43 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2024 | 15.71 | &nbsp;&nbsp; (0.11)<br>| 1.25 | 1.14 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 13.88 | &nbsp;&nbsp; (0.10)<br>| 2.00 | 1.90 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 25.79 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (8.44)<br>| &nbsp;&nbsp; (8.63)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 18.66 | &nbsp;&nbsp; (0.23)<br>| 9.21 | 8.98 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.85)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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; $17.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $288036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.89)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.71)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 772497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1013916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1096814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.15)<br>| &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;16.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

61 <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 Small Cap Growth Fund (continued)** |  |  |  |  |  |  |  |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $17.56 | &nbsp;&nbsp; $(0.06)<br>| &nbsp;&nbsp; $1.75 | &nbsp;&nbsp; $1.69 | &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(1.30)<br>| &nbsp;&nbsp; $(1.33)<br>|
| Year Ended June 30, 2025 | 17.21 | &nbsp;&nbsp; (0.09)<br>| 0.57 | 0.48 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>|
| Year Ended June 30, 2024 | 15.99 | &nbsp;&nbsp; (0.07)<br>| 1.29 | 1.22 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 14.10 | &nbsp;&nbsp; (0.06)<br>| 2.02 | 1.96 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 26.08 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (8.56)<br>| &nbsp;&nbsp; (8.70)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 18.83 | &nbsp;&nbsp; (0.17)<br>| 9.29 | 9.12 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.87)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 21.35 | &nbsp;&nbsp; (0.06)<br>| 2.13 | 2.07 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.35)<br>|
| Year Ended June 30, 2025 | 20.90 | &nbsp;&nbsp; (0.08)<br>| 0.70 | 0.62 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended June 30, 2024 | 19.40 | &nbsp;&nbsp; (0.06)<br>| 1.56 | 1.50 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 17.06 | &nbsp;&nbsp; (0.05)<br>| 2.46 | 2.41 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 30.76 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (10.28)<br>| &nbsp;&nbsp; (10.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 21.95 | &nbsp;&nbsp; (0.16)<br>| 10.86 | 10.70 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.89)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 21.74 | &nbsp;&nbsp; (0.05)<br>| 2.17 | 2.12 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.38)<br>|
| Year Ended June 30, 2025 | 21.28 | &nbsp;&nbsp; (0.06)<br>| 0.72 | 0.66 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| Year Ended June 30, 2024 | 19.73 | &nbsp;&nbsp; (0.04)<br>| 1.59 | 1.55 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 17.34 | &nbsp;&nbsp; (0.03)<br>| 2.49 | 2.46 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2022 | 31.17 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (10.44)<br>| &nbsp;&nbsp; (10.55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3.28)<br>| &nbsp;&nbsp; (3.28)<br>|
| Year Ended June 30, 2021 | 22.21 | &nbsp;&nbsp; (0.13)<br>| 10.99 | 10.86 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp; (1.90)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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;

62 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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; $17.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.29<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.64)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1301244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1692506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2460861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2380212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3794115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

63 <br>

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(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 Small Cap Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $23.82 | &nbsp;&nbsp; $0.07 | &nbsp;&nbsp; $3.78 | &nbsp;&nbsp; $3.85 | &nbsp;&nbsp; $(0.15)<br>| &nbsp;&nbsp; $(2.37)<br>| &nbsp;&nbsp; $(2.52)<br>|
| Year Ended June 30, 2025 | 24.62 | 0.16 | 0.88 | 1.04 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.84)<br>|
| Year Ended June 30, 2024 | 22.44 | 0.18 | 2.35 | 2.53 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.35)<br>|
| Year Ended June 30, 2023 | 22.93 | 0.21 | 1.58 | 1.79 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.28)<br>|
| Year Ended June 30, 2022 | 32.06 | 0.12 | &nbsp;&nbsp; (4.25)<br>| &nbsp;&nbsp; (4.13)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (5.00)<br>|
| Year Ended June 30, 2021 | 18.48 | 0.12 | 13.59 | 13.71 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 16.29 | &nbsp;&nbsp; —<br> (f)<br>| 2.61 | 2.61 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (2.49)<br>|
| Year Ended June 30, 2025 | 17.40 | 0.02 | 0.66 | 0.68 | &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.79)<br>|
| Year Ended June 30, 2024 | 15.99 | 0.04 | 1.67 | 1.71 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2023 | 16.97 | 0.07 | 1.17 | 1.24 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.22)<br>|
| Year Ended June 30, 2022 | 25.08 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (3.14)<br>| &nbsp;&nbsp; (3.16)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (4.95)<br>|
| Year Ended June 30, 2021 | 14.52 | 0.01 | 10.64 | 10.65 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 26.50 | 0.11 | 4.19 | 4.30 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (2.55)<br>|
| Year Ended June 30, 2025 | 27.19 | 0.25 | 0.95 | 1.20 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.89)<br>|
| Year Ended June 30, 2024 | 24.73 | 0.26 | 2.60 | 2.86 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.40)<br>|
| Year Ended June 30, 2023 | 25.05 | 0.30 | 1.71 | 2.01 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.33)<br>|
| Year Ended June 30, 2022 | 34.53 | 0.23 | &nbsp;&nbsp; (4.65)<br>| &nbsp;&nbsp; (4.42)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (5.06)<br>|
| Year Ended June 30, 2021 | 19.88 | 0.21 | 14.62 | 14.83 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 23.30 | 0.03 | 3.69 | 3.72 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (2.48)<br>|
| Year Ended June 30, 2025 | 24.14 | 0.09 | 0.85 | 0.94 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.78)<br>|
| Year Ended June 30, 2024 | 22.02 | 0.10 | 2.32 | 2.42 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended June 30, 2023 | 22.54 | 0.15 | 1.55 | 1.70 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.22)<br>|
| Year Ended June 30, 2022 | 31.62 | 0.05 | &nbsp;&nbsp; (4.17)<br>| &nbsp;&nbsp; (4.12)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (4.96)<br>|
| Year Ended June 30, 2021 | 18.25 | 0.06 | 13.41 | 13.47 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 23.76 | 0.06 | 3.76 | 3.82 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (2.51)<br>|
| Year Ended June 30, 2025 | 24.56 | 0.15 | 0.88 | 1.03 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.83)<br>|
| Year Ended June 30, 2024 | 22.38 | 0.16 | 2.35 | 2.51 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 22.88 | 0.21 | 1.57 | 1.78 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.28)<br>|
| Year Ended June 30, 2022 | 32.00 | 0.13 | &nbsp;&nbsp; (4.24)<br>| &nbsp;&nbsp; (4.11)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (5.01)<br>|
| Year Ended June 30, 2021 | 18.45 | 0.13 | 13.56 | 13.69 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.14)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 26.55 | 0.10 | 4.20 | 4.30 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (2.53)<br>|
| Year Ended June 30, 2025 | 27.24 | 0.27 | 0.92 | 1.19 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.88)<br>|
| Year Ended June 30, 2024 | 24.73 | 0.22 | 2.62 | 2.84 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.33)<br>|
| Year Ended June 30, 2023 | 25.05 | 0.29 | 1.72 | 2.01 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.33)<br>|
| Year Ended June 30, 2022 | 34.52 | 0.22 | &nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp; (4.41)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (5.06)<br>|
| Year Ended June 30, 2021 | 19.88 | 0.22 | 14.61 | 14.83 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.19)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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; $25.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $126589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.28<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15.14)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

65 <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 Small Cap Value Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $26.55 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $4.19 | &nbsp;&nbsp; $4.32 | &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(2.37)<br>| &nbsp;&nbsp; $(2.56)<br>|
| Year Ended June 30, 2025 | 27.23 | 0.28 | 0.96 | 1.24 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.92)<br>|
| Year Ended June 30, 2024 | 24.77 | 0.28 | 2.61 | 2.89 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.43)<br>|
| Year Ended June 30, 2023 | 25.09 | 0.35 | 1.70 | 2.05 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.37)<br>|
| Year Ended June 30, 2022 | 34.56 | 0.25 | &nbsp;&nbsp; (4.63)<br>| &nbsp;&nbsp; (4.38)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (5.09)<br>|
| Year Ended June 30, 2021 | 19.89 | 0.24 | 14.64 | 14.88 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 26.61 | 0.14 | 4.21 | 4.35 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (2.37)<br>| &nbsp;&nbsp; (2.58)<br>|
| Year Ended June 30, 2025 | 27.29 | 0.31 | 0.96 | 1.27 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (1.95)<br>|
| Year Ended June 30, 2024 | 24.83 | 0.31 | 2.61 | 2.92 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.46)<br>|
| Year Ended June 30, 2023 | 25.14 | 0.36 | 1.72 | 2.08 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (2.03)<br>| &nbsp;&nbsp; (2.39)<br>|
| Year Ended June 30, 2022 | 34.62 | 0.29 | &nbsp;&nbsp; (4.66)<br>| &nbsp;&nbsp; (4.37)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (4.87)<br>| &nbsp;&nbsp; (5.11)<br>|
| Year Ended June 30, 2021 | 19.92 | 0.27 | 14.66 | 14.93 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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;

66 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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; $28.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $19407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 875055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 798822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 929661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

67 <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 SMID Cap Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $16.18 | &nbsp;&nbsp; $—<br> (f)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.14)<br>| &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $(1.11)<br>| &nbsp;&nbsp; $(1.14)<br>|
| Year Ended June 30, 2025 | 15.27 | 0.02 | 1.04 | 1.06 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.15)<br>|
| Year Ended June 30, 2024 | 14.45 | 0.04 | 0.83 | 0.87 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended June 30, 2023 | 14.91 | 0.03 | 1.31 | 1.34 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (1.80)<br>|
| Year Ended June 30, 2022 | 21.12 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.97)<br>| &nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (4.20)<br>|
| Year Ended June 30, 2021 | 15.52 | 0.01 | 6.32 | 6.33 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.73)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 10.76 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.11)<br>|
| Year Ended June 30, 2025 | 10.22 | &nbsp;&nbsp; (0.04)<br>| 0.70 | 0.66 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.12)<br>|
| Year Ended June 30, 2024 | 9.69 | &nbsp;&nbsp; (0.02)<br>| 0.56 | 0.54 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended June 30, 2023 | 10.61 | &nbsp;&nbsp; (0.03)<br>| 0.91 | 0.88 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (1.80)<br>|
| Year Ended June 30, 2022 | 16.25 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (4.20)<br>|
| Year Ended June 30, 2021 | 12.08 | &nbsp;&nbsp; (0.06)<br>| 4.89 | 4.83 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.66)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 18.10 | 0.03 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.17)<br>|
| Year Ended June 30, 2025 | 17.05 | 0.07 | 1.16 | 1.23 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.18)<br>|
| Year Ended June 30, 2024 | 16.13 | 0.09 | 0.91 | 1.00 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.08)<br>|
| Year Ended June 30, 2023 | 16.43 | 0.07 | 1.46 | 1.53 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (1.83)<br>|
| Year Ended June 30, 2022 | 22.81 | 0.01 | &nbsp;&nbsp; (2.19)<br>| &nbsp;&nbsp; (2.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (4.20)<br>|
| Year Ended June 30, 2021 | 16.71 | 0.06 | 6.82 | 6.88 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.78)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 16.16 | &nbsp;&nbsp; —<br> (f)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.14)<br>|
| Year Ended June 30, 2025 | 15.25 | 0.02 | 1.04 | 1.06 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.15)<br>|
| Year Ended June 30, 2024 | 14.41 | 0.05 | 0.82 | 0.87 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended June 30, 2023 | 14.88 | 0.03 | 1.30 | 1.33 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (1.80)<br>|
| Year Ended June 30, 2022 | 21.08 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp; (2.00)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (4.20)<br>|
| Year Ended June 30, 2021 | 15.41 | 0.03 | 6.27 | 6.30 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.63)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 18.18 | 0.05 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (1.11)<br>| &nbsp;&nbsp; (1.22)<br>|
| Year Ended June 30, 2025 | 17.13 | 0.11 | 1.17 | 1.28 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.23)<br>|
| Year Ended June 30, 2024 | 16.20 | 0.13 | 0.93 | 1.06 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.13)<br>|
| Year Ended June 30, 2023 | 16.49 | 0.13 | 1.45 | 1.58 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp; (1.87)<br>|
| Year Ended June 30, 2022 | 22.83 | 0.06 | &nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp; (2.14)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (4.20)<br>| &nbsp;&nbsp; (4.20)<br>|
| Year Ended June 30, 2021 | 16.73 | 0.11 | 6.82 | 6.93 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.83)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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;

68 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(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; $14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.05)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $105500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.76)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

69 <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 U.S. Small Company Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $16.74 | &nbsp;&nbsp; $—<br> (f)<br>| &nbsp;&nbsp; $2.26 | &nbsp;&nbsp; $2.26 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(1.44)<br>| &nbsp;&nbsp; $(1.44)<br>|
| Year Ended June 30, 2025 | 17.57 | 0.02 | 0.57 | 0.59 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.42)<br>|
| Year Ended June 30, 2024 | 15.77 | 0.02 | 1.81 | 1.83 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended June 30, 2023 | 14.62 | 0.04 | 1.99 | 2.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2022 | 23.54 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (3.59)<br>| &nbsp;&nbsp; (3.60)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.32)<br>|
| Year Ended June 30, 2021 | 14.84 | &nbsp;&nbsp; (0.01)<br>| 9.26 | 9.25 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.55)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 14.91 | &nbsp;&nbsp; (0.04)<br>| 2.02 | 1.98 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.44)<br>|
| Year Ended June 30, 2025 | 15.84 | &nbsp;&nbsp; (0.07)<br>| 0.54 | 0.47 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.40)<br>|
| Year Ended June 30, 2024 | 14.27 | &nbsp;&nbsp; (0.06)<br>| 1.63 | 1.57 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 13.34 | &nbsp;&nbsp; (0.04)<br>| 1.82 | 1.78 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2022 | 22.04 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (3.27)<br>| &nbsp;&nbsp; (3.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.32)<br>|
| Year Ended June 30, 2021 | 13.96 | &nbsp;&nbsp; (0.10)<br>| 8.69 | 8.59 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.51)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 17.51 | 0.02 | 2.39 | 2.41 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.49)<br>|
| Year Ended June 30, 2025 | 18.32 | 0.06 | 0.59 | 0.65 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.46)<br>|
| Year Ended June 30, 2024 | 16.44 | 0.06 | 1.89 | 1.95 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.07)<br>|
| Year Ended June 30, 2023 | 15.21 | 0.08 | 2.07 | 2.15 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.92)<br>|
| Year Ended June 30, 2022 | 24.21 | 0.04 | &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.68)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.32)<br>|
| Year Ended June 30, 2021 | 15.25 | 0.04 | 9.51 | 9.55 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.59)<br>|
| **Class L** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 17.50 | 0.03 | 2.38 | 2.41 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.51)<br>|
| Year Ended June 30, 2025 | 18.31 | 0.08 | 0.60 | 0.68 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.49)<br>|
| Year Ended June 30, 2024 | 16.43 | 0.08 | 1.89 | 1.97 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.09)<br>|
| Year Ended June 30, 2023 | 15.20 | 0.10 | 2.07 | 2.17 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.94)<br>|
| Year Ended June 30, 2022 | 24.18 | 0.07 | &nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.34)<br>|
| Year Ended June 30, 2021 | 15.23 | 0.07 | 9.51 | 9.58 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.63)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 15.97 | &nbsp;&nbsp; (0.03)<br>| 2.18 | 2.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.44)<br>|
| Year Ended June 30, 2025 | 16.86 | &nbsp;&nbsp; (0.03)<br>| 0.54 | 0.51 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.40)<br>|
| Year Ended June 30, 2024 | 15.15 | &nbsp;&nbsp; (0.03)<br>| 1.74 | 1.71 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Year Ended June 30, 2023 | 14.08 | &nbsp;&nbsp; — | 1.92 | 1.92 | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.85)<br>|
| Year Ended June 30, 2022 | 22.92 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (3.46)<br>| &nbsp;&nbsp; (3.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.32)<br>|
| Year Ended June 30, 2021 | 14.48 | &nbsp;&nbsp; (0.06)<br>| 9.02 | 8.96 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.52)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 16.54 | &nbsp;&nbsp; —<br> (f)<br>| 2.23 | 2.23 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.44)<br>|
| Year Ended June 30, 2025 | 17.38 | 0.01 | 0.57 | 0.58 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.42)<br>|
| Year Ended June 30, 2024 | 15.60 | 0.01 | 1.80 | 1.81 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended June 30, 2023 | 14.48 | 0.04 | 1.96 | 2.00 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.88)<br>|
| Year Ended June 30, 2022 | 23.36 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (3.55)<br>| &nbsp;&nbsp; (3.56)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.32)<br>|
| Year Ended June 30, 2021 | 14.74 | &nbsp;&nbsp; (0.01)<br>| 9.20 | 9.19 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.57)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 <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; $17.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $112225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.23<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106876 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 317162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41978 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.58)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

71 <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 U.S. Small Company Fund (continued)** |  |  |  |  |  |  |  |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | $17.34 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $2.34 | &nbsp;&nbsp; $2.36 | &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $(1.44)<br>| &nbsp;&nbsp; $(1.48)<br>|
| Year Ended June 30, 2025 | 18.15 | 0.06 | 0.59 | 0.65 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.46)<br>|
| Year Ended June 30, 2024 | 16.29 | 0.06 | 1.86 | 1.92 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.06)<br>|
| Year Ended June 30, 2023 | 15.08 | 0.08 | 2.05 | 2.13 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.92)<br>|
| Year Ended June 30, 2022 | 24.05 | 0.04 | &nbsp;&nbsp; (3.69)<br>| &nbsp;&nbsp; (3.65)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.32)<br>|
| Year Ended June 30, 2021 | 15.16 | 0.04 | 9.46 | 9.50 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.61)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 17.41 | 0.03 | 2.37 | 2.40 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.51)<br>|
| Year Ended June 30, 2025 | 18.23 | 0.08 | 0.59 | 0.67 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.49)<br>|
| Year Ended June 30, 2024 | 16.36 | 0.09 | 1.88 | 1.97 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| Year Ended June 30, 2023 | 15.15 | 0.11 | 2.05 | 2.16 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.95)<br>|
| Year Ended June 30, 2022 | 24.13 | 0.07 | &nbsp;&nbsp; (3.71)<br>| &nbsp;&nbsp; (3.64)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.34)<br>|
| Year Ended June 30, 2021 | 15.20 | 0.07 | 9.49 | 9.56 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.63)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2025 (Unaudited) | 17.52 | 0.04 | 2.38 | 2.42 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.53)<br>|
| Year Ended June 30, 2025 | 18.33 | 0.10 | 0.59 | 0.69 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (1.40)<br>| &nbsp;&nbsp; (1.50)<br>|
| Year Ended June 30, 2024 | 16.44 | 0.10 | 1.90 | 2.00 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.11)<br>|
| Year Ended June 30, 2023 | 15.21 | 0.12 | 2.07 | 2.19 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.96)<br>|
| Year Ended June 30, 2022 | 24.20 | 0.09 | &nbsp;&nbsp; (3.72)<br>| &nbsp;&nbsp; (3.63)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (5.32)<br>| &nbsp;&nbsp; (5.36)<br>|
| Year Ended June 30, 2021 | 15.25 | 0.09 | 9.51 | 9.60 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.65)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) 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;

72 <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; $18.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.25)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19.18)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

73 <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.

The following are 6 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan Small Cap Blend Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified |
| JPMorgan Small Cap Equity Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM I | Diversified |
| JPMorgan Small Cap Growth Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM II | Diversified |
| JPMorgan Small Cap Value Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and <br> Class R6<br>| JPM II | Diversified |
| JPMorgan SMID Cap Equity Fund | Class A, Class C, Class I, Class R3, Class R4<sup>(1)</sup> and Class R6 | JPM II | Diversified |
| JPMorgan U.S. Small Company Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM I | Diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>(1)</sup> Liquidated on September 22, 2025.

The investment objective of JPMorgan Small Cap Blend Fund ("Small Cap Blend Fund") and JPMorgan Small Cap Equity Fund ("Small Cap Equity Fund") is to seek capital growth over the long term.

The investment objective of JPMorgan Small Cap Growth Fund ("Small Cap Growth Fund") is to seek long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.

The investment objective of JPMorgan Small Cap Value Fund ("Small Cap Value Fund") is to seek long-term capital growth primarily by investing in equity securities of small-capitalization companies.

The investment objective of JPMorgan SMID Cap Equity Fund ("SMID Cap Equity Fund") is to seek long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.

The investment objective of JPMorgan U.S. Small Company Fund ("U.S. Small Company Fund") is to seek to provide high total return from a portfolio of small company stocks.

All share classes of Small Cap Growth Fund and Class L Shares of U.S. Small Company Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of Small Cap Growth Fund and Class L Shares of the U.S. Small Company Fund unless they meet certain requirements as described in the Small Cap Growth Fund's and U.S. Small Company Fund's prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 J.P. Morgan Small Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**A. Valuation of Investments**— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations. 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.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Funds are calculated on a valuation date.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $1562929 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1562929 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 75

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $3275295 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3275295 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $2973753 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2973753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $1162481 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1162481 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 34044 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34044 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 61362 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 61362 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 95406 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95406 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $1257887 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1257887 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(539)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(539)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $311086 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $311086 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; $923718 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $923718 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 18832 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18832 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Small Company Fund** (continued) | **U.S. Small Company Fund** (continued) | **U.S. Small Company Fund** (continued) | **U.S. Small Company Fund** (continued) | **U.S. Small Company Fund** (continued) |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; $78560 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $78560 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 97392 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97392 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $1021110 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1021110 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(359)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(359)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**B. Restricted Securities**— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of December 31, 2025, the Funds had no investments in restricted securities including securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

**C. Securities Lending** — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the "Securities Lending Agency Agreement"). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank's fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

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>|
| Small Cap Blend Fund | &nbsp;&nbsp; $74414 | &nbsp;&nbsp; $(74414)<br>| &nbsp;&nbsp; $— |
| Small Cap Equity Fund | &nbsp;&nbsp; 111047 | &nbsp;&nbsp; (111047)<br>| &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 77

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities**<br> **on Loan, at value,**<br> **Presented on the**<br> **Statements of Assets**<br> **and Liabilities**<br>| **Cash Collateral**<br> **Posted by Borrower\***<br>| **Net Amount Due**<br> **to Counterparty**<br> **(not less than zero)**<br>|
| Small Cap Growth Fund | &nbsp;&nbsp; $252332 | &nbsp;&nbsp; $(252332)<br>| &nbsp;&nbsp; $— |
| Small Cap Value Fund | &nbsp;&nbsp; 58966 | &nbsp;&nbsp; (58966)<br>| &nbsp;&nbsp; — |
| SMID Cap Equity Fund | &nbsp;&nbsp; 7272 | &nbsp;&nbsp; (7272)<br>| &nbsp;&nbsp; — |
| U.S. Small Company Fund | &nbsp;&nbsp; 75678 | &nbsp;&nbsp; (75678)<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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  | **Small Cap Blend Fund**  |
| **For the 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>| $33561 | $160147 | $169785 | $4 | $1 | $23928 | 23919 | $524 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% (a) (b)<br>| 29338 | 249056 | 201188 |  |  | 77206 | 77206 | 790<br> \*<br>|  |
| **Total** | $62899 | $409203 | $370973 | $4 | $1 | $101134 |  | $1314 | $— |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  | **Small Cap Equity Fund**  |
| **For the 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>| $178285 | $585596 | $685278 | $31 | $(5)<br>| $78629 | 78598 | $2086 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>| 62215 | 495133 | 440689 |  |  | 116659 | 116659 | 996<br> \*<br>|  |
| **Total** | $240500 | $1080729 | $1125967 | $31 | $(5)<br>| $195288 |  | $3082 | $— |

---

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan Small Cap Funds December 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  | **Small Cap Growth Fund**  |
| **For the 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>| $76111 | $629472 | $658206 | $12 | $(3)<br>| $47386 | 47367 | $622 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>| 112363 | 680202 | 531083 |  |  | 261482 | 261482 | 2,663<br> \*<br>|  |
| **Total** | $188474 | $1309674 | $1189289 | $12 | $(3)<br>| $308868 |  | $3285 | $— |

---

&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;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  | **Small Cap Value Fund**  |
| **For the 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>| $58558 | $226060 | $250576 | $2 | $—<br> (c)<br>| $34044 | 34030 | $493 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% (a) (b)<br>| 27391 | 246182 | 212211 |  |  | 61362 | 61362 | 942<br> \*<br>|  |
| **Total** | $85949 | $472242 | $462787 | $2 | $—<br> (c)<br>| $95406 |  | $1435 | $— |

---

&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.

(c) Amount rounds to less than one thousand.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  | **SMID Cap Equity Fund**  |
| **For the 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>| $7933 | $36811 | $37202 | $1 | $1 | $7544 | 7541 | $147 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% (a) (b)<br>| 2555 | 54979 | 50025 |  |  | 7509 | 7509 | 98<br> \*<br>|  |
| **Total** | $10488 | $91790 | $87227 | $1 | $1 | $15053 |  | $245 | $— |

---

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 79

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  | **U.S. Small Company Fund**  |
| **For the 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>| $56037 | $231827 | $269037 | $5 | $— | $18832 | 18824 | $439 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.82% <br> (a) (b)<br>| 44768 | 236648 | 202856 |  |  | 78560 | 78560 | 982<br> \*<br>|  |
| **Total** | $100805 | $468475 | $471893 | $5 | $— | $97392 |  | $1421 | $— |

---

&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).

**E. Futures Contracts**— Small Cap Value Fund and U.S. Small Company Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**Derivatives Volume**

The table below discloses the volume of the Funds' futures contracts activity during the six months ended December 31, 2025 (amounts in thousands, except number of contracts):

---

| | | |
|:---|:---|:---|
|  | **Small Cap** <br>**Value Fund**<br>| **U.S. Small** <br>**Company Fund**<br>|
| **Futures Contracts:** |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $25185 | &nbsp;&nbsp; $21378 |
| Ending Notional Balance Long | &nbsp;&nbsp; 31230 | &nbsp;&nbsp; 14491 |

---

**F. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan Small Cap Funds December 31, 2025

------

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** |
| **Small Cap Blend Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | $12 | $2 | $3 | n/a | n/a | n/a | n/a | n/a | $11 | $28 |
| **Small Cap Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 15 | 1 | 10 | n/a | $1 | $—<br> (a)<br>| $—<br> (a)<br>| $5 | 16 | 48 |
| **Small Cap Growth Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 20 | 2 | 7 | $2 | 2 | 1 | —<br> (a)<br>| 1 | 30 | 65 |
| **Small Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 16 | 1 | 3 | n/a | 13 | 3 | —<br> (a)<br>| 1 | 18 | 55 |
| **SMID Cap Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 15 | 1 | 3 | n/a | n/a | —<br> (a)<br>| —<br> (a)<br>| n/a | 2 | 21 |
| **U.S. Small Company Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 6 | 1 | 5 | 2 | 4 | 1 | —<br> (a)<br>| —<br> (a)<br>| 10 | 29 |

---

&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.

**I. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least annually, except for Small Cap Value Fund, for which distributions are generally declared and paid at least quarterly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 81

------

**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;

**K. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management is currently evaluating the amendment and its impact to the financial statements.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>|
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |

---

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2025, the effective annualized rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.

The Boards have adopted a Distribution Plan (the "Distribution Plan") for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R2** | **Class R3** |
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |

---

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** |
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $18 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82 J.P. Morgan Small Cap Funds December 31, 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**D. Service Fees**— The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** |
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

**F. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| Small Cap Blend Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>|
| Small Cap Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp; 1.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Small Cap Growth Fund  | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp; 1.24<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| Small Cap Value Fund  | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;0.74 |
| SMID Cap Equity Fund  | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| U.S. Small Company Fund  | &nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

The expense limitation agreements were in effect for the six months ended December 31, 2025 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 83

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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>|
| Small Cap Blend Fund | &nbsp;&nbsp; $96 | &nbsp;&nbsp; $64 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $170 | &nbsp;&nbsp; $5 |
| Small Cap Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; — |
| Small Cap Growth Fund | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 180 | &nbsp;&nbsp; 30 |
| Small Cap Value Fund | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 53 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; — |
| SMID Cap Equity Fund | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 205 | &nbsp;&nbsp; —<br> (a)<br>|
| U.S. Small Company Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $14 |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 65 |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13 |

---

**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.

During the six months ended December 31, 2025, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The below Funds used related party broker-dealers during the six months ended December 31, 2025, and incurred brokerage commissions with broker-dealers affiliated with the Adviser as follows:

---

| | |
|:---|:---|
|  | **Brokerage Commissions** |
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $30 |

---

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;

84 J.P. Morgan Small 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 and transfers in-kind) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| Small Cap Blend Fund | $447219 | $527349 |
| Small Cap Equity Fund | 601771 | 1179486 |
| Small Cap Growth Fund | 1024625 | 1825838 |
| Small Cap Value Fund | 416912 | 576134 |
| SMID Cap Equity Fund | 64131 | 90518 |
| U.S. Small Company Fund | 425947 | 509701 |

---

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>|
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1300884 | &nbsp;&nbsp;&nbsp;&nbsp; $330078 | &nbsp;&nbsp;&nbsp;&nbsp; $68033 | &nbsp;&nbsp;&nbsp;&nbsp; $262045 |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2522084 | &nbsp;&nbsp;&nbsp;&nbsp; 931984 | &nbsp;&nbsp;&nbsp;&nbsp; 178773 | &nbsp;&nbsp;&nbsp;&nbsp; 753211 |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2370238 | &nbsp;&nbsp;&nbsp;&nbsp; 739711 | &nbsp;&nbsp;&nbsp;&nbsp; 136196 | &nbsp;&nbsp;&nbsp;&nbsp; 603515 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 992125 | &nbsp;&nbsp;&nbsp;&nbsp; 308327 | &nbsp;&nbsp;&nbsp;&nbsp; 43104 | &nbsp;&nbsp;&nbsp;&nbsp; 265223 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 263515 | &nbsp;&nbsp;&nbsp;&nbsp; 66717 | &nbsp;&nbsp;&nbsp;&nbsp; 19146 | &nbsp;&nbsp;&nbsp;&nbsp; 47571 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 849522 | &nbsp;&nbsp;&nbsp;&nbsp; 220561 | &nbsp;&nbsp;&nbsp;&nbsp; 49332 | &nbsp;&nbsp;&nbsp;&nbsp; 171229 |

---

Net capital losses (gains) and specified ordinary losses incurred after October 31 and late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2025, the following Funds deferred to July 1, 2025 the following net capital losses (gains), specified ordinary losses and late year ordinary losses of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | &nbsp;&nbsp;&nbsp; **Specified** <br>**Ordinary Losses**  | &nbsp;&nbsp;&nbsp; **Late Year** <br>**Ordinary Loss Deferral** |
|  | **Short-Term** | &nbsp;&nbsp;&nbsp; **Specified** <br>**Ordinary Losses**  | &nbsp;&nbsp;&nbsp; **Late Year** <br>**Ordinary Loss Deferral** |
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $9278 | &nbsp;&nbsp;&nbsp;&nbsp; $3379 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 812 | &nbsp;&nbsp;&nbsp;&nbsp; 15976 | &nbsp;&nbsp;&nbsp;&nbsp; 7636 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 44792 | &nbsp;&nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

During the year ended June 30, 2025, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Small Cap Blend Fund | &nbsp;&nbsp;&nbsp;&nbsp; $6537 | &nbsp;&nbsp;&nbsp;&nbsp; $23052 |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 241596 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4863 |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 85

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF December 31, 2025 (Unaudited) (continued)

(Dollar values in thousands)

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.

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 shareholder and/or affiliated omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| Small Cap Blend Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 66.2<br> %<br>|
| Small Cap Equity Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;15.9 |
| Small Cap Growth Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;43.6 |
| Small Cap Value Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;18.6 |
| SMID Cap Equity Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;33.2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;20.3 |
| U.S. Small Company Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;47.7 |

---

As of December 31, 2025, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **J.P. Morgan** <br>**Investor** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>|
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 14.5<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.8<br> %<br>|

---

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

Because the Funds invest in Real Estate Investment Trusts ("REITs"), the Funds may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86 J.P. Morgan Small Cap Funds December 31, 2025

------

generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.

The Funds invest in companies with relatively small market capitalizations. Investments in companies with relatively small market capitalizations may involve greater risk than is usually associated with stocks of larger companies. These securities may have limited marketability and may be subject to more abrupt or erratic movements in price than securities of companies with larger capitalizations.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2025 J.P. Morgan Small Cap Funds 87

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

------

J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g24460img7f5d3d6e2.jpg)

------

![](g24460img9246be753.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-SC-1225

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

------

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

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 ("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 in executive sessions with independent legal counsel 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;

------

&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

------

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 Small Cap Growth Fund, Small Cap Value Fund, and SMID Cap Equity 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 Small Cap Blend Fund's performance for Class A shares was in the third, fourth 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 and Class R6 shares was in the fourth, fourth 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 under the circumstances. The Trustees requested, however, that the Fund's Adviser provide additional Fund performance information to be reviewed with the members of the Equity Committee at each of their regular meetings over the course of the next year.

------

The Trustees noted that the Small Cap Equity Fund's performance for Class A and Class R6 shares was in the fourth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees noted that the performance for Class I shares was in the fourth, fifth 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. The Trustees requested, however, that the Fund's Adviser provide additional Fund performance information to be reviewed with the members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Small Cap Growth Fund's performance for Class A and Class I shares was in the fourth, fourth and fifth 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 fourth, fifth and fifth 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 requested, however, that the Fund's Adviser provide additional Fund performance information to be reviewed with the members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Small Cap Value Fund's performance for Class A and Class I shares was in the third, fifth and fourth 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, fourth 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 under the circumstances.

The Trustees noted that the SMID Cap Equity Fund's performance for Class A, Class I and Class R6 shares was in the fourth, fifth and fifth 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 requested, however, that the Fund's Adviser provide additional Fund performance information to be reviewed with the members of the Equity Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the U.S. Small Company Fund's performance for Class A, Class I and Class R6 shares was in the third quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024.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 requested, however, that the Fund's Adviser provide additional Fund performance information to be reviewed with the members of the Equity Committee at each of their regular meetings over the course of the next year.

***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 Group 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 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 Small Cap Blend Fund's net advisory fee for Class A shares was in the first and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the third quintile of both the Peer Group and Universe. 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 third and fourth 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 third quintiles of the Peer Group and Universe, respectively, and that the 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 Small Cap Equity Fund's net advisory fee for Class A shares was in the third quintile of both the Peer Group and Universe, and that the actual total expenses for Class A 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 I shares was in the third quintile of both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the fourth quintile of both the Peer Group and Universe. 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 third 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 Small Cap Growth 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 third quintile of both the Peer Group and Universe. 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 for Class R6 shares was in the third and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class R6 shares were in the third and first 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 Small Cap Value Fund's net advisory fee for Class A shares was in the second and third quintiles of the Peer Group and Universe, respectively, and that

the actual total expenses for Class A 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 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 third quintile of both the Peer Group and Universe. 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 and first 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 SMID 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 first 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 first quintile of both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the second and first 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 U.S. Small Company Fund's net advisory fee for Class A shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class A shares were in the third quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the third quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the second and third quintiles of the Peer Group and Universe, respectively, 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.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Refer to Item 7.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

------

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

#### No material changes to report.
ITEM 16. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

**The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.** 

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**There were no changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.** 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

ITEM 19. EXHIBITS

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

#### 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:](d86821dex99cert.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.](d86821dex99906cert.htm)

#### Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  JPMorgan Trust I | JPMorgan Trust I |
|  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 Diversified
Fund, JPMorgan Hedged Equity Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Equity Fund, JPMorgan SmartRetirement 2025 Fund, JPMorgan SmartRetirement 2030 Fund, JPMorgan SmartRetirement 2035 Fund, JPMorgan
SmartRetirement 2040 Fund, JPMorgan SmartRetirement 2045 Fund, JPMorgan SmartRetirement 2050 Fund, JPMorgan SmartRetirement 2055 Fund, JPMorgan SmartRetirement 2060 Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030
Fund, JPMorgan SmartRetirement Blend 2035 Fund, JPMorgan SmartRetirement Blend 2040 Fund, JPMorgan SmartRetirement Blend 2045 Fund, JPMorgan SmartRetirement Blend 2050 Fund, JPMorgan SmartRetirement Blend 2055 Fund, JPMorgan SmartRetirement Blend
2060 Fund, JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Income Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan
U.S. Small Company Fund, JPMorgan U.S. Sustainable Leaders Fund, JPMorgan U.S. Value Fund and JPMorgan Value Advantage Fund (the "Funds"), each a series of JPMorgan Trust I (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 Diversified
Fund, JPMorgan Hedged Equity Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Equity Fund, JPMorgan SmartRetirement 2025 Fund, JPMorgan SmartRetirement 2030 Fund, JPMorgan SmartRetirement 2035 Fund, JPMorgan
SmartRetirement 2040 Fund, JPMorgan SmartRetirement 2045 Fund, JPMorgan SmartRetirement 2050 Fund, JPMorgan SmartRetirement 2055 Fund, JPMorgan SmartRetirement 2060 Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030
Fund, JPMorgan SmartRetirement Blend 2035 Fund, JPMorgan SmartRetirement Blend 2040 Fund, JPMorgan SmartRetirement Blend 2045 Fund, JPMorgan SmartRetirement Blend 2050 Fund, JPMorgan SmartRetirement Blend 2055 Fund, JPMorgan SmartRetirement Blend
2060 Fund, JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Income Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan
U.S. Small Company Fund, JPMorgan U.S. Sustainable Leaders Fund, JPMorgan U.S. Value Fund and JPMorgan Value Advantage Fund (the "Funds"), each a series of JPMorgan Trust I (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 Diversified Fund, JPMorgan Hedged Equity Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Equity Fund, JPMorgan SmartRetirement 2025 Fund, JPMorgan SmartRetirement 2030 Fund, JPMorgan SmartRetirement 2035 Fund, JPMorgan SmartRetirement 2040 Fund, JPMorgan SmartRetirement 2045 Fund, JPMorgan SmartRetirement 2050 Fund, JPMorgan SmartRetirement 2055 Fund, JPMorgan SmartRetirement 2060 Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030 Fund, JPMorgan SmartRetirement Blend 2035 Fund, JPMorgan SmartRetirement Blend 2040 Fund, JPMorgan SmartRetirement Blend 2045 Fund, JPMorgan SmartRetirement Blend 2050 Fund, JPMorgan SmartRetirement Blend 2055 Fund, JPMorgan SmartRetirement Blend 2060 Fund, JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Income Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Small Company Fund, JPMorgan U.S. Sustainable Leaders Fund, JPMorgan U.S. Value Fund and JPMorgan Value Advantage Fund (the "Funds"), each a series of JPMorgan Trust I (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 Diversified Fund, JPMorgan Hedged Equity Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Equity Fund, JPMorgan SmartRetirement 2025 Fund, JPMorgan SmartRetirement 2030 Fund, JPMorgan SmartRetirement 2035 Fund, JPMorgan SmartRetirement 2040 Fund, JPMorgan SmartRetirement 2045 Fund, JPMorgan SmartRetirement 2050 Fund, JPMorgan SmartRetirement 2055 Fund, JPMorgan SmartRetirement 2060 Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030 Fund, JPMorgan SmartRetirement Blend 2035 Fund, JPMorgan SmartRetirement Blend 2040 Fund, JPMorgan SmartRetirement Blend 2045 Fund, JPMorgan SmartRetirement Blend 2050 Fund, JPMorgan SmartRetirement Blend 2055 Fund, JPMorgan SmartRetirement Blend 2060 Fund, JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Income Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. GARP Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund, JPMorgan U.S. Research Enhanced Equity Fund, JPMorgan U.S. Small Company Fund, JPMorgan U.S. Sustainable Leaders Fund, JPMorgan U.S. Value Fund and JPMorgan Value Advantage Fund (the "Funds"), each a series of JPMorgan Trust I (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.