# EDGAR Filing Document

**Accession Number:** 0000763852
**File Stem:** 0001193125-23-058039
**Filing Date:** 2023-3
**Character Count:** 2845687
**Document Hash:** 3ed8baec3526654dda966e75f82050d6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-058039.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001193125-23-058039

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 54

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**EFFECTIVENESS DATE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN TRUST II
- **CENTRAL INDEX KEY:** 0000763852
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04236
- **FILM NUMBER:** 23698442

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

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

------

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM N-CSR** 

------

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-04236** 

------

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

------

**277 Park Avenue** 

**New York, NY 10172** 

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

------

**Gregory S. Samuels** 

**277 Park Avenue** 

**New York, NY 10172** 

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

------

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

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

**Date of reporting period: July 1, 2022 through December 31, 2022** 

------

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

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

------

ITEM 1. REPORTS TO STOCKHOLDERS.

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

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

------

Semi-Annual Report

J.P. Morgan Small Cap Funds

December 31, 2022 (Unaudited)

---

| |
|:---|
| JPMorgan Small Cap Blend Fund |
| JPMorgan Small Cap Equity Fund |
| JPMorgan Small Cap Growth Fund |
| JPMorgan Small Cap Sustainable Leaders Fund  |
| JPMorgan Small Cap Value Fund |
| JPMorgan SMID Cap Equity Fund |
| JPMorgan U.S. Small Company Fund |

---

![](g398869imgf4d380d21.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Letter to Shareholders](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_lts-ltscc-798_1) | **1** |
| [Market Overview](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_mo-marketoverviewcc-798_1) | **2** |
| [Fund Commentaries:](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_fc-1-fundcommentarycc-798_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Small Cap Blend Fund](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_fc-1-fundcommentarycc-798_1) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Small Cap Equity Fund](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_fc-1-fundcommentarycc-798_4) | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Small Cap Growth Fund](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_fc-1-fundcommentarycc-798_7) | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Small Cap Sustainable Leaders Fund](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_fc-1-fundcommentarycc-798_10) | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Small Cap Value Fund](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_fc-1-fundcommentarycc-798_13) | **15** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan SMID Cap Equity Fund](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_fc-1-fundcommentarycc-798_15) | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan U.S. Small Company Fund](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_fc-1-fundcommentarycc-798_18) | **20** |
| [Schedules of Portfolio Investments](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_soi-toc-scheduleofinvestments-798_1) | **23** |
| [Financial Statements](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_fs-toc-financialstatement-798_1) | **57** |
| [Financial Highlights](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_fihi-toc-financialhighlights-798_1) | **80** |
| [Notes to Financial Statements](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_ntf-ntfrunningfooter-798_1) | **106** |
| [Schedule of Shareholder Expenses](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_sse-shareholderexpensescc-798_1) | **123** |
| [Board Approval of Investment Advisory Agreements](#xx_4498a0b9-f21e-417e-a426-67734a1b6d33_boardapproval_1-boardapprovalcc-798_1) | **127** |

---

**Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund's share price is lower than when you invested.** <br>Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. <br>Prospective investors should refer to the Funds' prospectuses for a discussion of the Funds' investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

------

**Letter to Shareholders** <br>February 13, 2023 (Unaudited)

**Dear Shareholder,**

Financial markets have rebounded somewhat as the U.S. and other developed market economies have shown notable resilience in the face of higher inflation, rising interest rates and the ongoing war in Ukraine. While the factors that weighed on equity and bond markets in 2022 largely remain, there are signals that inflationary pressures may have peaked and the long-term economic outlook appears positive.

---

| | |
|:---|:---|
| ![](g398869imgfb378b0d2.jpg)<br>| &nbsp;&nbsp; <br>*"Investors may face continued* <br> *economic and geopolitical challenges* <br> *in the year ahead. However, some of* <br> *the acute risks encountered in 2022* <br> *appear to have receded and last* <br> *year's reset in asset prices may* <br> *provide attractive investment* <br> *opportunities."*<br> *— Brian S. Shlissel*<br>|

---

While U.S. economic growth was surprisingly strong in the closing months of 2022, with broad gains in employment and consumer spending in the final months of the year, the U.S. Federal Reserve's efforts to counter inflationary pressure through sharply higher interest rates could slow economic momentum in the months ahead.

Corporate earnings have been squeezed by higher costs for materials and labor, while the strong U.S. dollar has hindered export revenues. However, the impact of higher prices and interest rates has not landed on all sectors of the economy evenly. Energy sector profits have soared over the past year, while earnings in housing and construction sectors have declined.

Across Europe, the war in Ukraine has driven up prices for energy, food and a range of other goods and has fueled negative consumer sentiment. The prolonged nature of the conflict and its potential to spread remain key concerns among policymakers, diplomats, military planners, economists and investors. It is worth noting that Europe's largest industrialized nations in concert with the European Union have moved swiftly to secure alternatives to Russian sources of natural gas and petroleum, which has eased an energy crisis that began last year.

Investors may face continued economic and geopolitical challenges in the year ahead. However, some of the acute risks encountered in 2022 appear to have receded and last year's reset in asset prices may provide attractive investment opportunities. A long-term view and a properly diversified portfolio, in our opinion, remain key elements to a successful investment approach.

Our broad array of investment solutions seeks to provide investors with ability to build durable portfolios that can help them meet their financial goals.

Sincerely, <br> ![](g398869imgea7ff0ba3.jpg)

Brian S. Shlissel <br>President - J.P. Morgan Funds <br>J.P. Morgan Asset Management <br>1-800-480-4111 or <u>www.jpmorganfunds.com</u> for more information

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

December 31, 2022 J.P. Morgan Small Cap Funds 1

------

J.P. Morgan Small Cap Funds

**MARKET OVERVIEW** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

Overall, leading U.S. equity indexes ended the period with positive returns, rebounding from a broad sell-off in August and September. Investors were largely focused on the pace and size of interest rate increases by the U.S. Federal Reserve (the "Fed"), while the highest inflation rate in 40 years, the war in Ukraine and pandemic-related disruptions in China weighed on global financial markets.

During the second half of 2022, the Fed raised interest rates in July, September, November and December, following three increases in the first half of the year. Meanwhile, corporate earnings for the second and third quarters of 2022, generally were better than expected given a cooling economy and slower consumer spending. The U.S. unemployment rate remained historically low, hovering between 3.5% and 3.7% for the six-month period.

Within U.S. equity markets, the energy sector outperformed amid constrained supply from Russia and Europe's efforts to find alternative sources of petroleum and natural gas. The utilities sector also performed well as investors sought attractive dividend yields and companies less exposed to economic cycles. The real estate sector largely underperformed amid rising interest rates, while changing consumer habits and investor concerns over increased competition weighed on the communication services sector.

Overall, mid cap growth stocks generated the highest U.S. equity returns, while large cap and mid cap value stocks outperformed small cap stocks and large cap growth stocks. For the six month period, the Russell 2000 Index returned 3.91%, the Russell 2000 Growth Index returned 4.38% and the Russell 2000 Value Index returned 3.42%.

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

2 J.P. Morgan Small Cap Funds December 31, 2022

------

JPMorgan Small Cap Blend Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class A Shares, without a sales charge) <sup>\*</sup>  | **4.10%** |
| Russell 2000 Index | **3.91%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$1169706** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan Small Cap Blend Fund (the "Fund") seeks capital growth over the long term.

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

The Fund's Class A Shares, without a sales charge, outperformed the Russell 2000 Index (the "Benchmark") for the six months ended December 31, 2022. The Fund's security selection in the industrials and financials sectors was a leading contributor to performance relative to the Benchmark, while the Fund's underweight position in the energy sector and its security selection in the information technology sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund's overweight positions in Applied Industrial Technologies Inc. and Outset Medical Inc. and its out-of-Benchmark position in Valmont Industries Inc. Shares of Applied Industrial Technologies, a distributor of industrial machinery and systems, rose after the company reported consecutive quarters of better-than-expected earnings and revenue. Shares of Outset Medical, a health care equipment manufacturer, rose late in the period after the company reported better-than-expected revenue for the third quarter of 2022 and issued a stronger-than-expected earnings forecast. Shares of Valmont Industries, an engineered materials manufacturer, rose amid consecutive quarters of better-than-expected earnings and revenue during the period.

Leading individual detractors from relative performance included the Fund's out-of-Benchmark positions Sentinelone Inc. and Grocery Outlet Holding Corp. and its overweight position in Cano Health Inc. Shares of Sentinelone, a cybersecurity provider, fell in late December 2022 amid a broad sell-off in cybersecurity stocks due to investor concerns about slower near-term growth. Shares of Grocery Outlet Holdings, a retail chain, fell after the company reported its longtime chief executive was stepping down. Shares of Cano Health, an operator of medical centers and pharmacies, fell after news reports that CVS Pharmacy Inc. declined to make an acquisition offer for the company.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort

to construct a portfolio of companies that are attractively valued and stocks that have a history of growth. The Fund's portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate consistent earnings. The Fund is positioned to invest in small cap companies across both

growth and value styles.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Applied Industrial Technologies, Inc. | 1.6% |
| 2. | Matador Resources Co. | 1.1  |
| 3. | Selective Insurance Group, Inc. | 1.1  |
| 4. | Terreno Realty Corp. | 1.0  |
| 5. | Halozyme Therapeutics, Inc. | 0.9  |
| 6. | Patterson Cos., Inc. | 0.9  |
| 7. | Safety Insurance Group, Inc. | 0.8  |
| 8. | Agree Realty Corp. | 0.8  |
| 9. | McGrath RentCorp | 0.8  |
| 10. | Independent Bank Corp. | 0.8  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Industrials | 19.6% |
| Financials | 16.2 |
| Health Care | 14.5 |
| Information Technology | 12.4 |
| Consumer Discretionary | 10.6 |
| Real Estate | 6.0 |
| Consumer Staples | 4.2 |
| Energy | 3.6 |
| Materials | 3.0 |
| Utilities | 2.4 |
| Communication Services | &nbsp;&nbsp; 1.8 |
| Short-Term Investments | 5.7 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

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

December 31, 2022 J.P. Morgan Small Cap Funds 3

------

JPMorgan Small Cap Blend Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

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

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

4 J.P. Morgan Small Cap Funds December 31, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | May 19, 1997 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (1.39)% | (23.30)% | 6.48% | 11.58% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 4.10 | (19.04) | 7.64 | 12.19 |
| **CLASS C SHARES** | January 7, 1998 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 2.78 | (20.46) | 7.10 | 11.74 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 3.78 | (19.46) | 7.10 | 11.74 |
| **Class I SHARES** | April 5, 1999 | 4.26 | (18.82) | 7.91 | 12.48 |
| **Class R6 SHARES** | July 2, 2018 | 4.38 | (18.64) | 8.18 | 12.77 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g398869imgdcc9b5234.jpg)

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Blend Fund and the Russell 2000 Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

Effective June 1, 2018, the Fund's investment strategies changed. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund's performance record prior to this date might be less relevant for investors considering whether to purchase shares of the Fund.

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

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

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

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

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

December 31, 2022 J.P. Morgan Small Cap Funds 5

------

JPMorgan Small Cap Equity Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class A Shares, without a sales charge) <sup>\*</sup>  | **5.28%** |
| Russell 2000 Index | **3.91%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$5669659** |

---

**INVESTMENT OBJECTIVE\*\*** 

The JPMorgan Small Cap Equity Fund (the "Fund") seeks capital growth over the long term.

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

The Fund's Class A Shares, without a sales charge, outperformed the Russell 2000 Index (the "Benchmark") for the six months ended December 31, 2022.

The Fund's security selection in the industrials and information technology sectors was a leading contributor to performance relative to the Benchmark, while the Fund's security selection in the health care sector and its underweight position in the energy sector, where it had no holdings, were leading detractors from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund's out-of-Benchmark positions in Toro Co., WillScot Mobile Mini Holdings Corp. and its overweight position in Altra Industrial Motion Corp. Shares of Toro, a manufacturer of tractors, mowers and related landscaping equipment, rose after the company reported consecutive quarters of better-than-expected earnings and increased its quarterly dividend. Shares of WillScot Mini Mobile Holdings, a storage and moving company, rose after the company reported consecutive quarters of better-than-expected earnings and revenue. Shares of Altra Industrial Motion, an industrial machinery manufacturer, rose after the company agreed to be acquired by Regal Rexnord Corp. for about $5 billion.

Leading individual detractors from relative performance included the Fund's out-of-Benchmark positions in Syneos Health Inc., Definitive Healthcare Corp. and Signature Bank. Shares of Syneos Health, a provider of development services to the pharmaceuticals industry, fell after the company reported lower-than-expected earnings for the third quarter of 2022 and lowered its full year 2022 earnings forecast. Shares of Definitive Healthcare, a provider of information and research to the health care sector, fell amid investor concerns over near-term sales as the U.S. economy slowed during the period. Shares of Signature Bank, a regional bank, fell after the company reported lower-than-expected revenue for the third quarter of 2022 and amid investor concerns about the company's exposure to cryptocurrencies.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers employed a bottom-up approach to stock selection, constructing portfolios based on company fundamentals and proprietary analysis. The Fund's portfolio managers looked for companies that, in their view, had leading competitive advantages, predictable and durable business models, and sustainable free cash flow generation with

management teams committed to increasing intrinsic value.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | WillScot Mobile Mini Holdings Corp. | 1.8% |
| 2. | MSA Safety, Inc. | 1.6  |
| 3. | AptarGroup, Inc. | 1.5  |
| 4. | Encompass Health Corp. | 1.4  |
| 5. | Performance Food Group Co. | 1.4  |
| 6. | Power Integrations, Inc. | 1.4  |
| 7. | WEX, Inc. | 1.3  |
| 8. | Lincoln Electric Holdings, Inc. | 1.3  |
| 9. | Brunswick Corp. | 1.3  |
| 10. | Primo Water Corp. | 1.3  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Industrials | 23.8% |
| Financials | 16.7 |
| Information Technology | 12.3 |
| Health Care | 11.2 |
| Consumer Discretionary | &nbsp;&nbsp; 9.9 |
| Consumer Staples | 6.0 |
| Real Estate | &nbsp;&nbsp; 5.8 |
| Materials | 4.7 |
| Utilities | &nbsp;&nbsp; 2.2 |
| Short-Term Investments | &nbsp;&nbsp; 7.4 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

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

6 J.P. Morgan Small Cap Funds December 31, 2022

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

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

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

December 31, 2022 J.P. Morgan Small Cap Funds 7

------

JPMorgan Small Cap Equity Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | December 20, 1994 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (0.25)% | (20.71)% | 4.73% | &nbsp;&nbsp; 9.69% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 5.28 | (16.32) | 5.87 | 10.29 |
| **CLASS C SHARES** | February 19, 2005 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 4.00 | (17.72) | 5.35 | &nbsp;&nbsp; 9.85 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 5.00 | (16.72) | 5.35 | &nbsp;&nbsp; 9.85 |
| **Class I SHARES** | May 7, 1996 | 5.43 | (16.09) | 6.16 | 10.60 |
| **Class R2 SHARES** | November 3, 2008 | 5.14 | (16.50) | 5.62 | 10.02 |
| **Class R3 SHARES** | September 9, 2016 | 5.28 | (16.31) | 5.88 | 10.30 |
| **Class R4 SHARES** | September 9, 2016 | 5.42 | (16.09) | 6.15 | 10.59 |
| **Class R5 SHARES** | May 15, 2006 | 5.52 | (15.93) | 6.36 | 10.81 |
| **Class R6 SHARES** | May 31, 2016 | 5.57 | (15.88) | 6.42 | 10.86 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g398869imgee183bc25.jpg)

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

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

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Equity Fund and the Russell 2000 Index from December 31, 2012 to December 31, 2022. The performance of the Fund

assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

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

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

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

8 J.P. Morgan Small Cap Funds December 31, 2022

------

JPMorgan Small Cap Growth Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class A Shares, without a sales charge) <sup>\*</sup>  | **0.53%** |
| Russell 2000 Growth Index | **3.91%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$3658174** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan Small Cap Growth Fund (the "Fund") seeks long-term capital growth primarily by investing in a portfolio of equity securities of small-capitalization and emerging growth companies.

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

The Fund's Class A Shares, without a sales charge, underperformed the Russell 2000 Growth Index (the "Benchmark") for the six months ended December 31, 2022.

The Fund's security selection in the information technology and health care sector was a leading detractor from performance relative to the Benchmark, while the Fund's security selection in the industrials and real estate sectors were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund's out-of-Benchmark positions in Sentinelone Inc. and Grocery Outlet Holding Corp., and its overweight position in Cano Health Inc. Shares of Sentinelone, a cybsercecurity provider, fell in late December 2022 amid a broad sell-off in cybersecurity stocks due to investor concerns about slower near-term growth. Shares of Grocery Outlet Holding, a food retail chain operator, fell amid investor concerns about increased competition in the food retailing subsector. Shares of Cano Health, an operator of medical centers and pharmacies, fell after news reports that CVS Pharmacy Inc. declined to make an acquisition offer for the company.

Leading individual contributors to relative performance included the Fund's overweight positions in Outset Medical Inc. and National Vision Holdings Inc., and its out-of-Benchmark position in Valmont Industries Inc. Shares of Outset Medical, a health care equipment manufacturer, rose late in the period after the company reported better-than-expected revenue for the third quarter of 2022 and issued a stronger-than-expected earnings forecast. Shares of National Vision, an optical retail chain operator, rose after the company reaffirmed its earnings forecast for the full year 2022. Shares of Valmont Industries, an engineered materials manufacturer, rose amid consecutive quarters of better-than-expected earnings and revenue during the period.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct portfolios of stocks that have strong fundamentals. The Fund's portfolio managers preferred to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings

growth.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Applied Industrial Technologies, Inc. | 2.0% |
| 2. | Halozyme Therapeutics, Inc. | 1.9  |
| 3. | Matador Resources Co. | 1.8  |
| 4. | National Vision Holdings, Inc. | 1.6  |
| 5. | Cactus, Inc., Class A | 1.6  |
| 6. | Shockwave Medical, Inc. | 1.5  |
| 7. | MSA Safety, Inc. | 1.5  |
| 8. | Valmont Industries, Inc. | 1.4  |
| 9. | Casella Waste Systems, Inc., Class A | 1.4  |
| 10. | Texas Roadhouse, Inc. | 1.4  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Health Care | 23.9% |
| Industrials | 21.5 |
| Information Technology | 19.7 |
| Consumer Discretionary | 14.0 |
| Energy | &nbsp;&nbsp; 5.1 |
| Financials | &nbsp;&nbsp; 3.9 |
| Consumer Staples | &nbsp;&nbsp; 3.2 |
| Real Estate | &nbsp;&nbsp; 1.8 |
| Communication Services | 0.4 |
| Short-Term Investments | 6.5 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

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

December 31, 2022 J.P. Morgan Small Cap Funds 9

------

JPMorgan Small Cap Growth Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

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

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

10 J.P. Morgan Small Cap Funds December 31, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | July 1, 1991 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (4.74)% | (35.98)% | 4.56% | 10.62% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 0.53 | (32.43) | 5.69 | 11.22 |
| **CLASS C SHARES** | November 4, 1997 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | (0.71) | (33.78) | 5.17 | 10.77 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 0.29 | (32.78) | 5.17 | 10.77 |
| **Class I SHARES** | March 26, 1996 | 0.64 | (32.27) | 5.96 | 11.50 |
| **Class L SHARES** | February 19, 2005 | 0.73 | (32.19) | 6.11 | 11.66 |
| **Class R2 SHARES** | November 3, 2008 | 0.41 | (32.61) | 5.43 | 10.94 |
| **Class R3 SHARES** | July 31, 2017 | 0.46 | (32.48) | 5.67 | 11.21 |
| **Class R4 SHARES** | July 31, 2017 | 0.59 | (32.30) | 5.95 | 11.49 |
| **Class R5 SHARES** | September 9, 2016 | 0.73 | (32.19) | 6.11 | 11.66 |
| **Class R6 SHARES** | November 30, 2010 | 0.71 | (32.13) | 6.21 | 11.77 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g398869imgd9bf30616.jpg)

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

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. Prior performance for Class R3 Shares has been adjusted to reflect the differences in expenses between classes.

Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. Prior performance for Class R4 Shares has been adjusted to reflect the differences in expenses between classes.

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Growth Fund and the Russell 2000 Growth Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 2000 Growth

Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

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

December 31, 2022 J.P. Morgan Small Cap Funds 11

------

JPMorgan Small Cap Sustainable Leaders Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class R5 Shares) <sup>\*</sup> | **6.04%** |
| Russell 2000 Index | **3.91%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$85988** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan Small Cap Sustainable Leaders Fund(the "Fund") seeks capital growth over the long term.

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

The Fund's Class R5 Shares outperformed the Russell 2000 Index (the "Benchmark") for the six months ended December 31, 2022.

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

Leading individual contributors to relative performance included the Fund's out-of-Benchmark positions in Sarepta Therapeutics Inc. and Deckers Outdoor Corp., and its overweight position in Maxar Technologies Ltd. Shares of Sarepta Therapeutics, a biopharmaceuticals developer, rose after the U.S. Food and Drug Administration granted priority review for the company's treatment for Duchenne muscular dystrophy. Shares of Deckers Outdoor, a footwear and apparel maker, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Maxar Technologies, a satellite imaging and aerospace company, rose after the company agreed to be acquired by Advent International Corp. for about $4 billion.

Leading individual detractors from relative performance included the Fund's overweight positions in Unifi Inc., Fate Therapeutics Inc. and Hannon Armstrong Sustainable Infrastructure Capital Inc. Shares of Unifi, a textiles manufacturer, fell after the company reported a loss and a decline in revenue for its fiscal first quarter. Shares of Fate Therapeutics, a developer of immuno-therapies, fell after the company reported disappointing pre-clinical data on its proposed treatment for leukemia. Shares of Hannon Armstrong Sustainable, a mortgage real estate investment trust focused on carbon emissions reduction, fell amid investor concerns about the company's financial accounting.

**HOW WAS THE FUND POSITIONED?**

In accordance with its investment process, the Fund's portfolio managers take limited sector bets and construct the Fund so

that stock selection is typically the primary driver of the Fund's relative performance versus the Benchmark. The Fund's portfolio managers employ a bottom-up approach to stock selection, using quantitative screening and proprietary analysis to construct a portfolio of companies that they believe are attractively valued and possess strong momentum. During the reporting period, the Fund was managed and positioned in

accordance with this investment process.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Halozyme Therapeutics, Inc. | 3.4% |
| 2. | Sarepta Therapeutics, Inc. | 3.0  |
| 3. | AAON, Inc. | 2.6  |
| 4. | Huron Consulting Group, Inc. | 2.6  |
| 5. | Amalgamated Financial Corp. | 2.6  |
| 6. | WESCO International, Inc. | 2.5  |
| 7. | Deckers Outdoor Corp. | 2.5  |
| 8. | American States Water Co. | 2.3  |
| 9. | Hilltop Holdings, Inc. | 2.3  |
| 10. | Visteon Corp. | 2.3  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Industrials | 21.1% |
| Health Care | 18.9 |
| Financials | 14.1 |
| Consumer Discretionary | 13.0 |
| Information Technology | &nbsp;&nbsp; 7.2 |
| Real Estate | 6.9 |
| Consumer Staples | 5.4 |
| Materials | 4.7 |
| Utilities | 4.6 |
| Communication Services | 2.1 |
| Energy | 0.6 |
| Short-Term Investments | &nbsp;&nbsp; 1.4 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

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

12 J.P. Morgan Small Cap Funds December 31, 2022

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

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

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

December 31, 2022 J.P. Morgan Small Cap Funds 13

------

JPMorgan Small Cap Sustainable Leaders Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | May 31, 2016 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | 0.26% | (25.24)% | 0.74% | 7.78% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 5.80 | (21.10) | 1.83 | 8.36 |
| **CLASS C SHARES** | May 31, 2016 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 4.55 | (22.50) | 1.33 | 8.01 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 5.55 | (21.50) | 1.33 | 8.01 |
| **Class I SHARES** | January 3, 2017 | 5.90 | (20.93) | 2.08 | 8.55 |
| **Class R2 SHARES** | July 31, 2017 | 5.66 | (21.30) | 1.58 | 7.93 |
| **Class R3 SHARES** | July 31, 2017 | 5.81 | (21.10) | 1.83 | 8.20 |
| **Class R4 SHARES** | July 31, 2017 | 5.94 | (20.90) | 2.09 | 8.47 |
| **Class R5 SHARES** | January 1, 1997 | 6.04 | (20.76) | 2.28 | 8.68 |
| **Class R6 SHARES** | May 31, 2016 | 6.06 | (20.72) | 2.34 | 8.72 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g398869imgb7b781667.jpg)

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

Returns for Class A, Class C, Class I, Class R2, Class R3, Class R4 and Class R6 Shares prior to their inception dates are based on the performance of Class R5 Shares. The actual returns of Class A, Class C, Class I, Class R2, Class R3 and Class R4 Shares would have been lower than those shown because these classes have higher expenses than Class R5 Shares. The actual returns of the Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Small Cap Sustainable Leaders Fund and the Russell 2000 Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000

Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

Class R5 Shares have no minimum initial investment.

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

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

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

14 J.P. Morgan Small Cap Funds December 31, 2022

------

JPMorgan Small Cap Value Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **5.12%** |
| Russell 2000 Value Index | **3.42%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$1276346** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan Small Cap Value Fund (the "Fund") seeks long-term capital growth primarily by investing in equity securities of small-capitalization companies.

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

The Fund's Class I Shares outperformed the Russell 2000 Value Index (the "Benchmark") for the six months ended December 31, 2022.

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

Leading individual contributors to relative performance included the Fund's overweight positions in Nuvalent Inc. and Academy Sports & Outdoors Inc., and its out-of-Benchmark position in Prothena Corp. Shares of Nuvalent, a pharmaceuticals developer, rose after the company's lung cancer treatment performed well in early clinical trials. Shares of Academy Sport & Outdoors, a sporting goods and recreational products retailer, rose after the company reported better-than-expected earnings for the third quarter of 2022 and issued a better-than-expected profit forecast. Shares of Prothena, a pharmaceuticals developer, rose after the company's Alzheimer's disease treatment performed well in late-stage clinical trials.

Leading individual detractors from relative performance included the Fund's overweight position in Avaya Holdings Corp. and Herbalife Nutrition Ltd. and its underweight position in Maxar Technologies Ltd. Shares of Avaya Holdings, a provider of digital communications equipment, fell amid news reports that the company was nearing a Chapter 11 bankruptcy filing. Shares of Herbalife, a nutritional supplements manufacturer, fell late in the period after the company unveiled plans to offer $250 million of convertible notes. Shares of Maxar Technologies, a satellite imaging and aerospace company not held in the Fund, rose after the company agreed to be acquired by Advent International Corp. for about $4 billion.

**HOW WAS THE FUND POSITIONED?**

In accordance with its investment process, the Fund's portfolio managers take limited sector bets and construct the Fund so that stock selection is typically the primary driver of the Fund's

relative performance versus the Benchmark. The Fund's portfolio managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-up fundamental research, they seek companies that they believe have attractive valuations, exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in

accordance with this investment process.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Agree Realty Corp. | 1.2% |
| 2. | Old National Bancorp | 1.1  |
| 3. | OceanFirst Financial Corp. | 1.0  |
| 4. | Academy Sports & Outdoors, Inc. | 0.9  |
| 5. | New Jersey Resources Corp. | 0.9  |
| 6. | Hub Group, Inc., Class A | 0.8  |
| 7. | Hancock Whitney Corp. | 0.8  |
| 8. | OFG Bancorp (Puerto Rico) | 0.8  |
| 9. | Veritex Holdings, Inc. | 0.8  |
| 10. | Taylor Morrison Home Corp. | 0.8  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Financials | 27.2% |
| Industrials | 14.6 |
| Health Care | 11.2 |
| Real Estate | 9.3 |
| Consumer Discretionary | &nbsp;&nbsp; 7.5 |
| Information Technology | 6.8 |
| Energy | 4.8 |
| Utilities | 4.7 |
| Materials | 2.9 |
| Consumer Staples | 2.6 |
| Communication Services | 2.1 |
| Short-Term Investments | 6.3 |

---

------

\*

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

\*\*

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

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

December 31, 2022 J.P. Morgan Small Cap Funds 15

------

JPMorgan Small Cap Value Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | January 27, 1995 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (0.53)% | (18.19)% | 3.13% | 7.36% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 4.98 | (13.65) | 4.25 | 7.95 |
| **CLASS C SHARES** | March 22, 1999 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 3.74 | (15.06) | 3.75 | 7.46 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 4.74 | (14.06) | 3.75 | 7.46 |
| **Class I SHARES** | January 27, 1995 | 5.12 | (13.40) | 4.53 | 8.22 |
| **Class R2 SHARES** | November 3, 2008 | 4.85 | (13.85) | 4.00 | 7.67 |
| **Class R3 SHARES** | September 9, 2016 | 5.00 | (13.63) | 4.27 | 7.95 |
| **Class R4 SHARES** | September 9, 2016 | 5.12 | (13.41) | 4.53 | 8.21 |
| **Class R5 SHARES** | May 15, 2006 | 5.18 | (13.30) | 4.67 | 8.35 |
| **Class R6 SHARES** | February 22, 2005 | 5.23 | (13.23) | 4.77 | 8.46 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g398869img1a3e2e7f8.jpg)

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

Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. Prior performance for Class R3 Shares has been adjusted to reflect the differences in expenses between classes.

Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. Prior performance for Class R4 Shares has been adjusted to reflect the differences in expenses between classes.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Small Cap Value Fund and the Russell 2000 Value Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of

all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

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

16 J.P. Morgan Small Cap Funds December 31, 2022

------

JPMorgan SMID Cap Equity Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **1.45%** |
| Russell 2500 Index | **4.40%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$301177** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan SMID Cap Equity Fund (the "Fund") seeks long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.

**INVESTMENT PROCESS**

The Fund employs a fundamental bottom-up investment process to invest in a diversified portfolio of small- to mid-cap stocks -- similar to those in the Russell 2500 Index (the "Benchmark") – and seeks to invest in companies with leading competitive advantages, predictable and durable business models and sustainable free cash flows.

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

The Fund's Class I Shares underperformed the Benchmark for the six months ended December 31, 2022.

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

Leading individual detractors from performance relative to the Benchmark included the Fund's out-of-Benchmark positions in Catalent Inc. and Generac Holdings Inc., and its overweight position in Syneos Health Inc. Shares of Catalent, a pharmaceuticals maker, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2022 and lowered its forecast for the full year. Shares of Generac Holdings, a manufacturer of generators, electrical components and equipment, fell after the company lowered its earnings forecast for 2022. Shares of Syneos Health, a provider of development services to the pharmaceuticals industry, fell after the company reported lower-than-expected earnings for the third quarter of 2022 and lowered its full year 2022 earnings forecast.

Leading individual contributors to relative performance included the Fund's overweight positions in Toro Corp. and WillScot Mobile Mini Holdings Corp. and its out-of-Benchmark position in Burlington Stores Inc. Shares of Toro, a manufacturer of tractors, mowers and related landscaping equipment, rose after the company reported consecutive quarters of better-than-expected earnings and increased its quarterly dividend. Shares of WillScot Mini Mobile Holdings, a

storage and moving company, rose after the company reported consecutive quarters of better-than-expected earnings and revenue. Shares of Burlington Stores, an apparel retail chain, rose after the company reported weak but better-than-expected results for the third quarter of 2022.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers employ a fundamental bottom-up investment process that seeks to invest in companies that they believe are undervalued, have leading competitive positions and predictable and durable business models. As a result of this process, the Fund's largest allocations during the period were to the industrials and financials sectors, while the Fund had no allocations to the

energy and communications services sectors.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | WillScot Mobile Mini Holdings Corp. | 1.5% |
| 2. | MSA Safety, Inc. | 1.4  |
| 3. | WEX, Inc. | 1.4  |
| 4. | Encompass Health Corp. | 1.4  |
| 5. | Lincoln Electric Holdings, Inc. | 1.4  |
| 6. | Pool Corp. | 1.4  |
| 7. | Performance Food Group Co. | 1.4  |
| 8. | Toro Co. (The) | 1.3  |
| 9. | LPL Financial Holdings, Inc. | 1.3  |
| 10. | Vail Resorts, Inc. | 1.3  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Industrials | 24.8% |
| Financials | 17.2 |
| Information Technology | 15.8 |
| Consumer Discretionary | 10.8 |
| Health Care | 10.7 |
| Real Estate | &nbsp;&nbsp; 7.0 |
| Consumer Staples | &nbsp;&nbsp; 5.3 |
| Materials | &nbsp;&nbsp; 3.9 |
| Utilities | &nbsp;&nbsp; 1.0 |
| Short-Term Investments | &nbsp;&nbsp; 3.5 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

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

December 31, 2022 J.P. Morgan Small Cap Funds 17

------

JPMorgan SMID Cap Equity Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

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

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

18 J.P. Morgan Small Cap Funds December 31, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | May 1, 1992 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (4.00)% | (23.49)% | 2.80% | 8.54% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 1.35 | (19.24) | 3.91 | 9.13 |
| **CLASS C SHARES** | March 22, 1999 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 0.15 | (20.61) | 3.40 | 8.64 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 1.15 | (19.61) | 3.40 | 8.64 |
| **Class I SHARES** | June 1, 1991 | 1.45 | (19.04) | 4.17 | 9.40 |
| **Class R3 SHARES** | September 9, 2016 | 1.36 | (19.22) | 3.92 | 9.13 |
| **Class R4 SHARES** | September 9, 2016 | 1.51 | (19.06) | 4.17 | 9.40 |
| **Class R6 SHARES** | November 2, 2015 | 1.65 | (18.82) | 4.44 | 9.60 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g398869img5c6205dd9.jpg)

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

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

Returns for Class R4 and Class R6 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown for Class I Shares because Class R4 Shares have similar expenses to Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SMID Cap Equity Fund and the Russell 2500 Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all

dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

Effective November 1, 2020, the Fund changed its investment strategies. The Fund's past performance would have been different if the Fund were managed using the current strategies. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.

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

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

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

December 31, 2022 J.P. Morgan Small Cap Funds 19

------

JPMorgan U.S. Small Company Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class L Shares) <sup>\*</sup> | **6.40%** |
| Russell 2000 Index | **3.91%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$864748** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan U.S. Small Company Fund (the "Fund") seeks to provide high total return from a portfolio of small company stocks.

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

The Fund's Class L Shares outperformed the Russell 2000 Index (the "Benchmark") for the six months ended December 31, 2022.

The Fund's security selection in the consumer discretionary and industrials sectors was a leading contributor to performance relative to the Benchmark, while the Fund's security selection in the energy and consumer staples sectors were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund's overweight positions in Catalyst Pharmaceuticals Inc., Madrigal Pharmaceuticals Inc. and Inspire Medical Systems Inc. Shares of Catalyst Pharmaceuticals, a biotechnology developer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and the stock was added to the S&P SmallCap 600 Index. Shares of Madrigal Pharmaceuticals, a biotechnology developer, rose after the company's treatment for non-alcoholic steatohepatitis showed positive results in late-stage clinical trials. Shares of Inspire Medical Systems, a medical technology provider, rose after the company reported consecutive quarters of better-than-expected earnings and revenue.

Leading individual detractors from relative performance included the Fund's overweight positions in Perficient Inc., Fate Therapeutics Inc. and NuVasive Inc. Shares of Perficient, a technology consulting and services provider, fell after the company reported lower-than-expected revenue and reported earnings that were in line with analysts' expectations for the second quarter of 2022. Shares of Fate Therapeutics, a developer of immune therapies, fell after the company reported disappointing pre-clinical data on its proposed treatment for leukemia. Shares of NuVasive, a medical technology and surgical instruments developer, fell amid investor disappointment with the company's financial results for the third quarter of 2022.

**HOW WAS THE FUND POSITIONED?**

In accordance with its investment process, the Fund's portfolio managers take limited sector bets and construct the Fund so

that stock selection is typically the primary driver of the Fund's performance relative to the Benchmark. The Fund's portfolio managers use a quantitative ranking methodology to identify stocks in each sector that, in their view, trade at attractive levels. Through bottom-up fundamental research, they seek companies that they believe have attractive valuations, exhibit high earnings quality and have management teams that make effective capital deployment decisions. During the reporting period, the Fund was managed and positioned in accordance

with this investment process.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Inspire Medical Systems, Inc. | 1.2% |
| 2. | Catalyst Pharmaceuticals, Inc. | 1.1  |
| 3. | Silicon Laboratories, Inc. | 1.0  |
| 4. | Atkore, Inc. | 0.9  |
| 5. | Sonos, Inc. | 0.9  |
| 6. | Comfort Systems USA, Inc. | 0.9  |
| 7. | Taylor Morrison Home Corp. | 0.9  |
| 8. | Axonics, Inc. | 0.8  |
| 9. | Calix, Inc. | 0.8  |
| 10. | Chegg, Inc. | 0.8  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Health Care | 16.4% |
| Financials | 16.2 |
| Industrials | 15.5 |
| Information Technology | 12.7 |
| Consumer Discretionary | 11.1 |
| Energy | 5.6 |
| Real Estate | 5.0 |
| Consumer Staples | 3.6 |
| Materials | 3.4 |
| Utilities | 2.8 |
| Communication Services | &nbsp;&nbsp; 1.7 |
| Short-Term Investments | 6.0 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

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

20 J.P. Morgan Small Cap Funds December 31, 2022

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

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

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

December 31, 2022 J.P. Morgan Small Cap Funds 21

------

JPMorgan U.S. Small Company Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | November 1, 2007 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | 0.67% | (21.31)% | 3.76% | 8.64% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 6.25 | (16.93) | 4.88 | 9.23 |
| **CLASS C SHARES** | November 1, 2007 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 4.94 | (18.36) | 4.35 | 8.79 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 5.94 | (17.36) | 4.35 | 8.79 |
| **Class I SHARES** | September 10, 2001 | 6.32 | (16.69) | 5.16 | 9.51 |
| **Class L SHARES** | November 4, 1993 | 6.40 | (16.59) | 5.32 | 9.69 |
| **Class R2 SHARES** | November 1, 2011 | 6.12 | (17.13) | 4.61 | 8.96 |
| **Class R3 SHARES** | September 9, 2016 | 6.19 | (16.93) | 4.89 | 9.23 |
| **Class R4 SHARES** | September 9, 2016 | 6.33 | (16.70) | 5.14 | 9.50 |
| **Class R5 SHARES** | September 9, 2016 | 6.43 | (16.58) | 5.32 | 9.69 |
| **Class R6 SHARES** | November 1, 2011 | 6.53 | (16.48) | 5.42 | 9.79 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g398869img4a4a494e10.jpg)

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

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Small Company Fund and the Russell 2000 Index from December 31, 2012 to December 31, 2022. The performance of the

Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 2000 Index does not reflect the deduction of expenses associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 2000 Index is an unmanaged index which measures the performance of the 2000 smallest stocks (on the basis of capitalization) in the Russell 3000 Index. Investors cannot invest directly in an index.

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

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

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

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

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

22 J.P. Morgan Small Cap Funds December 31, 2022

------

JPMorgan Small Cap Blend Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.2%** | **Common Stocks — 97.2%** | **Common Stocks — 97.2%** |
| **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** |
| &nbsp;&nbsp;&nbsp; AerSale Corp. \* (a) | 170 | 2757 |
| &nbsp;&nbsp;&nbsp; Hexcel Corp. | 114 | 6732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9489 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp; Frontier Group Holdings, Inc. \* | 219 | 2246 |
| **Auto Components — 0.5%** | **Auto Components — 0.5%** | **Auto Components — 0.5%** |
| &nbsp;&nbsp;&nbsp; Fox Factory Holding Corp. \* | 32 | 2963 |
| &nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 40 | 2424 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5387 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| &nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. (a) | 52 | 2714 |
| **Banks — 10.4%** | **Banks — 10.4%** | **Banks — 10.4%** |
| &nbsp;&nbsp;&nbsp; Camden National Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4169 |
| &nbsp;&nbsp;&nbsp; City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5585 |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8135 |
| &nbsp;&nbsp;&nbsp; First Busey Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7910 |
| &nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6287 |
| &nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6426 |
| &nbsp;&nbsp;&nbsp; First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7400 |
| &nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7150 |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7599 |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9329 |
| &nbsp;&nbsp;&nbsp; Lakeland Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5283 |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8361 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3407 |
| &nbsp;&nbsp;&nbsp; Premier Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6338 |
| &nbsp;&nbsp;&nbsp; Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5395 |
| &nbsp;&nbsp;&nbsp; SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9163 |
| &nbsp;&nbsp;&nbsp; TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7139 |
| &nbsp;&nbsp;&nbsp; Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6266 |
|  |  | &nbsp;&nbsp;&nbsp; 121342 |
| **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
| &nbsp;&nbsp;&nbsp; Primo Water Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7537 |
| **Biotechnology — 5.9%** | **Biotechnology — 5.9%** | **Biotechnology — 5.9%** |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2413 |
| &nbsp;&nbsp;&nbsp; ADC Therapeutics SA (Switzerland) \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 |
| &nbsp;&nbsp;&nbsp; Alector, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1480 |
| &nbsp;&nbsp;&nbsp; Allogene Therapeutics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1076 |
| &nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6974 |
| &nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3875 |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5704 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| &nbsp;&nbsp;&nbsp; Atara Biotherapeutics, Inc. \* | 357 | 1170 |
| &nbsp;&nbsp;&nbsp; Blueprint Medicines Corp. \* | 82 | 3575 |
| &nbsp;&nbsp;&nbsp; Coherus Biosciences, Inc. \* | 361 | 2855 |
| &nbsp;&nbsp;&nbsp; G1 Therapeutics, Inc. \* (a) | 180 | 978 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. \* | 196 | 11144 |
| &nbsp;&nbsp;&nbsp; Heron Therapeutics, Inc. \* (a) | 589 | 1473 |
| &nbsp;&nbsp;&nbsp; Kronos Bio, Inc. \* | 208 | 337 |
| &nbsp;&nbsp;&nbsp; Natera, Inc. \* | 117 | 4714 |
| &nbsp;&nbsp;&nbsp; PMV Pharmaceuticals, Inc. \* | 157 | 1368 |
| &nbsp;&nbsp;&nbsp; REGENXBIO, Inc. \* | 172 | 3900 |
| &nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc. \* | 193 | 2887 |
| &nbsp;&nbsp;&nbsp; REVOLUTION Medicines, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3053 |
| &nbsp;&nbsp;&nbsp; Sage Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2735 |
| &nbsp;&nbsp;&nbsp; Sana Biotechnology, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396 |
| &nbsp;&nbsp;&nbsp; Twist Bioscience Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3920 |
| &nbsp;&nbsp;&nbsp; Verve Therapeutics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 68599 |
| **Building Products — 2.1%** | **Building Products — 2.1%** | **Building Products — 2.1%** |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3469 |
| &nbsp;&nbsp;&nbsp; CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4927 |
| &nbsp;&nbsp;&nbsp; Hayward Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5170 |
| &nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4904 |
| &nbsp;&nbsp;&nbsp; UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24414 |
| **Capital Markets — 1.8%** | **Capital Markets — 1.8%** | **Capital Markets — 1.8%** |
| &nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3862 |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6533 |
| &nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5404 |
| &nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5169 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20968 |
| **Chemicals — 3.1%** | **Chemicals — 3.1%** | **Chemicals — 3.1%** |
| &nbsp;&nbsp;&nbsp; Chase Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6469 |
| &nbsp;&nbsp;&nbsp; Diversey Holdings Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3195 |
| &nbsp;&nbsp;&nbsp; Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5404 |
| &nbsp;&nbsp;&nbsp; HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7162 |
| &nbsp;&nbsp;&nbsp; Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6686 |
| &nbsp;&nbsp;&nbsp; Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6920 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 35836 |
| **Commercial Services & Supplies — 2.3%** | **Commercial Services & Supplies — 2.3%** | **Commercial Services & Supplies — 2.3%** |
| &nbsp;&nbsp;&nbsp; ACV Auctions, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2896 |
| &nbsp;&nbsp;&nbsp; Brady Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6830 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 23

------

JPMorgan Small Cap Blend Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc., Class A \* | 102 | 8112 |
| &nbsp;&nbsp;&nbsp; MSA Safety, Inc. | 59 | 8452 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26290 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp; Ciena Corp. \* | 111 | 5643 |
| &nbsp;&nbsp;&nbsp; Viavi Solutions, Inc. \* | 490 | 5150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10793 |
| **Construction & Engineering — 1.8%** | **Construction & Engineering — 1.8%** | **Construction & Engineering — 1.8%** |
| &nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 65 | 7480 |
| &nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 15 | 2277 |
| &nbsp;&nbsp;&nbsp; MasTec, Inc. \* | 39 | 3290 |
| &nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8207 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21254 |
| **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2277 |
| &nbsp;&nbsp;&nbsp; Carriage Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2203 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4480 |
| **Diversified Telecommunication Services — 1.3%** | **Diversified Telecommunication Services — 1.3%** | **Diversified Telecommunication Services — 1.3%** |
| &nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3139 |
| &nbsp;&nbsp;&nbsp; Iridium Communications, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4112 |
| &nbsp;&nbsp;&nbsp; Radius Global Infrastructure, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15525 |
| **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** | **Electric Utilities — 0.4%** |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4655 |
| **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| &nbsp;&nbsp;&nbsp; AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3618 |
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4915 |
| &nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5827 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14360 |
| **Electronic Equipment, Instruments & Components — 2.6%** | **Electronic Equipment, Instruments & Components — 2.6%** | **Electronic Equipment, Instruments & Components — 2.6%** |
| &nbsp;&nbsp;&nbsp; Coherent Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2145 |
| &nbsp;&nbsp;&nbsp; Fabrinet (Thailand) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7361 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7520 |
| &nbsp;&nbsp;&nbsp; Knowles Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4515 |
| &nbsp;&nbsp;&nbsp; Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2916 |
| &nbsp;&nbsp;&nbsp; TTM Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6032 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30489 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Energy Equipment & Services — 1.3%** | **Energy Equipment & Services — 1.3%** | **Energy Equipment & Services — 1.3%** |
| &nbsp;&nbsp;&nbsp; Cactus, Inc., Class A | 180 | 9059 |
| &nbsp;&nbsp;&nbsp; ChampionX Corp. | 200 | 5798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14857 |
| **Equity Real Estate Investment Trusts (REITs) — 6.2%** | **Equity Real Estate Investment Trusts (REITs) — 6.2%** | **Equity Real Estate Investment Trusts (REITs) — 6.2%** |
| &nbsp;&nbsp;&nbsp; Agree Realty Corp. | 140 | 9930 |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | 120 | 3617 |
| &nbsp;&nbsp;&nbsp; Centerspace | 65 | 3813 |
| &nbsp;&nbsp;&nbsp; CubeSmart | 95 | 3834 |
| &nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. (a) | 155 | 4337 |
| &nbsp;&nbsp;&nbsp; JBG SMITH Properties | 150 | 2847 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 300 | 6315 |
| &nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3836 |
| &nbsp;&nbsp;&nbsp; Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5274 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4918 |
| &nbsp;&nbsp;&nbsp; RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4712 |
| &nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6086 |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp;&nbsp; 12563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 72082 |
| **Food & Staples Retailing — 1.2%** | **Food & Staples Retailing — 1.2%** | **Food & Staples Retailing — 1.2%** |
| &nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6132 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co. \* | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7443 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13575 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| &nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5173 |
| &nbsp;&nbsp;&nbsp; Freshpet, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4098 |
| &nbsp;&nbsp;&nbsp; Hostess Brands, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2805 |
| &nbsp;&nbsp;&nbsp; J & J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14322 |
| **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** |
| &nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4727 |
| &nbsp;&nbsp;&nbsp; ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6815 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2475 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14017 |
| **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** |
| &nbsp;&nbsp;&nbsp; CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6196 |
| &nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5702 |
| &nbsp;&nbsp;&nbsp; Nevro Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2989 |
| &nbsp;&nbsp;&nbsp; NuVasive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5154 |
| &nbsp;&nbsp;&nbsp; Outset Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5824 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

24 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <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** |
| &nbsp;&nbsp;&nbsp; Shockwave Medical, Inc. \* | 42 | 8676 |
| &nbsp;&nbsp;&nbsp; Utah Medical Products, Inc. | 55 | 5529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40070 |
| **Health Care Providers & Services — 3.8%** | **Health Care Providers & Services — 3.8%** | **Health Care Providers & Services — 3.8%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. \* | 89 | 7297 |
| &nbsp;&nbsp;&nbsp; Accolade, Inc. \* | 262 | 2043 |
| &nbsp;&nbsp;&nbsp; Amedisys, Inc. \* | 41 | 3460 |
| &nbsp;&nbsp;&nbsp; Cano Health, Inc. \* (a) | 849 | 1163 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. | 155 | 9271 |
| &nbsp;&nbsp;&nbsp; Ensign Group, Inc. (The) | 60 | 5677 |
| &nbsp;&nbsp;&nbsp; ModivCare, Inc. \* | 60 | 5384 |
| &nbsp;&nbsp;&nbsp; Patterson Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 10511 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44806 |
| **Health Care Technology — 0.6%** | **Health Care Technology — 0.6%** | **Health Care Technology — 0.6%** |
| &nbsp;&nbsp;&nbsp; Evolent Health, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7391 |
| **Hotels, Restaurants & Leisure — 4.1%** | **Hotels, Restaurants & Leisure — 4.1%** | **Hotels, Restaurants & Leisure — 4.1%** |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2716 |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3938 |
| &nbsp;&nbsp;&nbsp; El Pollo Loco Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498 |
| &nbsp;&nbsp;&nbsp; Everi Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5023 |
| &nbsp;&nbsp;&nbsp; Jack in the Box, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2729 |
| &nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4300 |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5466 |
| &nbsp;&nbsp;&nbsp; Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3752 |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7742 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3346 |
| &nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 47531 |
| **Household Durables — 1.3%** | **Household Durables — 1.3%** | **Household Durables — 1.3%** |
| &nbsp;&nbsp;&nbsp; Helen of Troy Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4046 |
| &nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2510 |
| &nbsp;&nbsp;&nbsp; M/I Homes, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2771 |
| &nbsp;&nbsp;&nbsp; MDC Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2212 |
| &nbsp;&nbsp;&nbsp; Sonos, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14726 |
| **Insurance — 2.2%** | **Insurance — 2.2%** | **Insurance — 2.2%** |
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2348 |
| &nbsp;&nbsp;&nbsp; Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 10111 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 13292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25751 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** | **Interactive Media & Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Bumble, Inc., Class A \* | 110 | 2315 |
| &nbsp;&nbsp;&nbsp; IAC, Inc. \* | 95 | 4218 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6533 |
| **Internet & Direct Marketing Retail — 0.4%** | **Internet & Direct Marketing Retail — 0.4%** | **Internet & Direct Marketing Retail — 0.4%** |
| &nbsp;&nbsp;&nbsp; Global-e Online Ltd. (Israel) \* (a) | 103 | 2112 |
| &nbsp;&nbsp;&nbsp; Xometry, Inc., Class A \* (a) | 94 | 3038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5150 |
| **IT Services — 1.9%** | **IT Services — 1.9%** | **IT Services — 1.9%** |
| &nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 60 | 3432 |
| &nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc. \* (a) | 89 | 2275 |
| &nbsp;&nbsp;&nbsp; ExlService Holdings, Inc. \* | 38 | 6435 |
| &nbsp;&nbsp;&nbsp; Flywire Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1851 |
| &nbsp;&nbsp;&nbsp; Globant SA \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5112 |
| &nbsp;&nbsp;&nbsp; Remitly Global, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22014 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Personalis, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479 |
| &nbsp;&nbsp;&nbsp; Seer, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876 |
| **Machinery — 5.2%** | **Machinery — 5.2%** | **Machinery — 5.2%** |
| &nbsp;&nbsp;&nbsp; Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7080 |
| &nbsp;&nbsp;&nbsp; Altra Industrial Motion Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6274 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4522 |
| &nbsp;&nbsp;&nbsp; Evoqua Water Technologies Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6172 |
| &nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6400 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6045 |
| &nbsp;&nbsp;&nbsp; John Bean Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4506 |
| &nbsp;&nbsp;&nbsp; Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4441 |
| &nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4335 |
| &nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4130 |
| &nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 61216 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.7%** |
| &nbsp;&nbsp;&nbsp; Ares Commercial Real Estate Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3859 |
| &nbsp;&nbsp;&nbsp; Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7875 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| &nbsp;&nbsp;&nbsp; Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4622 |
| **Oil, Gas & Consumable Fuels — 2.4%** | **Oil, Gas & Consumable Fuels — 2.4%** | **Oil, Gas & Consumable Fuels — 2.4%** |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3591 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 25

------

JPMorgan Small Cap Blend Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp. \* | 125 | 2105 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. (a) | 235 | 13472 |
| &nbsp;&nbsp;&nbsp; PDC Energy, Inc. | 50 | 3174 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. | 178 | 6184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28526 |
| **Personal Products — 1.3%** | **Personal Products — 1.3%** | **Personal Products — 1.3%** |
| &nbsp;&nbsp;&nbsp; BellRing Brands, Inc. \* | 90 | 2308 |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 165 | 6359 |
| &nbsp;&nbsp;&nbsp; elf Beauty, Inc. \* | 23 | 1283 |
| &nbsp;&nbsp;&nbsp; Inter Parfums, Inc. | 60 | 5791 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15741 |
| **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** | **Pharmaceuticals — 1.1%** |
| &nbsp;&nbsp;&nbsp; Arvinas, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3544 |
| &nbsp;&nbsp;&nbsp; Intra-Cellular Therapies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4372 |
| &nbsp;&nbsp;&nbsp; Revance Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4845 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12761 |
| **Professional Services — 1.0%** | **Professional Services — 1.0%** | **Professional Services — 1.0%** |
| &nbsp;&nbsp;&nbsp; ASGN, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4481 |
| &nbsp;&nbsp;&nbsp; KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11741 |
| **Road & Rail — 1.1%** | **Road & Rail — 1.1%** | **Road & Rail — 1.1%** |
| &nbsp;&nbsp;&nbsp; Marten Transport Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6824 |
| &nbsp;&nbsp;&nbsp; Saia, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5969 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12793 |
| **Semiconductors & Semiconductor Equipment — 1.4%** | **Semiconductors & Semiconductor Equipment — 1.4%** | **Semiconductors & Semiconductor Equipment — 1.4%** |
| &nbsp;&nbsp;&nbsp; Cohu, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2083 |
| &nbsp;&nbsp;&nbsp; MKS Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4590 |
| &nbsp;&nbsp;&nbsp; Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3100 |
| &nbsp;&nbsp;&nbsp; Rambus, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3582 |
| &nbsp;&nbsp;&nbsp; Wolfspeed, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16698 |
| **Software — 5.9%** | **Software — 5.9%** | **Software — 5.9%** |
| &nbsp;&nbsp;&nbsp; Blackline, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5891 |
| &nbsp;&nbsp;&nbsp; Clear Secure, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3560 |
| &nbsp;&nbsp;&nbsp; Confluent, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3482 |
| &nbsp;&nbsp;&nbsp; Coupa Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2332 |
| &nbsp;&nbsp;&nbsp; CyberArk Software Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6701 |
| &nbsp;&nbsp;&nbsp; Elastic NV \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3045 |
| &nbsp;&nbsp;&nbsp; Envestnet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6662 |
| &nbsp;&nbsp;&nbsp; Everbridge, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2370 |
| &nbsp;&nbsp;&nbsp; Five9, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3999 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Software — continued** | **Software — continued** | **Software — continued** |
| &nbsp;&nbsp;&nbsp; HashiCorp, Inc., Class A \* (a) | 201 | 5499 |
| &nbsp;&nbsp;&nbsp; JFrog Ltd. (Israel) \* | 122 | 2605 |
| &nbsp;&nbsp;&nbsp; New Relic, Inc. \* | 90 | 5110 |
| &nbsp;&nbsp;&nbsp; Paycor HCM, Inc. \* | 159 | 3889 |
| &nbsp;&nbsp;&nbsp; SentinelOne, Inc., Class A \* | 207 | 3016 |
| &nbsp;&nbsp;&nbsp; Smartsheet, Inc., Class A \* | 140 | 5527 |
| &nbsp;&nbsp;&nbsp; Sprout Social, Inc., Class A \* | 38 | 2124 |
| &nbsp;&nbsp;&nbsp; Vertex, Inc., Class A \* | 228 | 3313 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 69125 |
| **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** | **Specialty Retail — 2.7%** |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | 24 | 4945 |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3039 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5591 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3491 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5842 |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3749 |
| &nbsp;&nbsp;&nbsp; Urban Outfitters, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5247 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31904 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1572 |
| **Textiles, Apparel & Luxury Goods — 1.6%** | **Textiles, Apparel & Luxury Goods — 1.6%** | **Textiles, Apparel & Luxury Goods — 1.6%** |
| &nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6398 |
| &nbsp;&nbsp;&nbsp; Movado Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3064 |
| &nbsp;&nbsp;&nbsp; Oxford Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3261 |
| &nbsp;&nbsp;&nbsp; Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18540 |
| **Thrifts & Mortgage Finance — 1.6%** | **Thrifts & Mortgage Finance — 1.6%** | **Thrifts & Mortgage Finance — 1.6%** |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4250 |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6293 |
| &nbsp;&nbsp;&nbsp; WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8161 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18704 |
| **Trading Companies & Distributors — 4.3%** | **Trading Companies & Distributors — 4.3%** | **Trading Companies & Distributors — 4.3%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4271 |
| &nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp; 19190 |
| &nbsp;&nbsp;&nbsp; Beacon Roofing Supply, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5807 |
| &nbsp;&nbsp;&nbsp; McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9380 |
| &nbsp;&nbsp;&nbsp; Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4915 |
| &nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2743 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4459 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 50765 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Water Utilities — 0.4%** | **Water Utilities — 0.4%** | **Water Utilities — 0.4%** |
| &nbsp;&nbsp;&nbsp; American States Water Co. | 50 | 4628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $1,103,323)<br>|  | 1137290 |
| **Short-Term Investments — 5.9%** | **Short-Term Investments — 5.9%** | **Short-Term Investments — 5.9%** |
| **Investment Companies — 2.8%** | **Investment Companies — 2.8%** | **Investment Companies — 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (b) (c) <br>(Cost $32,332)<br>| 32327 | 32343 |
| **Investment of Cash Collateral from Securities Loaned — 3.1%** | **Investment of Cash Collateral from Securities Loaned — 3.1%** | **Investment of Cash Collateral from Securities Loaned — 3.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (b) (c)<br>| 29255 | 29263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c)<br>| 7614 | 7614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from Securities <br> Loaned <br>(Cost $36,870)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 36877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $69,202)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 69220 |
| **Total Investments — 103.1%** <br>**(Cost $1,172,525)**<br>|  | **1206510** |
| **Liabilities in Excess of Other Assets — (3.1)%** |  | **(36804)** |
| **NET ASSETS — 100.0%** |  | **1169706** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $35,764. 

(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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 27

------

JPMorgan Small Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.6%** | **Common Stocks — 97.6%** | **Common Stocks — 97.6%** |
| **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** | **Aerospace & Defense — 0.8%** |
| &nbsp;&nbsp;&nbsp; Woodward, Inc. | 473 | 45683 |
| **Airlines — 0.7%** | **Airlines — 0.7%** | **Airlines — 0.7%** |
| &nbsp;&nbsp;&nbsp; Alaska Air Group, Inc. \* | 907 | 38965 |
| **Auto Components — 0.9%** | **Auto Components — 0.9%** | **Auto Components — 0.9%** |
| &nbsp;&nbsp;&nbsp; LCI Industries | 550 | 50851 |
| **Automobiles — 0.6%** | **Automobiles — 0.6%** | **Automobiles — 0.6%** |
| &nbsp;&nbsp;&nbsp; Thor Industries, Inc. (a) | 428 | 32317 |
| **Banks — 9.4%** | **Banks — 9.4%** | **Banks — 9.4%** |
| &nbsp;&nbsp;&nbsp; BankUnited, Inc. | 1635 | 55545 |
| &nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. (a) | 632 | 43001 |
| &nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 404 | 54008 |
| &nbsp;&nbsp;&nbsp; First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 2314 | &nbsp;&nbsp;&nbsp;&nbsp; 56075 |
| &nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1990 | &nbsp;&nbsp;&nbsp;&nbsp; 51828 |
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp;&nbsp; 42106 |
| &nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746 | &nbsp;&nbsp;&nbsp;&nbsp; 51417 |
| &nbsp;&nbsp;&nbsp; Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp;&nbsp; 44818 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 1056 | &nbsp;&nbsp;&nbsp;&nbsp; 62895 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837 | &nbsp;&nbsp;&nbsp;&nbsp; 70737 |
|  |  | &nbsp;&nbsp;&nbsp; 532430 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
| &nbsp;&nbsp;&nbsp; Primo Water Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4816 | &nbsp;&nbsp;&nbsp;&nbsp; 74841 |
| **Building Products — 2.0%** | **Building Products — 2.0%** | **Building Products — 2.0%** |
| &nbsp;&nbsp;&nbsp; AZEK Co., Inc. (The) \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1314 | &nbsp;&nbsp;&nbsp;&nbsp; 26703 |
| &nbsp;&nbsp;&nbsp; Hayward Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3614 | &nbsp;&nbsp;&nbsp;&nbsp; 33971 |
| &nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627 | &nbsp;&nbsp;&nbsp;&nbsp; 55595 |
|  |  | &nbsp;&nbsp;&nbsp; 116269 |
| **Capital Markets — 6.1%** | **Capital Markets — 6.1%** | **Capital Markets — 6.1%** |
| &nbsp;&nbsp;&nbsp; AssetMark Financial Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1643 | &nbsp;&nbsp;&nbsp;&nbsp; 37790 |
| &nbsp;&nbsp;&nbsp; Evercore, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598 | &nbsp;&nbsp;&nbsp;&nbsp; 65263 |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 1751 | &nbsp;&nbsp;&nbsp;&nbsp; 65267 |
| &nbsp;&nbsp;&nbsp; Moelis & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1432 | &nbsp;&nbsp;&nbsp;&nbsp; 54939 |
| &nbsp;&nbsp;&nbsp; Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp;&nbsp; 62164 |
| &nbsp;&nbsp;&nbsp; StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2375 | &nbsp;&nbsp;&nbsp;&nbsp; 59791 |
|  |  | &nbsp;&nbsp;&nbsp; 345214 |
| **Chemicals — 3.4%** | **Chemicals — 3.4%** | **Chemicals — 3.4%** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1014 | &nbsp;&nbsp;&nbsp;&nbsp; 25837 |
| &nbsp;&nbsp;&nbsp; Diversey Holdings Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 3359 | &nbsp;&nbsp;&nbsp;&nbsp; 14308 |
| &nbsp;&nbsp;&nbsp; Perimeter Solutions SA \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3428 | &nbsp;&nbsp;&nbsp;&nbsp; 31335 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| &nbsp;&nbsp;&nbsp; Quaker Chemical Corp. | 395 | 65889 |
| &nbsp;&nbsp;&nbsp; Valvoline, Inc. | 1703 | 55584 |
|  |  | &nbsp;&nbsp;&nbsp; 192953 |
| **Commercial Services & Supplies — 9.3%** | **Commercial Services & Supplies — 9.3%** | **Commercial Services & Supplies — 9.3%** |
| &nbsp;&nbsp;&nbsp; Brady Corp., Class A | 1232 | 58001 |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc., Class A \* | 814 | 64532 |
| &nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc. \* (a) | 2332 | 63689 |
| &nbsp;&nbsp;&nbsp; IAA, Inc. \* (a) | 1815 | 72613 |
| &nbsp;&nbsp;&nbsp; MSA Safety, Inc. (a) | 673 | 97050 |
| &nbsp;&nbsp;&nbsp; Ritchie Bros Auctioneers, Inc. (Canada) (a) | 877 | 50722 |
| &nbsp;&nbsp;&nbsp; Stericycle, Inc. \* | 1299 | 64825 |
| &nbsp;&nbsp;&nbsp; UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp; 54408 |
|  |  | &nbsp;&nbsp;&nbsp; 525840 |
| **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** | **Construction & Engineering — 1.9%** |
| &nbsp;&nbsp;&nbsp; WillScot Mobile Mini Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2378 | &nbsp;&nbsp;&nbsp; 107404 |
| **Containers & Packaging — 1.6%** | **Containers & Packaging — 1.6%** | **Containers & Packaging — 1.6%** |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 815 | &nbsp;&nbsp;&nbsp;&nbsp; 89674 |
| **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 990 | &nbsp;&nbsp;&nbsp;&nbsp; 62470 |
| **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** | **Electric Utilities — 1.2%** |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1417 | &nbsp;&nbsp;&nbsp;&nbsp; 69436 |
| **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** | **Electrical Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp; Generac Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 16572 |
| **Electronic Equipment, Instruments & Components — 2.5%** | **Electronic Equipment, Instruments & Components — 2.5%** | **Electronic Equipment, Instruments & Components — 2.5%** |
| &nbsp;&nbsp;&nbsp; Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496 | &nbsp;&nbsp;&nbsp;&nbsp; 54102 |
| &nbsp;&nbsp;&nbsp; nLight, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2090 | &nbsp;&nbsp;&nbsp;&nbsp; 21197 |
| &nbsp;&nbsp;&nbsp; Novanta, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp;&nbsp; 65875 |
|  |  | &nbsp;&nbsp;&nbsp; 141174 |
| **Equity Real Estate Investment Trusts (REITs) — 5.2%** | **Equity Real Estate Investment Trusts (REITs) — 5.2%** | **Equity Real Estate Investment Trusts (REITs) — 5.2%** |
| &nbsp;&nbsp;&nbsp; CubeSmart (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1439 | &nbsp;&nbsp;&nbsp;&nbsp; 57901 |
| &nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp;&nbsp; 69314 |
| &nbsp;&nbsp;&nbsp; National Retail Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1299 | &nbsp;&nbsp;&nbsp;&nbsp; 59455 |
| &nbsp;&nbsp;&nbsp; Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3076 | &nbsp;&nbsp;&nbsp;&nbsp; 51005 |
| &nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707 | &nbsp;&nbsp;&nbsp;&nbsp; 57783 |
|  |  | &nbsp;&nbsp;&nbsp; 295458 |
| **Food & Staples Retailing — 3.6%** | **Food & Staples Retailing — 3.6%** | **Food & Staples Retailing — 3.6%** |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1021 | &nbsp;&nbsp;&nbsp;&nbsp; 67529 |
| &nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp;&nbsp; 52532 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 84689 |
|  |  | &nbsp;&nbsp;&nbsp; 204750 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Food Products — 1.4%** | **Food Products — 1.4%** | **Food Products — 1.4%** |
| &nbsp;&nbsp;&nbsp; Freshpet, Inc. \* (a) | 508 | 26793 |
| &nbsp;&nbsp;&nbsp; Utz Brands, Inc. (a) | 3268 | 51839 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 78632 |
| **Health Care Equipment & Supplies — 3.5%** | **Health Care Equipment & Supplies — 3.5%** | **Health Care Equipment & Supplies — 3.5%** |
| &nbsp;&nbsp;&nbsp; Envista Holdings Corp. \* (a) | 1457 | 49070 |
| &nbsp;&nbsp;&nbsp; ICU Medical, Inc. \* (a) | 438 | 68964 |
| &nbsp;&nbsp;&nbsp; Neogen Corp. \* | 2029 | 30907 |
| &nbsp;&nbsp;&nbsp; QuidelOrtho Corp. \* (a) | 601 | 51463 |
|  |  | &nbsp;&nbsp;&nbsp; 200404 |
| **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** | **Health Care Providers & Services — 5.5%** |
| &nbsp;&nbsp;&nbsp; Agiliti, Inc. \* (a) | 3355 | 54718 |
| &nbsp;&nbsp;&nbsp; Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 68404 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1448 | &nbsp;&nbsp;&nbsp;&nbsp; 86624 |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1008 | &nbsp;&nbsp;&nbsp;&nbsp; 62136 |
| &nbsp;&nbsp;&nbsp; Progyny, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1272 | &nbsp;&nbsp;&nbsp;&nbsp; 39612 |
|  |  | &nbsp;&nbsp;&nbsp; 311494 |
| **Health Care Technology — 1.2%** | **Health Care Technology — 1.2%** | **Health Care Technology — 1.2%** |
| &nbsp;&nbsp;&nbsp; Certara, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2332 | &nbsp;&nbsp;&nbsp;&nbsp; 37464 |
| &nbsp;&nbsp;&nbsp; Definitive Healthcare Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2607 | &nbsp;&nbsp;&nbsp;&nbsp; 28654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 66118 |
| **Hotels, Restaurants & Leisure — 3.3%** | **Hotels, Restaurants & Leisure — 3.3%** | **Hotels, Restaurants & Leisure — 3.3%** |
| &nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp; 38832 |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp;&nbsp; 73646 |
| &nbsp;&nbsp;&nbsp; Wendy's Co. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3238 | &nbsp;&nbsp;&nbsp;&nbsp; 73285 |
|  |  | &nbsp;&nbsp;&nbsp; 185763 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp; 50412 |
| &nbsp;&nbsp;&nbsp; RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510 | &nbsp;&nbsp;&nbsp;&nbsp; 66931 |
|  |  | &nbsp;&nbsp;&nbsp; 117343 |
| **Internet & Direct Marketing Retail — 0.5%** | **Internet & Direct Marketing Retail — 0.5%** | **Internet & Direct Marketing Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp; Xometry, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp;&nbsp; 27249 |
| **IT Services — 1.4%** | **IT Services — 1.4%** | **IT Services — 1.4%** |
| &nbsp;&nbsp;&nbsp; WEX, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp;&nbsp; 79579 |
| **Leisure Products — 2.2%** | **Leisure Products — 2.2%** | **Leisure Products — 2.2%** |
| &nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1108 | &nbsp;&nbsp;&nbsp;&nbsp; 47035 |
| &nbsp;&nbsp;&nbsp; Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1051 | &nbsp;&nbsp;&nbsp;&nbsp; 75775 |
|  |  | &nbsp;&nbsp;&nbsp; 122810 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Life Sciences Tools & Services — 1.6%** | **Life Sciences Tools & Services — 1.6%** | **Life Sciences Tools & Services — 1.6%** |
| &nbsp;&nbsp;&nbsp; Azenta, Inc. \* | 792 | 46119 |
| &nbsp;&nbsp;&nbsp; Syneos Health, Inc. \* | 1189 | 43607 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 89726 |
| **Machinery — 6.0%** | **Machinery — 6.0%** | **Machinery — 6.0%** |
| &nbsp;&nbsp;&nbsp; Altra Industrial Motion Corp. | 217 | 12978 |
| &nbsp;&nbsp;&nbsp; Douglas Dynamics, Inc. | 996 | 36010 |
| &nbsp;&nbsp;&nbsp; Gates Industrial Corp. plc \* | 3076 | 35100 |
| &nbsp;&nbsp;&nbsp; Hillman Solutions Corp. \* (a) | 5622 | 40537 |
| &nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 536 | 77447 |
| &nbsp;&nbsp;&nbsp; RBC Bearings, Inc. \* | 325 | 67908 |
| &nbsp;&nbsp;&nbsp; Toro Co. (The) | 642 | 72643 |
|  |  | &nbsp;&nbsp;&nbsp; 342623 |
| **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** | **Multi-Utilities — 1.1%** |
| &nbsp;&nbsp;&nbsp; NorthWestern Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1044 | &nbsp;&nbsp;&nbsp;&nbsp; 61949 |
| **Professional Services — 0.8%** | **Professional Services — 0.8%** | **Professional Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; First Advantage Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3379 | &nbsp;&nbsp;&nbsp;&nbsp; 43933 |
| **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield plc \* | &nbsp;&nbsp;&nbsp;&nbsp; 4417 | &nbsp;&nbsp;&nbsp;&nbsp; 55039 |
| **Road & Rail — 2.2%** | **Road & Rail — 2.2%** | **Road & Rail — 2.2%** |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 953 | &nbsp;&nbsp;&nbsp;&nbsp; 49950 |
| &nbsp;&nbsp;&nbsp; Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp;&nbsp; 60162 |
| &nbsp;&nbsp;&nbsp; Lyft, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 1608 | &nbsp;&nbsp;&nbsp;&nbsp; 17721 |
|  |  | &nbsp;&nbsp;&nbsp; 127833 |
| **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** | **Semiconductors & Semiconductor Equipment — 3.4%** |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan) \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1754 | &nbsp;&nbsp;&nbsp;&nbsp; 52651 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 937 | &nbsp;&nbsp;&nbsp;&nbsp; 59000 |
| &nbsp;&nbsp;&nbsp; Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1165 | &nbsp;&nbsp;&nbsp;&nbsp; 83555 |
|  |  | &nbsp;&nbsp;&nbsp; 195206 |
| **Software — 5.5%** | **Software — 5.5%** | **Software — 5.5%** |
| &nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2614 | &nbsp;&nbsp;&nbsp;&nbsp; 49022 |
| &nbsp;&nbsp;&nbsp; Envestnet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896 | &nbsp;&nbsp;&nbsp;&nbsp; 55260 |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp;&nbsp; 50339 |
| &nbsp;&nbsp;&nbsp; nCino, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1498 | &nbsp;&nbsp;&nbsp;&nbsp; 39617 |
| &nbsp;&nbsp;&nbsp; Paycor HCM, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1676 | &nbsp;&nbsp;&nbsp;&nbsp; 41014 |
| &nbsp;&nbsp;&nbsp; Q2 Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1498 | &nbsp;&nbsp;&nbsp;&nbsp; 40249 |
| &nbsp;&nbsp;&nbsp; Workiva, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp; 39444 |
|  |  | &nbsp;&nbsp;&nbsp; 314945 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 29

------

JPMorgan Small Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** | **Specialty Retail — 1.2%** |
| &nbsp;&nbsp;&nbsp; Leslie's, Inc. \* (a) | 2412 | 29449 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, Inc. \* (a) | 1014 | 39291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 68740 |
| **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** |
| &nbsp;&nbsp;&nbsp; Carter's, Inc. (a) | 562 | 41916 |
| **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** |
| &nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 487 | 61326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $4,419,687)<br>|  | 5534929 |
| **Short-Term Investments — 7.9%** | **Short-Term Investments — 7.9%** | **Short-Term Investments — 7.9%** |
| **Investment Companies — 2.8%** | **Investment Companies — 2.8%** | **Investment Companies — 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (b) (c) <br>(Cost $156,340)<br>| 156312 | 156390 |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (b) (c)<br>| 189029 | &nbsp;&nbsp;&nbsp; 189086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c)<br>| &nbsp;&nbsp;&nbsp; 98408 | &nbsp;&nbsp;&nbsp;&nbsp; 98408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from Securities <br> Loaned <br>(Cost $287,469)<br>|  | &nbsp;&nbsp;&nbsp; 287494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $443,809)<br>|  | &nbsp;&nbsp;&nbsp; 443884 |
| **Total Investments — 105.5%** <br>**(Cost $4,863,496)**<br>|  | **5978813** |
| **Liabilities in Excess of Other Assets — (5.5)%** |  | **(309154)** |
| **NET ASSETS — 100.0%** |  | **5669659** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $279,974. 

(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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 J.P. Morgan Small Cap Funds December 31, 2022

------

JPMorgan Small Cap Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
| **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** |
| &nbsp;&nbsp;&nbsp; Hexcel Corp. | 767 | 45139 |
| **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
| &nbsp;&nbsp;&nbsp; Frontier Group Holdings, Inc. \* (a) | 1449 | 14884 |
| **Auto Components — 0.5%** | **Auto Components — 0.5%** | **Auto Components — 0.5%** |
| &nbsp;&nbsp;&nbsp; Fox Factory Holding Corp. \* | 216 | 19720 |
| **Automobiles — 0.5%** | **Automobiles — 0.5%** | **Automobiles — 0.5%** |
| &nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. (a) | 342 | 18039 |
| **Banks — 1.8%** | **Banks — 1.8%** | **Banks — 1.8%** |
| &nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 1252 | 43076 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 310 | 22713 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 65789 |
| **Biotechnology — 12.6%** | **Biotechnology — 12.6%** | **Biotechnology — 12.6%** |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp;&nbsp; 15997 |
| &nbsp;&nbsp;&nbsp; ADC Therapeutics SA (Switzerland) \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4637 |
| &nbsp;&nbsp;&nbsp; Alector, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9701 |
| &nbsp;&nbsp;&nbsp; Allogene Therapeutics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6971 |
| &nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 3830 | &nbsp;&nbsp;&nbsp;&nbsp; 46767 |
| &nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp; 25865 |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942 | &nbsp;&nbsp;&nbsp;&nbsp; 38191 |
| &nbsp;&nbsp;&nbsp; Atara Biotherapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7899 |
| &nbsp;&nbsp;&nbsp; Blueprint Medicines Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp;&nbsp; 23847 |
| &nbsp;&nbsp;&nbsp; Coherus Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2390 | &nbsp;&nbsp;&nbsp;&nbsp; 18925 |
| &nbsp;&nbsp;&nbsp; G1 Therapeutics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6543 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1317 | &nbsp;&nbsp;&nbsp;&nbsp; 74914 |
| &nbsp;&nbsp;&nbsp; Heron Therapeutics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9672 |
| &nbsp;&nbsp;&nbsp; Kronos Bio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2332 |
| &nbsp;&nbsp;&nbsp; Natera, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp; 31537 |
| &nbsp;&nbsp;&nbsp; PMV Pharmaceuticals, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1261 | &nbsp;&nbsp;&nbsp;&nbsp; 10974 |
| &nbsp;&nbsp;&nbsp; REGENXBIO, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1148 | &nbsp;&nbsp;&nbsp;&nbsp; 26032 |
| &nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 19199 |
| &nbsp;&nbsp;&nbsp; REVOLUTION Medicines, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp;&nbsp; 20305 |
| &nbsp;&nbsp;&nbsp; Sage Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp;&nbsp; 18181 |
| &nbsp;&nbsp;&nbsp; Sana Biotechnology, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2655 |
| &nbsp;&nbsp;&nbsp; Twist Bioscience Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1099 | &nbsp;&nbsp;&nbsp;&nbsp; 26170 |
| &nbsp;&nbsp;&nbsp; Verve Therapeutics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627 | &nbsp;&nbsp;&nbsp;&nbsp; 12131 |
|  |  | &nbsp;&nbsp;&nbsp; 459445 |
| **Building Products — 1.5%** | **Building Products — 1.5%** | **Building Products — 1.5%** |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp; 23135 |
| &nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp; 32811 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55946 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** |
| &nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | 237 | 25781 |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners, Inc., Class A \* | 1175 | 43798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 69579 |
| **Commercial Services & Supplies — 3.6%** | **Commercial Services & Supplies — 3.6%** | **Commercial Services & Supplies — 3.6%** |
| &nbsp;&nbsp;&nbsp; ACV Auctions, Inc., Class A \* (a) | 2345 | 19255 |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc., Class A \* | 687 | 54458 |
| &nbsp;&nbsp;&nbsp; MSA Safety, Inc. | 393 | 56739 |
|  |  | &nbsp;&nbsp;&nbsp; 130452 |
| **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** | **Communications Equipment — 1.0%** |
| &nbsp;&nbsp;&nbsp; Ciena Corp. \* | 741 | 37786 |
| **Construction & Engineering — 2.5%** | **Construction & Engineering — 2.5%** | **Construction & Engineering — 2.5%** |
| &nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 15091 |
| &nbsp;&nbsp;&nbsp; MasTec, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp;&nbsp; 21925 |
| &nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp; 55096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 92112 |
| **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; 15071 |
| **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** |
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1719 | &nbsp;&nbsp;&nbsp;&nbsp; 32876 |
| &nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 1583 | &nbsp;&nbsp;&nbsp;&nbsp; 39044 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 71920 |
| **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** | **Electronic Equipment, Instruments & Components — 1.5%** |
| &nbsp;&nbsp;&nbsp; Coherent Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp;&nbsp; 14182 |
| &nbsp;&nbsp;&nbsp; Fabrinet (Thailand) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp; 21709 |
| &nbsp;&nbsp;&nbsp; Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 19396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55287 |
| **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** | **Energy Equipment & Services — 1.7%** |
| &nbsp;&nbsp;&nbsp; Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1211 | &nbsp;&nbsp;&nbsp;&nbsp; 60844 |
| **Equity Real Estate Investment Trusts (REITs) — 2.0%** | **Equity Real Estate Investment Trusts (REITs) — 2.0%** | **Equity Real Estate Investment Trusts (REITs) — 2.0%** |
| &nbsp;&nbsp;&nbsp; CubeSmart (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636 | &nbsp;&nbsp;&nbsp;&nbsp; 25596 |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811 | &nbsp;&nbsp;&nbsp;&nbsp; 46118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 71714 |
| **Food & Staples Retailing — 2.5%** | **Food & Staples Retailing — 2.5%** | **Food & Staples Retailing — 2.5%** |
| &nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1408 | &nbsp;&nbsp;&nbsp;&nbsp; 41104 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856 | &nbsp;&nbsp;&nbsp;&nbsp; 49948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 91052 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| &nbsp;&nbsp;&nbsp; Freshpet, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 519 | &nbsp;&nbsp;&nbsp;&nbsp; 27366 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 31

------

JPMorgan Small Cap Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Health Care Equipment & Supplies — 6.5%** | **Health Care Equipment & Supplies — 6.5%** | **Health Care Equipment & Supplies — 6.5%** |
| &nbsp;&nbsp;&nbsp; CONMED Corp. | 469 | 41519 |
| &nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc. \* | 408 | 38202 |
| &nbsp;&nbsp;&nbsp; Nevro Corp. \* (a) | 503 | 19899 |
| &nbsp;&nbsp;&nbsp; NuVasive, Inc. \* | 836 | 34491 |
| &nbsp;&nbsp;&nbsp; Outset Medical, Inc. \* | 1787 | 46150 |
| &nbsp;&nbsp;&nbsp; Shockwave Medical, Inc. \* | 283 | 58263 |
|  |  | &nbsp;&nbsp;&nbsp; 238524 |
| **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. \* | 595 | 48960 |
| &nbsp;&nbsp;&nbsp; Accolade, Inc. \* | 1737 | 13531 |
| &nbsp;&nbsp;&nbsp; Amedisys, Inc. \* | 276 | 23067 |
| &nbsp;&nbsp;&nbsp; Cano Health, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 5675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7775 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 93333 |
| **Health Care Technology — 1.4%** | **Health Care Technology — 1.4%** | **Health Care Technology — 1.4%** |
| &nbsp;&nbsp;&nbsp; Evolent Health, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 1766 | &nbsp;&nbsp;&nbsp;&nbsp; 49586 |
| **Hotels, Restaurants & Leisure — 6.7%** | **Hotels, Restaurants & Leisure — 6.7%** | **Hotels, Restaurants & Leisure — 6.7%** |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482 | &nbsp;&nbsp;&nbsp;&nbsp; 26296 |
| &nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2403 | &nbsp;&nbsp;&nbsp;&nbsp; 28742 |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp;&nbsp; 36605 |
| &nbsp;&nbsp;&nbsp; Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp;&nbsp; 25045 |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp; 51959 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 959 | &nbsp;&nbsp;&nbsp;&nbsp; 22300 |
| &nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp;&nbsp; 53853 |
|  |  | &nbsp;&nbsp;&nbsp; 244800 |
| **Household Durables — 1.3%** | **Household Durables — 1.3%** | **Household Durables — 1.3%** |
| &nbsp;&nbsp;&nbsp; Helen of Troy Ltd. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp; 27003 |
| &nbsp;&nbsp;&nbsp; Sonos, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1256 | &nbsp;&nbsp;&nbsp;&nbsp; 21231 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48234 |
| **Insurance — 0.4%** | **Insurance — 0.4%** | **Insurance — 0.4%** |
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 15583 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Bumble, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729 | &nbsp;&nbsp;&nbsp;&nbsp; 15346 |
| **Internet & Direct Marketing Retail — 0.9%** | **Internet & Direct Marketing Retail — 0.9%** | **Internet & Direct Marketing Retail — 0.9%** |
| &nbsp;&nbsp;&nbsp; Global-e Online Ltd. (Israel) \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676 | &nbsp;&nbsp;&nbsp;&nbsp; 13951 |
| &nbsp;&nbsp;&nbsp; Xometry, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627 | &nbsp;&nbsp;&nbsp;&nbsp; 20218 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34169 |
| **IT Services — 3.4%** | **IT Services — 3.4%** | **IT Services — 3.4%** |
| &nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp;&nbsp; 15065 |
| &nbsp;&nbsp;&nbsp; ExlService Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp; 43146 |
| &nbsp;&nbsp;&nbsp; Flywire Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498 | &nbsp;&nbsp;&nbsp;&nbsp; 12185 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| &nbsp;&nbsp;&nbsp; Globant SA \* | 203 | 34206 |
| &nbsp;&nbsp;&nbsp; Remitly Global, Inc. \* | 1686 | 19306 |
|  |  | &nbsp;&nbsp;&nbsp; 123908 |
| **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** | **Life Sciences Tools & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Personalis, Inc. \* | 1538 | 3046 |
| &nbsp;&nbsp;&nbsp; Seer, Inc. \* | 433 | 2509 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5555 |
| **Machinery — 3.9%** | **Machinery — 3.9%** | **Machinery — 3.9%** |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc. \* | 262 | 30230 |
| &nbsp;&nbsp;&nbsp; Evoqua Water Technologies Corp. \* | 1045 | 41370 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | 499 | 40503 |
| &nbsp;&nbsp;&nbsp; John Bean Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp;&nbsp; 30121 |
|  |  | &nbsp;&nbsp;&nbsp; 142224 |
| **Oil, Gas & Consumable Fuels — 3.7%** | **Oil, Gas & Consumable Fuels — 3.7%** | **Oil, Gas & Consumable Fuels — 3.7%** |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 23962 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1246 | &nbsp;&nbsp;&nbsp;&nbsp; 71304 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1190 | &nbsp;&nbsp;&nbsp;&nbsp; 41451 |
|  |  | &nbsp;&nbsp;&nbsp; 136717 |
| **Personal Products — 0.2%** | **Personal Products — 0.2%** | **Personal Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; elf Beauty, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8380 |
| **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
| &nbsp;&nbsp;&nbsp; Arvinas, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690 | &nbsp;&nbsp;&nbsp;&nbsp; 23621 |
| &nbsp;&nbsp;&nbsp; Intra-Cellular Therapies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp;&nbsp; 29212 |
| &nbsp;&nbsp;&nbsp; Revance Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1757 | &nbsp;&nbsp;&nbsp;&nbsp; 32429 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 85262 |
| **Professional Services — 1.3%** | **Professional Services — 1.3%** | **Professional Services — 1.3%** |
| &nbsp;&nbsp;&nbsp; KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 922 | &nbsp;&nbsp;&nbsp;&nbsp; 48702 |
| **Road & Rail — 1.1%** | **Road & Rail — 1.1%** | **Road & Rail — 1.1%** |
| &nbsp;&nbsp;&nbsp; Saia, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp; 40003 |
| **Semiconductors & Semiconductor Equipment — 2.0%** | **Semiconductors & Semiconductor Equipment — 2.0%** | **Semiconductors & Semiconductor Equipment — 2.0%** |
| &nbsp;&nbsp;&nbsp; MKS Instruments, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp;&nbsp; 30688 |
| &nbsp;&nbsp;&nbsp; Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp; 20646 |
| &nbsp;&nbsp;&nbsp; Wolfspeed, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp;&nbsp; 22293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 73627 |
| **Software — 12.6%** | **Software — 12.6%** | **Software — 12.6%** |
| &nbsp;&nbsp;&nbsp; Blackline, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587 | &nbsp;&nbsp;&nbsp;&nbsp; 39466 |
| &nbsp;&nbsp;&nbsp; Clear Secure, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp;&nbsp; 23738 |
| &nbsp;&nbsp;&nbsp; Confluent, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 1044 | &nbsp;&nbsp;&nbsp;&nbsp; 23215 |
| &nbsp;&nbsp;&nbsp; Coupa Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; 15459 |
| &nbsp;&nbsp;&nbsp; CyberArk Software Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp;&nbsp; 44926 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| &nbsp;&nbsp;&nbsp; Elastic NV \* | 394 | 20269 |
| &nbsp;&nbsp;&nbsp; Envestnet, Inc. \* | 724 | 44660 |
| &nbsp;&nbsp;&nbsp; Everbridge, Inc. \* | 531 | 15706 |
| &nbsp;&nbsp;&nbsp; Five9, Inc. \* | 393 | 26702 |
| &nbsp;&nbsp;&nbsp; HashiCorp, Inc., Class A \* (a) | 1347 | 36821 |
| &nbsp;&nbsp;&nbsp; JFrog Ltd. (Israel) \* | 811 | 17299 |
| &nbsp;&nbsp;&nbsp; New Relic, Inc. \* | 606 | 34198 |
| &nbsp;&nbsp;&nbsp; Paycor HCM, Inc. \* (a) | 1061 | 25966 |
| &nbsp;&nbsp;&nbsp; SentinelOne, Inc., Class A \* (a) | 1374 | 20045 |
| &nbsp;&nbsp;&nbsp; Smartsheet, Inc., Class A \* | 940 | 37007 |
| &nbsp;&nbsp;&nbsp; Sprout Social, Inc., Class A \* | 249 | 14056 |
| &nbsp;&nbsp;&nbsp; Vertex, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 1522 | &nbsp;&nbsp;&nbsp;&nbsp; 22082 |
|  |  | &nbsp;&nbsp;&nbsp; 461615 |
| **Specialty Retail — 4.5%** | **Specialty Retail — 4.5%** | **Specialty Retail — 4.5%** |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp; 33084 |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp; 20239 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 23274 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1637 | &nbsp;&nbsp;&nbsp;&nbsp; 63446 |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2639 | &nbsp;&nbsp;&nbsp;&nbsp; 25018 |
|  |  | &nbsp;&nbsp;&nbsp; 165061 |
| **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 10337 |
| **Trading Companies & Distributors — 5.1%** | **Trading Companies & Distributors — 5.1%** | **Trading Companies & Distributors — 5.1%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 743 | &nbsp;&nbsp;&nbsp;&nbsp; 28529 |
| &nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp; 78177 |
| &nbsp;&nbsp;&nbsp; Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629 | &nbsp;&nbsp;&nbsp;&nbsp; 32885 |
| &nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 18234 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp; 29806 |
|  |  | &nbsp;&nbsp;&nbsp; 187631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $3,676,276)<br>|  | 3630742 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — 6.9%** | **Short-Term Investments — 6.9%** | **Short-Term Investments — 6.9%** |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (b) (c) <br>(Cost $38,890)<br>| 38878 | 38897 |
| **Investment of Cash Collateral from Securities Loaned — 5.8%** | **Investment of Cash Collateral from Securities Loaned — 5.8%** | **Investment of Cash Collateral from Securities Loaned — 5.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (b) (c)<br>| 166216 | 166266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c)<br>| 47033 | 47033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from Securities <br> Loaned <br>(Cost $213,266)<br>|  | &nbsp;&nbsp;&nbsp; 213299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $252,156)<br>|  | &nbsp;&nbsp;&nbsp; 252196 |
| **Total Investments — 106.1%** <br>**(Cost $3,928,432)**<br>|  | **3882938** |
| **Liabilities in Excess of Other Assets — (6.1)%** |  | **(224764)** |
| **NET ASSETS — 100.0%** |  | **3658174** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $208,340. 

(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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 33

------

JPMorgan Small Cap Sustainable Leaders Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.2%** | **Common Stocks — 99.2%** | **Common Stocks — 99.2%** |
| **Auto Components — 2.3%** | **Auto Components — 2.3%** | **Auto Components — 2.3%** |
| &nbsp;&nbsp;&nbsp; Visteon Corp. \* | 15 | 1953 |
| **Banks — 9.5%** | **Banks — 9.5%** | **Banks — 9.5%** |
| &nbsp;&nbsp;&nbsp; Amalgamated Financial Corp. | 98 | 2262 |
| &nbsp;&nbsp;&nbsp; Customers Bancorp, Inc. \* | 14 | 390 |
| &nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 65 | 1960 |
| &nbsp;&nbsp;&nbsp; Signature Bank | 3 | 289 |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 39 | 1463 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp NA | 37 | 1812 |
|  |  | &nbsp;&nbsp; 8176 |
| **Biotechnology — 8.5%** | **Biotechnology — 8.5%** | **Biotechnology — 8.5%** |
| &nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc. \* | 18 | 931 |
| &nbsp;&nbsp;&nbsp; Fate Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp; 2908 |
| &nbsp;&nbsp;&nbsp; Natera, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 595 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp; 2560 |
|  |  | &nbsp;&nbsp; 7325 |
| **Building Products — 4.2%** | **Building Products — 4.2%** | **Building Products — 4.2%** |
| &nbsp;&nbsp;&nbsp; AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp; 2273 |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 504 |
| &nbsp;&nbsp;&nbsp; AZEK Co., Inc. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 851 |
|  |  | &nbsp;&nbsp; 3628 |
| **Capital Markets — 1.4%** | **Capital Markets — 1.4%** | **Capital Markets — 1.4%** |
| &nbsp;&nbsp;&nbsp; Federated Hermes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp; 1208 |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| &nbsp;&nbsp;&nbsp; Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 895 |
| &nbsp;&nbsp;&nbsp; Ginkgo Bioworks Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 930 |
| **Commercial Services & Supplies — 4.4%** | **Commercial Services & Supplies — 4.4%** | **Commercial Services & Supplies — 4.4%** |
| &nbsp;&nbsp;&nbsp; ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 655 |
| &nbsp;&nbsp;&nbsp; Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 568 |
| &nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp; 1134 |
| &nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; 1456 |
|  |  | &nbsp;&nbsp; 3813 |
| **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** | **Diversified Consumer Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Coursera, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 663 |
| **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp; 1838 |
| **Electrical Equipment — 2.8%** | **Electrical Equipment — 2.8%** | **Electrical Equipment — 2.8%** |
| &nbsp;&nbsp;&nbsp; Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 571 |
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 262 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Electrical Equipment — continued** | **Electrical Equipment — continued** | **Electrical Equipment — continued** |
| &nbsp;&nbsp;&nbsp; Fluence Energy, Inc. \* | 11 | 187 |
| &nbsp;&nbsp;&nbsp; FuelCell Energy, Inc. \* | 46 | 128 |
| &nbsp;&nbsp;&nbsp; SunPower Corp. \* | 69 | 1247 |
|  |  | &nbsp;&nbsp; 2395 |
| **Electronic Equipment, Instruments & Components — 2.9%** | **Electronic Equipment, Instruments & Components — 2.9%** | **Electronic Equipment, Instruments & Components — 2.9%** |
| &nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 12 | 1360 |
| &nbsp;&nbsp;&nbsp; Itron, Inc. \* | 23 | 1165 |
|  |  | &nbsp;&nbsp; 2525 |
| **Equity Real Estate Investment Trusts (REITs) — 5.9%** | **Equity Real Estate Investment Trusts (REITs) — 5.9%** | **Equity Real Estate Investment Trusts (REITs) — 5.9%** |
| &nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | 63 | 1181 |
| &nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc. | 21 | 202 |
| &nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 799 |
| &nbsp;&nbsp;&nbsp; Paramount Group, Inc. | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 751 |
| &nbsp;&nbsp;&nbsp; Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp; 1203 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 907 |
|  |  | &nbsp;&nbsp; 5043 |
| **Food & Staples Retailing — 2.7%** | **Food & Staples Retailing — 2.7%** | **Food & Staples Retailing — 2.7%** |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp; 1276 |
| &nbsp;&nbsp;&nbsp; United Natural Foods, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp; 1094 |
|  |  | &nbsp;&nbsp; 2370 |
| **Food Products — 2.5%** | **Food Products — 2.5%** | **Food Products — 2.5%** |
| &nbsp;&nbsp;&nbsp; AppHarvest, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp; 1771 |
| &nbsp;&nbsp;&nbsp; Vital Farms, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 393 |
|  |  | &nbsp;&nbsp; 2191 |
| **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** |
| &nbsp;&nbsp;&nbsp; Shockwave Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 1223 |
| **Health Care Providers & Services — 6.5%** | **Health Care Providers & Services — 6.5%** | **Health Care Providers & Services — 6.5%** |
| &nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; 1792 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp; 1322 |
| &nbsp;&nbsp;&nbsp; Enhabit, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp; 1698 |
| &nbsp;&nbsp;&nbsp; Progyny, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 624 |
|  |  | &nbsp;&nbsp; 5586 |
| **Health Care Technology — 1.9%** | **Health Care Technology — 1.9%** | **Health Care Technology — 1.9%** |
| &nbsp;&nbsp;&nbsp; Schrodinger, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 640 |
| &nbsp;&nbsp;&nbsp; Veradigm, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 978 |
|  |  | &nbsp;&nbsp; 1618 |
| **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** | **Hotels, Restaurants & Leisure — 0.1%** |
| &nbsp;&nbsp;&nbsp; Sweetgreen, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 100 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Durables — 2.7%** | **Household Durables — 2.7%** | **Household Durables — 2.7%** |
| &nbsp;&nbsp;&nbsp; KB Home | 45 | 1419 |
| &nbsp;&nbsp;&nbsp; Sonos, Inc. \* | 51 | 867 |
|  |  | &nbsp;&nbsp; 2286 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| &nbsp;&nbsp;&nbsp; Sunnova Energy International, Inc. \* | 8 | 144 |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| &nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 74 | 1683 |
| &nbsp;&nbsp;&nbsp; Lemonade, Inc. \* | 2 | 36 |
|  |  | &nbsp;&nbsp; 1719 |
| **Interactive Media & Services — 2.1%** | **Interactive Media & Services — 2.1%** | **Interactive Media & Services — 2.1%** |
| &nbsp;&nbsp;&nbsp; Bumble, Inc., Class A \* | 42 | 875 |
| &nbsp;&nbsp;&nbsp; Yelp, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 909 |
|  |  | &nbsp;&nbsp; 1784 |
| **Internet & Direct Marketing Retail — 0.5%** | **Internet & Direct Marketing Retail — 0.5%** | **Internet & Direct Marketing Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp; Rent the Runway, Inc., Class A \* | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp; 407 |
| &nbsp;&nbsp;&nbsp; ThredUp, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 456 |
| **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Azenta, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 435 |
| &nbsp;&nbsp;&nbsp; Singular Genomics Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 118 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 553 |
| **Machinery — 2.8%** | **Machinery — 2.8%** | **Machinery — 2.8%** |
| &nbsp;&nbsp;&nbsp; AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 1214 |
| &nbsp;&nbsp;&nbsp; Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp; 1156 |
|  |  | &nbsp;&nbsp; 2370 |
| **Metals & Mining — 3.6%** | **Metals & Mining — 3.6%** | **Metals & Mining — 3.6%** |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 919 |
| &nbsp;&nbsp;&nbsp; Constellium SE \* | &nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp; Schnitzer Steel Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp; 1178 |
|  |  | &nbsp;&nbsp; 3120 |
| **Mortgage Real Estate Investment Trusts (REITs) — 1.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.3%** |
| &nbsp;&nbsp;&nbsp; Hannon Armstrong Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp; 1111 |
| **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** | **Oil, Gas & Consumable Fuels — 0.6%** |
| &nbsp;&nbsp;&nbsp; Clean Energy Fuels Corp. \* | &nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 530 |
| **Personal Products — 0.2%** | **Personal Products — 0.2%** | **Personal Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Honest Co., Inc. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 136 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Professional Services — 4.6%** | **Professional Services — 4.6%** | **Professional Services — 4.6%** |
| &nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc. \* | 31 | 2265 |
| &nbsp;&nbsp;&nbsp; ICF International, Inc. | 17 | 1662 |
|  |  | &nbsp;&nbsp; 3927 |
| **Real Estate Management & Development — 1.1%** | **Real Estate Management & Development — 1.1%** | **Real Estate Management & Development — 1.1%** |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield plc \* | 74 | 920 |
| **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** |
| &nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 13 | 966 |
| &nbsp;&nbsp;&nbsp; Wolfspeed, Inc. \* | 7 | 462 |
|  |  | &nbsp;&nbsp; 1428 |
| **Software — 2.7%** | **Software — 2.7%** | **Software — 2.7%** |
| &nbsp;&nbsp;&nbsp; Everbridge, Inc. \* | 9 | 265 |
| &nbsp;&nbsp;&nbsp; NCR Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 897 |
| &nbsp;&nbsp;&nbsp; Q2 Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 649 |
| &nbsp;&nbsp;&nbsp; Workiva, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 479 |
|  |  | &nbsp;&nbsp; 2290 |
| **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** |
| &nbsp;&nbsp;&nbsp; Warby Parker, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
| **Textiles, Apparel & Luxury Goods — 6.3%** | **Textiles, Apparel & Luxury Goods — 6.3%** | **Textiles, Apparel & Luxury Goods — 6.3%** |
| &nbsp;&nbsp;&nbsp; Allbirds, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 149 |
| &nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp; 1093 |
| &nbsp;&nbsp;&nbsp; Deckers Outdoor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; 2170 |
| &nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp; 1302 |
| &nbsp;&nbsp;&nbsp; Unifi, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp; 697 |
|  |  | &nbsp;&nbsp; 5411 |
| **Trading Companies & Distributors — 2.5%** | **Trading Companies & Distributors — 2.5%** | **Trading Companies & Distributors — 2.5%** |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; 2196 |
| **Water Utilities — 2.3%** | **Water Utilities — 2.3%** | **Water Utilities — 2.3%** |
| &nbsp;&nbsp;&nbsp; American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp; 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $103,259)<br>|  | 85306 |
|  | **NO. OF** <br> **RIGHTS** <br>**(000)**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Contra Aduro Biotech I ‡ \*(Cost $108) | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 35

------

JPMorgan Small Cap Sustainable Leaders Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (a) (b) <br>(Cost $1,236)<br>| 1236 | 1236 |
| **Total Investments — 100.6%** <br>**(Cost $104,603)**<br>|  | **86542** |
| **Liabilities in Excess of Other Assets — (0.6)%** |  | **(554)** |
| **NET ASSETS — 100.0%** |  | **85988** |

---

&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;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (b) | The rate shown is the current yield as of December <br> 31, 2022.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 J.P. Morgan Small Cap Funds December 31, 2022

------

JPMorgan Small Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 96.2%** | **Common Stocks — 96.2%** | **Common Stocks — 96.2%** |
| **Air Freight & Logistics — 1.1%** | **Air Freight & Logistics — 1.1%** | **Air Freight & Logistics — 1.1%** |
| &nbsp;&nbsp;&nbsp; Atlas Air Worldwide Holdings, Inc. \* (a) | 31 | 3085 |
| &nbsp;&nbsp;&nbsp; Hub Group, Inc., Class A \* | 139 | 11041 |
| &nbsp;&nbsp;&nbsp; Radiant Logistics, Inc. \* | 88 | 450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14576 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| &nbsp;&nbsp;&nbsp; Hawaiian Holdings, Inc. \* | 42 | 435 |
| &nbsp;&nbsp;&nbsp; SkyWest, Inc. \* | 200 | 3302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3737 |
| **Auto Components — 0.4%** | **Auto Components — 0.4%** | **Auto Components — 0.4%** |
| &nbsp;&nbsp;&nbsp; Adient plc \* | 104 | 3625 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Holdings, Inc. \* | 41 | 319 |
| &nbsp;&nbsp;&nbsp; Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1586 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5530 |
| **Banks — 17.5%** | **Banks — 17.5%** | **Banks — 17.5%** |
| &nbsp;&nbsp;&nbsp; American National Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414 |
| &nbsp;&nbsp;&nbsp; Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3422 |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3048 |
| &nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2713 |
| &nbsp;&nbsp;&nbsp; Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1486 |
| &nbsp;&nbsp;&nbsp; Bancorp, Inc. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665 |
| &nbsp;&nbsp;&nbsp; BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 608 |
| &nbsp;&nbsp;&nbsp; Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1232 |
| &nbsp;&nbsp;&nbsp; Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3249 |
| &nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1667 |
| &nbsp;&nbsp;&nbsp; Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3482 |
| &nbsp;&nbsp;&nbsp; Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342 |
| &nbsp;&nbsp;&nbsp; Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 812 |
| &nbsp;&nbsp;&nbsp; Capstar Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2343 |
| &nbsp;&nbsp;&nbsp; Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1199 |
| &nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1466 |
| &nbsp;&nbsp;&nbsp; Civista Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 381 |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2624 |
| &nbsp;&nbsp;&nbsp; Community Trust Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2561 |
| &nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6052 |
| &nbsp;&nbsp;&nbsp; Customers Bancorp, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3316 |
| &nbsp;&nbsp;&nbsp; CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6893 |
| &nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4984 |
| &nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4808 |
| &nbsp;&nbsp;&nbsp; Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1088 |
| &nbsp;&nbsp;&nbsp; FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 857 |
| &nbsp;&nbsp;&nbsp; Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; First Bancorp | 12 | 505 |
| &nbsp;&nbsp;&nbsp; First BanCorp (Puerto Rico) | 329 | 4184 |
| &nbsp;&nbsp;&nbsp; First Bancshares, Inc. (The) | 20 | 640 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 4 | 2821 |
| &nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 330 | 4617 |
| &nbsp;&nbsp;&nbsp; First Financial Corp. | 67 | 3110 |
| &nbsp;&nbsp;&nbsp; First Internet Bancorp | 44 | 1068 |
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., Class A | 107 | 4124 |
| &nbsp;&nbsp;&nbsp; First Merchants Corp. | 102 | 4210 |
| &nbsp;&nbsp;&nbsp; First Western Financial, Inc. \* | 9 | 253 |
| &nbsp;&nbsp;&nbsp; FNB Corp. | 54 | 709 |
| &nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2135 |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; 10816 |
| &nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2408 |
| &nbsp;&nbsp;&nbsp; Home BancShares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2954 |
| &nbsp;&nbsp;&nbsp; HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1378 |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2373 |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615 |
| &nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 |
| &nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581 |
| &nbsp;&nbsp;&nbsp; Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp; Midland States Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1182 |
| &nbsp;&nbsp;&nbsp; MVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp; National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2427 |
| &nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702 |
| &nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp;&nbsp; 13181 |
| &nbsp;&nbsp;&nbsp; OFG Bancorp (Puerto Rico) | &nbsp;&nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp;&nbsp; 10561 |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 794 | &nbsp;&nbsp;&nbsp;&nbsp; 14277 |
| &nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4988 |
| &nbsp;&nbsp;&nbsp; Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587 |
| &nbsp;&nbsp;&nbsp; Orrstown Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 456 |
| &nbsp;&nbsp;&nbsp; Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3662 |
| &nbsp;&nbsp;&nbsp; Peoples Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2393 |
| &nbsp;&nbsp;&nbsp; Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478 |
| &nbsp;&nbsp;&nbsp; Premier Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp; QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3366 |
| &nbsp;&nbsp;&nbsp; Republic Bancorp, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561 |
| &nbsp;&nbsp;&nbsp; Sandy Spring Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1127 |
| &nbsp;&nbsp;&nbsp; Sierra Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499 |
| &nbsp;&nbsp;&nbsp; Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1135 |
| &nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1039 |
| &nbsp;&nbsp;&nbsp; South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp; SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 10008 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 37

------

JPMorgan Small Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; TriCo Bancshares | 45 | 2320 |
| &nbsp;&nbsp;&nbsp; Trustmark Corp. | 30 | 1047 |
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | 48 | 4017 |
| &nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 23 | 771 |
| &nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. | 367 | 10314 |
| &nbsp;&nbsp;&nbsp; Washington Federal, Inc. | 134 | 4496 |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp. | 13 | 592 |
| &nbsp;&nbsp;&nbsp; WesBanco, Inc. | 13 | 466 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorp | 62 | 3717 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 69 | 5840 |
|  |  | &nbsp;&nbsp;&nbsp; 223547 |
| **Beverages — 0.3%** | **Beverages — 0.3%** | **Beverages — 0.3%** |
| &nbsp;&nbsp;&nbsp; Primo Water Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3232 |
| **Biotechnology — 6.6%** | **Biotechnology — 6.6%** | **Biotechnology — 6.6%** |
| &nbsp;&nbsp;&nbsp; 2seventy bio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585 |
| &nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2665 |
| &nbsp;&nbsp;&nbsp; Allovir, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1747 |
| &nbsp;&nbsp;&nbsp; Arcellx, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5217 |
| &nbsp;&nbsp;&nbsp; Arcus Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4522 |
| &nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1918 |
| &nbsp;&nbsp;&nbsp; Biohaven Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Bluebird Bio, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1295 |
| &nbsp;&nbsp;&nbsp; CTI BioPharma Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1885 |
| &nbsp;&nbsp;&nbsp; Cytokinetics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3143 |
| &nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 614 |
| &nbsp;&nbsp;&nbsp; EQRx, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1507 |
| &nbsp;&nbsp;&nbsp; Fate Therapeutics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665 |
| &nbsp;&nbsp;&nbsp; Iovance Biotherapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580 |
| &nbsp;&nbsp;&nbsp; iTeos Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3310 |
| &nbsp;&nbsp;&nbsp; IVERIC bio, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5246 |
| &nbsp;&nbsp;&nbsp; Kezar Life Sciences, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3179 |
| &nbsp;&nbsp;&nbsp; Kymera Therapeutics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5152 |
| &nbsp;&nbsp;&nbsp; Lexicon Pharmaceuticals, Inc. \* | &nbsp;&nbsp; 1360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2598 |
| &nbsp;&nbsp;&nbsp; Lyell Immunopharma, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805 |
| &nbsp;&nbsp;&nbsp; MoonLake Immunotherapeutics \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp; Nuvalent, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7016 |
| &nbsp;&nbsp;&nbsp; Prothena Corp. plc (Ireland) \* | &nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6073 |
| &nbsp;&nbsp;&nbsp; REGENXBIO, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3436 |
| &nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3858 |
| &nbsp;&nbsp;&nbsp; SpringWorks Therapeutics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3597 |
| &nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4557 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| &nbsp;&nbsp;&nbsp; Twist Bioscience Corp. \* | 204 | 4869 |
| &nbsp;&nbsp;&nbsp; Veracyte, Inc. \* | 146 | 3462 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 83781 |
| **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** |
| &nbsp;&nbsp;&nbsp; Resideo Technologies, Inc. \* | 95 | 1553 |
| &nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 80 | 6364 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7917 |
| **Capital Markets — 1.5%** | **Capital Markets — 1.5%** | **Capital Markets — 1.5%** |
| &nbsp;&nbsp;&nbsp; AssetMark Financial Holdings, Inc. \* | 44 | 1019 |
| &nbsp;&nbsp;&nbsp; BGC Partners, Inc., Class A | 166 | 624 |
| &nbsp;&nbsp;&nbsp; Blucora, Inc. \* | 208 | 5318 |
| &nbsp;&nbsp;&nbsp; Cowen, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1147 |
| &nbsp;&nbsp;&nbsp; Donnelley Financial Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1739 |
| &nbsp;&nbsp;&nbsp; Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1211 |
| &nbsp;&nbsp;&nbsp; Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1809 |
| &nbsp;&nbsp;&nbsp; StoneX Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2849 |
| &nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 974 |
| &nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2642 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19332 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| &nbsp;&nbsp;&nbsp; AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2042 |
| &nbsp;&nbsp;&nbsp; Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1728 |
| &nbsp;&nbsp;&nbsp; Ecovyst, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477 |
| &nbsp;&nbsp;&nbsp; HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027 |
| &nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1992 |
| &nbsp;&nbsp;&nbsp; Tronox Holdings plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3357 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11623 |
| **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** | **Commercial Services & Supplies — 1.8%** |
| &nbsp;&nbsp;&nbsp; ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8164 |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2381 |
| &nbsp;&nbsp;&nbsp; Cimpress plc (Ireland) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp; Ennis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725 |
| &nbsp;&nbsp;&nbsp; Heritage-Crystal Clean, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1665 |
| &nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7839 |
| &nbsp;&nbsp;&nbsp; Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1898 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 22810 |
| **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** |
| &nbsp;&nbsp;&nbsp; Aviat Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817 |
| &nbsp;&nbsp;&nbsp; Calix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 10183 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Communications Equipment — continued** | **Communications Equipment — continued** | **Communications Equipment — continued** |
| &nbsp;&nbsp;&nbsp; Comtech Telecommunications Corp. | 378 | 4591 |
| &nbsp;&nbsp;&nbsp; NETGEAR, Inc. \* | 134 | 2423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18014 |
| **Construction & Engineering — 1.4%** | **Construction & Engineering — 1.4%** | **Construction & Engineering — 1.4%** |
| &nbsp;&nbsp;&nbsp; Argan, Inc. | 147 | 5410 |
| &nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 26 | 2946 |
| &nbsp;&nbsp;&nbsp; MasTec, Inc. \* | 47 | 4062 |
| &nbsp;&nbsp;&nbsp; MYR Group, Inc. \* | 45 | 4134 |
| &nbsp;&nbsp;&nbsp; Primoris Services Corp. | 81 | 1784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18336 |
| **Construction Materials — 0.3%** | **Construction Materials — 0.3%** | **Construction Materials — 0.3%** |
| &nbsp;&nbsp;&nbsp; Summit Materials, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3228 |
| **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** | **Consumer Finance — 1.7%** |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4519 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5921 |
| &nbsp;&nbsp;&nbsp; Enova International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3764 |
| &nbsp;&nbsp;&nbsp; Green Dot Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723 |
| &nbsp;&nbsp;&nbsp; LendingClub Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897 |
| &nbsp;&nbsp;&nbsp; PROG Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5555 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21379 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| &nbsp;&nbsp;&nbsp; Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2428 |
| &nbsp;&nbsp;&nbsp; Myers Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 |
| &nbsp;&nbsp;&nbsp; O-I Glass, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1148 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3945 |
| **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; 2U, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3672 |
| &nbsp;&nbsp;&nbsp; Stride, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1821 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5493 |
| **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** | **Diversified Financial Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2279 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3803 |
| &nbsp;&nbsp;&nbsp; Liberty Latin America Ltd., Class A (Puerto Rico) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674 |
| &nbsp;&nbsp;&nbsp; Liberty Latin America Ltd., Class C (Puerto Rico) \* | &nbsp;&nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4087 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8564 |
| **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** |
| &nbsp;&nbsp;&nbsp; IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4842 |
| &nbsp;&nbsp;&nbsp; Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1004 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | 164 | 8026 |
| &nbsp;&nbsp;&nbsp; Via Renewables, Inc. (a) | 71 | 366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14238 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Encore Wire Corp. | 37 | 5035 |
| &nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 80 | 2835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7870 |
| **Electronic Equipment, Instruments & Components — 1.8%** | **Electronic Equipment, Instruments & Components — 1.8%** | **Electronic Equipment, Instruments & Components — 1.8%** |
| &nbsp;&nbsp;&nbsp; Belden, Inc. | 45 | 3257 |
| &nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. (a) | 135 | 3613 |
| &nbsp;&nbsp;&nbsp; Knowles Corp. \* | 323 | 5302 |
| &nbsp;&nbsp;&nbsp; OSI Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6513 |
| &nbsp;&nbsp;&nbsp; ScanSource, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23153 |
| **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349 |
| &nbsp;&nbsp;&nbsp; ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2658 |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3128 |
| &nbsp;&nbsp;&nbsp; Nabors Industries Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434 |
| &nbsp;&nbsp;&nbsp; NexTier Oilfield Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1736 |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1384 |
| &nbsp;&nbsp;&nbsp; Solaris Oilfield Infrastructure, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693 |
| &nbsp;&nbsp;&nbsp; US Silica Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11241 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Lions Gate Entertainment Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 607 |
| **Equity Real Estate Investment Trusts (REITs) — 9.1%** | **Equity Real Estate Investment Trusts (REITs) — 9.1%** | **Equity Real Estate Investment Trusts (REITs) — 9.1%** |
| &nbsp;&nbsp;&nbsp; Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2085 |
| &nbsp;&nbsp;&nbsp; Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 15606 |
| &nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880 |
| &nbsp;&nbsp;&nbsp; American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943 |
| &nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4878 |
| &nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868 |
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1128 |
| &nbsp;&nbsp;&nbsp; Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1572 |
| &nbsp;&nbsp;&nbsp; City Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399 |
| &nbsp;&nbsp;&nbsp; Corporate Office Properties Trust | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3499 |
| &nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972 |
| &nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2476 |
| &nbsp;&nbsp;&nbsp; Equity Commonwealth | &nbsp;&nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4070 |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2657 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 39

------

JPMorgan Small Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 28 | 1342 |
| &nbsp;&nbsp;&nbsp; Getty Realty Corp. | 68 | 2313 |
| &nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 57 | 537 |
| &nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 223 | 4291 |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. (a) | 350 | 5908 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 208 | 4376 |
| &nbsp;&nbsp;&nbsp; Macerich Co. (The) | 223 | 2511 |
| &nbsp;&nbsp;&nbsp; NETSTREIT Corp. | 102 | 1877 |
| &nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. | 5 | 227 |
| &nbsp;&nbsp;&nbsp; Paramount Group, Inc. | 116 | 687 |
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust (a) | 55 | 732 |
| &nbsp;&nbsp;&nbsp; Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1637 |
| &nbsp;&nbsp;&nbsp; Physicians Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3519 |
| &nbsp;&nbsp;&nbsp; Piedmont Office Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1975 |
| &nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552 |
| &nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5952 |
| &nbsp;&nbsp;&nbsp; Retail Opportunity Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 703 |
| &nbsp;&nbsp;&nbsp; RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4251 |
| &nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5954 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3775 |
| &nbsp;&nbsp;&nbsp; SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4993 |
| &nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7535 |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2582 |
| &nbsp;&nbsp;&nbsp; UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2573 |
| &nbsp;&nbsp;&nbsp; Uniti Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1874 |
| &nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1564 |
|  |  | &nbsp;&nbsp;&nbsp; 116273 |
| **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** |
| &nbsp;&nbsp;&nbsp; Andersons, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2883 |
| &nbsp;&nbsp;&nbsp; SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3829 |
| &nbsp;&nbsp;&nbsp; United Natural Foods, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8705 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6265 |
| **Gas Utilities — 2.0%** | **Gas Utilities — 2.0%** | **Gas Utilities — 2.0%** |
| &nbsp;&nbsp;&nbsp; Brookfield Infrastructure Corp., Class A (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1173 |
| &nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1359 |
| &nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; 11864 |
| &nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3669 |
| &nbsp;&nbsp;&nbsp; ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2484 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Gas Utilities — continued** | **Gas Utilities — continued** | **Gas Utilities — continued** |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 5 | 285 |
| &nbsp;&nbsp;&nbsp; Spire, Inc. | 65 | 4448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25282 |
| **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** |
| &nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc. \* | 406 | 5010 |
| &nbsp;&nbsp;&nbsp; AngioDynamics, Inc. \* | 82 | 1131 |
| &nbsp;&nbsp;&nbsp; Bioventus, Inc., Class A \* | 135 | 352 |
| &nbsp;&nbsp;&nbsp; Cue Health, Inc. \* (a) | 117 | 243 |
| &nbsp;&nbsp;&nbsp; Embecta Corp. | 90 | 2271 |
| &nbsp;&nbsp;&nbsp; Inari Medical, Inc. \* (a) | 48 | 3051 |
| &nbsp;&nbsp;&nbsp; SeaSpine Holdings Corp. \* | 218 | 1816 |
| &nbsp;&nbsp;&nbsp; Sight Sciences, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2935 |
| &nbsp;&nbsp;&nbsp; Utah Medical Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1035 |
| &nbsp;&nbsp;&nbsp; Varex Imaging Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18904 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; AdaptHealth Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5464 |
| &nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2314 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7778 |
| **Health Care Technology — 2.0%** | **Health Care Technology — 2.0%** | **Health Care Technology — 2.0%** |
| &nbsp;&nbsp;&nbsp; Computer Programs and Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3492 |
| &nbsp;&nbsp;&nbsp; Evolent Health, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4720 |
| &nbsp;&nbsp;&nbsp; Health Catalyst, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5817 |
| &nbsp;&nbsp;&nbsp; Phreesia, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2621 |
| &nbsp;&nbsp;&nbsp; Veradigm, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9180 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25830 |
| **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** | **Hotels, Restaurants & Leisure — 1.3%** |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2380 |
| &nbsp;&nbsp;&nbsp; Bluegreen Vacations Holding Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3063 |
| &nbsp;&nbsp;&nbsp; Dine Brands Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3676 |
| &nbsp;&nbsp;&nbsp; Full House Resorts, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1846 |
| &nbsp;&nbsp;&nbsp; Light & Wonder, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1447 |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2759 |
| &nbsp;&nbsp;&nbsp; SeaWorld Entertainment, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16429 |
| **Household Durables — 2.0%** | **Household Durables — 2.0%** | **Household Durables — 2.0%** |
| &nbsp;&nbsp;&nbsp; GoPro, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4059 |
| &nbsp;&nbsp;&nbsp; Lifetime Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6030 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

40 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp. \* | 336 | 10191 |
| &nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc. \* | 276 | 5127 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 25693 |
| **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co., Class A \* | 190 | 6801 |
| **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** | **Independent Power and Renewable Electricity Producers — 0.6%** |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Inc. | 120 | 3575 |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class C | 119 | 3793 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7368 |
| **Insurance — 1.4%** | **Insurance — 1.4%** | **Insurance — 1.4%** |
| &nbsp;&nbsp;&nbsp; American Equity Investment Life Holding Co. | 94 | 4297 |
| &nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1387 |
| &nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2609 |
| &nbsp;&nbsp;&nbsp; James River Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1349 |
| &nbsp;&nbsp;&nbsp; RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3925 |
| &nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18272 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Cars.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942 |
| &nbsp;&nbsp;&nbsp; QuinStreet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1903 |
| &nbsp;&nbsp;&nbsp; Yelp, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2406 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5251 |
| **IT Services — 0.6%** | **IT Services — 0.6%** | **IT Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; IBEX Holdings Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745 |
| &nbsp;&nbsp;&nbsp; Information Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3799 |
| &nbsp;&nbsp;&nbsp; Repay Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7341 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4149 |
| **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; NeoGenomics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2310 |
| &nbsp;&nbsp;&nbsp; Pacific Biosciences of California, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2073 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4383 |
| **Machinery — 2.0%** | **Machinery — 2.0%** | **Machinery — 2.0%** |
| &nbsp;&nbsp;&nbsp; 3D Systems Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2523 |
| &nbsp;&nbsp;&nbsp; AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6144 |
| &nbsp;&nbsp;&nbsp; Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1410 |
| &nbsp;&nbsp;&nbsp; EnPro Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1217 |
| &nbsp;&nbsp;&nbsp; Greenbrier Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4946 |
| &nbsp;&nbsp;&nbsp; Luxfer Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| &nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 54 | 3186 |
| &nbsp;&nbsp;&nbsp; Terex Corp. | 58 | 2448 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp. (a) | 118 | 2661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24894 |
| **Marine — 0.4%** | **Marine — 0.4%** | **Marine — 0.4%** |
| &nbsp;&nbsp;&nbsp; Matson, Inc. | 67 | 4195 |
| &nbsp;&nbsp;&nbsp; Safe Bulkers, Inc. (Greece) (a) | 191 | 556 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4751 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| &nbsp;&nbsp;&nbsp; AMC Networks, Inc., Class A \* | 169 | 2650 |
| &nbsp;&nbsp;&nbsp; Entravision Communications Corp., Class A | 266 | 1276 |
| &nbsp;&nbsp;&nbsp; Gray Television, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3668 |
| &nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2311 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9905 |
| **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** | **Metals & Mining — 1.5%** |
| &nbsp;&nbsp;&nbsp; Arconic Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3290 |
| &nbsp;&nbsp;&nbsp; ATI, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9689 |
| &nbsp;&nbsp;&nbsp; Constellium SE \* | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1846 |
| &nbsp;&nbsp;&nbsp; Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 805 |
| &nbsp;&nbsp;&nbsp; Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416 |
| &nbsp;&nbsp;&nbsp; Schnitzer Steel Industries, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1790 |
| &nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19319 |
| **Mortgage Real Estate Investment Trusts (REITs) — 2.5%** | **Mortgage Real Estate Investment Trusts (REITs) — 2.5%** | **Mortgage Real Estate Investment Trusts (REITs) — 2.5%** |
| &nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2099 |
| &nbsp;&nbsp;&nbsp; Ares Commercial Real Estate Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3686 |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7812 |
| &nbsp;&nbsp;&nbsp; Dynex Capital, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5716 |
| &nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hannon Armstrong Sustainable Infrastructure Capital, <br> Inc. (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110 |
| &nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3868 |
| &nbsp;&nbsp;&nbsp; Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4054 |
| &nbsp;&nbsp;&nbsp; Ready Capital Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852 |
| &nbsp;&nbsp;&nbsp; Redwood Trust, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 846 |
| &nbsp;&nbsp;&nbsp; TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31929 |
| **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** | **Multi-Utilities — 0.8%** |
| &nbsp;&nbsp;&nbsp; Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3454 |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2940 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 41

------

JPMorgan Small Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| &nbsp;&nbsp;&nbsp; NorthWestern Corp. | 35 | 2059 |
| &nbsp;&nbsp;&nbsp; Unitil Corp. | 34 | 1749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10202 |
| **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** | **Oil, Gas & Consumable Fuels — 4.0%** |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. \* | 17 | 530 |
| &nbsp;&nbsp;&nbsp; Arch Resources, Inc. | 23 | 3256 |
| &nbsp;&nbsp;&nbsp; Berry Corp. | 28 | 228 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. | 38 | 5200 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp. \* | 63 | 1064 |
| &nbsp;&nbsp;&nbsp; CONSOL Energy, Inc. | 9 | 572 |
| &nbsp;&nbsp;&nbsp; CVR Energy, Inc. | 62 | 1946 |
| &nbsp;&nbsp;&nbsp; Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1774 |
| &nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3062 |
| &nbsp;&nbsp;&nbsp; Green Plains, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3816 |
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8168 |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7626 |
| &nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737 |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718 |
| &nbsp;&nbsp;&nbsp; Peabody Energy Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3781 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1196 |
| &nbsp;&nbsp;&nbsp; REX American Resources Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1376 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1773 |
| &nbsp;&nbsp;&nbsp; Talos Energy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808 |
| &nbsp;&nbsp;&nbsp; W&T Offshore, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 |
| &nbsp;&nbsp;&nbsp; World Fuel Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 50534 |
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 669 |
| **Personal Products — 0.7%** | **Personal Products — 0.7%** | **Personal Products — 0.7%** |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3785 |
| &nbsp;&nbsp;&nbsp; Herbalife Nutrition Ltd. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9387 |
| **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** | **Pharmaceuticals — 0.5%** |
| &nbsp;&nbsp;&nbsp; CinCor Pharma, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1217 |
| &nbsp;&nbsp;&nbsp; Intra-Cellular Therapies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2667 |
| &nbsp;&nbsp;&nbsp; NGM Biopharmaceuticals, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918 |
| &nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6632 |
| **Professional Services — 2.8%** | **Professional Services — 2.8%** | **Professional Services — 2.8%** |
| &nbsp;&nbsp;&nbsp; Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7595 |
| &nbsp;&nbsp;&nbsp; Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1801 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Professional Services — continued** | **Professional Services — continued** | **Professional Services — continued** |
| &nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc. \* | 58 | 4211 |
| &nbsp;&nbsp;&nbsp; Insperity, Inc. | 5 | 579 |
| &nbsp;&nbsp;&nbsp; KBR, Inc. (a) | 132 | 6938 |
| &nbsp;&nbsp;&nbsp; Kelly Services, Inc., Class A (a) | 299 | 5055 |
| &nbsp;&nbsp;&nbsp; Korn Ferry | 86 | 4343 |
| &nbsp;&nbsp;&nbsp; TrueBlue, Inc. \* | 277 | 5430 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 35952 |
| **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** | **Real Estate Management & Development — 0.4%** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc. \* | 188 | 1198 |
| &nbsp;&nbsp;&nbsp; Forestar Group, Inc. \* | 147 | 2265 |
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 128 | 2018 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5481 |
| **Road & Rail — 0.9%** | **Road & Rail — 0.9%** | **Road & Rail — 0.9%** |
| &nbsp;&nbsp;&nbsp; ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7431 |
| &nbsp;&nbsp;&nbsp; Covenant Logistics Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684 |
| &nbsp;&nbsp;&nbsp; Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1812 |
| &nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10777 |
| **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp; ACM Research, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2693 |
| &nbsp;&nbsp;&nbsp; Cohu, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5394 |
| &nbsp;&nbsp;&nbsp; Veeco Instruments, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3707 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11794 |
| **Software — 1.2%** | **Software — 1.2%** | **Software — 1.2%** |
| &nbsp;&nbsp;&nbsp; eGain Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3560 |
| &nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7979 |
| &nbsp;&nbsp;&nbsp; Marathon Digital Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp; Riot Blockchain, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1108 |
| &nbsp;&nbsp;&nbsp; SecureWorks Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp; SolarWinds Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 |
| &nbsp;&nbsp;&nbsp; Upland Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14984 |
| **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577 |
| &nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp; 11895 |
| &nbsp;&nbsp;&nbsp; Bed Bath & Beyond, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 |
| &nbsp;&nbsp;&nbsp; Conn's, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1131 |
| &nbsp;&nbsp;&nbsp; Genesco, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943 |
| &nbsp;&nbsp;&nbsp; MarineMax, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4536 |
| &nbsp;&nbsp;&nbsp; ODP Corp. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4390 |
| &nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2721 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

42 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 104 | 7045 |
| &nbsp;&nbsp;&nbsp; Sleep Number Corp. \* (a) | 23 | 595 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., Class A (a) | 61 | 2991 |
| &nbsp;&nbsp;&nbsp; Zumiez, Inc. \* | 64 | 1387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38351 |
| **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** | **Technology Hardware, Storage & Peripherals — 1.0%** |
| &nbsp;&nbsp;&nbsp; Avid Technology, Inc. \* | 109 | 2896 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. | 688 | 10043 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12939 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| &nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. \* | 157 | 2147 |
| &nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3012 |
| **Thrifts & Mortgage Finance — 3.1%** | **Thrifts & Mortgage Finance — 3.1%** | **Thrifts & Mortgage Finance — 3.1%** |
| &nbsp;&nbsp;&nbsp; Axos Financial, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3348 |
| &nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1101 |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9044 |
| &nbsp;&nbsp;&nbsp; Kearny Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1411 |
| &nbsp;&nbsp;&nbsp; Luther Burbank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp; Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2963 |
| &nbsp;&nbsp;&nbsp; Mr. Cooper Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4366 |
| &nbsp;&nbsp;&nbsp; NMI Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3814 |
| &nbsp;&nbsp;&nbsp; Northfield Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3385 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1757 |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7783 |
| &nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 39465 |
| **Trading Companies & Distributors — 3.2%** | **Trading Companies & Distributors — 3.2%** | **Trading Companies & Distributors — 3.2%** |
| &nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3241 |
| &nbsp;&nbsp;&nbsp; Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4113 |
| &nbsp;&nbsp;&nbsp; GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1276 |
| &nbsp;&nbsp;&nbsp; GMS, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4866 |
| &nbsp;&nbsp;&nbsp; MRC Global, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3778 |
| &nbsp;&nbsp;&nbsp; NOW, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8044 |
| &nbsp;&nbsp;&nbsp; Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5610 |
| &nbsp;&nbsp;&nbsp; Titan Machinery, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1959 |
| &nbsp;&nbsp;&nbsp; Veritiv Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1810 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6172 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40869 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Water Utilities — 0.3%** | **Water Utilities — 0.3%** | **Water Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp; American States Water Co. | 41 | 3813 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Gogo, Inc. \* | 194 | 2868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $1,157,611)<br>|  | 1227683 |
| **Short-Term Investments — 6.4%** | **Short-Term Investments — 6.4%** | **Short-Term Investments — 6.4%** |
| **Investment Companies — 3.5%** | **Investment Companies — 3.5%** | **Investment Companies — 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (b) (c) <br>(Cost $44,813)<br>| 44802 | 44825 |
| **Investment of Cash Collateral from Securities Loaned — 2.9%** | **Investment of Cash Collateral from Securities Loaned — 2.9%** | **Investment of Cash Collateral from Securities Loaned — 2.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (b) (c)<br>| 30585 | 30594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c)<br>| 6513 | 6513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from Securities <br> Loaned <br>(Cost $37,099)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 37107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $81,912)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 81932 |
| **Total Investments — 102.6%** <br>**(Cost $1,239,523)**<br>|  | **1309615** |
| **Liabilities in Excess of Other Assets — (2.6)%** |  | **(33269)** |
| **NET ASSETS — 100.0%** |  | **1276346** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $36,052. 

(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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 43

------

JPMorgan Small Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

**Futures contracts outstanding as of December 31, 2022 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | 490 | 03/17/2023 | USD | 43394 | (688) |

---

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

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

44 J.P. Morgan Small Cap Funds December 31, 2022

------

JPMorgan SMID Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.4%** | **Common Stocks — 97.4%** | **Common Stocks — 97.4%** |
| **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
| &nbsp;&nbsp;&nbsp; Woodward, Inc. | 27 | 2617 |
| **Airlines — 0.6%** | **Airlines — 0.6%** | **Airlines — 0.6%** |
| &nbsp;&nbsp;&nbsp; Alaska Air Group, Inc. \* | 44 | 1907 |
| **Auto Components — 0.4%** | **Auto Components — 0.4%** | **Auto Components — 0.4%** |
| &nbsp;&nbsp;&nbsp; LCI Industries | 14 | 1333 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| &nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 10 | 735 |
| **Banks — 6.7%** | **Banks — 6.7%** | **Banks — 6.7%** |
| &nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 33 | 2237 |
| &nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 21 | 2848 |
| &nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 36 | 2476 |
| &nbsp;&nbsp;&nbsp; Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2790 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 3109 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 3463 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 3209 |
|  |  | &nbsp;&nbsp; 20132 |
| **Building Products — 4.0%** | **Building Products — 4.0%** | **Building Products — 4.0%** |
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 3746 |
| &nbsp;&nbsp;&nbsp; Hayward Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp; 2019 |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 3441 |
| &nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 2860 |
|  |  | &nbsp;&nbsp; 12066 |
| **Capital Markets — 8.7%** | **Capital Markets — 8.7%** | **Capital Markets — 8.7%** |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 3358 |
| &nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 3475 |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 3332 |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 3121 |
| &nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 3836 |
| &nbsp;&nbsp;&nbsp; Moelis & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 2763 |
| &nbsp;&nbsp;&nbsp; Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 3366 |
| &nbsp;&nbsp;&nbsp; StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 3078 |
|  |  | &nbsp;&nbsp; 26329 |
| **Chemicals — 1.7%** | **Chemicals — 1.7%** | **Chemicals — 1.7%** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 3069 |
| &nbsp;&nbsp;&nbsp; Perimeter Solutions SA \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp;&nbsp; 1955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5024 |
| **Commercial Services & Supplies — 6.3%** | **Commercial Services & Supplies — 6.3%** | **Commercial Services & Supplies — 6.3%** |
| &nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp; 3249 |
| &nbsp;&nbsp;&nbsp; IAA, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 2230 |
| &nbsp;&nbsp;&nbsp; MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 4331 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; Ritchie Bros Auctioneers, Inc. (Canada) | 43 | 2512 |
| &nbsp;&nbsp;&nbsp; Stericycle, Inc. \* | 64 | 3195 |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 27 | 3547 |
|  |  | &nbsp;&nbsp; 19064 |
| **Construction & Engineering — 1.6%** | **Construction & Engineering — 1.6%** | **Construction & Engineering — 1.6%** |
| &nbsp;&nbsp;&nbsp; WillScot Mobile Mini Holdings Corp. \* | 104 | 4684 |
| **Containers & Packaging — 2.2%** | **Containers & Packaging — 2.2%** | **Containers & Packaging — 2.2%** |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 31 | 3467 |
| &nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 38 | 3095 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6562 |
| **Distributors — 2.6%** | **Distributors — 2.6%** | **Distributors — 2.6%** |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 3759 |
| &nbsp;&nbsp;&nbsp; Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 4167 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7926 |
| **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** | **Diversified Consumer Services — 1.1%** |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 3273 |
| **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** | **Electrical Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp; Generac Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 2207 |
| **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** | **Electronic Equipment, Instruments & Components — 1.1%** |
| &nbsp;&nbsp;&nbsp; Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 3339 |
| **Equity Real Estate Investment Trusts (REITs) — 6.1%** | **Equity Real Estate Investment Trusts (REITs) — 6.1%** | **Equity Real Estate Investment Trusts (REITs) — 6.1%** |
| &nbsp;&nbsp;&nbsp; CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 3382 |
| &nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 3627 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 3135 |
| &nbsp;&nbsp;&nbsp; National Retail Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 3280 |
| &nbsp;&nbsp;&nbsp; Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp; 2777 |
| &nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 2008 |
|  |  | &nbsp;&nbsp; 18209 |
| **Food & Staples Retailing — 3.4%** | **Food & Staples Retailing — 3.4%** | **Food & Staples Retailing — 3.4%** |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 3414 |
| &nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 4128 |
|  |  | &nbsp;&nbsp; 10292 |
| **Food Products — 1.1%** | **Food Products — 1.1%** | **Food Products — 1.1%** |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 3198 |
| **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** | **Gas Utilities — 1.0%** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 3116 |
| **Health Care Equipment & Supplies — 2.9%** | **Health Care Equipment & Supplies — 2.9%** | **Health Care Equipment & Supplies — 2.9%** |
| &nbsp;&nbsp;&nbsp; ICU Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 2628 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 45

------

JPMorgan SMID Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <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** |
| &nbsp;&nbsp;&nbsp; QuidelOrtho Corp. \* | 28 | 2422 |
| &nbsp;&nbsp;&nbsp; STERIS plc | 19 | 3581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8631 |
| **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** |
| &nbsp;&nbsp;&nbsp; Chemed Corp. | 7 | 3272 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. | 71 | 4252 |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc. \* | 44 | 2734 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. \* | 10 | 3412 |
|  |  | &nbsp;&nbsp; 13670 |
| **Health Care Technology — 1.1%** | **Health Care Technology — 1.1%** | **Health Care Technology — 1.1%** |
| &nbsp;&nbsp;&nbsp; Certara, Inc. \* | 120 | 1924 |
| &nbsp;&nbsp;&nbsp; Definitive Healthcare Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 1472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3396 |
| **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** | **Hotels, Restaurants & Leisure — 3.5%** |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 3494 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 3823 |
| &nbsp;&nbsp;&nbsp; Wendy's Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp; 3339 |
|  |  | &nbsp;&nbsp; 10656 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 2538 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 2491 |
| &nbsp;&nbsp;&nbsp; RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 3175 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5666 |
| **IT Services — 4.1%** | **IT Services — 4.1%** | **IT Services — 4.1%** |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 2696 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 2341 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 3062 |
| &nbsp;&nbsp;&nbsp; WEX, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 4304 |
|  |  | &nbsp;&nbsp; 12403 |
| **Leisure Products — 1.3%** | **Leisure Products — 1.3%** | **Leisure Products — 1.3%** |
| &nbsp;&nbsp;&nbsp; Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 3797 |
| **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** | **Life Sciences Tools & Services — 1.7%** |
| &nbsp;&nbsp;&nbsp; Syneos Health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 1899 |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 3078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4977 |
| **Machinery — 6.9%** | **Machinery — 6.9%** | **Machinery — 6.9%** |
| &nbsp;&nbsp;&nbsp; Douglas Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 2092 |
| &nbsp;&nbsp;&nbsp; Hillman Solutions Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp; 2270 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | 9 | 2079 |
| &nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 29 | 4234 |
| &nbsp;&nbsp;&nbsp; Nordson Corp. | 13 | 3141 |
| &nbsp;&nbsp;&nbsp; RBC Bearings, Inc. \* | 14 | 2993 |
| &nbsp;&nbsp;&nbsp; Toro Co. (The) | 35 | 3944 |
|  |  | &nbsp;&nbsp; 20753 |
| **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** | **Pharmaceuticals — 0.7%** |
| &nbsp;&nbsp;&nbsp; Catalent, Inc. \* | 50 | 2239 |
| **Professional Services — 2.0%** | **Professional Services — 2.0%** | **Professional Services — 2.0%** |
| &nbsp;&nbsp;&nbsp; First Advantage Corp. \* | 178 | 2315 |
| &nbsp;&nbsp;&nbsp; TransUnion | 63 | 3548 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5863 |
| **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** | **Real Estate Management & Development — 1.0%** |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield plc \* | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 2928 |
| **Road & Rail — 2.2%** | **Road & Rail — 2.2%** | **Road & Rail — 2.2%** |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 2563 |
| &nbsp;&nbsp;&nbsp; Landstar System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 2965 |
| &nbsp;&nbsp;&nbsp; Lyft, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 979 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6507 |
| **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 2487 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 2023 |
| &nbsp;&nbsp;&nbsp; Power Integrations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 3768 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 2179 |
|  |  | &nbsp;&nbsp; 10457 |
| **Software — 7.2%** | **Software — 7.2%** | **Software — 7.2%** |
| &nbsp;&nbsp;&nbsp; Black Knight, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 3448 |
| &nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp; 2750 |
| &nbsp;&nbsp;&nbsp; Envestnet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 2663 |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 2404 |
| &nbsp;&nbsp;&nbsp; Manhattan Associates, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2882 |
| &nbsp;&nbsp;&nbsp; nCino, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 2272 |
| &nbsp;&nbsp;&nbsp; Q2 Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 1887 |
| &nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 3365 |
|  |  | &nbsp;&nbsp; 21671 |
| **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** | **Specialty Retail — 1.1%** |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 3306 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

46 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| &nbsp;&nbsp;&nbsp; Carter's, Inc. | 22 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $289,633)<br>|  | 293133 |
| **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** | **Short-Term Investments — 3.5%** |
| **Investment Companies — 3.5%** | **Investment Companies — 3.5%** | **Investment Companies — 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (b) (c) <br>(Cost $10,553)<br>| 10549 | 10555 |
| **Investment of Cash Collateral from Securities Loaned — 0.0% ^** | **Investment of Cash Collateral from Securities Loaned — 0.0% ^** | **Investment of Cash Collateral from Securities Loaned — 0.0% ^** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class IM <br> Shares, 4.12% (b) (c) <br>(Cost $53)<br>| 53 | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $10,606)<br>|  | &nbsp;&nbsp; 10608 |
| **Total Investments — 100.9%** <br>**(Cost $300,239)**<br>|  | **303741** |
| **Liabilities in Excess of Other Assets — (0.9)%** |  | **(2564)** |
| **NET ASSETS — 100.0%** |  | **301177** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | The security or a portion of this security is on loan at <br> December 31, 2022. The total value of securities on <br> loan at December 31, 2022 is $50.<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, 2022.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 47

------

JPMorgan U.S. Small Company Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.4%** | **Common Stocks — 98.4%** | **Common Stocks — 98.4%** |
| **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** |
| &nbsp;&nbsp;&nbsp; Atlas Air Worldwide Holdings, Inc. \* | 24 | 2414 |
| &nbsp;&nbsp;&nbsp; Hub Group, Inc., Class A \* | 59 | 4685 |
| &nbsp;&nbsp;&nbsp; Radiant Logistics, Inc. \* | 57 | 293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7392 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; SkyWest, Inc. \* | 70 | 1148 |
| **Auto Components — 0.1%** | **Auto Components — 0.1%** | **Auto Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co. (The) \* | 12 | 122 |
| &nbsp;&nbsp;&nbsp; Lear Corp. | 8 | 938 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1060 |
| **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| **Banks — 10.4%** | **Banks — 10.4%** | **Banks — 10.4%** |
| &nbsp;&nbsp;&nbsp; Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 1092 |
| &nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397 |
| &nbsp;&nbsp;&nbsp; Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 |
| &nbsp;&nbsp;&nbsp; Bancorp, Inc. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591 |
| &nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son Ltd. (The) (Bermuda) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 1316 |
| &nbsp;&nbsp;&nbsp; Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 1200 |
| &nbsp;&nbsp;&nbsp; Brookline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp; 2598 |
| &nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633 |
| &nbsp;&nbsp;&nbsp; Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 1340 |
| &nbsp;&nbsp;&nbsp; Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 |
| &nbsp;&nbsp;&nbsp; Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 779 |
| &nbsp;&nbsp;&nbsp; Capstar Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 1022 |
| &nbsp;&nbsp;&nbsp; Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447 |
| &nbsp;&nbsp;&nbsp; Coastal Financial Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683 |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp; 2202 |
| &nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; 3452 |
| &nbsp;&nbsp;&nbsp; Customers Bancorp, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 1215 |
| &nbsp;&nbsp;&nbsp; CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 3195 |
| &nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp;&nbsp; 5507 |
| &nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 1019 |
| &nbsp;&nbsp;&nbsp; Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530 |
| &nbsp;&nbsp;&nbsp; FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 422 |
| &nbsp;&nbsp;&nbsp; Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 |
| &nbsp;&nbsp;&nbsp; First Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp; First BanCorp (Puerto Rico) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 862 |
| &nbsp;&nbsp;&nbsp; First Bancshares, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 978 |
| &nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 1314 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; First Financial Corp. | 14 | 664 |
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., Class A | 21 | 816 |
| &nbsp;&nbsp;&nbsp; First Merchants Corp. | 59 | 2436 |
| &nbsp;&nbsp;&nbsp; First Western Financial, Inc. \* | 3 | 79 |
| &nbsp;&nbsp;&nbsp; FNB Corp. | 31 | 403 |
| &nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 15 | 724 |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 50 | 2404 |
| &nbsp;&nbsp;&nbsp; HarborOne Bancorp, Inc. | 25 | 348 |
| &nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | 84 | 1092 |
| &nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 16 | 355 |
| &nbsp;&nbsp;&nbsp; HomeTrust Bancshares, Inc. | 19 | 453 |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1039 |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637 |
| &nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230 |
| &nbsp;&nbsp;&nbsp; Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp; MVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825 |
| &nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |
| &nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp; 6756 |
| &nbsp;&nbsp;&nbsp; OFG Bancorp (Puerto Rico) | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 3592 |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp; 3178 |
| &nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 1670 |
| &nbsp;&nbsp;&nbsp; Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 |
| &nbsp;&nbsp;&nbsp; Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 |
| &nbsp;&nbsp;&nbsp; Peoples Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 1693 |
| &nbsp;&nbsp;&nbsp; Popular, Inc. (Puerto Rico) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 4085 |
| &nbsp;&nbsp;&nbsp; Premier Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp; QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1502 |
| &nbsp;&nbsp;&nbsp; Republic Bancorp, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp; Sandy Spring Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp; Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 |
| &nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586 |
| &nbsp;&nbsp;&nbsp; South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp; SouthState Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 4482 |
| &nbsp;&nbsp;&nbsp; TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 1265 |
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573 |
| &nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 3751 |
| &nbsp;&nbsp;&nbsp; Washington Federal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 1831 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1792 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 3555 |
|  |  | &nbsp;&nbsp; 90183 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

48 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 2 | 1224 |
| &nbsp;&nbsp;&nbsp; Primo Water Corp. | 182 | 2826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4050 |
| **Biotechnology — 7.4%** | **Biotechnology — 7.4%** | **Biotechnology — 7.4%** |
| &nbsp;&nbsp;&nbsp; 2seventy bio, Inc. \* (a) | 128 | 1199 |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc. \* | 43 | 692 |
| &nbsp;&nbsp;&nbsp; Alkermes plc \* | 53 | 1379 |
| &nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc. \* | 413 | 5040 |
| &nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc. \* | 35 | 1833 |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc. \* | 41 | 1669 |
| &nbsp;&nbsp;&nbsp; Atara Biotherapeutics, Inc. \* | 237 | 777 |
| &nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 958 |
| &nbsp;&nbsp;&nbsp; Biohaven Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 |
| &nbsp;&nbsp;&nbsp; Bluebird Bio, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 |
| &nbsp;&nbsp;&nbsp; CareDx, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657 |
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 546 | &nbsp;&nbsp; 10157 |
| &nbsp;&nbsp;&nbsp; Coherus Biosciences, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp;&nbsp; 2724 |
| &nbsp;&nbsp;&nbsp; CTI BioPharma Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp;&nbsp; 1566 |
| &nbsp;&nbsp;&nbsp; Decibel Therapeutics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Eiger BioPharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| &nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 2141 |
| &nbsp;&nbsp;&nbsp; Fate Therapeutics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 1254 |
| &nbsp;&nbsp;&nbsp; Heron Therapeutics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346 |
| &nbsp;&nbsp;&nbsp; Insmed, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp; Intellia Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 1455 |
| &nbsp;&nbsp;&nbsp; Intercept Pharmaceuticals, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 1601 |
| &nbsp;&nbsp;&nbsp; iTeos Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; 3547 |
| &nbsp;&nbsp;&nbsp; Kura Oncology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp; 2121 |
| &nbsp;&nbsp;&nbsp; Kymera Therapeutics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 1175 |
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740 |
| &nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp;&nbsp; 2256 |
| &nbsp;&nbsp;&nbsp; Replimune Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 2861 |
| &nbsp;&nbsp;&nbsp; REVOLUTION Medicines, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 2151 |
| &nbsp;&nbsp;&nbsp; Sana Biotechnology, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Sutro Biopharma, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 |
| &nbsp;&nbsp;&nbsp; Syndax Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 3137 |
| &nbsp;&nbsp;&nbsp; TG Therapeutics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp; 1573 |
| &nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 2452 |
| &nbsp;&nbsp;&nbsp; Twist Bioscience Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 1118 |
| &nbsp;&nbsp;&nbsp; Tyra Biosciences, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; 1337 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| &nbsp;&nbsp;&nbsp; Xencor, Inc. \* | 126 | 3270 |
| &nbsp;&nbsp;&nbsp; Y-mAbs Therapeutics, Inc. \* | 3 | 15 |
|  |  | &nbsp;&nbsp; 64013 |
| **Building Products — 0.7%** | **Building Products — 0.7%** | **Building Products — 0.7%** |
| &nbsp;&nbsp;&nbsp; Resideo Technologies, Inc. \* | 47 | 782 |
| &nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 67 | 5288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6070 |
| **Capital Markets — 1.8%** | **Capital Markets — 1.8%** | **Capital Markets — 1.8%** |
| &nbsp;&nbsp;&nbsp; AssetMark Financial Holdings, Inc. \* | 24 | 557 |
| &nbsp;&nbsp;&nbsp; Blucora, Inc. \* | 114 | 2908 |
| &nbsp;&nbsp;&nbsp; Cowen, Inc., Class A | 11 | 401 |
| &nbsp;&nbsp;&nbsp; Donnelley Financial Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 1199 |
| &nbsp;&nbsp;&nbsp; Focus Financial Partners, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 2136 |
| &nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 1276 |
| &nbsp;&nbsp;&nbsp; Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 426 |
| &nbsp;&nbsp;&nbsp; PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 3448 |
| &nbsp;&nbsp;&nbsp; Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 829 |
| &nbsp;&nbsp;&nbsp; StoneX Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 1501 |
| &nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582 |
| &nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 |
|  |  | &nbsp;&nbsp; 15711 |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| &nbsp;&nbsp;&nbsp; AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 1154 |
| &nbsp;&nbsp;&nbsp; Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 1594 |
| &nbsp;&nbsp;&nbsp; Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 2811 |
| &nbsp;&nbsp;&nbsp; Ecovyst, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241 |
| &nbsp;&nbsp;&nbsp; HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 2239 |
| &nbsp;&nbsp;&nbsp; Ingevity Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 2524 |
| &nbsp;&nbsp;&nbsp; Livent Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593 |
| &nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 687 |
| &nbsp;&nbsp;&nbsp; Orion Engineered Carbons SA (Germany) | &nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp; 3695 |
| &nbsp;&nbsp;&nbsp; Tronox Holdings plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 1428 |
|  |  | &nbsp;&nbsp; 16966 |
| **Commercial Services & Supplies — 2.5%** | **Commercial Services & Supplies — 2.5%** | **Commercial Services & Supplies — 2.5%** |
| &nbsp;&nbsp;&nbsp; ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp; 3576 |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739 |
| &nbsp;&nbsp;&nbsp; Brink's Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 1678 |
| &nbsp;&nbsp;&nbsp; Ennis, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp; Heritage-Crystal Clean, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 986 |
| &nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp;&nbsp; 5069 |
| &nbsp;&nbsp;&nbsp; Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp; 1169 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 49

------

JPMorgan U.S. Small Company Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 31 | 4536 |
| &nbsp;&nbsp;&nbsp; UniFirst Corp. | 15 | 2885 |
|  |  | &nbsp;&nbsp; 21221 |
| **Communications Equipment — 1.7%** | **Communications Equipment — 1.7%** | **Communications Equipment — 1.7%** |
| &nbsp;&nbsp;&nbsp; Aviat Networks, Inc. \* | 37 | 1163 |
| &nbsp;&nbsp;&nbsp; Calix, Inc. \* | 109 | 7454 |
| &nbsp;&nbsp;&nbsp; CommScope Holding Co., Inc. \* | 803 | 5899 |
|  |  | &nbsp;&nbsp; 14516 |
| **Construction & Engineering — 2.7%** | **Construction & Engineering — 2.7%** | **Construction & Engineering — 2.7%** |
| &nbsp;&nbsp;&nbsp; Argan, Inc. | 84 | 3101 |
| &nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 68 | 7835 |
| &nbsp;&nbsp;&nbsp; MasTec, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 4318 |
| &nbsp;&nbsp;&nbsp; MYR Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 5034 |
| &nbsp;&nbsp;&nbsp; Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 2675 |
|  |  | &nbsp;&nbsp; 22963 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp; Summit Materials, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 1259 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 1109 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 1865 |
| &nbsp;&nbsp;&nbsp; Enova International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 1726 |
| &nbsp;&nbsp;&nbsp; Green Dot Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 |
| &nbsp;&nbsp;&nbsp; LendingClub Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299 |
| &nbsp;&nbsp;&nbsp; PROG Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 1259 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6539 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| &nbsp;&nbsp;&nbsp; Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 821 |
| &nbsp;&nbsp;&nbsp; O-I Glass, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1812 |
| **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** | **Diversified Consumer Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; 2U, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 682 |
| &nbsp;&nbsp;&nbsp; Chegg, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp;&nbsp; 6899 |
| &nbsp;&nbsp;&nbsp; Contra A/S (Denmark) ‡ \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Coursera, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7728 |
| **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** | **Diversified Financial Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; Bandwidth, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 1263 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 2187 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp; Liberty Latin America Ltd., Class C (Puerto Rico) \* | 362 | 2751 |
| &nbsp;&nbsp;&nbsp; Ooma, Inc. \* | 90 | 1226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7427 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| &nbsp;&nbsp;&nbsp; ALLETE, Inc. | 8 | 511 |
| &nbsp;&nbsp;&nbsp; IDACORP, Inc. | 20 | 2165 |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | 79 | 3862 |
| &nbsp;&nbsp;&nbsp; Via Renewables, Inc. (a) | 117 | 596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7134 |
| **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** |
| &nbsp;&nbsp;&nbsp; Atkore, Inc. \* | 76 | 8556 |
| &nbsp;&nbsp;&nbsp; AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 493 |
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831 |
| &nbsp;&nbsp;&nbsp; Encore Wire Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 3877 |
| &nbsp;&nbsp;&nbsp; Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 1598 |
| &nbsp;&nbsp;&nbsp; SunPower Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625 |
| &nbsp;&nbsp;&nbsp; Sunrun, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 1542 |
|  |  | &nbsp;&nbsp; 17522 |
| **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |
| &nbsp;&nbsp;&nbsp; Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 2237 |
| &nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 1215 |
| &nbsp;&nbsp;&nbsp; Fabrinet (Thailand) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 3300 |
| &nbsp;&nbsp;&nbsp; OSI Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 6285 |
| &nbsp;&nbsp;&nbsp; ScanSource, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 3526 |
|  |  | &nbsp;&nbsp; 16563 |
| **Energy Equipment & Services — 1.6%** | **Energy Equipment & Services — 1.6%** | **Energy Equipment & Services — 1.6%** |
| &nbsp;&nbsp;&nbsp; ChampionX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 3428 |
| &nbsp;&nbsp;&nbsp; Liberty Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp; 2577 |
| &nbsp;&nbsp;&nbsp; NexTier Oilfield Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; 1627 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp; 1410 |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 2175 |
| &nbsp;&nbsp;&nbsp; ProPetro Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571 |
| &nbsp;&nbsp;&nbsp; Select Energy Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 |
| &nbsp;&nbsp;&nbsp; Weatherford International plc \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 1760 |
|  |  | &nbsp;&nbsp; 13883 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Lions Gate Entertainment Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 1199 |
| **Equity Real Estate Investment Trusts (REITs) — 4.9%** | **Equity Real Estate Investment Trusts (REITs) — 4.9%** | **Equity Real Estate Investment Trusts (REITs) — 4.9%** |
| &nbsp;&nbsp;&nbsp; Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501 |
| &nbsp;&nbsp;&nbsp; Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 6046 |
| &nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 1990 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

50 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. | 22 | 254 |
| &nbsp;&nbsp;&nbsp; City Office REIT, Inc. | 16 | 135 |
| &nbsp;&nbsp;&nbsp; Community Healthcare Trust, Inc. | 8 | 271 |
| &nbsp;&nbsp;&nbsp; Corporate Office Properties Trust | 41 | 1072 |
| &nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc. | 9 | 166 |
| &nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 80 | 652 |
| &nbsp;&nbsp;&nbsp; Equity Commonwealth | 70 | 1755 |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 36 | 837 |
| &nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 17 | 826 |
| &nbsp;&nbsp;&nbsp; Getty Realty Corp. | 29 | 978 |
| &nbsp;&nbsp;&nbsp; Gladstone Commercial Corp. | 15 | 268 |
| &nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 1610 |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 1773 |
| &nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 2564 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 1895 |
| &nbsp;&nbsp;&nbsp; Macerich Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384 |
| &nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 1018 |
| &nbsp;&nbsp;&nbsp; NETSTREIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838 |
| &nbsp;&nbsp;&nbsp; Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998 |
| &nbsp;&nbsp;&nbsp; Physicians Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 1221 |
| &nbsp;&nbsp;&nbsp; Piedmont Office Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524 |
| &nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 |
| &nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 2403 |
| &nbsp;&nbsp;&nbsp; Retail Opportunity Investments Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp; RLJ Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 1461 |
| &nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 2004 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 1044 |
| &nbsp;&nbsp;&nbsp; SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 |
| &nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 2145 |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 |
| &nbsp;&nbsp;&nbsp; UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp; 1501 |
| &nbsp;&nbsp;&nbsp; Uniti Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 |
| &nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 |
|  |  | &nbsp;&nbsp; 42486 |
| **Food & Staples Retailing — 0.5%** | **Food & Staples Retailing — 0.5%** | **Food & Staples Retailing — 0.5%** |
| &nbsp;&nbsp;&nbsp; Andersons, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 1397 |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 1502 |
| &nbsp;&nbsp;&nbsp; SpartanNash Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 1274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4331 |
| **Food Products — 0.6%** | **Food Products — 0.6%** | **Food Products — 0.6%** |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 5211 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** | **Gas Utilities — 1.2%** |
| &nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 18 | 2132 |
| &nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 96 | 4763 |
| &nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 30 | 1436 |
| &nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 24 | 1784 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 2 | 124 |
| &nbsp;&nbsp;&nbsp; Spire, Inc. | 2 | 163 |
|  |  | &nbsp;&nbsp; 10402 |
| **Health Care Equipment & Supplies — 4.8%** | **Health Care Equipment & Supplies — 4.8%** | **Health Care Equipment & Supplies — 4.8%** |
| &nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc. \* | 260 | 3204 |
| &nbsp;&nbsp;&nbsp; AngioDynamics, Inc. \* | 160 | 2205 |
| &nbsp;&nbsp;&nbsp; Axonics, Inc. \* | 121 | 7567 |
| &nbsp;&nbsp;&nbsp; Bioventus, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 |
| &nbsp;&nbsp;&nbsp; Cardiovascular Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp; 2740 |
| &nbsp;&nbsp;&nbsp; Inari Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 1869 |
| &nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp; 10870 |
| &nbsp;&nbsp;&nbsp; LivaNova plc \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 3616 |
| &nbsp;&nbsp;&nbsp; Nevro Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485 |
| &nbsp;&nbsp;&nbsp; SeaSpine Holdings Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776 |
| &nbsp;&nbsp;&nbsp; Shockwave Medical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 3203 |
| &nbsp;&nbsp;&nbsp; STAAR Surgical Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 1587 |
| &nbsp;&nbsp;&nbsp; Varex Imaging Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 526 |
| &nbsp;&nbsp;&nbsp; ViewRay, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp;&nbsp; 1086 |
| &nbsp;&nbsp;&nbsp; Zynex, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 1833 |
|  |  | &nbsp;&nbsp; 41769 |
| **Health Care Providers & Services — 2.0%** | **Health Care Providers & Services — 2.0%** | **Health Care Providers & Services — 2.0%** |
| &nbsp;&nbsp;&nbsp; AdaptHealth Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; 2767 |
| &nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 1298 |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 3978 |
| &nbsp;&nbsp;&nbsp; Joint Corp. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp; ModivCare, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 |
| &nbsp;&nbsp;&nbsp; OPKO Health, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 4037 |
| &nbsp;&nbsp;&nbsp; Progyny, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 2828 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 1132 |
|  |  | &nbsp;&nbsp; 17187 |
| **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** | **Health Care Technology — 0.7%** |
| &nbsp;&nbsp;&nbsp; Evolent Health, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817 |
| &nbsp;&nbsp;&nbsp; Health Catalyst, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp; 2799 |
| &nbsp;&nbsp;&nbsp; OptimizeRx Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868 |
| &nbsp;&nbsp;&nbsp; Veradigm, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 1492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5976 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 51

------

JPMorgan U.S. Small Company Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 140 | 2812 |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 52 | 2854 |
| &nbsp;&nbsp;&nbsp; Dine Brands Global, Inc. | 53 | 3410 |
| &nbsp;&nbsp;&nbsp; Full House Resorts, Inc. \* | 78 | 587 |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 24 | 3284 |
| &nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc., Class A | 134 | 5372 |
| &nbsp;&nbsp;&nbsp; SeaWorld Entertainment, Inc. \* | 54 | 2867 |
|  |  | &nbsp;&nbsp; 21186 |
| **Household Durables — 3.3%** | **Household Durables — 3.3%** | **Household Durables — 3.3%** |
| &nbsp;&nbsp;&nbsp; Helen of Troy Ltd. \* | 26 | 2889 |
| &nbsp;&nbsp;&nbsp; Landsea Homes Corp. \* | 192 | 998 |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 2947 |
| &nbsp;&nbsp;&nbsp; Skyline Champion Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854 |
| &nbsp;&nbsp;&nbsp; Sonos, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp;&nbsp; 8441 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp;&nbsp; 7720 |
| &nbsp;&nbsp;&nbsp; TopBuild Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 3339 |
| &nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 847 |
|  |  | &nbsp;&nbsp; 28703 |
| **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 3226 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748 |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 1824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2572 |
| **Insurance — 1.1%** | **Insurance — 1.1%** | **Insurance — 1.1%** |
| &nbsp;&nbsp;&nbsp; American Equity Investment Life Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 1500 |
| &nbsp;&nbsp;&nbsp; BRP Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874 |
| &nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1305 |
| &nbsp;&nbsp;&nbsp; James River Group Holdings Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 1012 |
| &nbsp;&nbsp;&nbsp; RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 3128 |
| &nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 1831 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9956 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; EverQuote, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp; QuinStreet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 1143 |
| &nbsp;&nbsp;&nbsp; Yelp, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 1895 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3257 |
| **IT Services — 1.8%** | **IT Services — 1.8%** | **IT Services — 1.8%** |
| &nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 1168 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| &nbsp;&nbsp;&nbsp; EVERTEC, Inc. (Puerto Rico) | 24 | 785 |
| &nbsp;&nbsp;&nbsp; Information Services Group, Inc. | 365 | 1679 |
| &nbsp;&nbsp;&nbsp; International Money Express, Inc. \* | 243 | 5926 |
| &nbsp;&nbsp;&nbsp; Perficient, Inc. \* | 73 | 5115 |
| &nbsp;&nbsp;&nbsp; Repay Holdings Corp. \* | 151 | 1211 |
|  |  | &nbsp;&nbsp; 15884 |
| **Leisure Products — 0.3%** | **Leisure Products — 0.3%** | **Leisure Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. (a) | 68 | 2906 |
| **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** | **Life Sciences Tools & Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; Adaptive Biotechnologies Corp. \* | 16 | 121 |
| &nbsp;&nbsp;&nbsp; Medpace Holdings, Inc. \* | 19 | 3933 |
| &nbsp;&nbsp;&nbsp; NeoGenomics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; 1499 |
| &nbsp;&nbsp;&nbsp; OmniAb, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5863 |
| **Machinery — 1.2%** | **Machinery — 1.2%** | **Machinery — 1.2%** |
| &nbsp;&nbsp;&nbsp; Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466 |
| &nbsp;&nbsp;&nbsp; EnPro Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694 |
| &nbsp;&nbsp;&nbsp; Greenbrier Cos., Inc. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 2149 |
| &nbsp;&nbsp;&nbsp; Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 1740 |
| &nbsp;&nbsp;&nbsp; Luxfer Holdings plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 |
| &nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 1874 |
| &nbsp;&nbsp;&nbsp; Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 2516 |
|  |  | &nbsp;&nbsp; 10269 |
| **Marine — 0.3%** | **Marine — 0.3%** | **Marine — 0.3%** |
| &nbsp;&nbsp;&nbsp; Eagle Bulk Shipping, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513 |
| &nbsp;&nbsp;&nbsp; Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 1778 |
| &nbsp;&nbsp;&nbsp; Safe Bulkers, Inc. (Greece) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2640 |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| &nbsp;&nbsp;&nbsp; AMC Networks, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957 |
| &nbsp;&nbsp;&nbsp; Cardlytics, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 |
| &nbsp;&nbsp;&nbsp; Gray Television, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp; Thryv Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2348 |
| **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** |
| &nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911 |
| &nbsp;&nbsp;&nbsp; Arconic Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 1392 |
| &nbsp;&nbsp;&nbsp; ATI, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 4549 |
| &nbsp;&nbsp;&nbsp; Constellium SE \* | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 1249 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

52 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| &nbsp;&nbsp;&nbsp; Materion Corp. | 7 | 569 |
| &nbsp;&nbsp;&nbsp; Olympic Steel, Inc. | 6 | 214 |
| &nbsp;&nbsp;&nbsp; Schnitzer Steel Industries, Inc., Class A | 20 | 602 |
|  |  | &nbsp;&nbsp; 10152 |
| **Mortgage Real Estate Investment Trusts (REITs) — 1.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.3%** | **Mortgage Real Estate Investment Trusts (REITs) — 1.3%** |
| &nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc. | 50 | 658 |
| &nbsp;&nbsp;&nbsp; Ares Commercial Real Estate Corp. (a) | 161 | 1660 |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc., Class A | 139 | 2942 |
| &nbsp;&nbsp;&nbsp; Dynex Capital, Inc. (a) | 180 | 2287 |
| &nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | 21 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hannon Armstrong Sustainable Infrastructure Capital, <br> Inc. (a)<br>| 6 | 169 |
| &nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 1575 |
| &nbsp;&nbsp;&nbsp; Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; 1547 |
| &nbsp;&nbsp;&nbsp; Redwood Trust, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 |
| &nbsp;&nbsp;&nbsp; TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 |
|  |  | &nbsp;&nbsp; 11531 |
| **Multiline Retail — 0.2%** | **Multiline Retail — 0.2%** | **Multiline Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Dillard's, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 1694 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| &nbsp;&nbsp;&nbsp; Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 599 |
| &nbsp;&nbsp;&nbsp; Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 1202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1801 |
| **Oil, Gas & Consumable Fuels — 4.3%** | **Oil, Gas & Consumable Fuels — 4.3%** | **Oil, Gas & Consumable Fuels — 4.3%** |
| &nbsp;&nbsp;&nbsp; Arch Resources, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 2307 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 2086 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 746 |
| &nbsp;&nbsp;&nbsp; CONSOL Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 755 |
| &nbsp;&nbsp;&nbsp; Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 2784 |
| &nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735 |
| &nbsp;&nbsp;&nbsp; Green Plains, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 1946 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp;&nbsp; 3542 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 2446 |
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 4675 |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 5557 |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914 |
| &nbsp;&nbsp;&nbsp; PDC Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 3772 |
| &nbsp;&nbsp;&nbsp; Peabody Energy Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890 |
| &nbsp;&nbsp;&nbsp; REX American Resources Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 661 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 3015 |
|  |  | &nbsp;&nbsp; 36831 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** | **Paper & Forest Products — 0.1%** |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 14 | 838 |
| **Personal Products — 1.8%** | **Personal Products — 1.8%** | **Personal Products — 1.8%** |
| &nbsp;&nbsp;&nbsp; elf Beauty, Inc. \* | 72 | 4006 |
| &nbsp;&nbsp;&nbsp; Herbalife Nutrition Ltd. \* (a) | 271 | 4030 |
| &nbsp;&nbsp;&nbsp; Medifast, Inc. | 33 | 3749 |
| &nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc., Class A | 39 | 1644 |
| &nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc. \* | 39 | 2082 |
|  |  | &nbsp;&nbsp; 15511 |
| **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** | **Pharmaceuticals — 1.5%** |
| &nbsp;&nbsp;&nbsp; Aclaris Therapeutics, Inc. \* | 139 | 2194 |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, Inc. \* | 227 | 452 |
| &nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 1244 |
| &nbsp;&nbsp;&nbsp; Arvinas, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 1886 |
| &nbsp;&nbsp;&nbsp; CONTRA LIGAND PHARMACE ‡ \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 1249 |
| &nbsp;&nbsp;&nbsp; Esperion Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Fulcrum Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; 1049 |
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1172 |
| &nbsp;&nbsp;&nbsp; Reata Pharmaceuticals, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; 3366 |
|  |  | &nbsp;&nbsp; 12672 |
| **Professional Services — 3.0%** | **Professional Services — 3.0%** | **Professional Services — 3.0%** |
| &nbsp;&nbsp;&nbsp; Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 5082 |
| &nbsp;&nbsp;&nbsp; CACI International, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 3887 |
| &nbsp;&nbsp;&nbsp; Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 |
| &nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 3574 |
| &nbsp;&nbsp;&nbsp; KBR, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 4603 |
| &nbsp;&nbsp;&nbsp; Kelly Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp; 2849 |
| &nbsp;&nbsp;&nbsp; Kforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 2019 |
| &nbsp;&nbsp;&nbsp; Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618 |
| &nbsp;&nbsp;&nbsp; TriNet Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1218 |
| &nbsp;&nbsp;&nbsp; TrueBlue, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 1810 |
| &nbsp;&nbsp;&nbsp; Upwork, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 |
|  |  | &nbsp;&nbsp; 26317 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 712 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield plc \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758 |
| &nbsp;&nbsp;&nbsp; Forestar Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636 |
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2742 |
| **Road & Rail — 0.8%** | **Road & Rail — 0.8%** | **Road & Rail — 0.8%** |
| &nbsp;&nbsp;&nbsp; ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 5239 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 53

------

JPMorgan U.S. Small Company Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Road & Rail — continued** | **Road & Rail — continued** | **Road & Rail — continued** |
| &nbsp;&nbsp;&nbsp; Schneider National, Inc., Class B | 47 | 1112 |
| &nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 10 | 391 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6742 |
| **Semiconductors & Semiconductor Equipment — 2.6%** | **Semiconductors & Semiconductor Equipment — 2.6%** | **Semiconductors & Semiconductor Equipment — 2.6%** |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 59 | 1419 |
| &nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc. \* | 37 | 2901 |
| &nbsp;&nbsp;&nbsp; Cirrus Logic, Inc. \* | 12 | 923 |
| &nbsp;&nbsp;&nbsp; Cohu, Inc. \* | 74 | 2375 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc. \* | 12 | 732 |
| &nbsp;&nbsp;&nbsp; MaxLinear, Inc. \* | 27 | 929 |
| &nbsp;&nbsp;&nbsp; Rambus, Inc. \* | 53 | 1912 |
| &nbsp;&nbsp;&nbsp; Semtech Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341 |
| &nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 8893 |
| &nbsp;&nbsp;&nbsp; SiTime Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 1015 |
| &nbsp;&nbsp;&nbsp; Veeco Instruments, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 1300 |
|  |  | &nbsp;&nbsp; 22740 |
| **Software — 5.2%** | **Software — 5.2%** | **Software — 5.2%** |
| &nbsp;&nbsp;&nbsp; Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 1158 |
| &nbsp;&nbsp;&nbsp; Alkami Technology, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; Asana, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 2101 |
| &nbsp;&nbsp;&nbsp; Blackline, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 2925 |
| &nbsp;&nbsp;&nbsp; Box, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp;&nbsp; 5887 |
| &nbsp;&nbsp;&nbsp; CommVault Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 2742 |
| &nbsp;&nbsp;&nbsp; eGain Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp;&nbsp; 3896 |
| &nbsp;&nbsp;&nbsp; Envestnet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 1744 |
| &nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; 2093 |
| &nbsp;&nbsp;&nbsp; Marathon Digital Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; Momentive Global, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; 1276 |
| &nbsp;&nbsp;&nbsp; PagerDuty, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 2169 |
| &nbsp;&nbsp;&nbsp; Paycor HCM, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 1087 |
| &nbsp;&nbsp;&nbsp; Q2 Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886 |
| &nbsp;&nbsp;&nbsp; Qualys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 2513 |
| &nbsp;&nbsp;&nbsp; Rapid7, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 1276 |
| &nbsp;&nbsp;&nbsp; Riot Blockchain, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588 |
| &nbsp;&nbsp;&nbsp; Sprout Social, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 1551 |
| &nbsp;&nbsp;&nbsp; SPS Commerce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp; Upland Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606 |
| &nbsp;&nbsp;&nbsp; Varonis Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; 4321 |
| &nbsp;&nbsp;&nbsp; Workiva, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 4023 |
| &nbsp;&nbsp;&nbsp; Xperi, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421 |
| &nbsp;&nbsp;&nbsp; Zuora, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp;&nbsp; 1588 |
|  |  | &nbsp;&nbsp; 45372 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Specialty Retail — 2.9%** | **Specialty Retail — 2.9%** | **Specialty Retail — 2.9%** |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co., Class A \* | 102 | 2333 |
| &nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 53 | 2800 |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc. \* | 3 | 450 |
| &nbsp;&nbsp;&nbsp; Camping World Holdings, Inc., Class A (a) | 165 | 3691 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 16 | 2792 |
| &nbsp;&nbsp;&nbsp; Guess?, Inc. (a) | 55 | 1146 |
| &nbsp;&nbsp;&nbsp; Hibbett, Inc. | 18 | 1206 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc., Class A | 2 | 479 |
| &nbsp;&nbsp;&nbsp; ODP Corp. (The) \* | 61 | 2788 |
| &nbsp;&nbsp;&nbsp; Rent-A-Center, Inc. (a) | 122 | 2762 |
| &nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 17 | 1139 |
| &nbsp;&nbsp;&nbsp; Sleep Number Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 1677 |
| &nbsp;&nbsp;&nbsp; Zumiez, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 1051 |
|  |  | &nbsp;&nbsp; 24852 |
| **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** | **Textiles, Apparel & Luxury Goods — 1.5%** |
| &nbsp;&nbsp;&nbsp; Crocs, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp; 6809 |
| &nbsp;&nbsp;&nbsp; Deckers Outdoor Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 3738 |
| &nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468 |
| &nbsp;&nbsp;&nbsp; Steven Madden Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 1669 |
|  |  | &nbsp;&nbsp; 12684 |
| **Thrifts & Mortgage Finance — 1.4%** | **Thrifts & Mortgage Finance — 1.4%** | **Thrifts & Mortgage Finance — 1.4%** |
| &nbsp;&nbsp;&nbsp; Axos Financial, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 1129 |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 3316 |
| &nbsp;&nbsp;&nbsp; Luther Burbank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| &nbsp;&nbsp;&nbsp; Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 |
| &nbsp;&nbsp;&nbsp; Mr. Cooper Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531 |
| &nbsp;&nbsp;&nbsp; NMI Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 1469 |
| &nbsp;&nbsp;&nbsp; Northfield Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; 1542 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568 |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 2758 |
| &nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
|  |  | &nbsp;&nbsp; 12011 |
| **Trading Companies & Distributors — 2.3%** | **Trading Companies & Distributors — 2.3%** | **Trading Companies & Distributors — 2.3%** |
| &nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 1854 |
| &nbsp;&nbsp;&nbsp; Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 1414 |
| &nbsp;&nbsp;&nbsp; MRC Global, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp; 2341 |
| &nbsp;&nbsp;&nbsp; NOW, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp;&nbsp; 5004 |
| &nbsp;&nbsp;&nbsp; Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702 |
| &nbsp;&nbsp;&nbsp; Titan Machinery, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 1359 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

54 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| &nbsp;&nbsp;&nbsp; Veritiv Corp. | 16 | 1904 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. \* | 41 | 5104 |
|  |  | &nbsp;&nbsp; 19682 |
| **Water Utilities — 0.3%** | **Water Utilities — 0.3%** | **Water Utilities — 0.3%** |
| &nbsp;&nbsp;&nbsp; American States Water Co. | 32 | 2963 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Gogo, Inc. \* | 49 | 727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $824,250)<br>|  | 851068 |
| **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** |
| **Investment Companies — 1.8%** | **Investment Companies — 1.8%** | **Investment Companies — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (b) (c) <br>(Cost $15,467)<br>| 15460 | 15467 |
| **Investment of Cash Collateral from Securities Loaned — 4.5%** | **Investment of Cash Collateral from Securities Loaned — 4.5%** | **Investment of Cash Collateral from Securities Loaned — 4.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (b) (c)<br>| 27584 | &nbsp;&nbsp; 27592 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Investment of Cash Collateral from Securities Loaned — continued** | **Investment of Cash Collateral from Securities Loaned — continued** | **Investment of Cash Collateral from Securities Loaned — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund Class IM <br> Shares, 4.12% (b) (c)<br>| 11141 | 11141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from Securities <br> Loaned <br>(Cost $38,726)<br>|  | &nbsp;&nbsp; 38733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $54,193)<br>|  | &nbsp;&nbsp; 54200 |
| **Total Investments — 104.7%** <br>**(Cost $878,443)**<br>|  | **905268** |
| **Liabilities in Excess of Other Assets — (4.7)%** |  | **(40520)** |
| **NET ASSETS — 100.0%** |  | **864748** |

---

&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;

---

| | |
|:---|:---|
| ^ | 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, 2022. The total value of securities on <br> loan at December 31, 2022 is $37,687.<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, 2022.<br>|

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 55

------

JPMorgan U.S. Small Company Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

**Futures contracts outstanding as of December 31, 2022 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Russell 2000 E-Mini Index | 156 | 03/17/2023 | USD | 13815 | 174 |

---

&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 J.P. Morgan Small Cap Funds December 31, 2022

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF December 31, 2022 (Unaudited) <br>(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 | $1137290 | $5534929 | $3630742 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32343 | &nbsp;&nbsp;&nbsp;&nbsp; 156390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38897 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36877 | &nbsp;&nbsp;&nbsp;&nbsp; 287494 | &nbsp;&nbsp;&nbsp;&nbsp; 213299 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4425 |
| &nbsp;&nbsp;&nbsp; Dividends from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1610 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Securities lending income (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp; 1210206 | &nbsp;&nbsp; 5998711 | &nbsp;&nbsp; 3889147 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14811 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Collateral received on securities loaned (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36877 | &nbsp;&nbsp;&nbsp;&nbsp; 287494 | &nbsp;&nbsp;&nbsp;&nbsp; 213299 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14667 |
| Accrued liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2027 |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40500 | &nbsp;&nbsp;&nbsp;&nbsp; 329052 | &nbsp;&nbsp;&nbsp;&nbsp; 230973 |
| Net Assets | $1169706 | $5669659 | $3658174 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 57

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Blend Fund**<br>| &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Equity Fund**<br>| &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br>**Growth Fund** |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | $1202193 | $4443578 | $4064865 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (32487) | &nbsp;&nbsp; 1226081 | &nbsp;&nbsp;&nbsp; (406691) |
| Total Net Assets | $1169706 | $5669659 | $3658174 |
| Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | $297457  | $492578  | $344164 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35760 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp; 358766 | &nbsp;&nbsp; 2360850 | &nbsp;&nbsp;&nbsp;&nbsp; 424997 |
| &nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 571881 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15507 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4897 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5108 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 857722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18563 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 500766 | &nbsp;&nbsp; 1903956 | &nbsp;&nbsp; 2237297 |
| Total | $1169706 | $5669659 | $3658174 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24711 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4444 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26077 |
| &nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33443 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1188 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1084 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37764 | &nbsp;&nbsp;&nbsp;&nbsp; 128551 |
| Net Asset Value (a): |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A — Redemption price per share | $21.24 | $39.84 | $13.93 |
| &nbsp;&nbsp;&nbsp; Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.05 |
| &nbsp;&nbsp;&nbsp; Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.30 |
| &nbsp;&nbsp;&nbsp; Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.10 |
| &nbsp;&nbsp;&nbsp; Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.05 |
| &nbsp;&nbsp;&nbsp; Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.89 |
| &nbsp;&nbsp;&nbsp; Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.12 |
| &nbsp;&nbsp;&nbsp; Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.12 |
| &nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.40 |
| &nbsp;&nbsp;&nbsp; Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| $22.42 | $42.05 | $14.70 |
| Cost of investments in non-affiliates | $1103323 | $4419687 | $3676276 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32332 | &nbsp;&nbsp;&nbsp;&nbsp; 156340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38890 |
| Investment securities on loan, at value (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35764 | &nbsp;&nbsp;&nbsp;&nbsp; 279974 | &nbsp;&nbsp;&nbsp;&nbsp; 208340 |
| Cost of investment of cash collateral (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36870 | &nbsp;&nbsp;&nbsp;&nbsp; 287469 | &nbsp;&nbsp;&nbsp;&nbsp; 213266 |

---

------

(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 Small Cap Funds December 31, 2022

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Sustainable Leaders** <br>**Fund** <br>| &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 | $85306 | $1227683 | $293133 | $851068 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44825 | &nbsp;&nbsp;&nbsp;&nbsp; 10555 | &nbsp;&nbsp;&nbsp;&nbsp; 15467 |
| &nbsp;&nbsp;&nbsp; Investments of cash collateral received from securities loaned, at <br> value (See Note 2.B.)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 38733 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1105 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796 |
| &nbsp;&nbsp;&nbsp; Dividends from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1090 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Securities lending income (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp;&nbsp; 86705 | &nbsp;&nbsp; 1316048 | &nbsp;&nbsp; 304865 | &nbsp;&nbsp; 908567 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 927 |
| &nbsp;&nbsp;&nbsp; Collateral received on securities loaned (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 38733 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3416 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| Accrued liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454 |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3688 | &nbsp;&nbsp;&nbsp;&nbsp; 43819 |
| Net Assets | $85988 | $1276346 | $301177 | $864748 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 59

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Sustainable Leaders**<br> **Fund** <br>| &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 | $149818 | $1207557 | $296356 | $848218 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (63830) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4821 | &nbsp;&nbsp;&nbsp;&nbsp; 16530 |
| Total Net Assets | $85988 | $1276346 | $301177 | $864748 |
| Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | $3433  | $149629  | $129137 | $106631 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5347 | &nbsp;&nbsp;&nbsp;&nbsp; 14608 | &nbsp;&nbsp;&nbsp;&nbsp; 10337 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp; 12360 | &nbsp;&nbsp;&nbsp;&nbsp; 212576 | &nbsp;&nbsp; 110847 | &nbsp;&nbsp; 164594 |
| &nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 189170 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36187 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1313 | &nbsp;&nbsp;&nbsp;&nbsp; 31370 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp; 10436 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 34696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14039 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 31439 | &nbsp;&nbsp;&nbsp;&nbsp; 812621 | &nbsp;&nbsp;&nbsp;&nbsp; 45046 | &nbsp;&nbsp; 301984 |
| Total | $85988 | $1276346 | $301177 | $864748 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7269 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7438 | &nbsp;&nbsp;&nbsp;&nbsp; 10778 |
| &nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12402 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2565 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2162 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 924 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3014 | &nbsp;&nbsp;&nbsp;&nbsp; 19792 |
| Net Asset Value (a): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A — Redemption price per share | $35.18 | $21.94 | $13.37 | $14.67 |
| &nbsp;&nbsp;&nbsp; Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.30 |
| &nbsp;&nbsp;&nbsp; Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.27 |
| &nbsp;&nbsp;&nbsp; Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.25 |
| &nbsp;&nbsp;&nbsp; Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.11 |
| &nbsp;&nbsp;&nbsp; Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.51 |
| &nbsp;&nbsp;&nbsp; Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.13 |
| &nbsp;&nbsp;&nbsp; Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.19 |
| &nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.26 |
| &nbsp;&nbsp;&nbsp; Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| $37.13 | $23.16 | $14.11 | $15.48 |
| Cost of investments in non-affiliates | $103367 | $1157611 | $289633 | $824250 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44813 | &nbsp;&nbsp;&nbsp;&nbsp; 10553 | &nbsp;&nbsp;&nbsp;&nbsp; 15467 |
| Investment securities on loan, at value (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 37687 |
| Cost of investment of cash collateral (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 38726 |

---

------

(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 Small Cap Funds December 31, 2022

------

**STATEMENTS OF OPERATIONS** <br>FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited) <br>(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:** |  |  |  |
| Dividend income from non-affiliates | $7489 | $34930 | $10880 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 568 |
| Income from securities lending (net) (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 8079 | &nbsp;&nbsp;&nbsp;&nbsp; 37941 | &nbsp;&nbsp;&nbsp;&nbsp; 11799 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp; 3806 | &nbsp;&nbsp;&nbsp;&nbsp; 19083 | &nbsp;&nbsp;&nbsp;&nbsp; 13118 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1514 |
| Distribution fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631 |
| &nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 5780 | &nbsp;&nbsp;&nbsp;&nbsp; 27296 | &nbsp;&nbsp;&nbsp;&nbsp; 17602 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (177) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (354) |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 5602 | &nbsp;&nbsp;&nbsp;&nbsp; 26875 | &nbsp;&nbsp;&nbsp;&nbsp; 17210 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 2477 | &nbsp;&nbsp;&nbsp;&nbsp; 11066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5411) |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp; (32327) | &nbsp;&nbsp; 302311 | &nbsp;&nbsp; (254723) |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| Net realized gain (loss) | &nbsp;&nbsp; (32324) | &nbsp;&nbsp; 302366 | &nbsp;&nbsp; (254710) |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 73270 | &nbsp;&nbsp;&nbsp;&nbsp; (5778) | &nbsp;&nbsp;&nbsp; 303365 |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 73287 | &nbsp;&nbsp;&nbsp;&nbsp; (5721) | &nbsp;&nbsp;&nbsp; 303403 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 40963 | &nbsp;&nbsp; 296645 | &nbsp;&nbsp;&nbsp;&nbsp; 48693 |
| Change in net assets resulting from operations | $43440 | $307711 | $43282  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 61

------

**STATEMENTS OF OPERATIONS** <br>FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued) <br>(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Small Cap** <br>**Sustainable Leaders** <br>**Fund** <br>| &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 | $— | $23 | $— | $14 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529 | &nbsp;&nbsp; 13527 | &nbsp;&nbsp;&nbsp;&nbsp; 1825 | &nbsp;&nbsp;&nbsp;&nbsp; 6666 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
| Income from securities lending (net) (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577 | &nbsp;&nbsp; 14257 | &nbsp;&nbsp;&nbsp;&nbsp; 1943 | &nbsp;&nbsp;&nbsp;&nbsp; 7056 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp;&nbsp; 4343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 869 | &nbsp;&nbsp;&nbsp;&nbsp; 2778 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347 |
| Distribution fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| Service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 |
| &nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp; 5991 | &nbsp;&nbsp;&nbsp;&nbsp; 1716 | &nbsp;&nbsp;&nbsp;&nbsp; 4241 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (166) | &nbsp;&nbsp;&nbsp;&nbsp; (127) | &nbsp;&nbsp;&nbsp;&nbsp; (158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26) |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp;&nbsp; 5861 | &nbsp;&nbsp;&nbsp;&nbsp; 1556 | &nbsp;&nbsp;&nbsp;&nbsp; 4214 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp; 8396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387 | &nbsp;&nbsp;&nbsp;&nbsp; 2842 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

62 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Small Cap**<br> **Sustainable Leaders**<br> **Fund** <br>| &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: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | $(15328) | $38584 | $10762 | $22841 |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1293) |
| Net realized gain (loss) | &nbsp;&nbsp; (15327) | &nbsp;&nbsp; 39286 | &nbsp;&nbsp; 10764 | &nbsp;&nbsp; 21554 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 24630 | &nbsp;&nbsp; 21097 | &nbsp;&nbsp;&nbsp; (5741) | &nbsp;&nbsp; 31297 |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 784 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 24630 | &nbsp;&nbsp; 21200 | &nbsp;&nbsp;&nbsp; (5740) | &nbsp;&nbsp; 32086 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 9303 | &nbsp;&nbsp; 60486 | &nbsp;&nbsp;&nbsp;&nbsp; 5024 | &nbsp;&nbsp; 53640 |
| Change in net assets resulting from operations | $9467 | $68882 | $5411 | $56482 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 63

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED <br>(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, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $2477 | $2442 | $11066 | $15077 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (32324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29386 | &nbsp;&nbsp;&nbsp;&nbsp; 302366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 824129 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73287 | &nbsp;&nbsp;&nbsp; (313459) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5721) | &nbsp;&nbsp; (2053796) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43440 | &nbsp;&nbsp;&nbsp; (281631) | &nbsp;&nbsp;&nbsp;&nbsp; 307711 | &nbsp;&nbsp; (1214590) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6699) | &nbsp;&nbsp;&nbsp;&nbsp; (21573) | &nbsp;&nbsp;&nbsp;&nbsp; (68027) | &nbsp;&nbsp;&nbsp;&nbsp; (151887) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1645) | &nbsp;&nbsp;&nbsp;&nbsp; (10150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21858) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7016) | &nbsp;&nbsp;&nbsp;&nbsp; (22295) | &nbsp;&nbsp;&nbsp; (269782) | &nbsp;&nbsp;&nbsp;&nbsp; (611417) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (783) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1446) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (603) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1096) |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (134) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (97087) | &nbsp;&nbsp;&nbsp;&nbsp; (175932) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; (11108) | &nbsp;&nbsp;&nbsp;&nbsp; (35213) | &nbsp;&nbsp;&nbsp; (217661) | &nbsp;&nbsp;&nbsp;&nbsp; (371734) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (25297) | &nbsp;&nbsp;&nbsp;&nbsp; (80726) | &nbsp;&nbsp;&nbsp; (664176) | &nbsp;&nbsp; (1335504) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99792 | &nbsp;&nbsp;&nbsp;&nbsp; 280624 | &nbsp;&nbsp;&nbsp;&nbsp; 382162 | &nbsp;&nbsp;&nbsp;&nbsp; (373075) |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 117935 | &nbsp;&nbsp;&nbsp;&nbsp; (81733) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25697 | &nbsp;&nbsp; (2923169) |
| Beginning of period | &nbsp;&nbsp; 1051771 | &nbsp;&nbsp; 1133504 | &nbsp;&nbsp; 5643962 | &nbsp;&nbsp;&nbsp; 8567131 |
| End of period | $1169706 | $1051771 | $5669659 | $5643962  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

64 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Sustainable Leaders Fund**  | **JPMorgan Small Cap Sustainable Leaders Fund**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(5411) | $(31611) | $164 | $178 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (254710) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171697 | &nbsp;&nbsp;&nbsp; (15327) | &nbsp;&nbsp;&nbsp;&nbsp; 53741 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; 303403 | &nbsp;&nbsp; (2500183) | &nbsp;&nbsp;&nbsp;&nbsp; 24630 | &nbsp;&nbsp; (138851) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43282 | &nbsp;&nbsp; (2360097) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9467 | &nbsp;&nbsp;&nbsp;&nbsp; (84932) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1706) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2056) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (305) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (495) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1815) | &nbsp;&nbsp;&nbsp;&nbsp; (108918) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6302) |
| Class L | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2183) | &nbsp;&nbsp;&nbsp;&nbsp; (106109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3688) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (108) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1216) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1293) |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (736) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4092) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83) | &nbsp;&nbsp;&nbsp;&nbsp; (41862) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8583) | &nbsp;&nbsp;&nbsp;&nbsp; (387220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103) | &nbsp;&nbsp;&nbsp;&nbsp; (39875) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (14789) | &nbsp;&nbsp;&nbsp;&nbsp; (716180) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (191) | &nbsp;&nbsp;&nbsp;&nbsp; (92727) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp; (289500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152273 | &nbsp;&nbsp;&nbsp; (57898) | &nbsp;&nbsp;&nbsp;&nbsp; (53917) |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (261007) | &nbsp;&nbsp; (2924004) | &nbsp;&nbsp;&nbsp; (48622) | &nbsp;&nbsp; (231576) |
| Beginning of period | &nbsp;&nbsp; 3919181 | &nbsp;&nbsp;&nbsp; 6843185 | &nbsp;&nbsp; 134610 | &nbsp;&nbsp;&nbsp; 366186 |
| End of period | $3658174 | $3919181 | $85988 | $134610 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 65

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Value Fund** | **JPMorgan Small Cap Value Fund** | **JPMorgan SMID Cap Equity Fund** | **JPMorgan SMID Cap Equity Fund** |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $8396 | $11812 | $387 | $(313) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39286 | &nbsp;&nbsp;&nbsp;&nbsp; 111422 | &nbsp;&nbsp;&nbsp;&nbsp; 10764 | &nbsp;&nbsp;&nbsp;&nbsp; 37948 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21200 | &nbsp;&nbsp;&nbsp; (349758) | &nbsp;&nbsp;&nbsp;&nbsp; (5740) | &nbsp;&nbsp;&nbsp;&nbsp; (81155) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68882 | &nbsp;&nbsp;&nbsp; (226524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5411 | &nbsp;&nbsp;&nbsp;&nbsp; (43520) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (13840) | &nbsp;&nbsp;&nbsp;&nbsp; (30651) | &nbsp;&nbsp;&nbsp; (15586) | &nbsp;&nbsp;&nbsp;&nbsp; (32659) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (673) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1469) | &nbsp;&nbsp;&nbsp;&nbsp; (2508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5276) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (18488) | &nbsp;&nbsp;&nbsp;&nbsp; (39382) | &nbsp;&nbsp;&nbsp; (11951) | &nbsp;&nbsp;&nbsp;&nbsp; (25314) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (409) |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (187) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2879) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; (69839) | &nbsp;&nbsp;&nbsp; (137512) | &nbsp;&nbsp;&nbsp;&nbsp; (5029) | &nbsp;&nbsp;&nbsp;&nbsp; (11356) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (111367) | &nbsp;&nbsp;&nbsp; (228406) | &nbsp;&nbsp;&nbsp; (35253) | &nbsp;&nbsp;&nbsp;&nbsp; (75201) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27581 | &nbsp;&nbsp;&nbsp;&nbsp; 235742 | &nbsp;&nbsp;&nbsp;&nbsp; 19936 | &nbsp;&nbsp;&nbsp;&nbsp; 10028 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (14904) | &nbsp;&nbsp;&nbsp; (219188) | &nbsp;&nbsp;&nbsp;&nbsp; (9906) | &nbsp;&nbsp; (108693) |
| Beginning of period | &nbsp;&nbsp; 1291250 | &nbsp;&nbsp; 1510438 | &nbsp;&nbsp; 311083 | &nbsp;&nbsp;&nbsp; 419776 |
| End of period | $1276346 | $1291250 | $301177 | $311083  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

66 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Small Company Fund** | **JPMorgan U.S. Small Company Fund** |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
| Net investment income (loss) | $2842 | $2610 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 21554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73571 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; 32086 | &nbsp;&nbsp;&nbsp; (287128) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 56482 | &nbsp;&nbsp;&nbsp; (210947) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (6260) | &nbsp;&nbsp;&nbsp;&nbsp; (29540) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4945) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (9595) | &nbsp;&nbsp;&nbsp;&nbsp; (49718) |
| Class L | &nbsp;&nbsp;&nbsp; (11695) | &nbsp;&nbsp;&nbsp;&nbsp; (67831) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp; (2071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9917) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp; (1857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8423) |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2509) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2218) |
| Class R6 | &nbsp;&nbsp;&nbsp; (18078) | &nbsp;&nbsp;&nbsp;&nbsp; (74009) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (51666) | &nbsp;&nbsp;&nbsp; (249110) |
| **CAPITAL TRANSACTIONS:** |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (9815) | &nbsp;&nbsp;&nbsp;&nbsp; 187892 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (4999) | &nbsp;&nbsp;&nbsp; (272165) |
| Beginning of period | &nbsp;&nbsp; 869747 | &nbsp;&nbsp; 1141912 |
| End of period | $864748 | $869747 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 67

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan 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, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $42728  | $109480  | $38773  | $102040 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 6271 | &nbsp;&nbsp;&nbsp;&nbsp; 19835 | &nbsp;&nbsp;&nbsp;&nbsp; 63887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143874 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (25001) | &nbsp;&nbsp;&nbsp;&nbsp; (47018) | &nbsp;&nbsp;&nbsp;&nbsp; (97363) | &nbsp;&nbsp;&nbsp;&nbsp; (293987) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 23998 | &nbsp;&nbsp;&nbsp;&nbsp; 82297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48073) |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1644 | &nbsp;&nbsp;&nbsp;&nbsp; 10107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21747 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2331) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2401) | &nbsp;&nbsp;&nbsp;&nbsp; (13029) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22616) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2101) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (109) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 90950 | &nbsp;&nbsp;&nbsp; 162493 | &nbsp;&nbsp;&nbsp; 255915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 669520 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 7004 | &nbsp;&nbsp;&nbsp;&nbsp; 22245 | &nbsp;&nbsp;&nbsp; 249070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586636 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (54338) | &nbsp;&nbsp; (116559) | &nbsp;&nbsp; (487896) | &nbsp;&nbsp; (1875986) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 43616 | &nbsp;&nbsp;&nbsp;&nbsp; 68179 | &nbsp;&nbsp;&nbsp;&nbsp; 17089 | &nbsp;&nbsp;&nbsp;&nbsp; (619830) |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1538 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1394 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2316) |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1186) |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54) |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113109 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 91994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166417 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (59505) | &nbsp;&nbsp;&nbsp;&nbsp; (464900) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 130007 | &nbsp;&nbsp;&nbsp;&nbsp; (185374) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

68 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $75288 | $237108 | $223871 | $616792 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 10940 | &nbsp;&nbsp;&nbsp;&nbsp; 32877 | &nbsp;&nbsp;&nbsp; 213371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358361 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (54193) | &nbsp;&nbsp; (143989) | &nbsp;&nbsp; (206398) | &nbsp;&nbsp;&nbsp;&nbsp; (496055) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 32035 | &nbsp;&nbsp;&nbsp; 125996 | &nbsp;&nbsp;&nbsp; 230844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479098 |
| **Total change in net assets resulting from capital transactions** | $99792 | $280624 | $382162 | $(373075) |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 1927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1910 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2726 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1872) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5538) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (902) |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (178) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (488) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (648) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 3352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9928 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9067 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1994) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3828) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8882) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27719) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8724) |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22) |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022 J.P. Morgan Small Cap Funds 69

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(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, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1678 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2559 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1085) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6686) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2449) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 2740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8793 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5509 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4834) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3753) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7688) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6614 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

70 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Sustainable Leaders Fund**  | **JPMorgan Small Cap Sustainable Leaders Fund**  |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $21580  | $68702  | $154  | $1325 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1581 | &nbsp;&nbsp;&nbsp;&nbsp; 82955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2035 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (65561) | &nbsp;&nbsp; (189666) | &nbsp;&nbsp;&nbsp;&nbsp; (1808) | &nbsp;&nbsp;&nbsp;&nbsp; (1715) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class A capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (42400) | &nbsp;&nbsp;&nbsp;&nbsp; (38009) | &nbsp;&nbsp;&nbsp;&nbsp; (1654) | &nbsp;&nbsp;&nbsp;&nbsp; 1645 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp;&nbsp; 14632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6470) | &nbsp;&nbsp;&nbsp;&nbsp; (22839) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (128) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (610) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class C capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5776) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 54671 | &nbsp;&nbsp;&nbsp; 373606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp;&nbsp; 6073 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914 | &nbsp;&nbsp;&nbsp;&nbsp; 57488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 5967 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (206952) | &nbsp;&nbsp; (410774) | &nbsp;&nbsp;&nbsp;&nbsp; (1632) | &nbsp;&nbsp; (20227) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class I capital <br> transactions<br>| &nbsp;&nbsp; (151367) | &nbsp;&nbsp;&nbsp;&nbsp; 20320 | &nbsp;&nbsp;&nbsp;&nbsp; (1305) | &nbsp;&nbsp;&nbsp;&nbsp; (8187) |
| **Class L** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 152123 | &nbsp;&nbsp;&nbsp; 156507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 99211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (75772) | &nbsp;&nbsp; (413053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class L capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 78381 | &nbsp;&nbsp; (157335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9390) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (909) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1293 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (838) | &nbsp;&nbsp;&nbsp;&nbsp; (1991) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (715) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 71

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Sustainable Leaders Fund**  | **JPMorgan Small Cap Sustainable Leaders Fund**  |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $368  | $3552  | $30  | $871 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 736 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147) | &nbsp;&nbsp;&nbsp;&nbsp; (1984) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (377) |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6577 | &nbsp;&nbsp;&nbsp;&nbsp; 3683 | &nbsp;&nbsp;&nbsp; 13959 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 38933 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4674) | &nbsp;&nbsp;&nbsp;&nbsp; (13016) | &nbsp;&nbsp; (17818) | &nbsp;&nbsp; (94810) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2347) | &nbsp;&nbsp; (14056) | &nbsp;&nbsp; (41918) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 194866 | &nbsp;&nbsp;&nbsp; 902444 | &nbsp;&nbsp;&nbsp;&nbsp; 2574 | &nbsp;&nbsp;&nbsp; 25149 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8446 | &nbsp;&nbsp;&nbsp; 376936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp; 39875 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (368062) | &nbsp;&nbsp; (946998) | &nbsp;&nbsp; (42614) | &nbsp;&nbsp; (70053) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp; (164750) | &nbsp;&nbsp;&nbsp; 332382 | &nbsp;&nbsp; (39938) | &nbsp;&nbsp;&nbsp;&nbsp; (5029) |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| $(289500) | $152273 | $(57898) | $(53917)  |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9344) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (756) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1881) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (349) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3128 | &nbsp;&nbsp;&nbsp;&nbsp; 16225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (12096) | &nbsp;&nbsp;&nbsp;&nbsp; (18024) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (371) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (107) |

---

------

(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 Small Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Growth Fund** | **JPMorgan Small Cap Sustainable Leaders Fund**  | **JPMorgan Small Cap Sustainable Leaders Fund**  |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class L** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4208) | &nbsp;&nbsp;&nbsp;&nbsp; (17220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class L Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46) |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (497) | &nbsp;&nbsp;&nbsp;&nbsp; (2177) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (116) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (392) | &nbsp;&nbsp;&nbsp;&nbsp; (1016) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 10557 | &nbsp;&nbsp;&nbsp;&nbsp; 38989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 450 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463 | &nbsp;&nbsp;&nbsp;&nbsp; 15090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 904 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (19751) | &nbsp;&nbsp;&nbsp;&nbsp; (38530) | &nbsp;&nbsp;&nbsp;&nbsp; (1146) | &nbsp;&nbsp;&nbsp;&nbsp; (1533) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8731) | &nbsp;&nbsp;&nbsp;&nbsp; 15549 | &nbsp;&nbsp;&nbsp;&nbsp; (1072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (179) |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 73

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Value Fund** | **JPMorgan Small Cap Value Fund** | **JPMorgan SMID Cap Equity Fund** | **JPMorgan SMID Cap Equity Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $7724  | $32048  | $4621  | $10956 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 13395 | &nbsp;&nbsp;&nbsp;&nbsp; 29706 | &nbsp;&nbsp;&nbsp; 15104 | &nbsp;&nbsp;&nbsp; 31521 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (14864) | &nbsp;&nbsp;&nbsp;&nbsp; (55014) | &nbsp;&nbsp; (12447) | &nbsp;&nbsp; (26360) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 6255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6740 | &nbsp;&nbsp;&nbsp;&nbsp; 7278 | &nbsp;&nbsp;&nbsp; 16117 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp; 5788 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1465 | &nbsp;&nbsp;&nbsp;&nbsp; 2485 | &nbsp;&nbsp;&nbsp;&nbsp; 5223 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3182) | &nbsp;&nbsp;&nbsp;&nbsp; (2446) | &nbsp;&nbsp;&nbsp;&nbsp; (9381) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534 | &nbsp;&nbsp;&nbsp;&nbsp; 1630 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 24996 | &nbsp;&nbsp;&nbsp; 170705 | &nbsp;&nbsp;&nbsp; 20131 | &nbsp;&nbsp;&nbsp; 38060 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 18472 | &nbsp;&nbsp;&nbsp;&nbsp; 38983 | &nbsp;&nbsp;&nbsp; 10870 | &nbsp;&nbsp;&nbsp; 23180 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (57888) | &nbsp;&nbsp; (128423) | &nbsp;&nbsp; (30777) | &nbsp;&nbsp; (47309) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp; (14420) | &nbsp;&nbsp;&nbsp;&nbsp; 81265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 13931 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 2747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3292) | &nbsp;&nbsp;&nbsp;&nbsp; (13939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 1784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 1341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 360 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (367) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (729) |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 1282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97) |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 1544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2554) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7655) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (959) |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (718) |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 3466 | &nbsp;&nbsp;&nbsp;&nbsp; 10929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (14226) | &nbsp;&nbsp;&nbsp;&nbsp; (19784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (7934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1612) | &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;

74 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Value Fund** | **JPMorgan Small Cap Value Fund** | **JPMorgan SMID Cap Equity Fund** | **JPMorgan SMID Cap Equity Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $63366 | $168959 | $14760 | $13856 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 69838 | &nbsp;&nbsp;&nbsp; 137512 | &nbsp;&nbsp;&nbsp;&nbsp; 4154 | &nbsp;&nbsp;&nbsp;&nbsp; 9560 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (93590) | &nbsp;&nbsp; (161104) | &nbsp;&nbsp;&nbsp;&nbsp; (6987) | &nbsp;&nbsp; (44251) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 39614 | &nbsp;&nbsp;&nbsp; 145367 | &nbsp;&nbsp;&nbsp; 11927 | &nbsp;&nbsp; (20835) |
| **Total change in net assets resulting from capital transactions** | $27581 | $235742 | $19936 | $10028 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1099 | &nbsp;&nbsp;&nbsp;&nbsp; 1092 | &nbsp;&nbsp;&nbsp;&nbsp; 1743 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (825) | &nbsp;&nbsp;&nbsp;&nbsp; (1411) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (233) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (712) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5498 | &nbsp;&nbsp;&nbsp;&nbsp; 1237 | &nbsp;&nbsp;&nbsp;&nbsp; 1894 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704 | &nbsp;&nbsp;&nbsp;&nbsp; 1165 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4249) | &nbsp;&nbsp;&nbsp;&nbsp; (1825) | &nbsp;&nbsp;&nbsp;&nbsp; (2251) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (512) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (140) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (495) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40) |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (252) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48) |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36) |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 75

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Small Cap Value Fund** | **JPMorgan Small Cap Value Fund** | **JPMorgan SMID Cap Equity Fund** | **JPMorgan SMID Cap Equity Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (590) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 2420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (428) | &nbsp;&nbsp;&nbsp;&nbsp; (2119) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp; 1719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (954) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

76 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Small Company Fund** | **JPMorgan U.S. Small Company Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $10188  | $28414 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 5714 | &nbsp;&nbsp;&nbsp;&nbsp; 27262 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (13318) | &nbsp;&nbsp;&nbsp; (32034) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 2584 | &nbsp;&nbsp;&nbsp;&nbsp; 23642 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1281 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4821 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (3842) | &nbsp;&nbsp;&nbsp;&nbsp; (7801) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (2211) | &nbsp;&nbsp;&nbsp;&nbsp; (1699) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 18456 | &nbsp;&nbsp;&nbsp;&nbsp; 47080 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 9233 | &nbsp;&nbsp;&nbsp;&nbsp; 47831 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (23083) | &nbsp;&nbsp;&nbsp; (62245) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 4606 | &nbsp;&nbsp;&nbsp;&nbsp; 32666 |
| **Class L** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 15140 | &nbsp;&nbsp;&nbsp;&nbsp; 43205 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 9578 | &nbsp;&nbsp;&nbsp;&nbsp; 51373 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (66072) | &nbsp;&nbsp;&nbsp; (62004) |
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp; (41354) | &nbsp;&nbsp;&nbsp;&nbsp; 32574 |
| **Class R2** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 3149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7271 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9749 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2519) | &nbsp;&nbsp;&nbsp;&nbsp; (8739) |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 2668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8281 |
| **Class R3** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 2555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7558 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7946 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2616) | &nbsp;&nbsp;&nbsp;&nbsp; (6809) |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 1689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8695 |
| **Class R4** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 1269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1463 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2509 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (465) | &nbsp;&nbsp;&nbsp;&nbsp; (1800) |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 1395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2172 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 77

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Small Company Fund** | **JPMorgan U.S. Small Company Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |
| **Class R5** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $9973 | $2356 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1374 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (458) | &nbsp;&nbsp;&nbsp;&nbsp; (5769) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp; 10085 | &nbsp;&nbsp;&nbsp;&nbsp; (2039) |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 28450 | &nbsp;&nbsp; 106983 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 17703 | &nbsp;&nbsp;&nbsp;&nbsp; 71679 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (35430) | &nbsp;&nbsp;&nbsp; (95062) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 10723 | &nbsp;&nbsp;&nbsp;&nbsp; 83600 |
| **Total change in net assets resulting from capital transactions** | $(9815) | $187892 |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1461 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1508 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (867) | &nbsp;&nbsp;&nbsp;&nbsp; (1608) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1361 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (454) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 1149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2293 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2548 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (1439) | &nbsp;&nbsp;&nbsp;&nbsp; (3295) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1546 |
| **Class L** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2184 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2737 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (4081) | &nbsp;&nbsp;&nbsp;&nbsp; (3111) |
| Change in Class L Shares | &nbsp;&nbsp;&nbsp;&nbsp; (2522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1810 |
| **Class R2** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (169) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (464) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 484 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

78 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Small Company Fund** | **JPMorgan U.S. Small Company Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |
| **Class R3** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (174) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (359) |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 480 |
| **Class R4** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (91) |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| **Class R5** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (292) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (100) |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 1769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5452 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3813 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2187) | &nbsp;&nbsp;&nbsp;&nbsp; (4615) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4650 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 79

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Small Cap Blend Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $20.86 | $0.02  | $0.85  | $0.87  | $(0.03)  | $(0.46)  | $(0.49) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 28.67 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (5.77) | &nbsp;&nbsp;&nbsp; (5.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (2.02) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 19.11 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; 10.08 | &nbsp;&nbsp; 10.05 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.49) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 19.78 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(g) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.67) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 26.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(g) | &nbsp;&nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp; (0.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.24) | &nbsp;&nbsp; (6.24) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 22.03 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; 7.54 | &nbsp;&nbsp;&nbsp;&nbsp; 7.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.72) | &nbsp;&nbsp; (2.72) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 12.44 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; 0.51 | &nbsp;&nbsp;&nbsp;&nbsp; 0.49 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.47) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 18.01 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (3.46) | &nbsp;&nbsp;&nbsp; (3.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (2.02) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.19 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; 6.37 | &nbsp;&nbsp;&nbsp;&nbsp; 6.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.47) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 12.90 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.65) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.89 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (0.67) | &nbsp;&nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.24) | &nbsp;&nbsp; (6.24) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 17.12 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; 5.73 | &nbsp;&nbsp;&nbsp;&nbsp; 5.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.72) | &nbsp;&nbsp; (2.72) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 25.71 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp; 1.06 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.53) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 34.81 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; (7.10) | &nbsp;&nbsp;&nbsp; (7.05) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (2.05) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 23.09 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp; 12.20 | &nbsp;&nbsp; 12.24 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.52) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.75 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.70) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 30.53 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.24) | &nbsp;&nbsp; (6.24) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 24.83 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; 8.57 | &nbsp;&nbsp;&nbsp;&nbsp; 8.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.72) | &nbsp;&nbsp; (2.72) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 25.83 | &nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp;&nbsp; 1.06 | &nbsp;&nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.60) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 34.96 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; (7.13) | &nbsp;&nbsp;&nbsp; (7.00) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (2.02) | &nbsp;&nbsp; (2.13) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 23.17 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp; 12.25 | &nbsp;&nbsp; 12.36 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.57) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.82 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.75) |
| July 2, 2018 (h) through June 30, 2019 | &nbsp;&nbsp; 30.73 | &nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; (0.85) | &nbsp;&nbsp;&nbsp; (0.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.24) | &nbsp;&nbsp; (6.24) |

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Amount rounds to less than $0.005.

(h) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

80 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $21.24 | &nbsp;&nbsp;&nbsp; 4.10% | $297457 | 1.24% (f) | 0.14% (f) | 1.27% (f) | 14% |
| &nbsp;&nbsp; 20.86 | (21.57) | &nbsp;&nbsp; 269579 | 1.25 | (0.09) | 1.28 | 45 |
| &nbsp;&nbsp; 28.67 | 52.98 | &nbsp;&nbsp; 279114 | 1.24 | (0.12) | 1.27 | 48 |
| &nbsp;&nbsp; 19.11 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; 132674 | 1.24 | 0.19 | 1.32 | 48 |
| &nbsp;&nbsp; 19.78 | &nbsp;&nbsp;&nbsp; 0.70 | &nbsp;&nbsp; 116751 | 1.24 | (0.01) | 1.37 | 75 |
| &nbsp;&nbsp; 26.65 | 35.55 | &nbsp;&nbsp;&nbsp;&nbsp; 85586 | 1.24 | (0.81) | 1.36 | 89 |
| &nbsp;&nbsp; 12.46 | &nbsp;&nbsp;&nbsp; 3.78 | &nbsp;&nbsp;&nbsp;&nbsp; 12717 | 1.74(f) | (0.37)(f) | 1.79(f) | 14 |
| &nbsp;&nbsp; 12.44 | (21.93) | &nbsp;&nbsp;&nbsp;&nbsp; 12568 | 1.75 | (0.59) | 1.79 | 45 |
| &nbsp;&nbsp; 18.01 | 52.22 | &nbsp;&nbsp;&nbsp;&nbsp; 13468 | 1.73 | (0.56) | 1.78 | 48 |
| &nbsp;&nbsp; 12.19 | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp;&nbsp;&nbsp; 24323 | 1.74 | (0.31) | 1.80 | 48 |
| &nbsp;&nbsp; 12.90 | &nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 38625 | 1.74 | (0.53) | 1.85 | 75 |
| &nbsp;&nbsp; 19.89 | 34.88 | &nbsp;&nbsp;&nbsp;&nbsp; 40470 | 1.74 | (1.31) | 1.83 | 89 |
| &nbsp;&nbsp; 26.29 | &nbsp;&nbsp;&nbsp; 4.26 | &nbsp;&nbsp; 358766 | 0.99(f) | 0.39(f) | 1.02(f) | 14 |
| &nbsp;&nbsp; 25.71 | (21.39) | &nbsp;&nbsp; 309359 | 0.99 | 0.16 | 1.02 | 45 |
| &nbsp;&nbsp; 34.81 | 53.39 | &nbsp;&nbsp; 344974 | 0.99 | 0.13 | 1.02 | 48 |
| &nbsp;&nbsp; 23.09 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; 148443 | 0.99 | 0.44 | 1.05 | 48 |
| &nbsp;&nbsp; 23.75 | &nbsp;&nbsp;&nbsp; 0.94 | &nbsp;&nbsp; 110123 | 0.99 | 0.20 | 1.10 | 75 |
| &nbsp;&nbsp; 30.53 | 35.91 | &nbsp;&nbsp;&nbsp;&nbsp; 92701 | 0.99 | (0.56) | 1.08 | 89 |
| &nbsp;&nbsp; 26.38 | &nbsp;&nbsp;&nbsp; 4.38 | &nbsp;&nbsp; 500766 | 0.74(f) | 0.64(f) | 0.77(f) | 14 |
| &nbsp;&nbsp; 25.83 | (21.21) | &nbsp;&nbsp; 460265 | 0.74 | 0.41 | 0.77 | 45 |
| &nbsp;&nbsp; 34.96 | 53.76 | &nbsp;&nbsp; 495948 | 0.74 | 0.37 | 0.77 | 48 |
| &nbsp;&nbsp; 23.17 | &nbsp;&nbsp;&nbsp; 0.22 | &nbsp;&nbsp; 167419 | 0.74 | 0.69 | 0.80 | 48 |
| &nbsp;&nbsp; 23.82 | &nbsp;&nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 82758 | 0.74 | 0.79 | 1.10 | 75 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 81

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Small Cap Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $43.52 | $—  | $2.49  | $2.49  | $—  | $(6.17) | $(6.17) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 65.04 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (8.96) | &nbsp;&nbsp;&nbsp;&nbsp; (9.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (12.48) | &nbsp;&nbsp; (12.48) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 45.69 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; 21.07 | &nbsp;&nbsp;&nbsp; 21.05 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (1.63) | &nbsp;&nbsp;&nbsp;&nbsp; (1.70) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 50.05 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp;&nbsp; (1.95) | &nbsp;&nbsp;&nbsp;&nbsp; (1.83) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (2.38) | &nbsp;&nbsp;&nbsp;&nbsp; (2.53) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 52.43 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp;&nbsp; 1.07 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (3.39) | &nbsp;&nbsp;&nbsp;&nbsp; (3.45) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 48.63 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp; 6.67 | &nbsp;&nbsp;&nbsp;&nbsp; 6.77 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; (2.87) | &nbsp;&nbsp;&nbsp;&nbsp; (2.97) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 27.11 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; 1.62 | &nbsp;&nbsp;&nbsp;&nbsp; 1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6.17) | &nbsp;&nbsp;&nbsp;&nbsp; (6.17) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 45.39 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (5.57) | &nbsp;&nbsp;&nbsp;&nbsp; (5.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (12.48) | &nbsp;&nbsp; (12.48) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 32.42 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; 14.84 | &nbsp;&nbsp;&nbsp; 14.64 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (1.63) | &nbsp;&nbsp;&nbsp;&nbsp; (1.67) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 36.25 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; (1.35) | &nbsp;&nbsp;&nbsp;&nbsp; (1.43) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (2.38) | &nbsp;&nbsp;&nbsp;&nbsp; (2.40) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 39.12 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; 0.61 | &nbsp;&nbsp;&nbsp;&nbsp; 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3.39) | &nbsp;&nbsp;&nbsp;&nbsp; (3.39) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 37.07 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; 5.04 | &nbsp;&nbsp;&nbsp;&nbsp; 4.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2.87) | &nbsp;&nbsp;&nbsp;&nbsp; (2.87) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 53.40 | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp; 3.01 | &nbsp;&nbsp;&nbsp;&nbsp; 3.09 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (6.17) | &nbsp;&nbsp;&nbsp;&nbsp; (6.24) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 76.84 | &nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (10.99) | &nbsp;&nbsp; (10.90) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (12.48) | &nbsp;&nbsp; (12.54) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 53.70 | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 24.81 | &nbsp;&nbsp;&nbsp; 24.98 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (1.63) | &nbsp;&nbsp;&nbsp;&nbsp; (1.84) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 58.34 | &nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp;&nbsp; (2.30) | &nbsp;&nbsp;&nbsp;&nbsp; (2.00) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp; (2.38) | &nbsp;&nbsp;&nbsp;&nbsp; (2.64) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 60.52 | &nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 1.41 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (3.39) | &nbsp;&nbsp;&nbsp;&nbsp; (3.59) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 55.69 | &nbsp;&nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp;&nbsp; 7.67 | &nbsp;&nbsp;&nbsp;&nbsp; 7.93 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (2.87) | &nbsp;&nbsp;&nbsp;&nbsp; (3.10) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 42.12 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; 2.40 | &nbsp;&nbsp;&nbsp;&nbsp; 2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6.17) | &nbsp;&nbsp;&nbsp;&nbsp; (6.17) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 63.47 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (8.67) | &nbsp;&nbsp;&nbsp;&nbsp; (8.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (12.48) | &nbsp;&nbsp; (12.48) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 44.70 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; 20.59 | &nbsp;&nbsp;&nbsp; 20.44 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (1.63) | &nbsp;&nbsp;&nbsp;&nbsp; (1.67) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 48.98 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; (1.91) | &nbsp;&nbsp;&nbsp;&nbsp; (1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2.38) | &nbsp;&nbsp;&nbsp;&nbsp; (2.38) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 51.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(g) | &nbsp;&nbsp;&nbsp;&nbsp; 0.93 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3.39) | &nbsp;&nbsp;&nbsp;&nbsp; (3.39) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 47.81 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; 6.55 | &nbsp;&nbsp;&nbsp;&nbsp; 6.52 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (2.87) | &nbsp;&nbsp;&nbsp;&nbsp; (2.89) |
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 43.11 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 2.47 | &nbsp;&nbsp;&nbsp;&nbsp; 2.48 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (6.17) | &nbsp;&nbsp;&nbsp;&nbsp; (6.18) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 64.53 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (8.88) | &nbsp;&nbsp;&nbsp;&nbsp; (8.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (12.48) | &nbsp;&nbsp; (12.48) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 45.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(g) | &nbsp;&nbsp;&nbsp; 20.92 | &nbsp;&nbsp;&nbsp; 20.92 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (1.63) | &nbsp;&nbsp;&nbsp;&nbsp; (1.77) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 49.73 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp; (1.93) | &nbsp;&nbsp;&nbsp;&nbsp; (1.80) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (2.38) | &nbsp;&nbsp;&nbsp;&nbsp; (2.55) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 52.13 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp; 0.92 | &nbsp;&nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; (3.39) | &nbsp;&nbsp;&nbsp;&nbsp; (3.45) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 48.54 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp;&nbsp; 6.63 | &nbsp;&nbsp;&nbsp;&nbsp; 6.75 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp; (2.87) | &nbsp;&nbsp;&nbsp;&nbsp; (3.16) |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 53.28 | &nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp;&nbsp; 3.00 | &nbsp;&nbsp;&nbsp;&nbsp; 3.09 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (6.17) | &nbsp;&nbsp;&nbsp;&nbsp; (6.26) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 76.73 | &nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (10.98) | &nbsp;&nbsp; (10.89) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (12.48) | &nbsp;&nbsp; (12.56) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 53.63 | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 24.78 | &nbsp;&nbsp;&nbsp; 24.95 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (1.63) | &nbsp;&nbsp;&nbsp;&nbsp; (1.85) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 58.26 | &nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp; (2.29) | &nbsp;&nbsp;&nbsp;&nbsp; (2.00) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; (2.38) | &nbsp;&nbsp;&nbsp;&nbsp; (2.63) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 60.42 | &nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12 | &nbsp;&nbsp;&nbsp;&nbsp; 1.41 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (3.39) | &nbsp;&nbsp;&nbsp;&nbsp; (3.57) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 55.64 | &nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp;&nbsp; 7.59 | &nbsp;&nbsp;&nbsp;&nbsp; 7.92 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; (2.87) | &nbsp;&nbsp;&nbsp;&nbsp; (3.14) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

82 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $39.84 | &nbsp;&nbsp;&nbsp; 5.28% | $492578  | 1.26% (f) | 0.02% (f) | 1.27% (f) | 10% |
| &nbsp;&nbsp; 43.52 | (17.26) | &nbsp;&nbsp;&nbsp;&nbsp; 527124 | 1.27 | (0.13) | 1.27 | 16 |
| &nbsp;&nbsp; 65.04 | 46.60 | &nbsp;&nbsp;&nbsp;&nbsp; 846460 | 1.26 | (0.03) | 1.27 | 29 |
| &nbsp;&nbsp; 45.69 | &nbsp;&nbsp; (4.11) | &nbsp;&nbsp;&nbsp;&nbsp; 653887 | 1.26 | 0.25 | 1.27 | 23 |
| &nbsp;&nbsp; 50.05 | &nbsp;&nbsp;&nbsp; 2.82 | &nbsp;&nbsp;&nbsp;&nbsp; 791846 | 1.23 | 0.24 | 1.25 | 23 |
| &nbsp;&nbsp; 52.43 | 14.33 | &nbsp;&nbsp; 1095395 | 1.24 | 0.19 | 1.26 | 17 |
| &nbsp;&nbsp; 22.49 | &nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43814 | 1.75(f) | (0.47)(f) | 1.75(f) | 10 |
| &nbsp;&nbsp; 27.11 | (17.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53369 | 1.75 | (0.62) | 1.75 | 16 |
| &nbsp;&nbsp; 45.39 | 45.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87848 | 1.74 | (0.50) | 1.74 | 29 |
| &nbsp;&nbsp; 32.42 | &nbsp;&nbsp; (4.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80258 | 1.74 | (0.24) | 1.75 | 23 |
| &nbsp;&nbsp; 36.25 | &nbsp;&nbsp;&nbsp; 2.31 | &nbsp;&nbsp;&nbsp;&nbsp; 111453 | 1.73 | (0.25) | 1.75 | 23 |
| &nbsp;&nbsp; 39.12 | 13.76 | &nbsp;&nbsp;&nbsp;&nbsp; 143030 | 1.74 | (0.32) | 1.76 | 17 |
| &nbsp;&nbsp; 50.25 | &nbsp;&nbsp;&nbsp; 5.43 | &nbsp;&nbsp; 2360850 | 0.99(f) | 0.30(f) | 1.00(f) | 10 |
| &nbsp;&nbsp; 53.40 | (17.02) | &nbsp;&nbsp; 2480437 | 0.99 | 0.14 | 1.00 | 16 |
| &nbsp;&nbsp; 76.84 | 47.01 | &nbsp;&nbsp; 4239905 | 0.98 | 0.25 | 0.99 | 29 |
| &nbsp;&nbsp; 53.70 | &nbsp;&nbsp; (3.83) | &nbsp;&nbsp; 3240725 | 0.98 | 0.54 | 0.99 | 23 |
| &nbsp;&nbsp; 58.34 | &nbsp;&nbsp;&nbsp; 3.05 | &nbsp;&nbsp; 2720056 | 0.98 | 0.51 | 1.00 | 23 |
| &nbsp;&nbsp; 60.52 | 14.61 | &nbsp;&nbsp; 2868739 | 0.98 | 0.45 | 1.00 | 17 |
| &nbsp;&nbsp; 38.31 | &nbsp;&nbsp;&nbsp; 5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5653 | 1.49(f) | (0.20)(f) | 1.51(f) | 10 |
| &nbsp;&nbsp; 42.12 | (17.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5646 | 1.49 | (0.36) | 1.51 | 16 |
| &nbsp;&nbsp; 63.47 | 46.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7744 | 1.48 | (0.26) | 1.51 | 29 |
| &nbsp;&nbsp; 44.70 | &nbsp;&nbsp; (4.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6746 | 1.49 | 0.02 | 1.52 | 23 |
| &nbsp;&nbsp; 48.98 | &nbsp;&nbsp;&nbsp; 2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9718 | 1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(h) | 1.52 | 23 |
| &nbsp;&nbsp; 51.44 | 14.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12133 | 1.49 | (0.06) | 1.52 | 17 |
| &nbsp;&nbsp; 39.41 | &nbsp;&nbsp;&nbsp; 5.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4349 | 1.24(f) | 0.05(f) | 1.25(f) | 10 |
| &nbsp;&nbsp; 43.11 | (17.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4281 | 1.24 | (0.11) | 1.24 | 16 |
| &nbsp;&nbsp; 64.53 | 46.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5829 | 1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(h) | 1.24 | 29 |
| &nbsp;&nbsp; 45.38 | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2948 | 1.24 | 0.28 | 1.24 | 23 |
| &nbsp;&nbsp; 49.73 | &nbsp;&nbsp;&nbsp; 2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2597 | 1.23 | 0.26 | 1.25 | 23 |
| &nbsp;&nbsp; 52.13 | 14.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2542 | 1.23 | 0.24 | 1.30 | 17 |
| &nbsp;&nbsp; 50.11 | &nbsp;&nbsp;&nbsp; 5.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737 | 0.99(f) | 0.31(f) | 1.01(f) | 10 |
| &nbsp;&nbsp; 53.28 | (17.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688 | 0.99 | 0.14 | 1.00 | 16 |
| &nbsp;&nbsp; 76.73 | 47.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834 | 0.98 | 0.25 | 1.00 | 29 |
| &nbsp;&nbsp; 53.63 | &nbsp;&nbsp; (3.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 449 | 0.98 | 0.53 | 1.01 | 23 |
| &nbsp;&nbsp; 58.26 | &nbsp;&nbsp;&nbsp; 3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 475 | 0.98 | 0.50 | 1.03 | 23 |
| &nbsp;&nbsp; 60.42 | 14.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 624 | 0.98 | 0.57 | 1.07 | 17 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 83

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Small Cap Equity Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $53.64 | $0.14 | $3.01  | $3.15  | $(0.18)  | $(6.17) | $(6.35) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 77.14 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp; (11.05) | &nbsp;&nbsp; (10.82) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (12.48) | &nbsp;&nbsp; (12.68) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 53.88 | &nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp; 24.90 | &nbsp;&nbsp;&nbsp; 25.20 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp; (1.63) | &nbsp;&nbsp;&nbsp;&nbsp; (1.94) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 58.51 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp;&nbsp; (2.30) | &nbsp;&nbsp;&nbsp;&nbsp; (1.90) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp; (2.38) | &nbsp;&nbsp;&nbsp;&nbsp; (2.73) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 60.69 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 1.52 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp; (3.39) | &nbsp;&nbsp;&nbsp;&nbsp; (3.70) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 55.84 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp;&nbsp; 7.70 | &nbsp;&nbsp;&nbsp;&nbsp; 8.07 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp; (2.87) | &nbsp;&nbsp;&nbsp;&nbsp; (3.22) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 53.63 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp; 3.01 | &nbsp;&nbsp;&nbsp;&nbsp; 3.17 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (6.17) | &nbsp;&nbsp;&nbsp;&nbsp; (6.38) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 77.14 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp; (11.05) | &nbsp;&nbsp; (10.79) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (12.48) | &nbsp;&nbsp; (12.72) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 53.87 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp; 24.90 | &nbsp;&nbsp;&nbsp; 25.24 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp; (1.63) | &nbsp;&nbsp;&nbsp;&nbsp; (1.97) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 58.50 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp;&nbsp; (2.30) | &nbsp;&nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp; (2.38) | &nbsp;&nbsp;&nbsp;&nbsp; (2.77) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 60.68 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp;&nbsp; 1.11 | &nbsp;&nbsp;&nbsp;&nbsp; 1.55 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp; (3.39) | &nbsp;&nbsp;&nbsp;&nbsp; (3.73) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 55.83 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 7.69 | &nbsp;&nbsp;&nbsp;&nbsp; 8.10 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp; (2.87) | &nbsp;&nbsp;&nbsp;&nbsp; (3.25) |

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Amount rounds to less than $0.005.

(h) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

84 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $50.44 | &nbsp;&nbsp;&nbsp; 5.52% | $857722  | 0.80% (f) | 0.51% (f) | 0.85% (f) | 10% |
| &nbsp;&nbsp; 53.64 | (16.87) | &nbsp;&nbsp;&nbsp;&nbsp; 778819 | 0.80 | 0.34 | 0.84 | 16 |
| &nbsp;&nbsp; 77.14 | 47.29 | &nbsp;&nbsp; 1309013 | 0.79 | 0.44 | 0.84 | 29 |
| &nbsp;&nbsp; 53.88 | &nbsp;&nbsp; (3.65) | &nbsp;&nbsp;&nbsp;&nbsp; 984863 | 0.80 | 0.71 | 0.84 | 23 |
| &nbsp;&nbsp; 58.51 | &nbsp;&nbsp;&nbsp; 3.26 | &nbsp;&nbsp; 1214075 | 0.79 | 0.70 | 0.85 | 23 |
| &nbsp;&nbsp; 60.69 | 14.83 | &nbsp;&nbsp; 1255251 | 0.79 | 0.64 | 0.85 | 17 |
| &nbsp;&nbsp; 50.42 | &nbsp;&nbsp;&nbsp; 5.57 | &nbsp;&nbsp; 1903956 | 0.74(f) | 0.56(f) | 0.75(f) | 10 |
| &nbsp;&nbsp; 53.63 | (16.83) | &nbsp;&nbsp; 1793598 | 0.74 | 0.39 | 0.75 | 16 |
| &nbsp;&nbsp; 77.14 | 47.39 | &nbsp;&nbsp; 2069498 | 0.73 | 0.50 | 0.74 | 29 |
| &nbsp;&nbsp; 53.87 | &nbsp;&nbsp; (3.60) | &nbsp;&nbsp; 1625610 | 0.74 | 0.78 | 0.74 | 23 |
| &nbsp;&nbsp; 58.50 | &nbsp;&nbsp;&nbsp; 3.33 | &nbsp;&nbsp; 1425704 | 0.73 | 0.76 | 0.75 | 23 |
| &nbsp;&nbsp; 60.68 | 14.89 | &nbsp;&nbsp; 1450525 | 0.73 | 0.71 | 0.75 | 17 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 85

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Small Cap Growth Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $13.92 | $(0.05)  | $0.13  | $0.08  | $—  | $(0.07)  | $(0.07) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 25.86 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (8.46) | &nbsp;&nbsp;&nbsp;&nbsp; (8.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.28) | &nbsp;&nbsp; (3.28) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 18.70 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; 9.22 | &nbsp;&nbsp;&nbsp;&nbsp; 8.99 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (1.83) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.00 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; 2.88 | &nbsp;&nbsp;&nbsp;&nbsp; 2.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.07) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 18.45 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; 0.67 | &nbsp;&nbsp;&nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (2.01) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 14.81 | &nbsp;&nbsp; (0.14)(g) | &nbsp;&nbsp;&nbsp;&nbsp; 5.11 | &nbsp;&nbsp;&nbsp;&nbsp; 4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.33) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp;&nbsp;&nbsp; 8.09 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.07) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 16.62 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; (5.07) | &nbsp;&nbsp;&nbsp;&nbsp; (5.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.28) | &nbsp;&nbsp; (3.28) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.53 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; 6.14 | &nbsp;&nbsp;&nbsp;&nbsp; 5.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (1.82) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 11.78 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp;&nbsp;&nbsp; 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.07) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 13.55 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (2.01) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 11.23 | &nbsp;&nbsp; (0.16)(g) | &nbsp;&nbsp;&nbsp;&nbsp; 3.81 | &nbsp;&nbsp;&nbsp;&nbsp; 3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.33) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 16.26 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.07) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 29.53 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (9.83) | &nbsp;&nbsp;&nbsp;&nbsp; (9.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.28) | &nbsp;&nbsp; (3.28) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.14 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp; 10.46 | &nbsp;&nbsp;&nbsp; 10.26 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (1.87) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 19.05 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; 3.24 | &nbsp;&nbsp;&nbsp;&nbsp; 3.17 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.08) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 20.35 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; 0.79 | &nbsp;&nbsp;&nbsp;&nbsp; 0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (2.01) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 16.18 | &nbsp;&nbsp; (0.11)(g) | &nbsp;&nbsp;&nbsp;&nbsp; 5.61 | &nbsp;&nbsp;&nbsp;&nbsp; 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.33) |
| **Class L** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.04 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.07) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.73 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (10.27) | &nbsp;&nbsp; (10.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.28) | &nbsp;&nbsp; (3.28) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.93 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; 10.85 | &nbsp;&nbsp;&nbsp; 10.69 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (1.89) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 19.71 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; 3.36 | &nbsp;&nbsp;&nbsp;&nbsp; 3.32 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.10) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 20.95 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; 0.82 | &nbsp;&nbsp;&nbsp;&nbsp; 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (2.01) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 16.60 | &nbsp;&nbsp; (0.08)(g) | &nbsp;&nbsp;&nbsp;&nbsp; 5.76 | &nbsp;&nbsp;&nbsp;&nbsp; 5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.33) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 13.06 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.07) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 24.55 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (7.98) | &nbsp;&nbsp;&nbsp;&nbsp; (8.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.28) | &nbsp;&nbsp; (3.28) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 17.85 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; 8.79 | &nbsp;&nbsp;&nbsp;&nbsp; 8.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (1.82) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 16.31 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; 2.75 | &nbsp;&nbsp;&nbsp;&nbsp; 2.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.07) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.84 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (2.01) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 14.39 | &nbsp;&nbsp; (0.17)(g) | &nbsp;&nbsp;&nbsp;&nbsp; 4.95 | &nbsp;&nbsp;&nbsp;&nbsp; 4.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.33) |
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 13.88 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.07) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 25.79 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; (8.44) | &nbsp;&nbsp;&nbsp;&nbsp; (8.63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.28) | &nbsp;&nbsp; (3.28) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 18.66 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; 9.21 | &nbsp;&nbsp;&nbsp;&nbsp; 8.98 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (1.85) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.00 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; 2.87 | &nbsp;&nbsp;&nbsp;&nbsp; 2.76 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.10) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 18.45 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; 0.66 | &nbsp;&nbsp;&nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (2.01) |
| July 31, 2017 (h) through June 30, 2018 | &nbsp;&nbsp; 15.17 | &nbsp;&nbsp; (0.13)(g) | &nbsp;&nbsp;&nbsp;&nbsp; 4.74 | &nbsp;&nbsp;&nbsp;&nbsp; 4.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.33) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

86 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $13.93 | &nbsp;&nbsp;&nbsp; 0.53% | $344164  | 1.24% (f) | (0.66)% (f) | 1.27% (f) | 13% |
| &nbsp;&nbsp; 13.92 | (37.40) | &nbsp;&nbsp;&nbsp;&nbsp; 384556 | 1.25 | (0.95) | 1.26 | 35 |
| &nbsp;&nbsp; 25.86 | 48.64 | &nbsp;&nbsp;&nbsp;&nbsp; 760153 | 1.23 | (0.95) | 1.25 | 52 |
| &nbsp;&nbsp; 18.70 | 16.92 | &nbsp;&nbsp;&nbsp;&nbsp; 500357 | 1.24 | (0.63) | 1.27 | 51 |
| &nbsp;&nbsp; 17.00 | &nbsp;&nbsp;&nbsp; 5.08 | &nbsp;&nbsp;&nbsp;&nbsp; 400127 | 1.24 | (0.68) | 1.27 | 58 |
| &nbsp;&nbsp; 18.45 | 35.14 | &nbsp;&nbsp;&nbsp;&nbsp; 337933 | 1.24 | (0.83)(g) | 1.29 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.05 | &nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35760 | 1.74(f) | (1.16)(f) | 1.77(f) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.09 | (37.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41416 | 1.75 | (1.45) | 1.76 | 35 |
| &nbsp;&nbsp; 16.62 | 47.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90880 | 1.73 | (1.44) | 1.74 | 52 |
| &nbsp;&nbsp; 12.53 | 16.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62434 | 1.74 | (1.13) | 1.77 | 51 |
| &nbsp;&nbsp; 11.78 | &nbsp;&nbsp;&nbsp; 4.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58288 | 1.74 | (1.17) | 1.77 | 58 |
| &nbsp;&nbsp; 13.55 | 34.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43116 | 1.74 | (1.32)(g) | 1.77 | 58 |
| &nbsp;&nbsp; 16.30 | &nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp;&nbsp; 424997 | 0.99(f) | (0.40)(f) | 1.01(f) | 13 |
| &nbsp;&nbsp; 16.26 | (37.24) | &nbsp;&nbsp;&nbsp;&nbsp; 569015 | 1.00 | (0.69) | 1.01 | 35 |
| &nbsp;&nbsp; 29.53 | 49.03 | &nbsp;&nbsp; 1013916 | 0.98 | (0.70) | 0.99 | 52 |
| &nbsp;&nbsp; 21.14 | 17.19 | &nbsp;&nbsp;&nbsp;&nbsp; 466094 | 0.99 | (0.37) | 1.01 | 51 |
| &nbsp;&nbsp; 19.05 | &nbsp;&nbsp;&nbsp; 5.36 | &nbsp;&nbsp;&nbsp;&nbsp; 289094 | 0.99 | (0.43) | 1.02 | 58 |
| &nbsp;&nbsp; 20.35 | 35.45 | &nbsp;&nbsp;&nbsp;&nbsp; 268082 | 0.99 | (0.57)(g) | 1.02 | 58 |
| &nbsp;&nbsp; 17.10 | &nbsp;&nbsp;&nbsp; 0.73 | &nbsp;&nbsp;&nbsp;&nbsp; 571881 | 0.84(f) | (0.26)(f) | 0.86(f) | 13 |
| &nbsp;&nbsp; 17.04 | (37.15) | &nbsp;&nbsp;&nbsp;&nbsp; 496522 | 0.85 | (0.55) | 0.86 | 35 |
| &nbsp;&nbsp; 30.73 | 49.21 | &nbsp;&nbsp; 1096814 | 0.84 | (0.55) | 0.84 | 52 |
| &nbsp;&nbsp; 21.93 | 17.40 | &nbsp;&nbsp;&nbsp;&nbsp; 735649 | 0.84 | (0.23) | 0.86 | 51 |
| &nbsp;&nbsp; 19.71 | &nbsp;&nbsp;&nbsp; 5.51 | &nbsp;&nbsp;&nbsp;&nbsp; 568539 | 0.84 | (0.27) | 0.86 | 58 |
| &nbsp;&nbsp; 20.95 | 35.65 | &nbsp;&nbsp;&nbsp;&nbsp; 434286 | 0.84 | (0.43)(g) | 0.86 | 58 |
| &nbsp;&nbsp; 13.05 | &nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15507 | 1.49(f) | (0.91)(f) | 1.53(f) | 13 |
| &nbsp;&nbsp; 13.06 | (37.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16716 | 1.50 | (1.20) | 1.52 | 35 |
| &nbsp;&nbsp; 24.55 | 48.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31503 | 1.49 | (1.19) | 1.51 | 52 |
| &nbsp;&nbsp; 17.85 | 16.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24496 | 1.49 | (0.88) | 1.52 | 51 |
| &nbsp;&nbsp; 16.31 | &nbsp;&nbsp;&nbsp; 4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26011 | 1.49 | (0.94) | 1.52 | 58 |
| &nbsp;&nbsp; 17.84 | 34.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31569 | 1.49 | (1.08)(g) | 1.52 | 58 |
| &nbsp;&nbsp; 13.89 | &nbsp;&nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4897 | 1.24(f) | (0.65)(f) | 1.29(f) | 13 |
| &nbsp;&nbsp; 13.88 | (37.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5134 | 1.25 | (0.95) | 1.28 | 35 |
| &nbsp;&nbsp; 25.79 | 48.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9313 | 1.24 | (0.95) | 1.27 | 52 |
| &nbsp;&nbsp; 18.66 | 16.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5217 | 1.24 | (0.63) | 1.29 | 51 |
| &nbsp;&nbsp; 17.00 | &nbsp;&nbsp;&nbsp; 5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1072 | 1.24 | (0.63) | 1.37 | 58 |
| &nbsp;&nbsp; 18.45 | 31.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446 | 1.23 | (0.80)(g) | 1.28 | 58 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 87

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Small Cap Growth Fund (continued)** |  |  |  |  |  |  |  |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $14.10 | $(0.03)  | $0.12  | $0.09  | $—  | $(0.07)  | $(0.07) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 26.08 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (8.56) | &nbsp;&nbsp;&nbsp;&nbsp; (8.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.28) | &nbsp;&nbsp; (3.28) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 18.83 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; 9.29 | &nbsp;&nbsp;&nbsp;&nbsp; 9.12 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (1.87) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.09 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; 2.90 | &nbsp;&nbsp;&nbsp;&nbsp; 2.84 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.10) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 18.50 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; 0.67 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (2.01) |
| July 31, 2017 (h) through June 30, 2018 | &nbsp;&nbsp; 15.17 | &nbsp;&nbsp; (0.09)(g) | &nbsp;&nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp;&nbsp;&nbsp; 4.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.33) |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.06 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.07) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 30.76 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (10.28) | &nbsp;&nbsp; (10.42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.28) | &nbsp;&nbsp; (3.28) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.95 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; 10.86 | &nbsp;&nbsp;&nbsp; 10.70 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (1.89) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 19.72 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; 3.36 | &nbsp;&nbsp;&nbsp;&nbsp; 3.32 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.09) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 20.96 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; 0.84 | &nbsp;&nbsp;&nbsp;&nbsp; 0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (2.01) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 16.60 | &nbsp;&nbsp; (0.07)(g) | &nbsp;&nbsp;&nbsp;&nbsp; 5.76 | &nbsp;&nbsp;&nbsp;&nbsp; 5.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.33) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.34 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.07) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 31.17 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (10.44) | &nbsp;&nbsp; (10.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.28) | &nbsp;&nbsp; (3.28) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.21 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp; 10.99 | &nbsp;&nbsp;&nbsp; 10.86 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (1.90) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 19.95 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; 3.40 | &nbsp;&nbsp;&nbsp;&nbsp; 3.38 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.12) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 21.16 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; 0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp; (2.01) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 16.73 | &nbsp;&nbsp; (0.06)(g) | &nbsp;&nbsp;&nbsp;&nbsp; 5.82 | &nbsp;&nbsp;&nbsp;&nbsp; 5.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.33) |

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(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. 

(h) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

88 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $14.12 | &nbsp;&nbsp;&nbsp; 0.59% | $5108  | 0.99% (f) | (0.40)% (f) | 1.01% (f) | 13% |
| &nbsp;&nbsp; 14.10 | (37.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5073 | 1.00 | (0.68) | 1.01 | 35 |
| &nbsp;&nbsp; 26.08 | 49.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5878 | 0.98 | (0.69) | 0.99 | 52 |
| &nbsp;&nbsp; 18.83 | 17.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2821 | 0.99 | (0.38) | 1.04 | 51 |
| &nbsp;&nbsp; 17.09 | &nbsp;&nbsp;&nbsp; 5.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1336 | 0.99 | (0.39) | 1.01 | 58 |
| &nbsp;&nbsp; 18.50 | 32.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 726 | 0.99 | (0.53)(g) | 1.17 | 58 |
| &nbsp;&nbsp; 17.12 | &nbsp;&nbsp;&nbsp; 0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18563 | 0.84(f) | (0.26)(f) | 0.86(f) | 13 |
| &nbsp;&nbsp; 17.06 | (37.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20537 | 0.84 | (0.55) | 0.86 | 35 |
| &nbsp;&nbsp; 30.76 | 49.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40613 | 0.84 | (0.55) | 0.85 | 52 |
| &nbsp;&nbsp; 21.95 | 17.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22261 | 0.84 | (0.23) | 0.86 | 51 |
| &nbsp;&nbsp; 19.72 | &nbsp;&nbsp;&nbsp; 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13817 | 0.84 | (0.34) | 0.86 | 58 |
| &nbsp;&nbsp; 20.96 | 35.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28656 | 0.84 | (0.37)(g) | 0.88 | 58 |
| &nbsp;&nbsp; 17.40 | &nbsp;&nbsp;&nbsp; 0.71 | &nbsp;&nbsp; 2237297 | 0.74(f) | (0.16)(f) | 0.76(f) | 13 |
| &nbsp;&nbsp; 17.34 | (37.07) | &nbsp;&nbsp; 2380212 | 0.74 | (0.44) | 0.76 | 35 |
| &nbsp;&nbsp; 31.17 | 49.40 | &nbsp;&nbsp; 3794115 | 0.74 | (0.45) | 0.74 | 52 |
| &nbsp;&nbsp; 22.21 | 17.49 | &nbsp;&nbsp; 2140824 | 0.74 | (0.12) | 0.76 | 51 |
| &nbsp;&nbsp; 19.95 | &nbsp;&nbsp;&nbsp; 5.60 | &nbsp;&nbsp; 1518382 | 0.74 | (0.16) | 0.76 | 58 |
| &nbsp;&nbsp; 21.16 | 35.86 | &nbsp;&nbsp; 1045098 | 0.74 | (0.32)(g) | 0.76 | 58 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 89

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Small Cap Sustainable Leaders Fund**  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $33.25 | $(0.02)  | $1.95  | $1.93  | $—  | $—  | $— |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 69.13 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (15.83) | &nbsp;&nbsp; (15.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (19.89) | &nbsp;&nbsp; (19.89) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 42.12 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; 27.38 | &nbsp;&nbsp;&nbsp; 27.37 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.36) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 49.98 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp;&nbsp; (6.00) | &nbsp;&nbsp;&nbsp;&nbsp; (5.85) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp;&nbsp;&nbsp; (2.01) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 57.16 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp;&nbsp; (3.52) | &nbsp;&nbsp;&nbsp;&nbsp; (3.41) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (3.75) | &nbsp;&nbsp;&nbsp;&nbsp; (3.77) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 52.32 | &nbsp;&nbsp;&nbsp; 0.04(g) | &nbsp;&nbsp;&nbsp;&nbsp; 9.19 | &nbsp;&nbsp;&nbsp;&nbsp; 9.23 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; (4.38) | &nbsp;&nbsp;&nbsp;&nbsp; (4.39) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 32.24 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; 1.89 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 67.97 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (15.43) | &nbsp;&nbsp; (15.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (19.89) | &nbsp;&nbsp; (19.89) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 41.41 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; 26.91 | &nbsp;&nbsp;&nbsp; 26.63 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.07) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 49.27 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; (5.93) | &nbsp;&nbsp;&nbsp;&nbsp; (6.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp;&nbsp;&nbsp; (1.86) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 56.67 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (3.50) | &nbsp;&nbsp;&nbsp;&nbsp; (3.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3.75) | &nbsp;&nbsp;&nbsp;&nbsp; (3.75) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 52.14 | &nbsp;&nbsp; (0.24)(g) | &nbsp;&nbsp;&nbsp;&nbsp; 9.15 | &nbsp;&nbsp;&nbsp;&nbsp; 8.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4.38) | &nbsp;&nbsp;&nbsp;&nbsp; (4.38) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 33.66 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp; 1.97 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.02) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 69.56 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (15.96) | &nbsp;&nbsp; (16.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (19.89) | &nbsp;&nbsp; (19.89) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 42.35 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 27.58 | &nbsp;&nbsp;&nbsp; 27.68 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.47) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 50.25 | &nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp; (6.03) | &nbsp;&nbsp;&nbsp;&nbsp; (5.75) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp;&nbsp;&nbsp; (2.15) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 57.44 | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp; (3.55) | &nbsp;&nbsp;&nbsp;&nbsp; (3.32) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; (3.75) | &nbsp;&nbsp;&nbsp;&nbsp; (3.87) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 52.58 | &nbsp;&nbsp;&nbsp; 0.17(g) | &nbsp;&nbsp;&nbsp;&nbsp; 9.24 | &nbsp;&nbsp;&nbsp;&nbsp; 9.41 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (4.38) | &nbsp;&nbsp;&nbsp;&nbsp; (4.55) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 33.05 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp;&nbsp;&nbsp; 1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 68.98 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (15.75) | &nbsp;&nbsp; (16.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (19.89) | &nbsp;&nbsp; (19.89) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 42.07 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; 27.35 | &nbsp;&nbsp;&nbsp; 27.19 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.28) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 50.01 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp; (6.02) | &nbsp;&nbsp;&nbsp;&nbsp; (5.97) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp;&nbsp;&nbsp; (1.97) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 57.32 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp; (3.60) | &nbsp;&nbsp;&nbsp;&nbsp; (3.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3.75) | &nbsp;&nbsp;&nbsp;&nbsp; (3.75) |
| July 31, 2017 (h) through June 30, 2018 | &nbsp;&nbsp; 53.24 | &nbsp;&nbsp; (0.08)(g) | &nbsp;&nbsp;&nbsp;&nbsp; 8.58 | &nbsp;&nbsp;&nbsp;&nbsp; 8.50 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (4.38) | &nbsp;&nbsp;&nbsp;&nbsp; (4.42) |
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 33.40 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp;&nbsp;&nbsp; 1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 69.34 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (15.88) | &nbsp;&nbsp; (16.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (19.89) | &nbsp;&nbsp; (19.89) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 42.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(i) | &nbsp;&nbsp;&nbsp; 27.45 | &nbsp;&nbsp;&nbsp; 27.45 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.34) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 50.18 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp; (6.02) | &nbsp;&nbsp;&nbsp;&nbsp; (5.86) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp;&nbsp;&nbsp; (2.09) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 57.40 | &nbsp;&nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp;&nbsp; (3.71) | &nbsp;&nbsp;&nbsp;&nbsp; (3.45) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; (3.75) | &nbsp;&nbsp;&nbsp;&nbsp; (3.77) |
| July 31, 2017 (h) through June 30, 2018 | &nbsp;&nbsp; 53.24 | &nbsp;&nbsp;&nbsp; 0.05(g) | &nbsp;&nbsp;&nbsp;&nbsp; 8.58 | &nbsp;&nbsp;&nbsp;&nbsp; 8.63 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (4.38) | &nbsp;&nbsp;&nbsp;&nbsp; (4.47) |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 33.68 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp; 1.97 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 69.59 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (15.96) | &nbsp;&nbsp; (16.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (19.89) | &nbsp;&nbsp; (19.89) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 42.37 | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp; 27.55 | &nbsp;&nbsp;&nbsp; 27.69 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.47) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 50.28 | &nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp; (6.03) | &nbsp;&nbsp;&nbsp;&nbsp; (5.75) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp;&nbsp;&nbsp; (2.16) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 57.48 | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp; (3.56) | &nbsp;&nbsp;&nbsp;&nbsp; (3.33) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; (3.75) | &nbsp;&nbsp;&nbsp;&nbsp; (3.87) |
| July 31, 2017 (h) through June 30, 2018 | &nbsp;&nbsp; 53.24 | &nbsp;&nbsp;&nbsp; 0.18(g) | &nbsp;&nbsp;&nbsp;&nbsp; 8.58 | &nbsp;&nbsp;&nbsp;&nbsp; 8.76 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; (4.38) | &nbsp;&nbsp;&nbsp;&nbsp; (4.52) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

90 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $35.18 | &nbsp;&nbsp;&nbsp; 5.80% | $3433  | 1.14% (f) | (0.09)% (f) | 1.48% (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3% |
| &nbsp;&nbsp; 33.25 | (29.87) | &nbsp;&nbsp;&nbsp;&nbsp; 4789 | 1.14 | (0.32) | 1.41 | 140 |
| &nbsp;&nbsp; 69.13 | 65.16 | &nbsp;&nbsp;&nbsp;&nbsp; 7279 | 1.23 | 0.03 | 1.32 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp; 42.12 | (12.40) | &nbsp;&nbsp;&nbsp;&nbsp; 4127 | 1.24 | 0.33 | 1.38 | 102 |
| &nbsp;&nbsp; 49.98 | &nbsp;&nbsp; (5.48) | &nbsp;&nbsp;&nbsp;&nbsp; 5896 | 1.23 | 0.21 | 1.36 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp; 57.16 | 18.37 | &nbsp;&nbsp;&nbsp;&nbsp; 4624 | 1.24 | 0.07(g) | 1.41 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp; 34.03 | &nbsp;&nbsp;&nbsp; 5.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 975 | 1.64(f) | (0.57)(f) | 1.97(f) | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp; 32.24 | (30.22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 986 | 1.65 | (0.84) | 1.91 | 140 |
| &nbsp;&nbsp; 67.97 | 64.35 | &nbsp;&nbsp;&nbsp;&nbsp; 1944 | 1.73 | (0.50) | 1.81 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp; 41.41 | (12.84) | &nbsp;&nbsp;&nbsp;&nbsp; 1690 | 1.74 | (0.16) | 1.82 | 102 |
| &nbsp;&nbsp; 49.27 | &nbsp;&nbsp; (5.97) | &nbsp;&nbsp;&nbsp;&nbsp; 2307 | 1.73 | (0.30) | 1.86 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp; 56.67 | 17.79 | &nbsp;&nbsp;&nbsp;&nbsp; 1816 | 1.74 | (0.45)(g) | 1.90 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp; 35.64 | &nbsp;&nbsp;&nbsp; 5.93 | &nbsp;&nbsp; 12360 | 0.89(f) | 0.18(f) | 1.18(f) | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp; 33.66 | (29.68) | &nbsp;&nbsp; 12913 | 0.89 | (0.10) | 1.11 | 140 |
| &nbsp;&nbsp; 69.56 | 65.58 | &nbsp;&nbsp; 34171 | 0.99 | 0.17 | 1.03 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp; 42.35 | (12.18) | &nbsp;&nbsp; 13264 | 0.99 | 0.61 | 1.06 | 102 |
| &nbsp;&nbsp; 50.25 | &nbsp;&nbsp; (5.24) | &nbsp;&nbsp; 13211 | 0.98 | 0.45 | 1.09 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp; 57.44 | 18.64 | &nbsp;&nbsp; 15557 | 0.99 | 0.32(g) | 1.12 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp; 34.92 | &nbsp;&nbsp;&nbsp; 5.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249 | 1.39(f) | (0.33)(f) | 1.80(f) | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp; 33.05 | (30.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277 | 1.39 | (0.58) | 1.72 | 140 |
| &nbsp;&nbsp; 68.98 | 64.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 481 | 1.48 | (0.28) | 1.68 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp; 42.07 | (12.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 | 1.49 | 0.11 | 1.69 | 102 |
| &nbsp;&nbsp; 50.01 | &nbsp;&nbsp; (5.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 | 1.48 | 0.08 | 2.08 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp; 57.32 | 16.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | 1.49 | (0.15)(g) | 1.72 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp; 35.34 | &nbsp;&nbsp;&nbsp; 5.81 | &nbsp;&nbsp;&nbsp;&nbsp; 2179 | 1.14(f) | (0.08)(f) | 1.42(f) | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp; 33.40 | (29.86) | &nbsp;&nbsp;&nbsp;&nbsp; 2711 | 1.14 | (0.34) | 1.36 | 140 |
| &nbsp;&nbsp; 69.34 | 65.16 | &nbsp;&nbsp;&nbsp;&nbsp; 5418 | 1.23 | (0.01) | 1.28 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp; 42.23 | (12.40) | &nbsp;&nbsp;&nbsp;&nbsp; 3692 | 1.24 | 0.36 | 1.30 | 102 |
| &nbsp;&nbsp; 50.18 | &nbsp;&nbsp; (5.51) | &nbsp;&nbsp;&nbsp;&nbsp; 3768 | 1.23 | 0.53 | 1.59 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp; 57.40 | 16.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | 1.24 | 0.10(g) | 1.46 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp; 35.68 | &nbsp;&nbsp;&nbsp; 5.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 657 | 0.89(f) | 0.18(f) | 1.18(f) | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp; 33.68 | (29.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735 | 0.89 | (0.11) | 1.11 | 140 |
| &nbsp;&nbsp; 69.59 | 65.58 | &nbsp;&nbsp;&nbsp;&nbsp; 2557 | 0.99 | 0.25 | 1.04 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp; 42.37 | (12.17) | &nbsp;&nbsp;&nbsp;&nbsp; 2125 | 0.99 | 0.61 | 1.06 | 102 |
| &nbsp;&nbsp; 50.28 | &nbsp;&nbsp; (5.26) | &nbsp;&nbsp;&nbsp;&nbsp; 1941 | 0.98 | 0.45 | 1.10 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp; 57.48 | 17.21 | &nbsp;&nbsp;&nbsp;&nbsp; 1536 | 0.99 | 0.36(g) | 1.11 | &nbsp;&nbsp; 39 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 91

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Small Cap Sustainable Leaders Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $33.94 | $0.07 | $1.98  | $2.05  | $(0.08)  | $—  | $(0.08) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 69.85 | &nbsp;&nbsp; 0.03 | &nbsp;&nbsp; (16.05) | &nbsp;&nbsp; (16.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (19.89) | &nbsp;&nbsp; (19.89) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 42.51 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 27.65 | &nbsp;&nbsp;&nbsp; 27.90 | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.56) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 50.42 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp;&nbsp;&nbsp; (6.04) | &nbsp;&nbsp;&nbsp;&nbsp; (5.68) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp;&nbsp;&nbsp; (2.23) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 57.63 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp;&nbsp; (3.58) | &nbsp;&nbsp;&nbsp;&nbsp; (3.25) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp; (3.75) | &nbsp;&nbsp;&nbsp;&nbsp; (3.96) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 52.64 | &nbsp;&nbsp; 0.26(g) | &nbsp;&nbsp;&nbsp;&nbsp; 9.28 | &nbsp;&nbsp;&nbsp;&nbsp; 9.54 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; (4.38) | &nbsp;&nbsp;&nbsp;&nbsp; (4.55) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 33.89 | &nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp;&nbsp; 1.98 | &nbsp;&nbsp;&nbsp;&nbsp; 2.05 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 69.75 | &nbsp;&nbsp; 0.07 | &nbsp;&nbsp; (16.04) | &nbsp;&nbsp; (15.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (19.89) | &nbsp;&nbsp; (19.89) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 42.45 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 27.61 | &nbsp;&nbsp;&nbsp; 27.89 | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.59) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 50.34 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp; (6.02) | &nbsp;&nbsp;&nbsp;&nbsp; (5.63) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp; (1.86) | &nbsp;&nbsp;&nbsp;&nbsp; (2.26) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 57.55 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp; (3.61) | &nbsp;&nbsp;&nbsp;&nbsp; (3.22) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (3.75) | &nbsp;&nbsp;&nbsp;&nbsp; (3.99) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 52.57 | &nbsp;&nbsp; 0.33(g) | &nbsp;&nbsp;&nbsp;&nbsp; 9.23 | &nbsp;&nbsp;&nbsp;&nbsp; 9.56 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; (4.38) | &nbsp;&nbsp;&nbsp;&nbsp; (4.58) |

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(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. 

(h) Commencement of offering of class of shares.

(i) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

92 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $35.91 | &nbsp;&nbsp;&nbsp; 6.04% | $34696  | 0.70% (f) | 0.36% (f) | 1.03% (f) | &nbsp;&nbsp;&nbsp;&nbsp; 3% |
| &nbsp;&nbsp; 33.94 | (29.55) | &nbsp;&nbsp;&nbsp;&nbsp; 46112 | 0.70 | 0.07 | 0.96 | 140 |
| &nbsp;&nbsp; 69.85 | 65.89 | &nbsp;&nbsp; 165829 | 0.80 | 0.44 | 0.89 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp; 42.51 | (12.02) | &nbsp;&nbsp; 148185 | 0.80 | 0.78 | 0.90 | 102 |
| &nbsp;&nbsp; 50.42 | &nbsp;&nbsp; (5.07) | &nbsp;&nbsp; 215630 | 0.79 | 0.63 | 0.93 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp; 57.63 | 18.88 | &nbsp;&nbsp; 223933 | 0.79 | 0.48(g) | 0.97 | &nbsp;&nbsp; 39 |
| &nbsp;&nbsp; 35.83 | &nbsp;&nbsp;&nbsp; 6.06 | &nbsp;&nbsp;&nbsp;&nbsp; 31439 | 0.65(f) | 0.36(f) | 0.92(f) | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp; 33.89 | (29.52) | &nbsp;&nbsp;&nbsp;&nbsp; 66087 | 0.65 | 0.14 | 0.86 | 140 |
| &nbsp;&nbsp; 69.75 | 65.98 | &nbsp;&nbsp; 148507 | 0.74 | 0.49 | 0.78 | &nbsp;&nbsp; 83 |
| &nbsp;&nbsp; 42.45 | (11.95) | &nbsp;&nbsp; 176598 | 0.74 | 0.84 | 0.80 | 102 |
| &nbsp;&nbsp; 50.34 | &nbsp;&nbsp; (5.02) | &nbsp;&nbsp; 206625 | 0.73 | 0.75 | 0.83 | &nbsp;&nbsp; 74 |
| &nbsp;&nbsp; 57.55 | 18.95 | &nbsp;&nbsp;&nbsp;&nbsp; 66306 | 0.74 | 0.59(g) | 0.86 | &nbsp;&nbsp; 39 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 93

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Small Cap Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $22.93 | $0.11  | $1.10  | $1.21  | $(0.17)  | $(2.03)  | $(2.20) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 32.06 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; (4.25) | &nbsp;&nbsp;&nbsp; (4.13) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (4.87) | &nbsp;&nbsp; (5.00) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 18.48 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp; 13.59 | &nbsp;&nbsp; 13.71 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.65 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; (3.82) | &nbsp;&nbsp;&nbsp; (3.66) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.51) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 30.42 | &nbsp;&nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; (3.28) | &nbsp;&nbsp;&nbsp; (3.07) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (3.46) | &nbsp;&nbsp; (3.70) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 29.18 | &nbsp;&nbsp;&nbsp; 0.20(g) | &nbsp;&nbsp;&nbsp;&nbsp; 3.01 | &nbsp;&nbsp;&nbsp;&nbsp; 3.21 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (1.97) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 16.97 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp; 0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (2.03) | &nbsp;&nbsp; (2.17) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 25.08 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (3.14) | &nbsp;&nbsp;&nbsp; (3.16) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (4.87) | &nbsp;&nbsp; (4.95) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 14.52 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp; 10.64 | &nbsp;&nbsp; 10.65 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.09) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 18.90 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; (2.97) | &nbsp;&nbsp;&nbsp; (2.93) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.45) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 25.21 | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp; (2.73) | &nbsp;&nbsp;&nbsp; (2.66) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (3.46) | &nbsp;&nbsp; (3.65) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 24.55 | &nbsp;&nbsp;&nbsp; 0.04(g) | &nbsp;&nbsp;&nbsp;&nbsp; 2.50 | &nbsp;&nbsp;&nbsp;&nbsp; 2.54 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (1.88) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 25.05 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp;&nbsp; 1.20 | &nbsp;&nbsp;&nbsp;&nbsp; 1.35 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (2.03) | &nbsp;&nbsp; (2.23) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 34.53 | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; (4.65) | &nbsp;&nbsp;&nbsp; (4.42) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (4.87) | &nbsp;&nbsp; (5.06) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 19.88 | &nbsp;&nbsp;&nbsp; 0.21 | &nbsp;&nbsp; 14.62 | &nbsp;&nbsp; 14.83 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 25.32 | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; (4.11) | &nbsp;&nbsp;&nbsp; (3.88) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.56) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 32.25 | &nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp; (3.48) | &nbsp;&nbsp;&nbsp; (3.17) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (3.46) | &nbsp;&nbsp; (3.76) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 30.80 | &nbsp;&nbsp;&nbsp; 0.30(g) | &nbsp;&nbsp;&nbsp;&nbsp; 3.18 | &nbsp;&nbsp;&nbsp;&nbsp; 3.48 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (2.03) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 22.54 | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp; 1.08 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (2.03) | &nbsp;&nbsp; (2.17) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 31.62 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; (4.17) | &nbsp;&nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (4.87) | &nbsp;&nbsp; (4.96) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 18.25 | &nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp; 13.41 | &nbsp;&nbsp; 13.47 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.10) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.37 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; (3.77) | &nbsp;&nbsp;&nbsp; (3.66) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.46) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 30.13 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; (3.25) | &nbsp;&nbsp;&nbsp; (3.10) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (3.46) | &nbsp;&nbsp; (3.66) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 28.94 | &nbsp;&nbsp;&nbsp; 0.12(g) | &nbsp;&nbsp;&nbsp;&nbsp; 2.98 | &nbsp;&nbsp;&nbsp;&nbsp; 3.10 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (1.91) |
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 22.88 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp;&nbsp; 1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 1.21 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (2.03) | &nbsp;&nbsp; (2.20) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 32.00 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; (4.24) | &nbsp;&nbsp;&nbsp; (4.11) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (4.87) | &nbsp;&nbsp; (5.01) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 18.45 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp; 13.56 | &nbsp;&nbsp; 13.69 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.14) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.61 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; (3.81) | &nbsp;&nbsp;&nbsp; (3.65) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.51) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 30.38 | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; (3.29) | &nbsp;&nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (3.46) | &nbsp;&nbsp; (3.71) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 29.14 | &nbsp;&nbsp;&nbsp; 0.20(g) | &nbsp;&nbsp;&nbsp;&nbsp; 3.01 | &nbsp;&nbsp;&nbsp;&nbsp; 3.21 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (1.97) |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 25.05 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp;&nbsp; 1.20 | &nbsp;&nbsp;&nbsp;&nbsp; 1.35 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (2.03) | &nbsp;&nbsp; (2.23) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 34.52 | &nbsp;&nbsp;&nbsp; 0.22 | &nbsp;&nbsp;&nbsp; (4.63) | &nbsp;&nbsp;&nbsp; (4.41) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (4.87) | &nbsp;&nbsp; (5.06) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 19.88 | &nbsp;&nbsp;&nbsp; 0.22 | &nbsp;&nbsp; 14.61 | &nbsp;&nbsp; 14.83 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.19) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 25.28 | &nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; (4.06) | &nbsp;&nbsp;&nbsp; (3.87) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.53) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 32.21 | &nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp; (3.47) | &nbsp;&nbsp;&nbsp; (3.17) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (3.46) | &nbsp;&nbsp; (3.76) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 30.77 | &nbsp;&nbsp;&nbsp; 0.32(g) | &nbsp;&nbsp;&nbsp;&nbsp; 3.14 | &nbsp;&nbsp;&nbsp;&nbsp; 3.46 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (2.02) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

94 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $21.94 | &nbsp;&nbsp;&nbsp; 4.98% | $149629 | 1.24% (f) | 0.89% (f) | 1.27% (f) | 32% |
| &nbsp;&nbsp; 22.93 | (15.16) | &nbsp;&nbsp; 149658 | 1.27 | 0.41 | 1.27 | 56 |
| &nbsp;&nbsp; 32.06 | 74.48 | &nbsp;&nbsp; 200857 | 1.26 | 0.48 | 1.26 | 78 |
| &nbsp;&nbsp; 18.48 | (16.78) | &nbsp;&nbsp; 123496 | 1.25 | 0.74 | 1.27 | 42 |
| &nbsp;&nbsp; 23.65 | &nbsp;&nbsp; (9.73) | &nbsp;&nbsp; 193505 | 1.24 | 0.80 | 1.26 | 60 |
| &nbsp;&nbsp; 30.42 | 11.41 | &nbsp;&nbsp; 336054 | 1.24 | 0.67(g) | 1.30 | 39 |
| &nbsp;&nbsp; 15.67 | &nbsp;&nbsp;&nbsp; 4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5347 | 1.72(f) | 0.41(f) | 1.78(f) | 32 |
| &nbsp;&nbsp; 16.97 | (15.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5633 | 1.74 | (0.07) | 1.78 | 56 |
| &nbsp;&nbsp; 25.08 | 73.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8518 | 1.73 | 0.04 | 1.78 | 78 |
| &nbsp;&nbsp; 14.52 | (17.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9340 | 1.74 | 0.23 | 1.78 | 42 |
| &nbsp;&nbsp; 18.90 | (10.18) | &nbsp;&nbsp;&nbsp;&nbsp; 18088 | 1.74 | 0.33 | 1.77 | 60 |
| &nbsp;&nbsp; 25.21 | 10.80 | &nbsp;&nbsp;&nbsp;&nbsp; 25885 | 1.75 | 0.14(g) | 1.78 | 39 |
| &nbsp;&nbsp; 24.17 | &nbsp;&nbsp;&nbsp; 5.12 | &nbsp;&nbsp; 212576 | 0.97(f) | 1.16(f) | 1.01(f) | 32 |
| &nbsp;&nbsp; 25.05 | (14.92) | &nbsp;&nbsp; 233127 | 0.99 | 0.74 | 1.01 | 56 |
| &nbsp;&nbsp; 34.53 | 74.94 | &nbsp;&nbsp; 232544 | 0.99 | 0.76 | 1.01 | 78 |
| &nbsp;&nbsp; 19.88 | (16.55) | &nbsp;&nbsp; 131992 | 0.99 | 0.98 | 1.01 | 42 |
| &nbsp;&nbsp; 25.32 | &nbsp;&nbsp; (9.49) | &nbsp;&nbsp; 287014 | 0.99 | 1.10 | 1.01 | 60 |
| &nbsp;&nbsp; 32.25 | 11.70 | &nbsp;&nbsp; 336366 | 0.99 | 0.96(g) | 1.01 | 39 |
| &nbsp;&nbsp; 21.53 | &nbsp;&nbsp;&nbsp; 4.85 | &nbsp;&nbsp;&nbsp;&nbsp; 25420 | 1.49(f) | 0.66(f) | 1.58(f) | 32 |
| &nbsp;&nbsp; 22.54 | (15.36) | &nbsp;&nbsp;&nbsp;&nbsp; 24815 | 1.49 | 0.19 | 1.57 | 56 |
| &nbsp;&nbsp; 31.62 | 74.05 | &nbsp;&nbsp;&nbsp;&nbsp; 34800 | 1.48 | 0.26 | 1.58 | 78 |
| &nbsp;&nbsp; 18.25 | (16.96) | &nbsp;&nbsp;&nbsp;&nbsp; 25034 | 1.49 | 0.51 | 1.57 | 42 |
| &nbsp;&nbsp; 23.37 | &nbsp;&nbsp; (9.94) | &nbsp;&nbsp;&nbsp;&nbsp; 36276 | 1.49 | 0.60 | 1.58 | 60 |
| &nbsp;&nbsp; 30.13 | 11.12 | &nbsp;&nbsp;&nbsp;&nbsp; 45300 | 1.52 | 0.41(g) | 1.63 | 39 |
| &nbsp;&nbsp; 21.89 | &nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp;&nbsp;&nbsp; 15251 | 1.24(f) | 0.91(f) | 1.28(f) | 32 |
| &nbsp;&nbsp; 22.88 | (15.14) | &nbsp;&nbsp;&nbsp;&nbsp; 14635 | 1.24 | 0.45 | 1.28 | 56 |
| &nbsp;&nbsp; 32.00 | 74.49 | &nbsp;&nbsp;&nbsp;&nbsp; 17272 | 1.23 | 0.50 | 1.28 | 78 |
| &nbsp;&nbsp; 18.45 | (16.77) | &nbsp;&nbsp;&nbsp;&nbsp; 10384 | 1.24 | 0.76 | 1.29 | 42 |
| &nbsp;&nbsp; 23.61 | &nbsp;&nbsp; (9.72) | &nbsp;&nbsp;&nbsp;&nbsp; 14854 | 1.24 | 0.89 | 1.28 | 60 |
| &nbsp;&nbsp; 30.38 | 11.42 | &nbsp;&nbsp;&nbsp;&nbsp; 12948 | 1.25 | 0.67(g) | 1.29 | 39 |
| &nbsp;&nbsp; 24.17 | &nbsp;&nbsp;&nbsp; 5.12 | &nbsp;&nbsp;&nbsp;&nbsp; 22280 | 0.99(f) | 1.15(f) | 1.01(f) | 32 |
| &nbsp;&nbsp; 25.05 | (14.90) | &nbsp;&nbsp;&nbsp;&nbsp; 22156 | 0.99 | 0.70 | 1.01 | 56 |
| &nbsp;&nbsp; 34.52 | 74.92 | &nbsp;&nbsp;&nbsp;&nbsp; 28524 | 0.98 | 0.69 | 1.00 | 78 |
| &nbsp;&nbsp; 19.88 | (16.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464 | 0.99 | 0.92 | 1.16 | 42 |
| &nbsp;&nbsp; 25.28 | &nbsp;&nbsp; (9.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436 | 0.99 | 1.10 | 1.04 | 60 |
| &nbsp;&nbsp; 32.21 | 11.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 | 1.01 | 1.03(g) | 1.27 | 39 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 95

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Small Cap Value Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $25.09 | $0.17 | $1.19  | $1.36  | $(0.21)  | $(2.03)  | $(2.24) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 34.56 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; (4.63) | &nbsp;&nbsp;&nbsp; (4.38) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (4.87) | &nbsp;&nbsp; (5.09) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 19.89 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp; 14.64 | &nbsp;&nbsp; 14.88 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.21) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 25.34 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp; (4.11) | &nbsp;&nbsp;&nbsp; (3.85) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.60) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 32.26 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp; (3.47) | &nbsp;&nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (3.46) | &nbsp;&nbsp; (3.79) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 30.80 | &nbsp;&nbsp; 0.35(g) | &nbsp;&nbsp;&nbsp;&nbsp; 3.17 | &nbsp;&nbsp;&nbsp;&nbsp; 3.52 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (2.06) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 25.14 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp;&nbsp; 1.19 | &nbsp;&nbsp;&nbsp;&nbsp; 1.38 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (2.03) | &nbsp;&nbsp; (2.26) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 34.62 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; (4.66) | &nbsp;&nbsp;&nbsp; (4.37) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (4.87) | &nbsp;&nbsp; (5.11) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 19.92 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp; 14.66 | &nbsp;&nbsp; 14.93 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.23) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 25.38 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; (4.13) | &nbsp;&nbsp;&nbsp; (3.84) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.62) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 32.30 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp; (3.49) | &nbsp;&nbsp;&nbsp; (3.11) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (3.46) | &nbsp;&nbsp; (3.81) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 30.83 | &nbsp;&nbsp; 0.38(g) | &nbsp;&nbsp;&nbsp;&nbsp; 3.18 | &nbsp;&nbsp;&nbsp;&nbsp; 3.56 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (2.09) |

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(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. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

96 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $24.21 | &nbsp;&nbsp;&nbsp; 5.18% | $33222  | 0.85% (f) | 1.27% (f) | 0.86% (f) | 32% |
| &nbsp;&nbsp; 25.09 | (14.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42404 | 0.86 | 0.81 | 0.86 | 56 |
| &nbsp;&nbsp; 34.56 | 75.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58262 | 0.86 | 0.87 | 0.86 | 78 |
| &nbsp;&nbsp; 19.89 | (16.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30637 | 0.85 | 1.11 | 0.87 | 42 |
| &nbsp;&nbsp; 25.34 | &nbsp;&nbsp; (9.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69857 | 0.84 | 1.21 | 0.86 | 60 |
| &nbsp;&nbsp; 32.26 | 11.85 | &nbsp;&nbsp;&nbsp;&nbsp; 131506 | 0.84 | 1.11(g) | 0.87 | 39 |
| &nbsp;&nbsp; 24.26 | &nbsp;&nbsp;&nbsp; 5.23 | &nbsp;&nbsp;&nbsp;&nbsp; 812621 | 0.75(f) | 1.39(f) | 0.76(f) | 32 |
| &nbsp;&nbsp; 25.14 | (14.73) | &nbsp;&nbsp;&nbsp;&nbsp; 798822 | 0.76 | 0.94 | 0.76 | 56 |
| &nbsp;&nbsp; 34.62 | 75.36 | &nbsp;&nbsp;&nbsp;&nbsp; 929661 | 0.76 | 0.98 | 0.76 | 78 |
| &nbsp;&nbsp; 19.92 | (16.37) | &nbsp;&nbsp;&nbsp;&nbsp; 624226 | 0.75 | 1.24 | 0.76 | 42 |
| &nbsp;&nbsp; 25.38 | &nbsp;&nbsp; (9.25) | &nbsp;&nbsp;&nbsp;&nbsp; 933252 | 0.74 | 1.36 | 0.76 | 60 |
| &nbsp;&nbsp; 32.30 | 11.97 | &nbsp;&nbsp; 1040121 | 0.74 | 1.21(g) | 0.76 | 39 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 97

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan SMID Cap Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $14.91 | $0.01  | $0.25  | $0.26  | $—  | $(1.80)  | $(1.80) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.12 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (1.97) | &nbsp;&nbsp; (2.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.20) | &nbsp;&nbsp; (4.20) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 15.52 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 6.32 | &nbsp;&nbsp;&nbsp; 6.33 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.73) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 18.24 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (2.03) | &nbsp;&nbsp; (2.12) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 22.76 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (4.26) | &nbsp;&nbsp; (4.34) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 22.11 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 2.29 | &nbsp;&nbsp;&nbsp; 2.44 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.79) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 10.61 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.80) | &nbsp;&nbsp; (1.80) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 16.25 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (1.34) | &nbsp;&nbsp; (1.44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.20) | &nbsp;&nbsp; (4.20) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.08 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; 4.89 | &nbsp;&nbsp;&nbsp; 4.83 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.66) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.64 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (2.03) | &nbsp;&nbsp; (2.05) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(g) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (4.26) | &nbsp;&nbsp; (4.29) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.90 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 1.96 | &nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.67) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 16.43 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (1.80) | &nbsp;&nbsp; (1.83) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.81 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp; (2.19) | &nbsp;&nbsp; (2.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.20) | &nbsp;&nbsp; (4.20) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.71 | &nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 6.82 | &nbsp;&nbsp;&nbsp; 6.88 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.78) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 19.48 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (2.03) | &nbsp;&nbsp; (2.15) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 24.01 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (4.26) | &nbsp;&nbsp; (4.40) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 23.22 | &nbsp;&nbsp;&nbsp; 0.22 | &nbsp;&nbsp;&nbsp; 2.41 | &nbsp;&nbsp;&nbsp; 2.63 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.84) |
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 14.88 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.80) | &nbsp;&nbsp; (1.80) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.08 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (1.96) | &nbsp;&nbsp; (2.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.20) | &nbsp;&nbsp; (4.20) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 15.41 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 6.27 | &nbsp;&nbsp;&nbsp; 6.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.63) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 18.12 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp; (0.70) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (2.03) | &nbsp;&nbsp; (2.12) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 22.70 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (4.26) | &nbsp;&nbsp; (4.38) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 22.08 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; 2.32 | &nbsp;&nbsp;&nbsp; 2.45 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.83) |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 16.33 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (1.80) | &nbsp;&nbsp; (1.82) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.17) | &nbsp;&nbsp; (2.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.20) | &nbsp;&nbsp; (4.20) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.64 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 6.79 | &nbsp;&nbsp;&nbsp; 6.84 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.78) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 19.41 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (2.03) | &nbsp;&nbsp; (2.16) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 23.95 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (4.26) | &nbsp;&nbsp; (4.41) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 23.20 | &nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 2.44 | &nbsp;&nbsp;&nbsp; 2.63 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.88) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

98 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $13.37 | &nbsp;&nbsp;&nbsp; 1.35% | $129137 | 1.12% (f) | 0.11% (f) | 1.23% (f) | &nbsp;&nbsp; 13% |
| &nbsp;&nbsp; 14.91 | (13.00) | &nbsp;&nbsp; 135382 | 1.14 | (0.22) | 1.21 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp; 21.12 | 41.59 | &nbsp;&nbsp; 171962 | 1.11 | 0.06 | 1.20 | 122 |
| &nbsp;&nbsp; 15.52 | &nbsp;&nbsp; (4.62) | &nbsp;&nbsp; 154019 | 1.14 | 0.62 | 1.22 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp; 18.24 | &nbsp;&nbsp;&nbsp; 0.81 | &nbsp;&nbsp; 204131 | 1.14 | 0.49 | 1.31 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp; 22.76 | 11.18 | &nbsp;&nbsp; 314171 | 1.14 | 0.65 | 1.29 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; 8.99 | &nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp;&nbsp; 14608 | 1.62(f) | (0.40)(f) | 1.72(f) | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp; 10.61 | (13.45) | &nbsp;&nbsp;&nbsp;&nbsp; 16342 | 1.64 | (0.72) | 1.71 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp; 16.25 | 40.87 | &nbsp;&nbsp;&nbsp;&nbsp; 22348 | 1.60 | (0.42) | 1.69 | 122 |
| &nbsp;&nbsp; 12.08 | &nbsp;&nbsp; (5.06) | &nbsp;&nbsp;&nbsp;&nbsp; 27417 | 1.64 | 0.10 | 1.73 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp; 14.64 | &nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp;&nbsp; 42429 | 1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(h) | 1.79 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp; 19.23 | 10.69 | &nbsp;&nbsp;&nbsp;&nbsp; 62925 | 1.64 | 0.18 | 1.78 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp; 14.90 | &nbsp;&nbsp;&nbsp; 1.45 | &nbsp;&nbsp; 110847 | 0.87(f) | 0.35(f) | 0.97(f) | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp; 16.43 | (12.76) | &nbsp;&nbsp; 120273 | 0.89 | 0.03 | 0.95 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp; 22.81 | 41.95 | &nbsp;&nbsp; 148567 | 0.86 | 0.29 | 0.94 | 122 |
| &nbsp;&nbsp; 16.71 | &nbsp;&nbsp; (4.40) | &nbsp;&nbsp; 119926 | 0.89 | 0.85 | 0.96 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp; 19.48 | &nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp; 188694 | 0.89 | 0.75 | 1.04 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp; 24.01 | 11.47 | &nbsp;&nbsp; 296876 | 0.89 | 0.91 | 1.02 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp; 13.34 | &nbsp;&nbsp;&nbsp; 1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1313 | 1.12(f) | 0.10(f) | 1.22(f) | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp; 14.88 | (12.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1489 | 1.14 | (0.23) | 1.20 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp; 21.08 | 41.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2223 | 1.08 | 0.20 | 1.18 | 122 |
| &nbsp;&nbsp; 15.41 | &nbsp;&nbsp; (4.58) | &nbsp;&nbsp;&nbsp;&nbsp; 12615 | 1.14 | 0.63 | 1.20 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp; 18.12 | &nbsp;&nbsp;&nbsp; 0.76 | &nbsp;&nbsp;&nbsp;&nbsp; 15456 | 1.14 | 0.55 | 1.29 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp; 22.70 | 11.22 | &nbsp;&nbsp;&nbsp;&nbsp; 13823 | 1.14 | 0.59 | 1.27 | &nbsp;&nbsp; 62 |
| &nbsp;&nbsp; 14.82 | &nbsp;&nbsp;&nbsp; 1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 | 0.87(f) | 0.36(f) | 0.97(f) | &nbsp;&nbsp; 13 |
| &nbsp;&nbsp; 16.33 | (12.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 | 0.89 | (0.02) | 0.94 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp; 22.70 | 41.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1146 | 0.86 | 0.26 | 0.93 | 122 |
| &nbsp;&nbsp; 16.64 | &nbsp;&nbsp; (4.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562 | 0.89 | 0.82 | 0.98 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp; 19.41 | &nbsp;&nbsp;&nbsp; 1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1202 | 0.89 | 0.76 | 1.04 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp; 23.95 | 11.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1157 | 0.89 | 0.80 | 1.11 | &nbsp;&nbsp; 62 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 99

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan SMID Cap Equity Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $16.49 | $0.05 | $0.28  | $0.33  | $(0.07)  | $(1.80)  | $(1.87) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.83 | &nbsp;&nbsp; 0.06 | &nbsp;&nbsp; (2.20) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.20) | &nbsp;&nbsp; (4.20) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.73 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 6.82 | &nbsp;&nbsp;&nbsp; 6.93 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.83) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 19.49 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (2.03) | &nbsp;&nbsp; (2.21) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 24.04 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (4.26) | &nbsp;&nbsp; (4.46) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 23.25 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 2.42 | &nbsp;&nbsp;&nbsp; 2.69 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.90) |

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Amount rounds to less than $0.005.

(h) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

100 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $14.95 | &nbsp;&nbsp;&nbsp; 1.65% | $45046  | 0.62% (f) | 0.64% (f) | 0.71% (f) | &nbsp;&nbsp; 13% |
| &nbsp;&nbsp; 16.49 | (12.56) | &nbsp;&nbsp;&nbsp;&nbsp; 37375 | 0.64 | 0.27 | 0.70 | &nbsp;&nbsp; 24 |
| &nbsp;&nbsp; 22.83 | 42.21 | &nbsp;&nbsp;&nbsp;&nbsp; 73530 | 0.60 | 0.57 | 0.68 | 122 |
| &nbsp;&nbsp; 16.73 | &nbsp;&nbsp; (4.08) | &nbsp;&nbsp;&nbsp;&nbsp; 76126 | 0.64 | 1.16 | 0.70 | &nbsp;&nbsp; 92 |
| &nbsp;&nbsp; 19.49 | &nbsp;&nbsp;&nbsp; 1.28 | &nbsp;&nbsp;&nbsp;&nbsp; 77321 | 0.64 | 0.98 | 0.80 | &nbsp;&nbsp; 82 |
| &nbsp;&nbsp; 24.04 | 11.73 | &nbsp;&nbsp; 127571 | 0.64 | 1.11 | 0.77 | &nbsp;&nbsp; 62 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 101

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Small Company Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $14.62 | $0.03  | $0.90  | $0.93  | $(0.03)  | $(0.85)  | $(0.88) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 23.54 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (3.59) | &nbsp;&nbsp; (3.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.32) | &nbsp;&nbsp; (5.32) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 14.84 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; 9.26 | &nbsp;&nbsp;&nbsp; 9.25 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.55) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.96 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp; (1.10) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.05) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.60 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp; (1.81) | &nbsp;&nbsp; (1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.86) | &nbsp;&nbsp; (1.86) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(g)(h) | &nbsp;&nbsp;&nbsp; 2.69 | &nbsp;&nbsp;&nbsp; 2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; (1.19) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 13.34 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; 0.83 | &nbsp;&nbsp;&nbsp; 0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (0.85) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.04 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (3.27) | &nbsp;&nbsp; (3.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.32) | &nbsp;&nbsp; (5.32) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 13.96 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; 8.69 | &nbsp;&nbsp;&nbsp; 8.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.51) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.06 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (1.04) | &nbsp;&nbsp; (1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 18.70 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.72) | &nbsp;&nbsp; (1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.86) | &nbsp;&nbsp; (1.86) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 17.40 | &nbsp;&nbsp; (0.09)(h) | &nbsp;&nbsp;&nbsp; 2.58 | &nbsp;&nbsp;&nbsp; 2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; (1.19) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 15.21 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 0.93 | &nbsp;&nbsp;&nbsp; 0.98 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (0.92) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 24.21 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp; (3.72) | &nbsp;&nbsp; (3.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.32) | &nbsp;&nbsp; (5.32) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 15.25 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 9.51 | &nbsp;&nbsp;&nbsp; 9.55 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.59) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 16.40 | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.10) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 20.05 | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp; (1.84) | &nbsp;&nbsp; (1.77) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (1.86) | &nbsp;&nbsp; (1.88) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.47 | &nbsp;&nbsp;&nbsp; 0.05(h) | &nbsp;&nbsp;&nbsp; 2.75 | &nbsp;&nbsp;&nbsp; 2.80 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; (1.22) |
| **Class L** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 15.20 | &nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 0.93 | &nbsp;&nbsp;&nbsp; 0.99 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (0.94) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 24.18 | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp; (3.71) | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.32) | &nbsp;&nbsp; (5.34) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 15.23 | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp; 9.51 | &nbsp;&nbsp;&nbsp; 9.58 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.63) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 16.38 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.13) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 20.05 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp; (1.86) | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (1.86) | &nbsp;&nbsp; (1.91) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.46 | &nbsp;&nbsp;&nbsp; 0.08(h) | &nbsp;&nbsp;&nbsp; 2.76 | &nbsp;&nbsp;&nbsp; 2.84 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; (1.25) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 14.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(g) | &nbsp;&nbsp;&nbsp; 0.88 | &nbsp;&nbsp;&nbsp; 0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (0.85) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.92 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (3.46) | &nbsp;&nbsp; (3.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.32) | &nbsp;&nbsp; (5.32) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 14.48 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp; 9.02 | &nbsp;&nbsp;&nbsp; 8.96 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.52) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.58 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (1.08) | &nbsp;&nbsp; (1.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.01) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.22 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (1.77) | &nbsp;&nbsp; (1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.86) | &nbsp;&nbsp; (1.86) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 17.81 | &nbsp;&nbsp; (0.05)(h) | &nbsp;&nbsp;&nbsp; 2.65 | &nbsp;&nbsp;&nbsp; 2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; (1.19) |
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 14.48 | &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 0.89 | &nbsp;&nbsp;&nbsp; 0.91 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (0.88) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 23.36 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (3.55) | &nbsp;&nbsp; (3.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.32) | &nbsp;&nbsp; (5.32) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 14.74 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; 9.20 | &nbsp;&nbsp;&nbsp; 9.19 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.57) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.87 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp; (1.10) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.06) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.50 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp; (1.81) | &nbsp;&nbsp; (1.77) | &nbsp;&nbsp;&nbsp;&nbsp; —(g) | &nbsp;&nbsp; (1.86) | &nbsp;&nbsp; (1.86) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.03 | &nbsp;&nbsp;&nbsp; 0.01(h) | &nbsp;&nbsp;&nbsp; 2.68 | &nbsp;&nbsp;&nbsp; 2.69 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; (1.22) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

102 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $14.67 | &nbsp;&nbsp;&nbsp; 6.25% | $106631 | 1.21% (f) | 0.32% (f) | 1.22% (f) | 35% |
| &nbsp;&nbsp; 14.62 | (19.61) | &nbsp;&nbsp; 103884 | 1.22 | (0.06) | 1.22 | 66 |
| &nbsp;&nbsp; 23.54 | 63.19 | &nbsp;&nbsp; 135165 | 1.22 | (0.03) | 1.22 | 94 |
| &nbsp;&nbsp; 14.84 | &nbsp;&nbsp; (6.76) | &nbsp;&nbsp;&nbsp;&nbsp; 94883 | 1.22 | 0.18 | 1.23 | 52 |
| &nbsp;&nbsp; 15.96 | &nbsp;&nbsp; (8.77) | &nbsp;&nbsp; 136432 | 1.22 | 0.16 | 1.22 | 64 |
| &nbsp;&nbsp; 19.60 | 15.40 | &nbsp;&nbsp; 210050 | 1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(h)(i) | 1.23 | 52 |
| &nbsp;&nbsp; 13.30 | &nbsp;&nbsp;&nbsp; 5.94 | &nbsp;&nbsp;&nbsp;&nbsp; 10337 | 1.72(f) | (0.22)(f) | 1.74(f) | 35 |
| &nbsp;&nbsp; 13.34 | (20.00) | &nbsp;&nbsp;&nbsp;&nbsp; 12408 | 1.73 | (0.59) | 1.73 | 66 |
| &nbsp;&nbsp; 22.04 | 62.34 | &nbsp;&nbsp;&nbsp;&nbsp; 22386 | 1.73 | (0.56) | 1.73 | 94 |
| &nbsp;&nbsp; 13.96 | &nbsp;&nbsp; (7.25) | &nbsp;&nbsp;&nbsp;&nbsp; 18297 | 1.74 | (0.34) | 1.74 | 52 |
| &nbsp;&nbsp; 15.06 | &nbsp;&nbsp; (9.22) | &nbsp;&nbsp;&nbsp;&nbsp; 28451 | 1.72 | (0.35) | 1.73 | 64 |
| &nbsp;&nbsp; 18.70 | 14.85 | &nbsp;&nbsp;&nbsp;&nbsp; 45633 | 1.73 | (0.50)(h) | 1.73 | 52 |
| &nbsp;&nbsp; 15.27 | &nbsp;&nbsp;&nbsp; 6.32 | &nbsp;&nbsp; 164594 | 0.96(f) | 0.57(f) | 0.97(f) | 35 |
| &nbsp;&nbsp; 15.21 | (19.36) | &nbsp;&nbsp; 159356 | 0.97 | 0.19 | 0.97 | 66 |
| &nbsp;&nbsp; 24.21 | 63.52 | &nbsp;&nbsp; 216248 | 0.96 | 0.21 | 0.97 | 94 |
| &nbsp;&nbsp; 15.25 | &nbsp;&nbsp; (6.51) | &nbsp;&nbsp; 160892 | 0.96 | 0.44 | 0.96 | 52 |
| &nbsp;&nbsp; 16.40 | &nbsp;&nbsp; (8.49) | &nbsp;&nbsp; 273370 | 0.96 | 0.41 | 0.96 | 64 |
| &nbsp;&nbsp; 20.05 | 15.73 | &nbsp;&nbsp; 433317 | 0.96 | 0.27(h) | 0.97 | 52 |
| &nbsp;&nbsp; 15.25 | &nbsp;&nbsp;&nbsp; 6.40 | &nbsp;&nbsp; 189170 | 0.81(f) | 0.69(f) | 0.82(f) | 35 |
| &nbsp;&nbsp; 15.20 | (19.22) | &nbsp;&nbsp; 226823 | 0.81 | 0.34 | 0.81 | 66 |
| &nbsp;&nbsp; 24.18 | 63.78 | &nbsp;&nbsp; 317162 | 0.81 | 0.37 | 0.81 | 94 |
| &nbsp;&nbsp; 15.23 | &nbsp;&nbsp; (6.37) | &nbsp;&nbsp; 302427 | 0.81 | 0.60 | 0.81 | 52 |
| &nbsp;&nbsp; 16.38 | &nbsp;&nbsp; (8.42) | &nbsp;&nbsp; 433521 | 0.81 | 0.58 | 0.81 | 64 |
| &nbsp;&nbsp; 20.05 | 15.95 | &nbsp;&nbsp; 554361 | 0.81 | 0.42(h) | 0.82 | 52 |
| &nbsp;&nbsp; 14.11 | &nbsp;&nbsp;&nbsp; 6.12 | &nbsp;&nbsp;&nbsp;&nbsp; 36187 | 1.48(f) | 0.05(f) | 1.48(f) | 35 |
| &nbsp;&nbsp; 14.08 | (19.82) | &nbsp;&nbsp;&nbsp;&nbsp; 33542 | 1.48 | (0.32) | 1.48 | 66 |
| &nbsp;&nbsp; 22.92 | 62.71 | &nbsp;&nbsp;&nbsp;&nbsp; 43496 | 1.48 | (0.31) | 1.48 | 94 |
| &nbsp;&nbsp; 14.48 | &nbsp;&nbsp; (7.01) | &nbsp;&nbsp;&nbsp;&nbsp; 30330 | 1.48 | (0.09) | 1.49 | 52 |
| &nbsp;&nbsp; 15.58 | &nbsp;&nbsp; (8.95) | &nbsp;&nbsp;&nbsp;&nbsp; 44064 | 1.47 | (0.07) | 1.49 | 64 |
| &nbsp;&nbsp; 19.22 | 15.13 | &nbsp;&nbsp;&nbsp;&nbsp; 49715 | 1.48 | (0.25)(h) | 1.48 | 52 |
| &nbsp;&nbsp; 14.51 | &nbsp;&nbsp;&nbsp; 6.19 | &nbsp;&nbsp;&nbsp;&nbsp; 31370 | 1.22(f) | 0.32(f) | 1.22(f) | 35 |
| &nbsp;&nbsp; 14.48 | (19.58) | &nbsp;&nbsp;&nbsp;&nbsp; 29731 | 1.22 | (0.05) | 1.22 | 66 |
| &nbsp;&nbsp; 23.36 | 63.20 | &nbsp;&nbsp;&nbsp;&nbsp; 36745 | 1.21 | (0.04) | 1.21 | 94 |
| &nbsp;&nbsp; 14.74 | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp;&nbsp;&nbsp; 22953 | 1.21 | 0.20 | 1.21 | 52 |
| &nbsp;&nbsp; 15.87 | &nbsp;&nbsp; (8.75) | &nbsp;&nbsp;&nbsp;&nbsp; 23887 | 1.21 | 0.23 | 1.21 | 64 |
| &nbsp;&nbsp; 19.50 | 15.49 | &nbsp;&nbsp;&nbsp;&nbsp; 17655 | 1.21 | 0.04(h) | 1.21 | 52 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 103

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Small Company Fund (continued)** |  |  |  |  |  |  |  |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $15.08 | $0.05 | $0.92  | $0.97  | $(0.07)  | $(0.85)  | $(0.92) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 24.05 | &nbsp;&nbsp; 0.04 | &nbsp;&nbsp; (3.69) | &nbsp;&nbsp; (3.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.32) | &nbsp;&nbsp; (5.32) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 15.16 | &nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 9.46 | &nbsp;&nbsp;&nbsp; 9.50 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.61) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 16.32 | &nbsp;&nbsp; 0.07 | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.11) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.98 | &nbsp;&nbsp; 0.08 | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp; (1.77) | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (1.86) | &nbsp;&nbsp; (1.89) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.44 | &nbsp;&nbsp; 0.05(h) | &nbsp;&nbsp;&nbsp; 2.75 | &nbsp;&nbsp;&nbsp; 2.80 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; (1.26) |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 15.15 | &nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp; 0.92 | &nbsp;&nbsp;&nbsp; 0.99 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (0.95) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 24.13 | &nbsp;&nbsp; 0.07 | &nbsp;&nbsp; (3.71) | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.32) | &nbsp;&nbsp; (5.34) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 15.20 | &nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp; 9.49 | &nbsp;&nbsp;&nbsp; 9.56 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.63) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 16.34 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.12) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 20.01 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp; (1.86) | &nbsp;&nbsp; (1.75) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.86) | &nbsp;&nbsp; (1.92) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.45 | &nbsp;&nbsp; 0.08(h) | &nbsp;&nbsp;&nbsp; 2.74 | &nbsp;&nbsp;&nbsp; 2.82 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; (1.26) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 15.21 | &nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp; 0.94 | &nbsp;&nbsp;&nbsp; 1.01 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (0.96) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 24.20 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (3.72) | &nbsp;&nbsp; (3.63) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (5.32) | &nbsp;&nbsp; (5.36) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 15.25 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp; 9.51 | &nbsp;&nbsp;&nbsp; 9.60 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (0.65) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 16.40 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.14) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 20.07 | &nbsp;&nbsp; 0.12 | &nbsp;&nbsp; (1.86) | &nbsp;&nbsp; (1.74) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (1.86) | &nbsp;&nbsp; (1.93) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.48 | &nbsp;&nbsp; 0.10(h) | &nbsp;&nbsp;&nbsp; 2.76 | &nbsp;&nbsp;&nbsp; 2.86 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; (1.27) |

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Amount rounds to less than $0.005.

(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;

104 J.P. Morgan Small Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $15.13 | &nbsp;&nbsp;&nbsp; 6.33% | $10436  | 0.96% (f) | 0.58% (f) | 0.97% (f) | 35% |
| &nbsp;&nbsp; 15.08 | (19.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9072 | 0.96 | 0.20 | 0.97 | 66 |
| &nbsp;&nbsp; 24.05 | 63.52 | &nbsp;&nbsp;&nbsp;&nbsp; 11590 | 0.97 | 0.20 | 0.98 | 94 |
| &nbsp;&nbsp; 15.16 | &nbsp;&nbsp; (6.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8042 | 0.97 | 0.45 | 0.98 | 52 |
| &nbsp;&nbsp; 16.32 | &nbsp;&nbsp; (8.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6313 | 0.97 | 0.45 | 0.98 | 64 |
| &nbsp;&nbsp; 19.98 | 15.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5773 | 1.01 | 0.28(h) | 1.04 | 52 |
| &nbsp;&nbsp; 15.19 | &nbsp;&nbsp;&nbsp; 6.43 | &nbsp;&nbsp;&nbsp;&nbsp; 14039 | 0.81(f) | 0.86(f) | 0.82(f) | 35 |
| &nbsp;&nbsp; 15.15 | (19.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4634 | 0.81 | 0.33 | 0.81 | 66 |
| &nbsp;&nbsp; 24.13 | 63.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9804 | 0.81 | 0.35 | 0.81 | 94 |
| &nbsp;&nbsp; 15.20 | &nbsp;&nbsp; (6.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6496 | 0.81 | 0.56 | 0.81 | 52 |
| &nbsp;&nbsp; 16.34 | &nbsp;&nbsp; (8.39) | &nbsp;&nbsp;&nbsp;&nbsp; 11770 | 0.81 | 0.64 | 0.81 | 64 |
| &nbsp;&nbsp; 20.01 | 15.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6491 | 0.85 | 0.43(h) | 0.86 | 52 |
| &nbsp;&nbsp; 15.26 | &nbsp;&nbsp;&nbsp; 6.53 | &nbsp;&nbsp; 301984 | 0.72(f) | 0.81(f) | 0.72(f) | 35 |
| &nbsp;&nbsp; 15.21 | (19.18) | &nbsp;&nbsp; 290297 | 0.72 | 0.45 | 0.72 | 66 |
| &nbsp;&nbsp; 24.20 | 63.87 | &nbsp;&nbsp; 349316 | 0.71 | 0.46 | 0.72 | 94 |
| &nbsp;&nbsp; 15.25 | &nbsp;&nbsp; (6.27) | &nbsp;&nbsp; 255716 | 0.71 | 0.68 | 0.71 | 52 |
| &nbsp;&nbsp; 16.40 | &nbsp;&nbsp; (8.30) | &nbsp;&nbsp; 435139 | 0.71 | 0.70 | 0.72 | 64 |
| &nbsp;&nbsp; 20.07 | 16.05 | &nbsp;&nbsp; 455851 | 0.71 | 0.53(h) | 0.72 | 52 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Small Cap Funds 105

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) <br>(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 7 separate funds of the Trust (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, <br> Class R5 and 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, <br> Class R4, Class R5 and Class R6<br>| JPM II | Diversified |
| JPMorgan Small Cap Sustainable Leaders 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 |
| JPMorgan Small 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 SMID Cap Equity Fund | Class A, Class C, Class I, Class R3, Class R4 and Class R6 | JPM II | Diversified |
| JPMorgan U.S. Small Company Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, Class R3, <br> Class R4, Class R5 and Class R6<br>| JPM I | Diversified |

---

The investment objective of JPMorgan Small Cap Blend Fund ("Small Cap Blend Fund"), JPMorgan Small Cap Equity Fund ("Small Cap Equity Fund") and JPMorgan Small Cap Sustainable Leaders Fund ("Small Cap Sustainable Leaders 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.

Class L Shares of Small Cap Growth Fund and U.S. Small Company Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the U.S. Small Company Fund unless they meet certain requirements as described in the U.S. Small Company Fund's prospectus.

Prior to October, 28, 2022, share classes of Small Cap Equity Fund were publicly offered on a limited basis. Investors were not eligible to purchase shares of the Small Cap Equity Fund unless they met certain requirements as described in the Small Cap Equity 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;

106 J.P. Morgan Small Cap Funds December 31, 2022

------

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

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

Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of Investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

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

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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

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

Futures contracts are generally valued on the basis of available market quotations.

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Blend Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $1206510 | $— | $— | $1206510 |

---

&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, 2022 J.P. Morgan Small Cap Funds 107

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $5978813 | $— | $— | $5978813 |

---

&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**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $3882938 | $— | $— | $3882938 |

---

&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 Sustainable Leaders Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | $85306 | $— | $— | $85306 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1236 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1236 |
| **Total Investments in Securities** | $86542 | $— | $—(a) | $86542 |

---

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

(a) Amount rounds to less than one thousand.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Small Cap Value Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $1309615 | $— | $— | $1309615 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $(688) | $— | $— | $(688) |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SMID Cap Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $303741 | $— | $— | $303741 |

---

&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;

108 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Small Company Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Air Freight & Logistics | $7392  | $— | $— | $7392 |
| &nbsp;&nbsp;&nbsp; Airlines | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1148 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1148 |
| &nbsp;&nbsp;&nbsp; Auto Components | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1060 |
| &nbsp;&nbsp;&nbsp; Automobiles | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; Banks | &nbsp;&nbsp;&nbsp;&nbsp; 90183 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90183 |
| &nbsp;&nbsp;&nbsp; Beverages | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4050 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4050 |
| &nbsp;&nbsp;&nbsp; Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; 64013 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64013 |
| &nbsp;&nbsp;&nbsp; Building Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6070 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6070 |
| &nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; 15711 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15711 |
| &nbsp;&nbsp;&nbsp; Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; 16966 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16966 |
| &nbsp;&nbsp;&nbsp; Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; 21221 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21221 |
| &nbsp;&nbsp;&nbsp; Communications Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 14516 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14516 |
| &nbsp;&nbsp;&nbsp; Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; 22963 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22963 |
| &nbsp;&nbsp;&nbsp; Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1259 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1259 |
| &nbsp;&nbsp;&nbsp; Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6539 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6539 |
| &nbsp;&nbsp;&nbsp; Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1812 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1812 |
| &nbsp;&nbsp;&nbsp; Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7728 | &nbsp;&nbsp; — | &nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7728 |
| &nbsp;&nbsp;&nbsp; Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566 |
| &nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7427 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7427 |
| &nbsp;&nbsp;&nbsp; Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7134 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7134 |
| &nbsp;&nbsp;&nbsp; Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 17522 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17522 |
| &nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; 16563 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16563 |
| &nbsp;&nbsp;&nbsp; Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; 13883 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13883 |
| &nbsp;&nbsp;&nbsp; Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1199 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1199 |
| &nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; 42486 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42486 |
| &nbsp;&nbsp;&nbsp; Food & Staples Retailing | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4331 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4331 |
| &nbsp;&nbsp;&nbsp; Food Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5211 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5211 |
| &nbsp;&nbsp;&nbsp; Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 10402 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10402 |
| &nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; 41769 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41769 |
| &nbsp;&nbsp;&nbsp; Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; 17187 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17187 |
| &nbsp;&nbsp;&nbsp; Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5976 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5976 |
| &nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; 21186 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21186 |
| &nbsp;&nbsp;&nbsp; Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; 28703 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28703 |
| &nbsp;&nbsp;&nbsp; Household Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3226 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3226 |
| &nbsp;&nbsp;&nbsp; Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2572 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2572 |
| &nbsp;&nbsp;&nbsp; Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9956 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9956 |
| &nbsp;&nbsp;&nbsp; Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3257 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3257 |
| &nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp; 15884 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15884 |
| &nbsp;&nbsp;&nbsp; Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2906 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2906 |
| &nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5863 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5863 |
| &nbsp;&nbsp;&nbsp; Machinery | &nbsp;&nbsp;&nbsp;&nbsp; 10269 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10269 |
| &nbsp;&nbsp;&nbsp; Marine | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2640 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2640 |
| &nbsp;&nbsp;&nbsp; Media | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2348 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2348 |
| &nbsp;&nbsp;&nbsp; Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; 10152 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10152 |
| &nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; 11531 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11531 |
| &nbsp;&nbsp;&nbsp; Multiline Retail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1694 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1694 |
| &nbsp;&nbsp;&nbsp; Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1801 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1801 |

---

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

December 31, 2022 J.P. Morgan Small Cap Funds 109

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Small Company Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| &nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | $36831 | $— | $— | $36831 |
| &nbsp;&nbsp;&nbsp; Paper & Forest Products | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838 |
| &nbsp;&nbsp;&nbsp; Personal Products | &nbsp;&nbsp;&nbsp;&nbsp; 15511 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15511 |
| &nbsp;&nbsp;&nbsp; Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; 12672 | &nbsp;&nbsp; — | &nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; 12672 |
| &nbsp;&nbsp;&nbsp; Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; 26317 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26317 |
| &nbsp;&nbsp;&nbsp; Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2742 |
| &nbsp;&nbsp;&nbsp; Road & Rail | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6742 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6742 |
| &nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; 22740 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22740 |
| &nbsp;&nbsp;&nbsp; Software | &nbsp;&nbsp;&nbsp;&nbsp; 45372 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45372 |
| &nbsp;&nbsp;&nbsp; Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; 24852 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24852 |
| &nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; 12684 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12684 |
| &nbsp;&nbsp;&nbsp; Thrifts & Mortgage Finance | &nbsp;&nbsp;&nbsp;&nbsp; 12011 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12011 |
| &nbsp;&nbsp;&nbsp; Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; 19682 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19682 |
| &nbsp;&nbsp;&nbsp; Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2963 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2963 |
| &nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727 |
| &nbsp;&nbsp;&nbsp; Total Common Stocks | &nbsp;&nbsp; 851068 | &nbsp;&nbsp; — | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; 851068 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 15467 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15467 |
| &nbsp;&nbsp;&nbsp; Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 38733 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38733 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 54200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54200 |
| **Total Investments in Securities** | $905268 | $— | $—(a) | $905268 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $174 | $— | $— | $174 |

---

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

(a) Amount rounds to less than one thousand.

**B. 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

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

110 J.P. Morgan Small Cap Funds December 31, 2022

------

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, 2022.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| Small Cap Blend Fund | $35764 | $(35764) | $— |
| Small Cap Equity Fund | &nbsp;&nbsp; 279974 | &nbsp;&nbsp; (279974) | &nbsp;&nbsp; — |
| Small Cap Growth Fund | &nbsp;&nbsp; 208340 | &nbsp;&nbsp; (208340) | &nbsp;&nbsp; — |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 36052 | &nbsp;&nbsp;&nbsp;&nbsp; (36052) | &nbsp;&nbsp; — |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (50) | &nbsp;&nbsp; — |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 37687 | &nbsp;&nbsp;&nbsp;&nbsp; (37687) | &nbsp;&nbsp; — |

---

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

\* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower's failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended December 31, 2022, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:

---

| | |
|:---|:---|
| Small Cap Blend Fund | $2 |
| Small Cap Equity Fund | &nbsp;&nbsp; 6 |
| Small Cap Growth Fund | &nbsp;&nbsp; 9 |
| Small Cap Sustainable Leaders Fund | &nbsp;&nbsp; —(a) |
| Small Cap Value Fund | &nbsp;&nbsp; 1 |
| SMID Cap Equity Fund | &nbsp;&nbsp; —(a) |
| U.S. Small Company Fund | &nbsp;&nbsp; 1 |

---

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

(a) Amount rounds to less than one thousand.

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank's compensation and is included on the Statements of Operations as Income from securities lending (net).

**C. Investment Transactions with Affiliates** — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. 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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $27327 | $121738 | $116736 | $3  | $11 | $32343 | 32327 | $538  | $— |

---

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

December 31, 2022 J.P. Morgan Small Cap Funds 111

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) | **Small Cap Blend Fund** (continued) |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2022**<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> **2022**<br>| **Shares at**<br> **December 31,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.56% (a) (b)<br>| $34981 | $110250 | $116000 | $26\* | $6 | $29263 | 29255 | $581\* | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4611 | &nbsp;&nbsp;&nbsp;&nbsp; 83628 | &nbsp;&nbsp;&nbsp;&nbsp; 80625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7614 | &nbsp;&nbsp; 7614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74\* | &nbsp;&nbsp; — |
| **Total** | $66919 | $315616 | $313361 | $29 | $17 | $69220 |  | $1193 | $— |

---

&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, 2022.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $189446 | $676176  | $709316  | $55  | $29 | $156390 | 156312 | $2832 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.56% <br> (a) (b)<br>| &nbsp;&nbsp; 159955 | &nbsp;&nbsp;&nbsp;&nbsp; 449001 | &nbsp;&nbsp;&nbsp;&nbsp; 420000 | &nbsp;&nbsp; 102\* | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 189086 | 189029 | &nbsp;&nbsp; 2,123\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 18662 | &nbsp;&nbsp;&nbsp;&nbsp; 242595 | &nbsp;&nbsp;&nbsp;&nbsp; 162849 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 98408 | &nbsp;&nbsp; 98408 | &nbsp;&nbsp;&nbsp;&nbsp; 270\* | &nbsp;&nbsp; — |
| **Total** | $368063 | $1367772 | $1292165 | $157 | $57 | $443884 |  | $5225 | $— |

---

&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, 2022.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $45209  | $365585  | $371914  | $13  | $4 | $38897  | &nbsp;&nbsp; 38878 | $568  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.56% <br> (a) (b)<br>| &nbsp;&nbsp; 222094 | &nbsp;&nbsp;&nbsp;&nbsp; 449000 | &nbsp;&nbsp;&nbsp;&nbsp; 505000 | &nbsp;&nbsp; 138\* | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 166266 | 166216 | &nbsp;&nbsp; 2,675\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 25886 | &nbsp;&nbsp;&nbsp;&nbsp; 402775 | &nbsp;&nbsp;&nbsp;&nbsp; 381628 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47033 | &nbsp;&nbsp; 47033 | &nbsp;&nbsp;&nbsp;&nbsp; 358\* | &nbsp;&nbsp; — |
| **Total** | $293189 | $1217360 | $1258542 | $151 | $38 | $252196 |  | $3601 | $— |

---

&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, 2022.

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

112 J.P. Morgan Small Cap Funds December 31, 2022

------

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Small Cap Sustainable Leaders Fund**  | **Small Cap Sustainable Leaders Fund**  | **Small Cap Sustainable Leaders Fund**  | **Small Cap Sustainable Leaders Fund**  | **Small Cap Sustainable Leaders Fund**  | **Small Cap Sustainable Leaders Fund**  | **Small Cap Sustainable Leaders Fund**  | **Small Cap Sustainable Leaders Fund**  | **Small Cap Sustainable Leaders Fund**  | **Small Cap Sustainable Leaders Fund**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $1396 | $16655 | $16816 | $1 | $— | $1236 | 1236 | $20 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (a) (b)<br>| &nbsp;&nbsp; 4091 | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 5094 | &nbsp;&nbsp; 3\* | &nbsp;&nbsp; —(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 29\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp; 1630 | &nbsp;&nbsp; 11395 | &nbsp;&nbsp; 13025 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 11\* | &nbsp;&nbsp; — |
| **Total** | $7117  | $29050 | $34935 | $4 | $—(c) | $1236 |  | $60 | $— |

---

&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, 2022.

(c) Amount rounds to less than one thousand.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $19171 | $223181 | $197538 | $4  | $7 | $44825 | 44802 | $486 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.56% (a) (b)<br>| &nbsp;&nbsp; 20571 | &nbsp;&nbsp;&nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 84000 | &nbsp;&nbsp; 15\* | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp; 30594 | 30585 | &nbsp;&nbsp; 419\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3163 | &nbsp;&nbsp; 103645 | &nbsp;&nbsp; 100295 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6513 | &nbsp;&nbsp; 6513 | &nbsp;&nbsp;&nbsp;&nbsp; 60\* | &nbsp;&nbsp; — |
| **Total** | $42905 | $420826 | $381833 | $19 | $15 | $81932 |  | $965 | $— |

---

&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, 2022.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $10971 | $40451 | $40870 | $2 | $1  | $10555 | 10549 | $117 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3046 | &nbsp;&nbsp;&nbsp;&nbsp; 5030 | &nbsp;&nbsp;&nbsp;&nbsp; 8023 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9\* | &nbsp;&nbsp; — |
| **Total** | $14017 | $45481 | $48893 | $2 | $1 | $10608 |  | $126 | $— |

---

&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, 2022.

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

December 31, 2022 J.P. Morgan Small Cap Funds 113

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. 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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $23202 | $128606 | $136347 | $6  | $—(c) | $15467 | 15460 | $272 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.56% (a) (b)<br>| &nbsp;&nbsp; 18571 | &nbsp;&nbsp;&nbsp;&nbsp; 80001 | &nbsp;&nbsp;&nbsp;&nbsp; 71000 | &nbsp;&nbsp; 15\* | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 27592 | 27584 | &nbsp;&nbsp; 373\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1124 | &nbsp;&nbsp;&nbsp;&nbsp; 78863 | &nbsp;&nbsp;&nbsp;&nbsp; 68846 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11141 | 11141 | &nbsp;&nbsp;&nbsp;&nbsp; 60\* | &nbsp;&nbsp; — |
| **Total** | $42897 | $287470 | $276193 | $21 | $5 | $54200 |  | $705 | $— |

---

&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, 2022.

(c) Amount rounds to less than one thousand.

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

**D. 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).

The table below discloses the volume of the Funds' futures contracts activity during the six months ended December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Small Cap** <br>**Value Fund** <br>| **U.S. Small** <br>**Company Fund** <br>|
| **Futures Contracts:** |  |  |
| Average Notional Balance Long | $31418 | $16851 |
| Ending Notional Balance Long | &nbsp;&nbsp; 43394 | &nbsp;&nbsp; 13815 |

---

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

114 J.P. Morgan Small Cap Funds December 31, 2022

------

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

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

Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

Dividend income 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.

**F. 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, 2022 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  | $11 | $1 | $3 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | $1 | $16 |
| **Small Cap Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 83 | &nbsp;&nbsp; n/a | $—(a) | $—(a) | $—(a) | $5 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 164 |
| **Small Cap Growth Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | $3 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| **Small Cap Sustainable Leaders Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| **Small Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 40 |
| **SMID Cap Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| **U.S. Small Company Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |

---

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

(a) Amount rounds to less than one thousand.

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

December 31, 2022 J.P. Morgan Small Cap Funds 115

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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

**G. 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, 2022, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**H. 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.

**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 | 0.65% |
| Small Cap Equity Fund | 0.65 |
| Small Cap Growth Fund | 0.65 |
| Small Cap Sustainable Leaders Fund | 0.65 |
| Small Cap Value Fund | 0.65 |
| SMID Cap Equity Fund | 0.55 |
| U.S. Small Company Fund | 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, 2022, 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, Fund pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R2** | **Class R3** |
| Small Cap Blend Fund | 0.25% | 0.75% | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Small Cap Equity Fund | 0.25 | 0.75 | 0.50% | 0.25% |
| Small Cap Growth Fund | 0.25 | 0.75 | 0.50 | 0.25 |
| Small Cap Sustainable Leaders Fund | 0.25 | 0.75 | 0.50 | 0.25 |
| Small Cap Value Fund | 0.25 | 0.75 | 0.50 | 0.25 |
| SMID Cap Equity Fund | 0.25 | 0.75 | &nbsp;&nbsp; n/a | 0.25 |
| U.S. Small Company Fund | 0.25 | 0.75 | 0.50 | 0.25 |

---

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

116 J.P. Morgan Small Cap Funds December 31, 2022

------

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, 2022, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Small Cap Blend Fund | $22 | $2 |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp; — |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; — |
| Small Cap Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; —(a) |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; —(a) |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; —(a) |

---

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

(a) Amount rounds to less than one thousand.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** |
| Small Cap Blend Fund | 0.25% | 0.25% | 0.25% | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Small Cap Equity Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25% | 0.25% | 0.25% | 0.10% |
| Small Cap Growth Fund | 0.25 | 0.25 | 0.25 | 0.10% | 0.25 | 0.25 | 0.25 | 0.10 |
| &nbsp;&nbsp;&nbsp; Small Cap Sustainable Leaders <br> Fund<br>| 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | 0.25 | 0.25 | 0.10 |
| Small Cap Value Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | 0.25 | 0.25 | 0.10 |
| SMID Cap Equity Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.25 | 0.25 | &nbsp;&nbsp; n/a |
| U.S. Small Company Fund | 0.25 | 0.25 | 0.25 | 0.10 | 0.25 | 0.25 | 0.25 | 0.10 |

---

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

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

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

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

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

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

December 31, 2022 J.P. Morgan Small Cap Funds 117

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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

**F. Waivers and Reimbursements** —The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| Small Cap Blend Fund | 1.24% | 1.74% | 0.99% | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.74% |
| Small Cap Equity Fund | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.99 | 1.49% | &nbsp;&nbsp; n/a | 0.99% | 0.80% | &nbsp;&nbsp; n/a |
| Small Cap Growth Fund | 1.24 | 1.74 | 0.99 | 1.49 | 1.24% | 0.99 | 0.84 | 0.74 |
| &nbsp;&nbsp;&nbsp; Small Cap Sustainable <br> Leaders Fund<br>| 1.14 | 1.64 | 0.89 | 1.39 | 1.14 | 0.89 | 0.70 | 0.65 |
| Small Cap Value Fund | 1.19<sup>(1)</sup> | 1.69<sup>(1)</sup> | 0.94<sup>(1)</sup> | 1.49 | 1.24 | 0.99 | 0.84<sup>(1)</sup> | 0.74<sup>(1)</sup> |
| SMID Cap Equity Fund | 1.09<sup>(2)</sup> | 1.59<sup>(2)</sup> | 0.84<sup>(2)</sup> | &nbsp;&nbsp; n/a | 1.09<sup>(2)</sup> | 0.84<sup>(2)</sup> | &nbsp;&nbsp; n/a | 0.59<sup>(2)</sup> |
| U.S. Small Company Fund | 1.19<sup>(3)</sup> | 1.69<sup>(3)</sup> | 0.94<sup>(3)</sup> | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |

---

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

<sup>(1)</sup> Prior to November 1, 2022, there was no contractual expense limitation in place for Class A, Class R5 and Class R6 and the contractual expense limitation was 1.74% and 0.99%, for Class A, Class C and Class I, respectively. 

<sup>(2)</sup> Prior to November 1, 2022, the contractual expense limitation was 1.14%, 1.64%, 0.89%, 1.14%, 0.89% and 0.64% for Class A, Class C, Class I, Class R3, Class R4 and Class R6, respectively. 

<sup>(3)</sup> Prior to November 1, 2022, there was no contractual expense limitation for Class A, Class C and Class I.

Except as noted above, the expense limitation agreements were in effect for the six months ended December 31, 2022 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2023.

For the six months ended December 31, 2022, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers**  | **Contractual Waivers**  | **Contractual Waivers**  | **Contractual Waivers**  |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| Small Cap Blend Fund | $86  | $57  | $13 | $156 | $— |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Small Cap Growth Fund | &nbsp;&nbsp; 178 | &nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 37 |
| Small Cap Sustainable Leaders Fund | &nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| Small Cap Blend Fund | $21 |
| Small Cap Equity Fund | &nbsp;&nbsp; 129 |
| Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Small Cap Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 20 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 12 |

---

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

118 J.P. Morgan Small Cap Funds December 31, 2022

------

JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the six months ended December 31, 2022, the amount of these reimbursements were as follows:

---

| | |
|:---|:---|
| Small Cap Blend Fund | $1 |
| Small Cap Equity Fund | &nbsp;&nbsp; 1 |
| Small Cap Growth Fund | &nbsp;&nbsp; 1 |
| Small Cap Sustainable Leaders Fund | &nbsp;&nbsp; 1 |
| Small Cap Value Fund | &nbsp;&nbsp; 1 |
| SMID Cap Equity Fund | &nbsp;&nbsp; 1 |
| U.S. Small Company Fund | &nbsp;&nbsp; 1 |

---

**G. Other** — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2022, Small Cap Blend Fund, Small Cap Equity Fund, Small Cap Growth Fund, Small Cap Sustainable Leaders Fund, SMID Cap Equity Fund and U.S. Small Company 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, 2022, 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 | $230119 | $160164 |
| Small Cap Equity Fund | &nbsp;&nbsp; 544811 | &nbsp;&nbsp; 790282 |
| Small Cap Growth Fund | &nbsp;&nbsp; 515971 | &nbsp;&nbsp; 827759 |
| Small Cap Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3063 | &nbsp;&nbsp;&nbsp;&nbsp; 60285 |
| Small Cap Value Fund | &nbsp;&nbsp; 411054 | &nbsp;&nbsp; 512421 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 40685 | &nbsp;&nbsp;&nbsp;&nbsp; 53705 |
| U.S. Small Company Fund | &nbsp;&nbsp; 315683 | &nbsp;&nbsp; 361853 |

---

During the six months ended December 31, 2022, there were no purchases or sales of U.S. Government securities.

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

December 31, 2022 J.P. Morgan Small Cap Funds 119

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

&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, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Small Cap Blend Fund | $1172525 | $169448  | $135464 | $33984 |
| Small Cap Equity Fund | &nbsp;&nbsp; 4863496 | &nbsp;&nbsp; 1572349 | &nbsp;&nbsp; 457032 | &nbsp;&nbsp; 1115317 |
| Small Cap Growth Fund | &nbsp;&nbsp; 3928432 | &nbsp;&nbsp;&nbsp;&nbsp; 743067 | &nbsp;&nbsp; 788561 | &nbsp;&nbsp;&nbsp;&nbsp; (45494) |
| Small Cap Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 104603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11790 | &nbsp;&nbsp;&nbsp;&nbsp; 29851 | &nbsp;&nbsp;&nbsp;&nbsp; (18061) |
| Small Cap Value Fund | &nbsp;&nbsp; 1239523 | &nbsp;&nbsp;&nbsp;&nbsp; 183127 | &nbsp;&nbsp; 113723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69404 |
| SMID Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 300239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37709 | &nbsp;&nbsp;&nbsp;&nbsp; 34207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3502 |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 878443 | &nbsp;&nbsp;&nbsp;&nbsp; 142872 | &nbsp;&nbsp; 115873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26999 |

---

Net capital losses (gains) and specified ordinary losses incurred after October 31 and late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2022, the following Funds deferred to July 1, 2022 the following net capital losses (gains), specified ordinary losses and late year ordinary losses of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** | **Late Year Ordinary Loss Deferral** |
|  | **Short-Term** | **Long-Term** | **Late Year Ordinary Loss Deferral** |
| Small Cap Blend Fund | $13434  | $—  | $— |
| Small Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5126 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Small Cap Growth Fund | &nbsp;&nbsp; 157967 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 11923 |
| Small Cap Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp; 27938 | &nbsp;&nbsp; 937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Small Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 30064 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Small Company Fund | &nbsp;&nbsp;&nbsp;&nbsp; 22413 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken 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 30, 2023.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2022.

The Trusts, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

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

120 J.P. Morgan Small Cap Funds December 31, 2022

------

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate ("LIBOR"). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 9, 2022, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a change in the interest associated with any borrowing to the higher, on the day of the borrowing, of (a) the federal funds effective rate, or (b) the one-month Adjusted SOFR Rate plus the Applicable Margin.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2022.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of December 31, 2022, 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; —% | 1 | 55.3% |
| Small Cap Equity Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 3 | 43.4 |
| Small Cap Growth Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 1 | 15.2 |
| Small Cap Sustainable Leaders Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 1 | 38.3 |
| Small Cap Value Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 1 | 12.2 |
| SMID Cap Equity Fund | 1 | 27.1 | 1 | 10.8 |
| U.S. Small Company Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 3 | 42.0 |

---

As of December 31, 2022, 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 | 17.8% | 12.3% |

---

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 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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority ("FCA") publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA's consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. In addition, certain regulated entities ceased entering into most new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the

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

December 31, 2022 J.P. Morgan Small Cap Funds 121

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

same volume or liquidity as did LIBOR prior to its discontinuance, unavailability or replacement, all of which may affect the value, volatility, liquidity or return on certain of a Fund's loans, notes, derivatives and other instruments or investments comprising some or all of a Fund's investments and result in costs incurred in connection with changing reference rates used for positions closing out positions and entering into new trades. Certain of a Fund's investments may transition from LIBOR prior to the dates announced by the FCA. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on a Fund and its investments.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including among other things, reduced consumer demand and economic output, supply chain disruptions and increased government spending may continue to have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund's investment performance. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

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

122 J.P. Morgan Small Cap Funds December 31, 2022

------

**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) <br>Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2022, and continued to hold your shares at the end of the reporting period, December 31, 2022.

**Actual Expenses**

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning** <br>**Account Value** <br>**July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending** <br>**Account Value** <br>**December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses** <br>**Paid During** <br>**the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized** <br>**Expense** <br>**Ratio**<br>|
| **JPMorgan Small Cap Blend Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1041.00 | $6.38 | 1.24% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.95 | &nbsp;&nbsp; 6.31 | 1.24 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1037.80 | &nbsp;&nbsp; 8.94 | 1.74 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.43 | &nbsp;&nbsp; 8.84 | 1.74 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1042.60 | &nbsp;&nbsp; 5.10 | 0.99 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.21 | &nbsp;&nbsp; 5.04 | 0.99 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1043.80 | &nbsp;&nbsp; 3.81 | 0.74 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.47 | &nbsp;&nbsp; 3.77 | 0.74 |
| **JPMorgan Small Cap Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1052.80 | &nbsp;&nbsp; 6.52 | 1.26 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.85 | &nbsp;&nbsp; 6.41 | 1.26 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1050.00 | &nbsp;&nbsp; 9.04 | 1.75 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.38 | &nbsp;&nbsp; 8.89 | 1.75 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1054.30 | &nbsp;&nbsp; 5.13 | 0.99 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.21 | &nbsp;&nbsp; 5.04 | 0.99 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1051.40 | &nbsp;&nbsp; 7.70 | 1.49 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.69 | &nbsp;&nbsp; 7.58 | 1.49 |

---

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

December 31, 2022 J.P. Morgan Small Cap Funds 123

------

**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) (continued) <br>Hypothetical $1,000 Investment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan Small Cap Equity Fund (continued)**  |  |  |  |  |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1053.10 | $6.42 | 1.24% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.95 | &nbsp;&nbsp; 6.31 | 1.24 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1054.40 | &nbsp;&nbsp; 5.13 | 0.99 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.21 | &nbsp;&nbsp; 5.04 | 0.99 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1055.20 | &nbsp;&nbsp; 4.14 | 0.80 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.17 | &nbsp;&nbsp; 4.08 | 0.80 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1055.70 | &nbsp;&nbsp; 3.83 | 0.74 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.47 | &nbsp;&nbsp; 3.77 | 0.74 |
| **JPMorgan Small Cap Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1005.30 | &nbsp;&nbsp; 6.27 | 1.24 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.95 | &nbsp;&nbsp; 6.31 | 1.24 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1002.90 | &nbsp;&nbsp; 8.78 | 1.74 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.43 | &nbsp;&nbsp; 8.84 | 1.74 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1006.40 | &nbsp;&nbsp; 5.01 | 0.99 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.21 | &nbsp;&nbsp; 5.04 | 0.99 |
| **Class L** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1007.30 | &nbsp;&nbsp; 4.25 | 0.84 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.97 | &nbsp;&nbsp; 4.28 | 0.84 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1004.10 | &nbsp;&nbsp; 7.53 | 1.49 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.69 | &nbsp;&nbsp; 7.58 | 1.49 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1005.30 | &nbsp;&nbsp; 6.27 | 1.24 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.95 | &nbsp;&nbsp; 6.31 | 1.24 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1005.90 | &nbsp;&nbsp; 5.01 | 0.99 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.21 | &nbsp;&nbsp; 5.04 | 0.99 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1007.30 | &nbsp;&nbsp; 4.25 | 0.84 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.97 | &nbsp;&nbsp; 4.28 | 0.84 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1007.10 | &nbsp;&nbsp; 3.74 | 0.74 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.47 | &nbsp;&nbsp; 3.77 | 0.74 |
| **JPMorgan Small Cap Sustainable Leaders Fund**  |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1058.00 | &nbsp;&nbsp; 5.91 | 1.14 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.46 | &nbsp;&nbsp; 5.80 | 1.14 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1055.50 | &nbsp;&nbsp; 8.50 | 1.64 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.94 | &nbsp;&nbsp; 8.34 | 1.64 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1059.30 | &nbsp;&nbsp; 4.62 | 0.89 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.72 | &nbsp;&nbsp; 4.53 | 0.89 |

---

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

124 J.P. Morgan Small Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan Small Cap Sustainable Leaders Fund (continued)**  |  |  |  |  |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1056.60 | $7.21 | 1.39% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.20 | &nbsp;&nbsp; 7.07 | 1.39 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1058.10 | &nbsp;&nbsp; 5.91 | 1.14 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.46 | &nbsp;&nbsp; 5.80 | 1.14 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1059.40 | &nbsp;&nbsp; 4.62 | 0.89 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.72 | &nbsp;&nbsp; 4.53 | 0.89 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1060.40 | &nbsp;&nbsp; 3.64 | 0.70 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.68 | &nbsp;&nbsp; 3.57 | 0.70 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1060.60 | &nbsp;&nbsp; 3.38 | 0.65 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.93 | &nbsp;&nbsp; 3.31 | 0.65 |
| **JPMorgan Small Cap Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1049.80 | &nbsp;&nbsp; 6.41 | 1.24 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.95 | &nbsp;&nbsp; 6.31 | 1.24 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1047.40 | &nbsp;&nbsp; 8.88 | 1.72 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.53 | &nbsp;&nbsp; 8.74 | 1.72 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1051.20 | &nbsp;&nbsp; 5.02 | 0.97 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.32 | &nbsp;&nbsp; 4.94 | 0.97 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1048.50 | &nbsp;&nbsp; 7.69 | 1.49 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.69 | &nbsp;&nbsp; 7.58 | 1.49 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1050.00 | &nbsp;&nbsp; 6.41 | 1.24 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.95 | &nbsp;&nbsp; 6.31 | 1.24 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1051.20 | &nbsp;&nbsp; 5.12 | 0.99 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.21 | &nbsp;&nbsp; 5.04 | 0.99 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1051.80 | &nbsp;&nbsp; 4.40 | 0.85 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.92 | &nbsp;&nbsp; 4.33 | 0.85 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1052.30 | &nbsp;&nbsp; 3.88 | 0.75 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.42 | &nbsp;&nbsp; 3.82 | 0.75 |
| **JPMorgan SMID Cap Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1013.50 | &nbsp;&nbsp; 5.68 | 1.12 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.56 | &nbsp;&nbsp; 5.70 | 1.12 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1011.50 | &nbsp;&nbsp; 8.21 | 1.62 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.04 | &nbsp;&nbsp; 8.24 | 1.62 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1014.50 | &nbsp;&nbsp; 4.42 | 0.87 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.82 | &nbsp;&nbsp; 4.43 | 0.87 |

---

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

December 31, 2022 J.P. Morgan Small Cap Funds 125

------

**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) (continued) <br>Hypothetical $1,000 Investment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan SMID Cap Equity Fund (continued)**  |  |  |  |  |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1013.60 | $5.68 | 1.12% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.56 | &nbsp;&nbsp; 5.70 | 1.12 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1015.10 | &nbsp;&nbsp; 4.42 | 0.87 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.82 | &nbsp;&nbsp; 4.43 | 0.87 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.50 | &nbsp;&nbsp; 3.15 | 0.62 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.08 | &nbsp;&nbsp; 3.16 | 0.62 |
| **JPMorgan U.S. Small Company Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1062.50 | &nbsp;&nbsp; 6.29 | 1.21 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.11 | &nbsp;&nbsp; 6.16 | 1.21 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1059.40 | &nbsp;&nbsp; 8.93 | 1.72 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.53 | &nbsp;&nbsp; 8.74 | 1.72 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1063.20 | &nbsp;&nbsp; 4.99 | 0.96 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.37 | &nbsp;&nbsp; 4.89 | 0.96 |
| **Class L** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1064.00 | &nbsp;&nbsp; 4.21 | 0.81 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.12 | &nbsp;&nbsp; 4.13 | 0.81 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1061.20 | &nbsp;&nbsp; 7.69 | 1.48 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.74 | &nbsp;&nbsp; 7.53 | 1.48 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1061.90 | &nbsp;&nbsp; 6.34 | 1.22 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.05 | &nbsp;&nbsp; 6.21 | 1.22 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1063.30 | &nbsp;&nbsp; 4.99 | 0.96 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.37 | &nbsp;&nbsp; 4.89 | 0.96 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1064.30 | &nbsp;&nbsp; 4.21 | 0.81 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.12 | &nbsp;&nbsp; 4.13 | 0.81 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1065.30 | &nbsp;&nbsp; 3.75 | 0.72 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.58 | &nbsp;&nbsp; 3.67 | 0.72 |

---

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

 <br> \* Expenses are equal to each Class' respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

126 J.P. Morgan Small Cap Funds December 31, 2022

------

**BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS** <br>(Unaudited)

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. Effective January 2022, the Board consolidated with the J.P. Morgan Exchange-Traded Fund Trust Board and now consists of Trustees from both Boards. 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 the continuation of the investment advisory agreement annual renewals. The Board held meetings on June 21-22, 2022 and August 9-11, 2022, 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 11, 2022.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes 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 (including certain ETFs, beginning in February 2022) 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 Trusts, and independent legal counsel 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, including additional reporting and information provided in connection with the COVID-19 pandemic, 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:

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

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

(iii) The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

(iv) Information about the structure and distribution strategy for each Fund and how it fits with the Trusts' other fund offerings;

(v) The administration services provided by the Adviser in its role as Administrator;

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

127 <br>

------

**BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS** <br>(Unaudited)

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

(vi) 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 Trusts and in the financial industry generally;

(vii) The overall reputation and capabilities of the Adviser and its affiliates;

(viii) The commitment of the Adviser to provide high quality service to the Funds;

(ix) Their overall confidence in the Adviser's integrity;

(x) 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

(xi) The Adviser's business continuity plan and steps the Adviser and its affiliates have taken to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser's and its affiliates' success in continuing to provide services to the Funds and their shareholders throughout this period.

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 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.

*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 satisfactory 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

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

128 <br>

------

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, 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 the Funds' 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 with the same Broadridge investment classification and objective (the "Universe"), as well as a subset of funds within the Universe (the "Peer Group"), 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 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 Group did not meet a predetermined minimum. 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 first, fourth and second quintiles of the Peer Group, and in the second, fourth and second quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the first, third, and third quintiles of the Peer Group, and in the second, fourth, and second quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the first and third quintiles of the Peer Group, and in the second and fourth quintiles of the Universe, for the one- and three-year periods ended December 31, 2021, 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

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

129 <br>

------

**BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS** <br>(Unaudited)

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 Small Cap Equity Fund's performance for Class A shares was in the fourth, third and second quintiles of the Peer Group, and in the fifth, second, and second quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the fifth, second and first quintiles of both the Peer Group and the Universe for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth, fourth and second quintiles of the Peer Group, and in the fifth, second and first quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2021, 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 Small Cap Growth Fund's performance for Class A shares was in the fifth, second and second quintiles of the Peer Group, and in the fifth, second and first quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the fifth, second and second quintiles of the Peer Group, and in the fifth, second and first quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth, second and first quintiles of the Peer Group, and in the fifth, second and first quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, 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 Small Cap Sustainable Leaders Fund's performance for Class A shares was in the fifth, fifth and fourth quintiles of both the Peer Group and the Universe, for the one-, three- and five year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R5 shares was in the fifth, fifth and fourth quintiles of both the Peer Group and the Universe, for the one-, three- and five year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth, fifth and fourth quintiles of both the Peer Group and the Universe, for the one-, three- and five-year periods ended

December 31, 2021, 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 Board's Equity Committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the Small Cap Value Fund's performance for Class A shares was in the fourth, third and third quintiles of the Peer Group, and in the third, third and fourth quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the second, second and third quintiles of the Peer Group, and in the third, second and fourth quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the third, first and third quintiles of the Peer Group, and in the second, second and third quintiles of the Universe, for the one-, three-, and five-year periods ended December 31, 2021, 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 shares was in the third, fifth and fourth quintiles of the Peer Group, and in the fourth, fifth and fourth quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the third, fourth and third quintiles of the Peer Group, and in the third, fourth and fourth quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth, fifth and third quintiles of the Peer Group, and in the third, fourth and third quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, 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

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

130 <br>

------

additional Fund performance information to be reviewed with the members of the Board's Equity Committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the U.S. Small Company Fund's performance for Class A shares was in the fourth, fourth and fifth quintiles of the Peer Group, and in the third, second and fourth quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the third, second and fourth quintiles of both the Peer Group and the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth, fifth and fifth quintiles of the Peer Group, and in the third, second and third quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, 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 in the same Broadridge category as each Fund. 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 Small Cap Blend 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 first 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 satisfactory 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 second and third quintiles of the Peer Group and Universe, respectively, 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 second 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 and third 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 satisfactory 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 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 and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the first 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 second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, in light of this information, the Trustees concluded that the advisory fee was satisfactory in light of the services provided to the Fund.

The Trustees noted that the Small Cap Sustainable Leaders 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 R5 and

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

131 <br>

------

**BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS** <br>(Unaudited)

Class R6 shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for Class R5 and Class R6 shares were also 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 satisfactory 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 first 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 third 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 first 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 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 satisfactory 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 second and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were in the second 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 both 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 satisfactory 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 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 and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class I 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 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 satisfactory in light of the services provided to the Fund.

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

132 <br>

------

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.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds' website at www.jpmorganfunds.com.

A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC's website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC's website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

![](g398869imgfa3f962d11.jpg)

------

![](g398869img202c08ad12.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2022. All rights reserved. December 2022.

SAN-SC-1222

------

Semi-Annual Report

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

December 31, 2022 (Unaudited)

---

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

---

![](g424473imgbe2a03151.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Letter to Shareholders](#xx_77fd384e-69c2-4b55-b9f1-ab91815ef7ef_lts-ltscc-764_1) | **1** |
| [Market Overview](#xx_77fd384e-69c2-4b55-b9f1-ab91815ef7ef_mo-marketoverviewcc-764_1) | **2** |
| [Fund Commentaries:](#xx_77fd384e-69c2-4b55-b9f1-ab91815ef7ef_fc-1-fundcommentarycc-764_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Growth Advantage Fund](#xx_77fd384e-69c2-4b55-b9f1-ab91815ef7ef_fc-1-fundcommentarycc-764_1) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Mid Cap Equity Fund](#xx_77fd384e-69c2-4b55-b9f1-ab91815ef7ef_fc-1-fundcommentarycc-764_4) | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Mid Cap Growth Fund](#xx_77fd384e-69c2-4b55-b9f1-ab91815ef7ef_fc-1-fundcommentarycc-764_7) | **9** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Mid Cap Value Fund](#xx_77fd384e-69c2-4b55-b9f1-ab91815ef7ef_fc-1-fundcommentarycc-764_10) | **12** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Value Advantage Fund](#xx_77fd384e-69c2-4b55-b9f1-ab91815ef7ef_fc-1-fundcommentarycc-764_13) | **15** |
| [Schedules of Portfolio Investments](#xx_77fd384e-69c2-4b55-b9f1-ab91815ef7ef_soi-toc-scheduleofinvestments-764_1) | **18** |
| [Financial Statements](#xx_77fd384e-69c2-4b55-b9f1-ab91815ef7ef_fs-toc-financialstatement-764_1) | **34** |
| [Financial Highlights](#xx_77fd384e-69c2-4b55-b9f1-ab91815ef7ef_fihi-toc-financialhighlights-764_1) | **54** |
| [Notes to Financial Statements](#xx_77fd384e-69c2-4b55-b9f1-ab91815ef7ef_ntf-ntfrunningfooter-764_1) | **74** |
| [Schedule of Shareholder Expenses](#xx_77fd384e-69c2-4b55-b9f1-ab91815ef7ef_sse-shareholderexpensescc-764_1) | **86** |
| [Board Approval of Investment Advisory Agreements](#xx_77fd384e-69c2-4b55-b9f1-ab91815ef7ef_boardapproval_1-boardapprovalcc-764_1) | **89** |

---

**Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund's share price is lower than when you invested.** <br>Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. <br>Prospective investors should refer to the Funds' prospectuses for a discussion of the Funds' investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

------

**Letter to Shareholders** <br>February 13, 2023 (Unaudited)

**Dear Shareholder,**

Financial markets have rebounded somewhat as the U.S. and other developed market economies have shown notable resilience in the face of higher inflation, rising interest rates and the ongoing war in Ukraine. While the factors that weighed on equity and bond markets in 2022 largely remain, there are signals that inflationary pressures may have peaked and the long-term economic outlook appears positive.

---

| | |
|:---|:---|
| ![](g424473imgb98462452.jpg)<br>| &nbsp;&nbsp; <br>*"Investors may face continued* <br> *economic and geopolitical challenges* <br> *in the year ahead. However, some of* <br> *the acute risks encountered in 2022* <br> *appear to have receded and last* <br> *year's reset in asset prices may* <br> *provide attractive investment* <br> *opportunities."*<br> *— Brian S. Shlissel*<br>|

---

While U.S. economic growth was surprisingly strong in the closing months of 2022, with broad gains in employment and consumer spending in the final months of the year, the U.S. Federal Reserve's efforts to counter inflationary pressure through sharply higher interest rates could slow economic momentum in the months ahead.

Corporate earnings have been squeezed by higher costs for materials and labor, while the strong U.S. dollar has hindered export revenues. However, the impact of higher prices and interest rates has not landed on all sectors of the economy evenly. Energy sector profits have soared over the past year, while earnings in housing and construction sectors have declined.

Across Europe, the war in Ukraine has driven up prices for energy, food and a range of other goods and has fueled negative consumer sentiment. The prolonged nature of the conflict and its potential to spread remain key concerns among policymakers, diplomats, military planners, economists and investors. It is worth noting that Europe's largest industrialized nations in concert with the European Union have moved swiftly to secure alternatives to Russian sources of natural gas and petroleum, which has eased an energy crisis that began last year.

Investors may face continued economic and geopolitical challenges in the year ahead. However, some of the acute risks encountered in 2022 appear to have receded and last year's reset in asset prices may provide attractive investment opportunities. A long-term view and a properly diversified portfolio, in our opinion, remain key elements to a successful investment approach.

Our broad array of investment solutions seeks to provide investors with ability to build durable portfolios that can help them meet their financial goals.

Sincerely, <br> ![](g424473img5f49a9c73.jpg)

Brian S. Shlissel <br>President - J.P. Morgan Funds <br>J.P. Morgan Asset Management <br>1-800-480-4111 or <u>www.jpmorganfunds.com</u> for more information

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 1

------

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

**MARKET OVERVIEW** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited)

Overall, leading U.S. equity indexes ended the period with positive returns, rebounding from a broad sell-off in August and September. Investors were largely focused on the pace and size of interest rate increases by the U.S. Federal Reserve (the "Fed"), while the highest inflation rate in 40 years, the war in Ukraine and pandemic-related disruptions in China weighed on global financial markets.

During the second half of 2022, the Fed raised interest rates in July, September, November and December, following three increases in the first half of the year. Meanwhile, corporate earnings for the second and third quarters of 2022, generally were better than expected given a cooling economy and slower consumer spending. The U.S. unemployment rate remained historically low, hovering between 3.5% and 3.7% for the six-month period.

Within U.S. equity markets, the energy sector outperformed amid constrained supply from Russia and Europe's efforts to find alternative sources of petroleum and natural gas. The utilities sector also performed well as investors sought attractive dividend yields and companies less exposed to economic cycles. The real estate sector largely underperformed amid rising interest rates, while changing consumer habits and investor concerns over increased competition weighed on the communication services sector.

Overall, mid cap growth stocks generated the highest U.S. equity returns, while large cap and mid cap value stocks outperformed small cap stocks and large cap growth stocks. For the six month period, the Russell Mid Cap Index returned 5.43%, the Russell Mid Cap Growth Index returned 6.20% and the Russell Mid Cap Value Index returned 5.01%. <br>

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

2 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

JPMorgan Growth Advantage Fund

**FUND COMMENTARY** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class A Shares, without a sales charge) <sup>\*</sup>  | **(1.65)%** |
| Russell 3000 Growth Index | **(1.13)%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$12201566** |

---

**INVESTMENT OBJECTIVE \*\***

The JPMorgan Growth Advantage Fund (the "Fund") seeks to provide long-term capital growth.

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

The Fund's Class A Shares, without a sales charge, underperformed the Russell 3000 Growth Index (the "Benchmark") for the six months ended December 31, 2022.

The Fund's security selection in the information technology and consumer discretionary sectors was a leading detractor from performance relative to the Benchmark, while the Fund's security selection and overweight positions in the health care and industrials sectors were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund's overweight position in Catalent Inc., Zoom Video Communications Inc. and Tesla Inc. Shares of Catalent, a pharmaceuticals maker, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2022 and lowered its forecast for the full year. Shares of Zoom Video Communications, a video conferencing service provider, fell after the company reported lower-than-expected revenue for the second quarter of 2022 and issued a weaker-than-expected forecast. Shares of Tesla, an electric vehicle manufacturer, fell amid investor concerns about both weaker delivery volumes and Chief Executive Elon Musk's controversial decisions as majority owner and chief executive of Twitter Inc.

Leading individual contributors to relative performance included the Fund's overweight positions in Horizon Therapeutics PLC, Burlington Stores Inc. and Alnylam Pharmaceuticals Inc. Shares of Horizon Therapeutics PLC, a pharmaceuticals developer based in Ireland, rose after the company agreed to be acquired by Amgen Inc. for about $28 billion. Shares of Burlington Stores, an apparel retail chain, rose after the company reported weak but better-than-expected results for the third quarter of 2022. Shares of Alnylam Pharmaceuticals, a drug development company, rose amid strong product revenue for the second quarter of 2022 and after the company reported positive Phase 3 clinical trial results for its amyloidosis treatment.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers utilized a bottom-up approach to stock selection, researching individual companies across market capitalizations in an effort to construct portfolios of stocks that have strong fundamentals. The Fund's portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to

generate strong future earnings growth.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 8.6% |
| 2. | Apple, Inc. | 7.4  |
| 3. | Amazon.com, Inc. | 4.0  |
| 4. | Alphabet, Inc., Class C | 3.9  |
| 5. | Mastercard, Inc., Class A | 3.5  |
| 6. | UnitedHealth Group, Inc. | 2.9  |
| 7. | Quanta Services, Inc. | 2.0  |
| 8. | Regeneron Pharmaceuticals, Inc. | 1.9  |
| 9. | NVIDIA Corp. | 1.8  |
| 10. | Tesla, Inc. | 1.8  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 36.9% |
| Health Care | 20.5 |
| Consumer Discretionary | 13.2 |
| Industrials | 11.3 |
| Financials | &nbsp;&nbsp; 6.6 |
| Communication Services | &nbsp;&nbsp; 4.9 |
| Energy | &nbsp;&nbsp; 3.1 |
| Consumer Staples | &nbsp;&nbsp; 1.9 |
| Materials | &nbsp;&nbsp; 0.7 |
| Short-Term Investments | &nbsp;&nbsp; 0.9 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 3

------

JPMorgan Growth Advantage Fund

**FUND COMMENTARY** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

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

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

4 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | October 29, 1999 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (6.82)% | (33.91)% | 10.53% | 14.48% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | (1.65) | (30.24) | 11.73 | 15.10 |
| **CLASS C SHARES** | May 1, 2006 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | (2.85) | (31.58) | 11.17 | 14.64 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (1.85) | (30.58) | 11.17 | 14.64 |
| **Class I SHARES** | May 1, 2006 | (1.52) | (30.05) | 12.00 | 15.36 |
| **Class R2 SHARES** | July 31, 2017 | (1.77) | (30.41) | 11.44 | 14.81 |
| **Class R3 SHARES** | May 31, 2017 | (1.65) | (30.26) | 11.72 | 15.11 |
| **Class R4 SHARES** | May 31, 2017 | (1.52) | (30.06) | 12.01 | 15.39 |
| **Class R5 SHARES** | January 8, 2009 | (1.47) | (29.96) | 12.17 | 15.55 |
| **Class R6 SHARES** | December 23, 2013 | (1.41) | (29.88) | 12.29 | 15.66 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g424473img6ddadc964.jpg)

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

Returns for Class R2 and Class R3 Shares prior to their inception dates are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

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

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth Advantage Fund and the Russell 3000 Growth Index from December 31, 2012 to December 31, 2022. The performance of the

Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 3000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Growth Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 5

------

JPMorgan Mid Cap Equity Fund

**FUND COMMENTARY** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **4.99%** |
| Russell Midcap Index | **5.43%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$3088626** |

---

**INVESTMENT OBJECTIVE \*\***

The JPMorgan Mid Cap Equity Fund (the "Fund") seeks long-term capital growth.

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

The Fund's Class I Shares underperformed the Russell Midcap Index (the "Benchmark") for the six months ended December 31, 2022.

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

Leading individual detractors from relative performance included the Fund's overweight positions in IAC Inc., Newell Brands Inc. and Catalent Inc. Shares of IAC, a media and internet content provider, fell after the company reported lower-than-expected results for the second and third quarters of 2022. Shares of Newell Brands, a manufacturer of housewares and specialty products, fell after the company issued weaker-than-expected earnings forecasts. Shares of Catalent, a pharmaceuticals maker, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2022 and lowered its forecast for the full year 2022.

Leading individual contributors to relative performance included the Fund's overweight positions in Hubbell Inc., Horizon Therapeutics PLC and Ametek Inc. Shares of Hubbell, a manufacturer of electrical components and equipment, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and amid investor expectations the company will benefit from planned infrastructural upgrades to U.S. electricity grids. Shares of Horizon Therapeutics PLC, a pharmaceuticals developer based in Ireland, rose after the company agreed to be acquired by Amgen Inc. for about $28 billion. Shares of Ametek, a manufacturer of electrical components and equipment, rose after the company reported better-than-expected earnings and revenue for the second and third quarters of 2022 and raised its earnings forecast for the full year 2022.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers employed a bottom-up approach to stock selection, constructing a portfolio based on company fundamentals, quantitative screening and proprietary fundamental analysis. The Fund's portfolio managers sought to identify dominant franchises with predictable business models they deemed capable of achieving, in their view, sustained growth, as well as undervalued companies with the potential to

grow their intrinsic value per share.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | AutoZone, Inc. | 1.4% |
| 2. | AMETEK, Inc. | 1.2  |
| 3. | Hubbell, Inc. | 1.1  |
| 4. | Xcel Energy, Inc. | 1.1  |
| 5. | ITT, Inc. | 1.1  |
| 6. | Ameriprise Financial, Inc. | 1.1  |
| 7. | Laboratory Corp. of America Holdings | 1.1  |
| 8. | M&T Bank Corp. | 1.0  |
| 9. | Huntington Bancshares, Inc. | 1.0  |
| 10. | AmerisourceBergen Corp. | 1.0  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Financials | 17.7% |
| Health Care | 14.8 |
| Industrials | 14.0 |
| Information Technology | 13.1 |
| Consumer Discretionary | 11.5 |
| Real Estate | 6.0 |
| Utilities | 5.0 |
| Materials | 3.5 |
| Energy | 3.2 |
| Communication Services | 2.9 |
| Consumer Staples | 2.9 |
| Short-Term Investments | 5.4 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

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

6 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

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

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 7

------

JPMorgan Mid Cap Equity Fund

**FUND COMMENTARY** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | November 2, 2009 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (0.65)% | (20.65)% | 7.11% | 10.80% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 4.85 | (16.25) | 8.27 | 11.41 |
| **CLASS C SHARES** | November 2, 2009 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 3.60 | (17.66) | 7.74 | 10.96 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 4.60 | (16.66) | 7.74 | 10.96 |
| **Class I SHARES** | January 1, 1997 | 4.99 | (16.04) | 8.55 | 11.74 |
| **Class R2 SHARES** | March 14, 2014 | 4.72 | (16.46) | 8.01 | 11.16 |
| **Class R5 SHARES** | March 14, 2014 | 5.05 | (15.93) | 8.71 | 11.87 |
| **Class R6 SHARES** | March 14, 2014 | 5.12 | (15.84) | 8.82 | 11.94 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g424473img05d2682f5.jpg)

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of JPMorgan Mid Cap Equity Fund and the Russell Midcap Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Index

does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the bench mark, if applicable. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index.

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

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

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

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

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

8 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

JPMorgan Mid Cap Growth Fund

**FUND COMMENTARY** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **4.19%** |
| Russell Midcap Growth Index | **6.20%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$7550884** |

---

**INVESTMENT OBJECTIVE \*\***

The JPMorgan Mid Cap Growth Fund (the "Fund") seeks growth of capital.

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

The Fund's Class I Shares underperformed the Russell Midcap Growth Index (the "Benchmark") for the six months ended December 31, 2022.

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

Leading individual detractors from relative performance included the Fund's overweight positions in Catalent Inc. and Zoom Video Communications Inc., and its out-of-Benchmark position in Palo Alto Networks Inc. Shares of Catalent, a pharmaceuticals maker, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2022 and lowered its forecast for the full year. Shares of Zoom Video Communications, a video conferencing service provider, fell after the company reported lower-than-expected revenue for the second quarter of 2022 and issued a weaker-than-expected forecast. Shares of Palo Alto Networks, a cybersecurity systems provider, fell in late December 2022 amid a broad sell-off in cybersecurity stocks due to investor concerns about slower near-term growth.

Leading individual contributors to relative performance included the Fund's overweight positions in Horizon Therapeutics PLC, Toro Co. and Trane Technologies PLC. Shares of Horizon Therapeutics PLC, a pharmaceuticals developer based in Ireland, rose after the company agreed to be acquired by Amgen Inc. for about $28 billion. Shares of Toro, a manufacturer of tractors, mowers and related landscaping equipment, rose after the company reported consecutive quarters of better-than-expected earnings and increased its quarterly dividend. Shares of Trane Technologies, a provider of heating, ventilation and air conditioning <br>systems and services based in Ireland, rose after the company

reported better-than-expected earnings and revenue for the third quarter of 2022 and raised its earnings forecast.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort to construct a portfolio of stocks that have strong fundamentals. The Fund's portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings

growth.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Horizon Therapeutics plc | 2.3% |
| 2. | Trane Technologies plc | 2.2  |
| 3. | Quanta Services, Inc. | 2.2  |
| 4. | Dexcom, Inc. | 2.0  |
| 5. | Agilent Technologies, Inc. | 2.0  |
| 6. | Synopsys, Inc. | 1.9  |
| 7. | Cheniere Energy, Inc. | 1.8  |
| 8. | Copart, Inc. | 1.8  |
| 9. | Hilton Worldwide Holdings, Inc. | 1.8  |
| 10. | Cadence Design Systems, Inc. | 1.7  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Health Care | 24.9% |
| Information Technology | 22.1 |
| Industrials | 16.9 |
| Consumer Discretionary | 13.8 |
| Financials | 10.0 |
| Energy | 4.1 |
| Communication Services | &nbsp;&nbsp; 2.5 |
| Consumer Staples | &nbsp;&nbsp; 1.0 |
| Materials | 0.6 |
| Short-Term Investments | 4.1 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 9

------

JPMorgan Mid Cap Growth Fund

**FUND COMMENTARY** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

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

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

10 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 18, 1992 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (1.43)% | (31.08)% | 8.17% | 11.88% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 4.04 | (27.27) | 9.34 | 12.48 |
| **CLASS C SHARES** | November 4, 1997 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 2.74 | (28.63) | 8.79 | 12.04 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 3.74 | (27.63) | 8.79 | 12.04 |
| **Class I SHARES** | March 2, 1989 | 4.19 | (27.09) | 9.66 | 12.83 |
| **Class R2 SHARES** | June 19, 2009 | 3.87 | (27.50) | 9.05 | 12.24 |
| **Class R3 SHARES** | September 9, 2016 | 4.01 | (27.32) | 9.33 | 12.48 |
| **Class R4 SHARES** | September 9, 2016 | 4.12 | (27.14) | 9.60 | 12.76 |
| **Class R5 SHARES** | November 1, 2011 | 4.23 | (27.01) | 9.81 | 12.98 |
| **Class R6 SHARES** | November 1, 2011 | 4.25 | (26.96) | 9.87 | 13.04 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g424473imgbd61808f6.jpg)

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

Returns for the Class R3 and Class R4 Shares prior to their inception dates are based on the performance of Class I Shares. Prior performance for Class R3 and Class R4 Shares has been adjusted to reflect the differences in expenses between classes.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Mid Cap Growth Fund and the Russell Midcap Growth Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities

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

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

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

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

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

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 11

------

JPMorgan Mid Cap Value Fund

**FUND COMMENTARY** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class L Shares) <sup>\*</sup> | **5.91%** |
| Russell Midcap Value Index | **5.01%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$13830134** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan Mid Cap Value Fund (the "Fund") seeks growth from capital appreciation.

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

The Fund's Class L Shares outperformed the Russell Midcap Value Index (the "Benchmark") for the six months ended December 31, 2022.

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

Leading individual contributors to relative performance included the Fund's overweight positions in Ameriprise Financial Inc., Hubbell Inc. and Arch Capital Group Ltd. Shares of Ameriprise Financial, a financial services provider, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Hubbell, an electronic components and equipment manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and raised its earnings in anticipation of increased federal government spending on electrical grid upgrades. Shares of Arch Capital Group, a property and casualty insurer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and after the company became a component of the S&P 500 Index.

Leading individual detractors from relative performance included the Fund's overweight positions in IAC Inc., Newell Brands Inc. and Liberty Broadband Corp. Shares of IAC, a media and internet content provider, fell after the company reported lower-than-expected results for the second and third quarters of 2022. Shares of Newell Brands, a manufacturer of housewares and specialty products, fell after the company issued weaker-than-expected earnings forecasts. Shares of Liberty Broadband, a cable and satellite TV provider, fell amid broad weakness in communications sector stocks.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in their view, sustainable

levels of free cash flow.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Xcel Energy, Inc. | 2.0% |
| 2. | Ameriprise Financial, Inc. | 1.9  |
| 3. | Laboratory Corp. of America Holdings | 1.9  |
| 4. | M&T Bank Corp. | 1.8  |
| 5. | Huntington Bancshares, Inc. | 1.8  |
| 6. | AmerisourceBergen Corp. | 1.8  |
| 7. | CMS Energy Corp. | 1.7  |
| 8. | WEC Energy Group, Inc. | 1.7  |
| 9. | Loews Corp. | 1.7  |
| 10. | Entergy Corp. | 1.6  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Financials | 24.2% |
| Industrials | 12.9 |
| Real Estate | 10.7 |
| Consumer Discretionary | 10.4 |
| Utilities | &nbsp;&nbsp; 8.8 |
| Health Care | &nbsp;&nbsp; 8.5 |
| Information Technology | &nbsp;&nbsp; 7.5 |
| Materials | &nbsp;&nbsp; 5.7 |
| Consumer Staples | 4.4 |
| Communication Services | &nbsp;&nbsp; 3.6 |
| Energy | &nbsp;&nbsp; 2.7 |
| Short-Term Investments | 0.6 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

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

12 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

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

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 13

------

JPMorgan Mid Cap Value Fund

**FUND COMMENTARY** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | April 30, 2001 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | 0.16% | (13.28)% | 4.44% | &nbsp;&nbsp; 8.90% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 5.70 | &nbsp;&nbsp; (8.49) | 5.57 | &nbsp;&nbsp; 9.49 |
| **CLASS C SHARES** | April 30, 2001 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 4.44 | &nbsp;&nbsp; (9.93) | 5.05 | &nbsp;&nbsp; 9.04 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 5.44 | &nbsp;&nbsp; (8.93) | 5.05 | &nbsp;&nbsp; 9.04 |
| **Class I SHARES** | October 31, 2001 | 5.84 | &nbsp;&nbsp; (8.26) | 5.84 | &nbsp;&nbsp; 9.76 |
| **Class L SHARES** | November 13, 1997 | 5.91 | &nbsp;&nbsp; (8.14) | 6.06 | 10.01 |
| **Class R2 SHARES** | November 3, 2008 | 5.57 | &nbsp;&nbsp; (8.71) | 5.30 | &nbsp;&nbsp; 9.20 |
| **Class R3 SHARES** | September 9, 2016 | 5.71 | &nbsp;&nbsp; (8.49) | 5.57 | &nbsp;&nbsp; 9.49 |
| **Class R4 SHARES** | September 9, 2016 | 5.83 | &nbsp;&nbsp; (8.26) | 5.84 | &nbsp;&nbsp; 9.76 |
| **Class R5 SHARES** | September 9, 2016 | 5.90 | &nbsp;&nbsp; (8.12) | 6.00 | &nbsp;&nbsp; 9.96 |
| **Class R6 SHARES** | September 9, 2016 | 5.96 | &nbsp;&nbsp; (8.03) | 6.11 | 10.03 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g424473imgb2791f1a7.jpg)

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

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Mid Cap Value Fund and the Russell Midcap

Value Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Mid-cap Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell Midcap Value Index is an unmanaged index which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

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

14 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

JPMorgan Value Advantage Fund

**FUND COMMENTARY** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class L Shares) <sup>\*</sup> | **5.62%** |
| Russell 3000 Value Index | **5.95%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$9169310** |

---

**INVESTMENT OBJECTIVE\*\***

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

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

The Fund's Class L Shares underperformed the Russell 3000 Value Index (the "Benchmark") for the six months ended December 31, 2022.

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

Leading individual detractors from relative performance included the Fund's underweight position in Exxon Mobil Corp. and its overweight positions in Liberty Broadband Corp. and IAC Inc. Shares of Exxon Mobil, an integrated petroleum and natural gas company, rose after reporting strong earnings and revenue growth as global energy prices remained elevated during the period. Shares of Liberty Broadband, a cable and satellite TV provider, fell amid broad weakness in communications sector stocks. Shares of IAC, a media and internet content provider, fell amid declining revenues and consecutive quarters of lower-than-expected earnings.

Leading individual contributors to relative performance included the Fund's overweight position in Dick's Sporting Goods Inc. and its underweight positions in Meta Platforms Inc. and Intel Corp. Shares of Dick's Sporting Goods, a recreational products and apparel retail chain, rose after the company reported better-than-expected earnings, revenue and store sales for the third quarter of 2022. Shares of Meta Platforms, parent company of social media platform Facebook, fell after the company issued a lower-than-expected revenue forecast and amid investor concerns about the company's push into virtual reality entertainment. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell with the broader

semiconductor sub-sector amid lower industry growth forecasts and changes in global technology supply chains.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in the portfolio managers'

view, significant levels of free cash flow.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Bank of America Corp. | 3.6% |
| 2. | Berkshire Hathaway, Inc., Class B | 2.5  |
| 3. | Chevron Corp. | 2.4  |
| 4. | AbbVie, Inc. | 2.2  |
| 5. | Bristol-Myers Squibb Co. | 2.0  |
| 6. | ConocoPhillips | 1.9  |
| 7. | Loews Corp. | 1.7  |
| 8. | M&T Bank Corp. | 1.7  |
| 9. | Capital One Financial Corp. | 1.7  |
| 10. | Johnson & Johnson | 1.4  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Financials | 26.2% |
| Health Care | 14.4 |
| Industrials | &nbsp;&nbsp; 9.4 |
| Consumer Discretionary | &nbsp;&nbsp; 8.7 |
| Real Estate | &nbsp;&nbsp; 8.3 |
| Energy | &nbsp;&nbsp; 8.2 |
| Consumer Staples | &nbsp;&nbsp; 5.6 |
| Communication Services | &nbsp;&nbsp; 5.1 |
| Information Technology | 4.2 |
| Utilities | 4.2 |
| Materials | &nbsp;&nbsp; 3.0 |
| Short-Term Investments | &nbsp;&nbsp; 2.7 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 15

------

JPMorgan Value Advantage Fund

**FUND COMMENTARY** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

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

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

16 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 28, 2005 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (0.13)% | (9.18)% | 5.56% | &nbsp;&nbsp; 9.44% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 5.41 | (4.14) | 6.71 | 10.03 |
| **CLASS C SHARES** | February 28, 2005 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 4.13 | (5.59) | 6.18 | &nbsp;&nbsp; 9.59 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 5.13 | (4.59) | 6.18 | &nbsp;&nbsp; 9.59 |
| **Class I SHARES** | February 28, 2005 | 5.53 | (3.89) | 6.98 | 10.31 |
| **Class L SHARES** | February 28, 2005 | 5.62 | (3.75) | 7.14 | 10.53 |
| **Class R2 SHARES** | July 31, 2017 | 5.26 | (4.39) | 6.44 | &nbsp;&nbsp; 9.76 |
| **Class R3 SHARES** | September 9, 2016 | 5.42 | (4.11) | 6.71 | 10.03 |
| **Class R4 SHARES** | September 9, 2016 | 5.54 | (3.88) | 6.98 | 10.31 |
| **Class R5 SHARES** | September 9, 2016 | 5.62 | (3.74) | 7.14 | 10.52 |
| **Class R6 SHARES** | September 9, 2016 | 5.69 | (3.65) | 7.25 | 10.59 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g424473imgf44976388.jpg)

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

Returns for Class R2 and Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Value Advantage Fund and the Russell 3000

Value Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 3000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Value Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

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

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

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

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

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 17

------

JPMorgan Growth Advantage Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Automobiles — 1.8%** | **Automobiles — 1.8%** | **Automobiles — 1.8%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | 1780 | 219207 |
| **Banks — 0.9%** | **Banks — 0.9%** | **Banks — 0.9%** |
| &nbsp;&nbsp;&nbsp; First Republic Bank | 562 | 68542 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | 171 | 39234 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 107776 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 536 | 124197 |
| **Biotechnology — 6.8%** | **Biotechnology — 6.8%** | **Biotechnology — 6.8%** |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. \* | 530 | 125851 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 348 | 91414 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp. \* | 1631 | 80761 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc. \* | &nbsp;&nbsp;&nbsp; 3158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50653 |
| &nbsp;&nbsp;&nbsp; Horizon Therapeutics plc \* | &nbsp;&nbsp;&nbsp; 1805 | &nbsp;&nbsp;&nbsp;&nbsp; 205390 |
| &nbsp;&nbsp;&nbsp; Natera, Inc. \* | &nbsp;&nbsp;&nbsp; 1051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42216 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 329 | &nbsp;&nbsp;&nbsp;&nbsp; 237495 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 833780 |
| **Building Products — 1.7%** | **Building Products — 1.7%** | **Building Products — 1.7%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp; 1224 | &nbsp;&nbsp;&nbsp;&nbsp; 205823 |
| **Capital Markets — 4.4%** | **Capital Markets — 4.4%** | **Capital Markets — 4.4%** |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. | &nbsp;&nbsp;&nbsp; 1606 | &nbsp;&nbsp;&nbsp;&nbsp; 119174 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp; 2268 | &nbsp;&nbsp;&nbsp;&nbsp; 188781 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp; 1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93345 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp;&nbsp; 135335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 536635 |
| **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** | **Commercial Services & Supplies — 1.3%** |
| &nbsp;&nbsp;&nbsp; Copart, Inc. \* | &nbsp;&nbsp;&nbsp; 2507 | &nbsp;&nbsp;&nbsp;&nbsp; 152665 |
| **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** | **Communications Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50406 |
| **Construction & Engineering — 2.0%** | **Construction & Engineering — 2.0%** | **Construction & Engineering — 2.0%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | &nbsp;&nbsp;&nbsp; 1756 | &nbsp;&nbsp;&nbsp;&nbsp; 250259 |
| **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** | **Electrical Equipment — 2.0%** |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | &nbsp;&nbsp;&nbsp; 1098 | &nbsp;&nbsp;&nbsp;&nbsp; 153447 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 249298 |
| **Electronic Equipment, Instruments & Components — 1.2%** | **Electronic Equipment, Instruments & Components — 1.2%** | **Electronic Equipment, Instruments & Components — 1.2%** |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81922 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70483 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 152405 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 1593 | 47033 |
| **Health Care Equipment & Supplies — 4.2%** | **Health Care Equipment & Supplies — 4.2%** | **Health Care Equipment & Supplies — 4.2%** |
| &nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The) | 349 | 115389 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* (a) | 1118 | 126615 |
| &nbsp;&nbsp;&nbsp; Insulet Corp. \* | 329 | 96934 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | 649 | 172156 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 511094 |
| **Health Care Providers & Services — 4.6%** | **Health Care Providers & Services — 4.6%** | **Health Care Providers & Services — 4.6%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | 754 | 61865 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 388 | 145494 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 672 | 356011 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 563370 |
| **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** | **Hotels, Restaurants & Leisure — 3.2%** |
| &nbsp;&nbsp;&nbsp; Aramark | &nbsp;&nbsp;&nbsp; 2381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98421 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 116223 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp; 128962 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* (a) | &nbsp;&nbsp;&nbsp; 1038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 394931 |
| **Household Durables — 0.5%** | **Household Durables — 0.5%** | **Household Durables — 0.5%** |
| &nbsp;&nbsp;&nbsp; Garmin Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56929 |
| **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp; 1196 | &nbsp;&nbsp;&nbsp;&nbsp; 155148 |
| **Interactive Media & Services — 4.5%** | **Interactive Media & Services — 4.5%** | **Interactive Media & Services — 4.5%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | &nbsp;&nbsp;&nbsp; 5433 | &nbsp;&nbsp;&nbsp;&nbsp; 482131 |
| &nbsp;&nbsp;&nbsp; Bumble, Inc., Class A \* | &nbsp;&nbsp;&nbsp; 2935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 543909 |
| **Internet & Direct Marketing Retail — 4.0%** | **Internet & Direct Marketing Retail — 4.0%** | **Internet & Direct Marketing Retail — 4.0%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp; 5819 | &nbsp;&nbsp;&nbsp;&nbsp; 488782 |
| **IT Services — 5.3%** | **IT Services — 5.3%** | **IT Services — 5.3%** |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81714 |
| &nbsp;&nbsp;&nbsp; Globant SA \* | &nbsp;&nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73435 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp; 1218 | &nbsp;&nbsp;&nbsp;&nbsp; 423582 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67218 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 645949 |
| **Life Sciences Tools & Services — 2.1%** | **Life Sciences Tools & Services — 2.1%** | **Life Sciences Tools & Services — 2.1%** |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99606 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp;&nbsp; 152147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 251753 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — 3.2%** | **Machinery — 3.2%** | **Machinery — 3.2%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 431 | 184874 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 2297 | 120014 |
| &nbsp;&nbsp;&nbsp; Toro Co. (The) | 767 | 86871 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 391759 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| &nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A \* | 1073 | 48117 |
| **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 2293 | 87143 |
| **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** | **Oil, Gas & Consumable Fuels — 2.7%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 749 | 112361 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 1683 | 217963 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 330324 |
| **Personal Products — 0.9%** | **Personal Products — 0.9%** | **Personal Products — 0.9%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | &nbsp;&nbsp;&nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp;&nbsp; 105904 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp;&nbsp; 153394 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc \* | &nbsp;&nbsp;&nbsp;&nbsp; 550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87641 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc, Class A | &nbsp;&nbsp;&nbsp; 2609 | &nbsp;&nbsp;&nbsp;&nbsp; 103106 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 344141 |
| **Professional Services — 0.6%** | **Professional Services — 0.6%** | **Professional Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70437 |
| **Road & Rail — 0.5%** | **Road & Rail — 0.5%** | **Road & Rail — 0.5%** |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58713 |
| **Semiconductors & Semiconductor Equipment — 7.0%** | **Semiconductors & Semiconductor Equipment — 7.0%** | **Semiconductors & Semiconductor Equipment — 7.0%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp; 1835 | &nbsp;&nbsp;&nbsp;&nbsp; 118820 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64426 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84267 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp; 1664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61638 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp;&nbsp; 1505 | &nbsp;&nbsp;&nbsp;&nbsp; 219957 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 131959 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp;&nbsp; 129837 |
| &nbsp;&nbsp;&nbsp; Wolfspeed, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 855914 |
| **Software — 15.6%** | **Software — 15.6%** | **Software — 15.6%** |
| &nbsp;&nbsp;&nbsp; Confluent, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp; 2957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65774 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46211 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52474 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp; 178923 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp; 4369 | &nbsp;&nbsp; 1047787 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. \* | &nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp;&nbsp; 145079 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Software — continued** | **Software — continued** | **Software — continued** |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc. \* | 290 | 112576 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. \* | 414 | 132149 |
| &nbsp;&nbsp;&nbsp; Zoom Video Communications, Inc., Class A \* | 1251 | 84766 |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc. \* (a) | 348 | 38958 |
|  |  | &nbsp;&nbsp; 1904697 |
| **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** | **Specialty Retail — 3.0%** |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | 665 | 134765 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, Inc. \* | 1266 | 49054 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 654 | 75886 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 475 | 106977 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 366682 |
| **Technology Hardware, Storage & Peripherals — 7.4%** | **Technology Hardware, Storage & Peripherals — 7.4%** | **Technology Hardware, Storage & Peripherals — 7.4%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp; 6990 | &nbsp;&nbsp;&nbsp;&nbsp; 908203 |
| **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** | **Textiles, Apparel & Luxury Goods — 0.7%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $8,482,397)<br>|  | 12092959 |
| **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** | **Short-Term Investments — 1.0%** |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (b) (c) <br>(Cost $62,872)<br>| 62875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62907 |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (b) (c)<br>| 45010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45023 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 19

------

JPMorgan Growth Advantage Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Investment of Cash Collateral from Securities Loaned — continued** | **Investment of Cash Collateral from Securities Loaned — continued** | **Investment of Cash Collateral from Securities Loaned — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c)<br>| 7590 | 7590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from Securities <br> Loaned <br>(Cost $52,609)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $115,481)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 115520 |
| **Total Investments — 100.1%** <br>**(Cost $8,597,878)**<br>|  | **12208479** |
| **Liabilities in Excess of Other Assets — (0.1)%** |  | **(6913)** |
| **NET ASSETS — 100.0%** |  | **12201566** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $51,399. 

(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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

20 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

JPMorgan Mid Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.7%** | **Common Stocks — 97.7%** | **Common Stocks — 97.7%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| &nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 79 | 9521 |
| **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. \* | 264 | 8676 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | 239 | 8060 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16736 |
| **Banks — 6.1%** | **Banks — 6.1%** | **Banks — 6.1%** |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 574 | 22600 |
| &nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 147 | 9697 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 747 | 24493 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 18 | 13582 |
| &nbsp;&nbsp;&nbsp; First Republic Bank | 63 | 7645 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. (a) | &nbsp;&nbsp; 2295 | &nbsp;&nbsp;&nbsp;&nbsp; 32360 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp; 32754 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | &nbsp;&nbsp; 1259 | &nbsp;&nbsp;&nbsp;&nbsp; 27150 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3727 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp; 13274 |
|  |  | &nbsp;&nbsp;&nbsp; 187282 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 25947 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp;&nbsp; 12351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38298 |
| **Biotechnology — 2.9%** | **Biotechnology — 2.9%** | **Biotechnology — 2.9%** |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 18069 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9461 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7671 |
| &nbsp;&nbsp;&nbsp; Horizon Therapeutics plc \* | &nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp; 29081 |
| &nbsp;&nbsp;&nbsp; Natera, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6335 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 11889 |
| &nbsp;&nbsp;&nbsp; Seagen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 90793 |
| **Building Products — 2.1%** | **Building Products — 2.1%** | **Building Products — 2.1%** |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 17938 |
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp; 18143 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp; 28243 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 64324 |
| **Capital Markets — 6.6%** | **Capital Markets — 6.6%** | **Capital Markets — 6.6%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 33922 |
| &nbsp;&nbsp;&nbsp; Ares Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 14010 |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 12253 |
| &nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 18305 |
| &nbsp;&nbsp;&nbsp; Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8263 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. | 37 | 17109 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | 204 | 18090 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 229 | 24518 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 34 | 11561 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 258 | 20024 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. (a) | 134 | 14568 |
| &nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 172 | 11157 |
|  |  | &nbsp;&nbsp;&nbsp; 203780 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | 73 | 7476 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. | 218 | 21211 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28687 |
| **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** | **Commercial Services & Supplies — 1.0%** |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6408 |
| &nbsp;&nbsp;&nbsp; Copart, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 381 | &nbsp;&nbsp;&nbsp;&nbsp; 23208 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29616 |
| **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** | **Communications Equipment — 1.4%** |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 13280 |
| &nbsp;&nbsp;&nbsp; F5, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8138 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 23194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44612 |
| **Construction & Engineering — 1.4%** | **Construction & Engineering — 1.4%** | **Construction & Engineering — 1.4%** |
| &nbsp;&nbsp;&nbsp; AECOM | &nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9809 |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; 27751 |
| &nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6572 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44132 |
| **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 20134 |
| **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** | **Consumer Finance — 0.4%** |
| &nbsp;&nbsp;&nbsp; Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 13489 |
| **Containers & Packaging — 1.5%** | **Containers & Packaging — 1.5%** | **Containers & Packaging — 1.5%** |
| &nbsp;&nbsp;&nbsp; Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8844 |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 17174 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp;&nbsp; 21184 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 47202 |
| **Distributors — 1.3%** | **Distributors — 1.3%** | **Distributors — 1.3%** |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 14822 |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp;&nbsp; 25086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 39908 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 21

------

JPMorgan Mid Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. \* (a) | 91 | 5740 |
| **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** | **Diversified Financial Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 187 | 11480 |
| **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** |
| &nbsp;&nbsp;&nbsp; Edison International (a) | 206 | 13112 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | 250 | 28090 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 506 | 35471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 76673 |
| **Electrical Equipment — 3.0%** | **Electrical Equipment — 3.0%** | **Electrical Equipment — 3.0%** |
| &nbsp;&nbsp;&nbsp; Acuity Brands, Inc. | 124 | 20501 |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | 270 | 37756 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 35789 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 94046 |
| **Electronic Equipment, Instruments & Components — 3.4%** | **Electronic Equipment, Instruments & Components — 3.4%** | **Electronic Equipment, Instruments & Components — 3.4%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp; 19627 |
| &nbsp;&nbsp;&nbsp; CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 23863 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp; 15613 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 13212 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 23321 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9559 |
|  |  | &nbsp;&nbsp;&nbsp; 105195 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6479 |
| **Entertainment — 0.9%** | **Entertainment — 0.9%** | **Entertainment — 0.9%** |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp; 26634 |
| **Equity Real Estate Investment Trusts (REITs) — 5.7%** | **Equity Real Estate Investment Trusts (REITs) — 5.7%** | **Equity Real Estate Investment Trusts (REITs) — 5.7%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp;&nbsp; 13634 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 12809 |
| &nbsp;&nbsp;&nbsp; Boston Properties, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 10109 |
| &nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 504 | &nbsp;&nbsp;&nbsp;&nbsp; 11435 |
| &nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7480 |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8157 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6528 |
| &nbsp;&nbsp;&nbsp; JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5350 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp;&nbsp; 13029 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8244 |
| &nbsp;&nbsp;&nbsp; Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp;&nbsp; 16860 |
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8653 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7795 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8061 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7223 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 547 | 16973 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc. (a) | 172 | 13412 |
|  |  | &nbsp;&nbsp;&nbsp; 175752 |
| **Food & Staples Retailing — 0.9%** | **Food & Staples Retailing — 0.9%** | **Food & Staples Retailing — 0.9%** |
| &nbsp;&nbsp;&nbsp; Kroger Co. (The) | 277 | 12376 |
| &nbsp;&nbsp;&nbsp; US Foods Holding Corp. \* | 423 | 14378 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26754 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc. \* | 132 | 11884 |
| **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** | **Gas Utilities — 0.5%** |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 227 | 14362 |
| **Health Care Equipment & Supplies — 4.2%** | **Health Care Equipment & Supplies — 4.2%** | **Health Care Equipment & Supplies — 4.2%** |
| &nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 14261 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; 26204 |
| &nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8058 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; 11852 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9689 |
| &nbsp;&nbsp;&nbsp; Insulet Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 18136 |
| &nbsp;&nbsp;&nbsp; Novocure Ltd. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1918 |
| &nbsp;&nbsp;&nbsp; ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 15733 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 22990 |
|  |  | &nbsp;&nbsp;&nbsp; 128841 |
| **Health Care Providers & Services — 5.2%** | **Health Care Providers & Services — 5.2%** | **Health Care Providers & Services — 5.2%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 14434 |
| &nbsp;&nbsp;&nbsp; Amedisys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7445 |
| &nbsp;&nbsp;&nbsp; AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp; 32015 |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp; 17366 |
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp;&nbsp; 27063 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; 33782 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 15066 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 12114 |
|  |  | &nbsp;&nbsp;&nbsp; 159285 |
| **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** | **Hotels, Restaurants & Leisure — 3.0%** |
| &nbsp;&nbsp;&nbsp; Aramark | &nbsp;&nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp; 15988 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5770 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 21109 |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 12690 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8673 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 22715 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5630 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 92575 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

22 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Durables — 1.2%** | **Household Durables — 1.2%** | **Household Durables — 1.2%** |
| &nbsp;&nbsp;&nbsp; Garmin Ltd. | 63 | 5789 |
| &nbsp;&nbsp;&nbsp; Helen of Troy Ltd. \* | 60 | 6650 |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc. \* | 113 | 11623 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 1059 | 13851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 37913 |
| **Household Products — 0.3%** | **Household Products — 0.3%** | **Household Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | 282 | 9476 |
| **Insurance — 4.3%** | **Insurance — 4.3%** | **Insurance — 4.3%** |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. \* | 332 | 20825 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. (a) | 64 | 7760 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | 312 | 23700 |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6084 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 508 | &nbsp;&nbsp;&nbsp;&nbsp; 29627 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 16037 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 10343 |
| &nbsp;&nbsp;&nbsp; WR Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp; 19060 |
|  |  | &nbsp;&nbsp;&nbsp; 133436 |
| **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** | **Interactive Media & Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; Bumble, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6691 |
| &nbsp;&nbsp;&nbsp; IAC, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp; 13688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20379 |
| **Internet & Direct Marketing Retail — 0.2%** | **Internet & Direct Marketing Retail — 0.2%** | **Internet & Direct Marketing Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Chewy, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5951 |
| **IT Services — 2.3%** | **IT Services — 2.3%** | **IT Services — 2.3%** |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 16067 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9855 |
| &nbsp;&nbsp;&nbsp; Globant SA \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 11701 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp; 14761 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 13016 |
| &nbsp;&nbsp;&nbsp; Remitly Global, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 71483 |
| **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** |
| &nbsp;&nbsp;&nbsp; 10X Genomics, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3641 |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp;&nbsp; 25109 |
| &nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3892 |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 19728 |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5304 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 57674 |
| **Machinery — 5.2%** | **Machinery — 5.2%** | **Machinery — 5.2%** |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 17453 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 227 | 11879 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | 420 | 34023 |
| &nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 157 | 22695 |
| &nbsp;&nbsp;&nbsp; Middleby Corp. (The) \* (a) | 163 | 21819 |
| &nbsp;&nbsp;&nbsp; Snap-on, Inc. | 101 | 23059 |
| &nbsp;&nbsp;&nbsp; Timken Co. (The) | 191 | 13511 |
| &nbsp;&nbsp;&nbsp; Toro Co. (The) | 139 | 15773 |
|  |  | &nbsp;&nbsp;&nbsp; 160212 |
| **Media — 1.6%** | **Media — 1.6%** | **Media — 1.6%** |
| &nbsp;&nbsp;&nbsp; Liberty Broadband Corp., Class C \* | 223 | 17007 |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty SiriusXM, Class C \* | 482 | 18867 |
| &nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 289 | &nbsp;&nbsp;&nbsp;&nbsp; 12937 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48811 |
| **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp;&nbsp; 15325 |
| **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Kohl's Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3706 |
| **Multi-Utilities — 2.2%** | **Multi-Utilities — 2.2%** | **Multi-Utilities — 2.2%** |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 481 | &nbsp;&nbsp;&nbsp;&nbsp; 30427 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6707 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp; 29826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 66960 |
| **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** | **Oil, Gas & Consumable Fuels — 3.1%** |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5554 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 23410 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 554 | &nbsp;&nbsp;&nbsp;&nbsp; 13622 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 10586 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 18074 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 718 | &nbsp;&nbsp;&nbsp;&nbsp; 23603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 94849 |
| **Personal Products — 0.2%** | **Personal Products — 0.2%** | **Personal Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; BellRing Brands, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5607 |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc \* | &nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp; 25638 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp;&nbsp; 11024 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36662 |
| **Professional Services — 0.3%** | **Professional Services — 0.3%** | **Professional Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 10562 |
| **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** | **Real Estate Management & Development — 0.5%** |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 15746 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 23

------

JPMorgan Mid Cap Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Road & Rail — 0.4%** | **Road & Rail — 0.4%** | **Road & Rail — 0.4%** |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 38 | 10930 |
| **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | 97 | 6316 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc. \* (a) | 25 | 6655 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. | 135 | 8839 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 175 | 6473 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. \* | 44 | 12357 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 76 | 6671 |
| &nbsp;&nbsp;&nbsp; Wolfspeed, Inc. \* (a) | 82 | 5647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 52958 |
| **Software — 4.7%** | **Software — 4.7%** | **Software — 4.7%** |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp; 21402 |
| &nbsp;&nbsp;&nbsp; Clear Secure, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3701 |
| &nbsp;&nbsp;&nbsp; Confluent, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7224 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 13071 |
| &nbsp;&nbsp;&nbsp; Five9, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5587 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 529 | &nbsp;&nbsp;&nbsp;&nbsp; 11345 |
| &nbsp;&nbsp;&nbsp; HashiCorp, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6761 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8854 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 15166 |
| &nbsp;&nbsp;&nbsp; Procore Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7645 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 24993 |
| &nbsp;&nbsp;&nbsp; Zoom Video Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; 10979 |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7560 |
|  |  | &nbsp;&nbsp;&nbsp; 144288 |
| **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 45279 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; 11187 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 10101 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 14600 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5759 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2163 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4865 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 10041 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 18101 |
|  |  | &nbsp;&nbsp;&nbsp; 122096 |
| **Textiles, Apparel & Luxury Goods — 1.8%** | **Textiles, Apparel & Luxury Goods — 1.8%** | **Textiles, Apparel & Luxury Goods — 1.8%** |
| &nbsp;&nbsp;&nbsp; Carter's, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp; 14844 |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6657 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Textiles, Apparel & Luxury Goods — continued** | **Textiles, Apparel & Luxury Goods — continued** | **Textiles, Apparel & Luxury Goods — continued** |
| &nbsp;&nbsp;&nbsp; Ralph Lauren Corp. (a) | 161 | 17029 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | 455 | 17325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55855 |
| **Thrifts & Mortgage Finance — 0.4%** | **Thrifts & Mortgage Finance — 0.4%** | **Thrifts & Mortgage Finance — 0.4%** |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 896 | 11652 |
| **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** | **Trading Companies & Distributors — 0.3%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | 248 | 9531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $2,438,130)<br>|  | 3016276 |
| **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** | **Short-Term Investments — 5.6%** |
| **Investment Companies — 2.8%** | **Investment Companies — 2.8%** | **Investment Companies — 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (b) (c) <br>(Cost $85,568)<br>| 85566 | 85608 |
| **Investment of Cash Collateral from Securities Loaned — 2.8%** | **Investment of Cash Collateral from Securities Loaned — 2.8%** | **Investment of Cash Collateral from Securities Loaned — 2.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (b) (c)<br>| 63974 | &nbsp;&nbsp;&nbsp;&nbsp; 63993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c)<br>| 24149 | &nbsp;&nbsp;&nbsp;&nbsp; 24149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from Securities <br> Loaned <br>(Cost $88,139)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 88142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $173,707)<br>|  | &nbsp;&nbsp;&nbsp; 173750 |
| **Total Investments — 103.3%** <br>**(Cost $2,611,837)**<br>|  | **3190026** |
| **Liabilities in Excess of Other Assets — (3.3)%** |  | **(101400)** |
| **NET ASSETS — 100.0%** |  | **3088626** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $85,712. 

(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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

24 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

JPMorgan Mid Cap Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.7%** | **Common Stocks — 97.7%** | **Common Stocks — 97.7%** |
| **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** |
| &nbsp;&nbsp;&nbsp; HEICO Corp., Class A | 473 | 56740 |
| **Airlines — 0.7%** | **Airlines — 0.7%** | **Airlines — 0.7%** |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. \* | 1573 | 51698 |
| **Banks — 1.7%** | **Banks — 1.7%** | **Banks — 1.7%** |
| &nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 877 | 57793 |
| &nbsp;&nbsp;&nbsp; First Republic Bank | 374 | 45541 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | 96 | 22156 |
|  |  | &nbsp;&nbsp;&nbsp; 125490 |
| **Beverages — 1.0%** | **Beverages — 1.0%** | **Beverages — 1.0%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 320 | 74159 |
| **Biotechnology — 7.2%** | **Biotechnology — 7.2%** | **Biotechnology — 7.2%** |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454 | &nbsp;&nbsp;&nbsp; 107757 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1139 | &nbsp;&nbsp;&nbsp;&nbsp; 56389 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2849 | &nbsp;&nbsp;&nbsp;&nbsp; 45701 |
| &nbsp;&nbsp;&nbsp; Horizon Therapeutics plc \* | &nbsp;&nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp; 173478 |
| &nbsp;&nbsp;&nbsp; Natera, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939 | &nbsp;&nbsp;&nbsp;&nbsp; 37728 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp;&nbsp; 70876 |
| &nbsp;&nbsp;&nbsp; Seagen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp;&nbsp; 49379 |
|  |  | &nbsp;&nbsp;&nbsp; 541308 |
| **Building Products — 2.2%** | **Building Products — 2.2%** | **Building Products — 2.2%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp; 1002 | &nbsp;&nbsp;&nbsp; 168481 |
| **Capital Markets — 7.3%** | **Capital Markets — 7.3%** | **Capital Markets — 7.3%** |
| &nbsp;&nbsp;&nbsp; Ares Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1221 | &nbsp;&nbsp;&nbsp;&nbsp; 83531 |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; 73048 |
| &nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp; 109164 |
| &nbsp;&nbsp;&nbsp; Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp;&nbsp; 49234 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp; 102026 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp; 68914 |
| &nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp;&nbsp; 66501 |
|  |  | &nbsp;&nbsp;&nbsp; 552418 |
| **Commercial Services & Supplies — 2.3%** | **Commercial Services & Supplies — 2.3%** | **Commercial Services & Supplies — 2.3%** |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 38333 |
| &nbsp;&nbsp;&nbsp; Copart, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2273 | &nbsp;&nbsp;&nbsp; 138426 |
|  |  | &nbsp;&nbsp;&nbsp; 176759 |
| **Communications Equipment — 1.7%** | **Communications Equipment — 1.7%** | **Communications Equipment — 1.7%** |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 652 | &nbsp;&nbsp;&nbsp;&nbsp; 79174 |
| &nbsp;&nbsp;&nbsp; F5, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 | &nbsp;&nbsp;&nbsp;&nbsp; 48489 |
|  |  | &nbsp;&nbsp;&nbsp; 127663 |
| **Construction & Engineering — 3.5%** | **Construction & Engineering — 3.5%** | **Construction & Engineering — 3.5%** |
| &nbsp;&nbsp;&nbsp; AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688 | &nbsp;&nbsp;&nbsp;&nbsp; 58456 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Construction & Engineering — continued** | **Construction & Engineering — continued** | **Construction & Engineering — continued** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 1162 | 165543 |
| &nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 118 | 39162 |
|  |  | &nbsp;&nbsp;&nbsp; 263161 |
| **Diversified Consumer Services — 0.5%** | **Diversified Consumer Services — 0.5%** | **Diversified Consumer Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. \* | 542 | 34178 |
| **Electrical Equipment — 2.2%** | **Electrical Equipment — 2.2%** | **Electrical Equipment — 2.2%** |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | 667 | 93164 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | 304 | 71288 |
|  |  | &nbsp;&nbsp;&nbsp; 164452 |
| **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** | **Electronic Equipment, Instruments & Components — 2.8%** |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | 335 | 22817 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp; 78770 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; 56279 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp; 56967 |
|  |  | &nbsp;&nbsp;&nbsp; 214833 |
| **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** | **Energy Equipment & Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1307 | &nbsp;&nbsp;&nbsp;&nbsp; 38583 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718 | &nbsp;&nbsp;&nbsp;&nbsp; 74726 |
| **Health Care Equipment & Supplies — 7.7%** | **Health Care Equipment & Supplies — 7.7%** | **Health Care Equipment & Supplies — 7.7%** |
| &nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp;&nbsp; 85031 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1380 | &nbsp;&nbsp;&nbsp; 156308 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 945 | &nbsp;&nbsp;&nbsp;&nbsp; 70655 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 57744 |
| &nbsp;&nbsp;&nbsp; Insulet Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp; 108159 |
| &nbsp;&nbsp;&nbsp; Novocure Ltd. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 11387 |
| &nbsp;&nbsp;&nbsp; ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp;&nbsp; 93818 |
|  |  | &nbsp;&nbsp;&nbsp; 583102 |
| **Health Care Providers & Services — 4.3%** | **Health Care Providers & Services — 4.3%** | **Health Care Providers & Services — 4.3%** |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1046 | &nbsp;&nbsp;&nbsp;&nbsp; 86067 |
| &nbsp;&nbsp;&nbsp; Amedisys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531 | &nbsp;&nbsp;&nbsp;&nbsp; 44346 |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1263 | &nbsp;&nbsp;&nbsp; 103559 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; 89837 |
|  |  | &nbsp;&nbsp;&nbsp; 323809 |
| **Hotels, Restaurants & Leisure — 5.6%** | **Hotels, Restaurants & Leisure — 5.6%** | **Hotels, Restaurants & Leisure — 5.6%** |
| &nbsp;&nbsp;&nbsp; Aramark | &nbsp;&nbsp;&nbsp;&nbsp; 2306 | &nbsp;&nbsp;&nbsp;&nbsp; 95336 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 34354 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 125905 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 25

------

JPMorgan Mid Cap Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 1072 | 135490 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* (a) | 678 | 33523 |
|  |  | &nbsp;&nbsp;&nbsp; 424608 |
| **Household Durables — 1.0%** | **Household Durables — 1.0%** | **Household Durables — 1.0%** |
| &nbsp;&nbsp;&nbsp; Garmin Ltd. | 373 | 34469 |
| &nbsp;&nbsp;&nbsp; Helen of Troy Ltd. \* | 357 | 39596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 74065 |
| **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 737 | 95626 |
| **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** | **Interactive Media & Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Bumble, Inc., Class A \* | 1893 | 39856 |
| **Internet & Direct Marketing Retail — 0.5%** | **Internet & Direct Marketing Retail — 0.5%** | **Internet & Direct Marketing Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp; Chewy, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956 | &nbsp;&nbsp;&nbsp;&nbsp; 35443 |
| **IT Services — 3.2%** | **IT Services — 3.2%** | **IT Services — 3.2%** |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp;&nbsp; 58731 |
| &nbsp;&nbsp;&nbsp; Globant SA \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp;&nbsp; 69753 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 394 | &nbsp;&nbsp;&nbsp;&nbsp; 77604 |
| &nbsp;&nbsp;&nbsp; Remitly Global, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 3162 | &nbsp;&nbsp;&nbsp;&nbsp; 36205 |
|  |  | &nbsp;&nbsp;&nbsp; 242293 |
| **Life Sciences Tools & Services — 4.6%** | **Life Sciences Tools & Services — 4.6%** | **Life Sciences Tools & Services — 4.6%** |
| &nbsp;&nbsp;&nbsp; 10X Genomics, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628 | &nbsp;&nbsp;&nbsp;&nbsp; 22894 |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1001 | &nbsp;&nbsp;&nbsp; 149772 |
| &nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 1618 | &nbsp;&nbsp;&nbsp;&nbsp; 23146 |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 117651 |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 31574 |
|  |  | &nbsp;&nbsp;&nbsp; 345037 |
| **Machinery — 3.2%** | **Machinery — 3.2%** | **Machinery — 3.2%** |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1355 | &nbsp;&nbsp;&nbsp;&nbsp; 70814 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 903 | &nbsp;&nbsp;&nbsp;&nbsp; 73191 |
| &nbsp;&nbsp;&nbsp; Toro Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 831 | &nbsp;&nbsp;&nbsp;&nbsp; 94054 |
|  |  | &nbsp;&nbsp;&nbsp; 238059 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| &nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 1721 | &nbsp;&nbsp;&nbsp;&nbsp; 77136 |
| **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** | **Metals & Mining — 0.6%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1200 | &nbsp;&nbsp;&nbsp;&nbsp; 45595 |
| **Oil, Gas & Consumable Fuels — 3.7%** | **Oil, Gas & Consumable Fuels — 3.7%** | **Oil, Gas & Consumable Fuels — 3.7%** |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1067 | &nbsp;&nbsp;&nbsp;&nbsp; 33071 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 931 | 139637 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 833 | 107787 |
|  |  | &nbsp;&nbsp;&nbsp; 280495 |
| **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** | **Pharmaceuticals — 1.6%** |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc \* | 343 | 54631 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc, Class A | 1663 | 65711 |
|  |  | &nbsp;&nbsp;&nbsp; 120342 |
| **Professional Services — 0.8%** | **Professional Services — 0.8%** | **Professional Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | 324 | 62951 |
| **Road & Rail — 0.9%** | **Road & Rail — 0.9%** | **Road & Rail — 0.9%** |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 230 | 65153 |
| **Semiconductors & Semiconductor Equipment — 4.2%** | **Semiconductors & Semiconductor Equipment — 4.2%** | **Semiconductors & Semiconductor Equipment — 4.2%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581 | &nbsp;&nbsp;&nbsp;&nbsp; 37610 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 39649 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803 | &nbsp;&nbsp;&nbsp;&nbsp; 52672 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1041 | &nbsp;&nbsp;&nbsp;&nbsp; 38554 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp; 73673 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp; 39734 |
| &nbsp;&nbsp;&nbsp; Wolfspeed, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp;&nbsp; 33630 |
|  |  | &nbsp;&nbsp;&nbsp; 315522 |
| **Software — 10.5%** | **Software — 10.5%** | **Software — 10.5%** |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp; 127652 |
| &nbsp;&nbsp;&nbsp; Clear Secure, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803 | &nbsp;&nbsp;&nbsp;&nbsp; 22012 |
| &nbsp;&nbsp;&nbsp; Confluent, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 1935 | &nbsp;&nbsp;&nbsp;&nbsp; 43036 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp; 77933 |
| &nbsp;&nbsp;&nbsp; Five9, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp;&nbsp; 33266 |
| &nbsp;&nbsp;&nbsp; HashiCorp, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 1473 | &nbsp;&nbsp;&nbsp;&nbsp; 40266 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; 52758 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 648 | &nbsp;&nbsp;&nbsp;&nbsp; 90436 |
| &nbsp;&nbsp;&nbsp; Procore Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965 | &nbsp;&nbsp;&nbsp;&nbsp; 45546 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467 | &nbsp;&nbsp;&nbsp; 149080 |
| &nbsp;&nbsp;&nbsp; Zoom Video Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 966 | &nbsp;&nbsp;&nbsp;&nbsp; 65447 |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp;&nbsp; 45042 |
|  |  | &nbsp;&nbsp;&nbsp; 792474 |
| **Specialty Retail — 6.0%** | **Specialty Retail — 6.0%** | **Specialty Retail — 6.0%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 125393 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 429 | &nbsp;&nbsp;&nbsp;&nbsp; 87045 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563 | &nbsp;&nbsp;&nbsp;&nbsp; 34282 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942 | &nbsp;&nbsp;&nbsp;&nbsp; 36500 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 515 | 59846 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 480 | 107944 |
|  |  | &nbsp;&nbsp;&nbsp; 451010 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc. \* | 124 | 39646 |
| **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** | **Trading Companies & Distributors — 0.7%** |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. | 1478 | 56798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $6,460,566)<br>|  | 7373669 |
| **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** | **Short-Term Investments — 4.2%** |
| **Investment Companies — 2.5%** | **Investment Companies — 2.5%** | **Investment Companies — 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (b) (c) <br>(Cost $188,878)<br>| 188864 | 188958 |
| **Investment of Cash Collateral from Securities Loaned — 1.7%** | **Investment of Cash Collateral from Securities Loaned — 1.7%** | **Investment of Cash Collateral from Securities Loaned — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (b) (c)<br>| 112896 | &nbsp;&nbsp;&nbsp; 112930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c)<br>| &nbsp;&nbsp;&nbsp; 15425 | &nbsp;&nbsp;&nbsp;&nbsp; 15425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from Securities <br> Loaned <br>(Cost $128,332)<br>|  | &nbsp;&nbsp;&nbsp; 128355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $317,210)<br>|  | &nbsp;&nbsp;&nbsp; 317313 |
| **Total Investments — 101.9%** <br>**(Cost $6,777,776)**<br>|  | **7690982** |
| **Liabilities in Excess of Other Assets — (1.9)%** |  | **(140098)** |
| **NET ASSETS — 100.0%** |  | **7550884** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $124,682. 

(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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 27

------

JPMorgan Mid Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.3%** | **Common Stocks — 98.3%** | **Common Stocks — 98.3%** |
| **Airlines — 0.5%** | **Airlines — 0.5%** | **Airlines — 0.5%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | 1827 | 61511 |
| **Banks — 9.2%** | **Banks — 9.2%** | **Banks — 9.2%** |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 4380 | 172440 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 5696 | 186883 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 137 | 103662 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 17511 | 246904 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 1723 | 249898 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 9608 | 207147 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp NA | 2060 | 101292 |
|  |  | &nbsp;&nbsp; 1268226 |
| **Beverages — 1.4%** | **Beverages — 1.4%** | **Beverages — 1.4%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp; 103057 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp; 2643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94248 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 197305 |
| **Building Products — 2.0%** | **Building Products — 2.0%** | **Building Products — 2.0%** |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 581 | &nbsp;&nbsp;&nbsp;&nbsp; 136878 |
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp; 2424 | &nbsp;&nbsp;&nbsp;&nbsp; 138431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 275309 |
| **Capital Markets — 6.1%** | **Capital Markets — 6.1%** | **Capital Markets — 6.1%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 831 | &nbsp;&nbsp;&nbsp;&nbsp; 258827 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | &nbsp;&nbsp;&nbsp; 1560 | &nbsp;&nbsp;&nbsp;&nbsp; 138035 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp; 1751 | &nbsp;&nbsp;&nbsp;&nbsp; 187065 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | &nbsp;&nbsp;&nbsp; 1970 | &nbsp;&nbsp;&nbsp;&nbsp; 152783 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp; 1019 | &nbsp;&nbsp;&nbsp;&nbsp; 111162 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 847872 |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57053 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. | &nbsp;&nbsp;&nbsp; 1661 | &nbsp;&nbsp;&nbsp;&nbsp; 161838 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 218891 |
| **Communications Equipment — 1.3%** | **Communications Equipment — 1.3%** | **Communications Equipment — 1.3%** |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp;&nbsp; 176533 |
| **Construction Materials — 1.1%** | **Construction Materials — 1.1%** | **Construction Materials — 1.1%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 454 | &nbsp;&nbsp;&nbsp;&nbsp; 153634 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| &nbsp;&nbsp;&nbsp; Discover Financial Services | &nbsp;&nbsp;&nbsp; 1052 | &nbsp;&nbsp;&nbsp;&nbsp; 102924 |
| **Containers & Packaging — 2.6%** | **Containers & Packaging — 2.6%** | **Containers & Packaging — 2.6%** |
| &nbsp;&nbsp;&nbsp; Ball Corp. | &nbsp;&nbsp;&nbsp; 1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67489 |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America | &nbsp;&nbsp;&nbsp; 1024 | &nbsp;&nbsp;&nbsp;&nbsp; 131045 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp; 3134 | &nbsp;&nbsp;&nbsp;&nbsp; 162484 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 361018 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Distributors — 2.2%** | **Distributors — 2.2%** | **Distributors — 2.2%** |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | 652 | 113102 |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 3583 | 191402 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 304504 |
| **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 1425 | 87600 |
| **Electric Utilities — 4.2%** | **Electric Utilities — 4.2%** | **Electric Utilities — 4.2%** |
| &nbsp;&nbsp;&nbsp; Edison International | 1573 | 100052 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | 1905 | 214320 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 3860 | 270636 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 585008 |
| **Electrical Equipment — 3.7%** | **Electrical Equipment — 3.7%** | **Electrical Equipment — 3.7%** |
| &nbsp;&nbsp;&nbsp; Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 944 | &nbsp;&nbsp;&nbsp;&nbsp; 156428 |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | &nbsp;&nbsp;&nbsp; 1209 | &nbsp;&nbsp;&nbsp;&nbsp; 168874 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 775 | &nbsp;&nbsp;&nbsp;&nbsp; 181821 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 507123 |
| **Electronic Equipment, Instruments & Components — 3.8%** | **Electronic Equipment, Instruments & Components — 3.8%** | **Electronic Equipment, Instruments & Components — 3.8%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp; 1967 | &nbsp;&nbsp;&nbsp;&nbsp; 149758 |
| &nbsp;&nbsp;&nbsp; CDW Corp. | &nbsp;&nbsp;&nbsp; 1016 | &nbsp;&nbsp;&nbsp;&nbsp; 181489 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | &nbsp;&nbsp;&nbsp; 1318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89865 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp; 105886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 526998 |
| **Entertainment — 0.8%** | **Entertainment — 0.8%** | **Entertainment — 0.8%** |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp;&nbsp; 1030 | &nbsp;&nbsp;&nbsp;&nbsp; 107293 |
| **Equity Real Estate Investment Trusts (REITs) — 9.7%** | **Equity Real Estate Investment Trusts (REITs) — 9.7%** | **Equity Real Estate Investment Trusts (REITs) — 9.7%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp; 3452 | &nbsp;&nbsp;&nbsp;&nbsp; 104035 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97744 |
| &nbsp;&nbsp;&nbsp; Boston Properties, Inc. | &nbsp;&nbsp;&nbsp; 1141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77145 |
| &nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp; 3849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87258 |
| &nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57079 |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp; 616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62254 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. (a) | &nbsp;&nbsp;&nbsp; 3104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49819 |
| &nbsp;&nbsp;&nbsp; JBG SMITH Properties | &nbsp;&nbsp;&nbsp; 2151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40835 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | &nbsp;&nbsp;&nbsp; 4694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99418 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62908 |
| &nbsp;&nbsp;&nbsp; Rayonier, Inc. | &nbsp;&nbsp;&nbsp; 3923 | &nbsp;&nbsp;&nbsp;&nbsp; 129293 |
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. | &nbsp;&nbsp;&nbsp; 1057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66034 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp; 1089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59488 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61519 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp; 1223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55120 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 4178 | 129506 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc. | 1310 | 102341 |
|  |  | &nbsp;&nbsp; 1341796 |
| **Food & Staples Retailing — 1.5%** | **Food & Staples Retailing — 1.5%** | **Food & Staples Retailing — 1.5%** |
| &nbsp;&nbsp;&nbsp; Kroger Co. (The) | 2118 | 94436 |
| &nbsp;&nbsp;&nbsp; US Foods Holding Corp. \* | 3225 | 109715 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 204151 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc. \* | 1005 | 90689 |
| **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** | **Gas Utilities — 0.8%** |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 1731 | 109587 |
| **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** | **Health Care Equipment & Supplies — 1.7%** |
| &nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61489 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp; 1376 | &nbsp;&nbsp;&nbsp;&nbsp; 175422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 236911 |
| **Health Care Providers & Services — 5.8%** | **Health Care Providers & Services — 5.8%** | **Health Care Providers & Services — 5.8%** |
| &nbsp;&nbsp;&nbsp; AmerisourceBergen Corp. | &nbsp;&nbsp; 1474 | &nbsp;&nbsp;&nbsp;&nbsp; 244267 |
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc. \* | &nbsp;&nbsp; 2585 | &nbsp;&nbsp;&nbsp;&nbsp; 206487 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings | &nbsp;&nbsp; 1095 | &nbsp;&nbsp;&nbsp;&nbsp; 257748 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 800938 |
| **Hotels, Restaurants & Leisure — 1.2%** | **Hotels, Restaurants & Leisure — 1.2%** | **Hotels, Restaurants & Leisure — 1.2%** |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96832 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66187 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 163019 |
| **Household Durables — 1.4%** | **Household Durables — 1.4%** | **Household Durables — 1.4%** |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88695 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | &nbsp;&nbsp; 8080 | &nbsp;&nbsp;&nbsp;&nbsp; 105687 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 194382 |
| **Household Products — 0.5%** | **Household Products — 0.5%** | **Household Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | &nbsp;&nbsp; 2155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72313 |
| **Insurance — 6.5%** | **Insurance — 6.5%** | **Insurance — 6.5%** |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. \* | &nbsp;&nbsp; 2531 | &nbsp;&nbsp;&nbsp;&nbsp; 158894 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59219 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp; 2385 | &nbsp;&nbsp;&nbsp;&nbsp; 180829 |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp. | &nbsp;&nbsp; 1512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46438 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | &nbsp;&nbsp; 3875 | &nbsp;&nbsp;&nbsp;&nbsp; 226051 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 428 | 78923 |
| &nbsp;&nbsp;&nbsp; WR Berkley Corp. | 2004 | 145432 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 895786 |
| **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** | **Interactive Media & Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; IAC, Inc. \* | 2346 | 104148 |
| **IT Services — 1.7%** | **IT Services — 1.7%** | **IT Services — 1.7%** |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | 668 | 122593 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc., Class A \* | 1505 | 112634 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 235227 |
| **Machinery — 6.6%** | **Machinery — 6.6%** | **Machinery — 6.6%** |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | 583 | 133174 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | &nbsp;&nbsp;&nbsp; 2046 | &nbsp;&nbsp;&nbsp;&nbsp; 165924 |
| &nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1199 | &nbsp;&nbsp;&nbsp;&nbsp; 173160 |
| &nbsp;&nbsp;&nbsp; Middleby Corp. (The) \* | &nbsp;&nbsp;&nbsp; 1243 | &nbsp;&nbsp;&nbsp;&nbsp; 166487 |
| &nbsp;&nbsp;&nbsp; Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 770 | &nbsp;&nbsp;&nbsp;&nbsp; 175933 |
| &nbsp;&nbsp;&nbsp; Timken Co. (The) | &nbsp;&nbsp;&nbsp; 1459 | &nbsp;&nbsp;&nbsp;&nbsp; 103096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 917774 |
| **Media — 2.0%** | **Media — 2.0%** | **Media — 2.0%** |
| &nbsp;&nbsp;&nbsp; Liberty Broadband Corp., Class C \* | &nbsp;&nbsp;&nbsp; 1701 | &nbsp;&nbsp;&nbsp;&nbsp; 129766 |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty SiriusXM, Class C \* | &nbsp;&nbsp;&nbsp; 3669 | &nbsp;&nbsp;&nbsp;&nbsp; 143563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 273329 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp; 1541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58548 |
| **Multiline Retail — 0.2%** | **Multiline Retail — 0.2%** | **Multiline Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp; Kohl's Corp. (a) | &nbsp;&nbsp;&nbsp; 1121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28295 |
| **Multi-Utilities — 3.7%** | **Multi-Utilities — 3.7%** | **Multi-Utilities — 3.7%** |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | &nbsp;&nbsp;&nbsp; 3666 | &nbsp;&nbsp;&nbsp;&nbsp; 232154 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51187 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp; 2427 | &nbsp;&nbsp;&nbsp;&nbsp; 227564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 510905 |
| **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** | **Oil, Gas & Consumable Fuels — 2.6%** |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp; 4230 | &nbsp;&nbsp;&nbsp;&nbsp; 103939 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80788 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | &nbsp;&nbsp;&nbsp; 5474 | &nbsp;&nbsp;&nbsp;&nbsp; 180089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 364816 |
| **Personal Products — 0.3%** | **Personal Products — 0.3%** | **Personal Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; BellRing Brands, Inc. \* | &nbsp;&nbsp;&nbsp; 1669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42798 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc \* | &nbsp;&nbsp;&nbsp;&nbsp; 789 | &nbsp;&nbsp;&nbsp;&nbsp; 125682 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 29

------

JPMorgan Mid Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** | **Real Estate Management & Development — 0.9%** |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A \* | 1561 | 120148 |
| **Software — 0.6%** | **Software — 0.6%** | **Software — 0.6%** |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 4040 | 86574 |
| **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** | **Specialty Retail — 2.6%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | 75 | 185047 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 2026 | 85369 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 961 | 77080 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The) | 1464 | 16518 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 364014 |
| **Textiles, Apparel & Luxury Goods — 2.7%** | **Textiles, Apparel & Luxury Goods — 2.7%** | **Textiles, Apparel & Luxury Goods — 2.7%** |
| &nbsp;&nbsp;&nbsp; Carter's, Inc. | 1518 | 113270 |
| &nbsp;&nbsp;&nbsp; Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp; 1230 | &nbsp;&nbsp;&nbsp;&nbsp; 129935 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | &nbsp;&nbsp;&nbsp; 3471 | &nbsp;&nbsp;&nbsp;&nbsp; 132195 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 375400 |
| **Thrifts & Mortgage Finance — 0.6%** | **Thrifts & Mortgage Finance — 0.6%** | **Thrifts & Mortgage Finance — 0.6%** |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | &nbsp;&nbsp;&nbsp; 6839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $9,015,107)<br>|  | 13587889 |
| **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** | **Short-Term Investments — 0.5%** |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (b) (c) <br>(Cost $13,430)<br>| 13430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13437 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c) <br>(Cost $62,314)<br>| 62314 | 62314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $75,744)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75751 |
| **Total Investments — 98.8%** <br>**(Cost $9,090,851)**<br>|  | **13663640** |
| **Other Assets Less Liabilities — 1.2%** |  | **166494** |
| **NET ASSETS — 100.0%** |  | **13830134** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $61,634. 

(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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

JPMorgan Value Advantage Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.3%** | **Common Stocks — 98.3%** | **Common Stocks — 98.3%** |
| **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** | **Aerospace & Defense — 2.8%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 303 | 75276 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 111 | 60290 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 1191 | 120233 |
|  |  | &nbsp;&nbsp;&nbsp; 255799 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 330 | 57208 |
| **Banks — 11.2%** | **Banks — 11.2%** | **Banks — 11.2%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 9975 | 330376 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 1244 | 56290 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 2664 | 104890 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 1067 | 154796 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 731 | &nbsp;&nbsp;&nbsp; 115435 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1633 | &nbsp;&nbsp;&nbsp;&nbsp; 70252 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 1814 | &nbsp;&nbsp;&nbsp;&nbsp; 79122 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2829 | &nbsp;&nbsp;&nbsp; 116794 |
|  |  | 1027955 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1177 | &nbsp;&nbsp;&nbsp;&nbsp; 41967 |
| **Biotechnology — 3.5%** | **Biotechnology — 3.5%** | **Biotechnology — 3.5%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1271 | &nbsp;&nbsp;&nbsp; 205405 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 68686 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 50594 |
|  |  | &nbsp;&nbsp;&nbsp; 324685 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| &nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp; 51186 |
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 982 | &nbsp;&nbsp;&nbsp;&nbsp; 56094 |
|  |  | &nbsp;&nbsp;&nbsp; 107280 |
| **Capital Markets — 3.0%** | **Capital Markets — 3.0%** | **Capital Markets — 3.0%** |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp;&nbsp; 94092 |
| &nbsp;&nbsp;&nbsp; Invesco Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp;&nbsp; 13810 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702 | &nbsp;&nbsp;&nbsp;&nbsp; 59712 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 662 | &nbsp;&nbsp;&nbsp;&nbsp; 58541 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp;&nbsp; 49354 |
|  |  | &nbsp;&nbsp;&nbsp; 275509 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1197 | &nbsp;&nbsp;&nbsp;&nbsp; 30482 |
| **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 889 | &nbsp;&nbsp;&nbsp;&nbsp; 42371 |
| &nbsp;&nbsp;&nbsp; CommScope Holding Co., Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1802 | &nbsp;&nbsp;&nbsp;&nbsp; 13244 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55615 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Construction Materials — 1.5%** | **Construction Materials — 1.5%** | **Construction Materials — 1.5%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 302 | 101924 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 179 | 31362 |
|  |  | &nbsp;&nbsp;&nbsp; 133286 |
| **Consumer Finance — 2.4%** | **Consumer Finance — 2.4%** | **Consumer Finance — 2.4%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | 467 | 68940 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 1660 | 154359 |
|  |  | &nbsp;&nbsp;&nbsp; 223299 |
| **Containers & Packaging — 1.4%** | **Containers & Packaging — 1.4%** | **Containers & Packaging — 1.4%** |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America | 628 | 80276 |
| &nbsp;&nbsp;&nbsp; WestRock Co. | 1240 | 43608 |
|  |  | &nbsp;&nbsp;&nbsp; 123884 |
| **Diversified Financial Services — 2.5%** | **Diversified Financial Services — 2.5%** | **Diversified Financial Services — 2.5%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745 | &nbsp;&nbsp;&nbsp; 230039 |
| **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2726 | &nbsp;&nbsp;&nbsp; 107408 |
| **Electric Utilities — 3.9%** | **Electric Utilities — 3.9%** | **Electric Utilities — 3.9%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp; 41295 |
| &nbsp;&nbsp;&nbsp; Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 709 | &nbsp;&nbsp;&nbsp;&nbsp; 45101 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp;&nbsp; 42649 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871 | &nbsp;&nbsp;&nbsp;&nbsp; 72779 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3829 | &nbsp;&nbsp;&nbsp;&nbsp; 62255 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1275 | &nbsp;&nbsp;&nbsp;&nbsp; 89422 |
|  |  | &nbsp;&nbsp;&nbsp; 353501 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp;&nbsp; 54713 |
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp;&nbsp; 47244 |
| **Equity Real Estate Investment Trusts (REITs) — 7.7%** | **Equity Real Estate Investment Trusts (REITs) — 7.7%** | **Equity Real Estate Investment Trusts (REITs) — 7.7%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 2101 | &nbsp;&nbsp;&nbsp;&nbsp; 63335 |
| &nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2108 | &nbsp;&nbsp;&nbsp;&nbsp; 33269 |
| &nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2983 | &nbsp;&nbsp;&nbsp;&nbsp; 67634 |
| &nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp; 22579 |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531 | &nbsp;&nbsp;&nbsp;&nbsp; 53612 |
| &nbsp;&nbsp;&nbsp; JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp; 1434 | &nbsp;&nbsp;&nbsp;&nbsp; 27223 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 4150 | &nbsp;&nbsp;&nbsp;&nbsp; 87896 |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509 | &nbsp;&nbsp;&nbsp;&nbsp; 48031 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436 | &nbsp;&nbsp;&nbsp;&nbsp; 68377 |
| &nbsp;&nbsp;&nbsp; Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 37574 |
| &nbsp;&nbsp;&nbsp; Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1996 | &nbsp;&nbsp;&nbsp;&nbsp; 65781 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 31

------

JPMorgan Value Advantage Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 419 | 27452 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 3174 | 98394 |
|  |  | &nbsp;&nbsp;&nbsp; 701157 |
| **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** |
| &nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 1367 | 28356 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 502 | 38347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 66703 |
| **Food Products — 1.8%** | **Food Products — 1.8%** | **Food Products — 1.8%** |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | 2323 | 94553 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc. \* | 753 | 67962 |
|  |  | &nbsp;&nbsp;&nbsp; 162515 |
| **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507 | &nbsp;&nbsp;&nbsp;&nbsp; 39371 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp;&nbsp; 45020 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 84391 |
| **Health Care Providers & Services — 5.7%** | **Health Care Providers & Services — 5.7%** | **Health Care Providers & Services — 5.7%** |
| &nbsp;&nbsp;&nbsp; AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 761 | &nbsp;&nbsp;&nbsp; 126089 |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 66301 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1220 | &nbsp;&nbsp;&nbsp; 113682 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp;&nbsp; 86923 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp; 69726 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 62686 |
|  |  | &nbsp;&nbsp;&nbsp; 525407 |
| **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 57838 |
| &nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504 | &nbsp;&nbsp;&nbsp;&nbsp; 45821 |
|  |  | &nbsp;&nbsp;&nbsp; 103659 |
| **Household Durables — 1.2%** | **Household Durables — 1.2%** | **Household Durables — 1.2%** |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556 | &nbsp;&nbsp;&nbsp;&nbsp; 56824 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 3782 | &nbsp;&nbsp;&nbsp;&nbsp; 49474 |
|  |  | &nbsp;&nbsp;&nbsp; 106298 |
| **Household Products — 1.5%** | **Household Products — 1.5%** | **Household Products — 1.5%** |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1183 | &nbsp;&nbsp;&nbsp;&nbsp; 39699 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp;&nbsp; 99322 |
|  |  | &nbsp;&nbsp;&nbsp; 139021 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp; 73359 |
| **Insurance — 7.0%** | **Insurance — 7.0%** | **Insurance — 7.0%** |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp;&nbsp; 30273 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 368 | 81279 |
| &nbsp;&nbsp;&nbsp; CNA Financial Corp. | 689 | 29110 |
| &nbsp;&nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada) | 112 | 66497 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | 693 | 52541 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | 2737 | 159661 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 108 | 17829 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 636 | 82547 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 634 | 118919 |
|  |  | &nbsp;&nbsp;&nbsp; 638656 |
| **Interactive Media & Services — 1.8%** | **Interactive Media & Services — 1.8%** | **Interactive Media & Services — 1.8%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | 505 | 44844 |
| &nbsp;&nbsp;&nbsp; IAC, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1180 | &nbsp;&nbsp;&nbsp;&nbsp; 52388 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547 | &nbsp;&nbsp;&nbsp;&nbsp; 65814 |
|  |  | &nbsp;&nbsp;&nbsp; 163046 |
| **IT Services — 1.1%** | **IT Services — 1.1%** | **IT Services — 1.1%** |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 44120 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp;&nbsp; 57244 |
|  |  | &nbsp;&nbsp;&nbsp; 101364 |
| **Machinery — 2.2%** | **Machinery — 2.2%** | **Machinery — 2.2%** |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674 | &nbsp;&nbsp;&nbsp;&nbsp; 91187 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 438 | &nbsp;&nbsp;&nbsp;&nbsp; 35522 |
| &nbsp;&nbsp;&nbsp; Middleby Corp. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp; 40210 |
| &nbsp;&nbsp;&nbsp; Timken Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 | &nbsp;&nbsp;&nbsp;&nbsp; 36345 |
|  |  | &nbsp;&nbsp;&nbsp; 203264 |
| **Media — 1.6%** | **Media — 1.6%** | **Media — 1.6%** |
| &nbsp;&nbsp;&nbsp; Liberty Broadband Corp., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 | &nbsp;&nbsp;&nbsp;&nbsp; 58171 |
| &nbsp;&nbsp;&nbsp; Liberty Media Corp.-Liberty SiriusXM, Class C \* | &nbsp;&nbsp;&nbsp;&nbsp; 1592 | &nbsp;&nbsp;&nbsp;&nbsp; 62314 |
| &nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; 28305 |
|  |  | &nbsp;&nbsp;&nbsp; 148790 |
| **Multiline Retail — 0.8%** | **Multiline Retail — 0.8%** | **Multiline Retail — 0.8%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 35632 |
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp;&nbsp; 37976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 73608 |
| **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586 | &nbsp;&nbsp;&nbsp;&nbsp; 35892 |
| **Oil, Gas & Consumable Fuels — 8.2%** | **Oil, Gas & Consumable Fuels — 8.2%** | **Oil, Gas & Consumable Fuels — 8.2%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1219 | &nbsp;&nbsp;&nbsp; 218870 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp; 1453 | &nbsp;&nbsp;&nbsp; 171508 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 2243 | &nbsp;&nbsp;&nbsp;&nbsp; 55108 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382 | &nbsp;&nbsp;&nbsp;&nbsp; 49425 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 4803 | 86847 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 884 | 91974 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 2500 | 82247 |
|  |  | &nbsp;&nbsp;&nbsp; 755979 |
| **Personal Products — 0.4%** | **Personal Products — 0.4%** | **Personal Products — 0.4%** |
| &nbsp;&nbsp;&nbsp; BellRing Brands, Inc. \* | 1495 | 38337 |
| **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 2600 | 187055 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 752 | 132862 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 689 | 76483 |
|  |  | &nbsp;&nbsp;&nbsp; 396400 |
| **Professional Services — 0.5%** | **Professional Services — 0.5%** | **Professional Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397 | &nbsp;&nbsp;&nbsp;&nbsp; 41750 |
| **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 855 | &nbsp;&nbsp;&nbsp;&nbsp; 65815 |
| **Road & Rail — 0.8%** | **Road & Rail — 0.8%** | **Road & Rail — 0.8%** |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; 39871 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; 36506 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 76377 |
| **Semiconductors & Semiconductor Equipment — 2.1%** | **Semiconductors & Semiconductor Equipment — 2.1%** | **Semiconductors & Semiconductor Equipment — 2.1%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp; 50537 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp; 42463 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp;&nbsp; 96615 |
|  |  | &nbsp;&nbsp;&nbsp; 189615 |
| **Specialty Retail — 4.7%** | **Specialty Retail — 4.7%** | **Specialty Retail — 4.7%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 107659 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1184 | &nbsp;&nbsp;&nbsp;&nbsp; 49881 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454 | &nbsp;&nbsp;&nbsp;&nbsp; 36389 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp;&nbsp; 60061 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1658 | &nbsp;&nbsp;&nbsp;&nbsp; 18709 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp; 35913 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399 | &nbsp;&nbsp;&nbsp;&nbsp; 79437 |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 43474 |
|  |  | &nbsp;&nbsp;&nbsp; 431523 |
| **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** | **Textiles, Apparel & Luxury Goods — 1.0%** |
| &nbsp;&nbsp;&nbsp; Columbia Sportswear Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476 | &nbsp;&nbsp;&nbsp;&nbsp; 41662 |
| &nbsp;&nbsp;&nbsp; Ralph Lauren Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509 | &nbsp;&nbsp;&nbsp;&nbsp; 53828 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 95490 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Thrifts & Mortgage Finance — 0.4%** | **Thrifts & Mortgage Finance — 0.4%** | **Thrifts & Mortgage Finance — 0.4%** |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 2470 | 32109 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 650 | 65817 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | 321 | 44870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $6,180,662)<br>|  | 9011086 |
| **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** | **Short-Term Investments — 2.7%** |
| **Investment Companies — 1.3%** | **Investment Companies — 1.3%** | **Investment Companies — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (b) (c) <br>(Cost $117,681)<br>| 117648 | 117707 |
| **Investment of Cash Collateral from Securities Loaned — 1.4%** | **Investment of Cash Collateral from Securities Loaned — 1.4%** | **Investment of Cash Collateral from Securities Loaned — 1.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (b) (c)<br>| 88275 | 88301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c)<br>| &nbsp;&nbsp;&nbsp; 43374 | &nbsp;&nbsp;&nbsp;&nbsp; 43374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from Securities <br> Loaned <br>(Cost $131,669)<br>|  | &nbsp;&nbsp;&nbsp; 131675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $249,350)<br>|  | &nbsp;&nbsp;&nbsp; 249382 |
| **Total Investments — 101.0%** <br>**(Cost $6,430,012)**<br>|  | **9260468** |
| **Liabilities in Excess of Other Assets — (1.0)%** |  | **(91158)** |
| **NET ASSETS — 100.0%** |  | **9169310** |

---

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

<br>Percentages indicated are based on net assets.<br>

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

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $128,755. 

(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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 33

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br> AS OF December 31, 2022 (Unaudited) <br> (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 | $12092959 | $3016276 | $7373669 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85608 | &nbsp;&nbsp;&nbsp;&nbsp; 188958 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88142 | &nbsp;&nbsp;&nbsp;&nbsp; 128355 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856 |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6826 |
| &nbsp;&nbsp;&nbsp; Dividends from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1090 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Securities lending income (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| &nbsp;&nbsp;&nbsp; Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp; 12281294 | &nbsp;&nbsp; 3198497 | &nbsp;&nbsp; 7699808 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Collateral received on securities loaned (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88142 | &nbsp;&nbsp;&nbsp;&nbsp; 128355 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15045 |
| Accrued liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4050 |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370 |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79728 | &nbsp;&nbsp;&nbsp;&nbsp; 109871 | &nbsp;&nbsp;&nbsp;&nbsp; 148924 |
| Net Assets | $12201566 | $3088626 | $7550884 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | | | |
|:---|:---|:---|:---|
|  | &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 | $8942604 | $2585477 | $6958518 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 3258962 | &nbsp;&nbsp;&nbsp;&nbsp; 503149 | &nbsp;&nbsp;&nbsp;&nbsp; 592366 |
| Total Net Assets | $12201566 | $3088626 | $7550884 |
| Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | $2304002 | $570660 | $1129960 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 706839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59829 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp; 3361734 | &nbsp;&nbsp;&nbsp;&nbsp; 872575 | &nbsp;&nbsp; 1647731 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41226 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44066 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19405 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8570 | &nbsp;&nbsp;&nbsp;&nbsp; 450551 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 5709224 | &nbsp;&nbsp; 1621334 | &nbsp;&nbsp; 4158116 |
| Total | $12201566 | $3088626 | $7550884 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37060 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2944 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43514 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1215 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1193 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11637 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 233618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32203 | &nbsp;&nbsp;&nbsp;&nbsp; 106474 |
| Net Asset Value (a): |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A — Redemption price per share | $22.07  | $49.14 | $30.49 |
| &nbsp;&nbsp;&nbsp; Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.32 |
| &nbsp;&nbsp;&nbsp; Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37.87 |
| &nbsp;&nbsp;&nbsp; Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.92 |
| &nbsp;&nbsp;&nbsp; Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36.95 |
| &nbsp;&nbsp;&nbsp; Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37.69 |
| &nbsp;&nbsp;&nbsp; Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38.72 |
| &nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39.05 |
| &nbsp;&nbsp;&nbsp; Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| $23.29 | $51.86 | $32.18 |
| Cost of investments in non-affiliates | $8482397  | $2438130 | $6460566 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85568 | &nbsp;&nbsp;&nbsp;&nbsp; 188878 |
| Investment securities on loan, at value (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85712 | &nbsp;&nbsp;&nbsp;&nbsp; 124682 |
| Cost of investment of cash collateral (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88139 | &nbsp;&nbsp;&nbsp;&nbsp; 128332 |

---

------

(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, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 35

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br> AS OF December 31, 2022 (Unaudited) (continued) <br> (Amounts in thousands, except per share amounts)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Mid Cap** <br>**Value Fund**<br>| &nbsp;&nbsp; **JPMorgan** <br>**Value** <br>**Advantage Fund** |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | $13587889 | $9011086 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13437 | &nbsp;&nbsp;&nbsp;&nbsp; 117707 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62314 | &nbsp;&nbsp;&nbsp;&nbsp; 131675 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569 |
| Receivables: |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4679 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12644 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34165 |
| &nbsp;&nbsp;&nbsp; Dividends from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19076 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Securities lending income (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| Total Assets | &nbsp;&nbsp; 13970481 | &nbsp;&nbsp; 9319001 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| &nbsp;&nbsp;&nbsp; Collateral received on securities loaned (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62314 | &nbsp;&nbsp;&nbsp;&nbsp; 131675 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12223 |
| Accrued liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3927 |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140347 | &nbsp;&nbsp;&nbsp;&nbsp; 149691 |
| Net Assets | $13830134 | $9169310 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Mid Cap**<br> **Value Fund**<br>| &nbsp;&nbsp; **JPMorgan**<br> **Value**<br>**Advantage Fund** |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | $9195107 | $6280003 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 4635027 | &nbsp;&nbsp; 2889307 |
| Total Net Assets | $13830134 | $9169310 |
| Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | $1220603 | $1271804 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50782 | &nbsp;&nbsp;&nbsp;&nbsp; 260084 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp; 2006282 | &nbsp;&nbsp; 1968325 |
| &nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp;&nbsp; 6447447 | &nbsp;&nbsp; 1496251 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2194 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2512 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 3900576 | &nbsp;&nbsp; 4167709 |
| Total | $13830134 | $9169310 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36891 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7547 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56685 |
| &nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43060 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113804 | &nbsp;&nbsp;&nbsp;&nbsp; 120156 |
| Net Asset Value (a): |  |  |
| &nbsp;&nbsp;&nbsp; Class A — Redemption price per share | $33.12 | $34.47 |
| &nbsp;&nbsp;&nbsp; Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.46 |
| &nbsp;&nbsp;&nbsp; Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.72 |
| &nbsp;&nbsp;&nbsp; Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.75 |
| &nbsp;&nbsp;&nbsp; Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.01 |
| &nbsp;&nbsp;&nbsp; Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.96 |
| &nbsp;&nbsp;&nbsp; Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35.04 |
| &nbsp;&nbsp;&nbsp; Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.67 |
| &nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34.69 |
| &nbsp;&nbsp;&nbsp; Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| $34.96 | $36.38 |
| Cost of investments in non-affiliates | $9015107  | $6180662 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13430 | &nbsp;&nbsp;&nbsp;&nbsp; 117681 |
| Investment securities on loan, at value (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61634 | &nbsp;&nbsp;&nbsp;&nbsp; 128755 |
| Cost of investment of cash collateral (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62314 | &nbsp;&nbsp;&nbsp;&nbsp; 131669 |

---

------

(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, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 37

------

**STATEMENTS OF OPERATIONS** <br> FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited) <br> (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 affiliates | $— | $4 | $— |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 40851 | &nbsp;&nbsp;&nbsp;&nbsp; 19557 | &nbsp;&nbsp;&nbsp;&nbsp; 17861 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3608 |
| Income from securities lending (net) (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 43577 | &nbsp;&nbsp;&nbsp;&nbsp; 21186 | &nbsp;&nbsp;&nbsp;&nbsp; 21552 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp; 35529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9670 | &nbsp;&nbsp;&nbsp;&nbsp; 24767 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2858 |
| Distribution fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1477 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| Service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1477 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1993 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 257 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 56183 | &nbsp;&nbsp;&nbsp;&nbsp; 13890 | &nbsp;&nbsp;&nbsp;&nbsp; 34501 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6134) | &nbsp;&nbsp;&nbsp;&nbsp; (1782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2929) |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 50046 | &nbsp;&nbsp;&nbsp;&nbsp; 12105 | &nbsp;&nbsp;&nbsp;&nbsp; 31571 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6469) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9081 | &nbsp;&nbsp;&nbsp;&nbsp; (10019) |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | | | |
|:---|:---|:---|:---|
|  | &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: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | $(262280) | $(41178) | $(243036) |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp; (262213) | &nbsp;&nbsp;&nbsp; (41178) | &nbsp;&nbsp; (243016) |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 52026 | &nbsp;&nbsp; 166677 | &nbsp;&nbsp;&nbsp; 539040 |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; 52050 | &nbsp;&nbsp; 166706 | &nbsp;&nbsp;&nbsp; 539124 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp; (210163) | &nbsp;&nbsp; 125528 | &nbsp;&nbsp;&nbsp; 296108 |
| Change in net assets resulting from operations | $(216632) | $134609 | $286089 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 39

------

**STATEMENTS OF OPERATIONS** <br> FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued) <br> (Amounts in thousands)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Mid Cap** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Value** <br>**Advantage Fund**  |
| **INVESTMENT INCOME:** |  |  |
| Interest income from affiliates | $1 | $1 |
| Dividend income from non-affiliates | &nbsp;&nbsp; 135273 | &nbsp;&nbsp; 114417 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2709 |
| Income from securities lending (net) (See Note 2.B.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| Total investment income | &nbsp;&nbsp; 140661 | &nbsp;&nbsp; 117186 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp; 46696 | &nbsp;&nbsp;&nbsp;&nbsp; 26527 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3613 |
| Distribution fees: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1547 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1042 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Service fees: |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1547 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2600 |
| &nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 63091 | &nbsp;&nbsp;&nbsp;&nbsp; 38845 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp; (6535) | &nbsp;&nbsp;&nbsp;&nbsp; (4618) |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 56533 | &nbsp;&nbsp;&nbsp;&nbsp; 34204 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 84128 | &nbsp;&nbsp;&nbsp;&nbsp; 82982 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

40 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
|  | &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: |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | $343506 | $319429 |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| Net realized gain (loss) | &nbsp;&nbsp; 343555 | &nbsp;&nbsp; 319480 |
| Change in net unrealized appreciation/depreciation on: |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp; 389081 | &nbsp;&nbsp; 128048 |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp; 389098 | &nbsp;&nbsp; 128072 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp; 732653 | &nbsp;&nbsp; 447552 |
| Change in net assets resulting from operations | $816781 | $530534 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 41

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED <br>(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, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(6469) | $(43447) | $9081 | $11744 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (262213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300402 | &nbsp;&nbsp;&nbsp;&nbsp; (41178) | &nbsp;&nbsp;&nbsp;&nbsp; 111884 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52050 | &nbsp;&nbsp;&nbsp; (3767905) | &nbsp;&nbsp;&nbsp;&nbsp; 166706 | &nbsp;&nbsp;&nbsp; (623200) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; (216632) | &nbsp;&nbsp;&nbsp; (3510950) | &nbsp;&nbsp;&nbsp;&nbsp; 134609 | &nbsp;&nbsp;&nbsp; (499572) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9869) | &nbsp;&nbsp;&nbsp;&nbsp; (450846) | &nbsp;&nbsp;&nbsp;&nbsp; (14573) | &nbsp;&nbsp;&nbsp;&nbsp; (45467) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3852) | &nbsp;&nbsp;&nbsp;&nbsp; (205934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1466) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13567) | &nbsp;&nbsp;&nbsp;&nbsp; (627636) | &nbsp;&nbsp;&nbsp;&nbsp; (23622) | &nbsp;&nbsp;&nbsp;&nbsp; (74927) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (309) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18769) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (256) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21818) | &nbsp;&nbsp;&nbsp;&nbsp; (865471) | &nbsp;&nbsp;&nbsp;&nbsp; (47896) | &nbsp;&nbsp;&nbsp; (105308) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49571) | &nbsp;&nbsp;&nbsp; (2172234) | &nbsp;&nbsp;&nbsp;&nbsp; (86721) | &nbsp;&nbsp;&nbsp; (227220) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386452 | &nbsp;&nbsp;&nbsp;&nbsp; 2985664 | &nbsp;&nbsp;&nbsp;&nbsp; 411350 | &nbsp;&nbsp;&nbsp;&nbsp; 530638 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120249 | &nbsp;&nbsp;&nbsp; (2697520) | &nbsp;&nbsp;&nbsp;&nbsp; 459238 | &nbsp;&nbsp;&nbsp; (196154) |
| Beginning of period | &nbsp;&nbsp; 12081317 | &nbsp;&nbsp; 14778837 | &nbsp;&nbsp; 2629388 | &nbsp;&nbsp; 2825542 |
| End of period | $12201566 | $12081317 | $3088626 | $2629388 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

42 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

&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, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $(10019) | $(39780) | $84128 | $154635 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (243016) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343555 | &nbsp;&nbsp;&nbsp;&nbsp; 1794315 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; 539124 | &nbsp;&nbsp; (2850878) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389098 | &nbsp;&nbsp;&nbsp; (3009560) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 286089 | &nbsp;&nbsp; (2733440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816781 | &nbsp;&nbsp;&nbsp; (1060610) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (10987) | &nbsp;&nbsp;&nbsp;&nbsp; (164928) | &nbsp;&nbsp;&nbsp;&nbsp; (130792) | &nbsp;&nbsp;&nbsp;&nbsp; (219981) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5897) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10363) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (12879) | &nbsp;&nbsp;&nbsp;&nbsp; (164559) | &nbsp;&nbsp;&nbsp;&nbsp; (224520) | &nbsp;&nbsp;&nbsp;&nbsp; (392788) |
| Class L | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (702742) | &nbsp;&nbsp;&nbsp; (1064675) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (363) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7028) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10249) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (350) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6561) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11581) |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1915) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4055) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3443) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56755) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11564) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; (31445) | &nbsp;&nbsp;&nbsp;&nbsp; (391225) | &nbsp;&nbsp;&nbsp;&nbsp; (424674) | &nbsp;&nbsp;&nbsp;&nbsp; (571247) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (60515) | &nbsp;&nbsp;&nbsp;&nbsp; (806694) | &nbsp;&nbsp;&nbsp; (1510880) | &nbsp;&nbsp;&nbsp; (2296503) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 345411 | &nbsp;&nbsp;&nbsp; 1447269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 715880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114829 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 570985 | &nbsp;&nbsp; (2092865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21781 | &nbsp;&nbsp;&nbsp; (3242284) |
| Beginning of period | &nbsp;&nbsp; 6979899 | &nbsp;&nbsp;&nbsp; 9072764 | &nbsp;&nbsp; 13808353 | &nbsp;&nbsp; 17050637 |
| End of period | $7550884 | $6979899 | $13830134 | $13808353 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 43

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Value Advantage Fund** | **JPMorgan Value Advantage Fund** |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
| Net investment income (loss) | $82982 | $141716 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 319480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 928467 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; 128072 | &nbsp;&nbsp;&nbsp; (1355497) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 530534 | &nbsp;&nbsp;&nbsp;&nbsp; (285314) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (123104) | &nbsp;&nbsp;&nbsp;&nbsp; (139510) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (23870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40783) |
| Class I | &nbsp;&nbsp;&nbsp; (195765) | &nbsp;&nbsp;&nbsp;&nbsp; (309038) |
| Class L | &nbsp;&nbsp;&nbsp; (151034) | &nbsp;&nbsp;&nbsp;&nbsp; (243763) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (427) |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (206) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (245) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (180) |
| Class R6 | &nbsp;&nbsp;&nbsp; (419748) | &nbsp;&nbsp;&nbsp;&nbsp; (643793) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (914016) | &nbsp;&nbsp;&nbsp; (1377732) |
| **CAPITAL TRANSACTIONS:** |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (23342) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87864 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (406824) | &nbsp;&nbsp;&nbsp; (1575182) |
| Beginning of period | &nbsp;&nbsp; 9576134 | &nbsp;&nbsp; 11151316 |
| End of period | $9169310 | $9576134 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

44 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

&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, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $210410  | $559491 | $59944  | $120225 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 434059 | &nbsp;&nbsp;&nbsp;&nbsp; 14566 | &nbsp;&nbsp;&nbsp;&nbsp; 45435 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (227963) | &nbsp;&nbsp;&nbsp;&nbsp; (501025) | &nbsp;&nbsp;&nbsp;&nbsp; (41052) | &nbsp;&nbsp;&nbsp;&nbsp; (84870) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492525 | &nbsp;&nbsp;&nbsp;&nbsp; 33458 | &nbsp;&nbsp;&nbsp;&nbsp; 80790 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1834 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1462 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (120559) | &nbsp;&nbsp;&nbsp;&nbsp; (297542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7072) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (75686) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3776) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 572272 | &nbsp;&nbsp;&nbsp; 1433710 | &nbsp;&nbsp;&nbsp; 143641 | &nbsp;&nbsp;&nbsp; 415855 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592526 | &nbsp;&nbsp;&nbsp;&nbsp; 23594 | &nbsp;&nbsp;&nbsp;&nbsp; 74821 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (528867) | &nbsp;&nbsp; (1638548) | &nbsp;&nbsp; (115301) | &nbsp;&nbsp; (344560) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387688 | &nbsp;&nbsp;&nbsp;&nbsp; 51934 | &nbsp;&nbsp;&nbsp; 146116 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40) |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2665) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (30749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34294) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (82) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (21773) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 45

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(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, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $1023867 | $2520752 | $411206 | $465999 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 863104 | &nbsp;&nbsp;&nbsp;&nbsp; 47800 | &nbsp;&nbsp;&nbsp; 105241 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (615904) | &nbsp;&nbsp; (1335320) | &nbsp;&nbsp; (142988) | &nbsp;&nbsp; (263814) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 429632 | &nbsp;&nbsp;&nbsp; 2048536 | &nbsp;&nbsp;&nbsp; 316018 | &nbsp;&nbsp;&nbsp; 307426 |
| **Total change in net assets resulting from capital transactions** | $386452 | $2985664 | $411350 | $530638 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2069 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16974) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1473) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1372 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6533) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12340) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (127) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4126) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6894 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1248 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (21473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2210) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5803) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2339 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

46 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1041) | &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) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (835) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7990 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1751 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (23827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2763) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4449) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5292 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 47

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan 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, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $58848  | $193417  | $84080  | $231582 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 10603 | &nbsp;&nbsp;&nbsp;&nbsp; 159203 | &nbsp;&nbsp;&nbsp; 122041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205806 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (94273) | &nbsp;&nbsp;&nbsp; (247726) | &nbsp;&nbsp; (125917) | &nbsp;&nbsp;&nbsp;&nbsp; (503800) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (24822) | &nbsp;&nbsp;&nbsp;&nbsp; 104894 | &nbsp;&nbsp;&nbsp;&nbsp; 80204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66412) |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11733 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10091 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (14744) | &nbsp;&nbsp;&nbsp;&nbsp; (28440) | &nbsp;&nbsp;&nbsp;&nbsp; (17327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21161) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7649) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 663 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 442363 | &nbsp;&nbsp;&nbsp;&nbsp; 567054 | &nbsp;&nbsp;&nbsp; 216239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548260 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 12103 | &nbsp;&nbsp;&nbsp;&nbsp; 155839 | &nbsp;&nbsp;&nbsp; 211365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372132 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (248957) | &nbsp;&nbsp;&nbsp; (609174) | &nbsp;&nbsp; (608205) | &nbsp;&nbsp; (1137558) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 205509 | &nbsp;&nbsp;&nbsp;&nbsp; 113719 | &nbsp;&nbsp; (180601) | &nbsp;&nbsp;&nbsp;&nbsp; (217166) |
| **Class L** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 402806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993214 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 670198 | &nbsp;&nbsp;&nbsp; 1015481 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (896400) | &nbsp;&nbsp; (1694626) |
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 176604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314069 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9585 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10195 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6435) | &nbsp;&nbsp;&nbsp;&nbsp; (16727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15727) |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2276) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4053 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 11182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8559 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10954 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5384) | &nbsp;&nbsp;&nbsp;&nbsp; (41250) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20468) |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6142 | &nbsp;&nbsp;&nbsp;&nbsp; (11634) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (955) |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11063 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4055 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3020) | &nbsp;&nbsp;&nbsp;&nbsp; (11022) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3531) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18919) |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (728) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3801) |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 33304 | &nbsp;&nbsp;&nbsp;&nbsp; 107972 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24053 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11552 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (49977) | &nbsp;&nbsp;&nbsp; (193440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4572) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (62665) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (13464) | &nbsp;&nbsp;&nbsp;&nbsp; (32261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27060) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

48 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $507447  | $1866097 | $660111  | $873051 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 30834 | &nbsp;&nbsp;&nbsp;&nbsp; 387715 | &nbsp;&nbsp;&nbsp; 377967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531604 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (353797) | &nbsp;&nbsp;&nbsp; (997029) | &nbsp;&nbsp; (405337) | &nbsp;&nbsp; (1293217) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 184484 | &nbsp;&nbsp; 1256783 | &nbsp;&nbsp;&nbsp; 632741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111438 |
| **Total change in net assets resulting from capital transactions** | $345411 | $1447269 | $715880 | $114829  |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5644 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5251 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3522) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13249) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2354) |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1052) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (551) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (223) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 11345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13456 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9337 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6457) | &nbsp;&nbsp;&nbsp;&nbsp; (12606) | &nbsp;&nbsp;&nbsp;&nbsp; (16707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27722) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4929) |
| **Class L** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23576 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25025 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (24201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40417) |
| Change in Class L Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8184 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (185) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (366) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (130) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (413) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (856) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (506) |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (266) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 49

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(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, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (218) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (462) |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (86) |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 576 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1264) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4010) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1507) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (343) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (831) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (646) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 12713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37457 | &nbsp;&nbsp;&nbsp;&nbsp; 17659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20888 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7351 | &nbsp;&nbsp;&nbsp;&nbsp; 10632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13105 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8851) | &nbsp;&nbsp;&nbsp;&nbsp; (20244) | &nbsp;&nbsp;&nbsp;&nbsp; (10937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30623) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24564 | &nbsp;&nbsp;&nbsp;&nbsp; 17354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3370 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

50 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Value Advantage Fund** | **JPMorgan Value Advantage Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $274267  | $299267 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 117446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131124 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (159573) | &nbsp;&nbsp;&nbsp;&nbsp; (192533) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 232140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237858 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 20515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51018 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 23478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40129 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (55919) | &nbsp;&nbsp;&nbsp;&nbsp; (106948) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (11926) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15801) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 197340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667039 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 178020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281851 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (363928) | &nbsp;&nbsp;&nbsp;&nbsp; (866946) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 11432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81944 |
| **Class L** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 92362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340532 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 143444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234993 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (333069) | &nbsp;&nbsp;&nbsp;&nbsp; (477379) |
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (97263) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98146 |
| **Class R2** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 |
| **Class R3** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1173 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1128) |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (622) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 383 |
| **Class R4** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1922) |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1525) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 51

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Value Advantage Fund** | **JPMorgan Value Advantage Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |
| **Class R5** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $1416 | $237 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (348) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 314261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808892 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 419131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643064 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (892104) | &nbsp;&nbsp; (1765277) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp; (158712) | &nbsp;&nbsp;&nbsp;&nbsp; (313321) |
| **Total change in net assets resulting from capital transactions** | $(23342) | $87864  |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7374 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3380 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4372) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4700) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6054 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1255 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1041 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2626) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (296) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (330) |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16246 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7212 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9832) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21217) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2241 |
| **Class L** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8313 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6003 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8910) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11792) |
| Change in Class L Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2420) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2524 |
| **Class R2** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

52 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Value Advantage Fund** | **JPMorgan Value Advantage Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **SHARE TRANSACTIONS: (continued)** |  |  |
| **Class R3** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28) |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 |
| **Class R4** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46) |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37) |
| **Class R5** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20027 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 11732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16442 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (23838) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41571) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5102) |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 53

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Growth Advantage Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $22.52 | $(0.04)  | $(0.32) | $(0.36) | $—  | $(0.09)  | $(0.09) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 33.66 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; (6.04) | &nbsp;&nbsp;&nbsp; (6.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.94) | &nbsp;&nbsp; (4.94) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.27 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; 11.67 | &nbsp;&nbsp; 11.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.12) | &nbsp;&nbsp; (3.12) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 21.78 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; 5.74 | &nbsp;&nbsp;&nbsp;&nbsp; 5.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.17) | &nbsp;&nbsp; (2.17) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 21.73 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; 1.89 | &nbsp;&nbsp;&nbsp;&nbsp; 1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (1.76) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 17.95 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; 4.74 | &nbsp;&nbsp;&nbsp;&nbsp; 4.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.84) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.91 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.09) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 27.83 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp; (4.72) | &nbsp;&nbsp;&nbsp; (4.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.94) | &nbsp;&nbsp; (4.94) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.42 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp;&nbsp;&nbsp; 9.79 | &nbsp;&nbsp;&nbsp;&nbsp; 9.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.12) | &nbsp;&nbsp; (3.12) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 18.86 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; 4.89 | &nbsp;&nbsp;&nbsp;&nbsp; 4.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.17) | &nbsp;&nbsp; (2.17) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.16 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; 1.62 | &nbsp;&nbsp;&nbsp;&nbsp; 1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (1.76) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.99 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; 4.20 | &nbsp;&nbsp;&nbsp;&nbsp; 4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.84) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 23.78 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.09) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 35.20 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (6.39) | &nbsp;&nbsp;&nbsp; (6.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.94) | &nbsp;&nbsp; (4.94) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 26.29 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; 12.18 | &nbsp;&nbsp; 12.09 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (3.12) | &nbsp;&nbsp; (3.18) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 22.53 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; 5.95 | &nbsp;&nbsp;&nbsp;&nbsp; 5.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.17) | &nbsp;&nbsp; (2.17) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 22.36 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; 1.96 | &nbsp;&nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (1.76) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.40 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; 4.87 | &nbsp;&nbsp;&nbsp;&nbsp; 4.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.84) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 22.14 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.09) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 33.24 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; (5.95) | &nbsp;&nbsp;&nbsp; (6.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.94) | &nbsp;&nbsp; (4.94) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.05 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; 11.56 | &nbsp;&nbsp; 11.32 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (3.12) | &nbsp;&nbsp; (3.13) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 21.67 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; 5.68 | &nbsp;&nbsp;&nbsp;&nbsp; 5.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.17) | &nbsp;&nbsp; (2.17) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 21.68 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp; 1.88 | &nbsp;&nbsp;&nbsp;&nbsp; 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (1.76) |
| July 31, 2017 (g) through June 30, 2018 | &nbsp;&nbsp; 18.47 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; 4.19 | &nbsp;&nbsp;&nbsp;&nbsp; 4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.84) |
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 22.48 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; (0.33) | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.09) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 33.61 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp; (6.05) | &nbsp;&nbsp;&nbsp; (6.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.94) | &nbsp;&nbsp; (4.94) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.27 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; 11.68 | &nbsp;&nbsp; 11.51 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (3.12) | &nbsp;&nbsp; (3.17) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 21.79 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; 5.73 | &nbsp;&nbsp;&nbsp;&nbsp; 5.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.17) | &nbsp;&nbsp; (2.17) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 21.74 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; 1.88 | &nbsp;&nbsp;&nbsp;&nbsp; 1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (1.76) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 17.96 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; 4.73 | &nbsp;&nbsp;&nbsp;&nbsp; 4.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.84) |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 23.79 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.09) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 35.21 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; (6.38) | &nbsp;&nbsp;&nbsp; (6.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.94) | &nbsp;&nbsp; (4.94) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 26.29 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; 12.17 | &nbsp;&nbsp; 12.08 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (3.12) | &nbsp;&nbsp; (3.16) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 22.53 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; 5.95 | &nbsp;&nbsp;&nbsp;&nbsp; 5.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.17) | &nbsp;&nbsp; (2.17) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 22.36 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; 1.96 | &nbsp;&nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (1.76) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.40 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; 4.83 | &nbsp;&nbsp;&nbsp;&nbsp; 4.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.84) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

54 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $22.07 | &nbsp;&nbsp; (1.61)% | $2304002 | 1.04% (f) | (0.36)% (f) | 1.14% (f) | 11% |
| &nbsp;&nbsp; 22.52 | (22.53) | &nbsp;&nbsp; 2362435 | 1.08 | (0.54) | 1.14 | 33 |
| &nbsp;&nbsp; 33.66 | 47.55 | &nbsp;&nbsp; 3013691 | 1.13 | (0.54) | 1.14 | 43 |
| &nbsp;&nbsp; 25.27 | 27.87 | &nbsp;&nbsp; 2032870 | 1.14 | (0.36) | 1.16 | 47 |
| &nbsp;&nbsp; 21.78 | &nbsp;&nbsp;&nbsp; 9.63 | &nbsp;&nbsp; 1825607 | 1.14 | (0.38) | 1.25 | 40 |
| &nbsp;&nbsp; 21.73 | 26.22 | &nbsp;&nbsp; 1724681 | 1.16 | (0.57) | 1.25 | 31 |
| &nbsp;&nbsp; 17.49 | &nbsp;&nbsp; (1.85) | &nbsp;&nbsp;&nbsp;&nbsp; 706839 | 1.54(f) | (0.87)(f) | 1.64(f) | 11 |
| &nbsp;&nbsp; 17.91 | (22.90) | &nbsp;&nbsp;&nbsp;&nbsp; 798037 | 1.58 | (1.05) | 1.64 | 33 |
| &nbsp;&nbsp; 27.83 | 46.80 | &nbsp;&nbsp; 1218051 | 1.63 | (1.04) | 1.63 | 43 |
| &nbsp;&nbsp; 21.42 | 27.20 | &nbsp;&nbsp;&nbsp;&nbsp; 942512 | 1.64 | (0.86) | 1.66 | 47 |
| &nbsp;&nbsp; 18.86 | &nbsp;&nbsp;&nbsp; 9.06 | &nbsp;&nbsp;&nbsp;&nbsp; 793489 | 1.64 | (0.88) | 1.75 | 40 |
| &nbsp;&nbsp; 19.16 | 25.60 | &nbsp;&nbsp;&nbsp;&nbsp; 740817 | 1.66 | (1.07) | 1.76 | 31 |
| &nbsp;&nbsp; 23.33 | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; 3361734 | 0.79(f) | (0.11)(f) | 0.89(f) | 11 |
| &nbsp;&nbsp; 23.78 | (22.33) | &nbsp;&nbsp; 3376110 | 0.83 | (0.29) | 0.89 | 33 |
| &nbsp;&nbsp; 35.20 | 47.95 | &nbsp;&nbsp; 4622602 | 0.88 | (0.29) | 0.88 | 43 |
| &nbsp;&nbsp; 26.29 | 28.15 | &nbsp;&nbsp; 2827894 | 0.89 | (0.11) | 0.90 | 47 |
| &nbsp;&nbsp; 22.53 | &nbsp;&nbsp;&nbsp; 9.91 | &nbsp;&nbsp; 2107041 | 0.89 | (0.12) | 1.00 | 40 |
| &nbsp;&nbsp; 22.36 | 26.56 | &nbsp;&nbsp; 1753505 | 0.92 | (0.32) | &nbsp;&nbsp;&nbsp;&nbsp; — | 31 |
| &nbsp;&nbsp; 21.66 | &nbsp;&nbsp; (1.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5298 | 1.30(f) | (0.63)(f) | 1.43(f) | 11 |
| &nbsp;&nbsp; 22.14 | (22.71) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4972 | 1.32 | (0.75) | 1.56 | 33 |
| &nbsp;&nbsp; 33.24 | 47.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510 | 1.39 | (0.79) | 1.66 | 43 |
| &nbsp;&nbsp; 25.05 | 27.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 | 1.39 | (0.59) | 1.88 | 47 |
| &nbsp;&nbsp; 21.67 | &nbsp;&nbsp;&nbsp; 9.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | 1.39 | (0.61) | 2.24 | 40 |
| &nbsp;&nbsp; 21.68 | 22.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | 1.41 | (0.77) | 1.59 | 31 |
| &nbsp;&nbsp; 22.02 | &nbsp;&nbsp; (1.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13006 | 1.05(f) | (0.38)(f) | 1.15(f) | 11 |
| &nbsp;&nbsp; 22.48 | (22.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13221 | 1.08 | (0.50) | 1.16 | 33 |
| &nbsp;&nbsp; 33.61 | 47.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5089 | 1.14 | (0.54) | 1.17 | 43 |
| &nbsp;&nbsp; 25.27 | 27.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1076 | 1.14 | (0.36) | 1.24 | 47 |
| &nbsp;&nbsp; 21.79 | &nbsp;&nbsp;&nbsp; 9.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 | 1.14 | (0.36) | 1.40 | 40 |
| &nbsp;&nbsp; 21.74 | 26.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 266 | 1.15 | (0.53) | 1.28 | 31 |
| &nbsp;&nbsp; 23.34 | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20146 | 0.80(f) | (0.12)(f) | 0.89(f) | 11 |
| &nbsp;&nbsp; 23.79 | (22.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15452 | 0.83 | (0.30) | 0.89 | 33 |
| &nbsp;&nbsp; 35.21 | 47.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22559 | 0.88 | (0.29) | 0.88 | 43 |
| &nbsp;&nbsp; 26.29 | 28.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17739 | 0.89 | (0.11) | 0.90 | 47 |
| &nbsp;&nbsp; 22.53 | &nbsp;&nbsp;&nbsp; 9.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16423 | 0.89 | (0.12) | 1.00 | 40 |
| &nbsp;&nbsp; 22.36 | 26.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12005 | 0.88 | (0.16) | 1.00 | 31 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 55

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Growth Advantage Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $24.59 | $— (h) | $(0.36) | $(0.36) | $—  | $(0.09)  | $(0.09) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 36.18 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp; (6.60) | &nbsp;&nbsp;&nbsp; (6.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.94) | &nbsp;&nbsp; (4.94) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 26.93 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; 12.50 | &nbsp;&nbsp; 12.45 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (3.12) | &nbsp;&nbsp; (3.20) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.00 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 6.09 | &nbsp;&nbsp;&nbsp;&nbsp; 6.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.17) | &nbsp;&nbsp; (2.17) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 22.76 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 1.99 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (1.76) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.69 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; 4.95 | &nbsp;&nbsp;&nbsp;&nbsp; 4.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.84) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 24.88 | &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.09) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 36.52 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (6.69) | &nbsp;&nbsp;&nbsp; (6.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.94) | &nbsp;&nbsp; (4.94) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 27.16 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; 12.59 | &nbsp;&nbsp; 12.58 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (3.12) | &nbsp;&nbsp; (3.22) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 23.15 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp; 6.15 | &nbsp;&nbsp;&nbsp;&nbsp; 6.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.17) | &nbsp;&nbsp; (2.17) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 22.87 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp; 2.01 | &nbsp;&nbsp;&nbsp;&nbsp; 2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (1.76) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.76 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; 4.97 | &nbsp;&nbsp;&nbsp;&nbsp; 4.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.84) | &nbsp;&nbsp; (0.84) |

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Commencement of offering of class of shares.

(h) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

56 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $24.14 | &nbsp;&nbsp; (1.47)% | $81317  | 0.65% (f) | 0.03% (f) | 0.74% (f) | 11% |
| &nbsp;&nbsp; 24.59 | (22.18) | &nbsp;&nbsp;&nbsp;&nbsp; 103367 | 0.68 | (0.15) | 0.74 | 33 |
| &nbsp;&nbsp; 36.18 | 48.16 | &nbsp;&nbsp;&nbsp;&nbsp; 141386 | 0.73 | (0.14) | 0.73 | 43 |
| &nbsp;&nbsp; 26.93 | 28.32 | &nbsp;&nbsp;&nbsp;&nbsp; 133780 | 0.74 | 0.04 | 0.76 | 47 |
| &nbsp;&nbsp; 23.00 | 10.05 | &nbsp;&nbsp;&nbsp;&nbsp; 118449 | 0.74 | 0.02 | 0.85 | 40 |
| &nbsp;&nbsp; 22.76 | 26.74 | &nbsp;&nbsp;&nbsp;&nbsp; 112830 | 0.77 | (0.18) | 0.85 | 31 |
| &nbsp;&nbsp; 24.44 | &nbsp;&nbsp; (1.41) | &nbsp;&nbsp; 5709224 | 0.55(f) | 0.13(f) | 0.64(f) | 11 |
| &nbsp;&nbsp; 24.88 | (22.11) | &nbsp;&nbsp; 5407723 | 0.58 | (0.03) | 0.64 | 33 |
| &nbsp;&nbsp; 36.52 | 48.28 | &nbsp;&nbsp; 5754949 | 0.63 | (0.03) | 0.63 | 43 |
| &nbsp;&nbsp; 27.16 | 28.49 | &nbsp;&nbsp; 4854095 | 0.64 | 0.14 | 0.65 | 47 |
| &nbsp;&nbsp; 23.15 | 10.18 | &nbsp;&nbsp; 4527544 | 0.64 | 0.12 | 0.75 | 40 |
| &nbsp;&nbsp; 22.87 | 26.86 | &nbsp;&nbsp; 4347440 | 0.67 | (0.07) | 0.75 | 31 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 57

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Mid Cap Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $48.06 | $0.07  | $2.31  | $2.38  | $(0.12)  | $(1.18)  | $(1.30) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 62.14 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; (9.53) | &nbsp;&nbsp;&nbsp; (9.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.60) | &nbsp;&nbsp; (4.60) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 47.20 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; 21.27 | &nbsp;&nbsp; 21.24 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (6.22) | &nbsp;&nbsp; (6.30) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 50.52 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp; 0.78 | &nbsp;&nbsp;&nbsp;&nbsp; 0.91 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (3.93) | &nbsp;&nbsp; (4.23) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 51.57 | &nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp; 4.04 | &nbsp;&nbsp;&nbsp;&nbsp; 4.22 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (5.14) | &nbsp;&nbsp; (5.27) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 48.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(g) | &nbsp;&nbsp;&nbsp;&nbsp; 5.89 | &nbsp;&nbsp;&nbsp;&nbsp; 5.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; (2.85) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 44.88 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp;&nbsp;&nbsp; 2.16 | &nbsp;&nbsp;&nbsp;&nbsp; 2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.18) | &nbsp;&nbsp; (1.18) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 58.61 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp; (8.88) | &nbsp;&nbsp;&nbsp; (9.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.60) | &nbsp;&nbsp; (4.60) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 44.95 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; 20.17 | &nbsp;&nbsp; 19.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.22) | &nbsp;&nbsp; (6.22) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 48.32 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; 0.71 | &nbsp;&nbsp;&nbsp;&nbsp; 0.61 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (3.93) | &nbsp;&nbsp; (3.98) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 49.66 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; 3.84 | &nbsp;&nbsp;&nbsp;&nbsp; 3.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.14) | &nbsp;&nbsp; (5.14) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 47.05 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; 5.70 | &nbsp;&nbsp;&nbsp;&nbsp; 5.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; (2.85) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 49.19 | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp; 2.36 | &nbsp;&nbsp;&nbsp;&nbsp; 2.50 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (1.18) | &nbsp;&nbsp; (1.42) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 63.43 | &nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; (9.75) | &nbsp;&nbsp;&nbsp; (9.55) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (4.60) | &nbsp;&nbsp; (4.69) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.07 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp; 21.66 | &nbsp;&nbsp; 21.79 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (6.22) | &nbsp;&nbsp; (6.43) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 51.35 | &nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 0.80 | &nbsp;&nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (3.93) | &nbsp;&nbsp; (4.33) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 52.32 | &nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp;&nbsp; 4.07 | &nbsp;&nbsp;&nbsp;&nbsp; 4.40 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (5.14) | &nbsp;&nbsp; (5.37) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 49.13 | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp;&nbsp; 5.97 | &nbsp;&nbsp;&nbsp;&nbsp; 6.11 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; (2.92) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 47.19 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 2.26 | &nbsp;&nbsp;&nbsp;&nbsp; 2.27 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (1.18) | &nbsp;&nbsp; (1.23) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 61.24 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; (9.36) | &nbsp;&nbsp;&nbsp; (9.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.60) | &nbsp;&nbsp; (4.60) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 46.64 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; 21.00 | &nbsp;&nbsp; 20.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.22) | &nbsp;&nbsp; (6.22) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 49.96 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 0.76 | &nbsp;&nbsp;&nbsp;&nbsp; 0.77 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (3.93) | &nbsp;&nbsp; (4.09) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 51.08 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp;&nbsp;&nbsp; 4.05 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (5.14) | &nbsp;&nbsp; (5.17) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 48.21 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; 5.86 | &nbsp;&nbsp;&nbsp;&nbsp; 5.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; (2.85) |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 49.42 | &nbsp;&nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp;&nbsp; 2.13 | &nbsp;&nbsp;&nbsp;&nbsp; 2.55 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (1.18) | &nbsp;&nbsp; (1.55) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 63.52 | &nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; (9.74) | &nbsp;&nbsp;&nbsp; (9.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.60) | &nbsp;&nbsp; (4.60) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.11 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp; 21.74 | &nbsp;&nbsp; 21.90 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (6.22) | &nbsp;&nbsp; (6.49) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 51.37 | &nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp;&nbsp; 0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 1.13 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (3.93) | &nbsp;&nbsp; (4.39) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 52.35 | &nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 4.06 | &nbsp;&nbsp;&nbsp;&nbsp; 4.47 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (5.14) | &nbsp;&nbsp; (5.45) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 49.17 | &nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp;&nbsp; 5.94 | &nbsp;&nbsp;&nbsp;&nbsp; 6.18 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; (3.00) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

58 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $49.14 | &nbsp;&nbsp;&nbsp; 4.85% | $570660 | 1.14% (f) | 0.28% (f) | 1.26% (f) | 14% |
| &nbsp;&nbsp; 48.06 | (16.58) | &nbsp;&nbsp; 526401 | 1.15 | 0.08 | 1.26 | 33 |
| &nbsp;&nbsp; 62.14 | 47.31 | &nbsp;&nbsp; 595304 | 1.14 | (0.05) | 1.26 | 54 |
| &nbsp;&nbsp; 47.20 | &nbsp;&nbsp;&nbsp; 2.20 | &nbsp;&nbsp; 405857 | 1.14 | 0.28 | 1.26 | 49 |
| &nbsp;&nbsp; 50.52 | &nbsp;&nbsp;&nbsp; 9.92 | &nbsp;&nbsp; 451118 | 1.13 | 0.37 | 1.26 | 34 |
| &nbsp;&nbsp; 51.57 | 12.37 | &nbsp;&nbsp; 402897 | 1.17 | 0.01 | 1.25 | 31 |
| &nbsp;&nbsp; 45.81 | &nbsp;&nbsp;&nbsp; 4.60 | &nbsp;&nbsp;&nbsp;&nbsp; 14711 | 1.64(f) | (0.22)(f) | 1.77(f) | 14 |
| &nbsp;&nbsp; 44.88 | (17.00) | &nbsp;&nbsp;&nbsp;&nbsp; 13761 | 1.65 | (0.44) | 1.77 | 33 |
| &nbsp;&nbsp; 58.61 | 46.59 | &nbsp;&nbsp;&nbsp;&nbsp; 21836 | 1.63 | (0.56) | 1.75 | 54 |
| &nbsp;&nbsp; 44.95 | &nbsp;&nbsp;&nbsp; 1.69 | &nbsp;&nbsp;&nbsp;&nbsp; 20753 | 1.64 | (0.23) | 1.76 | 49 |
| &nbsp;&nbsp; 48.32 | &nbsp;&nbsp;&nbsp; 9.37 | &nbsp;&nbsp;&nbsp;&nbsp; 24071 | 1.63 | (0.09) | 1.76 | 34 |
| &nbsp;&nbsp; 49.66 | 11.83 | &nbsp;&nbsp;&nbsp;&nbsp; 27666 | 1.67 | (0.50) | 1.76 | 31 |
| &nbsp;&nbsp; 50.27 | &nbsp;&nbsp;&nbsp; 4.99 | &nbsp;&nbsp; 872575 | 0.89(f) | 0.53(f) | 1.01(f) | 14 |
| &nbsp;&nbsp; 49.19 | (16.37) | &nbsp;&nbsp; 802716 | 0.90 | 0.33 | 1.02 | 33 |
| &nbsp;&nbsp; 63.43 | 47.67 | &nbsp;&nbsp; 886782 | 0.89 | 0.23 | 1.00 | 54 |
| &nbsp;&nbsp; 48.07 | &nbsp;&nbsp;&nbsp; 2.46 | &nbsp;&nbsp; 341317 | 0.89 | 0.53 | 1.01 | 49 |
| &nbsp;&nbsp; 51.35 | 10.20 | &nbsp;&nbsp; 301071 | 0.88 | 0.65 | 1.00 | 34 |
| &nbsp;&nbsp; 52.32 | 12.68 | &nbsp;&nbsp; 326026 | 0.89 | 0.26 | 1.00 | 31 |
| &nbsp;&nbsp; 48.23 | &nbsp;&nbsp;&nbsp; 4.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776 | 1.39(f) | 0.05(f) | 1.62(f) | 14 |
| &nbsp;&nbsp; 47.19 | (16.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552 | 1.40 | (0.16) | 1.66 | 33 |
| &nbsp;&nbsp; 61.24 | 46.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555 | 1.38 | (0.33) | 1.59 | 54 |
| &nbsp;&nbsp; 46.64 | &nbsp;&nbsp;&nbsp; 1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 623 | 1.39 | 0.03 | 1.55 | 49 |
| &nbsp;&nbsp; 49.96 | &nbsp;&nbsp;&nbsp; 9.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524 | 1.38 | 0.10 | 1.57 | 34 |
| &nbsp;&nbsp; 51.08 | 12.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443 | 1.43 | (0.28) | 1.57 | 31 |
| &nbsp;&nbsp; 50.42 | &nbsp;&nbsp;&nbsp; 5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8570 | 0.74 | 1.61 | 0.91 | 14 |
| &nbsp;&nbsp; 49.42 | (16.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | 0.74 | 0.39 | 0.91 | 33 |
| &nbsp;&nbsp; 63.52 | 47.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | 0.74 | 0.29 | 0.87 | 54 |
| &nbsp;&nbsp; 48.11 | &nbsp;&nbsp;&nbsp; 2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871 | 0.74 | 0.61 | 0.86 | 49 |
| &nbsp;&nbsp; 51.37 | 10.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6073 | 0.73 | 0.81 | 0.86 | 34 |
| &nbsp;&nbsp; 52.35 | 12.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6499 | 0.75 | 0.47 | 0.85 | 31 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 59

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Mid Cap Equity Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $49.32 | $0.21 | $2.37  | $2.58  | $(0.37)  | $(1.18)  | $(1.55) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 63.57 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; (9.78) | &nbsp;&nbsp;&nbsp; (9.43) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (4.60) | &nbsp;&nbsp; (4.82) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.14 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp; 21.71 | &nbsp;&nbsp; 21.97 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (6.22) | &nbsp;&nbsp; (6.54) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 51.41 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp;&nbsp; 0.81 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (3.93) | &nbsp;&nbsp; (4.45) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 52.39 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp;&nbsp; 4.09 | &nbsp;&nbsp;&nbsp;&nbsp; 4.52 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (5.14) | &nbsp;&nbsp; (5.50) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 49.18 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp;&nbsp; 5.96 | &nbsp;&nbsp;&nbsp;&nbsp; 6.23 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (2.85) | &nbsp;&nbsp; (3.02) |

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

60 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $50.35 | &nbsp;&nbsp;&nbsp; 5.14% | $1621334 | 0.64% (f) | 0.79% (f) | 0.76% (f) | 14% |
| &nbsp;&nbsp; 49.32 | (16.17) | &nbsp;&nbsp; 1285957 | 0.65 | 0.59 | 0.76 | 33 |
| &nbsp;&nbsp; 63.57 | 48.03 | &nbsp;&nbsp; 1320991 | 0.64 | 0.45 | 0.75 | 54 |
| &nbsp;&nbsp; 48.14 | &nbsp;&nbsp;&nbsp; 2.72 | &nbsp;&nbsp;&nbsp;&nbsp; 867761 | 0.64 | 0.75 | 0.76 | 49 |
| &nbsp;&nbsp; 51.41 | 10.48 | &nbsp;&nbsp; 2008540 | 0.63 | 0.87 | 0.75 | 34 |
| &nbsp;&nbsp; 52.39 | 12.93 | &nbsp;&nbsp; 1970177 | 0.67 | 0.51 | 0.75 | 31 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 61

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Mid Cap Growth Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $29.58 | $(0.09)  | $1.30  | $1.21  | $—  | $(0.30)  | $(0.30) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 46.20 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (11.67) | &nbsp;&nbsp; (11.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (4.64) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 36.43 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp; 15.58 | &nbsp;&nbsp;&nbsp; 15.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.45) | &nbsp;&nbsp; (5.45) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 32.94 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; 6.50 | &nbsp;&nbsp;&nbsp;&nbsp; 6.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.81) | &nbsp;&nbsp; (2.81) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 30.84 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; 4.42 | &nbsp;&nbsp;&nbsp;&nbsp; 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.15) | &nbsp;&nbsp; (2.15) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 27.99 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; 5.18 | &nbsp;&nbsp;&nbsp;&nbsp; 4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.14) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 19.86 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; 0.87 | &nbsp;&nbsp;&nbsp;&nbsp; 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.30) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 32.69 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp; (7.83) | &nbsp;&nbsp;&nbsp;&nbsp; (8.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (4.64) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 27.15 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; 11.41 | &nbsp;&nbsp;&nbsp; 10.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.45) | &nbsp;&nbsp; (5.45) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 25.34 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp; 4.90 | &nbsp;&nbsp;&nbsp;&nbsp; 4.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.81) | &nbsp;&nbsp; (2.81) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 24.37 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; 3.37 | &nbsp;&nbsp;&nbsp;&nbsp; 3.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.15) | &nbsp;&nbsp; (2.15) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 22.64 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; 4.14 | &nbsp;&nbsp;&nbsp;&nbsp; 3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.14) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 36.62 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; 1.61 | &nbsp;&nbsp;&nbsp;&nbsp; 1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.30) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 55.95 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (14.44) | &nbsp;&nbsp; (14.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (4.64) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 43.11 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp; 18.58 | &nbsp;&nbsp;&nbsp; 18.30 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (5.45) | &nbsp;&nbsp; (5.46) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 38.37 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; 7.67 | &nbsp;&nbsp;&nbsp;&nbsp; 7.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.81) | &nbsp;&nbsp; (2.81) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 35.44 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; 5.17 | &nbsp;&nbsp;&nbsp;&nbsp; 5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.15) | &nbsp;&nbsp; (2.15) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 31.79 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; 5.89 | &nbsp;&nbsp;&nbsp;&nbsp; 5.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.14) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 32.93 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; 1.45 | &nbsp;&nbsp;&nbsp;&nbsp; 1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.30) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 51.05 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (13.01) | &nbsp;&nbsp; (13.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (4.64) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 39.90 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp; 17.12 | &nbsp;&nbsp;&nbsp; 16.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.45) | &nbsp;&nbsp; (5.45) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 35.91 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp;&nbsp; 7.11 | &nbsp;&nbsp;&nbsp;&nbsp; 6.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.81) | &nbsp;&nbsp; (2.81) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 33.49 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; 4.84 | &nbsp;&nbsp;&nbsp;&nbsp; 4.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.15) | &nbsp;&nbsp; (2.15) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 30.31 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp;&nbsp;&nbsp; 5.60 | &nbsp;&nbsp;&nbsp;&nbsp; 5.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.14) |
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 35.80 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; 1.57 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.30) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 54.95 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (14.10) | &nbsp;&nbsp; (14.51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (4.64) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 42.53 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp;&nbsp; 18.30 | &nbsp;&nbsp;&nbsp; 17.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.45) | &nbsp;&nbsp; (5.45) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 38.01 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; 7.56 | &nbsp;&nbsp;&nbsp;&nbsp; 7.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.81) | &nbsp;&nbsp; (2.81) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 35.23 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; 5.13 | &nbsp;&nbsp;&nbsp;&nbsp; 4.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.15) | &nbsp;&nbsp; (2.15) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 31.71 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp; 5.85 | &nbsp;&nbsp;&nbsp;&nbsp; 5.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.14) |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 36.47 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp; 1.59 | &nbsp;&nbsp;&nbsp;&nbsp; 1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.30) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 55.76 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (14.37) | &nbsp;&nbsp; (14.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (4.64) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 43.00 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; 18.53 | &nbsp;&nbsp;&nbsp; 18.22 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (5.45) | &nbsp;&nbsp; (5.46) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 38.30 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp; 7.65 | &nbsp;&nbsp;&nbsp;&nbsp; 7.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.81) | &nbsp;&nbsp; (2.81) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 35.40 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp; 5.16 | &nbsp;&nbsp;&nbsp;&nbsp; 5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.15) | &nbsp;&nbsp; (2.15) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 31.77 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp; 5.89 | &nbsp;&nbsp;&nbsp;&nbsp; 5.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.14) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

62 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| 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;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $30.49 | &nbsp;&nbsp;&nbsp; 4.04% | $1129960 | 1.14% (f) | (0.58)% (f) | 1.26% (f) | 15% |
| &nbsp;&nbsp; 29.58 | (28.80) | &nbsp;&nbsp; 1119928 | 1.18 | (0.78) | 1.26 | 45 |
| &nbsp;&nbsp; 46.20 | 43.59 | &nbsp;&nbsp; 1642278 | 1.24 | (0.85) | 1.26 | 42 |
| &nbsp;&nbsp; 36.43 | 20.30 | &nbsp;&nbsp; 1141467 | 1.24 | (0.62) | 1.27 | 63 |
| &nbsp;&nbsp; 32.94 | 15.37 | &nbsp;&nbsp; 1012686 | 1.23 | (0.56) | 1.28 | 54 |
| &nbsp;&nbsp; 30.84 | 18.39 | &nbsp;&nbsp;&nbsp;&nbsp; 934982 | 1.23 | (0.62) | 1.30 | 56 |
| &nbsp;&nbsp; 20.32 | &nbsp;&nbsp;&nbsp; 3.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59829 | 1.64(f) | (1.08)(f) | 1.75(f) | 15 |
| &nbsp;&nbsp; 19.86 | (29.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67482 | 1.68 | (1.28) | 1.75 | 45 |
| &nbsp;&nbsp; 32.69 | 42.84 | &nbsp;&nbsp;&nbsp;&nbsp; 109845 | 1.74 | (1.36) | 1.75 | 42 |
| &nbsp;&nbsp; 27.15 | 19.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86046 | 1.74 | (1.12) | 1.75 | 63 |
| &nbsp;&nbsp; 25.34 | 14.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83558 | 1.73 | (1.06) | 1.75 | 54 |
| &nbsp;&nbsp; 24.37 | 17.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82939 | 1.73 | (1.12) | 1.76 | 56 |
| &nbsp;&nbsp; 37.87 | &nbsp;&nbsp;&nbsp; 4.19 | &nbsp;&nbsp; 1647731 | 0.89(f) | (0.32)(f) | 1.00(f) | 15 |
| &nbsp;&nbsp; 36.62 | (28.62) | &nbsp;&nbsp; 1403485 | 0.91 | (0.50) | 1.00 | 45 |
| &nbsp;&nbsp; 55.95 | 44.02 | &nbsp;&nbsp; 2003878 | 0.93 | (0.54) | 0.99 | 42 |
| &nbsp;&nbsp; 43.11 | 20.70 | &nbsp;&nbsp; 1205433 | 0.93 | (0.31) | 1.00 | 63 |
| &nbsp;&nbsp; 38.37 | 15.73 | &nbsp;&nbsp; 1085728 | 0.92 | (0.25) | 1.00 | 54 |
| &nbsp;&nbsp; 35.44 | 18.72 | &nbsp;&nbsp; 1140704 | 0.92 | (0.30) | 1.00 | 56 |
| &nbsp;&nbsp; 33.92 | &nbsp;&nbsp;&nbsp; 3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41226 | 1.45(f) | (0.89)(f) | 1.54(f) | 15 |
| &nbsp;&nbsp; 32.93 | (29.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42153 | 1.47 | (1.06) | 1.54 | 45 |
| &nbsp;&nbsp; 51.05 | 43.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57273 | 1.49 | (1.10) | 1.53 | 42 |
| &nbsp;&nbsp; 39.90 | 20.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39404 | 1.49 | (0.87) | 1.55 | 63 |
| &nbsp;&nbsp; 35.91 | 15.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44453 | 1.48 | (0.81) | 1.55 | 54 |
| &nbsp;&nbsp; 33.49 | 18.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38486 | 1.48 | (0.87) | 1.57 | 56 |
| &nbsp;&nbsp; 36.95 | &nbsp;&nbsp;&nbsp; 4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44066 | 1.20(f) | (0.63)(f) | 1.25(f) | 15 |
| &nbsp;&nbsp; 35.80 | (28.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36455 | 1.22 | (0.82) | 1.25 | 45 |
| &nbsp;&nbsp; 54.95 | 43.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70608 | 1.24 | (0.86) | 1.24 | 42 |
| &nbsp;&nbsp; 42.53 | 20.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42573 | 1.24 | (0.61) | 1.25 | 63 |
| &nbsp;&nbsp; 38.01 | 15.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30023 | 1.23 | (0.56) | 1.25 | 54 |
| &nbsp;&nbsp; 35.23 | 18.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26638 | 1.23 | (0.54) | 1.26 | 56 |
| &nbsp;&nbsp; 37.69 | &nbsp;&nbsp;&nbsp; 4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19405 | 0.95(f) | (0.39)(f) | 1.00(f) | 15 |
| &nbsp;&nbsp; 36.47 | (28.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19437 | 0.97 | (0.56) | 1.00 | 45 |
| &nbsp;&nbsp; 55.76 | 43.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22947 | 0.99 | (0.60) | 0.99 | 42 |
| &nbsp;&nbsp; 43.00 | 20.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11194 | 0.99 | (0.37) | 1.00 | 63 |
| &nbsp;&nbsp; 38.30 | 15.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9343 | 0.98 | (0.31) | 1.00 | 54 |
| &nbsp;&nbsp; 35.40 | 18.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14320 | 0.98 | (0.33) | 1.01 | 56 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 63

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Mid Cap Growth Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $37.42 | $(0.04)  | $1.64  | $1.60  | $—  | $(0.30)  | $(0.30) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 57.00 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (14.74) | &nbsp;&nbsp; (14.94) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (4.64) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 43.81 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; 18.90 | &nbsp;&nbsp;&nbsp; 18.69 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (5.45) | &nbsp;&nbsp; (5.50) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 38.90 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; 7.78 | &nbsp;&nbsp;&nbsp;&nbsp; 7.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.81) | &nbsp;&nbsp; (2.81) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 35.85 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; 5.24 | &nbsp;&nbsp;&nbsp;&nbsp; 5.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.15) | &nbsp;&nbsp; (2.15) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 32.09 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp; 5.96 | &nbsp;&nbsp;&nbsp;&nbsp; 5.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.14) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 37.73 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp; 1.65 | &nbsp;&nbsp;&nbsp;&nbsp; 1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.30) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 57.39 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (14.86) | &nbsp;&nbsp; (15.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.64) | &nbsp;&nbsp; (4.64) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 44.07 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp; 19.03 | &nbsp;&nbsp;&nbsp; 18.84 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (5.45) | &nbsp;&nbsp; (5.52) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 39.09 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; 7.83 | &nbsp;&nbsp;&nbsp;&nbsp; 7.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.81) | &nbsp;&nbsp; (2.81) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 36.00 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; 5.26 | &nbsp;&nbsp;&nbsp;&nbsp; 5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.15) | &nbsp;&nbsp; (2.15) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 32.20 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; 5.98 | &nbsp;&nbsp;&nbsp;&nbsp; 5.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.14) |

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

64 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| 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;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $38.72 | &nbsp;&nbsp;&nbsp; 4.23% | $450551  | 0.79% (f) | (0.23)% (f) | 0.85% (f) | 15% |
| &nbsp;&nbsp; 37.42 | (28.53) | &nbsp;&nbsp;&nbsp;&nbsp; 448298 | 0.79 | (0.39) | 0.85 | 45 |
| &nbsp;&nbsp; 57.00 | 44.22 | &nbsp;&nbsp;&nbsp;&nbsp; 730273 | 0.79 | (0.40) | 0.84 | 42 |
| &nbsp;&nbsp; 43.81 | 20.86 | &nbsp;&nbsp;&nbsp;&nbsp; 519097 | 0.79 | (0.17) | 0.85 | 63 |
| &nbsp;&nbsp; 38.90 | 15.89 | &nbsp;&nbsp;&nbsp;&nbsp; 457513 | 0.78 | (0.11) | 0.85 | 54 |
| &nbsp;&nbsp; 35.85 | 18.89 | &nbsp;&nbsp;&nbsp;&nbsp; 313336 | 0.78 | (0.16) | 0.85 | 56 |
| &nbsp;&nbsp; 39.05 | &nbsp;&nbsp;&nbsp; 4.25 | &nbsp;&nbsp; 4158116 | 0.70(f) | (0.13)(f) | 0.75(f) | 15 |
| &nbsp;&nbsp; 37.73 | (28.47) | &nbsp;&nbsp; 3842661 | 0.72 | (0.31) | 0.75 | 45 |
| &nbsp;&nbsp; 57.39 | 44.30 | &nbsp;&nbsp; 4435662 | 0.74 | (0.35) | 0.74 | 42 |
| &nbsp;&nbsp; 44.07 | 20.94 | &nbsp;&nbsp; 2435853 | 0.74 | (0.11) | 0.75 | 63 |
| &nbsp;&nbsp; 39.09 | 15.94 | &nbsp;&nbsp; 1835188 | 0.73 | (0.05) | 0.75 | 54 |
| &nbsp;&nbsp; 36.00 | 18.95 | &nbsp;&nbsp; 1365839 | 0.73 | (0.11) | 0.76 | 56 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 65

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Mid Cap Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $34.90 | $0.15  | $1.94  | $2.09  | $(0.28)  | $(3.59)  | $(3.87) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 43.69 | &nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; (2.97) | &nbsp;&nbsp;&nbsp; (2.73) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (5.90) | &nbsp;&nbsp; (6.06) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 31.12 | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp; 15.09 | &nbsp;&nbsp; 15.26 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (2.69) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 38.02 | &nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp; (5.35) | &nbsp;&nbsp;&nbsp; (5.02) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (1.55) | &nbsp;&nbsp; (1.88) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 39.24 | &nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87 | &nbsp;&nbsp;&nbsp;&nbsp; 1.32 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp; (2.54) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 37.80 | &nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp;&nbsp; 2.14 | &nbsp;&nbsp;&nbsp;&nbsp; 2.34 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (0.90) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 33.10 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp; 1.85 | &nbsp;&nbsp;&nbsp;&nbsp; 1.90 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (3.59) | &nbsp;&nbsp; (3.66) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 41.77 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; (2.80) | &nbsp;&nbsp;&nbsp; (2.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.90) | &nbsp;&nbsp; (5.90) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 29.77 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; 14.44 | &nbsp;&nbsp; 14.42 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (2.42) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 36.44 | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp; (5.14) | &nbsp;&nbsp;&nbsp; (5.00) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (1.55) | &nbsp;&nbsp; (1.67) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 37.68 | &nbsp;&nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp;&nbsp; 0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 1.09 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp; (2.33) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 36.35 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; 2.07 | &nbsp;&nbsp;&nbsp;&nbsp; 2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (0.72) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 35.48 | &nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp;&nbsp; 1.98 | &nbsp;&nbsp;&nbsp;&nbsp; 2.17 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (3.59) | &nbsp;&nbsp; (3.96) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 44.30 | &nbsp;&nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp; (3.02) | &nbsp;&nbsp;&nbsp; (2.68) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (5.90) | &nbsp;&nbsp; (6.14) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 31.51 | &nbsp;&nbsp;&nbsp; 0.27 | &nbsp;&nbsp; 15.30 | &nbsp;&nbsp; 15.57 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (2.78) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 38.48 | &nbsp;&nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp; (5.42) | &nbsp;&nbsp;&nbsp; (4.99) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (1.55) | &nbsp;&nbsp; (1.98) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 39.70 | &nbsp;&nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 0.88 | &nbsp;&nbsp;&nbsp;&nbsp; 1.42 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp; (2.64) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 38.24 | &nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp;&nbsp; 2.16 | &nbsp;&nbsp;&nbsp;&nbsp; 2.46 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (1.00) |
| **Class L** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 36.09 | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp;&nbsp;&nbsp; 2.23 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (3.59) | &nbsp;&nbsp; (4.02) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 44.98 | &nbsp;&nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp; (3.09) | &nbsp;&nbsp;&nbsp; (2.66) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (5.90) | &nbsp;&nbsp; (6.23) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 31.96 | &nbsp;&nbsp;&nbsp; 0.36 | &nbsp;&nbsp; 15.51 | &nbsp;&nbsp; 15.87 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (2.85) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 38.99 | &nbsp;&nbsp;&nbsp; 0.52 | &nbsp;&nbsp;&nbsp; (5.48) | &nbsp;&nbsp;&nbsp; (4.96) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (1.55) | &nbsp;&nbsp; (2.07) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 40.21 | &nbsp;&nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90 | &nbsp;&nbsp;&nbsp;&nbsp; 1.52 | &nbsp;&nbsp; (0.58) | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp; (2.74) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 38.70 | &nbsp;&nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 2.20 | &nbsp;&nbsp;&nbsp;&nbsp; 2.60 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (1.09) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 32.84 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp; 1.83 | &nbsp;&nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (3.59) | &nbsp;&nbsp; (3.81) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 41.48 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; (2.78) | &nbsp;&nbsp;&nbsp; (2.66) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (5.90) | &nbsp;&nbsp; (5.98) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 29.67 | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp; 14.36 | &nbsp;&nbsp; 14.43 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (2.62) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 36.35 | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; (5.11) | &nbsp;&nbsp;&nbsp; (4.88) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (1.55) | &nbsp;&nbsp; (1.80) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 37.64 | &nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86 | &nbsp;&nbsp;&nbsp;&nbsp; 1.17 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp; (2.46) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 36.33 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp; 2.05 | &nbsp;&nbsp;&nbsp;&nbsp; 2.15 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (0.84) |
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 34.49 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp;&nbsp;&nbsp; 2.07 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (3.59) | &nbsp;&nbsp; (3.88) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 43.25 | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; (2.94) | &nbsp;&nbsp;&nbsp; (2.71) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (5.90) | &nbsp;&nbsp; (6.05) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 30.83 | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp; 14.95 | &nbsp;&nbsp; 15.12 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (2.70) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 37.70 | &nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp; (5.30) | &nbsp;&nbsp;&nbsp; (4.97) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (1.55) | &nbsp;&nbsp; (1.90) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 38.97 | &nbsp;&nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp; 0.91 | &nbsp;&nbsp;&nbsp;&nbsp; 1.30 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp; (2.57) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 37.67 | &nbsp;&nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp;&nbsp; 2.11 | &nbsp;&nbsp;&nbsp;&nbsp; 2.32 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (1.02) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

66 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $33.12 | &nbsp;&nbsp;&nbsp; 5.70% | $1220603  | 1.14% (f) | 0.82% (f) | 1.24% (f) | &nbsp;&nbsp; 7% |
| &nbsp;&nbsp; 34.90 | &nbsp;&nbsp; (7.73) | &nbsp;&nbsp;&nbsp;&nbsp; 1203015 | 1.18 | 0.57 | 1.24 | 16 |
| &nbsp;&nbsp; 43.69 | 51.06 | &nbsp;&nbsp;&nbsp;&nbsp; 1608828 | 1.22 | 0.46 | 1.23 | 21 |
| &nbsp;&nbsp; 31.12 | (14.13) | &nbsp;&nbsp;&nbsp;&nbsp; 1171139 | 1.24 | 0.93 | 1.24 | 18 |
| &nbsp;&nbsp; 38.02 | &nbsp;&nbsp;&nbsp; 4.12 | &nbsp;&nbsp;&nbsp;&nbsp; 1662841 | 1.23 | 1.20 | 1.25 | 11 |
| &nbsp;&nbsp; 39.24 | &nbsp;&nbsp;&nbsp; 6.20 | &nbsp;&nbsp;&nbsp;&nbsp; 1967162 | 1.23 | 0.51 | 1.26 | 13 |
| &nbsp;&nbsp; 31.34 | &nbsp;&nbsp;&nbsp; 5.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50782 | 1.64(f) | 0.29(f) | 1.74(f) | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 33.10 | &nbsp;&nbsp; (8.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61031 | 1.68 | 0.07 | 1.74 | 16 |
| &nbsp;&nbsp; 41.77 | 50.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76078 | 1.72 | (0.05) | 1.73 | 21 |
| &nbsp;&nbsp; 29.77 | (14.58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84827 | 1.73 | 0.42 | 1.74 | 18 |
| &nbsp;&nbsp; 36.44 | &nbsp;&nbsp;&nbsp; 3.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149839 | 1.73 | 0.72 | 1.74 | 11 |
| &nbsp;&nbsp; 37.68 | &nbsp;&nbsp;&nbsp; 5.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214331 | 1.74 | (0.06) | 1.75 | 13 |
| &nbsp;&nbsp; 33.69 | &nbsp;&nbsp;&nbsp; 5.84 | &nbsp;&nbsp;&nbsp;&nbsp; 2006282 | 0.89(f) | 1.05(f) | 0.99(f) | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 35.48 | &nbsp;&nbsp; (7.50) | &nbsp;&nbsp;&nbsp;&nbsp; 2276870 | 0.93 | 0.81 | 0.98 | 16 |
| &nbsp;&nbsp; 44.30 | 51.46 | &nbsp;&nbsp;&nbsp;&nbsp; 3061126 | 0.97 | 0.72 | 0.98 | 21 |
| &nbsp;&nbsp; 31.51 | (13.93) | &nbsp;&nbsp;&nbsp;&nbsp; 2164300 | 0.98 | 1.20 | 0.99 | 18 |
| &nbsp;&nbsp; 38.48 | &nbsp;&nbsp;&nbsp; 4.38 | &nbsp;&nbsp;&nbsp;&nbsp; 2662983 | 0.98 | 1.41 | 0.99 | 11 |
| &nbsp;&nbsp; 39.70 | &nbsp;&nbsp;&nbsp; 6.44 | &nbsp;&nbsp;&nbsp;&nbsp; 2985882 | 0.98 | 0.77 | 1.00 | 13 |
| &nbsp;&nbsp; 34.30 | &nbsp;&nbsp;&nbsp; 5.91 | &nbsp;&nbsp;&nbsp;&nbsp; 6447447 | 0.75(f) | 1.21(f) | 0.84(f) | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 36.09 | &nbsp;&nbsp; (7.35) | &nbsp;&nbsp;&nbsp;&nbsp; 6586299 | 0.75 | 1.00 | 0.83 | 16 |
| &nbsp;&nbsp; 44.98 | 51.76 | &nbsp;&nbsp;&nbsp;&nbsp; 7839627 | 0.75 | 0.94 | 0.83 | 21 |
| &nbsp;&nbsp; 31.96 | (13.71) | &nbsp;&nbsp;&nbsp;&nbsp; 5976033 | 0.75 | 1.41 | 0.84 | 18 |
| &nbsp;&nbsp; 38.99 | &nbsp;&nbsp;&nbsp; 4.63 | &nbsp;&nbsp;&nbsp;&nbsp; 8996364 | 0.74 | 1.61 | 0.85 | 11 |
| &nbsp;&nbsp; 40.21 | &nbsp;&nbsp;&nbsp; 6.73 | &nbsp;&nbsp; 11795588 | 0.74 | 1.00 | 0.86 | 13 |
| &nbsp;&nbsp; 30.96 | &nbsp;&nbsp;&nbsp; 5.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62535 | 1.40(f) | 0.57(f) | 1.49(f) | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 32.84 | &nbsp;&nbsp; (7.97) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59842 | 1.43 | 0.32 | 1.49 | 16 |
| &nbsp;&nbsp; 41.48 | 50.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71087 | 1.48 | 0.21 | 1.49 | 21 |
| &nbsp;&nbsp; 29.67 | (14.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59200 | 1.49 | 0.69 | 1.50 | 18 |
| &nbsp;&nbsp; 36.35 | &nbsp;&nbsp;&nbsp; 3.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74236 | 1.49 | 0.87 | 1.50 | 11 |
| &nbsp;&nbsp; 37.64 | &nbsp;&nbsp;&nbsp; 5.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82108 | 1.49 | 0.26 | 1.51 | 13 |
| &nbsp;&nbsp; 32.68 | &nbsp;&nbsp;&nbsp; 5.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70555 | 1.15(f) | 0.81(f) | 1.24(f) | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 34.49 | &nbsp;&nbsp; (7.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69915 | 1.18 | 0.56 | 1.23 | 16 |
| &nbsp;&nbsp; 43.25 | 51.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88116 | 1.22 | 0.47 | 1.23 | 21 |
| &nbsp;&nbsp; 30.83 | (14.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63836 | 1.23 | 0.96 | 1.24 | 18 |
| &nbsp;&nbsp; 37.70 | &nbsp;&nbsp;&nbsp; 4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73299 | 1.24 | 1.04 | 1.25 | 11 |
| &nbsp;&nbsp; 38.97 | &nbsp;&nbsp;&nbsp; 6.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62576 | 1.24 | 0.55 | 1.25 | 13 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 67

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Mid Cap Value Fund (continued)** |  |  |  |  |  |  |  |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $35.29 | $0.20 | $1.95  | $2.15  | $(0.39)  | $(3.59)  | $(3.98) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 44.02 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp; (3.00) | &nbsp;&nbsp;&nbsp; (2.66) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (5.90) | &nbsp;&nbsp; (6.07) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 31.34 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp; 15.20 | &nbsp;&nbsp; 15.47 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (2.79) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 38.29 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp; (5.40) | &nbsp;&nbsp;&nbsp; (4.97) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (1.55) | &nbsp;&nbsp; (1.98) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 39.56 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90 | &nbsp;&nbsp;&nbsp;&nbsp; 1.40 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp; (2.67) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 38.16 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp;&nbsp; 2.13 | &nbsp;&nbsp;&nbsp;&nbsp; 2.46 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (1.06) |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 36.03 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp; 1.99 | &nbsp;&nbsp;&nbsp;&nbsp; 2.22 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (3.59) | &nbsp;&nbsp; (4.01) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 44.90 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp; (3.06) | &nbsp;&nbsp;&nbsp; (2.66) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (5.90) | &nbsp;&nbsp; (6.21) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 31.90 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp; 15.49 | &nbsp;&nbsp; 15.82 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (2.82) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 38.93 | &nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp; (5.48) | &nbsp;&nbsp;&nbsp; (4.99) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (1.55) | &nbsp;&nbsp; (2.04) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 40.15 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp;&nbsp; 0.90 | &nbsp;&nbsp;&nbsp;&nbsp; 1.48 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp; (2.70) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 38.67 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp;&nbsp; 2.17 | &nbsp;&nbsp;&nbsp;&nbsp; 2.55 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (1.07) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 36.09 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 1.99 | &nbsp;&nbsp;&nbsp;&nbsp; 2.24 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (3.59) | &nbsp;&nbsp; (4.06) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 44.96 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; (3.08) | &nbsp;&nbsp;&nbsp; (2.62) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (5.90) | &nbsp;&nbsp; (6.25) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 31.94 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp; 15.51 | &nbsp;&nbsp; 15.88 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (2.86) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 38.97 | &nbsp;&nbsp; 0.52 | &nbsp;&nbsp;&nbsp; (5.47) | &nbsp;&nbsp;&nbsp; (4.95) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (1.55) | &nbsp;&nbsp; (2.08) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 40.19 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94 | &nbsp;&nbsp;&nbsp;&nbsp; 1.52 | &nbsp;&nbsp; (0.58) | &nbsp;&nbsp; (2.16) | &nbsp;&nbsp; (2.74) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 38.69 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp;&nbsp;&nbsp; 2.16 | &nbsp;&nbsp;&nbsp;&nbsp; 2.59 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (1.09) |

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

68 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $33.46 | &nbsp;&nbsp;&nbsp; 5.79% | $22050  | 0.90% (f) | 1.07% (f) | 0.99% (f) | &nbsp;&nbsp; 7% |
| &nbsp;&nbsp; 35.29 | &nbsp;&nbsp; (7.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22574 | 0.94 | 0.80 | 0.98 | 16 |
| &nbsp;&nbsp; 44.02 | 51.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31938 | 0.97 | 0.70 | 0.98 | 21 |
| &nbsp;&nbsp; 31.34 | (13.93) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24576 | 0.98 | 1.21 | 0.99 | 18 |
| &nbsp;&nbsp; 38.29 | &nbsp;&nbsp;&nbsp; 4.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27681 | 0.98 | 1.32 | 0.99 | 11 |
| &nbsp;&nbsp; 39.56 | &nbsp;&nbsp;&nbsp; 6.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17859 | 0.99 | 0.83 | 1.00 | 13 |
| &nbsp;&nbsp; 34.24 | &nbsp;&nbsp;&nbsp; 5.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49304 | 0.75(f) | 1.21(f) | 0.84(f) | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 36.03 | &nbsp;&nbsp; (7.35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48283 | 0.78 | 0.94 | 0.83 | 16 |
| &nbsp;&nbsp; 44.90 | 51.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89178 | 0.82 | 0.87 | 0.83 | 21 |
| &nbsp;&nbsp; 31.90 | (13.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69110 | 0.83 | 1.34 | 0.83 | 18 |
| &nbsp;&nbsp; 38.93 | &nbsp;&nbsp;&nbsp; 4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95243 | 0.83 | 1.50 | 0.84 | 11 |
| &nbsp;&nbsp; 40.15 | &nbsp;&nbsp;&nbsp; 6.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84457 | 0.84 | 0.96 | 0.85 | 13 |
| &nbsp;&nbsp; 34.27 | &nbsp;&nbsp;&nbsp; 5.93 | &nbsp;&nbsp; 3900576 | 0.65(f) | 1.33(f) | 0.74(f) | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 36.09 | &nbsp;&nbsp; (7.26) | &nbsp;&nbsp; 3480524 | 0.68 | 1.07 | 0.73 | 16 |
| &nbsp;&nbsp; 44.96 | 51.83 | &nbsp;&nbsp; 4184659 | 0.72 | 0.97 | 0.73 | 21 |
| &nbsp;&nbsp; 31.94 | (13.70) | &nbsp;&nbsp; 3101566 | 0.73 | 1.46 | 0.74 | 18 |
| &nbsp;&nbsp; 38.97 | &nbsp;&nbsp;&nbsp; 4.63 | &nbsp;&nbsp; 3272999 | 0.73 | 1.52 | 0.74 | 11 |
| &nbsp;&nbsp; 40.19 | &nbsp;&nbsp;&nbsp; 6.71 | &nbsp;&nbsp; 1073888 | 0.74 | 1.08 | 0.75 | 13 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 69

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Value Advantage Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $36.05 | $0.26 | $1.75  | $2.01  | $(0.53)  | $(3.06)  | $(3.59) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 42.90 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; (1.67) | &nbsp;&nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (5.27) | &nbsp;&nbsp; (5.59) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 29.53 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp; 14.04 | &nbsp;&nbsp; 14.38 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (1.01) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 35.46 | &nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp; (5.04) | &nbsp;&nbsp;&nbsp; (4.55) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.38) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 35.38 | &nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 1.68 | &nbsp;&nbsp;&nbsp;&nbsp; 2.23 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (2.15) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 33.40 | &nbsp;&nbsp; 0.35(g) | &nbsp;&nbsp;&nbsp;&nbsp; 2.26 | &nbsp;&nbsp;&nbsp;&nbsp; 2.61 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.63) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 35.91 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp;&nbsp; 1.73 | &nbsp;&nbsp;&nbsp;&nbsp; 1.90 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (3.35) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 42.73 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; (1.65) | &nbsp;&nbsp;&nbsp; (1.45) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (5.27) | &nbsp;&nbsp; (5.37) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 29.38 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp; 13.99 | &nbsp;&nbsp; 14.15 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.80) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 35.29 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp; (5.04) | &nbsp;&nbsp;&nbsp; (4.72) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.19) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 35.20 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp;&nbsp; 1.68 | &nbsp;&nbsp;&nbsp;&nbsp; 2.06 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (1.97) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 33.20 | &nbsp;&nbsp; 0.18(g) | &nbsp;&nbsp;&nbsp;&nbsp; 2.24 | &nbsp;&nbsp;&nbsp;&nbsp; 2.42 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.42) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 36.31 | &nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp;&nbsp; 1.75 | &nbsp;&nbsp;&nbsp;&nbsp; 2.06 | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (3.65) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 43.15 | &nbsp;&nbsp; 0.51 | &nbsp;&nbsp;&nbsp; (1.68) | &nbsp;&nbsp;&nbsp; (1.17) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (5.27) | &nbsp;&nbsp; (5.67) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 29.71 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp; 14.13 | &nbsp;&nbsp; 14.56 | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (1.12) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 35.67 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp; (5.06) | &nbsp;&nbsp;&nbsp; (4.49) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.47) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 35.60 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp;&nbsp; 1.70 | &nbsp;&nbsp;&nbsp;&nbsp; 2.32 | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (2.25) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 33.62 | &nbsp;&nbsp; 0.44(g) | &nbsp;&nbsp;&nbsp;&nbsp; 2.28 | &nbsp;&nbsp;&nbsp;&nbsp; 2.72 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.74) |
| **Class L** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 36.36 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp;&nbsp; 1.76 | &nbsp;&nbsp;&nbsp;&nbsp; 2.10 | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (3.71) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 43.20 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp; (1.68) | &nbsp;&nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (5.27) | &nbsp;&nbsp; (5.73) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 29.73 | &nbsp;&nbsp; 0.49 | &nbsp;&nbsp; 14.14 | &nbsp;&nbsp; 14.63 | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (1.16) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 35.69 | &nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp; (5.07) | &nbsp;&nbsp;&nbsp; (4.44) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.52) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 35.62 | &nbsp;&nbsp; 0.72 | &nbsp;&nbsp;&nbsp;&nbsp; 1.64 | &nbsp;&nbsp;&nbsp;&nbsp; 2.36 | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (2.29) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 33.63 | &nbsp;&nbsp; 0.50(g) | &nbsp;&nbsp;&nbsp;&nbsp; 2.29 | &nbsp;&nbsp;&nbsp;&nbsp; 2.79 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.80) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 35.56 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp;&nbsp; 1.73 | &nbsp;&nbsp;&nbsp;&nbsp; 1.94 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (3.49) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 42.46 | &nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp; (1.65) | &nbsp;&nbsp;&nbsp; (1.34) | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (5.27) | &nbsp;&nbsp; (5.56) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 29.31 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp; 13.90 | &nbsp;&nbsp; 14.16 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (1.01) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 35.24 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp; (5.01) | &nbsp;&nbsp;&nbsp; (4.61) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.32) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 35.22 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp;&nbsp; 1.65 | &nbsp;&nbsp;&nbsp;&nbsp; 2.13 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (2.11) |
| July 31, 2017 (h) through June 30, 2018 | &nbsp;&nbsp; 34.04 | &nbsp;&nbsp; 0.25(g) | &nbsp;&nbsp;&nbsp;&nbsp; 1.64 | &nbsp;&nbsp;&nbsp;&nbsp; 1.89 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.71) |
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 35.51 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 1.73 | &nbsp;&nbsp;&nbsp;&nbsp; 1.98 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (3.53) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 42.36 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; (1.65) | &nbsp;&nbsp;&nbsp; (1.24) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (5.27) | &nbsp;&nbsp; (5.61) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 29.21 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp; 13.88 | &nbsp;&nbsp; 14.21 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (1.06) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 35.08 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; (4.98) | &nbsp;&nbsp;&nbsp; (4.50) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.37) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 35.11 | &nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71 | &nbsp;&nbsp;&nbsp;&nbsp; 2.20 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (2.23) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 33.24 | &nbsp;&nbsp; 0.35(g) | &nbsp;&nbsp;&nbsp;&nbsp; 2.26 | &nbsp;&nbsp;&nbsp;&nbsp; 2.61 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.74) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

70 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $34.47 | &nbsp;&nbsp;&nbsp; 5.41% | $1271804 | 1.04% (f) | 1.41% (f) | 1.14% (f) | 10% |
| &nbsp;&nbsp; 36.05 | &nbsp;&nbsp; (3.78) | &nbsp;&nbsp; 1101144 | 1.07 | 0.99 | 1.14 | 23 |
| &nbsp;&nbsp; 42.90 | 49.47 | &nbsp;&nbsp; 1050569 | 1.13 | 0.94 | 1.14 | 34 |
| &nbsp;&nbsp; 29.53 | (13.60) | &nbsp;&nbsp;&nbsp;&nbsp; 736715 | 1.14 | 1.45 | 1.16 | 29 |
| &nbsp;&nbsp; 35.46 | &nbsp;&nbsp;&nbsp; 7.00 | &nbsp;&nbsp; 1231325 | 1.14 | 1.59 | 1.25 | 15 |
| &nbsp;&nbsp; 35.38 | &nbsp;&nbsp;&nbsp; 7.81 | &nbsp;&nbsp; 1346080 | 1.17 | 1.01(g) | 1.25 | 23 |
| &nbsp;&nbsp; 34.46 | &nbsp;&nbsp;&nbsp; 5.13 | &nbsp;&nbsp;&nbsp;&nbsp; 260084 | 1.54(f) | 0.89(f) | 1.65(f) | 10 |
| &nbsp;&nbsp; 35.91 | &nbsp;&nbsp; (4.24) | &nbsp;&nbsp;&nbsp;&nbsp; 281613 | 1.58 | 0.48 | 1.65 | 23 |
| &nbsp;&nbsp; 42.73 | 48.75 | &nbsp;&nbsp;&nbsp;&nbsp; 349246 | 1.63 | 0.45 | 1.64 | 34 |
| &nbsp;&nbsp; 29.38 | (14.04) | &nbsp;&nbsp;&nbsp;&nbsp; 332229 | 1.64 | 0.94 | 1.66 | 29 |
| &nbsp;&nbsp; 35.29 | &nbsp;&nbsp;&nbsp; 6.45 | &nbsp;&nbsp;&nbsp;&nbsp; 522878 | 1.64 | 1.08 | 1.75 | 15 |
| &nbsp;&nbsp; 35.20 | &nbsp;&nbsp;&nbsp; 7.27 | &nbsp;&nbsp;&nbsp;&nbsp; 591602 | 1.67 | 0.51(g) | 1.75 | 23 |
| &nbsp;&nbsp; 34.72 | &nbsp;&nbsp;&nbsp; 5.53 | &nbsp;&nbsp; 1968325 | 0.79(f) | 1.64(f) | 0.89(f) | 10 |
| &nbsp;&nbsp; 36.31 | &nbsp;&nbsp; (3.54) | &nbsp;&nbsp; 2039492 | 0.82 | 1.23 | 0.89 | 23 |
| &nbsp;&nbsp; 43.15 | 49.86 | &nbsp;&nbsp; 2326829 | 0.88 | 1.20 | 0.89 | 34 |
| &nbsp;&nbsp; 29.71 | (13.39) | &nbsp;&nbsp; 2047640 | 0.89 | 1.70 | 0.90 | 29 |
| &nbsp;&nbsp; 35.67 | &nbsp;&nbsp;&nbsp; 7.28 | &nbsp;&nbsp; 2445747 | 0.89 | 1.76 | 0.99 | 15 |
| &nbsp;&nbsp; 35.60 | &nbsp;&nbsp;&nbsp; 8.07 | &nbsp;&nbsp; 2296056 | 0.92 | 1.26(g) | 1.00 | 23 |
| &nbsp;&nbsp; 34.75 | &nbsp;&nbsp;&nbsp; 5.62 | &nbsp;&nbsp; 1496251 | 0.65(f) | 1.78(f) | 0.74(f) | 10 |
| &nbsp;&nbsp; 36.36 | &nbsp;&nbsp; (3.39) | &nbsp;&nbsp; 1653596 | 0.68 | 1.38 | 0.74 | 23 |
| &nbsp;&nbsp; 43.20 | 50.10 | &nbsp;&nbsp; 1855713 | 0.73 | 1.35 | 0.74 | 34 |
| &nbsp;&nbsp; 29.73 | (13.26) | &nbsp;&nbsp; 1593954 | 0.74 | 1.85 | 0.75 | 29 |
| &nbsp;&nbsp; 35.69 | &nbsp;&nbsp;&nbsp; 7.41 | &nbsp;&nbsp; 2569596 | 0.74 | 2.04 | 0.84 | 15 |
| &nbsp;&nbsp; 35.62 | &nbsp;&nbsp;&nbsp; 8.29 | &nbsp;&nbsp; 3255993 | 0.74 | 1.42(g) | 0.85 | 23 |
| &nbsp;&nbsp; 34.01 | &nbsp;&nbsp;&nbsp; 5.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307 | 1.30(f) | 1.13(f) | 1.48(f) | 10 |
| &nbsp;&nbsp; 35.56 | &nbsp;&nbsp; (4.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292 | 1.33 | 0.77 | 1.49 | 23 |
| &nbsp;&nbsp; 42.46 | 49.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194 | 1.38 | 0.73 | 1.54 | 34 |
| &nbsp;&nbsp; 29.31 | (13.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 | 1.39 | 1.27 | 1.55 | 29 |
| &nbsp;&nbsp; 35.24 | &nbsp;&nbsp;&nbsp; 6.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | 1.39 | 1.40 | 2.14 | 15 |
| &nbsp;&nbsp; 35.22 | &nbsp;&nbsp;&nbsp; 5.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | 1.41 | 0.78(g) | 1.61 | 23 |
| &nbsp;&nbsp; 33.96 | &nbsp;&nbsp;&nbsp; 5.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2194 | 1.05(f) | 1.34(f) | 1.18(f) | 10 |
| &nbsp;&nbsp; 35.51 | &nbsp;&nbsp; (3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2845 | 1.08 | 1.00 | 1.17 | 23 |
| &nbsp;&nbsp; 42.36 | 49.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3020 | 1.13 | 0.92 | 1.17 | 34 |
| &nbsp;&nbsp; 29.21 | (13.60) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1519 | 1.14 | 1.43 | 1.18 | 29 |
| &nbsp;&nbsp; 35.08 | &nbsp;&nbsp;&nbsp; 7.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2241 | 1.14 | 1.44 | 1.26 | 15 |
| &nbsp;&nbsp; 35.11 | &nbsp;&nbsp;&nbsp; 7.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1132 | 1.15 | 1.01(g) | 1.28 | 23 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 71

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Value Advantage Fund (continued)** |  |  |  |  |  |  |  |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $36.30 | $0.31 | $1.76  | $2.07  | $(0.27)  | $(3.06)  | $(3.33) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 42.92 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp; (1.67) | &nbsp;&nbsp;&nbsp; (1.17) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (5.27) | &nbsp;&nbsp; (5.45) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 29.56 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp; 14.06 | &nbsp;&nbsp; 14.48 | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (1.12) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 35.52 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp; (5.04) | &nbsp;&nbsp;&nbsp; (4.47) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.49) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 35.47 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp;&nbsp; 1.69 | &nbsp;&nbsp;&nbsp;&nbsp; 2.31 | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (2.26) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 33.55 | &nbsp;&nbsp; 0.51(g) | &nbsp;&nbsp;&nbsp;&nbsp; 2.20 | &nbsp;&nbsp;&nbsp;&nbsp; 2.71 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.79) |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 36.30 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 1.74 | &nbsp;&nbsp;&nbsp;&nbsp; 2.09 | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (3.72) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 43.12 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp; (1.69) | &nbsp;&nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (5.27) | &nbsp;&nbsp; (5.70) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 29.67 | &nbsp;&nbsp; 0.49 | &nbsp;&nbsp; 14.11 | &nbsp;&nbsp; 14.60 | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (1.15) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 35.62 | &nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp; (5.05) | &nbsp;&nbsp;&nbsp; (4.42) | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.53) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 35.57 | &nbsp;&nbsp; 0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71 | &nbsp;&nbsp;&nbsp;&nbsp; 2.36 | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (2.31) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 33.59 | &nbsp;&nbsp; 0.50(g) | &nbsp;&nbsp;&nbsp;&nbsp; 2.28 | &nbsp;&nbsp;&nbsp;&nbsp; 2.78 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.80) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 36.32 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 1.77 | &nbsp;&nbsp;&nbsp;&nbsp; 2.12 | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (3.06) | &nbsp;&nbsp; (3.75) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 43.16 | &nbsp;&nbsp; 0.61 | &nbsp;&nbsp;&nbsp; (1.68) | &nbsp;&nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (5.27) | &nbsp;&nbsp; (5.77) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 29.71 | &nbsp;&nbsp; 0.52 | &nbsp;&nbsp; 14.13 | &nbsp;&nbsp; 14.65 | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (1.20) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 35.67 | &nbsp;&nbsp; 0.66 | &nbsp;&nbsp;&nbsp; (5.06) | &nbsp;&nbsp;&nbsp; (4.40) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.56) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 35.60 | &nbsp;&nbsp; 0.71 | &nbsp;&nbsp;&nbsp;&nbsp; 1.70 | &nbsp;&nbsp;&nbsp;&nbsp; 2.41 | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (2.34) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 33.61 | &nbsp;&nbsp; 0.54(g) | &nbsp;&nbsp;&nbsp;&nbsp; 2.26 | &nbsp;&nbsp;&nbsp;&nbsp; 2.80 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.81) |

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(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. 

(h) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

72 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $35.04 | &nbsp;&nbsp;&nbsp; 5.54% | $124  | 0.80% (f) | 1.64% (f) | 0.94% (f) | 10% |
| &nbsp;&nbsp; 36.30 | &nbsp;&nbsp; (3.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | 0.84 | 1.20 | 0.89 | 23 |
| &nbsp;&nbsp; 42.92 | 49.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1724 | 0.88 | 1.26 | 0.89 | 34 |
| &nbsp;&nbsp; 29.56 | (13.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32555 | 0.88 | 1.74 | 0.90 | 29 |
| &nbsp;&nbsp; 35.52 | &nbsp;&nbsp;&nbsp; 7.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20538 | 0.89 | 1.79 | 0.99 | 15 |
| &nbsp;&nbsp; 35.47 | &nbsp;&nbsp;&nbsp; 8.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17231 | 0.89 | 1.43(g) | 1.00 | 23 |
| &nbsp;&nbsp; 34.67 | &nbsp;&nbsp;&nbsp; 5.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2512 | 0.65(f) | 1.84(f) | 0.74(f) | 10 |
| &nbsp;&nbsp; 36.30 | &nbsp;&nbsp; (3.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1178 | 0.68 | 1.38 | 0.74 | 23 |
| &nbsp;&nbsp; 43.12 | 50.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1365 | 0.73 | 1.41 | 0.74 | 34 |
| &nbsp;&nbsp; 29.67 | (13.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5529 | 0.74 | 1.85 | 0.75 | 29 |
| &nbsp;&nbsp; 35.62 | &nbsp;&nbsp;&nbsp; 7.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8018 | 0.74 | 1.85 | 0.84 | 15 |
| &nbsp;&nbsp; 35.57 | &nbsp;&nbsp;&nbsp; 8.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6114 | 0.76 | 1.41(g) | 0.88 | 23 |
| &nbsp;&nbsp; 34.69 | &nbsp;&nbsp;&nbsp; 5.69 | &nbsp;&nbsp; 4167709 | 0.55(f) | 1.88(f) | 0.64(f) | 10 |
| &nbsp;&nbsp; 36.32 | &nbsp;&nbsp; (3.30) | &nbsp;&nbsp; 4495856 | 0.58 | 1.47 | 0.64 | 23 |
| &nbsp;&nbsp; 43.16 | 50.23 | &nbsp;&nbsp; 5562656 | 0.63 | 1.44 | 0.64 | 34 |
| &nbsp;&nbsp; 29.71 | (13.18) | &nbsp;&nbsp; 3949596 | 0.64 | 1.96 | 0.65 | 29 |
| &nbsp;&nbsp; 35.67 | &nbsp;&nbsp;&nbsp; 7.57 | &nbsp;&nbsp; 4025348 | 0.64 | 2.02 | 0.74 | 15 |
| &nbsp;&nbsp; 35.60 | &nbsp;&nbsp;&nbsp; 8.31 | &nbsp;&nbsp; 3869991 | 0.67 | 1.52(g) | 0.75 | 23 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 73

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) <br> (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 Trust (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 | 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.

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

74 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

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

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

Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of Investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

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

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

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Growth Advantage Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $12208479 | $— | $— | $12208479 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $3190026 | $— | $— | $3190026 |

---

&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, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 75

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) (continued) <br> (Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Growth Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $7690982 | $— | $— | $7690982 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Mid Cap Value Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $13663640 | $— | $— | $13663640 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Value Advantage Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $9260468 | $— | $— | $9260468 |

---

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

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

**B. 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;

76 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

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, 2022.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| Growth Advantage Fund | $51399 | $(51399) | $— |
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 85712 | &nbsp;&nbsp;&nbsp;&nbsp; (85712) | &nbsp;&nbsp; — |
| Mid Cap Growth Fund | &nbsp;&nbsp; 124682 | &nbsp;&nbsp; (124682) | &nbsp;&nbsp; — |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 61634 | &nbsp;&nbsp;&nbsp;&nbsp; (61634) | &nbsp;&nbsp; — |
| Value Advantage Fund | &nbsp;&nbsp; 128755 | &nbsp;&nbsp; (128755) | &nbsp;&nbsp; — |

---

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

\* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower's failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended December 31, 2022, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:

---

| | |
|:---|:---|
| Growth Advantage Fund | $2 |
| Mid Cap Equity Fund | &nbsp;&nbsp; 1 |
| Mid Cap Growth Fund | &nbsp;&nbsp; 3 |
| Mid Cap Value Fund | &nbsp;&nbsp; —(a) |
| Value Advantage Fund | &nbsp;&nbsp; 3 |

---

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

(a) Amount rounds to less than one thousand.

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank's compensation and is included on the Statements of Operations as Income from securities lending (net).

**C. Investment Transactions with Affiliates** — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. 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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $269734 | $1447294 | $1654209 | $68  | $20 | $62907  | 62875 | $2704 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.56% <br> (a) (b)<br>| &nbsp;&nbsp; 101108 | &nbsp;&nbsp;&nbsp;&nbsp; 186000 | &nbsp;&nbsp;&nbsp;&nbsp; 242126 | &nbsp;&nbsp;&nbsp;&nbsp; 36\* | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 45023 | 45010 | &nbsp;&nbsp;&nbsp;&nbsp; 542\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12601 | &nbsp;&nbsp;&nbsp;&nbsp; 118809 | &nbsp;&nbsp;&nbsp;&nbsp; 123820 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7590 | &nbsp;&nbsp; 7590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96\* | &nbsp;&nbsp; — |
| **Total** | $383443 | $1752103 | $2020155 | $104 | $25 | $115520 |  | $3342 | $— |

---

&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, 2022.

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 77

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) (continued) <br> (Dollar values in thousands)

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $96464  | $573217 | $584099 | $— (c) | $26 | $85608  | 85566 | $1600 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.56% <br> (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7972 | &nbsp;&nbsp; 197000 | &nbsp;&nbsp; 141000 | &nbsp;&nbsp; 18\* | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 63993 | 63974 | &nbsp;&nbsp;&nbsp;&nbsp; 444\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1531 | &nbsp;&nbsp; 106407 | &nbsp;&nbsp;&nbsp;&nbsp; 83789 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24149 | 24149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68\* | &nbsp;&nbsp; — |
| **Total** | $105967 | $876624 | $808888 | $18 | $29 | $173750 |  | $2112 | $— |

---

&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, 2022.

(c) Amount rounds to less than one thousand.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $260555 | $1006443 | $1078120 | $20 | $60 | $188958 | 188864 | $3608 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.56% <br> (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 53864 | &nbsp;&nbsp;&nbsp;&nbsp; 384000 | &nbsp;&nbsp;&nbsp;&nbsp; 325000 | &nbsp;&nbsp; 42\* | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 112930 | 112896 | &nbsp;&nbsp; 1,154\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6877 | &nbsp;&nbsp;&nbsp;&nbsp; 211000 | &nbsp;&nbsp;&nbsp;&nbsp; 202452 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15425 | &nbsp;&nbsp; 15425 | &nbsp;&nbsp;&nbsp;&nbsp; 155\* | &nbsp;&nbsp; — |
| **Total** | $321296 | $1601443 | $1605572 | $62 | $84 | $317313 |  | $4917 | $— |

---

&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, 2022.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $515116 | $675917 | $1177662 | $49 | $17 | $13437 | 13430 | $5387 | $— |

---

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

78 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Mid Cap Value Fund** (continued) | **Mid Cap Value Fund** (continued) | **Mid Cap Value Fund** (continued) | **Mid Cap Value Fund** (continued) | **Mid Cap Value Fund** (continued) | **Mid Cap Value Fund** (continued) | **Mid Cap Value Fund** (continued) | **Mid Cap Value Fund** (continued) | **Mid Cap Value Fund** (continued) | **Mid Cap Value Fund** (continued) |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2022**<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> **2022**<br>| **Shares at**<br> **December 31,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.56% <br> (a) (b)<br>| $2200 | $10000 | $12201 | $1\* | $—(c) | $— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | $6\* | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052 | &nbsp;&nbsp;&nbsp;&nbsp; 82429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21167 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 62314 | 62314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18\* | &nbsp;&nbsp; — |
| **Total** | $518368 | $768346 | $1211030 | $50 | $17 | $75751 |  | $5411 | $— |

---

&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, 2022.

(c) Amount rounds to less than one thousand.

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

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $338719 | $1443439 | $1664518 | $51 | $16 | $117707 | 117648 | $2709 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.56% <br> (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 47053 | &nbsp;&nbsp;&nbsp;&nbsp; 542000 | &nbsp;&nbsp;&nbsp;&nbsp; 500800 | &nbsp;&nbsp; 40\* | &nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 88301 | &nbsp;&nbsp; 88275 | &nbsp;&nbsp;&nbsp;&nbsp; 856\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6257 | &nbsp;&nbsp;&nbsp;&nbsp; 247888 | &nbsp;&nbsp;&nbsp;&nbsp; 210771 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43374 | &nbsp;&nbsp; 43374 | &nbsp;&nbsp;&nbsp;&nbsp; 115\* | &nbsp;&nbsp; — |
| **Total** | $392029 | $2233327 | $2376089 | $91 | $24 | $249382 |  | $3680 | $— |

---

&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, 2022.

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

**D. 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.

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 79

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) (continued) <br> (Dollar values in thousands)

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

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

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.

**F. 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, 2022 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  | $52 | $22 | $36 | &nbsp;&nbsp; n/a | $1 | $1 | $—(a) | $2 | $38 | $152 |
| **Mid Cap Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 27 |
| **Mid Cap Growth Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 204 |
| **Mid Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; 16 | $36 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 132 |
| **Value Advantage Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp; —(a) | &nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 91 |

---

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

(a) Amount rounds to less than one thousand.

**G. 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, 2022, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**H. 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.

**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 | 0.55% |
| Mid Cap Equity Fund | 0.65 |
| Mid Cap Growth Fund | 0.65 |
| Mid Cap Value Fund | 0.65 |

---

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

80 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | |
|:---|:---|
| Value Advantage Fund | 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, 2022, the effective annualized rate was 0.070% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

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

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

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

---

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

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2022, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Growth Advantage Fund | $143 | $5 |
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp; —(a) |
| Mid Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp; —(a) |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp; 2 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp; 4 |

---

&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 | 0.25% | 0.25% | 0.25% | &nbsp;&nbsp; n/a | 0.25% | 0.25% | 0.25% | 0.10% |
| Mid Cap Equity Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.10 |
| Mid Cap Growth Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | 0.25 | 0.25 | 0.10 |
| Mid Cap Value Fund | 0.25 | 0.25 | 0.25 | 0.10% | 0.25 | 0.25 | 0.25 | 0.10 |
| Value Advantage Fund | 0.25 | 0.25 | 0.25 | 0.10 | 0.25 | 0.25 | 0.25 | 0.10 |

---

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

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 81

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) (continued) <br> (Dollar values in thousands)

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

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

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

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

**F. Waivers and Reimbursements** —The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class L** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| Growth Advantage Fund | 1.04% | 1.54% | 0.79% | &nbsp;&nbsp; n/a | 1.30% | 1.05% | 0.80% | 0.65% | 0.55% |
| Mid Cap Equity Fund | 1.14 | 1.64 | 0.89 | &nbsp;&nbsp; n/a | 1.39 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.74 | 0.64 |
| Mid Cap Growth Fund | 1.14 | 1.64 | 0.89 | &nbsp;&nbsp; n/a | 1.45 | 1.20 | 0.95 | 0.79 | 0.70 |
| Mid Cap Value Fund | 1.14 | 1.64 | 0.89 | 0.75% | 1.40 | 1.15 | 0.90 | 0.75 | 0.65 |
| Value Advantage Fund | 1.04 | 1.54 | 0.79 | 0.75 | 1.30 | 1.05 | 0.80 | 0.65 | 0.55 |

---

The expense limitation agreements were in effect for the six months ended December 31, 2022 and are in place until at least October 31, 2023.

For the six months ended December 31, 2022, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers**  | **Contractual Waivers**  | **Contractual Waivers**  | **Contractual Waivers**  |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| Growth Advantage Fund | $3349 | $2232 | $415 | $5996 | $1 |
| Mid Cap Equity Fund | &nbsp;&nbsp; 1021 | &nbsp;&nbsp;&nbsp;&nbsp; 681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 1711 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Mid Cap Growth Fund | &nbsp;&nbsp; 1076 | &nbsp;&nbsp;&nbsp;&nbsp; 712 | &nbsp;&nbsp; 986 | &nbsp;&nbsp; 2774 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Mid Cap Value Fund | &nbsp;&nbsp; 3624 | &nbsp;&nbsp; 2407 | &nbsp;&nbsp; 216 | &nbsp;&nbsp; 6247 | &nbsp;&nbsp; 21 |
| Value Advantage Fund | &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 1701 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; 4491 | &nbsp;&nbsp; 21 |

---

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, 2022 were as follows:

---

| | |
|:---|:---|
| Growth Advantage Fund | $138 |
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 71 |
| Mid Cap Growth Fund | &nbsp;&nbsp; 155 |
| Mid Cap Value Fund | &nbsp;&nbsp; 288 |
| Value Advantage Fund | &nbsp;&nbsp; 127 |

---

JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the six months ended December 31, 2022, the amount of these reimbursements were as follows:

---

| | |
|:---|:---|
| Growth Advantage Fund | $2 |
| Mid Cap Equity Fund | &nbsp;&nbsp; 1 |

---

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

82 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | |
|:---|:---|
| Mid Cap Growth Fund | $1 |
| Mid Cap Value Fund | &nbsp;&nbsp; 2 |
| Value Advantage Fund | &nbsp;&nbsp; 2 |

---

**G. Other** — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

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, 2022, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| Growth Advantage Fund | $1914677 | $1433149 |
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 763799 | &nbsp;&nbsp;&nbsp;&nbsp; 401223 |
| Mid Cap Growth Fund | &nbsp;&nbsp; 1466036 | &nbsp;&nbsp; 1119739 |
| Mid Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 907741 | &nbsp;&nbsp; 1316370 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp; 922568 | &nbsp;&nbsp; 1606903 |

---

During the six months ended December 31, 2022, 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, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Growth Advantage Fund | $8597878 | $4269171 | $658570 | $3610601 |
| Mid Cap Equity Fund | &nbsp;&nbsp; 2611837 | &nbsp;&nbsp;&nbsp;&nbsp; 720355 | &nbsp;&nbsp; 142166 | &nbsp;&nbsp;&nbsp;&nbsp; 578189 |
| Mid Cap Growth Fund | &nbsp;&nbsp; 6777776 | &nbsp;&nbsp; 1563031 | &nbsp;&nbsp; 649825 | &nbsp;&nbsp;&nbsp;&nbsp; 913206 |
| Mid Cap Value Fund | &nbsp;&nbsp; 9090851 | &nbsp;&nbsp; 5072965 | &nbsp;&nbsp; 500176 | &nbsp;&nbsp; 4572789 |
| Value Advantage Fund | &nbsp;&nbsp; 6430012 | &nbsp;&nbsp; 3097500 | &nbsp;&nbsp; 267044 | &nbsp;&nbsp; 2830456 |

---

At June 30, 2022, the Funds did not have any net capital loss carryforwards.

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 83

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) (continued) <br> (Dollar values in thousands)

Net capital losses (gains) and specified ordinary losses incurred after October 31 and late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2022, the following Funds deferred to July 1, 2022 the following net capital losses (gains), specified ordinary losses and late year ordinary losses of:

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Late Year Ordinary Loss Deferral** |
|  | **Short-Term** | **Late Year Ordinary Loss Deferral** |
| Growth Advantage Fund | $369321 | $13144 |
| Mid Cap Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 22152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Mid Cap Growth Fund | &nbsp;&nbsp; 274491 | &nbsp;&nbsp; 15353 |
| Value Advantage Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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, 2022.

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 Funds' borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 30, 2023.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2022.

The Trusts, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate ("LIBOR"). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 9, 2022, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a change in the interest associated with any borrowing to the higher, on the day of the borrowing, of (a) the federal funds effective rate, or (b) the one-month Adjusted SOFR Rate plus the Applicable Margin.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2022.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

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

84 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

As of December 31, 2022, 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 | 1 | 12.4% | 1 | 24.0% |
| Mid Cap Equity Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 63.5 |
| Mid Cap Growth Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 30.1 |
| Mid Cap Value Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 3 | 43.4 |
| Value Advantage Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 26.7 |

---

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

As of December 31, 2022, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>|
| Growth Advantage Fund | 15.0% |
| Value Advantage Fund | 20.0 |

---

Because Mid Cap Equity Fund, 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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority ("FCA") publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA's consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. In addition, certain regulated entities ceased entering into most new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance, unavailability or replacement, all of which may affect the value, volatility, liquidity or return on certain of a Fund's loans, notes, derivatives and other instruments or investments comprising some or all of a Fund's investments and result in costs incurred in connection with changing reference rates used for positions closing out positions and entering into new trades. Certain of a Fund's investments may transition from LIBOR prior to the dates announced by the FCA. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on a Fund and its investments.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including among other things, reduced consumer demand and economic output, supply chain disruptions and increased government spending may continue to have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund's investment performance. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 85

------

**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) <br>Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2022, and continued to hold your shares at the end of the reporting period, December 31, 2022.

**Actual Expenses**

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning** <br>**Account Value** <br>**July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending** <br>**Account Value** <br>**December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses** <br>**Paid During** <br>**the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized** <br>**Expense** <br>**Ratio**<br>|
| **JPMorgan Growth Advantage Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $983.90  | $5.20 | 1.04% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.96 | &nbsp;&nbsp; 5.30 | 1.04 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 981.50 | &nbsp;&nbsp; 7.69 | 1.54 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.44 | &nbsp;&nbsp; 7.83 | 1.54 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 984.80 | &nbsp;&nbsp; 3.95 | 0.79 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.22 | &nbsp;&nbsp; 4.02 | 0.79 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 982.30 | &nbsp;&nbsp; 6.50 | 1.30 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.65 | &nbsp;&nbsp; 6.61 | 1.30 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 983.50 | &nbsp;&nbsp; 5.25 | 1.05 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.91 | &nbsp;&nbsp; 5.35 | 1.05 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 984.80 | &nbsp;&nbsp; 4.00 | 0.80 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.17 | &nbsp;&nbsp; 4.08 | 0.80 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 985.30 | &nbsp;&nbsp; 3.25 | 0.65 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.93 | &nbsp;&nbsp; 3.31 | 0.65 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 985.90 | &nbsp;&nbsp; 2.75 | 0.55 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.43 | &nbsp;&nbsp; 2.80 | 0.55 |

---

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

86 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan Mid Cap Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1048.50 | $5.89 | 1.14% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.46 | &nbsp;&nbsp; 5.80 | 1.14 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1046.00 | &nbsp;&nbsp; 8.46 | 1.64 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.94 | &nbsp;&nbsp; 8.34 | 1.64 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1049.90 | &nbsp;&nbsp; 4.60 | 0.89 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.72 | &nbsp;&nbsp; 4.53 | 0.89 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1047.20 | &nbsp;&nbsp; 7.17 | 1.39 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.20 | &nbsp;&nbsp; 7.07 | 1.39 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1050.70 | &nbsp;&nbsp; 3.82 | 0.74 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.47 | &nbsp;&nbsp; 3.77 | 0.74 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1051.40 | &nbsp;&nbsp; 3.31 | 0.64 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.98 | &nbsp;&nbsp; 3.26 | 0.64 |
| **JPMorgan Mid Cap Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1040.40 | &nbsp;&nbsp; 5.86 | 1.14 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.46 | &nbsp;&nbsp; 5.80 | 1.14 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1037.40 | &nbsp;&nbsp; 8.42 | 1.64 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.94 | &nbsp;&nbsp; 8.34 | 1.64 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1041.90 | &nbsp;&nbsp; 4.58 | 0.89 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.72 | &nbsp;&nbsp; 4.53 | 0.89 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1038.70 | &nbsp;&nbsp; 7.45 | 1.45 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.90 | &nbsp;&nbsp; 7.38 | 1.45 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1040.10 | &nbsp;&nbsp; 6.17 | 1.20 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.16 | &nbsp;&nbsp; 6.11 | 1.20 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1041.20 | &nbsp;&nbsp; 4.89 | 0.95 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.42 | &nbsp;&nbsp; 4.84 | 0.95 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1042.30 | &nbsp;&nbsp; 4.07 | 0.79 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.22 | &nbsp;&nbsp; 4.02 | 0.79 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1042.50 | &nbsp;&nbsp; 3.60 | 0.70 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.68 | &nbsp;&nbsp; 3.57 | 0.70 |
| **JPMorgan Mid Cap Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1057.00 | &nbsp;&nbsp; 5.91 | 1.14 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.46 | &nbsp;&nbsp; 5.80 | 1.14 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1054.40 | &nbsp;&nbsp; 8.49 | 1.64 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.94 | &nbsp;&nbsp; 8.34 | 1.64 |

---

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 87

------

**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) (continued) <br>Hypothetical $1,000 Investment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan Mid Cap Value Fund (continued)**  |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1058.40 | $4.62 | 0.89% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.72 | &nbsp;&nbsp; 4.53 | 0.89 |
| **Class L** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1059.10 | &nbsp;&nbsp; 3.89 | 0.75 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.42 | &nbsp;&nbsp; 3.82 | 0.75 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1055.70 | &nbsp;&nbsp; 7.25 | 1.40 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.15 | &nbsp;&nbsp; 7.12 | 1.40 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1057.10 | &nbsp;&nbsp; 5.96 | 1.15 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.41 | &nbsp;&nbsp; 5.85 | 1.15 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1057.90 | &nbsp;&nbsp; 4.67 | 0.90 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.67 | &nbsp;&nbsp; 4.58 | 0.90 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1059.00 | &nbsp;&nbsp; 3.89 | 0.75 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.42 | &nbsp;&nbsp; 3.82 | 0.75 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1059.30 | &nbsp;&nbsp; 3.37 | 0.65 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.93 | &nbsp;&nbsp; 3.31 | 0.65 |
| **JPMorgan Value Advantage Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1054.10 | &nbsp;&nbsp; 5.38 | 1.04 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.96 | &nbsp;&nbsp; 5.30 | 1.04 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1051.30 | &nbsp;&nbsp; 7.96 | 1.54 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.44 | &nbsp;&nbsp; 7.83 | 1.54 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1055.30 | &nbsp;&nbsp; 4.09 | 0.79 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.22 | &nbsp;&nbsp; 4.02 | 0.79 |
| **Class L** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1056.20 | &nbsp;&nbsp; 3.37 | 0.65 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.93 | &nbsp;&nbsp; 3.31 | 0.65 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1052.90 | &nbsp;&nbsp; 6.73 | 1.30 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.65 | &nbsp;&nbsp; 6.61 | 1.30 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1054.20 | &nbsp;&nbsp; 5.44 | 1.05 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.91 | &nbsp;&nbsp; 5.35 | 1.05 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1055.40 | &nbsp;&nbsp; 4.14 | 0.80 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.17 | &nbsp;&nbsp; 4.08 | 0.80 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1056.20 | &nbsp;&nbsp; 3.37 | 0.65 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.93 | &nbsp;&nbsp; 3.31 | 0.65 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1056.90 | &nbsp;&nbsp; 2.85 | 0.55 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.43 | &nbsp;&nbsp; 2.80 | 0.55 |

---

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

 <br> \* Expenses are equal to each Class' respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

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

88 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

**BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS** <br>(Unaudited)

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. Effective January 2022, the Board consolidated with the J.P. Morgan Exchange-Traded Fund Trust Board and now consists of Trustees from both Boards. 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 on June 21-22, 2022 and August 9-11, 2022, 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"). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. 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 11, 2022.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes 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 (including certain ETFs, beginning in February 2022) 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 Trusts, and independent legal counsel 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, including additional reporting and information provided in connection with the COVID-19 pandemic, 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:

(i) The background and experience of the Adviser's senior management and investment personnel, including personnel changes, if any; <br>(ii) The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each of the Funds, including personnel changes, if any; <br>(iii) The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams; <br>(iv) Information about the structure and distribution strategy for each Fund and how it fits with the Trusts' other fund offerings; <br>(v) The administration services provided by the Adviser in its role as Administrator; <br>

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 89

------

**BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS** <br>(Unaudited) (continued)

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

(vi) 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 Trusts and in the financial industry generally; <br>(vii) The overall reputation and capabilities of the Adviser and its affiliates; <br>(viii) The commitment of the Adviser to provide high quality service to the Funds; <br>(ix) Their overall confidence in the Adviser's integrity; <br>(x) 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 <br>(xi) The Adviser's business continuity plan and steps the Adviser and its affiliates have taken to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser's and its affiliates' success in continuing to provide services to the Funds and their shareholders throughout this period.

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 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.

*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 satisfactory 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

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

90 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

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, 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 the Funds' 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 with the same Broadridge investment classification and objective (the "Universe"), as well as a subset of funds within the Universe (the "Peer Group"), 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 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 Group did not meet a predetermined minimum. 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 shares was in the third, first and first quintiles of the Peer Group, and in the third, first and first quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the second, first and first quintiles of the Peer Group, and in the third, first and first quintiles of the Universe, for the one, three and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the second, first and second quintiles of the Peer Group, and in the third, first and first quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, 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

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 91

------

**BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS** <br>(Unaudited) (continued)

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 both Class A and Class I shares was in the fourth, first and first quintiles of the Peer Group, and in the fifth, first and first quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the fifth, first and first quintiles of both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2021, 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 third, second and second quintiles of the Peer Group, and in the fourth, first and first quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the third, first and first quintiles of the Peer Group, and in the fourth, first and first quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile of the Peer Group, for each of the one-, three- and five-year periods ended December 31, 2021, and in the third, first and first quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, 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 shares was in the second, third and third quintiles of the Peer Group, and in the third, fourth and third quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the third, third and fourth quintiles of the Peer Group, for the one-, three- and five-year periods ended December 31, 2021, respectively, and in the third quintile of the Universe, for each of the one-, three- and five-year periods ended December 31, 2021. The Trustees noted that the performance for Class R6 shares was in the second, fourth and third quintiles of the Peer Group, and in the second, third and third quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, 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 Value Advantage Fund's performance for Class A shares was in the second, third and fourth quintiles of the Peer Group, and in the second, fourth, and fourth quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the first, third and fourth quintiles of the Peer Group, and in the second, third and fourth quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the first, third and third quintiles of the Peer Group, and in the first, third and fourth quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, 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 in the same Broadridge category as each Fund. 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

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

92 J.P. Morgan Mid Cap/Multi-Cap Funds December 31, 2022

------

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 third 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 first 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 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 satisfactory 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 and second 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 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 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 satisfactory 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 third quintile of both the Peer Group and Universe. 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 first 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 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 satisfactory 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 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 quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the fourth and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class I 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 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 satisfactory in light of the services provided to the Fund.

The Trustees noted that the Value Advantage Fund's net advisory fee 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 third quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in the fourth and third 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 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 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 satisfactory in light of the services provided to the Fund.

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

December 31, 2022 J.P. Morgan Mid Cap/Multi-Cap Funds 93

------

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.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds' website at www.jpmorganfunds.com.

A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC's website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC's website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

![](g424473img8d023c119.jpg)

------

![](g424473img61890abf10.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2022. All rights reserved. December 2022.

SAN-MC-1222

------

Semi-Annual Report

J.P. Morgan Large Cap Funds

December 31, 2022 (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. Applied Data Science Value Fund  |
| JPMorgan U.S. Equity Fund |
| JPMorgan U.S. GARP Equity Fund |
| JPMorgan U.S. Large Cap Core Plus Fund |
| JPMorgan U.S. Research Enhanced Equity Fund |
| JPMorgan U.S. Sustainable Leaders Fund |
| JPMorgan U.S. Value Fund |

---

![](g441488imga77a60ca1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Letter to Shareholders](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_lts-ltscc-825_1) | **1** |
| [Market Overview](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_mo-marketoverviewcc-825_1) | **2** |
| [Fund Commentaries:](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_1) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Equity Income Fund](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_1) | **3** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Equity Index Fund](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_4) | **6** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Equity Premium Income Fund](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_6) | **8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Hedged Equity Fund](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_9) | **11** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Hedged Equity 2 Fund](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_12) | **14** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Hedged Equity 3 Fund](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_15) | **17** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Large Cap Growth Fund](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_18) | **20** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan Large Cap Value Fund](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_21) | **23** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan U.S. Applied Data Science Value Fund](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_24) | **26** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan U.S. Equity Fund](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_27) | **29** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan U.S. GARP Equity Fund](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_30) | **32** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan U.S. Large Cap Core Plus Fund](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_32) | **34** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan U.S. Research Enhanced Equity Fund](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_35) | **37** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan U.S. Sustainable Leaders Fund](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_38) | **40** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [JPMorgan U.S. Value Fund](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fc-1-fundcommentarycc-825_41) | **43** |
| [Schedules of Portfolio Investments](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_soi-toc-scheduleofinvestments-825_1) | **47** |
| [Financial Statements](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fs-toc-financialstatement-825_1) | **107** |
| [Financial Highlights](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_fihi-toc-financialhighlights-761_2) | **154** |
| [Notes to Financial Statements](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_ntf-ntfrunningfooter-761_1) | **200** |
| [Schedule of Shareholder Expenses](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_sse-shareholderexpensescc-825_1) | **226** |
| [Board Approval of Investment Advisory Agreements](#xx_91ada169-9a8e-4677-a904-54a0429a3af4_boardapproval_1-boardapprovalcc-825_1) | **233** |

---

**Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund's share price is lower than when you invested.** <br>Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. <br>Prospective investors should refer to the Funds' prospectuses for a discussion of the Funds' investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

------

**Letter to Shareholders** <br>February 13, 2023 (Unaudited)

**Dear Shareholder,**

Financial markets have rebounded somewhat as the U.S. and other developed market economies have shown notable resilience in the face of higher inflation, rising interest rates and the ongoing war in Ukraine. While the factors that weighed on equity and bond markets in 2022 largely remain, there are signals that inflationary pressures may have peaked and the long-term economic outlook appears positive.

---

| | |
|:---|:---|
| ![](g441488imgdfc736602.jpg)<br>| &nbsp;&nbsp; <br>*"Investors may face continued* <br> *economic and geopolitical challenges* <br> *in the year ahead. However, some of* <br> *the acute risks encountered in 2022* <br> *appear to have receded and last* <br> *year's reset in asset prices may* <br> *provide attractive investment* <br> *opportunities."*<br> *— Brian S. Shlissel*<br>|

---

While U.S. economic growth was surprisingly strong in the closing months of 2022, with broad gains in employment and consumer spending in the final months of the year, the U.S. Federal Reserve's efforts to counter inflationary pressure through sharply higher interest rates could slow economic momentum in the months ahead.

Corporate earnings have been squeezed by higher costs for materials and labor, while the strong U.S. dollar has hindered export revenues. However, the impact of higher prices and interest rates has not landed on all sectors of the economy evenly. Energy sector profits have soared over the past year, while earnings in housing and construction sectors have declined.

Across Europe, the war in Ukraine has driven up prices for energy, food and a range of other goods and has fueled negative consumer sentiment. The prolonged nature of the conflict and its potential to spread remain key concerns among policymakers, diplomats, military planners, economists and investors. It is worth noting that Europe's largest industrialized nations in concert with the European Union have moved swiftly to secure alternatives to Russian sources of natural gas and petroleum, which has eased an energy crisis that began last year.

Investors may face continued economic and geopolitical challenges in the year ahead. However, some of the acute risks encountered in 2022 appear to have receded and last year's reset in asset prices may provide attractive investment opportunities. A long-term view and a properly diversified portfolio, in our opinion, remain key elements to a successful investment approach.

Our broad array of investment solutions seeks to provide investors with ability to build durable portfolios that can help them meet their financial goals.

Sincerely, <br> ![](g441488img6026ac903.jpg)

Brian S. Shlissel <br>President - J.P. Morgan Funds <br>J.P. Morgan Asset Management <br>1-800-480-4111 or <u>www.jpmorganfunds.com</u> for more information

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

December 31, 2022 J.P. Morgan Large Cap Funds 1

------

J.P. Morgan Large Cap Funds

**MARKET OVERVIEW** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

Overall, leading U.S. equity indexes ended the period with positive returns, rebounding from a broad sell-off in August and September. Investors were largely focused on the pace and size of interest rate increases by the U.S. Federal Reserve (the "Fed"), while the highest inflation rate in 40 years, the war in Ukraine and pandemic-related disruptions in China weighed on global financial markets.

During the second half of 2022, the Fed raised interest rates in July, September, November and December, following three increases in the first half of the year. Meanwhile, corporate earnings for the second and third quarters of 2022, generally were better than expected given a cooling economy and slower consumer spending. The U.S. unemployment rate remained historically low, hovering between 3.5% and 3.7% for the six-month period.

Within U.S. equity markets, the energy sector outperformed amid constrained supply from Russia and Europe's efforts to find alternative sources of petroleum and natural gas. The utilities sector also performed well as investors sought attractive dividend yields and companies less exposed to economic cycles. The real estate sector largely underperformed amid rising interest rates, while changing consumer habits and investor concerns over increased competition weighed on the communication services sector.

Overall, mid cap growth stocks generated the highest U.S. equity returns, while large cap and mid cap value stocks outperformed small cap stocks and large cap growth stocks. For the six month period, the Russell 1000 Index returned 2.30%, the Russell 1000 Value Index returned 6.11% and the Russell 2000 Growth Index returned -1.48%.

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

2 J.P. Morgan Large Cap Funds December 31, 2022

------

JPMorgan Equity Income Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **7.60%** |
| Russell 1000 Value Index | **6.11%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$49150611** |

---

**INVESTMENT OBJECTIVE\*\***

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

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

The Fund's Class I Shares outperformed the Russell 1000 Value Index (the "Benchmark") for the six months ended December 31, 2022.

The Fund's underweight position in the communication services sector and its security selection in the consumer discretionary sector were leading contributors to performance relative to the Benchmark, while the Fund's security selection in the financials and health care sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund's overweight position in ConocoPhillips, its underweight position in Meta Platforms Inc. and its out-of-Benchmark position in TJX Cos. Shares of ConocoPhillips, an integrated petroleum and natural gas producer, rose after reporting strong earnings and revenue growth as global energy prices remained elevated during the period. Shares of Meta Platforms, parent company of social media platform Facebook, fell after the company issued a lower-than-expected revenue forecast and amid investor concerns about the company's push into virtual reality entertainment. Shares of TJX, an operator of discount retail apparel and home products chains, rose after reporting consecutive quarters of better-than-expected earnings and amid investor expectations that U.S. consumers would migrate toward lower cost retailers.

Leading individual detractors from relative performance included the Fund's underweight position in JPMorgan Chase & Co., its out-of-Benchmark position in Sysco Corp. and its overweight position in CME Group Inc. Shares of JPMorgan Chase, a banking and financial services company that the Fund is prohibited from holding because it is an affiliate, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Sysco, a food distribution company, fell after the company reported lower-than-expected earnings for its fiscal first quarter. Shares of CME Group, a financials products exchange operator, fell amid investor concerns about the company's exposure to cryptocurrencies.

**HOW WAS THE FUND POSITIONED?**

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

flow.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Exxon Mobil Corp. | 3.0% |
| 2. | ConocoPhillips | 3.0  |
| 3. | UnitedHealth Group, Inc. | 2.6  |
| 4. | Bristol-Myers Squibb Co. | 2.5  |
| 5. | Raytheon Technologies Corp. | 2.5  |
| 6. | Air Products and Chemicals, Inc. | 2.1  |
| 7. | Johnson & Johnson | 2.0  |
| 8. | Philip Morris International, Inc. | 1.9  |
| 9. | General Dynamics Corp. | 1.9  |
| 10. | AbbVie, Inc. | 1.9  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Financials | 19.8% |
| Health Care | 18.5 |
| Industrials | 13.5 |
| Consumer Staples | 9.3 |
| Energy | 9.0 |
| Information Technology | &nbsp;&nbsp; 7.7 |
| Consumer Discretionary | 6.6 |
| Utilities | 4.6 |
| Materials | 3.6 |
| Communication Services | 2.3 |
| Real Estate | 2.1 |
| Short-Term Investments | 3.0 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

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

December 31, 2022 J.P. Morgan Large Cap Funds 3

------

JPMorgan Equity Income Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

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

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

4 J.P. Morgan Large Cap Funds December 31, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 18, 1992 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | 1.84% | (7.27)% | 7.50% | 10.85% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 7.48 | (2.12) | 8.67 | 11.44 |
| **CLASS C SHARES** | November 4, 1997 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 6.23 | (3.61) | 8.14 | 11.00 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 7.23 | (2.61) | 8.14 | 11.00 |
| **Class I SHARES** | July 2, 1987 | 7.60 | (1.89) | 8.95 | 11.72 |
| **Class R2 SHARES** | February 28, 2011 | 7.33 | (2.38) | 8.39 | 11.16 |
| **Class R3 SHARES** | September 9, 2016 | 7.48 | (2.12) | 8.68 | 11.45 |
| **Class R4 SHARES** | September 9, 2016 | 7.66 | (1.89) | 8.95 | 11.73 |
| **Class R5 SHARES** | February 28, 2011 | 7.68 | (1.74) | 9.11 | 11.92 |
| **Class R6 SHARES** | January 31, 2012 | 7.74 | (1.64) | 9.21 | 12.01 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g441488imga0ef81de4.jpg)

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

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Income Fund and the Russell 1000 Value Index from December 31, 2012 to December 31, 2022. The performance of the

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

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

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

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

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

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

December 31, 2022 J.P. Morgan Large Cap Funds 5

------

JPMorgan Equity Index Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **2.19%** |
| S&P 500 Index | **2.31%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$6988622** |

---

**INVESTMENT OBJECTIVE\*\***

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

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

For the six months ended December 31, 2022, the Fund's Class I Shares largely performed in line with the Benchmark, before considering the effect of Fund fees and expenses. This was consistent with the Fund's investment objective and indexing strategy, as the Fund looks to generate returns that are comparable to those of the Benchmark.

Overall, leading U.S. equity indexes provided positive returns for the period, rebounding from a broad sell-off in September that included a 9.34% decline in the S&P 500.

For the six-month period, the energy and industrials sectors were leading contributors to performance for the Fund and the Benchmark, while the communication services and real estate sectors were leading detractors from performance.

**HOW WAS THE FUND POSITIONED?**

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

as those found in the Benchmark.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Apple, Inc. | 5.9% |
| 2. | Microsoft Corp. | 5.4  |
| 3. | Amazon.com, Inc. | 2.3  |
| 4. | Berkshire Hathaway, Inc., Class B | 1.7  |
| 5. | Alphabet, Inc., Class A | 1.6  |
| 6. | UnitedHealth Group, Inc. | 1.5  |
| 7. | Alphabet, Inc., Class C | 1.4  |
| 8. | Johnson & Johnson | 1.4  |
| 9. | Exxon Mobil Corp. | 1.4  |
| 10. | JPMorgan Chase & Co. | 1.2  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 25.0% |
| Health Care | 15.4 |
| Financials | 11.4 |
| Consumer Discretionary | &nbsp;&nbsp; 9.5 |
| Industrials | 8.5 |
| Communication Services | &nbsp;&nbsp; 7.2 |
| Consumer Staples | &nbsp;&nbsp; 7.0 |
| Energy | &nbsp;&nbsp; 5.1 |
| Utilities | 3.1 |
| Real Estate | &nbsp;&nbsp; 2.7 |
| Materials | &nbsp;&nbsp; 2.6 |
| Short-Term Investments | &nbsp;&nbsp; 2.5 |

---

------

\*

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

\*\*

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

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

6 J.P. Morgan Large Cap Funds December 31, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 18, 1992 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (3.30)% | (22.78)% | 7.77% | 11.45% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 2.05 | (18.50) | 8.94 | 12.05 |
| **CLASS C SHARES** | November 4, 1997 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 0.75 | (19.98) | 8.29 | 11.44 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 1.75 | (18.98) | 8.29 | 11.44 |
| **Class I SHARES** | July 2, 1991 | 2.19 | (18.30) | 9.21 | 12.33 |
| **Class R6 SHARES** | September 1, 2016 | 2.26 | (18.17) | 9.38 | 12.44 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g441488img39fb12005.jpg)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Index Fund and the S&P 500 Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if

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

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

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

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

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

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

December 31, 2022 J.P. Morgan Large Cap Funds 7

------

JPMorgan Equity Premium Income Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **5.29%** |
| S&P 500 Index | **2.31%** |
| ICE BofAML 3-Month US Treasury Bill Index | **1.32%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$4773022** |

---

**INVESTMENT OBJECTIVE\*\***

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

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

The Fund's Class I Shares outperformed both the S&P 500 Index (the "Benchmark") and the ICE BofAML 3-Month U.S. Treasury Bill Index for the six months ended December 31, 2022.

The Fund's security selection and underweight positions in the consumer discretionary and information technology sectors were leading contributors to performance relative to the Benchmark, while the Fund's underweight position in the energy sector and its security selection in the utilities sector were leading detractors from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund's underweight positions in Tesla Inc. and Amazon.com Inc. and its overweight position in O'Reilly Automotive Inc. Shares of Tesla, an electric vehicle manufacturer not held in the Fund, fell amid investor concerns about both weaker delivery volumes and Chief Executive Elon Musk's controversial decisions as majority owner and chief executive of Twitter Inc. Shares of Amazon.com, an internet retailer and services provider, fell amid a broad decline in large capitalization technology companies. Shares of O'Reilly Automotive, an auto parts retailer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022.

Leading individual detractors from relative performance included the Fund's out-of-Benchmark positions in TC Energy Corp., and its underweight positions in Netflix Inc. and Home Depot Inc. Shares of TC Energy, an oil and natural gas storage and pipelines operator, fell after the company shut down its Keystone Pipeline System following a leak of an estimated half-million gallons of crude oil. Shares of Netflix, an entertainment content and services provider not held in the Fund, rose amid improving subscriber numbers and positive investor response to the company's advertising initiatives during the period. Shares of Home Depot, a home improvement retail chain not held in the Fund, rose after the company reported better-than-expected results for the third quarter of 2022 and reaffirmed its full-year 2022 forecast.

**HOW WAS THE FUND POSITIONED?**

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

attractive risk/return characteristics.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | AbbVie, Inc. | 1.6% |
| 2. | Progressive Corp. (The) | 1.6  |
| 3. | Exxon Mobil Corp. | 1.5  |
| 4. | UnitedHealth Group, Inc. | 1.5  |
| 5. | Coca-Cola Co. (The) | 1.5  |
| 6. | Hershey Co. (The) | 1.5  |
| 7. | PepsiCo, Inc. | 1.4  |
| 8. | Honeywell International, Inc. | 1.4  |
| 9. | Bristol-Myers Squibb Co. | 1.4  |
| 10. | Eli Lilly & Co. | 1.4  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Industrials | 12.2% |
| Health Care | 12.1 |
| Consumer Staples | 11.6 |
| Information Technology | 10.7 |
| Financials | 10.0 |
| Utilities | &nbsp;&nbsp; 7.8 |
| Consumer Discretionary | 5.6 |
| Communication Services | 3.7 |
| Materials | 3.3 |
| Energy | 2.7 |
| Real Estate | 2.6 |
| Other <sup>\*\*\*</sup>  | 15.1 |
| Short-Term Investments | 2.6 |

---

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

8 J.P. Morgan Large Cap Funds December 31, 2022

------

\*

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

\*\*

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

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

\*\*\* Equity-Linked Notes that are linked to the S&P 500 Index.

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

December 31, 2022 J.P. Morgan Large Cap Funds 9

------

JPMorgan Equity Premium Income Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **CLASS A SHARES** | August 31, 2018 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (0.26)% | (9.12)% | 6.32% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 5.24 | (4.11) | 7.65 |
| **CLASS C SHARES** | August 31, 2018 |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 3.98 | (5.59) | 7.12 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 4.98 | (4.59) | 7.12 |
| **Class I SHARES** | August 31, 2018 | 5.29 | (3.88) | 7.90 |
| **Class R5 SHARES** | August 31, 2018 | 5.45 | (3.73) | 8.06 |
| **Class R6 SHARES** | August 31, 2018 | 5.43 | (3.64) | 8.17 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**LIFE OF FUND PERFORMANCE** (8/31/18 TO 12/31/22)

------

![](g441488img5f3120886.jpg)

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

The Fund commenced operations on August 31, 2018.

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

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

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

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

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

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

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

10 J.P. Morgan Large Cap Funds December 31, 2022

------

JPMorgan Hedged Equity Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **1.80%** |
| S&P 500 Index | **2.31%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$14686991** |

---

**INVESTMENT OBJECTIVE\*\***

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

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

The Fund's Class I Shares underperformed the S&P 500 Index (the "Benchmark") for the six months ended December 31, 2022.

The Fund's security selection in the financials and the health services & systems sectors was a leading detractor from performance relative to the Benchmark, while the Fund's security selection in the retail and basic materials sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund's underweight position in JPMorgan Chase & Co. and its overweight positions in Seagate Technology Holdings PLC and United Parcel Service Inc. Shares of JPMorgan Chase, a banking and financial services company that the Fund is prohibited from holding because it is an affiliate, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Seagate Technology Holdings, a data storage provider based in Ireland, fell after the company reported lower-than-expected earnings and revenue for its fiscal first quarter and issued a lower-than-expected earnings forecast for its fiscal second quarter. Shares of United Parcel Service, a package delivery and freight services provider, fell after the company reported lower-than-expected revenue for the third quarter of 2022.

Leading individual contributors to relative performance included the Fund's overweight positions in Deere & Co. and Lennar Corp., and its underweight position in Intel Corp. <br>Shares of Deere, an agricultural equipment and machinery manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast higher sales and earnings. Shares of Lennar, a homebuilder, rose amid signs of slowing inflation in the U.S. and after reporting better-than-expected earnings and revenue for its fiscal fourth quarter. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell with the broader semiconductor sub-sector amid lower industry growth forecasts and changes in global technology supply chains.

**HOW WAS THE FUND POSITIONED?**

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while systematically purchasing and selling exchange-traded index put options and selling exchange-traded index call options. The options overlay is known as a Put/Spread Collar strategy. The combination of the diversified portfolio of equity securities, downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments while exposing the Fund to less risk than

traditional long-only equity strategies.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 5.9% |
| 2. | Apple, Inc. | 5.8  |
| 3. | Amazon.com, Inc. | 2.5  |
| 4. | S&P 500 Index 3/31/2023 at USD <br> 3,630.00, European Style<br>| 2.2  |
| 5. | UnitedHealth Group, Inc. | 1.9  |
| 6. | Alphabet, Inc., Class A | 1.9  |
| 7. | Exxon Mobil Corp. | 1.9  |
| 8. | Mastercard, Inc., Class A | 1.6  |
| 9. | Berkshire Hathaway, Inc., Class B | 1.5  |
| 10. | AbbVie, Inc. | 1.4  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 24.3% |
| Health Care | 15.2 |
| Financials | 10.7 |
| Consumer Discretionary | 10.6 |
| Industrials | &nbsp;&nbsp; 8.8 |
| Communication Services | &nbsp;&nbsp; 6.8 |
| Consumer Staples | &nbsp;&nbsp; 5.9 |
| Energy | &nbsp;&nbsp; 5.1 |
| Utilities | &nbsp;&nbsp; 3.1 |
| Real Estate | &nbsp;&nbsp; 2.5 |
| Materials | &nbsp;&nbsp; 2.5 |
| Call Options Purchased | &nbsp;&nbsp; 2.2 |
| Short-Term Investments | &nbsp;&nbsp; 2.3 |

---

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

December 31, 2022 J.P. Morgan Large Cap Funds 11

------

JPMorgan Hedged Equity Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

------

\*

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

\*\*

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

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

12 J.P. Morgan Large Cap Funds December 31, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **CLASS A SHARES** | December 13, 2013 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (3.65)% | (13.09)% | 4.61% | 5.92% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 1.68 | &nbsp;&nbsp; (8.28) | 5.74 | 6.55 |
| **CLASS C SHARES** | December 13, 2013 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 0.42 | &nbsp;&nbsp; (9.74) | 5.21 | 6.09 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 1.42 | &nbsp;&nbsp; (8.74) | 5.21 | 6.09 |
| **Class I SHARES** | December 13, 2013 | 1.80 | &nbsp;&nbsp; (8.06) | 6.01 | 6.82 |
| **Class R5 SHARES** | December 13, 2013 | 1.88 | &nbsp;&nbsp; (7.94) | 6.16 | 7.00 |
| **Class R6 SHARES** | December 13, 2013 | 1.93 | &nbsp;&nbsp; (7.84) | 6.27 | 7.08 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**LIFE OF FUND PERFORMANCE** (12/13/13 TO 12/31/22)

------

![](g441488imge34e38147.jpg)

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

The Fund commenced operations on December 13, 2013.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity Fund, the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index from December 13, 2013 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index and the ICE BofAML 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmarks, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. The ICE BofAML 3-Month US Treasury Bill Index is comprised of a single issue purchased

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

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

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

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

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

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

December 31, 2022 J.P. Morgan Large Cap Funds 13

------

JPMorgan Hedged Equity 2 Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **(0.84)%** |
| S&P 500 Index | **2.31%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$4146079** |

---

**INVESTMENT OBJECTIVE\*\***

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

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

The Fund's Class I Shares underperformed the S&P 500 Index (the "Benchmark") for the six months ended December 31, 2022.

The Fund's security selection in the financials and the health services & systems sectors was a leading detractor from performance relative to the Benchmark, while the Fund's security selection in the retail and basic materials sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund's underweight position in JPMorgan Chase & Co. and its overweight positions in Seagate Technology Holdings PLC and United Parcel Service Inc. Shares of JPMorgan Chase, a banking and financial services company that the Fund is prohibited from holding because it is an affiliate, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Seagate Technology Holdings, a data storage provider based in Ireland, fell after the company reported lower-than-expected earnings and revenue for its fiscal first quarter and issued a lower-than-expected earnings forecast for its fiscal second quarter. Shares of United Parcel Service, a package delivery and freight services provider, fell after the company reported lower-than-expected revenue for the third quarter of 2022.

Leading individual contributors to relative performance included the Fund's overweight positions in Deere & Co. and Lennar Corp., and its underweight position in Intel Corp. <br>Shares of Deere, an agricultural equipment and machinery manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast higher sales and earnings. Shares of Lennar, a homebuilder, rose amid signs of slowing inflation in the U.S. and after reporting better-than-expected earnings and revenue for its fiscal fourth quarter. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell with the broader semiconductor sub-sector amid lower industry growth forecasts and changes in global technology supply chains.

**HOW WAS THE FUND POSITIONED?**

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while systematically purchasing and selling exchange-traded index put options and selling exchange-traded index call options. The options overlay is known as a Put/Spread Collar strategy. The combination of the diversified portfolio of equity securities, downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments while exposing the Fund to less risk than

traditional long-only equity strategies.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 6.1% |
| 2. | Apple, Inc. | 6.0  |
| 3. | Amazon.com, Inc. | 2.5  |
| 4. | UnitedHealth Group, Inc. | 2.0  |
| 5. | Alphabet, Inc., Class A | 2.0  |
| 6. | Exxon Mobil Corp. | 1.9  |
| 7. | Mastercard, Inc., Class A | 1.7  |
| 8. | Berkshire Hathaway, Inc., Class B | 1.6  |
| 9. | AbbVie, Inc. | 1.5  |
| 10. | Alphabet, Inc., Class C | 1.5  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 25.0% |
| Health Care | 15.5 |
| Financials | 11.1 |
| Consumer Discretionary | 10.9 |
| Industrials | &nbsp;&nbsp; 9.0 |
| Communication Services | 6.9 |
| Consumer Staples | 6.0 |
| Energy | &nbsp;&nbsp; 5.2 |
| Utilities | 3.1 |
| Real Estate | &nbsp;&nbsp; 2.6 |
| Materials | &nbsp;&nbsp; 2.6 |
| Call Options Purchased | 0.8 |
| Short-Term Investments | &nbsp;&nbsp; 1.3 |

---

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

14 J.P. Morgan Large Cap Funds December 31, 2022

------

\*

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

\*\*

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

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

December 31, 2022 J.P. Morgan Large Cap Funds 15

------

JPMorgan Hedged Equity 2 Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **CLASS A SHARES** | February 26, 2021 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (6.07)% | (18.04)% | (3.54)% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | (0.89) | (13.48) | (0.68) |
| **CLASS C SHARES** | February 26, 2021 |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | (2.15) | (14.93) | (1.16) |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (1.15) | (13.93) | (1.16) |
| **Class I SHARES** | February 26, 2021 | (0.84) | (13.32) | (0.45) |
| **Class R5 SHARES** | February 26, 2021 | (0.69) | (13.18) | (0.29) |
| **Class R6 SHARES** | February 26, 2021 | (0.71) | (13.15) | (0.20) |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**LIFE OF FUND PERFORMANCE** (2/26/21 TO 12/31/22)

------

![](g441488img8f749a978.jpg)

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

The Fund commenced operations on February 26, 2021.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 2 Fund and the S&P 500 Index from February 26, 2021 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of

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

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

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

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

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

16 J.P. Morgan Large Cap Funds December 31, 2022

------

JPMorgan Hedged Equity 3 Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **0.35%** |
| S&P 500 Index | **2.31%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$2777814** |

---

**INVESTMENT OBJECTIVE\*\***

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

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

The Fund's Class I Shares underperformed the S&P 500 Index (the "Benchmark") for the six months ended December 31. 2022.

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

Leading individual detractors from relative performance included the Fund's underweight position in JPMorgan Chase & Co. and its overweight positions in Seagate Technology Holdings PLC and United Parcel Service Inc. Shares of JPMorgan Chase, a banking and financial services company that the Fund is prohibited from holding because it is an affiliate, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Seagate Technology Holdings, a data storage provider based in Ireland, fell after the company reported lower-than-expected earnings and revenue for its fiscal first quarter and issued a lower-than-expected earnings forecast for its fiscal second quarter. Shares of United Parcel Service, a package delivery and freight services provider, fell after the company reported lower-than-expected revenue for the third quarter of 2022.

Leading individual contributors to relative performance included the Fund's overweight positions in Deere & Co. and Lennar Corp., and its underweight position in Intel Corp. Shares of Deere, an agricultural equipment and machinery manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast higher sales and earnings. Shares of Lennar, a homebuilder, rose amid signs of slowing inflation in the U.S. and after reporting better-than-expected earnings and revenue for its fiscal fourth quarter. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell with the broader semiconductor sub-sector amid lower industry growth forecasts and changes in global technology supply chains.

**HOW WAS THE FUND POSITIONED?**

The Fund used an enhanced index strategy that invests primarily in common stocks of large capitalization U.S. companies, while systematically purchasing and selling exchange-traded index put options and selling exchange-traded index call options. The options overlay is known as a Put/Spread Collar strategy. The combination of the diversified portfolio of equity securities, downside protection from index put options and income from index call options provided the Fund with a portion of the returns associated with equity market investments while exposing the Fund to less risk than

traditional long-only equity strategies.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 5.9% |
| 2. | Apple, Inc. | 5.8  |
| 3. | S&P 500 Index 2/28/2023 at USD <br> 3,855.00, European Style<br>| 3.3  |
| 4. | Amazon.com, Inc. | 2.5  |
| 5. | UnitedHealth Group, Inc. | 1.9  |
| 6. | Alphabet, Inc., Class A | 1.9  |
| 7. | Exxon Mobil Corp. | 1.9  |
| 8. | Mastercard, Inc., Class A | 1.6  |
| 9. | Berkshire Hathaway, Inc., Class B | 1.5  |
| 10. | AbbVie, Inc. | 1.4  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 24.3% |
| Health Care | 15.2 |
| Financials | 10.7 |
| Consumer Discretionary | 10.7 |
| Industrials | &nbsp;&nbsp; 8.7 |
| Communication Services | &nbsp;&nbsp; 6.8 |
| Consumer Staples | &nbsp;&nbsp; 5.9 |
| Energy | &nbsp;&nbsp; 5.1 |
| Call Options Purchased | &nbsp;&nbsp; 3.3 |
| Utilities | &nbsp;&nbsp; 3.1 |
| Materials | &nbsp;&nbsp; 2.6 |
| Real Estate | &nbsp;&nbsp; 2.5 |
| Short-Term Investments | &nbsp;&nbsp; 1.1 |

---

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

December 31, 2022 J.P. Morgan Large Cap Funds 17

------

JPMorgan Hedged Equity 3 Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

------

\*

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

\*\*

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

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

18 J.P. Morgan Large Cap Funds December 31, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **SINCE**<br> **INCEPTION**<br>|
| **CLASS A SHARES** | February 26, 2021 |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (5.01)% | (19.18)% | (4.85)% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 0.22 | (14.68) | (2.03) |
| **CLASS C SHARES** | February 26, 2021 |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | (1.02) | (16.12) | (2.51) |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (0.02) | (15.12) | (2.51) |
| **Class I SHARES** | February 26, 2021 | 0.35 | (14.50) | (1.77) |
| **Class R5 SHARES** | February 26, 2021 | 0.44 | (14.35) | (1.62) |
| **Class R6 SHARES** | February 26, 2021 | 0.48 | (14.28) | (1.53) |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**LIFE OF FUND PERFORMANCE** (2/26/21 TO 12/31/22)

------

![](g441488imga3b53ba19.jpg)

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

The Fund commenced operations on February 26, 2021.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Hedged Equity 3 Fund and the S&P 500 Index from February 26, 2021 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and approximates the minimum possible dividend reinvestment of

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

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

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

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

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

December 31, 2022 J.P. Morgan Large Cap Funds 19

------

JPMorgan Large Cap Growth Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I) <sup>\*</sup> | **1.93%** |
| Russell 1000 Growth Index | **(1.48)%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$37058370** |

---

**INVESTMENT OBJECTIVE\*\***

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

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

The Fund's Class I Shares outperformed the Russell 1000 Growth Index (the "Benchmark") for the six months ended December 31, 2022.

The Fund's security selection and overweight position in the health care sector and its security selection in the consumer discretionary sector were leading contributors to performance relative to the Benchmark, while the Fund's security selection in the financials sector was the leading detractor from relative performance. The Fund's underweight position in the consumer staples sector also detracted from relative performance but the impact was not significant.

Leading individual contributors to relative performance included the Fund's overweight positions in Deere & Co. and HCA Healthcare Inc., and its out-of-Benchmark position in ConocoPhillips. Shares of Deere, an agricultural equipment and machinery manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast higher sales and earnings. Shares of HCA Healthcare, a hospitals and medical services company, rose as investors sought values in the wake of a broad sell-off in hospital operator stocks in the first half of the period. Shares of ConocoPhillips, an integrated petroleum and natural gas producer, rose after reporting strong earnings and revenue growth as global energy prices remained elevated during the period.

Leading individual detractors from relative performance included the Fund's overweight position in SVB Financial Group and its underweight positions in Broadcom Inc. and Mastercard Inc.

Shares of SVB Financial Group, a regional banking and financial services company, fell after the company reported lower-than-expected revenue for the third quarter of 2022 and amid investor concern about the company's exposure to the information technology sector. Shares of Broadcom, a semiconductor manufacturer not held in the Fund, rose after the company reported better-than-expected earnings for its

fiscal fourth quarter and issued a better-than-expected earnings forecast. Shares of Mastercard, a credit card and financials transactions processor not held in the Fund, rose after the company increased its quarterly dividend and unveiled a $9 billion share repurchase plan.

**HOW WAS THE FUND POSITIONED?**

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

period of time.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Apple, Inc. | 8.3% |
| 2. | Microsoft Corp. | 6.8  |
| 3. | AbbVie, Inc. | 3.6  |
| 4. | Deere & Co. | 3.6  |
| 5. | Alphabet, Inc., Class C | 3.2  |
| 6. | Eli Lilly & Co. | 3.1  |
| 7. | AutoZone, Inc. | 3.0  |
| 8. | ConocoPhillips | 2.7  |
| 9. | Coca-Cola Co. (The) | 2.7  |
| 10. | McKesson Corp. | 2.6  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 29.8% |
| Health Care | 22.0 |
| Consumer Discretionary | 13.3 |
| Industrials | &nbsp;&nbsp; 7.6 |
| Financials | &nbsp;&nbsp; 5.3 |
| Consumer Staples | 4.3 |
| Communication Services | 3.8 |
| Energy | 3.3 |
| Materials | &nbsp;&nbsp; 2.3 |
| Short-Term Investments | 8.3 |

---

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

20 J.P. Morgan Large Cap Funds December 31, 2022

------

\*

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

\*\*

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

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

December 31, 2022 J.P. Morgan Large Cap Funds 21

------

JPMorgan Large Cap Growth Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 22, 1994 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (3.54)% | (29.49)% | 12.48% | 14.34% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 1.80 | (25.59) | 13.69 | 14.96 |
| **CLASS C SHARES** | November 4, 1997 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 0.54 | (26.96) | 13.13 | 14.50 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 1.54 | (25.96) | 13.13 | 14.50 |
| **Class I SHARES** | February 28, 1992 | 1.93 | (25.41) | 13.98 | 15.20 |
| **Class R2 SHARES** | November 3, 2008 | 1.68 | (25.78) | 13.41 | 14.67 |
| **Class R3 SHARES** | September 9, 2016 | 1.79 | (25.59) | 13.69 | 14.94 |
| **Class R4 SHARES** | September 9, 2016 | 1.92 | (25.40) | 13.98 | 15.20 |
| **Class R5 SHARES** | April 14, 2009 | 2.02 | (25.28) | 14.15 | 15.40 |
| **Class R6 SHARES** | November 30, 2010 | 2.07 | (25.21) | 14.27 | 15.50 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g441488img51f4332110.jpg)

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund and the Russell 1000 Growth Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect

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

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

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

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

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

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

22 J.P. Morgan Large Cap Funds December 31, 2022

------

JPMorgan Large Cap Value Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **7.20%** |
| Russell 1000 Value Index | **6.11%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$3449021** |

---

**INVESTMENT OBJECTIVE\*\***

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

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

The Fund's Class I Shares outperformed the Russell 1000 Value Index (the "Benchmark") for the six months ended December 31, 2022.

The Fund's security selection in the consumer discretionary sector and its overweight position in the energy sector were leading contributors to performance relative to the Benchmark, while the Fund's security selection in the financials and utilities sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund's overweight positions in Cardinal Health Inc., Regeneron Pharmaceuticals Inc. and Royal Caribbean Cruises Ltd. Shares of Cardinal Health, a pharmaceuticals and health care products distributor, rose after the company reported better-than-expected earnings and revenue for its fiscal first quarter. Shares of Regeneron Pharmaceuticals, a drug development company, rose after the company reported positive clinical results for several of its drug candidates. Shares of Royal Caribbean Cruises, a cruise line operator, rose amid positive data from holiday booking trends heading into 2023.

Leading individual detractors from relative performance included the Fund's underweight position in JP Morgan Chase & Co., and its overweight position in Fidelity National Information Services Inc. and Bristol-Myers Squibb Co. Shares of JPMorgan Chase, a banking and financial services company that the Fund is prohibited from holding because it is an affiliate, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Fidelity National Information Services, a financial services technology provider, fell after the company reported lower-than-expected earnings and revenue for the third quarter of 2022 and lowered its earnings forecast for the full year 2022. Shares of Bristol Myers Squibb, a pharmaceuticals developer, fell after the company reported third quarter 2022 sales were hurt by

competition from generic drugs and unfavorable foreign exchange rates.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio manager combined a bottom-up fundamental approach to security selection with a systematic valuation process. Overall, the Fund's portfolio manager looked to take advantage of mispriced stocks that he believed

appeared attractive relative to their fair value.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Bristol-Myers Squibb Co. | 3.7% |
| 2. | Wells Fargo & Co. | 3.3  |
| 3. | Berkshire Hathaway, Inc., Class B | 2.9  |
| 4. | Charter Communications, Inc., Class A | 2.7  |
| 5. | Regeneron Pharmaceuticals, Inc. | 2.6  |
| 6. | Chevron Corp. | 2.5  |
| 7. | Hess Corp. | 2.4  |
| 8. | AbbVie, Inc. | 2.3  |
| 9. | Exxon Mobil Corp. | 2.3  |
| 10. | Centene Corp. | 2.2  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Financials | 18.8% |
| Health Care | 16.9 |
| Industrials | 13.1 |
| Energy | 10.3 |
| Consumer Staples | &nbsp;&nbsp; 7.5 |
| Communication Services | 6.6 |
| Materials | 5.9 |
| Utilities | 5.4 |
| Consumer Discretionary | 4.6 |
| Real Estate | 4.5 |
| Information Technology | 3.5 |
| Short-Term Investments | 2.9 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

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

December 31, 2022 J.P. Morgan Large Cap Funds 23

------

JPMorgan Large Cap Value Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

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

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

24 J.P. Morgan Large Cap Funds December 31, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 18, 1992 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | 1.42% | (5.61)% | 6.68% | 11.63% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 7.03 | (0.38) | 7.83 | 12.23 |
| **CLASS C SHARES** | March 22, 1999 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 5.78 | (1.91) | 7.29 | 11.77 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 6.78 | (0.91) | 7.29 | 11.77 |
| **Class I SHARES** | March 1, 1991 | 7.20 | (0.14) | 8.09 | 12.45 |
| **Class R2 SHARES** | November 3, 2008 | 6.90 | (0.65) | 7.55 | 11.93 |
| **Class R3 SHARES** | October 1, 2018 | 7.08 | (0.40) | 7.83 | 12.23 |
| **Class R4 SHARES** | October 1, 2018 | 7.16 | (0.11) | 8.10 | 12.46 |
| **Class R5 SHARES** | May 15, 2006 | 7.25 | 0.01 | 8.27 | 12.65 |
| **Class R6 SHARES** | November 30, 2010 | 7.30 | 0.11 | 8.37 | 12.74 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g441488imgfd46cd8a11.jpg)

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

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Value Fund and the Russell 1000 Value Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge

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

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

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

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

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

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

December 31, 2022 J.P. Morgan Large Cap Funds 25

------

JPMorgan U.S. Applied Data Science Value Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **5.98%** |
| Russell 1000 Value Index | **6.11%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$189818** |

---

**INVESTMENT OBJECTIVE\*\***

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

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

The Fund's Class I Shares underperformed the Russell 1000 Value Index (the "Benchmark") for the six months ended December 31, 2022.

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

Leading individual detractors from relative performance included the Fund's underweight positions in JPMorgan Chase & Co. and Netflix Inc., and its overweight position in Bristol-Myers Squibb Co. Shares of JPMorgan Chase, a banking and financial services company that the Fund is prohibited from holding, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Netflix, an entertainment content and services provider not held in the Fund, rose amid improving subscriber numbers and positive investor response to the company's advertising initiatives during the period. Shares of Bristol Myers Squibb, a pharmaceuticals developer, fell after the company reported that third quarter 2022 sales were hurt by competition from generic drugs and unfavorable foreign exchange rates.

Leading individual contributors to relative performance included the Fund's underweight position in Intel Corp. and its overweight positions in Cigna Corp. and Constellation Energy Co. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell with the broader semiconductor sub-sector amid lower industry growth forecasts and changes in global technology supply chains. Shares of Cigna, a health care insurance provider, rose after reporting better-than-expected earnings and revenue for the third quarter of 2022 and reaffirmed its full year 2022 forecast. Shares of Constellation Energy, an electric utility, rose after the company reported better-than-expected revenues during the period and amid investor expectations that the company would benefit from planned federal spending on clean energy projects.

**HOW WAS THE FUND POSITIONED?**

During the period, the Fund's portfolio managers employed a data science driven investment approach that combines research, data insights and risk management. The portfolio managers utilize proprietary techniques to process, analyze and combine a wide variety of data sources, including a multi-decade history of proprietary fundamental research,

company fundamentals and alternative data.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | NextEra Energy, Inc. | 2.9% |
| 2. | ConocoPhillips | 2.9  |
| 3. | Bristol-Myers Squibb Co. | 2.4  |
| 4. | Eaton Corp. plc | 2.3  |
| 5. | Coca-Cola Co. (The) | 2.2  |
| 6. | Prologis, Inc. | 2.1  |
| 7. | Bank of America Corp. | 2.1  |
| 8. | Wells Fargo & Co. | 2.0  |
| 9. | Norfolk Southern Corp. | 2.0  |
| 10. | Morgan Stanley | 2.0  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Financials | 19.3% |
| Health Care | 18.0 |
| Industrials | 13.3 |
| Energy | 8.9 |
| Consumer Staples | &nbsp;&nbsp; 7.2 |
| Information Technology | 6.8 |
| Utilities | 6.4 |
| Communication Services | 6.3 |
| Consumer Discretionary | 5.6 |
| Real Estate | 3.6 |
| Materials | 3.5 |
| Short-Term Investments | &nbsp;&nbsp; 1.1 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

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

26 J.P. Morgan Large Cap Funds December 31, 2022

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

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

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

December 31, 2022 J.P. Morgan Large Cap Funds 27

------

JPMorgan U.S. Applied Data Science Value Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 19, 2005 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | 0.30% | (11.28)% | 5.79% | &nbsp;&nbsp; 9.55% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 5.85 | &nbsp;&nbsp; (6.35) | 6.94 | 10.14 |
| **CLASS C SHARES** | February 19, 2005 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 4.57 | &nbsp;&nbsp; (7.79) | 6.41 | &nbsp;&nbsp; 9.70 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 5.57 | &nbsp;&nbsp; (6.79) | 6.41 | &nbsp;&nbsp; 9.70 |
| **Class I SHARES** | February 28, 2003 | 5.98 | &nbsp;&nbsp; (6.11) | 7.20 | 10.36 |
| **Class R2 SHARES** | November 3, 2008 | 5.67 | &nbsp;&nbsp; (6.64) | 6.64 | &nbsp;&nbsp; 9.83 |
| **Class R5 SHARES** | May 15, 2006 | 6.04 | &nbsp;&nbsp; (6.05) | 7.33 | 10.53 |
| **Class R6 SHARES** | November 30, 2010 | 6.09 | &nbsp;&nbsp; (5.95) | 7.44 | 10.62 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g441488img76c987ce12.jpg)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Applied Data Science Value Fund and the Russell 1000 Value Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000

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

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

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

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

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

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

28 J.P. Morgan Large Cap Funds December 31, 2022

------

JPMorgan U.S. Equity Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

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

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class L Shares) <sup>\*</sup> | **1.52%** |
| S&P 500 Index | **2.31%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$19304471** |

---

**INVESTMENT OBJECTIVE\*\***

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

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

The Fund's Class L Shares underperformed the S&P 500 Index (the "Benchmark") for the six months ended December 31, 2022.

The Fund's security selection in the commodities sector and its overweight position in the media sector were leading detractors from performance relative to the Benchmark, while the Fund's security selection in both the industrial cyclical and pharmaceutical/medical technology sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund's overweight positions in Truist Financial Corp. and Bristol-Myers Squibb Co., and its underweight position in Netflix Inc. Shares of Truist Financial, a banking and financial services provider, fell after the company reported lower-than-expected revenue for the third quarter of 2022. Shares of Bristol-Myers Squibb, a pharmaceuticals developer, fell after the company reported third quarter 2022 sales were hurt by competition from generic drugs and unfavorable foreign exchange rates. Shares of Netflix, an entertainment content and services provider not held in the Fund, rose amid improving subscriber numbers and positive investor response to the company's advertising initiatives during the period.

Leading individual contributors to relative performance included the Fund's overweight positions in Norfolk Southern Co., Deere & Co. and its out-of-Benchmark position in Uber Technologies Inc. Shares of Norfolk Southern, a freight railroad operator, rose as labor negotiations avoided a strike during the period. Shares of Deere, an agricultural equipment and machinery manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast higher sales and earnings. Shares of Uber Technologies, a ride hailing services provider, rose after the company reported better-than-expected revenue for the third quarter of 2022 amid growth in its customer base.

**HOW WAS THE FUND POSITIONED?**

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

underlying value and potential for future earnings growth.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 7.5% |
| 2. | Alphabet, Inc., Class A | 4.7  |
| 3. | Apple, Inc. | 4.5  |
| 4. | UnitedHealth Group, Inc. | 3.6  |
| 5. | AbbVie, Inc. | 3.6  |
| 6. | NextEra Energy, Inc. | 3.5  |
| 7. | Amazon.com, Inc. | 3.1  |
| 8. | Prologis, Inc. | 3.0  |
| 9. | NXP Semiconductors NV (China) | 3.0  |
| 10. | Mastercard, Inc., Class A | 3.0  |

---

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

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 23.6% |
| Health Care | 15.9 |
| Consumer Discretionary | 12.7 |
| Industrials | 11.0 |
| Financials | 10.9 |
| Communication Services | 6.2 |
| Energy | &nbsp;&nbsp; 5.1 |
| Utilities | &nbsp;&nbsp; 5.0 |
| Materials | &nbsp;&nbsp; 3.4 |
| Real Estate | &nbsp;&nbsp; 3.0 |
| Consumer Staples | &nbsp;&nbsp; 2.5 |
| Short-Term Investments | 0.7 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

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

December 31, 2022 J.P. Morgan Large Cap Funds 29

------

JPMorgan U.S. Equity Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

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

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

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

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | September 10, 2001 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (3.95)% | (23.43)% | &nbsp;&nbsp; 8.82% | 12.18% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 1.38 | (19.18) | 10.00 | 12.78 |
| **CLASS C SHARES** | September 10, 2001 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 0.08 | (20.59) | &nbsp;&nbsp; 9.44 | 12.33 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 1.08 | (19.59) | &nbsp;&nbsp; 9.44 | 12.33 |
| **Class I SHARES** | September 10, 2001 | 1.51 | (18.98) | 10.27 | 13.03 |
| **Class L SHARES** | September 17, 1993 | 1.52 | (18.87) | 10.43 | 13.19 |
| **Class R2 SHARES** | November 3, 2008 | 1.27 | (19.36) | &nbsp;&nbsp; 9.72 | 12.50 |
| **Class R3 SHARES** | September 9, 2016 | 1.39 | (19.13) | 10.01 | 12.78 |
| **Class R4 SHARES** | September 9, 2016 | 1.51 | (18.98) | 10.27 | 13.03 |
| **Class R5 SHARES** | May 15, 2006 | 1.58 | (18.86) | 10.44 | 13.23 |
| **Class R6 SHARES** | November 30, 2010 | 1.63 | (18.77) | 10.55 | 13.32 |

---

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

\* Not annualized.

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

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g441488img74ced58513.jpg)

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

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

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Equity Fund and the S&P 500 Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does

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

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

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

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 31

------

JPMorgan U.S. GARP Equity Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **(1.01)%** |
| Russell 1000 Growth Index | **(1.48)%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$929607** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan U.S. GARP Equity Fund (the "Fund") seeks to provide long-term capital growth.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares outperformed the Russell 1000 Growth Index (the "Benchmark") for the six months ended December 31, 2022.

The Fund's security selection in the consumer discretionary and communication services sectors was a leading contributor to performance relative to the Benchmark, while the Fund's security selection in the health care and financials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund's overweight positions in Netflix Inc., Lowe's Cos. and Mastercard Inc. Shares of Netflix, an entertainment content and services provider, rose amid improving subscriber numbers and positive investor response to the company's advertising initiatives during the period. Shares of Lowe's, a home improvement retail chain, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and raised its earnings forecast. Shares of Mastercard, a credit card and financials transactions processor, rose after the company raised its quarterly dividend and unveiled a $9 billion share repurchase plan.

Leading individual detractors from relative performance included the Fund's underweight positions in Home Depot Inc. and TJX Cos., and its out-of-Benchmark position in Fedex Corp. Shares of Home Depot, a home improvement retail chain not held in the Fund, rose after the company reported better-than-expected results for the third quarter of 2022 and reaffirmed its full-year 2022 forecast. Shares of TJX, an operator of discount retail apparel and home products chains that was not held in the Fund, rose after reporting consecutive quarters of better-than-expected earnings and amid investor expectations that U.S. consumers would migrate toward lower priced retailers. Shares of Fedex, a parcel delivery company, fell after the company reported lower-than-expected revenue for its first fiscal quarter and forecast lower shipping volumes.

**HOW WAS THE FUND POSITIONED?**

The Fund's managers sought growth companies that they believed had attractive relative valuations, high quality

characteristics and strong momentum.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 10.0% |
| 2. | Apple, Inc. | &nbsp;&nbsp; 9.5  |
| 3. | Amazon.com, Inc. | 4.2  |
| 4. | Mastercard, Inc., Class A | &nbsp;&nbsp; 3.9  |
| 5. | UnitedHealth Group, Inc. | &nbsp;&nbsp; 2.8  |
| 6. | Alphabet, Inc., Class A | &nbsp;&nbsp; 2.3  |
| 7. | Alphabet, Inc., Class C | &nbsp;&nbsp; 2.2  |
| 8. | Tesla, Inc. | &nbsp;&nbsp; 1.9  |
| 9. | Lowe's Cos., Inc. | &nbsp;&nbsp; 1.6  |
| 10. | Intuit, Inc. | &nbsp;&nbsp; 1.6  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 39.8% |
| Consumer Discretionary | 14.2 |
| Health Care | 13.8 |
| Industrials | 8.3 |
| Communication Services | &nbsp;&nbsp; 7.6 |
| Consumer Staples | &nbsp;&nbsp; 5.1 |
| Financials | &nbsp;&nbsp; 2.6 |
| Real Estate | &nbsp;&nbsp; 2.1 |
| Materials | &nbsp;&nbsp; 2.1 |
| Energy | &nbsp;&nbsp; 1.9 |
| Short-Term Investments | &nbsp;&nbsp; 2.5 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

The adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Large Cap Funds December 31, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 19, 2005 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (6.32)% | (31.56)% | 7.15% | 12.00% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | (1.13) | (27.77) | 8.32 | 12.60 |
| **CLASS C SHARES** | February 19, 2005 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | (2.38) | (29.13) | 7.78 | 12.16 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (1.38) | (28.13) | 7.78 | 12.16 |
| **Class I SHARES** | February 28, 2003 | (1.01) | (27.60) | 8.59 | 12.89 |
| **Class R2 SHARES** | November 3, 2008 | (1.24) | (27.95) | 8.05 | 12.33 |
| **Class R5 SHARES** | May 15, 2006 | (0.94) | (27.49) | 8.75 | 13.08 |
| **Class R6 SHARES** | November 2, 2015 | (0.89) | (27.41) | 8.86 | 13.15 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Not annualized.

\*\* Sales Charge for Class A Shares is 5.25%.

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g441488img529f298d14.jpg)

***The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.*** 

Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. GARP Equity Fund and the Russell 1000 Growth Index, from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities

included in the benchmark, if applicable. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 33

------

JPMorgan U.S. Large Cap Core Plus Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **5.19%** |
| S&P 500 Index | **2.31%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$1299770** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan U.S. Large Cap Core Plus Fund (the "Fund") seeks to provide a high total return from a portfolio of selected equity securities.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares outperformed the S&P 500 Index (the "Benchmark") for the six months ended December 31, 2022.

The Fund's overweight position in the autos & transportation sector and its security selection in the pharmaceutical/medical technology sector were leading contributors to performance relative to the Benchmark, while the Fund's security selection in the health services & systems sector and the utilities sector was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund's underweight position in Tesla Inc., its short position in Intel Corp. and its overweight positions in Deere & Co. Shares of Tesla, an electric vehicle manufacturer not held in the Fund, fell amid investor concerns about both weaker delivery volumes and the Chief Executive Officer, Elon Musk's controversial decisions as majority owner and chief executive of Twitter Inc. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell with the broader semiconductor sub-sector amid lower industry growth forecasts and changes in global technology supply chains. Shares of Deere, an agricultural equipment and machinery manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast higher sales and earnings.

Leading individual detractors from relative performance included the Fund's short position in Omnicom Group Inc. and its overweight positions in Seagate Technology Holdings PLC and Exelon Corp. Shares of Omnicom, a provider of advertising

and marketing services, rose late in the period after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Seagate Technology Holdings, a data storage provider based in Ireland, fell after the company reported lower-than-expected earnings and revenue for its fiscal first quarter and issued a lower-than-expected earnings forecast for its fiscal second quarter. Shares of Exelon, an electric utility, fell after the company reported lower-than-expected earnings for the second quarter of 2022 and investor concerns over winter storm damage.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers employed a bottom-up fundamental approach to stock selection, researching companies to determine their underlying value and potential for future earnings growth. Overall, the Fund's portfolio managers aimed to take advantage of mispriced stocks that appeared attractive relative to fair value for long positions and looked for overvalued stocks in which to take short positions. The long-to-short exposure ratio at the end of the reporting

period was 124% to 24%.

---

| | | |
|:---|:---|:---|
| **TOP TEN LONG POSITIONS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN LONG POSITIONS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 5.1% |
| 2. | Apple, Inc. | 3.1 |
| 3. | Amazon.com, Inc. | 2.9 |
| 4. | UnitedHealth Group, Inc. | 2.9 |
| 5. | Mastercard, Inc., Class A | 2.7 |
| 6. | Exxon Mobil Corp. | 2.4 |
| 7. | NXP Semiconductors NV (China) | 2.4 |
| 8. | AbbVie, Inc. | 2.3 |
| 9. | Alphabet, Inc., Class A | 1.7 |
| 10. | Thermo Fisher Scientific, Inc. | 1.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **TOP TEN SHORT POSITIONS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN SHORT POSITIONS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Omnicom Group, Inc. | 3.0% |
| 2. | General Electric Co. | 2.3 |
| 3. | Boeing Co. (The) | 2.1 |
| 4. | Johnson Controls International plc | 2.0 |
| 5. | Hewlett Packard Enterprise Co. | 1.9 |
| 6. | Applied Materials, Inc. | 1.9 |
| 7. | Kroger Co. (The) | 1.9 |
| 8. | Moderna, Inc. | 1.8 |
| 9. | CH Robinson Worldwide, Inc. | 1.7 |
| 10. | 3M Co. | 1.7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **LONG POSITION PORTFOLIO COMPOSITION** <br>**BY SECTOR AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 23.0% |
| Health Care | 15.9 |
| Industrials | 13.1 |
| Consumer Discretionary | 10.2 |
| Financials | &nbsp;&nbsp; 9.4 |
| Communication Services | &nbsp;&nbsp; 7.0 |
| Consumer Staples | &nbsp;&nbsp; 5.9 |
| Energy | &nbsp;&nbsp; 5.4 |
| Utilities | &nbsp;&nbsp; 3.7 |
| Materials | &nbsp;&nbsp; 2.9 |
| Real Estate | &nbsp;&nbsp; 2.2 |
| Short-Term Investments | &nbsp;&nbsp; 1.3 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **SHORT POSITION PORTFOLIO COMPOSITION** <br>**BY SECTOR AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Industrials | 24.3% |
| Information Technology | 14.4 |
| Financials | 12.5 |
| Communication Services | &nbsp;&nbsp; 8.8 |
| Consumer Staples | &nbsp;&nbsp; 8.2 |
| Health Care | &nbsp;&nbsp; 7.4 |
| Utilities | &nbsp;&nbsp; 7.1 |
| Consumer Discretionary | &nbsp;&nbsp; 7.0 |
| Real Estate | 4.1 |
| Energy | &nbsp;&nbsp; 3.5 |
| Materials | &nbsp;&nbsp; 2.7 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

The adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 35

------

JPMorgan U.S. Large Cap Core Plus Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | November 1, 2005 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (0.46)% | (22.94)% | &nbsp;&nbsp; 8.40% | 11.92% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 5.06 | (18.67) | &nbsp;&nbsp; 9.58 | 12.53 |
| **CLASS C SHARES** | November 1, 2005 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 3.79 | (20.09) | &nbsp;&nbsp; 9.03 | 12.07 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 4.79 | (19.09) | &nbsp;&nbsp; 9.03 | 12.07 |
| **Class I SHARES** | November 1, 2005 | 5.19 | (18.50) | &nbsp;&nbsp; 9.85 | 12.81 |
| **Class R2 SHARES** | November 3, 2008 | 4.89 | (18.95) | &nbsp;&nbsp; 9.19 | 12.19 |
| **Class R5 SHARES** | May 15, 2006 | 5.18 | (18.45) | &nbsp;&nbsp; 9.90 | 12.94 |
| **Class R6 SHARES** | November 1, 2017 | 5.28 | (18.39) | 10.01 | 13.00 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Not annualized.

\*\* Sales Charge for Class A Shares is 5.25%.

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g441488img75375f5715.jpg)

***The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.*** 

Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Large Cap Core Plus Fund and the S&P 500 Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the

benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Large Cap Funds December 31, 2022

------

JPMorgan U.S. Research Enhanced Equity Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **2.09%** |
| S&P 500 Index | **2.31%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$6562320** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan U.S. Research Enhanced Equity Fund (the "Fund") seeks to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the S&P 500 Index (the "Benchmark").

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares underperformed the Benchmark for the six months ended December 31, 2022.

The Fund's security selection in the financials and consumer staples sectors was a leading detractor from performance relative to the Benchmark, while the Fund's security selection in the materials and consumer discretionary sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund's underweight positions in JPMorgan Chase & Co. and Starbucks Corp., and its overweight position in Seagate Technology Holdings. Shares of JPMorgan Chase, a banking and financial services company that the Fund is prohibited from holding, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Starbucks, a beverages and food retailer not held in the Fund, rose later in the period after the company reported better-than-expected earnings and revenue for its fiscal fourth quarter, as well as growth in comparable store sales. Shares of Seagate Technology Holdings, a data storage provider based in Ireland, fell after the company reported lower-than-expected earnings and revenue for its fiscal first quarter and issued a lower-than-expected earnings forecast for its fiscal second quarter.

Leading individual contributors to relative performance included the Fund's overweight positions in Lowe's Cos. and Deere & Co. and its underweight position in Intel Corp. Shares of Lowe's, a home improvement retail chain, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and raised its earnings forecast. Shares of Deere, an agricultural equipment and machinery manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast higher sales and earnings. Shares of Intel, a semiconductor manufacturer not held in the Fund, fell with the

broader semiconductor sub-sector amid lower industry growth forecasts and changes in global technology supply chains.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers attempted to construct the portfolio so that stock selection was the principal source of potential excess return. The Fund's portfolio managers sought investment opportunities in companies that they believed were

attractive based on valuation and strong fundamentals.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 6.1% |
| 2. | Apple, Inc. | 6.0  |
| 3. | Amazon.com, Inc. | 2.5  |
| 4. | UnitedHealth Group, Inc. | 2.0  |
| 5. | Alphabet, Inc., Class A | 2.0  |
| 6. | Exxon Mobil Corp. | 1.9  |
| 7. | Mastercard, Inc., Class A | 1.7  |
| 8. | Berkshire Hathaway, Inc., Class B | 1.6  |
| 9. | AbbVie, Inc. | 1.5  |
| 10. | Alphabet, Inc., Class C | 1.5  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 25.2% |
| Health Care | 15.7 |
| Financials | 11.3 |
| Consumer Discretionary | 10.9 |
| Industrials | &nbsp;&nbsp; 9.1 |
| Communication Services | 6.9 |
| Consumer Staples | 6.3 |
| Energy | &nbsp;&nbsp; 5.2 |
| Utilities | 3.2 |
| Real Estate | &nbsp;&nbsp; 2.6 |
| Materials | &nbsp;&nbsp; 2.6 |
| Short-Term Investments | &nbsp;&nbsp; 1.0 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 37

------

JPMorgan U.S. Research Enhanced Equity Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

The adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan Large Cap Funds December 31, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | September 28, 2001 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (3.37)% | (22.66)% | 8.38% | 11.51% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 1.98 | (18.36) | 9.56 | 12.11 |
| **Class I SHARES** | September 10, 2001 | 2.09 | (18.16) | 9.84 | 12.39 |
| **Class R6 SHARES** | March 24, 2003 | 2.18 | (18.05) | 9.96 | 12.57 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Not annualized.

\*\* Sales Charge for Class A Shares is 5.25%.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g441488imgbaac4e3516.jpg)

***The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.*** 

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Research Enhanced Equity Fund and the S&P 500 Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities

included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 39

------

JPMorgan U.S. Sustainable Leaders Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class I Shares) <sup>\*</sup> | **2.92%** |
| S&P 500 Index | **2.31%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$166342** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan U.S. Sustainable Leaders Fund (the "Fund") seeks to provide long-term capital appreciation.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class I Shares outperformed the S&P 500 Index (the "Benchmark") for the six months ended December 31, 2022.

The Fund's security selection in the industrials and consumer discretionary sectors was a leading contributor to performance relative to the Benchmark. The Fund had no holdings in the energy sector, which was a leading detractor from performance relative to the Benchmark. The Fund's security selection in the materials sector also detracted from relative performance.

Leading individual contributors to relative performance included the Fund's overweight positions in TJX Cos. and Deere & Co. and its underweight position in Tesla Inc. Shares of TJX, an operator of discount retail apparel and home products chains, rose after reporting consecutive quarters of better-than-expected earnings and amid investor expectations that U.S. consumers would migrate toward lower cost retailers. Shares of Deere, an agricultural equipment and machinery manufacturer, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and forecast higher sales and earnings. Shares of Tesla, an electric vehicle manufacturer, fell amid investor concerns about both weaker delivery volumes and Chief Executive Elon Musk's controversial decisions as majority owner and chief executive of Twitter Inc.

Leading individual detractors from relative performance relative included the Fund's overweight positions in Ball Corp., SVB Financial Group and Iqvia Holdings Inc. Shares of Ball, a metal and glass container manufacturer, fell amid slowing demand for its products and consecutive quarters of lower-than-expected earnings. Shares of SVB Financial Group, a regional banking and financial services company, fell after the company reported lower-than-expected revenue for the third quarter of 2022 and amid investor concern about the company's exposure to the information technology sector. Shares of Iqvia Holdings, a medical technology and research services provider, fell amid investor concerns about potential U.S. drug pricing legislation and expectations for reduced research and development spending in the health care sector.

**HOW WAS THE FUND POSITIONED?**

During the period, the Fund employed a proprietary scoring methodology to invest in companies that the Fund's portfolio managers believed have attractive environmental, social and governance characteristics and potential for long-term capital appreciation. The Fund's positioning during the period was a

result of that process.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Microsoft Corp. | 7.0% |
| 2. | Apple, Inc. | 5.2  |
| 3. | Mastercard, Inc., Class A | 3.6  |
| 4. | Alphabet, Inc., Class A | 3.3  |
| 5. | UnitedHealth Group, Inc. | 3.1  |
| 6. | Merck & Co., Inc. | 2.7  |
| 7. | Thermo Fisher Scientific, Inc. | 2.6  |
| 8. | Boston Scientific Corp. | 2.5  |
| 9. | Costco Wholesale Corp. | 2.3  |
| 10. | Bank of America Corp. | 2.1  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Information Technology | 26.0% |
| Health Care | 18.6 |
| Financials | 14.0 |
| Industrials | 10.5 |
| Consumer Discretionary | &nbsp;&nbsp; 8.6 |
| Communication Services | &nbsp;&nbsp; 6.9 |
| Utilities | 4.0 |
| Consumer Staples | 4.0 |
| Real Estate | &nbsp;&nbsp; 3.4 |
| Materials | &nbsp;&nbsp; 3.1 |
| Short-Term Investments | 0.9 |

---

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Large Cap Funds December 31, 2022

------

the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

The adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 41

------

JPMorgan U.S. Sustainable Leaders Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | February 19, 2005 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (2.58)% | (25.51)% | 7.43% | 11.26% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 2.81 | (21.38) | 8.60 | 11.86 |
| **CLASS C SHARES** | February 19, 2005 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 1.52 | (22.78) | 8.05 | 11.42 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 2.52 | (21.78) | 8.05 | 11.42 |
| **Class I SHARES** | February 28, 2003 | 2.92 | (21.20) | 8.87 | 12.14 |
| **Class R6 SHARES** | September 30, 2020 | 2.95 | (21.15) | 8.89 | 12.16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Not annualized.

\*\* Sales Charge for Class A Shares is 5.25%.

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g441488img234c944817.jpg)

***The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.*** 

Returns for Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Sustainable Leaders Fund and the S&P 500 Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Class I Shares have a $1,000,000 minimum initial investment.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Effective November 1, 2016, the Fund changed its investment strategies. Although past performance is not necessarily an indication of how the Fund will perform in the future, in view of these changes, the Fund's performance record prior to this date might be less relevant for investors considering whether to purchase shares of the Fund.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Large Cap Funds December 31, 2022

------

JPMorgan U.S. Value Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **REPORTING PERIOD RETURN:** |  |
| Fund (Class A Shares, without a sales charge) <sup>\*</sup>  | **8.48%** |
| Russell 1000 Value Index | **6.11%** |
| Net Assets as of 12/31/2022 (In Thousands) | **$3885976** |

---

**INVESTMENT OBJECTIVE\*\***

The JPMorgan U.S. Value Fund (the "Fund") seeks to provide capital growth over the long term.

**WHAT WERE THE MAIN DRIVERS OF THE FUND'S PERFORMANCE?**

The Fund's Class A Shares, without a sales charge, outperformed the Russell 1000 Value Index (the "Benchmark") for the six months ended December 31, 2022.

The Fund's security selection in the information technology sector and its underweight position in the communication services sector were leading contributors to performance relative to the Benchmark, while the Fund's security selection in the industrials and financials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund's overweight position in ConocoPhillips, its out-of-Benchmark position in TJX Cos. and its underweight position in Verizon Communications Inc. Shares of ConocoPhillips, an integrated petroleum and natural gas producer, rose after reporting strong earnings and revenue growth as global energy prices remained elevated during the period. Shares of TJX, an operator of discount retail apparel and home products chains, rose after reporting consecutive quarters of better-than-expected earnings and amid investor expectations that U.S. consumers would migrate toward lower cost retailers. Shares of Verizon Communications, an integrated telecommunications services provider, fell amid increased competition and lower-than-expected subscriptions during the period.

Leading individual detractors from relative performance included the Fund's underweight positions in JPMorgan Chase & Co. and Gilead Sciences Inc., and its overweight position in Bristol-Myers Squibb Co. Shares of JPMorgan Chase, a banking and financial services company that the Fund is prohibited from holding because it is an affiliate, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022. Shares of Gilead Sciences, a pharmaceuticals developer not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the third quarter of 2022 and raised its forecast for the full year. Shares of Bristol Myers Squibb, a pharmaceuticals

developer, fell after the company reported third quarter 2022 sales were hurt by competition from generic drugs and unfavorable foreign exchange rates.

**HOW WAS THE FUND POSITIONED?**

The Fund's portfolio managers focused on stock selection and aimed to invest in undervalued companies with durable franchises, strong management and the ability to grow their intrinsic value per share. The portfolio managers employed a bottom-up approach to security selection and fundamental

research.

---

| | | |
|:---|:---|:---|
| **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **TOP TEN HOLDINGS OF THE** <br>**PORTFOLIO AS OF December 31, 2022** | **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| 1. | Exxon Mobil Corp. | 2.7% |
| 2. | ConocoPhillips | 2.7  |
| 3. | Wells Fargo & Co. | 2.2  |
| 4. | Bristol-Myers Squibb Co. | 2.1  |
| 5. | UnitedHealth Group, Inc. | 2.0  |
| 6. | BlackRock, Inc. | 1.9  |
| 7. | Berkshire Hathaway, Inc., Class B | 1.9  |
| 8. | Johnson & Johnson | 1.8  |
| 9. | Raytheon Technologies Corp. | 1.8  |
| 10. | Morgan Stanley | 1.7  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY SECTOR** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Financials | 22.8% |
| Health Care | 18.4 |
| Industrials | 11.1 |
| Consumer Discretionary | &nbsp;&nbsp; 9.1 |
| Energy | 8.5 |
| Information Technology | 6.5 |
| Consumer Staples | 6.0 |
| Materials | 4.5 |
| Communication Services | 4.1 |
| Utilities | 3.9 |
| Real Estate | &nbsp;&nbsp; 1.2 |
| Short-Term Investments | 3.9 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 43

------

JPMorgan U.S. Value Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

------

\*

The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

\*\*

The adviser seeks to achieve the Fund's objective. There can be no guarantee it will be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Large Cap Funds December 31, 2022

------

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | September 23, 1987 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | 2.78% | (7.68)% | 7.58% | 11.18% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 8.48 | (2.56) | 8.74 | 11.78 |
| **CLASS C SHARES** | January 2, 1998 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 7.20 | (4.06) | 8.20 | 11.33 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 8.20 | (3.06) | 8.20 | 11.33 |
| **Class I SHARES** | January 25, 1996 | 8.62 | (2.33) | 9.02 | 12.06 |
| **Class R2 SHARES** | November 2, 2015 | 8.34 | (2.80) | 8.47 | 11.58 |
| **Class R3 SHARES** | July 31, 2017 | 8.49 | (2.56) | 8.75 | 11.79 |
| **Class R4 SHARES** | July 31, 2017 | 8.62 | (2.33) | 9.02 | 12.06 |
| **Class R5 SHARES** | November 2, 2015 | 8.70 | (2.18) | 9.18 | 12.19 |
| **Class R6 SHARES** | November 2, 2015 | 8.76 | (2.08) | 9.29 | 12.26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Not annualized.

\*\* Sales Charge for Class A Shares is 5.25%.

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g441488imgd7e4d14218.jpg)

***The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.*** 

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares.

Returns for Class R3 Shares prior to their inception date are based on the performance of the Class A Shares. The actual returns of Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

Returns for Class R4 Shares prior to their inception date are based on the performance of the Class I Shares. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares.

Returns for Class R5 and Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan U.S. Value Fund and the Russell 1000 Value Index from December 31, 2012 to December 31, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Value Index is an unmanaged index, which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.

Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 45

------

JPMorgan U.S. Value Fund

**FUND COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights,

which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan Large Cap Funds December 31, 2022

------

JPMorgan Equity Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.2%** | **Common Stocks — 97.2%** | **Common Stocks — 97.2%** |
| **Aerospace & Defense — 5.4%** | **Aerospace & Defense — 5.4%** | **Aerospace & Defense — 5.4%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 3782 | 938236 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 880 | 480204 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 12225 | 1233790 |
|  |  | &nbsp;&nbsp; 2652230 |
| **Air Freight & Logistics — 1.6%** | **Air Freight & Logistics — 1.6%** | **Air Freight & Logistics — 1.6%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 4663 | 810664 |
| **Banks — 6.4%** | **Banks — 6.4%** | **Banks — 6.4%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 27292 | 903905 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 6947 | 314206 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 3584 | 566063 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 7966 | 342759 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 12023 | &nbsp;&nbsp;&nbsp;&nbsp; 524329 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 11561 | &nbsp;&nbsp;&nbsp;&nbsp; 477362 |
|  |  | &nbsp;&nbsp; 3128624 |
| **Beverages — 2.0%** | **Beverages — 2.0%** | **Beverages — 2.0%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8061 | &nbsp;&nbsp;&nbsp;&nbsp; 512735 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2626 | &nbsp;&nbsp;&nbsp;&nbsp; 474436 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 987171 |
| **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5677 | &nbsp;&nbsp;&nbsp;&nbsp; 917423 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1114 | &nbsp;&nbsp;&nbsp;&nbsp; 292677 |
|  |  | &nbsp;&nbsp; 1210100 |
| **Capital Markets — 6.6%** | **Capital Markets — 6.6%** | **Capital Markets — 6.6%** |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1263 | &nbsp;&nbsp;&nbsp;&nbsp; 895418 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5954 | &nbsp;&nbsp;&nbsp;&nbsp; 495716 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3559 | &nbsp;&nbsp;&nbsp;&nbsp; 598469 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9717 | &nbsp;&nbsp;&nbsp;&nbsp; 826109 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1439 | &nbsp;&nbsp;&nbsp;&nbsp; 127319 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2594 | &nbsp;&nbsp;&nbsp;&nbsp; 282890 |
|  |  | &nbsp;&nbsp; 3225921 |
| **Chemicals — 3.6%** | **Chemicals — 3.6%** | **Chemicals — 3.6%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3418 | &nbsp;&nbsp; 1053664 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5648 | &nbsp;&nbsp;&nbsp;&nbsp; 710115 |
|  |  | &nbsp;&nbsp; 1763779 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp; 277374 |
| **Consumer Finance — 1.8%** | **Consumer Finance — 1.8%** | **Consumer Finance — 1.8%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3716 | &nbsp;&nbsp;&nbsp;&nbsp; 549127 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3492 | &nbsp;&nbsp;&nbsp;&nbsp; 324581 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 873708 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 7991 | 314856 |
| **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 9549 | 798322 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 7395 | 518458 |
|  |  | &nbsp;&nbsp; 1316780 |
| **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | 3481 | 546328 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 9766 | 311940 |
| **Equity Real Estate Investment Trusts (REITs) — 2.1%** | **Equity Real Estate Investment Trusts (REITs) — 2.1%** | **Equity Real Estate Investment Trusts (REITs) — 2.1%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 1118 | 162937 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1176 | &nbsp;&nbsp;&nbsp;&nbsp; 189926 |
| &nbsp;&nbsp;&nbsp; Boston Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1862 | &nbsp;&nbsp;&nbsp;&nbsp; 125835 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3171 | &nbsp;&nbsp;&nbsp;&nbsp; 357415 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4055 | &nbsp;&nbsp;&nbsp;&nbsp; 182689 |
|  |  | &nbsp;&nbsp; 1018802 |
| **Food & Staples Retailing — 2.7%** | **Food & Staples Retailing — 2.7%** | **Food & Staples Retailing — 2.7%** |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8986 | &nbsp;&nbsp;&nbsp;&nbsp; 686989 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4419 | &nbsp;&nbsp;&nbsp;&nbsp; 626536 |
|  |  | &nbsp;&nbsp; 1313525 |
| **Food Products — 1.4%** | **Food Products — 1.4%** | **Food Products — 1.4%** |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 10197 | &nbsp;&nbsp;&nbsp;&nbsp; 679624 |
| **Health Care Equipment & Supplies — 3.0%** | **Health Care Equipment & Supplies — 3.0%** | **Health Care Equipment & Supplies — 3.0%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3808 | &nbsp;&nbsp;&nbsp;&nbsp; 418105 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1694 | &nbsp;&nbsp;&nbsp;&nbsp; 430708 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8366 | &nbsp;&nbsp;&nbsp;&nbsp; 650179 |
|  |  | &nbsp;&nbsp; 1498992 |
| **Health Care Providers & Services — 6.2%** | **Health Care Providers & Services — 6.2%** | **Health Care Providers & Services — 6.2%** |
| &nbsp;&nbsp;&nbsp; AmerisourceBergen Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2107 | &nbsp;&nbsp;&nbsp;&nbsp; 349184 |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1908 | &nbsp;&nbsp;&nbsp;&nbsp; 632063 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8320 | &nbsp;&nbsp;&nbsp;&nbsp; 775352 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2450 | &nbsp;&nbsp; 1298972 |
|  |  | &nbsp;&nbsp; 3055571 |
| **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** | **Hotels, Restaurants & Leisure — 2.3%** |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2645 | &nbsp;&nbsp;&nbsp;&nbsp; 697070 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4478 | &nbsp;&nbsp;&nbsp;&nbsp; 444155 |
|  |  | &nbsp;&nbsp; 1141225 |
| **Household Products — 1.3%** | **Household Products — 1.3%** | **Household Products — 1.3%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4312 | &nbsp;&nbsp;&nbsp;&nbsp; 653521 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 47

------

JPMorgan Equity Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Insurance — 5.1%** | **Insurance — 5.1%** | **Insurance — 5.1%** |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 2214 | 417422 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 2899 | 639516 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | 5417 | 410792 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 1121 | 185466 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 6768 | 489802 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 2911 | 377611 |
|  |  | &nbsp;&nbsp; 2520609 |
| **IT Services — 1.2%** | **IT Services — 1.2%** | **IT Services — 1.2%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | 753 | 201069 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | 2783 | 392083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 593152 |
| **Machinery — 3.5%** | **Machinery — 3.5%** | **Machinery — 3.5%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1414 | &nbsp;&nbsp;&nbsp;&nbsp; 606290 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5049 | &nbsp;&nbsp;&nbsp;&nbsp; 683655 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1517 | &nbsp;&nbsp;&nbsp;&nbsp; 441561 |
|  |  | &nbsp;&nbsp; 1731506 |
| **Media — 1.7%** | **Media — 1.7%** | **Media — 1.7%** |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 23644 | &nbsp;&nbsp;&nbsp;&nbsp; 826840 |
| **Multi-Utilities — 1.9%** | **Multi-Utilities — 1.9%** | **Multi-Utilities — 1.9%** |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5325 | &nbsp;&nbsp;&nbsp;&nbsp; 337197 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4976 | &nbsp;&nbsp;&nbsp;&nbsp; 305151 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4809 | &nbsp;&nbsp;&nbsp;&nbsp; 294655 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 937003 |
| **Oil, Gas & Consumable Fuels — 9.0%** | **Oil, Gas & Consumable Fuels — 9.0%** | **Oil, Gas & Consumable Fuels — 9.0%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3296 | &nbsp;&nbsp;&nbsp;&nbsp; 591582 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp; 12467 | &nbsp;&nbsp; 1471052 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6679 | &nbsp;&nbsp;&nbsp;&nbsp; 865073 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 13430 | &nbsp;&nbsp; 1481385 |
|  |  | &nbsp;&nbsp; 4409092 |
| **Pharmaceuticals — 6.8%** | **Pharmaceuticals — 6.8%** | **Pharmaceuticals — 6.8%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 17345 | &nbsp;&nbsp; 1248012 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1126 | &nbsp;&nbsp;&nbsp;&nbsp; 412029 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5581 | &nbsp;&nbsp;&nbsp;&nbsp; 985810 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2086 | &nbsp;&nbsp;&nbsp;&nbsp; 231429 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8849 | &nbsp;&nbsp;&nbsp;&nbsp; 453423 |
|  |  | &nbsp;&nbsp; 3330703 |
| **Road & Rail — 1.3%** | **Road & Rail — 1.3%** | **Road & Rail — 1.3%** |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2628 | &nbsp;&nbsp;&nbsp;&nbsp; 647464 |
| **Semiconductors & Semiconductor Equipment — 4.2%** | **Semiconductors & Semiconductor Equipment — 4.2%** | **Semiconductors & Semiconductor Equipment — 4.2%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5536 | &nbsp;&nbsp;&nbsp;&nbsp; 908064 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 321 | 135032 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | 3126 | 493998 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 3087 | 509953 |
|  |  | &nbsp;&nbsp; 2047047 |
| **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 2090 | 501178 |
| **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 2450 | 360301 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 3615 | 289922 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 2248 | 709962 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 9813 | 781143 |
|  |  | &nbsp;&nbsp; 2141328 |
| **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** | **Technology Hardware, Storage & Peripherals — 0.7%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1029 | &nbsp;&nbsp;&nbsp;&nbsp; 133647 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4102 | &nbsp;&nbsp;&nbsp;&nbsp; 215806 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 349453 |
| **Tobacco — 1.9%** | **Tobacco — 1.9%** | **Tobacco — 1.9%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9319 | &nbsp;&nbsp;&nbsp;&nbsp; 943206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $33,596,290)<br>|  | 47759316 |
| **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** |
| **Investment Companies — 2.7%** | **Investment Companies — 2.7%** | **Investment Companies — 2.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (b) (c) <br>(Cost $1,347,993)<br>| 1347735 | &nbsp;&nbsp; 1348409 |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 99970 | &nbsp;&nbsp;&nbsp;&nbsp; 100000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Investment of Cash Collateral from Securities Loaned — continued** | **Investment of Cash Collateral from Securities Loaned — continued** | **Investment of Cash Collateral from Securities Loaned — continued** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c)<br>| 26578 | 26578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from Securities <br> Loaned <br>(Cost $126,578)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 126578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $1,474,571)<br>|  | &nbsp;&nbsp; 1474987 |
| **Total Investments — 100.2%** <br>**(Cost $35,070,861)**<br>|  | **49234303** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | **(83692)** |
| **NET ASSETS — 100.0%** |  | **49150611** |

---

&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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $121,519.

&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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 49

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.4%** | **Common Stocks — 99.4%** | **Common Stocks — 99.4%** |
| **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** | **Aerospace & Defense — 1.9%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The) \* | 121 | 23069 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 49 | 12074 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 80 | 3137 |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 9 | 1990 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 41 | 8570 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 50 | 24529 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 31 | 17064 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 318 | 32071 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 45 | 3195 |
| &nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 11 | 7031 |
|  |  | &nbsp;&nbsp;&nbsp; 132730 |
| **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2330 |
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3575 |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8963 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; 27426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42294 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp; Alaska Air Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1177 |
| &nbsp;&nbsp;&nbsp; American Airlines Group, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1787 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4555 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4322 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2664 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14505 |
| **Auto Components — 0.1%** | **Auto Components — 0.1%** | **Auto Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Aptiv plc \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5455 |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2037 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7492 |
| **Automobiles — 1.3%** | **Automobiles — 1.3%** | **Automobiles — 1.3%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9930 |
| &nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307 | &nbsp;&nbsp;&nbsp;&nbsp; 10331 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp; 71471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 91732 |
| **Banks — 3.8%** | **Banks — 3.8%** | **Banks — 3.8%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1509 | &nbsp;&nbsp;&nbsp;&nbsp; 49970 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp;&nbsp; 18937 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4192 |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1892 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4868 |
| &nbsp;&nbsp;&nbsp; First Republic Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4820 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4398 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. (b) | 634 | 85029 |
| &nbsp;&nbsp;&nbsp; KeyCorp | 202 | 3513 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 37 | 5413 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 87 | 13770 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 202 | 4355 |
| &nbsp;&nbsp;&nbsp; Signature Bank | 14 | 1567 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | 13 | 2940 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 287 | 12341 |
| &nbsp;&nbsp;&nbsp; US Bancorp | 292 | 12747 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 824 | 34011 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp NA | 32 | 1590 |
|  |  | &nbsp;&nbsp;&nbsp; 266353 |
| **Beverages — 1.9%** | **Beverages — 1.9%** | **Beverages — 1.9%** |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2596 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 841 | &nbsp;&nbsp;&nbsp;&nbsp; 53518 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8132 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6551 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2094 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8359 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp;&nbsp; 53804 |
|  |  | &nbsp;&nbsp;&nbsp; 135054 |
| **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 382 | &nbsp;&nbsp;&nbsp;&nbsp; 61782 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp;&nbsp; 30294 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8620 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp;&nbsp; 23277 |
| &nbsp;&nbsp;&nbsp; Incyte Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3206 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 12829 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 16701 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 16024 |
|  |  | &nbsp;&nbsp;&nbsp; 172733 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| &nbsp;&nbsp;&nbsp; A O Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1570 |
| &nbsp;&nbsp;&nbsp; Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999 |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7457 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9528 |
| &nbsp;&nbsp;&nbsp; Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2275 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8368 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31197 |
| **Capital Markets — 3.1%** | **Capital Markets — 3.1%** | **Capital Markets — 3.1%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7163 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7238 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Equity Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | 33 | 23008 |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 23 | 2877 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | 330 | 27453 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | 78 | 13076 |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 8 | 3304 |
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc. (a) | 62 | 1620 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 73 | 25136 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 121 | 12387 |
| &nbsp;&nbsp;&nbsp; Invesco Ltd. | 98 | 1769 |
| &nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 8 | 2269 |
| &nbsp;&nbsp;&nbsp; Moody's Corp. | 34 | 9489 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp; 24228 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8040 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4496 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3987 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4472 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 24110 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6153 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5268 |
|  |  | &nbsp;&nbsp;&nbsp; 217543 |
| **Chemicals — 1.9%** | **Chemicals — 1.9%** | **Chemicals — 1.9%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 14780 |
| &nbsp;&nbsp;&nbsp; Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5492 |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2205 |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3613 |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9079 |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7666 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7370 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2113 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7797 |
| &nbsp;&nbsp;&nbsp; FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3398 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5778 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 34859 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4559 |
| &nbsp;&nbsp;&nbsp; Mosaic Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3229 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6388 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 12098 |
|  |  | &nbsp;&nbsp;&nbsp; 130424 |
| **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8426 |
| &nbsp;&nbsp;&nbsp; Copart, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5641 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5727 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; Rollins, Inc. | 50 | 1828 |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc. | 81 | 12668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34290 |
| **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** | **Communications Equipment — 0.9%** |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc. \* | 53 | 6493 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 888 | 42284 |
| &nbsp;&nbsp;&nbsp; F5, Inc. \* | 13 | 1857 |
| &nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 70 | 2242 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 36 | 9315 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 62191 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4402 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4536 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5031 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9567 |
| **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 19093 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7670 |
| &nbsp;&nbsp;&nbsp; Discover Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5778 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3201 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 35742 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| &nbsp;&nbsp;&nbsp; Amcor plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3834 |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3168 |
| &nbsp;&nbsp;&nbsp; Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3470 |
| &nbsp;&nbsp;&nbsp; International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2662 |
| &nbsp;&nbsp;&nbsp; Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2559 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1560 |
| &nbsp;&nbsp;&nbsp; WestRock Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1933 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19186 |
| **Distributors — 0.2%** | **Distributors — 0.2%** | **Distributors — 0.2%** |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5287 |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2931 |
| &nbsp;&nbsp;&nbsp; Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10770 |
| **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** | **Diversified Financial Services — 1.7%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp; 120309 |
| **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** | **Diversified Telecommunication Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1540 | &nbsp;&nbsp;&nbsp;&nbsp; 28363 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Equity Funds 51

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. (a) | 206 | 1074 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 908 | 35770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 65207 |
| **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 54 | 2996 |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 111 | 10547 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 71 | 6094 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 167 | 17144 |
| &nbsp;&nbsp;&nbsp; Edison International | 83 | 5252 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | 44 | 4948 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 50 | 3122 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6313 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9287 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4924 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 430 | &nbsp;&nbsp;&nbsp;&nbsp; 35912 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1585 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5659 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1860 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4651 |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 16805 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8294 |
|  |  | &nbsp;&nbsp;&nbsp; 145393 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6936 |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 13493 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 12279 |
| &nbsp;&nbsp;&nbsp; Generac Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1379 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40481 |
| **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** | **Electronic Equipment, Instruments & Components — 0.6%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9795 |
| &nbsp;&nbsp;&nbsp; CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5226 |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5256 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6612 |
| &nbsp;&nbsp;&nbsp; TE Connectivity Ltd. (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7894 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4052 |
| &nbsp;&nbsp;&nbsp; Trimble, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2695 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2862 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44392 |
| **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** | **Energy Equipment & Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6393 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | 196 | 7724 |
| &nbsp;&nbsp;&nbsp; Schlumberger Ltd. | 307 | 16387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30504 |
| **Entertainment — 1.3%** | **Entertainment — 1.3%** | **Entertainment — 1.3%** |
| &nbsp;&nbsp;&nbsp; Activision Blizzard, Inc. | 154 | 11785 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 57 | 6927 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc. \* | 31 | 2153 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | 96 | 28367 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. \* | 34 | 3551 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | 394 | 34239 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc. \* | 478 | 4529 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 91551 |
| **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4702 |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; 21324 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4884 |
| &nbsp;&nbsp;&nbsp; Boston Properties, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2084 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2576 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 12698 |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6232 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 13103 |
| &nbsp;&nbsp;&nbsp; Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4338 |
| &nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2966 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4261 |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1596 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2913 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2481 |
| &nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3722 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3133 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2832 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3919 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp; 22494 |
| &nbsp;&nbsp;&nbsp; Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9574 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8599 |
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2081 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6542 |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8303 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2562 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3893 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6745 |
| &nbsp;&nbsp;&nbsp; Vornado Realty Trust (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 J.P. Morgan Equity Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 102 | 6696 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 159 | 4932 |
|  |  | &nbsp;&nbsp;&nbsp; 182910 |
| **Food & Staples Retailing — 1.5%** | **Food & Staples Retailing — 1.5%** | **Food & Staples Retailing — 1.5%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 96 | 43677 |
| &nbsp;&nbsp;&nbsp; Kroger Co. (The) | 141 | 6277 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 109 | 8375 |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 155 | 5797 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 305 | 43261 |
|  |  | &nbsp;&nbsp;&nbsp; 107387 |
| **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp; 11026 |
| &nbsp;&nbsp;&nbsp; Campbell Soup Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2464 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4009 |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 10758 |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7357 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2851 |
| &nbsp;&nbsp;&nbsp; JM Smucker Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3650 |
| &nbsp;&nbsp;&nbsp; Kellogg Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3942 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7007 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2778 |
| &nbsp;&nbsp;&nbsp; McCormick & Co., Inc. (Non-Voting) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4490 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp; 19676 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3897 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 83905 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3389 |
| **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** | **Health Care Equipment & Supplies — 2.8%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377 | &nbsp;&nbsp;&nbsp;&nbsp; 41381 |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3312 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5555 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 15678 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp; 14326 |
| &nbsp;&nbsp;&nbsp; Cooper Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3527 |
| &nbsp;&nbsp;&nbsp; DENTSPLY SIRONA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1479 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9455 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9972 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4037 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7304 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 20270 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp;&nbsp; 22331 |
| &nbsp;&nbsp;&nbsp; ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6590 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; STERIS plc | 21 | 3985 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | 73 | 17801 |
| &nbsp;&nbsp;&nbsp; Teleflex, Inc. | 10 | 2531 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 45 | 5784 |
|  |  | &nbsp;&nbsp;&nbsp; 195318 |
| **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** |
| &nbsp;&nbsp;&nbsp; AmerisourceBergen Corp. | 35 | 5801 |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 57 | 4356 |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | 122 | 10039 |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | 66 | 21898 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 284 | 26470 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 26483 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 10999 |
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2340 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 14017 |
| &nbsp;&nbsp;&nbsp; Laboratory Corp. of America Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4510 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 11498 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4169 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3851 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 107085 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1954 |
|  |  | &nbsp;&nbsp;&nbsp; 256357 |
| **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 16898 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1930 |
| &nbsp;&nbsp;&nbsp; Carnival Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1745 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8314 |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3660 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2651 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2851 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7387 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3414 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8660 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; 41724 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2310 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1115 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2345 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp; 24616 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1838 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7799 |
|  |  | &nbsp;&nbsp;&nbsp; 139257 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Equity Funds 53

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. (a) | 68 | 6031 |
| &nbsp;&nbsp;&nbsp; Garmin Ltd. | 33 | 3059 |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 55 | 4984 |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc. \* | 11 | 1165 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 81 | 1064 |
| &nbsp;&nbsp;&nbsp; NVR, Inc. \* | 1 | 2994 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 49 | 2242 |
| &nbsp;&nbsp;&nbsp; Whirlpool Corp. | 12 | 1666 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 23205 |
| **Household Products — 1.6%** | **Household Products — 1.6%** | **Household Products — 1.6%** |
| &nbsp;&nbsp;&nbsp; Church & Dwight Co., Inc. | 53 | 4249 |
| &nbsp;&nbsp;&nbsp; Clorox Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3743 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 14225 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9904 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp;&nbsp; 77638 |
|  |  | &nbsp;&nbsp;&nbsp; 109759 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| &nbsp;&nbsp;&nbsp; AES Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4153 |
| **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** | **Industrial Conglomerates — 0.9%** |
| &nbsp;&nbsp;&nbsp; 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; 14329 |
| &nbsp;&nbsp;&nbsp; General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp;&nbsp; 19791 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 31146 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 65266 |
| **Insurance — 2.4%** | **Insurance — 2.4%** | **Insurance — 2.4%** |
| &nbsp;&nbsp;&nbsp; Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8799 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7774 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp;&nbsp; 10157 |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 13421 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5020 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8593 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1428 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2895 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 19792 |
| &nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3479 |
| &nbsp;&nbsp;&nbsp; Everest Re Group Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2804 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2357 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5214 |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2485 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 17743 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 10311 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4128 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 126 | 16405 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 80 | 7912 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 51 | 9498 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson plc | 23 | 5723 |
| &nbsp;&nbsp;&nbsp; WR Berkley Corp. | 44 | 3207 |
|  |  | &nbsp;&nbsp;&nbsp; 170168 |
| **Interactive Media & Services — 4.0%** | **Interactive Media & Services — 4.0%** | **Interactive Media & Services — 4.0%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | 1291 | 113921 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | 1145 | 101558 |
| &nbsp;&nbsp;&nbsp; Match Group, Inc. \* | 60 | 2505 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | 486 | 58497 |
|  |  | &nbsp;&nbsp;&nbsp; 276481 |
| **Internet & Direct Marketing Retail — 2.4%** | **Internet & Direct Marketing Retail — 2.4%** | **Internet & Direct Marketing Retail — 2.4%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp; 1919 | &nbsp;&nbsp;&nbsp; 161162 |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4865 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3255 |
|  |  | &nbsp;&nbsp;&nbsp; 169282 |
| **IT Services — 4.4%** | **IT Services — 4.4%** | **IT Services — 4.4%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 36345 |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2866 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 21419 |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3411 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6354 |
| &nbsp;&nbsp;&nbsp; DXC Technology Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1318 |
| &nbsp;&nbsp;&nbsp; EPAM Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4075 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8703 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp; 13874 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2928 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5742 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5806 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp;&nbsp; 27536 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2768 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp; 63810 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8013 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp; 17551 |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4096 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp;&nbsp; 73431 |
|  |  | &nbsp;&nbsp;&nbsp; 310046 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1712 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan Equity Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** | **Life Sciences Tools & Services — 1.9%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 64 | 9577 |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A \* | 5 | 1957 |
| &nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 34 | 2812 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc. \* | 11 | 2396 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 141 | 37591 |
| &nbsp;&nbsp;&nbsp; Illumina, Inc. \* | 34 | 6875 |
| &nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. \* | 40 | 8227 |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc. \* | 5 | 6966 |
| &nbsp;&nbsp;&nbsp; PerkinElmer, Inc. | 27 | 3826 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 85 | 46688 |
| &nbsp;&nbsp;&nbsp; Waters Corp. \* | 13 | 4399 |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3767 |
|  |  | &nbsp;&nbsp;&nbsp; 135081 |
| **Machinery — 1.9%** | **Machinery — 1.9%** | **Machinery — 1.9%** |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 26950 |
| &nbsp;&nbsp;&nbsp; Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7386 |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 25456 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4108 |
| &nbsp;&nbsp;&nbsp; Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4914 |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3723 |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 13312 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4574 |
| &nbsp;&nbsp;&nbsp; Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2764 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7052 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7440 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8077 |
| &nbsp;&nbsp;&nbsp; Pentair plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1600 |
| &nbsp;&nbsp;&nbsp; Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2625 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2402 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3924 |
| &nbsp;&nbsp;&nbsp; Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4308 |
|  |  | &nbsp;&nbsp;&nbsp; 130615 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7874 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 933 | &nbsp;&nbsp;&nbsp;&nbsp; 32611 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 |
| &nbsp;&nbsp;&nbsp; Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1986 |
| &nbsp;&nbsp;&nbsp; Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 857 |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2798 |
| &nbsp;&nbsp;&nbsp; News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1504 |
| &nbsp;&nbsp;&nbsp; News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 470 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Media — continued** | **Media — continued** | **Media — continued** |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 44 | 3595 |
| &nbsp;&nbsp;&nbsp; Paramount Global, Class B (a) | 109 | 1843 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 54301 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 309 | 11741 |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 172 | 8099 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 55 | 7310 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 36 | 3522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 30672 |
| **Multiline Retail — 0.5%** | **Multiline Retail — 0.5%** | **Multiline Retail — 0.5%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 49 | 12007 |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6436 |
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; 14829 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33272 |
| **Multi-Utilities — 0.9%** | **Multi-Utilities — 0.9%** | **Multi-Utilities — 0.9%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4969 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4081 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3974 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7311 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp; 11046 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4922 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2407 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6609 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 10501 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 62213 |
| **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** | **Oil, Gas & Consumable Fuels — 4.8%** |
| &nbsp;&nbsp;&nbsp; APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3244 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 69024 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp; 31785 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4188 |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8692 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5204 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; 16446 |
| &nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2684 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 890 | &nbsp;&nbsp;&nbsp;&nbsp; 98195 |
| &nbsp;&nbsp;&nbsp; Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8507 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7731 |
| &nbsp;&nbsp;&nbsp; Marathon Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3716 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; 11791 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9901 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6348 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Equity Funds 55

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 102 | 10634 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | 51 | 11730 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 49 | 3597 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 83 | 10572 |
| &nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The) | 263 | 8662 |
|  |  | &nbsp;&nbsp;&nbsp; 332651 |
| **Personal Products — 0.2%** | **Personal Products — 0.2%** | **Personal Products — 0.2%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 50 | 12404 |
| **Pharmaceuticals — 4.9%** | **Pharmaceuticals — 4.9%** | **Pharmaceuticals — 4.9%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 460 | 33069 |
| &nbsp;&nbsp;&nbsp; Catalent, Inc. \* | 39 | 1751 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp; 62369 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp;&nbsp; 99838 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548 | &nbsp;&nbsp;&nbsp;&nbsp; 60809 |
| &nbsp;&nbsp;&nbsp; Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1536 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1213 | &nbsp;&nbsp;&nbsp;&nbsp; 62176 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2917 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; 14765 |
|  |  | &nbsp;&nbsp;&nbsp; 339230 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6794 |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5144 |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3312 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3108 |
| &nbsp;&nbsp;&nbsp; Robert Half International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1732 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26054 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5256 |
| **Road & Rail — 0.9%** | **Road & Rail — 0.9%** | **Road & Rail — 0.9%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454 | &nbsp;&nbsp;&nbsp;&nbsp; 14080 |
| &nbsp;&nbsp;&nbsp; JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3122 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 12332 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5557 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp; 27520 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 62611 |
| **Semiconductors & Semiconductor Equipment — 5.1%** | **Semiconductors & Semiconductor Equipment — 5.1%** | **Semiconductors & Semiconductor Equipment — 5.1%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp;&nbsp; 22575 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp; 18238 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 18110 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 48952 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc. \* (a) | 29 | 7785 |
| &nbsp;&nbsp;&nbsp; First Solar, Inc. \* | 21 | 3210 |
| &nbsp;&nbsp;&nbsp; Intel Corp. | 892 | 23579 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 31 | 11550 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 30 | 12391 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 119 | 8352 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 235 | 11746 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. (a) | 10 | 3409 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 538 | 78662 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | 56 | 8852 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp. \* | 93 | 5830 |
| &nbsp;&nbsp;&nbsp; Qorvo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1987 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp;&nbsp; 26641 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3161 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3423 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2941 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 196 | &nbsp;&nbsp;&nbsp;&nbsp; 32415 |
|  |  | &nbsp;&nbsp;&nbsp; 353809 |
| **Software — 8.3%** | **Software — 8.3%** | **Software — 8.3%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp; 33820 |
| &nbsp;&nbsp;&nbsp; ANSYS, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4549 |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8720 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9526 |
| &nbsp;&nbsp;&nbsp; Ceridian HCM Holding, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2130 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6853 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2686 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 23716 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1611 | &nbsp;&nbsp;&nbsp; 386453 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp;&nbsp; 27155 |
| &nbsp;&nbsp;&nbsp; Paycom Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3261 |
| &nbsp;&nbsp;&nbsp; PTC, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2743 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9906 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp; 28662 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 16954 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 10554 |
| &nbsp;&nbsp;&nbsp; Tyler Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2902 |
|  |  | &nbsp;&nbsp;&nbsp; 580590 |
| **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1911 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 10119 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2080 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3474 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2080 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 J.P. Morgan Equity Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 221 | 69899 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 134 | 26734 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | 14 | 11417 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 75 | 8708 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 251 | 19978 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 24 | 5372 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. \* | 11 | 5194 |
|  |  | &nbsp;&nbsp;&nbsp; 166966 |
| **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 3233 | 420002 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 278 | 4439 |
| &nbsp;&nbsp;&nbsp; HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5142 |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2822 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2184 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2166 |
|  |  | &nbsp;&nbsp;&nbsp; 436755 |
| **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** | **Textiles, Apparel & Luxury Goods — 0.5%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp;&nbsp; 31863 |
| &nbsp;&nbsp;&nbsp; Ralph Lauren Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 939 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1983 |
| &nbsp;&nbsp;&nbsp; VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36756 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp;&nbsp; 17709 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335 | &nbsp;&nbsp;&nbsp;&nbsp; 33916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 51625 |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5859 |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5325 |
| &nbsp;&nbsp;&nbsp; WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16591 |
| **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
| &nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5991 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 18073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $3,746,008)<br>|  | 6946153 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **NO. OF** <br> **RIGHTS** <br>**(000)**<br>| <br> **VALUE** <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% ^** |
| &nbsp;&nbsp;&nbsp; ABIOMED, Inc., CVR ‡ \*(Cost $10) | 10 | 10  |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 4.07% (c) (d) <br>(Cost $37,995)<br>| 37995 | 37995 |
| **Investment of Cash Collateral from Securities Loaned — 2.0%** | **Investment of Cash Collateral from Securities Loaned — 2.0%** | **Investment of Cash Collateral from Securities Loaned — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (c) (d)<br>| 109910 | 109943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (c) (d)<br>| 29511 | 29511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from Securities <br> Loaned <br>(Cost $139,435)<br>|  | &nbsp;&nbsp;&nbsp; 139454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $177,430)<br>|  | &nbsp;&nbsp;&nbsp; 177449 |
| **Total Investments — 101.9%** <br>**(Cost $3,923,448)**<br>|  | **7123612** |
| **Liabilities in Excess of Other Assets — (1.9)%** |  | **(134990)** |
| **NET ASSETS — 100.0%** |  | **6988622** |

---

&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** |  |
| CVR | Contingent Value Rights |

---

&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, 2022. The total value of securities on <br> loan at December 31, 2022 is $135,746.<br>|
| (b) | Investment in affiliate. This security is included in an <br> index in which the Fund, as an index fund, tracks.<br>|
| (c) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (d) | The rate shown is the current yield as of December <br> 31, 2022.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Equity Funds 57

------

JPMorgan Equity Index Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

**Futures contracts outstanding as of December 31, 2022 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | 303 | 03/17/2023 | USD | 58502 | (781) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 J.P. Morgan Equity Funds December 31, 2022

------

JPMorgan Equity Premium Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 83.1%** | **Common Stocks — 83.1%** | **Common Stocks — 83.1%** |
| **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** | **Aerospace & Defense — 1.7%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 164 | 40666 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 241 | 24313 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 206 | 14590 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 79569 |
| **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 346 | 60161 |
| **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** |
| &nbsp;&nbsp;&nbsp; US Bancorp | 1381 | 60243 |
| **Beverages — 3.7%** | **Beverages — 3.7%** | **Beverages — 3.7%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 1122 | 71373 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 100 | 23155 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp;&nbsp; 12519 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 69456 |
|  |  | &nbsp;&nbsp;&nbsp; 176503 |
| **Biotechnology — 3.5%** | **Biotechnology — 3.5%** | **Biotechnology — 3.5%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp;&nbsp; 78628 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 47807 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 38228 |
|  |  | &nbsp;&nbsp;&nbsp; 164663 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp; 58769 |
| **Capital Markets — 2.6%** | **Capital Markets — 2.6%** | **Capital Markets — 2.6%** |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp;&nbsp; 48904 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp;&nbsp; 38629 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 34430 |
|  |  | &nbsp;&nbsp;&nbsp; 121963 |
| **Chemicals — 3.0%** | **Chemicals — 3.0%** | **Chemicals — 3.0%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; 50055 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8594 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp; 62952 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 21572 |
|  |  | &nbsp;&nbsp;&nbsp; 143173 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp; 36634 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; 16114 |
| **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** | **Diversified Financial Services — 1.0%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp; 155 | &nbsp;&nbsp;&nbsp;&nbsp; 47973 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 676 | 26631 |
| **Electric Utilities — 2.9%** | **Electric Utilities — 2.9%** | **Electric Utilities — 2.9%** |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 371 | 20476 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 60 | 6170 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 178 | 11228 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 741 | 61911 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 569 | 39890 |
|  |  | &nbsp;&nbsp;&nbsp; 139675 |
| **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** | **Electrical Equipment — 1.1%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | 339 | 53205 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 190 | &nbsp;&nbsp;&nbsp;&nbsp; 32575 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5399 |
| **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8981 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8639 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp;&nbsp; 31274 |
| &nbsp;&nbsp;&nbsp; Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 23620 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp; 27259 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 20232 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3930 |
|  |  | &nbsp;&nbsp;&nbsp; 123935 |
| **Food & Staples Retailing — 1.0%** | **Food & Staples Retailing — 1.0%** | **Food & Staples Retailing — 1.0%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 21743 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; 27617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 49360 |
| **Food Products — 2.3%** | **Food Products — 2.3%** | **Food Products — 2.3%** |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9019 |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp;&nbsp; 70402 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp;&nbsp; 31495 |
|  |  | &nbsp;&nbsp;&nbsp; 110916 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp; 14270 |
| **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** | **Health Care Providers & Services — 2.4%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp; 13057 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 27930 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp; 72463 |
|  |  | &nbsp;&nbsp;&nbsp; 113450 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 59

------

JPMorgan Equity Premium Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | 6 | 7691 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 36 | 12549 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 142 | 37500 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 283 | 36278 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 94018 |
| **Household Products — 3.7%** | **Household Products — 3.7%** | **Household Products — 3.7%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 778 | 61305 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 381 | 51745 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 428 | 64807 |
|  |  | &nbsp;&nbsp;&nbsp; 177857 |
| **Industrial Conglomerates — 1.4%** | **Industrial Conglomerates — 1.4%** | **Industrial Conglomerates — 1.4%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp;&nbsp; 69043 |
| **Insurance — 4.6%** | **Insurance — 4.6%** | **Insurance — 4.6%** |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp; 43727 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp; 31231 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 579 | &nbsp;&nbsp;&nbsp;&nbsp; 75169 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp;&nbsp; 67861 |
|  |  | &nbsp;&nbsp;&nbsp; 217988 |
| **Interactive Media & Services — 1.0%** | **Interactive Media & Services — 1.0%** | **Interactive Media & Services — 1.0%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 547 | &nbsp;&nbsp;&nbsp;&nbsp; 48296 |
| **Internet & Direct Marketing Retail — 0.6%** | **Internet & Direct Marketing Retail — 0.6%** | **Internet & Direct Marketing Retail — 0.6%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp; 28236 |
| **IT Services — 6.3%** | **IT Services — 6.3%** | **IT Services — 6.3%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; 61623 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 41778 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 15702 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp; 51839 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; 66862 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp;&nbsp; 62442 |
|  |  | &nbsp;&nbsp;&nbsp; 300246 |
| **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** | **Life Sciences Tools & Services — 1.1%** |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; 54844 |
| **Machinery — 1.7%** | **Machinery — 1.7%** | **Machinery — 1.7%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 25488 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp;&nbsp; 38517 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; 15978 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 79983 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Media — 1.6%** | **Media — 1.6%** | **Media — 1.6%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | 47 | 15728 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 1751 | 61237 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 76965 |
| **Multi-Utilities — 4.9%** | **Multi-Utilities — 4.9%** | **Multi-Utilities — 4.9%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 364 | 32375 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 364 | 23057 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 160 | 15223 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 243 | 14921 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | 230 | 27020 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 775 | 47498 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 214 | 33112 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 432 | &nbsp;&nbsp;&nbsp;&nbsp; 40471 |
|  |  | &nbsp;&nbsp;&nbsp; 233677 |
| **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** | **Oil, Gas & Consumable Fuels — 2.8%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 39550 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 12525 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6008 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 673 | &nbsp;&nbsp;&nbsp;&nbsp; 74228 |
|  |  | &nbsp;&nbsp;&nbsp; 132311 |
| **Pharmaceuticals — 4.9%** | **Pharmaceuticals — 4.9%** | **Pharmaceuticals — 4.9%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 953 | &nbsp;&nbsp;&nbsp;&nbsp; 68599 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 68214 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp; 41995 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp;&nbsp; 56782 |
|  |  | &nbsp;&nbsp;&nbsp; 235590 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 10012 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17018 |
| **Road & Rail — 3.6%** | **Road & Rail — 3.6%** | **Road & Rail — 3.6%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9817 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp;&nbsp; 56070 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp; 47001 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp;&nbsp; 60240 |
|  |  | &nbsp;&nbsp;&nbsp; 173128 |
| **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** | **Semiconductors & Semiconductor Equipment — 1.7%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 22513 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp;&nbsp; 60009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 82522 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Software — 2.0%** | **Software — 2.0%** | **Software — 2.0%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | 34 | 11283 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 67 | 26263 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 242 | 57951 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 95497 |
| **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | 14 | 35525 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 294 | 58556 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | 46 | 38558 |
|  |  | &nbsp;&nbsp;&nbsp; 132639 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 51 | 6558 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 10998 |
| **Tobacco — 0.9%** | **Tobacco — 0.9%** | **Tobacco — 0.9%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp; 18802 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp; 24725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 43527 |
| **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** | **Wireless Telecommunication Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 18326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $3,797,686)<br>|  | 3964448 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Equity-Linked Notes — 15.2%** | **Equity-Linked Notes — 15.2%** | **Equity-Linked Notes — 15.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays Bank plc, ELN, 63.40%, 1/23/2023, (linked <br> to S&P 500 Index) (United Kingdom) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 47941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas, ELN, 60.40%, 1/10/2023, (linked to <br> S&P 500 Index) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 52719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas, ELN, 66.70%, 1/20/2023, (linked to <br> S&P 500 Index) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 51534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas, ELN, 67.10%, 1/24/2023, (linked to <br> S&P 500 Index) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 48834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas, ELN, 70.90%, 1/31/2023, (linked to <br> S&P 500 Index) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 48972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BofA Finance LLC, ELN, 64.70%, 1/9/2023, (linked to <br> S&P 500 Index) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 47856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BofA Finance LLC, ELN, 67.30%, 1/27/2023, (linked <br> to S&P 500 Index) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 46588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BofA Finance LLC, ELN, 71.70%, 2/7/2023, (linked to <br> S&P 500 Index) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 47699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, ELN, 64.11%, <br> 1/6/2023, (linked to S&P 500 Index) (Canada) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 44158 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce, ELN, 72.23%, <br> 2/6/2023, (linked to S&P 500 Index) (Canada) (c)<br>| 13 | 47985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley BV, ELN, 68.54%, 1/18/2023, <br> (linked to S&P 500 Index) (c)<br>| 12 | 48071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, ELN, 66.10%, 1/30/2023, <br> (linked to S&P 500 Index) (Canada) (c)<br>| 12 | 48994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, ELN, 68.71%, 1/13/2023, <br> (linked to S&P 500 Index) (Canada) (c)<br>| 12 | 46936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada, ELN, 69.53%, 2/3/2023, <br> (linked to S&P 500 Index) (Canada) (c)<br>| 13 | 50921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS AG, ELN, 67.99%, 1/17/2023, (linked to S&P <br> 500 Index) (Switzerland) (c)<br>| 12 | 47323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity-Linked Notes <br>(Cost $726,977)<br>|  | &nbsp;&nbsp;&nbsp; 726531 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** | **Short-Term Investments — 2.6%** |
| **Investment Companies — 1.7%** | **Investment Companies — 1.7%** | **Investment Companies — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (d) (e) <br>(Cost $80,652)<br>| 80627 | 80668 |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (d) (e)<br>| 12996 | &nbsp;&nbsp;&nbsp;&nbsp; 13000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (d) (e)<br>| 30351 | &nbsp;&nbsp;&nbsp;&nbsp; 30351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from Securities <br> Loaned <br>(Cost $43,351)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 43351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $124,003)<br>|  | &nbsp;&nbsp;&nbsp; 124019 |
| **Total Investments — 100.9%** <br>**(Cost $4,648,666)**<br>|  | **4814998** |
| **Liabilities in Excess of Other Assets — (0.9)%** |  | **(41976)** |
| **NET ASSETS — 100.0%** |  | **4773022** |

---

&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;

December 31, 2022 J.P. Morgan Large Cap Funds 61

------

JPMorgan Equity Premium Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ELN | Equity-Linked Note |

---

&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, 2022. The total value of securities on loan at December 31, 2022 is $42,424. 

(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. 

(c) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended. 

(d) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(e) The rate shown is the current yield as of December 31, 2022.

**Futures contracts outstanding as of December 31, 2022 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Short Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | (393) | 03/17/2023 | USD | (75878) | 1143 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 J.P. Morgan Large Cap Funds December 31, 2022

------

JPMorgan Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.8%** | **Common Stocks — 97.8%** | **Common Stocks — 97.8%** |
| **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 73 | 18236 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 202 | 7981 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 1448 | 146105 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 767 | 54282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 226604 |
| **Air Freight & Logistics — 1.0%** | **Air Freight & Logistics — 1.0%** | **Air Freight & Logistics — 1.0%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B (a) | 803 | 139606 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | 329 | 11078 |
| **Auto Components — 0.2%** | **Auto Components — 0.2%** | **Auto Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada) | 392 | 22008 |
| **Automobiles — 1.0%** | **Automobiles — 1.0%** | **Automobiles — 1.0%** |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2583 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1199 | &nbsp;&nbsp;&nbsp;&nbsp; 147699 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 150282 |
| **Banks — 3.9%** | **Banks — 3.9%** | **Banks — 3.9%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3642 | &nbsp;&nbsp;&nbsp;&nbsp; 120628 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38951 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 1479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48509 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10002 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81877 |
| &nbsp;&nbsp;&nbsp; US Bancorp (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2741 | &nbsp;&nbsp;&nbsp;&nbsp; 119524 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3761 | &nbsp;&nbsp;&nbsp;&nbsp; 155292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 574783 |
| **Beverages — 2.1%** | **Beverages — 2.1%** | **Beverages — 2.1%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2886 | &nbsp;&nbsp;&nbsp;&nbsp; 183583 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63209 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 313185 |
| **Biotechnology — 3.2%** | **Biotechnology — 3.2%** | **Biotechnology — 3.2%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1327 | &nbsp;&nbsp;&nbsp;&nbsp; 214401 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49526 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14468 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15467 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91191 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13878 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 475252 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Building Products — 0.9%** | **Building Products — 0.9%** | **Building Products — 0.9%** |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 704 | 32881 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 575 | 96608 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 129489 |
| **Capital Markets — 2.6%** | **Capital Markets — 2.6%** | **Capital Markets — 2.6%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 124 | 38641 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | 370 | 62135 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 679 | 69641 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 759 | 64508 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 352 | 37622 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 215 | 72148 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 385 | 29880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 374575 |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29534 |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10164 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27146 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42699 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp;&nbsp; 121708 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58881 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 290132 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cintas Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20508 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34488 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22509 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| &nbsp;&nbsp;&nbsp; American Express Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884 | &nbsp;&nbsp;&nbsp;&nbsp; 130586 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 142384 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19349 |
| **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 733 | &nbsp;&nbsp;&nbsp;&nbsp; 226343 |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3681 |
| **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21612 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 63

------

JPMorgan Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. (a) | 2038 | 170389 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. \* | 3462 | 56293 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 248294 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | 568 | 89074 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 394 | 12604 |
| &nbsp;&nbsp;&nbsp; TE Connectivity Ltd. (Switzerland) | 149 | 17082 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29686 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 799 | 23600 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79643 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 102248 |
| **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13374 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43638 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26592 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6231 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp;&nbsp;&nbsp; 103137 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70918 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34099 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33533 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50863 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 382385 |
| **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp; 109118 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18711 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65935 |
| **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78026 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49502 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70531 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19843 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87869 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; Medtronic plc (a) | 718 | 55811 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 161 | 20527 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 382109 |
| **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* (a) | 806 | 66121 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 104 | 9673 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 188 | 96425 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 68 | 34932 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 110 | 41113 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. (a) | 546 | 289367 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 537631 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86792 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64354 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15737 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31642 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44161 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83961 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4688 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 357105 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45713 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17103 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62816 |
| **Household Products — 1.9%** | **Household Products — 1.9%** | **Household Products — 1.9%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp; 1129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88977 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52941 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943 | &nbsp;&nbsp;&nbsp;&nbsp; 142886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 284804 |
| **Industrial Conglomerates — 1.2%** | **Industrial Conglomerates — 1.2%** | **Industrial Conglomerates — 1.2%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803 | &nbsp;&nbsp;&nbsp;&nbsp; 172061 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32976 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22434 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp;&nbsp; 127155 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16838 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549 | &nbsp;&nbsp;&nbsp;&nbsp; 102896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 302299 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Interactive Media & Services — 4.5%** | **Interactive Media & Services — 4.5%** | **Interactive Media & Services — 4.5%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* (a) | 3278 | 289204 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* (a) | 2389 | 211967 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* (a) | 1221 | 146918 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc., Class A \* | 362 | 10924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 659013 |
| **Internet & Direct Marketing Retail — 2.5%** | **Internet & Direct Marketing Retail — 2.5%** | **Internet & Direct Marketing Retail — 2.5%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* (a) | 4383 | 368165 |
| **IT Services — 4.3%** | **IT Services — 4.3%** | **IT Services — 4.3%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | 485 | 129425 |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. \* | 511 | 4941 |
| &nbsp;&nbsp;&nbsp; Block, Inc., Class A \* | 123 | 7742 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50169 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702 | &nbsp;&nbsp;&nbsp;&nbsp; 244137 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 921 | &nbsp;&nbsp;&nbsp;&nbsp; 191327 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 627741 |
| **Life Sciences Tools & Services — 1.8%** | **Life Sciences Tools & Services — 1.8%** | **Life Sciences Tools & Services — 1.8%** |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88109 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp; 175040 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 263149 |
| **Machinery — 2.0%** | **Machinery — 2.0%** | **Machinery — 2.0%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp; 122774 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32539 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9311 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54887 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76948 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 296459 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66729 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3202 | &nbsp;&nbsp;&nbsp;&nbsp; 111983 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 178712 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20431 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21893 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42324 |
| **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20106 |
| **Multi-Utilities — 1.4%** | **Multi-Utilities — 1.4%** | **Multi-Utilities — 1.4%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39854 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44856 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 843 | 51666 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 482 | 74384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 210760 |
| **Oil, Gas & Consumable Fuels — 5.0%** | **Oil, Gas & Consumable Fuels — 5.0%** | **Oil, Gas & Consumable Fuels — 5.0%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. (a) | 361 | 64792 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips (a) | 1320 | 155780 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 1034 | 25401 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 651 | 88989 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. (a) | 712 | 92213 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. (a) | 2542 | 280406 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 224 | 23322 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 730903 |
| **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** | **Pharmaceuticals — 4.2%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2075 | &nbsp;&nbsp;&nbsp;&nbsp; 149265 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp; 168572 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808 | &nbsp;&nbsp;&nbsp;&nbsp; 142742 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999 | &nbsp;&nbsp;&nbsp;&nbsp; 110831 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 622672 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13965 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55084 |
| **Road & Rail — 1.2%** | **Road & Rail — 1.2%** | **Road & Rail — 1.2%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28932 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77298 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11769 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54774 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 172773 |
| **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** | **Semiconductors & Semiconductor Equipment — 5.6%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82656 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714 | &nbsp;&nbsp;&nbsp;&nbsp; 117033 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26670 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp;&nbsp; 108909 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40275 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12905 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp; 138858 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 679 | &nbsp;&nbsp;&nbsp;&nbsp; 107216 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19116 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 65

------

JPMorgan Hedged Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 231 | 20204 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. (a) | 938 | 155009 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 828851 |
| **Software — 8.3%** | **Software — 8.3%** | **Software — 8.3%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | 326 | 109629 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. \* | 118 | 19036 |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc. \* | 298 | 16526 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc. \* | 309 | 15138 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. (a) | 231 | 89777 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. (a) | 3708 | 889172 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 496 | 40527 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9127 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32584 |
|  |  | &nbsp;&nbsp; 1221516 |
| **Specialty Retail — 3.7%** | **Specialty Retail — 3.7%** | **Specialty Retail — 3.7%** |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20934 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73006 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52911 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27575 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89341 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763 | &nbsp;&nbsp;&nbsp;&nbsp; 152023 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64386 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47227 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 538755 |
| **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6750 | &nbsp;&nbsp;&nbsp;&nbsp; 877100 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45019 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 922119 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84717 |
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48677 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69179 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 117856 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $11,016,037)<br>|  | 14358343 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **NO. OF** <br> **CONTRACTS**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Options Purchased — 2.3%** | **Options Purchased — 2.3%** | **Options Purchased — 2.3%** |
| **Put Options Purchased — 2.3%** | **Put Options Purchased — 2.3%** | **Put Options Purchased — 2.3%** |
| **Index Funds — 2.3%** | **Index Funds — 2.3%** | **Index Funds — 2.3%** |
| &nbsp;&nbsp;&nbsp; S&P 500 Index |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3/31/2023 at USD 3,630.00, European <br> Style<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional Amount: USD 14,692,231 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange traded \* (Cost <br> $334,100)<br>| 38266 | 335593 |
|  | **SHARES** <br>**(000)**<br>|  |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class Institutional Shares, <br> 4.07% (b) (c) <br>(Cost $339,876)<br>| 339876 | 339876 |
| **Total Investments — 102.4%** <br>**(Cost $11,690,013)**<br>|  | **15033812** |
| **Liabilities in Excess of Other Assets —** <br> **(2.4)%**<br>|  | **(346821)** |
| **NET ASSETS — 100.0%** |  | **14686991** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | All or a portion of the security is segregated for <br> options written.<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, 2022.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 J.P. Morgan Large Cap Funds December 31, 2022

------

**Futures contracts outstanding as of December 31, 2022 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | 1752 | 03/17/2023 | USD | 338267 | (4367) |

---

&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, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange traded | 38266 | USD 14,692,231 | USD 4,065.00 | 3/31/2023 | (291204) |
| **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange traded | 38266 | USD 14,692,231  | USD 3,060.00  | 3/31/2023 | &nbsp;&nbsp; (48024) |
| Total Written Options Contracts (Premiums Received $344,700) | Total Written Options Contracts (Premiums Received $344,700) | Total Written Options Contracts (Premiums Received $344,700) | Total Written Options Contracts (Premiums Received $344,700) | Total Written Options Contracts (Premiums Received $344,700) | Total Written Options Contracts (Premiums Received $344,700) | (339228) |

---

&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, 2022 J.P. Morgan Large Cap Funds 67

------

JPMorgan Hedged Equity 2 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** | **Aerospace & Defense — 1.6%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 21 | 5204 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 60 | 2365 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 413 | 41718 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 219 | 15489 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 64776 |
| **Air Freight & Logistics — 1.0%** | **Air Freight & Logistics — 1.0%** | **Air Freight & Logistics — 1.0%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 229 | 39877 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | 92 | 3085 |
| **Auto Components — 0.2%** | **Auto Components — 0.2%** | **Auto Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada) | 112 | 6289 |
| **Automobiles — 1.0%** | **Automobiles — 1.0%** | **Automobiles — 1.0%** |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp; 42160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 42851 |
| **Banks — 4.0%** | **Banks — 4.0%** | **Banks — 4.0%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 1037 | &nbsp;&nbsp;&nbsp;&nbsp; 34350 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp; 11117 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp; 13851 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2886 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 554 | &nbsp;&nbsp;&nbsp;&nbsp; 23832 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 783 | &nbsp;&nbsp;&nbsp;&nbsp; 34139 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 1074 | &nbsp;&nbsp;&nbsp;&nbsp; 44343 |
|  |  | &nbsp;&nbsp;&nbsp; 164518 |
| **Beverages — 2.2%** | **Beverages — 2.2%** | **Beverages — 2.2%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 824 | &nbsp;&nbsp;&nbsp;&nbsp; 52439 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 17994 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp;&nbsp; 18939 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 89372 |
| **Biotechnology — 3.3%** | **Biotechnology — 3.3%** | **Biotechnology — 3.3%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp;&nbsp; 61233 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 14112 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4177 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4445 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 26093 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3966 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 21816 |
|  |  | &nbsp;&nbsp;&nbsp; 135842 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Building Products — 0.9%** | **Building Products — 0.9%** | **Building Products — 0.9%** |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 201 | 9391 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 164 | 27597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 36988 |
| **Capital Markets — 2.6%** | **Capital Markets — 2.6%** | **Capital Markets — 2.6%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 36 | 11028 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | 108 | 18108 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 193 | 19835 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 212 | 18054 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 100 | 10664 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 61 | 20566 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 110 | 8528 |
|  |  | &nbsp;&nbsp;&nbsp; 106783 |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8408 |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7744 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 12201 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 34781 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 16815 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 82849 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5835 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9853 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6445 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| &nbsp;&nbsp;&nbsp; American Express Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; 37274 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 40626 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5531 |
| **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** | **Diversified Financial Services — 1.6%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp; 64637 |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6173 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 589 | 49201 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. \* | 998 | 16232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 71606 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | 162 | 25434 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 113 | 3600 |
| &nbsp;&nbsp;&nbsp; TE Connectivity Ltd. (Switzerland) | 42 | 4877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8477 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 228 | 6738 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 22803 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6439 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29242 |
| **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3826 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 12528 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7587 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1782 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp;&nbsp; 29444 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 20256 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9723 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9580 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp;&nbsp; 14525 |
|  |  | &nbsp;&nbsp;&nbsp; 109251 |
| **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 31163 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5318 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp; 13491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18809 |
| **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp;&nbsp; 22300 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp;&nbsp; 14134 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp; 20135 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5661 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 25102 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; Medtronic plc | 205 | 15916 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 43 | 5514 |
|  |  | &nbsp;&nbsp;&nbsp; 108762 |
| **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | 231 | 18900 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 30 | 2763 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 54 | 27491 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 19 | 9929 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 31 | 11786 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. (a) | 156 | 82701 |
|  |  | &nbsp;&nbsp;&nbsp; 153570 |
| **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** | **Hotels, Restaurants & Leisure — 2.5%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 24794 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 18429 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4529 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9008 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 12615 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 23965 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1344 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7363 |
|  |  | &nbsp;&nbsp;&nbsp; 102047 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp;&nbsp; 13055 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 17938 |
| **Household Products — 2.0%** | **Household Products — 2.0%** | **Household Products — 2.0%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp; 322 | &nbsp;&nbsp;&nbsp;&nbsp; 25391 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 15122 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp;&nbsp; 40822 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 81335 |
| **Industrial Conglomerates — 1.2%** | **Industrial Conglomerates — 1.2%** | **Industrial Conglomerates — 1.2%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp; 49128 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9205 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6353 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp; 36317 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4793 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp; 29388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 86056 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 69

------

JPMorgan Hedged Equity 2 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Interactive Media & Services — 4.5%** | **Interactive Media & Services — 4.5%** | **Interactive Media & Services — 4.5%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | 936 | 82614 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | 683 | 60587 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* (a) | 349 | 41963 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc., Class A \* | 104 | 3121 |
|  |  | &nbsp;&nbsp;&nbsp; 188285 |
| **Internet & Direct Marketing Retail — 2.5%** | **Internet & Direct Marketing Retail — 2.5%** | **Internet & Direct Marketing Retail — 2.5%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* (a) | 1255 | 105380 |
| **IT Services — 4.3%** | **IT Services — 4.3%** | **IT Services — 4.3%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | 138 | 36935 |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. \* | 146 | 1409 |
| &nbsp;&nbsp;&nbsp; Block, Inc., Class A \* | 35 | 2210 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 14341 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp; 69732 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp; 54591 |
|  |  | &nbsp;&nbsp;&nbsp; 179218 |
| **Life Sciences Tools & Services — 1.8%** | **Life Sciences Tools & Services — 1.8%** | **Life Sciences Tools & Services — 1.8%** |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 25165 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 49903 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 75068 |
| **Machinery — 2.0%** | **Machinery — 2.0%** | **Machinery — 2.0%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp; 35013 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9275 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2655 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp; 15515 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 21931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 84389 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 19065 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp;&nbsp;&nbsp; 31976 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 51041 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5839 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12096 |
| **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5747 |
| **Multi-Utilities — 1.5%** | **Multi-Utilities — 1.5%** | **Multi-Utilities — 1.5%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 11390 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp; 12834 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 242 | 14845 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 138 | 21218 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 60287 |
| **Oil, Gas & Consumable Fuels — 5.0%** | **Oil, Gas & Consumable Fuels — 5.0%** | **Oil, Gas & Consumable Fuels — 5.0%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 103 | 18414 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 377 | 44487 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 295 | 7253 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 186 | 25410 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 203 | 26340 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. (a) | 722 | 79677 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 62 | 6437 |
|  |  | &nbsp;&nbsp;&nbsp; 208018 |
| **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp;&nbsp; 42636 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 48129 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; 40742 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp; 31666 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp;&nbsp; 14640 |
|  |  | &nbsp;&nbsp;&nbsp; 177813 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3996 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 11748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 15744 |
| **Road & Rail — 1.2%** | **Road & Rail — 1.2%** | **Road & Rail — 1.2%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8261 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 22072 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3320 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 15624 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 49277 |
| **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 364 | &nbsp;&nbsp;&nbsp;&nbsp; 23601 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp; 33415 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7614 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; 31170 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp; 11488 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3691 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp;&nbsp; 39625 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp; 30582 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5485 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 66 | 5768 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 268 | 44264 |
|  |  | &nbsp;&nbsp;&nbsp; 236703 |
| **Software — 8.4%** | **Software — 8.4%** | **Software — 8.4%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | 92 | 31169 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. \* | 34 | 5432 |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc. \* | 86 | 4764 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc. \* | 88 | 4310 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 66 | 25716 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. (a) | 1059 | 253879 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 142 | 11579 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2608 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9277 |
|  |  | &nbsp;&nbsp;&nbsp; 348734 |
| **Specialty Retail — 3.7%** | **Specialty Retail — 3.7%** | **Specialty Retail — 3.7%** |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5964 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 20967 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 188 | &nbsp;&nbsp;&nbsp;&nbsp; 15113 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7854 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 25380 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp;&nbsp; 43419 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 18465 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 13495 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3230 |
|  |  | &nbsp;&nbsp;&nbsp; 153887 |
| **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. (a) | &nbsp;&nbsp;&nbsp; 1928 | &nbsp;&nbsp;&nbsp; 250480 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 244 | &nbsp;&nbsp;&nbsp;&nbsp; 12840 |
|  |  | &nbsp;&nbsp;&nbsp; 263320 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp; 24185 |
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp;&nbsp; 13897 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; 19751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33648 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp;&nbsp; 20324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $4,266,423)<br>|  | 4099929 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **NO. OF** <br> **CONTRACTS**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Options Purchased — 0.8%** | **Options Purchased — 0.8%** | **Options Purchased — 0.8%** |
| **Put Options Purchased — 0.8%** | **Put Options Purchased — 0.8%** | **Put Options Purchased — 0.8%** |
| **Index Funds — 0.8%** | **Index Funds — 0.8%** | **Index Funds — 0.8%** |
| &nbsp;&nbsp;&nbsp; S&P 500 Index |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1/31/2023 at USD 3,660.00, European <br> Style<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional Amount: USD 4,158,562 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange traded \* (Cost <br> $108,320)<br>| 10831 | 33630 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** | **Short-Term Investments — 1.3%** |
| **Investment Companies — 1.3%** | **Investment Companies — 1.3%** | **Investment Companies — 1.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c) <br>(Cost $52,983)<br>| 52983 | 52983 |
| **Total Investments — 101.0%** <br>**(Cost $4,427,726)**<br>|  | **4186542** |
| **Liabilities in Excess of Other Assets — (1.0)%** |  | **(40463)** |
| **NET ASSETS — 100.0%** |  | **4146079** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | All or a portion of the security is segregated for <br> options written.<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, 2022.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 71

------

JPMorgan Hedged Equity 2 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

**Futures contracts outstanding as of December 31, 2022 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | 298 | 03/17/2023 | USD | 57536 | (615) |

---

&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, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange traded | 10831 | USD 4,158,562 | USD 4,145.00 | 1/31/2023 | (6336) |
| **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange traded | 10831 | USD 4,158,562  | USD 3,090.00  | 1/31/2023 | (1765) |
| Total Written Options Contracts (Premiums Received $106,620) | Total Written Options Contracts (Premiums Received $106,620) | Total Written Options Contracts (Premiums Received $106,620) | Total Written Options Contracts (Premiums Received $106,620) | Total Written Options Contracts (Premiums Received $106,620) | Total Written Options Contracts (Premiums Received $106,620) | (8101) |

---

&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;

72 J.P. Morgan Large Cap Funds December 31, 2022

------

JPMorgan Hedged Equity 3 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 95.8%** | **Common Stocks — 95.8%** | **Common Stocks — 95.8%** |
| **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 14 | 3376 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 38 | 1478 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 268 | 27084 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 142 | 10057 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 41995 |
| **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** | **Air Freight & Logistics — 0.9%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 149 | 25887 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | 61 | 2050 |
| **Auto Components — 0.1%** | **Auto Components — 0.1%** | **Auto Components — 0.1%** |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada) | 73 | 4081 |
| **Automobiles — 1.0%** | **Automobiles — 1.0%** | **Automobiles — 1.0%** |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp; 27382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27830 |
| **Banks — 3.8%** | **Banks — 3.8%** | **Banks — 3.8%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 673 | &nbsp;&nbsp;&nbsp;&nbsp; 22295 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7203 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8992 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1864 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp;&nbsp; 15363 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 508 | &nbsp;&nbsp;&nbsp;&nbsp; 22156 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 697 | &nbsp;&nbsp;&nbsp;&nbsp; 28771 |
|  |  | &nbsp;&nbsp;&nbsp; 106644 |
| **Beverages — 2.1%** | **Beverages — 2.1%** | **Beverages — 2.1%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp; 34040 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 11697 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 12274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 58011 |
| **Biotechnology — 3.2%** | **Biotechnology — 3.2%** | **Biotechnology — 3.2%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp; 39680 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9174 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2683 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2882 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 16978 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2573 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 14185 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 88155 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Building Products — 0.9%** | **Building Products — 0.9%** | **Building Products — 0.9%** |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 130 | 6091 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 107 | 17911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24002 |
| **Capital Markets — 2.5%** | **Capital Markets — 2.5%** | **Capital Markets — 2.5%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 23 | 7165 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | 69 | 11631 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 126 | 12903 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 138 | 11721 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 65 | 6919 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 40 | 13360 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 70 | 5453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 69152 |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5467 |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1882 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5181 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8046 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp; 22576 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 11096 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 54248 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3814 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6388 |
| **Construction Materials — 0.1%** | **Construction Materials — 0.1%** | **Construction Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4173 |
| **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** | **Consumer Finance — 0.9%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp; 24176 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26352 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3596 |
| **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 41967 |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686 |
| **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3975 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 73

------

JPMorgan Hedged Equity 3 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 377 | 31520 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. \* | 645 | 10492 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 45987 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | 107 | 16764 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 73 | 2336 |
| &nbsp;&nbsp;&nbsp; TE Connectivity Ltd. (Switzerland) | 28 | 3165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5501 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 148 | 4374 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 14800 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4181 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18981 |
| **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2482 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8105 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4926 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1158 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 19116 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 13149 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6315 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6165 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9426 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 70842 |
| **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 20228 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3466 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8751 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 12217 |
| **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** | **Health Care Equipment & Supplies — 2.5%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 14406 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9169 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp;&nbsp; 13070 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3692 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 16295 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; Medtronic plc | 130 | 10126 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 29 | 3647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 70405 |
| **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | 149 | 12253 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 19 | 1794 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 35 | 17673 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 13 | 6464 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 20 | 7658 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. (a) | 101 | 53703 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 99545 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 16177 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 11963 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2922 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5883 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8185 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 15729 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 873 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4780 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 66512 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8480 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11650 |
| **Household Products — 1.9%** | **Household Products — 1.9%** | **Household Products — 1.9%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp; 16370 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9816 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 26491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 52677 |
| **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** | **Industrial Conglomerates — 1.1%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 31841 |
| **Insurance — 2.0%** | **Insurance — 2.0%** | **Insurance — 2.0%** |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5992 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4176 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp;&nbsp; 23161 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3114 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 19267 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55710 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Interactive Media & Services — 4.4%** | **Interactive Media & Services — 4.4%** | **Interactive Media & Services — 4.4%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | 608 | 53618 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | 444 | 39366 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | 226 | 27241 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc., Class A \* | 67 | 2025 |
|  |  | &nbsp;&nbsp;&nbsp; 122250 |
| **Internet & Direct Marketing Retail — 2.5%** | **Internet & Direct Marketing Retail — 2.5%** | **Internet & Direct Marketing Retail — 2.5%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* (a) | 813 | 68266 |
| **IT Services — 4.2%** | **IT Services — 4.2%** | **IT Services — 4.2%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | 90 | 23975 |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. \* | 94 | 911 |
| &nbsp;&nbsp;&nbsp; Block, Inc., Class A \* | 23 | 1435 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9290 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 45257 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 35408 |
|  |  | &nbsp;&nbsp;&nbsp; 116276 |
| **Life Sciences Tools & Services — 1.8%** | **Life Sciences Tools & Services — 1.8%** | **Life Sciences Tools & Services — 1.8%** |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 16324 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 32385 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48709 |
| **Machinery — 2.0%** | **Machinery — 2.0%** | **Machinery — 2.0%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 22919 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6023 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1724 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 10197 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 14241 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55104 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 12354 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp;&nbsp; 20754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 33108 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3788 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7858 |
| **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3723 |
| **Multi-Utilities — 1.4%** | **Multi-Utilities — 1.4%** | **Multi-Utilities — 1.4%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7241 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8333 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 157 | 9590 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 89 | 13772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 38936 |
| **Oil, Gas & Consumable Fuels — 4.9%** | **Oil, Gas & Consumable Fuels — 4.9%** | **Oil, Gas & Consumable Fuels — 4.9%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 67 | 11953 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 245 | 28883 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 195 | 4796 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 121 | 16498 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 132 | 17100 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 468 | 51676 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 40 | 4190 |
|  |  | &nbsp;&nbsp;&nbsp; 135096 |
| **Pharmaceuticals — 4.1%** | **Pharmaceuticals — 4.1%** | **Pharmaceuticals — 4.1%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp;&nbsp; 27627 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 31203 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 26445 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; 20520 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9435 |
|  |  | &nbsp;&nbsp;&nbsp; 115230 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2594 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10217 |
| **Road & Rail — 1.2%** | **Road & Rail — 1.2%** | **Road & Rail — 1.2%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5360 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 14318 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2128 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 10147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31953 |
| **Semiconductors & Semiconductor Equipment — 5.5%** | **Semiconductors & Semiconductor Equipment — 5.5%** | **Semiconductors & Semiconductor Equipment — 5.5%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp;&nbsp; 15320 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 21682 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4942 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 20197 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7450 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2392 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; 25721 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 19868 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3558 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 75

------

JPMorgan Hedged Equity 3 Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 45 | 3962 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 174 | 28702 |
|  |  | &nbsp;&nbsp;&nbsp; 153794 |
| **Software — 8.1%** | **Software — 8.1%** | **Software — 8.1%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | 60 | 20215 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. \* | 22 | 3526 |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc. \* | 55 | 3062 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc. \* | 57 | 2799 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 43 | 16697 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 687 | 164795 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 92 | 7520 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1687 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6035 |
|  |  | &nbsp;&nbsp;&nbsp; 226336 |
| **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** | **Specialty Retail — 3.6%** |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3880 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 13258 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9808 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5099 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp; 16543 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 28192 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 11968 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8762 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 99608 |
| **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** | **Technology Hardware, Storage & Peripherals — 6.2%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. (a) | &nbsp;&nbsp; 1251 | &nbsp;&nbsp;&nbsp; 162598 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8340 |
|  |  | &nbsp;&nbsp;&nbsp; 170938 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp; 15701 |
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9002 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; 12826 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21828 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 | &nbsp;&nbsp;&nbsp;&nbsp; 13200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $2,761,058)<br>|  | 2660396 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **NO. OF** <br> **CONTRACTS**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Options Purchased — 3.3%** | **Options Purchased — 3.3%** | **Options Purchased — 3.3%** |
| **Put Options Purchased — 3.3%** | **Put Options Purchased — 3.3%** | **Put Options Purchased — 3.3%** |
| **Index Funds — 3.3%** | **Index Funds — 3.3%** | **Index Funds — 3.3%** |
| &nbsp;&nbsp;&nbsp; S&P 500 Index |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2/28/2023 at USD 3,855.00, European <br> Style<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notional Amount: USD 2,694,945 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Counterparty: Exchange traded \* (Cost <br> $59,266)<br>| 7019 | 91914 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c) <br>(Cost $31,132)<br>| 31132 | 31132 |
| **Total Investments — 100.2%** <br>**(Cost $2,851,456)**<br>|  | **2783442** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | **(5628)** |
| **NET ASSETS — 100.0%** |  | **2777814** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | All or a portion of the security is segregated for <br> options written.<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, 2022.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 J.P. Morgan Large Cap Funds December 31, 2022

------

**Futures contracts outstanding as of December 31, 2022 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | 175 | 03/17/2023 | USD | 33788 | 63 |

---

&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, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of December 31, 2022 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange traded | 7019 | USD 2,694,945 | USD 4,320.00 | 2/28/2023 | &nbsp;&nbsp; (4738) |
| **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** | **Written Put Options Contracts as of December 31, 2022(amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| S&P 500 Index | Exchange traded | 7019 | USD 2,694,945  | USD 3,250.00  | 2/28/2023 | &nbsp;&nbsp; (6913) |
| Total Written Options Contracts (Premiums Received $57,744) | Total Written Options Contracts (Premiums Received $57,744) | Total Written Options Contracts (Premiums Received $57,744) | Total Written Options Contracts (Premiums Received $57,744) | Total Written Options Contracts (Premiums Received $57,744) | Total Written Options Contracts (Premiums Received $57,744) | (11651) |

---

&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, 2022 J.P. Morgan Large Cap Funds 77

------

JPMorgan Large Cap Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 91.6%** | **Common Stocks — 91.6%** | **Common Stocks — 91.6%** |
| **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 2802 | 487016 |
| **Automobiles — 1.4%** | **Automobiles — 1.4%** | **Automobiles — 1.4%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | 4175 | 514229 |
| **Banks — 0.7%** | **Banks — 0.7%** | **Banks — 0.7%** |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | 1149 | 264366 |
| **Beverages — 4.0%** | **Beverages — 4.0%** | **Beverages — 4.0%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 15548 | 989034 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. \* | 4633 | 470375 |
|  |  | &nbsp;&nbsp; 1459409 |
| **Biotechnology — 9.2%** | **Biotechnology — 9.2%** | **Biotechnology — 9.2%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 8210 | 1326810 |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 725 | &nbsp;&nbsp;&nbsp;&nbsp; 172374 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2606 | &nbsp;&nbsp;&nbsp;&nbsp; 684362 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78140 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30895 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1302 | &nbsp;&nbsp;&nbsp;&nbsp; 939632 |
| &nbsp;&nbsp;&nbsp; Seagen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1450 | &nbsp;&nbsp;&nbsp;&nbsp; 186269 |
|  |  | &nbsp;&nbsp; 3418482 |
| **Building Products — 0.9%** | **Building Products — 0.9%** | **Building Products — 0.9%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2033 | &nbsp;&nbsp;&nbsp;&nbsp; 341720 |
| **Capital Markets — 4.4%** | **Capital Markets — 4.4%** | **Capital Markets — 4.4%** |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2585 | &nbsp;&nbsp;&nbsp;&nbsp; 191791 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 11001 | &nbsp;&nbsp;&nbsp;&nbsp; 915884 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4502 | &nbsp;&nbsp;&nbsp;&nbsp; 382777 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp;&nbsp; 146487 |
|  |  | &nbsp;&nbsp; 1636939 |
| **Chemicals — 0.7%** | **Chemicals — 0.7%** | **Chemicals — 0.7%** |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999 | &nbsp;&nbsp;&nbsp;&nbsp; 237096 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80703 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 777 | &nbsp;&nbsp;&nbsp;&nbsp; 200226 |
| **Electronic Equipment, Instruments & Components — 1.2%** | **Electronic Equipment, Instruments & Components — 1.2%** | **Electronic Equipment, Instruments & Components — 1.2%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5926 | &nbsp;&nbsp;&nbsp;&nbsp; 451175 |
| **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1308 | &nbsp;&nbsp;&nbsp;&nbsp; 148160 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1021 | &nbsp;&nbsp;&nbsp;&nbsp; 270903 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 419063 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Health Care Providers & Services — 8.3%** | **Health Care Providers & Services — 8.3%** | **Health Care Providers & Services — 8.3%** |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 5744 | 535306 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 2667 | 640028 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 2601 | 975808 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1761 | 933308 |
|  |  | &nbsp;&nbsp; 3084450 |
| **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** | **Hotels, Restaurants & Leisure — 2.0%** |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc., Class A \* | 805 | 68811 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | 168 | 233792 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 3033 | 451609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 754212 |
| **Interactive Media & Services — 3.4%** | **Interactive Media & Services — 3.4%** | **Interactive Media & Services — 3.4%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp; 13358 | &nbsp;&nbsp; 1185264 |
| &nbsp;&nbsp;&nbsp; Match Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19082 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46554 |
| &nbsp;&nbsp;&nbsp; Snap, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3940 |
|  |  | &nbsp;&nbsp; 1254840 |
| **Internet & Direct Marketing Retail — 3.1%** | **Internet & Direct Marketing Retail — 3.1%** | **Internet & Direct Marketing Retail — 3.1%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 11043 | &nbsp;&nbsp;&nbsp;&nbsp; 927584 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76363 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc. (Brazil) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp; 146840 |
|  |  | &nbsp;&nbsp; 1150787 |
| **IT Services — 3.9%** | **IT Services — 3.9%** | **IT Services — 3.9%** |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2251 | &nbsp;&nbsp;&nbsp;&nbsp; 537646 |
| &nbsp;&nbsp;&nbsp; Block, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10161 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4534 | &nbsp;&nbsp;&nbsp;&nbsp; 259277 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4156 | &nbsp;&nbsp;&nbsp;&nbsp; 585568 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41966 |
| &nbsp;&nbsp;&nbsp; Shopify, Inc., Class A (Canada) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1840 |
|  |  | &nbsp;&nbsp; 1436458 |
| **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** | **Life Sciences Tools & Services — 0.3%** |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp;&nbsp; 117506 |
| **Machinery — 3.6%** | **Machinery — 3.6%** | **Machinery — 3.6%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3071 | &nbsp;&nbsp; 1316688 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| &nbsp;&nbsp;&nbsp; Trade Desk, Inc. (The), Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3235 | &nbsp;&nbsp;&nbsp;&nbsp; 145032 |
| **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15586 | &nbsp;&nbsp;&nbsp;&nbsp; 592283 |
| **Multiline Retail — 0.6%** | **Multiline Retail — 0.6%** | **Multiline Retail — 0.6%** |
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1543 | &nbsp;&nbsp;&nbsp;&nbsp; 229974 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** | **Oil, Gas & Consumable Fuels — 3.3%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 1567 | 234940 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 8468 | 999235 |
|  |  | &nbsp;&nbsp; 1234175 |
| **Personal Products — 0.3%** | **Personal Products — 0.3%** | **Personal Products — 0.3%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 426 | 105650 |
| **Pharmaceuticals — 3.1%** | **Pharmaceuticals — 3.1%** | **Pharmaceuticals — 3.1%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 3164 | 1157456 |
| **Professional Services — 1.2%** | **Professional Services — 1.2%** | **Professional Services — 1.2%** |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | 518 | 100690 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 2000 | 352878 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 453568 |
| **Semiconductors & Semiconductor Equipment — 4.4%** | **Semiconductors & Semiconductor Equipment — 4.4%** | **Semiconductors & Semiconductor Equipment — 4.4%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5782 | &nbsp;&nbsp;&nbsp;&nbsp; 374527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASML Holding NV (Registered), NYRS <br> (Netherlands)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436 | &nbsp;&nbsp;&nbsp;&nbsp; 238394 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 525 | &nbsp;&nbsp;&nbsp;&nbsp; 139272 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338 | &nbsp;&nbsp;&nbsp;&nbsp; 141926 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2900 | &nbsp;&nbsp;&nbsp;&nbsp; 423776 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1853 | &nbsp;&nbsp;&nbsp;&nbsp; 306103 |
|  |  | &nbsp;&nbsp; 1623998 |
| **Software — 12.0%** | **Software — 12.0%** | **Software — 12.0%** |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12722 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791 | &nbsp;&nbsp;&nbsp;&nbsp; 308089 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 10557 | &nbsp;&nbsp; 2531681 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 10321 | &nbsp;&nbsp;&nbsp;&nbsp; 843661 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1661 | &nbsp;&nbsp;&nbsp;&nbsp; 220175 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1430 | &nbsp;&nbsp;&nbsp;&nbsp; 456454 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53211 |
|  |  | &nbsp;&nbsp; 4425993 |
| **Specialty Retail — 5.6%** | **Specialty Retail — 5.6%** | **Specialty Retail — 5.6%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453 | &nbsp;&nbsp; 1116950 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4858 | &nbsp;&nbsp;&nbsp;&nbsp; 967983 |
|  |  | &nbsp;&nbsp; 2084933 |
| **Technology Hardware, Storage & Peripherals — 8.2%** | **Technology Hardware, Storage & Peripherals — 8.2%** | **Technology Hardware, Storage & Peripherals — 8.2%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 23496 | &nbsp;&nbsp; 3052795 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | 5704 | 217217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $28,093,908)<br>|  | 33948439 |
| **Short-Term Investments — 8.3%** | **Short-Term Investments — 8.3%** | **Short-Term Investments — 8.3%** |
| **Investment Companies — 8.2%** | **Investment Companies — 8.2%** | **Investment Companies — 8.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (b) (c) <br>(Cost $3,033,674)<br>| 3033205 | 3034722 |
| **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** | **Investment of Cash Collateral from Securities Loaned — 0.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (b) (c)<br>| 16800 | 16805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c)<br>| 19665 | 19665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from Securities <br> Loaned <br>(Cost $36,469)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $3,070,143)<br>|  | &nbsp;&nbsp; 3071192 |
| **Total Investments — 99.9%** <br>**(Cost $31,164,051)**<br>|  | **37019631** |
| **Other Assets Less Liabilities — 0.1%** |  | **38739** |
| **NET ASSETS — 100.0%** |  | **37058370** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| NYRS | New York Registry Shares |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $35,665. 

(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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 79

------

JPMorgan Large Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 96.9%** | **Common Stocks — 96.9%** | **Common Stocks — 96.9%** |
| **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** | **Aerospace & Defense — 2.2%** |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 736 | 74307 |
| **Air Freight & Logistics — 1.2%** | **Air Freight & Logistics — 1.2%** | **Air Freight & Logistics — 1.2%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 218 | 37723 |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc. \* | 77 | 3283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 41006 |
| **Airlines — 1.1%** | **Airlines — 1.1%** | **Airlines — 1.1%** |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. \* | 1147 | 37677 |
| **Banks — 10.1%** | **Banks — 10.1%** | **Banks — 10.1%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 2235 | 74013 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 1140 | 51576 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 1413 | 46361 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 1506 | &nbsp;&nbsp;&nbsp;&nbsp; 65698 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2716 | &nbsp;&nbsp;&nbsp; 112131 |
|  |  | &nbsp;&nbsp;&nbsp; 349779 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp; 13715 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 353 | &nbsp;&nbsp;&nbsp;&nbsp; 12602 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 26317 |
| **Biotechnology — 7.0%** | **Biotechnology — 7.0%** | **Biotechnology — 7.0%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482 | &nbsp;&nbsp;&nbsp;&nbsp; 77831 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 16366 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp;&nbsp; 29733 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp; 88959 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp; 27290 |
|  |  | &nbsp;&nbsp;&nbsp; 240179 |
| **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836 | &nbsp;&nbsp;&nbsp;&nbsp; 34506 |
| **Capital Markets — 2.2%** | **Capital Markets — 2.2%** | **Capital Markets — 2.2%** |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 17716 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp; 20374 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp; 17463 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; 19543 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 75096 |
| **Chemicals — 2.6%** | **Chemicals — 2.6%** | **Chemicals — 2.6%** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 692 | &nbsp;&nbsp;&nbsp;&nbsp; 17640 |
| &nbsp;&nbsp;&nbsp; Chemours Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 1240 | &nbsp;&nbsp;&nbsp;&nbsp; 37969 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274 | &nbsp;&nbsp;&nbsp;&nbsp; 34428 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 90037 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp;&nbsp; 33613 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp. | 329 | 16415 |
| **Diversified Financial Services — 2.9%** | **Diversified Financial Services — 2.9%** | **Diversified Financial Services — 2.9%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | 320 | 98724 |
| **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** | **Electric Utilities — 1.5%** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 638 | 53337 |
| **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** | **Electrical Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 101 | 25912 |
| **Equity Real Estate Investment Trusts (REITs) — 4.5%** | **Equity Real Estate Investment Trusts (REITs) — 4.5%** | **Equity Real Estate Investment Trusts (REITs) — 4.5%** |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 879 | 56770 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 289 | 32613 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | 76 | 21304 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp;&nbsp; 44141 |
|  |  | &nbsp;&nbsp;&nbsp; 154828 |
| **Food & Staples Retailing — 3.7%** | **Food & Staples Retailing — 3.7%** | **Food & Staples Retailing — 3.7%** |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp;&nbsp; 25736 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536 | &nbsp;&nbsp;&nbsp;&nbsp; 31309 |
| &nbsp;&nbsp;&nbsp; US Foods Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 1128 | &nbsp;&nbsp;&nbsp;&nbsp; 38355 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; 31761 |
|  |  | &nbsp;&nbsp;&nbsp; 127161 |
| **Food Products — 1.8%** | **Food Products — 1.8%** | **Food Products — 1.8%** |
| &nbsp;&nbsp;&nbsp; Bunge Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp;&nbsp; 27856 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; 17183 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp;&nbsp; 18375 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 63414 |
| **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** | **Health Care Equipment & Supplies — 1.5%** |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638 | &nbsp;&nbsp;&nbsp;&nbsp; 32509 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp;&nbsp; 19227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 51736 |
| **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** | **Health Care Providers & Services — 3.4%** |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp;&nbsp; 20102 |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 919 | &nbsp;&nbsp;&nbsp;&nbsp; 75408 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 22328 |
|  |  | &nbsp;&nbsp;&nbsp; 117838 |
| **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6547 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 | &nbsp;&nbsp;&nbsp;&nbsp; 25387 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 39017 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Durables — 0.8%** | **Household Durables — 0.8%** | **Household Durables — 0.8%** |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | 214 | 19103 |
| &nbsp;&nbsp;&nbsp; KB Home | 290 | 9236 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28339 |
| **Industrial Conglomerates — 1.4%** | **Industrial Conglomerates — 1.4%** | **Industrial Conglomerates — 1.4%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 231 | 49546 |
| **Insurance — 2.5%** | **Insurance — 2.5%** | **Insurance — 2.5%** |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | 355 | 26882 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | 445 | 57747 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 84629 |
| **Interactive Media & Services — 2.4%** | **Interactive Media & Services — 2.4%** | **Interactive Media & Services — 2.4%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | 366 | 32466 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp;&nbsp; 50880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 83346 |
| **IT Services — 0.9%** | **IT Services — 0.9%** | **IT Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 | &nbsp;&nbsp;&nbsp;&nbsp; 16050 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 15925 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 31975 |
| **Machinery — 3.4%** | **Machinery — 3.4%** | **Machinery — 3.4%** |
| &nbsp;&nbsp;&nbsp; AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp; 19236 |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 38417 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 38558 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp;&nbsp; 22099 |
|  |  | &nbsp;&nbsp;&nbsp; 118310 |
| **Media — 4.2%** | **Media — 4.2%** | **Media — 4.2%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp;&nbsp; 94643 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1431 | &nbsp;&nbsp;&nbsp;&nbsp; 50038 |
|  |  | &nbsp;&nbsp;&nbsp; 144681 |
| **Metals & Mining — 2.8%** | **Metals & Mining — 2.8%** | **Metals & Mining — 2.8%** |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 942 | &nbsp;&nbsp;&nbsp;&nbsp; 42824 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1392 | &nbsp;&nbsp;&nbsp;&nbsp; 52915 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 95739 |
| **Multi-Utilities — 3.9%** | **Multi-Utilities — 3.9%** | **Multi-Utilities — 3.9%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp;&nbsp; 52676 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1393 | &nbsp;&nbsp;&nbsp;&nbsp; 41782 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636 | &nbsp;&nbsp;&nbsp;&nbsp; 38962 |
|  |  | &nbsp;&nbsp;&nbsp; 133420 |
| **Oil, Gas & Consumable Fuels — 10.3%** | **Oil, Gas & Consumable Fuels — 10.3%** | **Oil, Gas & Consumable Fuels — 10.3%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp;&nbsp; 87268 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp;&nbsp; 49651 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 196 | 25438 |
| &nbsp;&nbsp;&nbsp; EQT Corp. | 461 | 15575 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 703 | 77574 |
| &nbsp;&nbsp;&nbsp; Hess Corp. | 575 | 81575 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | 76 | 17335 |
|  |  | &nbsp;&nbsp;&nbsp; 354416 |
| **Pharmaceuticals — 5.0%** | **Pharmaceuticals — 5.0%** | **Pharmaceuticals — 5.0%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 1765 | 127005 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. \* | 1117 | 13651 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 647 | 33142 |
|  |  | &nbsp;&nbsp;&nbsp; 173798 |
| **Road & Rail — 0.8%** | **Road & Rail — 0.8%** | **Road & Rail — 0.8%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684 | &nbsp;&nbsp;&nbsp;&nbsp; 21197 |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6834 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28031 |
| **Semiconductors & Semiconductor Equipment — 1.4%** | **Semiconductors & Semiconductor Equipment — 1.4%** | **Semiconductors & Semiconductor Equipment — 1.4%** |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp; 33565 |
| &nbsp;&nbsp;&nbsp; Qorvo, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp;&nbsp; 15563 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 49128 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp; 10708 |
| **Specialty Retail — 0.9%** | **Specialty Retail — 0.9%** | **Specialty Retail — 0.9%** |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 30404 |
| **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** | **Technology Hardware, Storage & Peripherals — 0.9%** |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618 | &nbsp;&nbsp;&nbsp;&nbsp; 32508 |
| **Textiles, Apparel & Luxury Goods — 1.8%** | **Textiles, Apparel & Luxury Goods — 1.8%** | **Textiles, Apparel & Luxury Goods — 1.8%** |
| &nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436 | &nbsp;&nbsp;&nbsp;&nbsp; 17427 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1188 | &nbsp;&nbsp;&nbsp;&nbsp; 45250 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 62677 |
| **Tobacco — 1.2%** | **Tobacco — 1.2%** | **Tobacco — 1.2%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp;&nbsp; 41051 |
| **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316 | &nbsp;&nbsp;&nbsp;&nbsp; 39563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $2,984,610)<br>|  | 3343168 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 81

------

JPMorgan Large Cap Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** | **Short-Term Investments — 3.0%** |
| **Investment Companies — 3.0%** | **Investment Companies — 3.0%** | **Investment Companies — 3.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (a) (b) <br>(Cost $101,321)<br>| 101282 | 101333 |
| **Total Investments — 99.9%** <br>**(Cost $3,085,931)**<br>|  | **3444501** |
| **Other Assets Less Liabilities — 0.1%** |  | **4520** |
| **NET ASSETS — 100.0%** |  | **3449021** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of December 31, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82 J.P. Morgan Large Cap Funds December 31, 2022

------

JPMorgan U.S. Applied Data Science Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 98.9%** | **Common Stocks — 98.9%** | **Common Stocks — 98.9%** |
| **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** | **Aerospace & Defense — 1.4%** |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 5 | 2590 |
| **Auto Components — 0.5%** | **Auto Components — 0.5%** | **Auto Components — 0.5%** |
| &nbsp;&nbsp;&nbsp; Lear Corp. | 7 | 930 |
| **Banks — 8.6%** | **Banks — 8.6%** | **Banks — 8.6%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 121 | 4019 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 48 | 2185 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 36 | 1415 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 13 | 1927 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 17 | 2651 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 94 | 3880 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorp | 3 | 164 |
|  |  | &nbsp;&nbsp; 16241 |
| **Beverages — 2.2%** | **Beverages — 2.2%** | **Beverages — 2.2%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 4104 |
| **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 2692 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 1987 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4679 |
| **Building Products — 1.9%** | **Building Products — 1.9%** | **Building Products — 1.9%** |
| &nbsp;&nbsp;&nbsp; Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 1711 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 1883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3594 |
| **Capital Markets — 5.2%** | **Capital Markets — 5.2%** | **Capital Markets — 5.2%** |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 3750 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 910 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 3840 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 1397 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9897 |
| **Chemicals — 2.9%** | **Chemicals — 2.9%** | **Chemicals — 2.9%** |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp; 1935 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 1842 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 1686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5463 |
| **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 659 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; 1006 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2244 |
| **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** | **Containers & Packaging — 0.6%** |
| &nbsp;&nbsp;&nbsp; Berry Global Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1076 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | 8 | 2333 |
| **Diversified Telecommunication Services — 1.7%** | **Diversified Telecommunication Services — 1.7%** | **Diversified Telecommunication Services — 1.7%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 83 | 3261 |
| **Electric Utilities — 4.7%** | **Electric Utilities — 4.7%** | **Electric Utilities — 4.7%** |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 16 | 1358 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 47 | 2047 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 67 | 5565 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8970 |
| **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | 27 | 4286 |
| **Equity Real Estate Investment Trusts (REITs) — 2.9%** | **Equity Real Estate Investment Trusts (REITs) — 2.9%** | **Equity Real Estate Investment Trusts (REITs) — 2.9%** |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 4058 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5575 |
| **Food & Staples Retailing — 0.6%** | **Food & Staples Retailing — 0.6%** | **Food & Staples Retailing — 0.6%** |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 |
| **Food Products — 1.9%** | **Food Products — 1.9%** | **Food Products — 1.9%** |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 2719 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3588 |
| **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 1190 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 2663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3853 |
| **Health Care Providers & Services — 5.1%** | **Health Care Providers & Services — 5.1%** | **Health Care Providers & Services — 5.1%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 1775 |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 3681 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 2508 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 1640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9604 |
| **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** | **Hotels, Restaurants & Leisure — 0.8%** |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 |
| &nbsp;&nbsp;&nbsp; Travel + Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 654 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1517 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 83

------

JPMorgan U.S. Applied Data Science Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Household Durables — 0.6%** | **Household Durables — 0.6%** | **Household Durables — 0.6%** |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 8 | 362 |
| &nbsp;&nbsp;&nbsp; Whirlpool Corp. | 6 | 805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1167 |
| **Household Products — 1.4%** | **Household Products — 1.4%** | **Household Products — 1.4%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 13 | 1959 |
| &nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 12 | 755 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2714 |
| **Industrial Conglomerates — 0.6%** | **Industrial Conglomerates — 0.6%** | **Industrial Conglomerates — 0.6%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 5 | 1095 |
| **Insurance — 3.1%** | **Insurance — 3.1%** | **Insurance — 3.1%** |
| &nbsp;&nbsp;&nbsp; Loews Corp. | 44 | 2588 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 3324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5912 |
| **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** | **Interactive Media & Services — 3.1%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 3081 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 2778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5859 |
| **IT Services — 2.2%** | **IT Services — 2.2%** | **IT Services — 2.2%** |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 1099 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 814 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 1098 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4099 |
| **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** | **Life Sciences Tools & Services — 1.3%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 1600 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2477 |
| **Machinery — 3.6%** | **Machinery — 3.6%** | **Machinery — 3.6%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 1358 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 2651 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 2793 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6802 |
| **Media — 1.5%** | **Media — 1.5%** | **Media — 1.5%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 829 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 2074 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2903 |
| **Multiline Retail — 0.6%** | **Multiline Retail — 0.6%** | **Multiline Retail — 0.6%** |
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 1180 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — 1.7%** | **Multi-Utilities — 1.7%** | **Multi-Utilities — 1.7%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 12 | 1058 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 19 | 1232 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 10 | 912 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3202 |
| **Oil, Gas & Consumable Fuels — 8.9%** | **Oil, Gas & Consumable Fuels — 8.9%** | **Oil, Gas & Consumable Fuels — 8.9%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 13 | 1885 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 47 | 5490 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 46 | 1138 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 26 | 3372 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 34 | 3804 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 12 | 1269 |
|  |  | &nbsp;&nbsp; 16958 |
| **Pharmaceuticals — 7.1%** | **Pharmaceuticals — 7.1%** | **Pharmaceuticals — 7.1%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 4625 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2198 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 1383 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 2271 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 1941 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 1021 |
|  |  | &nbsp;&nbsp; 13439 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780 |
| **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** | **Real Estate Management & Development — 0.7%** |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 1320 |
| **Road & Rail — 3.1%** | **Road & Rail — 3.1%** | **Road & Rail — 3.1%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp; 2014 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 3842 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5856 |
| **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** | **Semiconductors & Semiconductor Equipment — 3.5%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 2380 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 2727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6690 |
| **Software — 0.9%** | **Software — 0.9%** | **Software — 0.9%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 1766 |
| **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** | **Specialty Retail — 3.1%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 2496 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 6 | 1213 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | 3 | 2266 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5975 |
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. | 28 | 405 |
| **Tobacco — 1.1%** | **Tobacco — 1.1%** | **Tobacco — 1.1%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 44 | 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $162,519)<br>|  | 187609 |
| **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** | **Short-Term Investments — 1.1%** |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (a) (b) <br>(Cost $2,150)<br>| 2149 | 2151 |
| **Total Investments — 100.0%** <br>**(Cost $164,669)**<br>|  | **189760** |
| **Other Assets Less Liabilities — 0.0% ^** |  | **58** |
| **NET ASSETS — 100.0%** |  | **189818** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (b) | The rate shown is the current yield as of December <br> 31, 2022.<br>|

---

**Futures contracts outstanding as of December 31, 2022 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | 10 | 03/17/2023 | USD | 1931 | (45) |

---

&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, 2022 J.P. Morgan Large Cap Funds 85

------

JPMorgan U.S. Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.5%** | **Common Stocks — 99.5%** | **Common Stocks — 99.5%** |
| **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 532 | 290323 |
| **Automobiles — 1.5%** | **Automobiles — 1.5%** | **Automobiles — 1.5%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | 2345 | 288867 |
| **Banks — 4.4%** | **Banks — 4.4%** | **Banks — 4.4%** |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 10175 | 437843 |
| &nbsp;&nbsp;&nbsp; US Bancorp | 5619 | 245021 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 3935 | 162473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 845337 |
| **Beverages — 2.5%** | **Beverages — 2.5%** | **Beverages — 2.5%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 7540 | 479628 |
| **Biotechnology — 7.1%** | **Biotechnology — 7.1%** | **Biotechnology — 7.1%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp; 4286 | &nbsp;&nbsp;&nbsp;&nbsp; 692700 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 613 | &nbsp;&nbsp;&nbsp;&nbsp; 442530 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 784 | &nbsp;&nbsp;&nbsp;&nbsp; 226301 |
|  |  | &nbsp;&nbsp; 1361531 |
| **Building Products — 1.6%** | **Building Products — 1.6%** | **Building Products — 1.6%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp; 1831 | &nbsp;&nbsp;&nbsp;&nbsp; 307761 |
| **Capital Markets — 5.7%** | **Capital Markets — 5.7%** | **Capital Markets — 5.7%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 829 | &nbsp;&nbsp;&nbsp;&nbsp; 258084 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (a) | &nbsp;&nbsp;&nbsp; 5312 | &nbsp;&nbsp;&nbsp;&nbsp; 451647 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp; 1189 | &nbsp;&nbsp;&nbsp;&nbsp; 398213 |
|  |  | &nbsp;&nbsp; 1107944 |
| **Chemicals — 2.3%** | **Chemicals — 2.3%** | **Chemicals — 2.3%** |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | &nbsp;&nbsp;&nbsp; 2157 | &nbsp;&nbsp;&nbsp;&nbsp; 175699 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp; 2206 | &nbsp;&nbsp;&nbsp;&nbsp; 277394 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 453093 |
| **Construction Materials — 1.1%** | **Construction Materials — 1.1%** | **Construction Materials — 1.1%** |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | &nbsp;&nbsp;&nbsp; 1223 | &nbsp;&nbsp;&nbsp;&nbsp; 214082 |
| **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** | **Diversified Telecommunication Services — 1.2%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp; 5806 | &nbsp;&nbsp;&nbsp;&nbsp; 228745 |
| **Electric Utilities — 5.0%** | **Electric Utilities — 5.0%** | **Electric Utilities — 5.0%** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp; 8115 | &nbsp;&nbsp;&nbsp;&nbsp; 678443 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. \* (a) | &nbsp;&nbsp;&nbsp; 5570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90563 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp; 2898 | &nbsp;&nbsp;&nbsp;&nbsp; 203153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 972159 |
| **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** | **Electrical Equipment — 2.3%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp; 2824 | &nbsp;&nbsp;&nbsp;&nbsp; 443202 |
| **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** | **Energy Equipment & Services — 2.1%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 13758 | &nbsp;&nbsp;&nbsp;&nbsp; 406269 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Equity Real Estate Investment Trusts (REITs) — 3.0%** | **Equity Real Estate Investment Trusts (REITs) — 3.0%** | **Equity Real Estate Investment Trusts (REITs) — 3.0%** |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 5114 | 576510 |
| **Health Care Equipment & Supplies — 3.0%** | **Health Care Equipment & Supplies — 3.0%** | **Health Care Equipment & Supplies — 3.0%** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | 8550 | 395617 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | 727 | 192835 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 588452 |
| **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** | **Health Care Providers & Services — 3.6%** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1312 | 695360 |
| **Hotels, Restaurants & Leisure — 2.9%** | **Hotels, Restaurants & Leisure — 2.9%** | **Hotels, Restaurants & Leisure — 2.9%** |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | 748 | 111395 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 1722 | 453821 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 565216 |
| **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp; 1155 | &nbsp;&nbsp;&nbsp;&nbsp; 149802 |
| **Interactive Media & Services — 5.0%** | **Interactive Media & Services — 5.0%** | **Interactive Media & Services — 5.0%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | 10232 | &nbsp;&nbsp;&nbsp;&nbsp; 902813 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64130 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 966943 |
| **Internet & Direct Marketing Retail — 3.1%** | **Internet & Direct Marketing Retail — 3.1%** | **Internet & Direct Marketing Retail — 3.1%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp; 7242 | &nbsp;&nbsp;&nbsp;&nbsp; 608364 |
| **IT Services — 3.0%** | **IT Services — 3.0%** | **IT Services — 3.0%** |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp; 1642 | &nbsp;&nbsp;&nbsp;&nbsp; 570826 |
| **Machinery — 1.7%** | **Machinery — 1.7%** | **Machinery — 1.7%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp;&nbsp; 336985 |
| **Multiline Retail — 1.7%** | **Multiline Retail — 1.7%** | **Multiline Retail — 1.7%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | &nbsp;&nbsp;&nbsp; 1334 | &nbsp;&nbsp;&nbsp;&nbsp; 328602 |
| **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | &nbsp;&nbsp;&nbsp; 2677 | &nbsp;&nbsp;&nbsp;&nbsp; 315861 |
| &nbsp;&nbsp;&nbsp; Pioneer Natural Resources Co. | &nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp;&nbsp; 258072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 573933 |
| **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** | **Pharmaceuticals — 2.4%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp; 6312 | &nbsp;&nbsp;&nbsp;&nbsp; 454172 |
| **Professional Services — 0.8%** | **Professional Services — 0.8%** | **Professional Services — 0.8%** |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp; 1437 | &nbsp;&nbsp;&nbsp;&nbsp; 151183 |
| **Road & Rail — 3.1%** | **Road & Rail — 3.1%** | **Road & Rail — 3.1%** |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp; 1469 | &nbsp;&nbsp;&nbsp;&nbsp; 361903 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp; 9803 | &nbsp;&nbsp;&nbsp;&nbsp; 242441 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 604344 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — 6.5%** | **Semiconductors & Semiconductor Equipment — 6.5%** | **Semiconductors & Semiconductor Equipment — 6.5%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | 3379 | 218857 |
| &nbsp;&nbsp;&nbsp; ASML Holding NV (Registered), NYRS (Netherlands) | 256 | 140248 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 1240 | 181171 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | 3614 | 571106 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. (a) | 1720 | 150237 |
|  |  | &nbsp;&nbsp; 1261619 |
| **Software — 9.6%** | **Software — 9.6%** | **Software — 9.6%** |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 472 | 183792 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 6062 | 1453810 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 2569 | 209944 |
|  |  | &nbsp;&nbsp; 1847546 |
| **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** | **Specialty Retail — 2.3%** |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp; 1192 | &nbsp;&nbsp;&nbsp;&nbsp; 237430 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp; 2580 | &nbsp;&nbsp;&nbsp;&nbsp; 205397 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 442827 |
| **Technology Hardware, Storage & Peripherals — 4.5%** | **Technology Hardware, Storage & Peripherals — 4.5%** | **Technology Hardware, Storage & Peripherals — 4.5%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp; 6705 | &nbsp;&nbsp;&nbsp;&nbsp; 871121 |
| **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp; 1939 | &nbsp;&nbsp;&nbsp;&nbsp; 226913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $13,939,283)<br>|  | 19219659 |
| **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** | **Short-Term Investments — 0.7%** |
| **Investment Companies — 0.4%** | **Investment Companies — 0.4%** | **Investment Companies — 0.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (b) (c) <br>(Cost $67,811)<br>| 67795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67829 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (b) (c)<br>| 59999 | 60017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (b) (c)<br>| 81 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment of Cash Collateral from Securities <br> Loaned <br>(Cost $60,084)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments <br>(Cost $127,895)<br>|  | &nbsp;&nbsp;&nbsp;&nbsp; 127927 |
| **Total Investments — 100.2%** <br>**(Cost $14,067,178)**<br>|  | **19347586** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | **(43115)** |
| **NET ASSETS — 100.0%** |  | **19304471** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| NYRS | New York Registry Shares |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. 

(a) The security or a portion of this security is on loan at December 31, 2022. The total value of securities on loan at December 31, 2022 is $55,846. 

(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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 87

------

JPMorgan U.S. GARP Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.4%** | **Common Stocks — 97.4%** | **Common Stocks — 97.4%** |
| **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 103 | 4067 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 82 | 5806 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9873 |
| **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** | **Air Freight & Logistics — 0.4%** |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 23 | 4053 |
| **Airlines — 0.3%** | **Airlines — 0.3%** | **Airlines — 0.3%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | 74 | 2488 |
| **Automobiles — 1.9%** | **Automobiles — 1.9%** | **Automobiles — 1.9%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | 141 | 17351 |
| **Beverages — 2.6%** | **Beverages — 2.6%** | **Beverages — 2.6%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | 80 | 5133 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp; 5148 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp; 13712 |
|  |  | &nbsp;&nbsp; 23993 |
| **Biotechnology — 4.4%** | **Biotechnology — 4.4%** | **Biotechnology — 4.4%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp; 13277 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 2215 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2819 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 6782 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 3226 |
| &nbsp;&nbsp;&nbsp; Seagen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; 3187 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 9097 |
|  |  | &nbsp;&nbsp; 40603 |
| **Building Products — 1.2%** | **Building Products — 1.2%** | **Building Products — 1.2%** |
| &nbsp;&nbsp;&nbsp; Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 2296 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 8858 |
|  |  | &nbsp;&nbsp; 11154 |
| **Capital Markets — 1.2%** | **Capital Markets — 1.2%** | **Capital Markets — 1.2%** |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 6678 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 4890 |
|  |  | &nbsp;&nbsp; 11568 |
| **Chemicals — 1.6%** | **Chemicals — 1.6%** | **Chemicals — 1.6%** |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 3958 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 6980 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 3940 |
|  |  | &nbsp;&nbsp; 14878 |
| **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** | **Commercial Services & Supplies — 0.8%** |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 7216 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 30 | 4275 |
| **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** | **Consumer Finance — 0.5%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | 16 | 2334 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 25 | 2352 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4686 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. \* | 22 | 1376 |
| **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. \* | 44 | 7527 |
| **Entertainment — 1.6%** | **Entertainment — 1.6%** | **Entertainment — 1.6%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 49 | 5926 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 8898 |
|  |  | &nbsp;&nbsp; 14824 |
| **Equity Real Estate Investment Trusts (REITs) — 1.8%** | **Equity Real Estate Investment Trusts (REITs) — 1.8%** | **Equity Real Estate Investment Trusts (REITs) — 1.8%** |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 2555 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp; 2746 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 8973 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 2747 |
|  |  | &nbsp;&nbsp; 17021 |
| **Food & Staples Retailing — 1.4%** | **Food & Staples Retailing — 1.4%** | **Food & Staples Retailing — 1.4%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 9541 |
| &nbsp;&nbsp;&nbsp; US Foods Holding Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 3640 |
|  |  | &nbsp;&nbsp; 13181 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 3520 |
| **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 2489 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp; 9536 |
|  |  | &nbsp;&nbsp; 12025 |
| **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** | **Health Care Providers & Services — 4.5%** |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 7849 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 7196 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp; 26403 |
|  |  | &nbsp;&nbsp; 41448 |
| **Hotels, Restaurants & Leisure — 3.3%** | **Hotels, Restaurants & Leisure — 3.3%** | **Hotels, Restaurants & Leisure — 3.3%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 3325 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 7839 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 2910 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 4205 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 31 | 3905 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 21 | 5481 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 22 | 2805 |
|  |  | &nbsp;&nbsp; 30470 |
| **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** | **Industrial Conglomerates — 0.8%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 35 | 7458 |
| **Insurance — 0.8%** | **Insurance — 0.8%** | **Insurance — 0.8%** |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. \* | 82 | 5148 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | 15 | 2812 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7960 |
| **Interactive Media & Services — 5.4%** | **Interactive Media & Services — 5.4%** | **Interactive Media & Services — 5.4%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp; 20902 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp; 20497 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; 8929 |
|  |  | &nbsp;&nbsp; 50328 |
| **Internet & Direct Marketing Retail — 4.2%** | **Internet & Direct Marketing Retail — 4.2%** | **Internet & Direct Marketing Retail — 4.2%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 466 | &nbsp;&nbsp; 39144 |
| **IT Services — 5.0%** | **IT Services — 5.0%** | **IT Services — 5.0%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp; 3122 |
| &nbsp;&nbsp;&nbsp; Amdocs Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 4173 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp; 36494 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 3033 |
|  |  | &nbsp;&nbsp; 46822 |
| **Life Sciences Tools & Services — 2.7%** | **Life Sciences Tools & Services — 2.7%** | **Life Sciences Tools & Services — 2.7%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 5477 |
| &nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 5573 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp; 12390 |
| &nbsp;&nbsp;&nbsp; Waters Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1953 |
|  |  | &nbsp;&nbsp; 25393 |
| **Machinery — 1.4%** | **Machinery — 1.4%** | **Machinery — 1.4%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 2873 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 3354 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 2827 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 4307 |
|  |  | &nbsp;&nbsp; 13361 |
| **Media — 0.6%** | **Media — 0.6%** | **Media — 0.6%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 6087 |
| **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp; 4898 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 53 | 7933 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 20 | 2736 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 51 | 6631 |
|  |  | &nbsp;&nbsp; 17300 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | 56 | 8251 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc. \* | 18 | 2901 |
| **Road & Rail — 1.8%** | **Road & Rail — 1.8%** | **Road & Rail — 1.8%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 255 | 7894 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 14 | 3499 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 4953 |
|  |  | &nbsp;&nbsp; 16346 |
| **Semiconductors & Semiconductor Equipment — 6.4%** | **Semiconductors & Semiconductor Equipment — 6.4%** | **Semiconductors & Semiconductor Equipment — 6.4%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp;&nbsp; 8796 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 7944 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp; 11501 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 7348 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 9686 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 4105 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 9781 |
|  |  | &nbsp;&nbsp; 59161 |
| **Software — 16.8%** | **Software — 16.8%** | **Software — 16.8%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 2541 |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 3793 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; 11984 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp;&nbsp; 4340 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 896 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp; 15238 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 388 | &nbsp;&nbsp; 93074 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp; 4316 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 9712 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 2718 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 7647 |
|  |  | 156259 |
| **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 | &nbsp;&nbsp;&nbsp;&nbsp; 3738 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp; 4347 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp; 5596 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 89

------

JPMorgan U.S. GARP Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 77 | 15282 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | 9 | 7259 |
|  |  | &nbsp;&nbsp; 36222 |
| **Technology Hardware, Storage & Peripherals — 10.8%** | **Technology Hardware, Storage & Peripherals — 10.8%** | **Technology Hardware, Storage & Peripherals — 10.8%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 676 | 87871 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 187 | 2978 |
| &nbsp;&nbsp;&nbsp; Pure Storage, Inc., Class A \* | 122 | 3262 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 117 | 6182 |
|  |  | 100293 |
| **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** | **Textiles, Apparel & Luxury Goods — 0.8%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 61 | 7184 |
| **Tobacco — 0.7%** | **Tobacco — 0.7%** | **Tobacco — 0.7%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp; 6437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $667,309)<br>|  | 905335 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** | **Short-Term Investments — 2.5%** |
| **Investment Companies — 2.5%** | **Investment Companies — 2.5%** | **Investment Companies — 2.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (a) (b) <br>(Cost $23,557)<br>| 23548 | 23559 |
| **Total Investments — 99.9%** <br>**(Cost $690,866)**<br>|  | **928894** |
| **Other Assets Less Liabilities — 0.1%** |  | **713** |
| **NET ASSETS — 100.0%** |  | **929607** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of December 31, 2022.

**Futures contracts outstanding as of December 31, 2022 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | 124 | 03/17/2023 | USD | 23941 | (1096) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90 J.P. Morgan Large Cap Funds December 31, 2022

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Long Positions — 125.0%** | **Long Positions — 125.0%** | **Long Positions — 125.0%** |
| **Common Stocks — 123.4%** | **Common Stocks — 123.4%** | **Common Stocks — 123.4%** |
| **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** | **Aerospace & Defense — 3.5%** |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 347 | 13676 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. (a) | 25 | 13732 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 169 | 17030 |
| &nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 2 | 1387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 45825 |
| **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** | **Air Freight & Logistics — 0.7%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 55 | 9534 |
| **Banks — 3.4%** | **Banks — 3.4%** | **Banks — 3.4%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. (a) | 120 | 3985 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 155 | 5092 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1723 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8992 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2515 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 517 | &nbsp;&nbsp;&nbsp;&nbsp; 21362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 43669 |
| **Beverages — 4.2%** | **Beverages — 4.2%** | **Beverages — 4.2%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp;&nbsp; 13878 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 10562 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp; 15601 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 14228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 54269 |
| **Biotechnology — 6.7%** | **Biotechnology — 6.7%** | **Biotechnology — 6.7%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp;&nbsp; 36676 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 12407 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7539 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2706 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 13127 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3011 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 11358 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 86824 |
| **Building Products — 1.0%** | **Building Products — 1.0%** | **Building Products — 1.0%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 13386 |
| **Capital Markets — 4.9%** | **Capital Markets — 4.9%** | **Capital Markets — 4.9%** |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp;&nbsp; 15736 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 16195 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley (a) | &nbsp;&nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp; 12556 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7537 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp; 11153 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 63177 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Chemicals — 2.7%** | **Chemicals — 2.7%** | **Chemicals — 2.7%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 33 | 10278 |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | 13 | 629 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 43 | 3520 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | 50 | 16320 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. (The) | 19 | 4476 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 35223 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| &nbsp;&nbsp;&nbsp; Waste Connections, Inc. | 39 | 5200 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 39 | 1255 |
| **Construction Materials — 0.6%** | **Construction Materials — 0.6%** | **Construction Materials — 0.6%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8062 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3674 |
| **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 240 | &nbsp;&nbsp;&nbsp;&nbsp; 20088 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 631 | &nbsp;&nbsp;&nbsp;&nbsp; 10251 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 32356 |
| **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** | **Electrical Equipment — 1.3%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 16594 |
| **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** | **Electronic Equipment, Instruments & Components — 0.7%** |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1870 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7701 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9571 |
| **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** | **Energy Equipment & Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8963 |
| **Entertainment — 2.2%** | **Entertainment — 2.2%** | **Entertainment — 2.2%** |
| &nbsp;&nbsp;&nbsp; Endeavor Group Holdings, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 475 | &nbsp;&nbsp;&nbsp;&nbsp; 10717 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp; 14621 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3509 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28847 |
| **Equity Real Estate Investment Trusts (REITs) — 2.8%** | **Equity Real Estate Investment Trusts (REITs) — 2.8%** | **Equity Real Estate Investment Trusts (REITs) — 2.8%** |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2699 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp; 13441 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3778 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9291 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 91

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** | **Equity Real Estate Investment Trusts (REITs) — continued** |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | 80 | 3113 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | 76 | 3419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 35741 |
| **Food & Staples Retailing — 1.0%** | **Food & Staples Retailing — 1.0%** | **Food & Staples Retailing — 1.0%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 28 | 12940 |
| **Food Products — 0.8%** | **Food Products — 0.8%** | **Food Products — 0.8%** |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | 22 | 4963 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A (a) | 77 | 5137 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 10100 |
| **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** | **Health Care Equipment & Supplies — 3.2%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7694 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 380 | &nbsp;&nbsp;&nbsp;&nbsp; 17576 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 10767 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5759 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 41796 |
| **Health Care Providers & Services — 3.9%** | **Health Care Providers & Services — 3.9%** | **Health Care Providers & Services — 3.9%** |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3777 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 46407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 50184 |
| **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** | **Hotels, Restaurants & Leisure — 4.6%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 12511 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 13181 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7581 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 11945 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 14941 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 60159 |
| **Household Products — 1.1%** | **Household Products — 1.1%** | **Household Products — 1.1%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5244 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13754 |
| **Industrial Conglomerates — 1.8%** | **Industrial Conglomerates — 1.8%** | **Industrial Conglomerates — 1.8%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp; 23639 |
| **Insurance — 3.3%** | **Insurance — 3.3%** | **Insurance — 3.3%** |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7051 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9070 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) (a) | &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp; 25734 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1261 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 43116 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Interactive Media & Services — 4.3%** | **Interactive Media & Services — 4.3%** | **Interactive Media & Services — 4.3%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | 84 | 7441 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* (a) | 308 | 27185 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* (a) | 175 | 21062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 55688 |
| **Internet & Direct Marketing Retail — 3.6%** | **Internet & Direct Marketing Retail — 3.6%** | **Internet & Direct Marketing Retail — 3.6%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* (a) | 555 | 46645 |
| **IT Services — 5.0%** | **IT Services — 5.0%** | **IT Services — 5.0%** |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 35 | 8353 |
| &nbsp;&nbsp;&nbsp; Block, Inc., Class A \* | 19 | 1197 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | 10 | 1907 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 43872 |
| &nbsp;&nbsp;&nbsp; WEX, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 65054 |
| **Life Sciences Tools & Services — 2.6%** | **Life Sciences Tools & Services — 2.6%** | **Life Sciences Tools & Services — 2.6%** |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7551 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 26884 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 34435 |
| **Machinery — 3.6%** | **Machinery — 3.6%** | **Machinery — 3.6%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 25844 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9922 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp; 10892 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 46658 |
| **Media — 1.3%** | **Media — 1.3%** | **Media — 1.3%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp; 12178 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A (a) | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16834 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4147 |
| **Multiline Retail — 0.3%** | **Multiline Retail — 0.3%** | **Multiline Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3367 |
| **Multi-Utilities — 2.1%** | **Multi-Utilities — 2.1%** | **Multi-Utilities — 2.1%** |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4573 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8478 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1296 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 10407 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 27176 |
| **Oil, Gas & Consumable Fuels — 6.0%** | **Oil, Gas & Consumable Fuels — 6.0%** | **Oil, Gas & Consumable Fuels — 6.0%** |
| &nbsp;&nbsp;&nbsp; ConocoPhillips (a) | &nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp; 17345 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Long Positions — continued** | **Long Positions — continued** | **Long Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 44 | 6091 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 69 | 8963 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. (a) | 358 | 39499 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 23 | 1170 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 304 | 5494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 78562 |
| **Personal Products — 0.4%** | **Personal Products — 0.4%** | **Personal Products — 0.4%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | 21 | 5325 |
| **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. (a) | 263 | 18922 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3216 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 12780 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9619 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 44537 |
| **Professional Services — 1.5%** | **Professional Services — 1.5%** | **Professional Services — 1.5%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8027 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp; 11828 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 19855 |
| **Road & Rail — 2.5%** | **Road & Rail — 2.5%** | **Road & Rail — 2.5%** |
| &nbsp;&nbsp;&nbsp; Canadian National Railway Co. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2472 |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3874 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 10176 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6877 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 32720 |
| **Semiconductors & Semiconductor Equipment — 8.9%** | **Semiconductors & Semiconductor Equipment — 8.9%** | **Semiconductors & Semiconductor Equipment — 8.9%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp; 15986 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp; 15811 |
| &nbsp;&nbsp;&nbsp; ASML Holding NV (Registered), NYRS (Netherlands) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 11258 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1168 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1148 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 11584 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp; 248 | &nbsp;&nbsp;&nbsp;&nbsp; 39196 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp;&nbsp; 20106 |
|  |  | &nbsp;&nbsp;&nbsp; 116257 |
| **Software — 9.2%** | **Software — 9.2%** | **Software — 9.2%** |
| &nbsp;&nbsp;&nbsp; Coupa Software, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2891 |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2327 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 15957 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp;&nbsp; 83032 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Software — continued** | **Software — continued** | **Software — continued** |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 20 | 8582 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | 40 | 6679 |
|  |  | &nbsp;&nbsp;&nbsp; 119468 |
| **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** | **Specialty Retail — 3.9%** |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc. \* | 23 | 2513 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | 1 | 1206 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | 73 | 14797 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. (a) | 78 | 15453 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* (a) | 19 | 16227 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 50196 |
| **Technology Hardware, Storage & Peripherals — 4.8%** | **Technology Hardware, Storage & Peripherals — 4.8%** | **Technology Hardware, Storage & Peripherals — 4.8%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. (a) | &nbsp;&nbsp;&nbsp;&nbsp; 386 | &nbsp;&nbsp;&nbsp;&nbsp; 50205 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp;&nbsp; 11141 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 591 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 61937 |
| **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** | **Textiles, Apparel & Luxury Goods — 0.4%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4661 |
| **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 11979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $975,996)<br>|  | 1603359 |
| **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** | **Short-Term Investments — 1.6%** |
| **Investment Companies — 1.6%** | **Investment Companies — 1.6%** | **Investment Companies — 1.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (b) (c)(Cost $20,742)<br>| 20734 | &nbsp;&nbsp;&nbsp;&nbsp; 20744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Long Positions <br>(Cost $996,738)<br>|  | 1624103 |
| **Short Positions — (24.5)%** | **Short Positions — (24.5)%** | **Short Positions — (24.5)%** |
| **Common Stocks — (24.5)%** | **Common Stocks — (24.5)%** | **Common Stocks — (24.5)%** |
| **Aerospace & Defense — (1.3)%** | **Aerospace & Defense — (1.3)%** | **Aerospace & Defense — (1.3)%** |
| &nbsp;&nbsp;&nbsp; Boeing Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34) | &nbsp;&nbsp;&nbsp;&nbsp; (6525) |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) | &nbsp;&nbsp;&nbsp;&nbsp; (1392) |
| &nbsp;&nbsp;&nbsp; Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23) | &nbsp;&nbsp;&nbsp;&nbsp; (1350) |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) | &nbsp;&nbsp;&nbsp;&nbsp; (4744) |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) | &nbsp;&nbsp;&nbsp;&nbsp; (3500) |
|  |  | &nbsp;&nbsp;&nbsp; (17511) |
| **Air Freight & Logistics — (0.4)%** | **Air Freight & Logistics — (0.4)%** | **Air Freight & Logistics — (0.4)%** |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58) | &nbsp;&nbsp;&nbsp;&nbsp; (5266) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 93

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Auto Components — (0.5)%** | **Auto Components — (0.5)%** | **Auto Components — (0.5)%** |
| &nbsp;&nbsp;&nbsp; Autoliv, Inc. (Sweden) | (29) | (2254) |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | (89) | (3579) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5833) |
| **Automobiles — (0.3)%** | **Automobiles — (0.3)%** | **Automobiles — (0.3)%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | (192) | (2232) |
| &nbsp;&nbsp;&nbsp; General Motors Co. | (32) | (1067) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3299) |
| **Banks — (0.7)%** | **Banks — (0.7)%** | **Banks — (0.7)%** |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | (33) | (1289) |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. | (24) | (1631) |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2230) |
| &nbsp;&nbsp;&nbsp; KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp; (132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2303) |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1212) |
| &nbsp;&nbsp;&nbsp; Signature Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1050) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9715) |
| **Beverages — (0.1)%** | **Beverages — (0.1)%** | **Beverages — (0.1)%** |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1877) |
| **Biotechnology — (0.7)%** | **Biotechnology — (0.7)%** | **Biotechnology — (0.7)%** |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1739) |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2136) |
| &nbsp;&nbsp;&nbsp; Moderna, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5841) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9716) |
| **Building Products — (0.9)%** | **Building Products — (0.9)%** | **Building Products — (0.9)%** |
| &nbsp;&nbsp;&nbsp; Allegion plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3632) |
| &nbsp;&nbsp;&nbsp; Johnson Controls International plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6260) |
| &nbsp;&nbsp;&nbsp; Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1163) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (11055) |
| **Capital Markets — (0.9)%** | **Capital Markets — (0.9)%** | **Capital Markets — (0.9)%** |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (998) |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3394) |
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3233) |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1250) |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1148) |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1887) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (11910) |
| **Chemicals — (0.2)%** | **Chemicals — (0.2)%** | **Chemicals — (0.2)%** |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1284) |
| &nbsp;&nbsp;&nbsp; Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1448) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2732) |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Communications Equipment — (0.4)%** | **Communications Equipment — (0.4)%** | **Communications Equipment — (0.4)%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | (105) | (5011)  |
| **Consumer Finance — (0.4)%** | **Consumer Finance — (0.4)%** | **Consumer Finance — (0.4)%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | (36) | (3396) |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | (54) | (1773) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5169) |
| **Containers & Packaging — (0.5)%** | **Containers & Packaging — (0.5)%** | **Containers & Packaging — (0.5)%** |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc. | (17) | (1876) |
| &nbsp;&nbsp;&nbsp; International Paper Co. | (118) | (4082) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5958) |
| **Diversified Telecommunication Services — (0.5)%** | **Diversified Telecommunication Services — (0.5)%** | **Diversified Telecommunication Services — (0.5)%** |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (104) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1927) |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (517) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2697) |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1406) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6030) |
| **Electric Utilities — (1.4)%** | **Electric Utilities — (1.4)%** | **Electric Utilities — (1.4)%** |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3106) |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3472) |
| &nbsp;&nbsp;&nbsp; Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3917) |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1381) |
| &nbsp;&nbsp;&nbsp; Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2245) |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2884) |
| &nbsp;&nbsp;&nbsp; Southern Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1395) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (18400) |
| **Electrical Equipment — (0.3)%** | **Electrical Equipment — (0.3)%** | **Electrical Equipment — (0.3)%** |
| &nbsp;&nbsp;&nbsp; Acuity Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1919) |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1342) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3261) |
| **Entertainment — (0.4)%** | **Entertainment — (0.4)%** | **Entertainment — (0.4)%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1823) |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1374) |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; (202) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1917) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5114) |
| **Equity Real Estate Investment Trusts (REITs) — (1.0)%** | **Equity Real Estate Investment Trusts (REITs) — (1.0)%** | **Equity Real Estate Investment Trusts (REITs) — (1.0)%** |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3940) |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2155) |
| &nbsp;&nbsp;&nbsp; Orion Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4876) |
| &nbsp;&nbsp;&nbsp; SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1905) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (12876) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Food & Staples Retailing — (0.6)%** | **Food & Staples Retailing — (0.6)%** | **Food & Staples Retailing — (0.6)%** |
| &nbsp;&nbsp;&nbsp; Kroger Co. (The) | (133) | (5924) |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | (30) | (2310) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8234) |
| **Food Products — (0.7)%** | **Food Products — (0.7)%** | **Food Products — (0.7)%** |
| &nbsp;&nbsp;&nbsp; Campbell Soup Co. | (80) | (4550) |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | (36) | (1405) |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | (27) | (2281) |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. (The) | (18) | (719) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8955) |
| **Gas Utilities — (0.2)%** | **Gas Utilities — (0.2)%** | **Gas Utilities — (0.2)%** |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2404) |
| **Health Care Equipment & Supplies — (0.2)%** | **Health Care Equipment & Supplies — (0.2)%** | **Health Care Equipment & Supplies — (0.2)%** |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2539) |
| **Health Care Providers & Services — (0.6)%** | **Health Care Providers & Services — (0.6)%** | **Health Care Providers & Services — (0.6)%** |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3133) |
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4092) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7225) |
| **Hotels, Restaurants & Leisure — (0.1)%** | **Hotels, Restaurants & Leisure — (0.1)%** | **Hotels, Restaurants & Leisure — (0.1)%** |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1877) |
| **Household Durables — (0.2)%** | **Household Durables — (0.2)%** | **Household Durables — (0.2)%** |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1501) |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (701) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2202) |
| **Household Products — (0.5)%** | **Household Products — (0.5)%** | **Household Products — (0.5)%** |
| &nbsp;&nbsp;&nbsp; Clorox Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4936) |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1915) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6851) |
| **Industrial Conglomerates — (1.0)%** | **Industrial Conglomerates — (1.0)%** | **Industrial Conglomerates — (1.0)%** |
| &nbsp;&nbsp;&nbsp; 3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5262) |
| &nbsp;&nbsp;&nbsp; General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7297) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (12559) |
| **Insurance — (1.0)%** | **Insurance — (1.0)%** | **Insurance — (1.0)%** |
| &nbsp;&nbsp;&nbsp; Allstate Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4528) |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1468) |
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2268) |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3224) |
| &nbsp;&nbsp;&nbsp; WR Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1399) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (12887) |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Internet & Direct Marketing Retail — (0.3)%** | **Internet & Direct Marketing Retail — (0.3)%** | **Internet & Direct Marketing Retail — (0.3)%** |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | (96) | (3964) |
| **IT Services — (0.8)%** | **IT Services — (0.8)%** | **IT Services — (0.8)%** |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | (16) | (1612) |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | (7) | (1283) |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | (27) | (3057) |
| &nbsp;&nbsp;&nbsp; Western Union Co. (The) | (344) | (4734)  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (10686) |
| **Life Sciences Tools & Services — (0.2)%** | **Life Sciences Tools & Services — (0.2)%** | **Life Sciences Tools & Services — (0.2)%** |
| &nbsp;&nbsp;&nbsp; Waters Corp. \* | (9) | (2924) |
| **Machinery — (1.5)%** | **Machinery — (1.5)%** | **Machinery — (1.5)%** |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1447) |
| &nbsp;&nbsp;&nbsp; Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3903) |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4411) |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3717) |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1998) |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3968) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (19444) |
| **Media — (1.3)%** | **Media — (1.3)%** | **Media — (1.3)%** |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3267) |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; (117) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9529) |
| &nbsp;&nbsp;&nbsp; Paramount Global, Class B | &nbsp;&nbsp;&nbsp;&nbsp; (246) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4148) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (16944) |
| **Multiline Retail — (0.1)%** | **Multiline Retail — (0.1)%** | **Multiline Retail — (0.1)%** |
| &nbsp;&nbsp;&nbsp; Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1230) |
| **Multi-Utilities — (0.1)%** | **Multi-Utilities — (0.1)%** | **Multi-Utilities — (0.1)%** |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1790) |
| **Oil, Gas & Consumable Fuels — (0.9)%** | **Oil, Gas & Consumable Fuels — (0.9)%** | **Oil, Gas & Consumable Fuels — (0.9)%** |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2196) |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp; (124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4838) |
| &nbsp;&nbsp;&nbsp; Hess Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4185) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (11219) |
| **Pharmaceuticals — (0.1)%** | **Pharmaceuticals — (0.1)%** | **Pharmaceuticals — (0.1)%** |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1147) |
| **Professional Services — (0.4)%** | **Professional Services — (0.4)%** | **Professional Services — (0.4)%** |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2951) |
| &nbsp;&nbsp;&nbsp; TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1576) |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (612) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5139) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 95

------

JPMorgan U.S. Large Cap Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Short Positions — continued** | **Short Positions — continued** | **Short Positions — continued** |
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — (1.3)%** | **Semiconductors & Semiconductor Equipment — (1.3)%** | **Semiconductors & Semiconductor Equipment — (1.3)%** |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | (61) | (5960) |
| &nbsp;&nbsp;&nbsp; Intel Corp. | (136) | (3601) |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | (49) | (3417) |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | (21) | (2282) |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | (15) | (1337)  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; (16597) |
| **Software — (0.3)%** | **Software — (0.3)%** | **Software — (0.3)%** |
| &nbsp;&nbsp;&nbsp; Ceridian HCM Holding, Inc. \* | (33) | (2141) |
| &nbsp;&nbsp;&nbsp; Paycom Software, Inc. \* | (6) | (1824)  |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3965) |
| **Specialty Retail — (0.2)%** | **Specialty Retail — (0.2)%** | **Specialty Retail — (0.2)%** |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1431) |
| &nbsp;&nbsp;&nbsp; CarMax, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1198) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2629) |
| **Technology Hardware, Storage & Peripherals — (0.7)%** | **Technology Hardware, Storage & Peripherals — (0.7)%** | **Technology Hardware, Storage & Peripherals — (0.7)%** |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp; (387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6172) |
| &nbsp;&nbsp;&nbsp; HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1262) |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1366) |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (51) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (749) |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9549) |
| **Textiles, Apparel & Luxury Goods — (0.1)%** | **Textiles, Apparel & Luxury Goods — (0.1)%** | **Textiles, Apparel & Luxury Goods — (0.1)%** |
| &nbsp;&nbsp;&nbsp; VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1117) |
| **Trading Companies & Distributors — (0.2)%** | **Trading Companies & Distributors — (0.2)%** | **Trading Companies & Distributors — (0.2)%** |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3183) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Proceeds $(356946))<br>|  | &nbsp;&nbsp;&nbsp; (317993) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short Positions <br>(Proceeds $(356946))<br>|  | &nbsp;&nbsp;&nbsp; (317993) |
| **Total Investments — 100.5%** <br>**(Cost $639,792)**<br>|  | **1306110** |
| **Liabilities in Excess of Other Assets — (0.5)%** |  | **(6340)** |
| **Net Assets — 100.0%** |  | **1299770** |

---

&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** |  |
| NYRS | New York Registry Shares |

---

&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 $431,477. 

(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, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96 J.P. Morgan Large Cap Funds December 31, 2022

------

JPMorgan U.S. Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.9%** | **Common Stocks — 97.9%** | **Common Stocks — 97.9%** |
| **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** | **Aerospace & Defense — 1.5%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 33 | 8138 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 92 | 3645 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 648 | 65387 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 343 | 24277 |
|  |  | &nbsp;&nbsp;&nbsp; 101447 |
| **Air Freight & Logistics — 1.0%** | **Air Freight & Logistics — 1.0%** | **Air Freight & Logistics — 1.0%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 360 | 62508 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | 144 | 4835 |
| **Auto Components — 0.2%** | **Auto Components — 0.2%** | **Auto Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada) | 175 | 9857 |
| **Automobiles — 1.0%** | **Automobiles — 1.0%** | **Automobiles — 1.0%** |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1081 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 536 | &nbsp;&nbsp;&nbsp;&nbsp; 66081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 67162 |
| **Banks — 3.9%** | **Banks — 3.9%** | **Banks — 3.9%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp; 1625 | &nbsp;&nbsp;&nbsp;&nbsp; 53839 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp; 17424 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp; 662 | &nbsp;&nbsp;&nbsp;&nbsp; 21710 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4532 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 878 | &nbsp;&nbsp;&nbsp;&nbsp; 37775 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp; 1227 | &nbsp;&nbsp;&nbsp;&nbsp; 53508 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp; 1685 | &nbsp;&nbsp;&nbsp;&nbsp; 69560 |
|  |  | &nbsp;&nbsp;&nbsp; 258348 |
| **Beverages — 2.1%** | **Beverages — 2.1%** | **Beverages — 2.1%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. (The) | &nbsp;&nbsp; 1292 | &nbsp;&nbsp;&nbsp;&nbsp; 82171 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 28186 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp; 29823 |
|  |  | &nbsp;&nbsp;&nbsp; 140180 |
| **Biotechnology — 3.2%** | **Biotechnology — 3.2%** | **Biotechnology — 3.2%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp;&nbsp; 95984 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 22129 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6468 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6975 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp; 40923 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6207 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 34211 |
|  |  | &nbsp;&nbsp;&nbsp; 212897 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Building Products — 0.9%** | **Building Products — 0.9%** | **Building Products — 0.9%** |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 316 | 14717 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 257 | 43253 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 57970 |
| **Capital Markets — 2.5%** | **Capital Markets — 2.5%** | **Capital Markets — 2.5%** |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 56 | 17281 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | 165 | 27797 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 303 | 31089 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 333 | 28291 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 156 | 16711 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 96 | 32208 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 172 | 13367 |
|  |  | &nbsp;&nbsp;&nbsp; 166744 |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp; 13165 |
| &nbsp;&nbsp;&nbsp; Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4543 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp; 12136 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; 19118 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp;&nbsp; 54513 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp; 26354 |
|  |  | &nbsp;&nbsp;&nbsp; 129829 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9173 |
| **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** | **Communications Equipment — 0.2%** |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 15419 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 10072 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp; 395 | &nbsp;&nbsp;&nbsp;&nbsp; 58420 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 63676 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8670 |
| **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | &nbsp;&nbsp;&nbsp;&nbsp; 328 | &nbsp;&nbsp;&nbsp; 101294 |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1649 |
| **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** | **Electric Utilities — 1.7%** |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9675 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 97

------

JPMorgan U.S. Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 912 | 76253 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. \* | 1564 | 25441 |
|  |  | &nbsp;&nbsp;&nbsp; 111369 |
| **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** | **Electrical Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | 254 | 39865 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 176 | 5640 |
| &nbsp;&nbsp;&nbsp; TE Connectivity Ltd. (Switzerland) | 67 | 7646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 13286 |
| **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** | **Energy Equipment & Services — 0.2%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 358 | 10560 |
| **Entertainment — 0.7%** | **Entertainment — 0.7%** | **Entertainment — 0.7%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 35729 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; 10091 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 45820 |
| **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** | **Equity Real Estate Investment Trusts (REITs) — 2.6%** |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5985 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 19654 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp; 11887 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2793 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp;&nbsp; 46151 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 31759 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 15240 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp;&nbsp; 14884 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp; 22762 |
|  |  | &nbsp;&nbsp;&nbsp; 171115 |
| **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** | **Food & Staples Retailing — 0.7%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 48891 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| &nbsp;&nbsp;&nbsp; Hershey Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8336 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 317 | &nbsp;&nbsp;&nbsp;&nbsp; 21147 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 29483 |
| **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** | **Health Care Equipment & Supplies — 2.6%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp; 318 | &nbsp;&nbsp;&nbsp;&nbsp; 34950 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp;&nbsp; 22152 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 682 | &nbsp;&nbsp;&nbsp;&nbsp; 31559 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8903 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp;&nbsp; 39339 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** | **Health Care Equipment & Supplies — continued** |
| &nbsp;&nbsp;&nbsp; Medtronic plc | 321 | 24945 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 69 | 8751 |
|  |  | &nbsp;&nbsp;&nbsp; 170599 |
| **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** | **Health Care Providers & Services — 3.7%** |
| &nbsp;&nbsp;&nbsp; Centene Corp. \* | 361 | 29621 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 47 | 4324 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 84 | 43038 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 30 | 15570 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 49 | 18456 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 245 | 129686 |
|  |  | &nbsp;&nbsp;&nbsp; 240695 |
| **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** | **Hotels, Restaurants & Leisure — 2.4%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 38826 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 28998 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7067 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp;&nbsp; 14200 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp; 19773 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; 37579 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2108 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; 11540 |
|  |  | &nbsp;&nbsp;&nbsp; 160091 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| &nbsp;&nbsp;&nbsp; Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp; 20473 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7653 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 28126 |
| **Household Products — 1.9%** | **Household Products — 1.9%** | **Household Products — 1.9%** |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp; 39813 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 23698 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp; 63983 |
|  |  | &nbsp;&nbsp;&nbsp; 127494 |
| **Industrial Conglomerates — 1.2%** | **Industrial Conglomerates — 1.2%** | **Industrial Conglomerates — 1.2%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp;&nbsp; 77422 |
| **Insurance — 2.1%** | **Insurance — 2.1%** | **Insurance — 2.1%** |
| &nbsp;&nbsp;&nbsp; Aon plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 14437 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9969 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 439 | &nbsp;&nbsp;&nbsp;&nbsp; 56899 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7517 |
| &nbsp;&nbsp;&nbsp; Travelers Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp; 46038 |
|  |  | &nbsp;&nbsp;&nbsp; 134860 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Interactive Media & Services — 4.5%** | **Interactive Media & Services — 4.5%** | **Interactive Media & Services — 4.5%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | 1468 | 129481 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | 1070 | 94962 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | 547 | 65769 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc., Class A \* | 162 | 4893 |
|  |  | &nbsp;&nbsp;&nbsp; 295105 |
| **Internet & Direct Marketing Retail — 2.5%** | **Internet & Direct Marketing Retail — 2.5%** | **Internet & Direct Marketing Retail — 2.5%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | 1966 | 165159 |
| **IT Services — 4.3%** | **IT Services — 4.3%** | **IT Services — 4.3%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | 217 | 57883 |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc. \* | 229 | 2209 |
| &nbsp;&nbsp;&nbsp; Block, Inc., Class A \* | 55 | 3462 |
| &nbsp;&nbsp;&nbsp; FleetCor Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; 22478 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 314 | &nbsp;&nbsp;&nbsp; 109291 |
| &nbsp;&nbsp;&nbsp; Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp;&nbsp; 85536 |
|  |  | &nbsp;&nbsp;&nbsp; 280859 |
| **Life Sciences Tools & Services — 1.8%** | **Life Sciences Tools & Services — 1.8%** | **Life Sciences Tools & Services — 1.8%** |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp;&nbsp; 39442 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp; 78188 |
|  |  | &nbsp;&nbsp;&nbsp; 117630 |
| **Machinery — 2.0%** | **Machinery — 2.0%** | **Machinery — 2.0%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 54918 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp; 14543 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4162 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp; 23853 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 34389 |
|  |  | &nbsp;&nbsp;&nbsp; 131865 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 29907 |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp; 1433 | &nbsp;&nbsp;&nbsp;&nbsp; 50116 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 80023 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9152 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9806 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 18958 |
| **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** | **Multiline Retail — 0.1%** |
| &nbsp;&nbsp;&nbsp; Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9002 |
| **Multi-Utilities — 1.4%** | **Multi-Utilities — 1.4%** | **Multi-Utilities — 1.4%** |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp; 17846 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 671 | &nbsp;&nbsp;&nbsp;&nbsp; 20114 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 377 | 23122 |
| &nbsp;&nbsp;&nbsp; Sempra Energy | 215 | 33257 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 94339 |
| **Oil, Gas & Consumable Fuels — 5.0%** | **Oil, Gas & Consumable Fuels — 5.0%** | **Oil, Gas & Consumable Fuels — 5.0%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 161 | 28984 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 591 | 69746 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. | 463 | 11366 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 291 | 39822 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 319 | 41272 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 1133 | 125000 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 97 | 10105 |
|  |  | &nbsp;&nbsp;&nbsp; 326295 |
| **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** | **Pharmaceuticals — 4.3%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 929 | &nbsp;&nbsp;&nbsp;&nbsp; 66824 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp; 75459 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp;&nbsp; 63858 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 447 | &nbsp;&nbsp;&nbsp;&nbsp; 49637 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp;&nbsp; 22949 |
|  |  | &nbsp;&nbsp;&nbsp; 278727 |
| **Professional Services — 0.4%** | **Professional Services — 0.4%** | **Professional Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6256 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 18419 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 24675 |
| **Road & Rail — 1.2%** | **Road & Rail — 1.2%** | **Road & Rail — 1.2%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 418 | &nbsp;&nbsp;&nbsp;&nbsp; 12946 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 34584 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5203 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp; 24499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 77232 |
| **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** | **Semiconductors & Semiconductor Equipment — 5.7%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 571 | &nbsp;&nbsp;&nbsp;&nbsp; 36991 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp;&nbsp; 52367 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 11980 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; 48828 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp; 18009 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5786 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 62106 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp;&nbsp; 47925 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8460 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 99

------

JPMorgan U.S. Research Enhanced Equity Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 104 | 9041 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 420 | 69405 |
|  |  | &nbsp;&nbsp;&nbsp; 370898 |
| **Software — 8.3%** | **Software — 8.3%** | **Software — 8.3%** |
| &nbsp;&nbsp;&nbsp; Adobe, Inc. \* | 147 | 49615 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. \* | 53 | 8514 |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc. \* | 135 | 7465 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc. \* | 138 | 6755 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 104 | 40305 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 1659 | 397912 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 222 | 18144 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4075 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 14536 |
|  |  | &nbsp;&nbsp;&nbsp; 547321 |
| **Specialty Retail — 3.7%** | **Specialty Retail — 3.7%** | **Specialty Retail — 3.7%** |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9346 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; 32682 |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp; 23680 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 12307 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp; 39793 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp; 68066 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 28933 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp;&nbsp; 21151 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5066 |
|  |  | &nbsp;&nbsp;&nbsp; 241024 |
| **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** | **Technology Hardware, Storage & Peripherals — 6.3%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp; 3021 | &nbsp;&nbsp;&nbsp; 392575 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 383 | &nbsp;&nbsp;&nbsp;&nbsp; 20124 |
|  |  | &nbsp;&nbsp;&nbsp; 412699 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | 324 | 37905 |
| **Tobacco — 0.8%** | **Tobacco — 0.8%** | **Tobacco — 0.8%** |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 476 | 21782 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 306 | 30959 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 52741 |
| **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** | **Wireless Telecommunication Services — 0.5%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | 227 | 31830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $4,846,653)<br>|  | 6425693 |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (a) (b) <br>(Cost $64,859)<br>| 64837 | 64870 |
| **Total Investments — 98.9%** <br>**(Cost $4,911,512)**<br>|  | **6490563** |
| **Other Assets Less Liabilities — 1.1%** |  | **71757** |
| **NET ASSETS — 100.0%** |  | **6562320** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (b) | The rate shown is the current yield as of December <br> 31, 2022.<br>|

---

**Futures contracts outstanding as of December 31, 2022 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini Index | 655 | 03/17/2023 | USD | 126464 | (258) |

---

&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;

100 J.P. Morgan Large Cap Funds December 31, 2022

------

JPMorgan U.S. Sustainable Leaders Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 99.1%** | **Common Stocks — 99.1%** | **Common Stocks — 99.1%** |
| **Auto Components — 0.8%** | **Auto Components — 0.8%** | **Auto Components — 0.8%** |
| &nbsp;&nbsp;&nbsp; Aptiv plc \* | 15 | 1350 |
| **Automobiles — 0.5%** | **Automobiles — 0.5%** | **Automobiles — 0.5%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc. \* | 7 | 901 |
| **Banks — 4.2%** | **Banks — 4.2%** | **Banks — 4.2%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 108 | 3581 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 33 | 1507 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 37 | 1207 |
| &nbsp;&nbsp;&nbsp; SVB Financial Group \* | 3 | 716 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7011 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 7 | 1951 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 1082 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3033 |
| **Building Products — 1.9%** | **Building Products — 1.9%** | **Building Products — 1.9%** |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 3165 |
| **Capital Markets — 4.9%** | **Capital Markets — 4.9%** | **Capital Markets — 4.9%** |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 1772 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 1149 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 1011 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 2006 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 2150 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8088 |
| **Chemicals — 1.5%** | **Chemicals — 1.5%** | **Chemicals — 1.5%** |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 937 |
| &nbsp;&nbsp;&nbsp; Linde plc (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 1491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2428 |
| **Containers & Packaging — 1.1%** | **Containers & Packaging — 1.1%** | **Containers & Packaging — 1.1%** |
| &nbsp;&nbsp;&nbsp; Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 1773 |
| **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** | **Diversified Consumer Services — 0.4%** |
| &nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 714 |
| **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** | **Diversified Financial Services — 1.2%** |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 2059 |
| **Diversified Telecommunication Services — 1.3%** | **Diversified Telecommunication Services — 1.3%** | **Diversified Telecommunication Services — 1.3%** |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 2173 |
| **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp;&nbsp; 2940 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 1416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 4356 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Electrical Equipment — 2.1%** | **Electrical Equipment — 2.1%** | **Electrical Equipment — 2.1%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | 22 | 3506 |
| **Entertainment — 1.5%** | **Entertainment — 1.5%** | **Entertainment — 1.5%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc. \* | 4 | 1280 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | 13 | 1124 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 2404 |
| **Equity Real Estate Investment Trusts (REITs) — 3.4%** | **Equity Real Estate Investment Trusts (REITs) — 3.4%** | **Equity Real Estate Investment Trusts (REITs) — 3.4%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. | 6 | 1275 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | 1 | 485 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 27 | 3097 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 25 | 778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5635 |
| **Food & Staples Retailing — 2.3%** | **Food & Staples Retailing — 2.3%** | **Food & Staples Retailing — 2.3%** |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 3812 |
| **Food Products — 0.9%** | **Food Products — 0.9%** | **Food Products — 0.9%** |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 1513 |
| **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** | **Health Care Equipment & Supplies — 3.4%** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp; 4094 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 1540 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 5634 |
| **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** | **Health Care Providers & Services — 3.1%** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 5180 |
| **Insurance — 3.7%** | **Insurance — 3.7%** | **Insurance — 3.7%** |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 1448 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 1789 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 2841 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 6078 |
| **Interactive Media & Services — 3.3%** | **Interactive Media & Services — 3.3%** | **Interactive Media & Services — 3.3%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp; 5454 |
| **Internet & Direct Marketing Retail — 1.4%** | **Internet & Direct Marketing Retail — 1.4%** | **Internet & Direct Marketing Retail — 1.4%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 2365 |
| **IT Services — 4.3%** | **IT Services — 4.3%** | **IT Services — 4.3%** |
| &nbsp;&nbsp;&nbsp; Accenture plc, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 1198 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 5950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7148 |
| **Life Sciences Tools & Services — 5.6%** | **Life Sciences Tools & Services — 5.6%** | **Life Sciences Tools & Services — 5.6%** |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 1613 |
| &nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 3420 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 4290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9323 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 101

------

JPMorgan U.S. Sustainable Leaders Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Machinery — 4.3%** | **Machinery — 4.3%** | **Machinery — 4.3%** |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 8 | 3327 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 47 | 2428 |
| &nbsp;&nbsp;&nbsp; Xylem, Inc. | 12 | 1370 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7125 |
| **Media — 0.8%** | **Media — 0.8%** | **Media — 0.8%** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A \* | 4 | 1245 |
| **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** | **Metals & Mining — 0.5%** |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | 20 | 903 |
| **Multiline Retail — 0.8%** | **Multiline Retail — 0.8%** | **Multiline Retail — 0.8%** |
| &nbsp;&nbsp;&nbsp; Target Corp. | 8 | 1239 |
| **Multi-Utilities — 1.4%** | **Multi-Utilities — 1.4%** | **Multi-Utilities — 1.4%** |
| &nbsp;&nbsp;&nbsp; Sempra Energy | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 2381 |
| **Personal Products — 0.8%** | **Personal Products — 0.8%** | **Personal Products — 0.8%** |
| &nbsp;&nbsp;&nbsp; Estee Lauder Cos., Inc. (The), Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1379 |
| **Pharmaceuticals — 4.7%** | **Pharmaceuticals — 4.7%** | **Pharmaceuticals — 4.7%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 3347 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 4527 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7874 |
| **Road & Rail — 2.2%** | **Road & Rail — 2.2%** | **Road & Rail — 2.2%** |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 2472 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1228 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3700 |
| **Semiconductors & Semiconductor Equipment — 5.3%** | **Semiconductors & Semiconductor Equipment — 5.3%** | **Semiconductors & Semiconductor Equipment — 5.3%** |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 876 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 1028 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 1274 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 1781 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 1156 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 2658 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8773 |
| **Software — 10.5%** | **Software — 10.5%** | **Software — 10.5%** |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 964 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 1563 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Software — continued** | **Software — continued** | **Software — continued** |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 6 | 2437 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 49 | 11635 |
| &nbsp;&nbsp;&nbsp; Workday, Inc., Class A \* | 5 | 800 |
|  |  | &nbsp;&nbsp; 17399 |
| **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** | **Specialty Retail — 4.4%** |
| &nbsp;&nbsp;&nbsp; Best Buy Co., Inc. | 12 | 973 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | 11 | 3424 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | 37 | 2942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 7339 |
| **Technology Hardware, Storage & Peripherals — 5.9%** | **Technology Hardware, Storage & Peripherals — 5.9%** | **Technology Hardware, Storage & Peripherals — 5.9%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 67 | 8713 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 1109 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 9822 |
| **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
| &nbsp;&nbsp;&nbsp; VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $154,643)<br>|  | 164776 |
| **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%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (a) (b) <br>(Cost $1,413)<br>| 1413 | &nbsp;&nbsp;&nbsp;&nbsp; 1413 |
| **Total Investments — 99.9%** <br>**(Cost $156,056)**<br>|  | **166189** |
| **Other Assets Less Liabilities — 0.1%** |  | **153** |
| **NET ASSETS — 100.0%** |  | **166342** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of December 31, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102 J.P. Morgan Large Cap Funds December 31, 2022

------

**Futures contracts outstanding as of December 31, 2022 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| S&P 500 E-Mini ESG Equity Index | 8 | 03/17/2023 | USD | 1351 | (31) |

---

&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, 2022 J.P. Morgan Large Cap Funds 103

------

JPMorgan U.S. Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Common Stocks — 97.2%** | **Common Stocks — 97.2%** | **Common Stocks — 97.2%** |
| **Aerospace & Defense — 4.1%** | **Aerospace & Defense — 4.1%** | **Aerospace & Defense — 4.1%** |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 231 | 57331 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 63 | 34003 |
| &nbsp;&nbsp;&nbsp; Raytheon Technologies Corp. | 689 | 69556 |
|  |  | &nbsp;&nbsp;&nbsp; 160890 |
| **Air Freight & Logistics — 1.4%** | **Air Freight & Logistics — 1.4%** | **Air Freight & Logistics — 1.4%** |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 311 | 54064 |
| **Airlines — 0.7%** | **Airlines — 0.7%** | **Airlines — 0.7%** |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. \* | 849 | 28592 |
| **Banks — 8.2%** | **Banks — 8.2%** | **Banks — 8.2%** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 1826 | 60483 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 351 | 15894 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 411 | &nbsp;&nbsp;&nbsp;&nbsp; 16176 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp; 22719 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp; 39012 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp;&nbsp; 43698 |
| &nbsp;&nbsp;&nbsp; US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796 | &nbsp;&nbsp;&nbsp;&nbsp; 34706 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp; 2073 | &nbsp;&nbsp;&nbsp;&nbsp; 85591 |
|  |  | &nbsp;&nbsp;&nbsp; 318279 |
| **Beverages — 1.3%** | **Beverages — 1.3%** | **Beverages — 1.3%** |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp;&nbsp; 18732 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 31554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 50286 |
| **Biotechnology — 3.6%** | **Biotechnology — 3.6%** | **Biotechnology — 3.6%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 | &nbsp;&nbsp;&nbsp;&nbsp; 66249 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 24193 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8310 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 40371 |
|  |  | &nbsp;&nbsp;&nbsp; 139123 |
| **Capital Markets — 6.8%** | **Capital Markets — 6.8%** | **Capital Markets — 6.8%** |
| &nbsp;&nbsp;&nbsp; BlackRock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 73820 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp;&nbsp; 26929 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 | &nbsp;&nbsp;&nbsp;&nbsp; 44737 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787 | &nbsp;&nbsp;&nbsp;&nbsp; 66873 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp; 24250 |
| &nbsp;&nbsp;&nbsp; T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp;&nbsp; 28188 |
|  |  | &nbsp;&nbsp;&nbsp; 264797 |
| **Chemicals — 2.9%** | **Chemicals — 2.9%** | **Chemicals — 2.9%** |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp; 62222 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd. \* | &nbsp;&nbsp;&nbsp;&nbsp; 2002 | &nbsp;&nbsp;&nbsp;&nbsp; 50988 |
|  |  | &nbsp;&nbsp;&nbsp; 113210 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. | 186 | 24019 |
| **Construction Materials — 1.2%** | **Construction Materials — 1.2%** | **Construction Materials — 1.2%** |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 265 | 46384 |
| **Consumer Finance — 1.6%** | **Consumer Finance — 1.6%** | **Consumer Finance — 1.6%** |
| &nbsp;&nbsp;&nbsp; American Express Co. | 257 | 37969 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 254 | 23634 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 61603 |
| **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** | **Containers & Packaging — 0.4%** |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 293 | 14964 |
| **Diversified Financial Services — 1.9%** | **Diversified Financial Services — 1.9%** | **Diversified Financial Services — 1.9%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B \* | 239 | 73796 |
| **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** | **Electric Utilities — 2.2%** |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 13990 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp;&nbsp; 34797 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523 | &nbsp;&nbsp;&nbsp;&nbsp; 36663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 85450 |
| **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** | **Electrical Equipment — 1.2%** |
| &nbsp;&nbsp;&nbsp; Eaton Corp. plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp;&nbsp; 46084 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. (The) \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 11156 |
| **Equity Real Estate Investment Trusts (REITs) — 1.2%** | **Equity Real Estate Investment Trusts (REITs) — 1.2%** | **Equity Real Estate Investment Trusts (REITs) — 1.2%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp; 11283 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp; 1142 | &nbsp;&nbsp;&nbsp;&nbsp; 18329 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp;&nbsp; 16097 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 45709 |
| **Food & Staples Retailing — 1.1%** | **Food & Staples Retailing — 1.1%** | **Food & Staples Retailing — 1.1%** |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp; 41977 |
| **Food Products — 1.0%** | **Food Products — 1.0%** | **Food Products — 1.0%** |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583 | &nbsp;&nbsp;&nbsp;&nbsp; 38841 |
| **Health Care Equipment & Supplies — 3.5%** | **Health Care Equipment & Supplies — 3.5%** | **Health Care Equipment & Supplies — 3.5%** |
| &nbsp;&nbsp;&nbsp; Becton Dickinson and Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp; 31580 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 866 | &nbsp;&nbsp;&nbsp;&nbsp; 40056 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp;&nbsp; 35047 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp;&nbsp; 29912 |
|  |  | &nbsp;&nbsp;&nbsp; 136595 |
| **Health Care Providers & Services — 5.7%** | **Health Care Providers & Services — 5.7%** | **Health Care Providers & Services — 5.7%** |
| &nbsp;&nbsp;&nbsp; Cigna Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 49783 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; 38596 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 44186 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

104 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <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** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 146 | 77029 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc., Class B | 71 | 10017 |
|  |  | &nbsp;&nbsp;&nbsp; 219611 |
| **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** | **Hotels, Restaurants & Leisure — 1.7%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. \* | 15 | 28998 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 145 | 38269 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 67267 |
| **Household Durables — 0.3%** | **Household Durables — 0.3%** | **Household Durables — 0.3%** |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 759 | 9929 |
| **Household Products — 1.2%** | **Household Products — 1.2%** | **Household Products — 1.2%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. (The) | 317 | 48016 |
| **Insurance — 4.5%** | **Insurance — 4.5%** | **Insurance — 4.5%** |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp;&nbsp; 45658 |
| &nbsp;&nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 548 | &nbsp;&nbsp;&nbsp;&nbsp; 41519 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307 | &nbsp;&nbsp;&nbsp;&nbsp; 17920 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp; 19369 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp;&nbsp; 34498 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp; 17553 |
|  |  | &nbsp;&nbsp;&nbsp; 176517 |
| **Interactive Media & Services — 2.1%** | **Interactive Media & Services — 2.1%** | **Interactive Media & Services — 2.1%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 428 | &nbsp;&nbsp;&nbsp;&nbsp; 37927 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp;&nbsp; 42997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 80924 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp; 28181 |
| **Machinery — 2.2%** | **Machinery — 2.2%** | **Machinery — 2.2%** |
| &nbsp;&nbsp;&nbsp; Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp;&nbsp; 53195 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; 31453 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 84648 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| &nbsp;&nbsp;&nbsp; Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp; 1307 | &nbsp;&nbsp;&nbsp;&nbsp; 45703 |
| **Multiline Retail — 0.9%** | **Multiline Retail — 0.9%** | **Multiline Retail — 0.9%** |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp; 35312 |
| **Multi-Utilities — 1.8%** | **Multi-Utilities — 1.8%** | **Multi-Utilities — 1.8%** |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 669 | &nbsp;&nbsp;&nbsp;&nbsp; 42381 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp;&nbsp; 26014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; 68395 |
| **Oil, Gas & Consumable Fuels — 8.6%** | **Oil, Gas & Consumable Fuels — 8.6%** | **Oil, Gas & Consumable Fuels — 8.6%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp;&nbsp; 45916 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 895 | 105571 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 511 | 66213 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 970 | 107035 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 70 | 8845 |
|  |  | &nbsp;&nbsp;&nbsp; 333580 |
| **Pharmaceuticals — 5.9%** | **Pharmaceuticals — 5.9%** | **Pharmaceuticals — 5.9%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 1156 | 83219 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 79 | 28848 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 402 | 71037 |
| &nbsp;&nbsp;&nbsp; Merck & Co., Inc. | 133 | 14746 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 626 | 32072 |
|  |  | &nbsp;&nbsp;&nbsp; 229922 |
| **Road & Rail — 1.0%** | **Road & Rail — 1.0%** | **Road & Rail — 1.0%** |
| &nbsp;&nbsp;&nbsp; CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp; 1235 | &nbsp;&nbsp;&nbsp;&nbsp; 38254 |
| **Semiconductors & Semiconductor Equipment — 4.5%** | **Semiconductors & Semiconductor Equipment — 4.5%** | **Semiconductors & Semiconductor Equipment — 4.5%** |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp;&nbsp; 59394 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 19216 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductors NV (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp; 45783 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp; 51097 |
|  |  | &nbsp;&nbsp;&nbsp; 175490 |
| **Software — 1.0%** | **Software — 1.0%** | **Software — 1.0%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp; 39768 |
| **Specialty Retail — 5.3%** | **Specialty Retail — 5.3%** | **Specialty Retail — 5.3%** |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; 41180 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 47242 |
| &nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 33928 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 28697 |
| &nbsp;&nbsp;&nbsp; TJX Cos., Inc. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 708 | &nbsp;&nbsp;&nbsp;&nbsp; 56402 |
|  |  | &nbsp;&nbsp;&nbsp; 207449 |
| **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp; 12813 |
| **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** | **Textiles, Apparel & Luxury Goods — 1.1%** |
| &nbsp;&nbsp;&nbsp; NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp;&nbsp; 41110 |
| **Tobacco — 1.4%** | **Tobacco — 1.4%** | **Tobacco — 1.4%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537 | &nbsp;&nbsp;&nbsp;&nbsp; 54334 |
| **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** | **Wireless Telecommunication Services — 0.6%** |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | &nbsp;&nbsp;&nbsp;&nbsp; 24584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Common Stocks <br>(Cost $3,220,808)<br>|  | 3777626 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 105

------

JPMorgan U.S. Value Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — 3.9%** | **Short-Term Investments — 3.9%** | **Short-Term Investments — 3.9%** |
| **Investment Companies — 3.9%** | **Investment Companies — 3.9%** | **Investment Companies — 3.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM Shares, <br> 4.49% (a) (b) <br>(Cost $152,346)<br>| 152309 | 152385 |
| **Total Investments — 101.1%** <br>**(Cost $3,373,154)**<br>|  | **3930011** |
| **Liabilities in Excess of Other Assets — (1.1)%** |  | **(44035)** |
| **NET ASSETS — 100.0%** |  | **3885976** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security. <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of December 31, 2022.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

106 J.P. Morgan Large Cap Funds December 31, 2022

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF December 31, 2022 (Unaudited) <br>(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 | $47759316 | $6861134 | $4690979 | $14358343 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp; 1348409 | &nbsp;&nbsp;&nbsp;&nbsp; 123024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339876 |
| &nbsp;&nbsp;&nbsp; Investments of cash collateral received from securities loaned, at <br> value (See Note 2.C.)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126578 | &nbsp;&nbsp;&nbsp;&nbsp; 139454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Options purchased, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 335593 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20785 |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85531 | &nbsp;&nbsp;&nbsp;&nbsp; 1409718 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53521 | &nbsp;&nbsp;&nbsp;&nbsp; 112266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16781 |
| &nbsp;&nbsp;&nbsp; Interest from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Dividends from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14796 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778 |
| &nbsp;&nbsp;&nbsp; Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Due from adviser | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp; 49388666 | &nbsp;&nbsp; 7244392 | &nbsp;&nbsp; 4949500 | &nbsp;&nbsp; 16496689 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94997 | &nbsp;&nbsp;&nbsp;&nbsp; 1431134 |
| &nbsp;&nbsp;&nbsp; Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126578 | &nbsp;&nbsp;&nbsp;&nbsp; 139454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29866 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 972 |
| &nbsp;&nbsp;&nbsp; Outstanding options written, at fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339228 |
| Accrued liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3110 |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 838 |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2810 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1105 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238055 | &nbsp;&nbsp;&nbsp;&nbsp; 255770 | &nbsp;&nbsp;&nbsp;&nbsp; 176478 | &nbsp;&nbsp;&nbsp;&nbsp; 1809698 |
| Net Assets | $49150611 | $6988622 | $4773022 | $14686991 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 107

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(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 | $34936401 | $4085895 | $5152360 | $12599969 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 14214210 | &nbsp;&nbsp; 2902727 | &nbsp;&nbsp;&nbsp; (379338) | &nbsp;&nbsp;&nbsp;&nbsp; 2087022 |
| Total Net Assets | $49150611 | $6988622 | $4773022 | $14686991 |
| Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | $4690375  | $671022  | $253241  | $1301726 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp; 1158158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85754 | &nbsp;&nbsp;&nbsp;&nbsp; 167994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400106 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp; 18944906 | &nbsp;&nbsp;&nbsp;&nbsp; 874058 | &nbsp;&nbsp; 2675522 | &nbsp;&nbsp; 11474396 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; 1348361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5394 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp; 22423417 | &nbsp;&nbsp; 5357788 | &nbsp;&nbsp; 1675794 | &nbsp;&nbsp;&nbsp;&nbsp; 1505369 |
| Total | $49150611 | $6988622 | $4773022 | $14686991 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211925 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53189 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16470 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15185 | &nbsp;&nbsp;&nbsp;&nbsp; 196164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 467322 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 219 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93065 | &nbsp;&nbsp;&nbsp;&nbsp; 122894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61173 |
| Net Asset Value (a): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A — Redemption price per share | $22.13 | $57.48 | $13.64 | $24.47 |
| &nbsp;&nbsp;&nbsp; Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.29 |
| &nbsp;&nbsp;&nbsp; Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.55 |
| &nbsp;&nbsp;&nbsp; Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.60 |
| &nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.61 |
| &nbsp;&nbsp;&nbsp; Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| $23.36 | $60.66 | $14.40 | $25.83  |
| Cost of investments in non-affiliates | $33596290 | $3702494 | $4524663 | $11016037 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 1347993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 339876 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334100 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121519 | &nbsp;&nbsp;&nbsp;&nbsp; 135746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126578 | &nbsp;&nbsp;&nbsp;&nbsp; 139435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Premiums received from options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344700 |

---

------

(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;

108 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JP Morgan** <br>**Hedged** <br>**Equity 2 Fund**<br>| &nbsp;&nbsp; **JP Morgan** <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 | $4099929 | $2660396 | $33948439 | $3343168 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31132 | &nbsp;&nbsp;&nbsp;&nbsp; 3034722 | &nbsp;&nbsp;&nbsp;&nbsp; 101333 |
| &nbsp;&nbsp;&nbsp; Investments of cash collateral received from securities loaned, at <br> value (See Note 2.C.)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Options purchased, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 726 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5317 |
| &nbsp;&nbsp;&nbsp; Dividends from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4480 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 |
| &nbsp;&nbsp;&nbsp; Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp; 4207372 | &nbsp;&nbsp; 2804635 | &nbsp;&nbsp; 37192865 | &nbsp;&nbsp; 3455355 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4532 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Outstanding options written, at fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1061 |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153 |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6334 |
| Net Assets | $4146079 | $2777814 | $37058370 | $3449021 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 109

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JP Morgan**<br> **Hedged**<br> **Equity 2 Fund**<br>| &nbsp;&nbsp; **JP Morgan**<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 | $4922604 | $3105125 | $31693385 | $3130021 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (776525) | &nbsp;&nbsp;&nbsp; (327311) | &nbsp;&nbsp;&nbsp;&nbsp; 5364985 | &nbsp;&nbsp;&nbsp;&nbsp; 319000 |
| Total Net Assets | $4146079 | $2777814 | $37058370 | $3449021 |
| Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | $300624 | $122873 | $3791611 | $282344 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp; 225770 | &nbsp;&nbsp;&nbsp;&nbsp; 110406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93350 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp; 3294645 | &nbsp;&nbsp; 2384003 | &nbsp;&nbsp; 11122157 | &nbsp;&nbsp; 1401639 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13623 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6700 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26349 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 324403 | &nbsp;&nbsp;&nbsp;&nbsp; 160068 | &nbsp;&nbsp; 20463111 | &nbsp;&nbsp; 1624420 |
| Total | $4146079 | $2777814 | $37058370 | $3449021 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15461 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5393 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp; 237277 | &nbsp;&nbsp;&nbsp;&nbsp; 168157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78444 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 754 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1456 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90489 |
| Net Asset Value (a): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A — Redemption price per share | $13.87  | $14.16  | $43.59  | $18.26 |
| &nbsp;&nbsp;&nbsp; Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.31 |
| &nbsp;&nbsp;&nbsp; Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.87 |
| &nbsp;&nbsp;&nbsp; Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.07 |
| &nbsp;&nbsp;&nbsp; Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.83 |
| &nbsp;&nbsp;&nbsp; Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.28 |
| &nbsp;&nbsp;&nbsp; Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.10 |
| &nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.95 |
| &nbsp;&nbsp;&nbsp; Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| $14.64 | $14.94 | $46.01 | $19.27 |
| Cost of investments in non-affiliates | $4266423 | $2761058 | $28093908 | $2984610 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31132 | &nbsp;&nbsp;&nbsp;&nbsp; 3033674 | &nbsp;&nbsp;&nbsp;&nbsp; 101321 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp;&nbsp; 108320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Premiums received from options written | &nbsp;&nbsp;&nbsp;&nbsp; 106620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

110 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Applied** <br>**Data Science** <br>**Value Fund**<br>| &nbsp;&nbsp; **JPMorgan U.S.** <br>**Equity Fund**<br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. GARP** <br>**Equity Fund**<br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund** |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | $187609 | $19219659 | $905335 | $1603359 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67829 | &nbsp;&nbsp;&nbsp;&nbsp; 23559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20744 |
| &nbsp;&nbsp;&nbsp; Investments of cash collateral received from securities loaned, at <br> value (See Note 2.C.)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp; Dividends from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1531 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Securities lending income (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp; 190278 | &nbsp;&nbsp; 19537080 | &nbsp;&nbsp; 932992 | &nbsp;&nbsp; 1626204 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities sold short, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 317993 |
| &nbsp;&nbsp;&nbsp; Dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638 |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Interest expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; Collateral received on securities loaned (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6643 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707 |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3385 | &nbsp;&nbsp;&nbsp;&nbsp; 326434 |
| Net Assets | $189818 | $19304471 | $929607 | $1299770 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 111

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Applied**<br> **Data Science**<br> **Value Fund**<br>| &nbsp;&nbsp; **JPMorgan U.S.**<br> **Equity Fund**<br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. GARP**<br> **Equity Fund**<br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Large**<br> **Cap Core**<br>**Plus Fund** |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | $166491 | $14483699 | $701423 | $554121 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 23327 | &nbsp;&nbsp;&nbsp;&nbsp; 4820772 | &nbsp;&nbsp; 228184 | &nbsp;&nbsp;&nbsp;&nbsp; 745649 |
| Total Net Assets | $189818 | $19304471 | $929607 | $1299770 |
| Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | $47639  | $1670184  | $88007  | $212257 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350285 | &nbsp;&nbsp;&nbsp;&nbsp; 14520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27302 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp; 89338 | &nbsp;&nbsp;&nbsp;&nbsp; 2260809 | &nbsp;&nbsp;&nbsp;&nbsp; 81025 | &nbsp;&nbsp;&nbsp;&nbsp; 781217 |
| &nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1576475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225655 | &nbsp;&nbsp;&nbsp;&nbsp; 29872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4550 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946984 | &nbsp;&nbsp;&nbsp;&nbsp; 99355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25681 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 40798 | &nbsp;&nbsp; 12052142 | &nbsp;&nbsp; 616828 | &nbsp;&nbsp;&nbsp;&nbsp; 248763 |
| Total | $189818 | $19304471 | $929607 | $1299770 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14856 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2359 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52139 |
| &nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1688 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701990 | &nbsp;&nbsp;&nbsp;&nbsp; 12997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16367 |
| Net Asset Value (a): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A — Redemption price per share | $26.62 | $17.00 | $47.21 | $14.29 |
| &nbsp;&nbsp;&nbsp; Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.57 |
| &nbsp;&nbsp;&nbsp; Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.98 |
| &nbsp;&nbsp;&nbsp; Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.75 |
| &nbsp;&nbsp;&nbsp; Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.21 |
| &nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.20 |
| &nbsp;&nbsp;&nbsp; Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| $28.09 | $17.94 | $49.83 | $15.08 |
| Cost of investments in non-affiliates | $162519 | $13939283 | $667309 | $975996 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67811 | &nbsp;&nbsp;&nbsp;&nbsp; 23557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20742 |
| Investment securities on loan, at value (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Cost of investment of cash collateral (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Proceeds from securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 356946 |

---

------

(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;

112 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Research** <br>**Enhanced** <br>**Equity Fund**<br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Sustainable** <br>**Leaders Fund**<br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Value** <br>**Fund** |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | $6425693 | $164776 | $3777626 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1413 | &nbsp;&nbsp;&nbsp;&nbsp; 152385 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12805 |
| &nbsp;&nbsp;&nbsp; Dividends from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4797 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| &nbsp;&nbsp;&nbsp; Other assets | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 |
| Total Assets | &nbsp;&nbsp; 6569676 | &nbsp;&nbsp; 167545 | &nbsp;&nbsp; 3948193 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment securities purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54570 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2983 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5321 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1198 |
| &nbsp;&nbsp;&nbsp; Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62217 |
| Net Assets | $6562320 | $166342 | $3885976 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 113

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Research**<br> **Enhanced**<br> **Equity Fund**<br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Sustainable**<br> **Leaders Fund**<br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Value**<br>**Fund** |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | $5146136 | $177621 | $3351370 |
| Total distributable earnings (loss) | &nbsp;&nbsp; 1416184 | &nbsp;&nbsp;&nbsp; (11279) | &nbsp;&nbsp;&nbsp;&nbsp; 534606 |
| Total Net Assets | $6562320 | $166342 | $3885976 |
| Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | $162851  | $38436  | $954841 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98123 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp; 625171 | &nbsp;&nbsp;&nbsp;&nbsp; 76720 | &nbsp;&nbsp; 1895901 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4234 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10687 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2248 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6695 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp; 5774298 | &nbsp;&nbsp;&nbsp;&nbsp; 46898 | &nbsp;&nbsp;&nbsp;&nbsp; 913247 |
| Total | $6562320 | $166342 | $3885976 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14770 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1722 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27558 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; 197914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13164 |
| Net Asset Value (a): |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A — Redemption price per share | $28.84 | $49.68 | $64.65 |
| &nbsp;&nbsp;&nbsp; Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56.98 |
| &nbsp;&nbsp;&nbsp; Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68.80 |
| &nbsp;&nbsp;&nbsp; Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64.74 |
| &nbsp;&nbsp;&nbsp; Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68.60 |
| &nbsp;&nbsp;&nbsp; Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68.79 |
| &nbsp;&nbsp;&nbsp; Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69.34 |
| &nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69.37 |
| &nbsp;&nbsp;&nbsp; Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| $30.44 | $52.43 | $68.23  |
| Cost of investments in non-affiliates | $4846653 | $154643 | $3220808 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1413 | &nbsp;&nbsp;&nbsp;&nbsp; 152346 |

---

------

(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;

114 J.P. Morgan Large Cap Funds December 31, 2022

------

**STATEMENTS OF OPERATIONS** <br>FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited) <br>(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 | $— | $25 | $242537 | $100 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 644857 | &nbsp;&nbsp;&nbsp;&nbsp; 59947 | &nbsp;&nbsp;&nbsp;&nbsp; 34625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128702 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2218 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 661440 | &nbsp;&nbsp;&nbsp;&nbsp; 61823 | &nbsp;&nbsp;&nbsp; 278446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131050 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19820 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5192 |
| Distribution fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1876 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1582 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1876 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 527 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15427 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 |
| Transfer agency fees (See Note 2.L.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 151385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8287 | &nbsp;&nbsp;&nbsp;&nbsp; 15144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47787 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (664) | &nbsp;&nbsp;&nbsp;&nbsp; (3945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123) |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 150717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4320 | &nbsp;&nbsp;&nbsp;&nbsp; 15004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47662 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 510723 | &nbsp;&nbsp;&nbsp;&nbsp; 57503 | &nbsp;&nbsp;&nbsp; 263442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83388 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 115

------

**STATEMENTS OF OPERATIONS** <br>FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued) <br>(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: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | $531580  | $(98772) | $(302464)  | $27000 |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) | &nbsp;&nbsp;&nbsp;&nbsp; (1368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1003433) |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9382 |
| &nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 901195 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 531571 | &nbsp;&nbsp;&nbsp; (96878) | &nbsp;&nbsp; (298036) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65856) |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp; 2494910 | &nbsp;&nbsp; 195458 | &nbsp;&nbsp;&nbsp; 239701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218708 |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391 | &nbsp;&nbsp;&nbsp;&nbsp; 14897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Options purchased | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22121 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7881) |
| &nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (969) |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp; 2495301 | &nbsp;&nbsp; 210035 | &nbsp;&nbsp;&nbsp; 240714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231979 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp; 3026872 | &nbsp;&nbsp; 113157 | &nbsp;&nbsp;&nbsp;&nbsp; (57322) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166123 |
| Change in net assets resulting from operations | $3537595 | $170660 | $206120 | $249511  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

116 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JP Morgan** <br>**Hedged** <br>**Equity 2 Fund** <br>| &nbsp;&nbsp; **JP Morgan** <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 | $49 | $27 | $— | $— |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 42266 | &nbsp;&nbsp;&nbsp;&nbsp; 21436 | &nbsp;&nbsp;&nbsp; 196313 | &nbsp;&nbsp;&nbsp;&nbsp; 33995 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 660 | &nbsp;&nbsp;&nbsp;&nbsp; 41111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1439 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 43220 | &nbsp;&nbsp;&nbsp;&nbsp; 22123 | &nbsp;&nbsp;&nbsp; 237457 | &nbsp;&nbsp;&nbsp;&nbsp; 35435 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3460 | &nbsp;&nbsp;&nbsp;&nbsp; 79688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6610 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1239 |
| Distribution fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 321 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| Service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2903 | &nbsp;&nbsp;&nbsp;&nbsp; 13408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1629 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 |
| Transfer agency fees (See Note 2.L.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 16917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8688 | &nbsp;&nbsp;&nbsp; 118062 | &nbsp;&nbsp;&nbsp;&nbsp; 11152 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (105) | &nbsp;&nbsp;&nbsp;&nbsp; (13814) | &nbsp;&nbsp;&nbsp;&nbsp; (1149) |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp; 16855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8581 | &nbsp;&nbsp;&nbsp; 104242 | &nbsp;&nbsp;&nbsp;&nbsp; 10002 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 26365 | &nbsp;&nbsp;&nbsp;&nbsp; 13542 | &nbsp;&nbsp;&nbsp; 133215 | &nbsp;&nbsp;&nbsp;&nbsp; 25433 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 117

------

**STATEMENTS OF OPERATIONS** <br>FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued) <br>(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JP Morgan**<br> **Hedged**<br> **Equity 2 Fund** <br>| &nbsp;&nbsp; **JP Morgan**<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: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | $(359276)  | $(150975)  | $(347218) | $3490 |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp; Options purchased | &nbsp;&nbsp; (295017) | &nbsp;&nbsp; (169954) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2672) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1720) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp; 337066 | &nbsp;&nbsp;&nbsp; 147293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp; (319899) | &nbsp;&nbsp; (175356) | &nbsp;&nbsp; (347295) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3516 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 468284 | &nbsp;&nbsp;&nbsp; 216680 | &nbsp;&nbsp;&nbsp; 705589 | &nbsp;&nbsp; 211681 |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Options purchased | &nbsp;&nbsp; (129423) | &nbsp;&nbsp;&nbsp;&nbsp; (26727) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (515) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Options written | &nbsp;&nbsp;&nbsp;&nbsp; (76690) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 261656 | &nbsp;&nbsp;&nbsp; 186161 | &nbsp;&nbsp;&nbsp; 706652 | &nbsp;&nbsp; 211685 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; (58243) | &nbsp;&nbsp;&nbsp;&nbsp; 10805 | &nbsp;&nbsp;&nbsp; 359357 | &nbsp;&nbsp; 215201 |
| Change in net assets resulting from operations | $(31878) | $24347 | $492572 | $240634 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

118 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Applied** <br>**Data Science** <br>**Value Fund** <br>| &nbsp;&nbsp; **JPMorgan U.S.** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. GARP** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | $3 | $69 | $21 | $14 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 2380 | &nbsp;&nbsp; 166562 | &nbsp;&nbsp;&nbsp;&nbsp; 4745 | &nbsp;&nbsp;&nbsp;&nbsp; 12778 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 2428 | &nbsp;&nbsp; 171003 | &nbsp;&nbsp;&nbsp;&nbsp; 5189 | &nbsp;&nbsp;&nbsp;&nbsp; 13333 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299 | &nbsp;&nbsp;&nbsp;&nbsp; 39123 | &nbsp;&nbsp;&nbsp;&nbsp; 1515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5254 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606 |
| Distribution fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1197 |
| &nbsp;&nbsp;&nbsp; Class L | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| Transfer agency fees (See Note 2.L.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| Dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5064 |
| Interest expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 776 | &nbsp;&nbsp;&nbsp;&nbsp; 57973 | &nbsp;&nbsp;&nbsp;&nbsp; 2681 | &nbsp;&nbsp;&nbsp;&nbsp; 13203 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp; (228) | &nbsp;&nbsp;&nbsp;&nbsp; (3560) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (359) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1363) |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 547 | &nbsp;&nbsp;&nbsp;&nbsp; 54349 | &nbsp;&nbsp;&nbsp;&nbsp; 2321 | &nbsp;&nbsp;&nbsp;&nbsp; 11838 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 1881 | &nbsp;&nbsp; 116654 | &nbsp;&nbsp;&nbsp;&nbsp; 2868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1495 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 119

------

**STATEMENTS OF OPERATIONS** <br>FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued) <br>(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Applied**<br> **Data Science**<br> **Value Fund** <br>| &nbsp;&nbsp; **JPMorgan U.S.**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. GARP**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Large**<br> **Cap Core**<br>**Plus Fund** |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | $3405  | $81273  | $(412) | $248348 |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; 14998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2020) |
| &nbsp;&nbsp;&nbsp; Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15292 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 3563 | &nbsp;&nbsp;&nbsp;&nbsp; 96437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp; 261638 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 5706 | &nbsp;&nbsp;&nbsp;&nbsp; 65401 | &nbsp;&nbsp; (10148) | &nbsp;&nbsp; (143797) |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp; (149) | &nbsp;&nbsp;&nbsp;&nbsp; (5370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29085) |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; 5558 | &nbsp;&nbsp;&nbsp;&nbsp; 60034 | &nbsp;&nbsp; (10185) | &nbsp;&nbsp; (172880) |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp;&nbsp; 9121 | &nbsp;&nbsp; 156471 | &nbsp;&nbsp;&nbsp;&nbsp; (9776) | &nbsp;&nbsp;&nbsp;&nbsp; 88758 |
| Change in net assets resulting from operations | $11002 | $273125 | $(6908) | $90253  |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

120 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Research** <br>**Enhanced** <br>**Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Sustainable** <br>**Leaders Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Value** <br>**Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | $36 | $3 | $— |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 55098 | &nbsp;&nbsp;&nbsp;&nbsp; 1306 | &nbsp;&nbsp;&nbsp;&nbsp; 36724 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1698 |
| Income from securities lending (net) (See Note 2.C.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp;&nbsp; 55998 | &nbsp;&nbsp;&nbsp;&nbsp; 1349 | &nbsp;&nbsp;&nbsp;&nbsp; 38422 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6686 |
| Administration fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1254 |
| Distribution fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1042 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 314 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| Service fees: |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1042 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2092 |
| &nbsp;&nbsp;&nbsp; Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp; Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp; Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 |
| Transfer agency fees (See Note 2.L.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| Total expenses | &nbsp;&nbsp;&nbsp;&nbsp; 12845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 696 | &nbsp;&nbsp;&nbsp;&nbsp; 12945 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3559) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (982) |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) |
| Net expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 414 | &nbsp;&nbsp;&nbsp;&nbsp; 11958 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 46713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 935 | &nbsp;&nbsp;&nbsp;&nbsp; 26464 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 121

------

**STATEMENTS OF OPERATIONS** <br>FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued) <br>(Amounts in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Research**<br> **Enhanced**<br> **Equity Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Sustainable**<br> **Leaders Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Value**<br>**Fund** |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | $(101670)  | $(12107)  | $(9654) |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (248) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (97083) | &nbsp;&nbsp; (12354) | &nbsp;&nbsp;&nbsp;&nbsp; (9640) |
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 197172 | &nbsp;&nbsp;&nbsp; 15889 | &nbsp;&nbsp; 245189 |
| &nbsp;&nbsp;&nbsp; Investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Futures contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 199757 | &nbsp;&nbsp;&nbsp; 15920 | &nbsp;&nbsp; 245221 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 102674 | &nbsp;&nbsp;&nbsp;&nbsp; 3566 | &nbsp;&nbsp; 235581 |
| Change in net assets resulting from operations | $149387 | $4501 | $262045 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

122 J.P. Morgan Large Cap Funds December 31, 2022

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Index Fund** | **JPMorgan Equity Index Fund** |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $510723 | $886565 | $57503 | $101081 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531571 | &nbsp;&nbsp;&nbsp;&nbsp; 1238389 | &nbsp;&nbsp;&nbsp;&nbsp; (96878) | &nbsp;&nbsp;&nbsp;&nbsp; (52316) |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; 2495301 | &nbsp;&nbsp;&nbsp; (2960468) | &nbsp;&nbsp;&nbsp;&nbsp; 210035 | &nbsp;&nbsp;&nbsp; (925122) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 3537595 | &nbsp;&nbsp;&nbsp;&nbsp; (835514) | &nbsp;&nbsp;&nbsp;&nbsp; 170660 | &nbsp;&nbsp;&nbsp; (876357) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (126348) | &nbsp;&nbsp;&nbsp;&nbsp; (164725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4785) | &nbsp;&nbsp;&nbsp;&nbsp; (17775) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (356) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1864) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (520627) | &nbsp;&nbsp;&nbsp;&nbsp; (669432) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8114) | &nbsp;&nbsp;&nbsp;&nbsp; (36175) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6506) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8711) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6376) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38581) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; (642269) | &nbsp;&nbsp;&nbsp;&nbsp; (826895) | &nbsp;&nbsp;&nbsp;&nbsp; (49030) | &nbsp;&nbsp;&nbsp; (150588) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (1373172) | &nbsp;&nbsp;&nbsp; (1781086) | &nbsp;&nbsp;&nbsp;&nbsp; (62285) | &nbsp;&nbsp;&nbsp; (206402) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 1014774 | &nbsp;&nbsp;&nbsp;&nbsp; 2182357 | &nbsp;&nbsp;&nbsp; (377537) | &nbsp;&nbsp; 1696102 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 3179197 | &nbsp;&nbsp;&nbsp;&nbsp; (434243) | &nbsp;&nbsp;&nbsp; (269162) | &nbsp;&nbsp;&nbsp;&nbsp; 613343 |
| Beginning of period | &nbsp;&nbsp; 45971414 | &nbsp;&nbsp; 46405657 | &nbsp;&nbsp; 7257784 | &nbsp;&nbsp; 6644441 |
| End of period | $49150611 | $45971414 | $6988622 | $7257784 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 123

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan 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, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $263442 | $210266 | $83388 | $140327 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (298036) | &nbsp;&nbsp;&nbsp; (209562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65856) | &nbsp;&nbsp;&nbsp;&nbsp; 1518270 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; 240714 | &nbsp;&nbsp;&nbsp; (142757) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231979 | &nbsp;&nbsp;&nbsp; (2769488) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 206120 | &nbsp;&nbsp;&nbsp; (142053) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249511 | &nbsp;&nbsp;&nbsp; (1110891) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (43251) | &nbsp;&nbsp;&nbsp;&nbsp; (51883) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9354) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (33399) | &nbsp;&nbsp;&nbsp;&nbsp; (42257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1023) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (427) |
| Class I | &nbsp;&nbsp;&nbsp; (148819) | &nbsp;&nbsp;&nbsp; (109468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74492) | &nbsp;&nbsp;&nbsp;&nbsp; (108876) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; (40381) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11637) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18335) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (265872) | &nbsp;&nbsp;&nbsp; (210426) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (94554) | &nbsp;&nbsp;&nbsp;&nbsp; (137046) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp; 1222183 | &nbsp;&nbsp; 3062266 | &nbsp;&nbsp;&nbsp; (1962300) | &nbsp;&nbsp;&nbsp;&nbsp; (552652) |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp; 1162431 | &nbsp;&nbsp; 2709787 | &nbsp;&nbsp;&nbsp; (1807343) | &nbsp;&nbsp;&nbsp; (1800589) |
| Beginning of period | &nbsp;&nbsp; 3610591 | &nbsp;&nbsp;&nbsp;&nbsp; 900804 | &nbsp;&nbsp; 16494334 | &nbsp;&nbsp; 18294923 |
| End of period | $4773022 | $3610591 | $14686991 | $16494334 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

124 J.P. Morgan Large Cap Funds December 31, 2022

------

&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, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $26365 | $29452 | $13542 | $16115 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (319899) | &nbsp;&nbsp;&nbsp;&nbsp; (61799) | &nbsp;&nbsp;&nbsp; (175356) | &nbsp;&nbsp;&nbsp;&nbsp; (93979) |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261656 | &nbsp;&nbsp;&nbsp; (446699) | &nbsp;&nbsp;&nbsp;&nbsp; 186161 | &nbsp;&nbsp;&nbsp; (228737) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31878) | &nbsp;&nbsp;&nbsp; (479046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24347 | &nbsp;&nbsp;&nbsp; (306601) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1859) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (392) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (134) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (57) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (215902) | &nbsp;&nbsp;&nbsp;&nbsp; (21141) | &nbsp;&nbsp;&nbsp;&nbsp; (37700) | &nbsp;&nbsp;&nbsp;&nbsp; (11480) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22911) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2793) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (271365) | &nbsp;&nbsp;&nbsp;&nbsp; (26753) | &nbsp;&nbsp;&nbsp;&nbsp; (43377) | &nbsp;&nbsp;&nbsp;&nbsp; (14723) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp; (1174145) | &nbsp;&nbsp; 4737398 | &nbsp;&nbsp;&nbsp;&nbsp; (54449) | &nbsp;&nbsp; 2606051 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp; (1477388) | &nbsp;&nbsp; 4231599 | &nbsp;&nbsp;&nbsp;&nbsp; (73479) | &nbsp;&nbsp; 2284727 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 5623467 | &nbsp;&nbsp; 1391868 | &nbsp;&nbsp; 2851293 | &nbsp;&nbsp;&nbsp;&nbsp; 566566 |
| End of period | $4146079 | $5623467 | $2777814 | $2851293 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 125

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan 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, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $133215 | $50507 | $25433 | $43443 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (347295) | &nbsp;&nbsp;&nbsp;&nbsp; 1517721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163503 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 706652 | &nbsp;&nbsp;&nbsp; (9343191) | &nbsp;&nbsp;&nbsp;&nbsp; 211685 | &nbsp;&nbsp;&nbsp;&nbsp; (382731) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492572 | &nbsp;&nbsp;&nbsp; (7774963) | &nbsp;&nbsp;&nbsp;&nbsp; 240634 | &nbsp;&nbsp;&nbsp;&nbsp; (175785) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (117896) | &nbsp;&nbsp;&nbsp;&nbsp; (708158) | &nbsp;&nbsp;&nbsp;&nbsp; (12991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16253) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24062) | &nbsp;&nbsp;&nbsp;&nbsp; (155323) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4352) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4773) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (364265) | &nbsp;&nbsp;&nbsp; (1544842) | &nbsp;&nbsp;&nbsp;&nbsp; (68630) | &nbsp;&nbsp;&nbsp;&nbsp; (104910) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3100) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20184) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (882) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34) |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31893) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20860) | &nbsp;&nbsp;&nbsp;&nbsp; (117247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1327) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1981) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; (676915) | &nbsp;&nbsp;&nbsp; (2685495) | &nbsp;&nbsp;&nbsp;&nbsp; (82897) | &nbsp;&nbsp;&nbsp;&nbsp; (126428) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (1221024) | &nbsp;&nbsp;&nbsp; (5302355) | &nbsp;&nbsp;&nbsp; (171202) | &nbsp;&nbsp;&nbsp;&nbsp; (255277) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 6440124 | &nbsp;&nbsp;&nbsp;&nbsp; 7007636 | &nbsp;&nbsp;&nbsp;&nbsp; 183571 | &nbsp;&nbsp;&nbsp;&nbsp; (714390) |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 5711672 | &nbsp;&nbsp;&nbsp; (6069682) | &nbsp;&nbsp;&nbsp;&nbsp; 253003 | &nbsp;&nbsp; (1145452) |
| Beginning of period | &nbsp;&nbsp; 31346698 | &nbsp;&nbsp; 37416380 | &nbsp;&nbsp; 3196018 | &nbsp;&nbsp;&nbsp; 4341470 |
| End of period | $37058370 | $31346698 | $3449021 | $3196018  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

126 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Applied Data Science Value Fund** | **JPMorgan U.S. Applied Data Science Value Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $1881 | $3649 | $116654 | $158360 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3563 | &nbsp;&nbsp;&nbsp;&nbsp; 43442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96437 | &nbsp;&nbsp;&nbsp;&nbsp; 1030616 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5558 | &nbsp;&nbsp;&nbsp; (53168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60034 | &nbsp;&nbsp;&nbsp; (3197370) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 11002 | &nbsp;&nbsp;&nbsp;&nbsp; (6077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273125 | &nbsp;&nbsp;&nbsp; (2008394) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (2618) | &nbsp;&nbsp;&nbsp; (14584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71238) | &nbsp;&nbsp;&nbsp;&nbsp; (181929) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (326) | &nbsp;&nbsp;&nbsp;&nbsp; (2524) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15018) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41990) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (5058) | &nbsp;&nbsp;&nbsp; (30625) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (99860) | &nbsp;&nbsp;&nbsp;&nbsp; (202500) |
| Class L | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (71121) | &nbsp;&nbsp;&nbsp;&nbsp; (202579) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (144) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9507) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26985) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7047) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18705) |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2521) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6517) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (211) | &nbsp;&nbsp;&nbsp;&nbsp; (1033) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42428) | &nbsp;&nbsp;&nbsp;&nbsp; (115744) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp; (2286) | &nbsp;&nbsp;&nbsp; (10385) | &nbsp;&nbsp;&nbsp;&nbsp; (534851) | &nbsp;&nbsp;&nbsp; (1409196) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (10643) | &nbsp;&nbsp;&nbsp; (59840) | &nbsp;&nbsp;&nbsp;&nbsp; (853591) | &nbsp;&nbsp;&nbsp; (2206145) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (7039) | &nbsp;&nbsp;&nbsp; (13864) | &nbsp;&nbsp;&nbsp;&nbsp; 1278028 | &nbsp;&nbsp;&nbsp;&nbsp; 2977797 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; (6680) | &nbsp;&nbsp;&nbsp; (79781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 697562 | &nbsp;&nbsp;&nbsp; (1236742) |
| Beginning of period | &nbsp;&nbsp; 196498 | &nbsp;&nbsp; 276279 | &nbsp;&nbsp; 18606909 | &nbsp;&nbsp; 19843651 |
| End of period | $189818 | $196498 | $19304471 | $18606909 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 127

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. GARP Equity Fund** | **JPMorgan U.S. GARP Equity Fund** | **JPMorgan U.S. Large Cap Core Plus Fund** | **JPMorgan U.S. Large Cap Core Plus Fund** |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $2868 | $4062 | $1495 | $(2372) |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp;&nbsp; 118280 | &nbsp;&nbsp;&nbsp;&nbsp; 261638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 528372 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (10185) | &nbsp;&nbsp;&nbsp; (316184) | &nbsp;&nbsp;&nbsp; (172880) | &nbsp;&nbsp;&nbsp;&nbsp; (746737) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; (6908) | &nbsp;&nbsp;&nbsp; (193842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90253 | &nbsp;&nbsp;&nbsp;&nbsp; (220737) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp; (3541) | &nbsp;&nbsp;&nbsp;&nbsp; (23478) | &nbsp;&nbsp;&nbsp;&nbsp; (57958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (81344) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5967) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8148) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10063) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (3403) | &nbsp;&nbsp;&nbsp;&nbsp; (31685) | &nbsp;&nbsp;&nbsp; (214694) | &nbsp;&nbsp;&nbsp;&nbsp; (393194) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp; (1206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1333) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1484) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp; (4404) | &nbsp;&nbsp;&nbsp;&nbsp; (26875) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6790) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7963) |
| Class R6 | &nbsp;&nbsp;&nbsp; (28012) | &nbsp;&nbsp;&nbsp; (145336) | &nbsp;&nbsp;&nbsp;&nbsp; (78294) | &nbsp;&nbsp;&nbsp;&nbsp; (131817) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (41245) | &nbsp;&nbsp;&nbsp; (242462) | &nbsp;&nbsp;&nbsp; (367217) | &nbsp;&nbsp;&nbsp;&nbsp; (625865) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1611 | &nbsp;&nbsp;&nbsp;&nbsp; 104865 | &nbsp;&nbsp;&nbsp;&nbsp; (60336) | &nbsp;&nbsp;&nbsp;&nbsp; (167574) |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (46542) | &nbsp;&nbsp;&nbsp; (331439) | &nbsp;&nbsp;&nbsp; (337300) | &nbsp;&nbsp; (1014176) |
| Beginning of period | &nbsp;&nbsp; 976149 | &nbsp;&nbsp; 1307588 | &nbsp;&nbsp; 1637070 | &nbsp;&nbsp;&nbsp; 2651246 |
| End of period | $929607 | $976149 | $1299770 | $1637070  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

128 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund** | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund** | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Sustainable Leaders Fund** |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $46713 | $67233 | $935 | $1539 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; (97083) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 220364 | &nbsp;&nbsp;&nbsp; (12354) | &nbsp;&nbsp;&nbsp;&nbsp; (6428) |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; 199757 | &nbsp;&nbsp; (1102251) | &nbsp;&nbsp;&nbsp;&nbsp; 15920 | &nbsp;&nbsp;&nbsp; (32779) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 149387 | &nbsp;&nbsp;&nbsp;&nbsp; (814654) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4501 | &nbsp;&nbsp;&nbsp; (37668) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3510) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20391) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (374) | &nbsp;&nbsp;&nbsp;&nbsp; (1320) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (170) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (14781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89423) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (927) | &nbsp;&nbsp;&nbsp;&nbsp; (4168) |
| Class R6 | &nbsp;&nbsp;&nbsp; (133780) | &nbsp;&nbsp;&nbsp;&nbsp; (594375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (594) | &nbsp;&nbsp;&nbsp;&nbsp; (1394) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (152071) | &nbsp;&nbsp;&nbsp;&nbsp; (704189) | &nbsp;&nbsp;&nbsp;&nbsp; (1911) | &nbsp;&nbsp;&nbsp;&nbsp; (7052) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp; (186034) | &nbsp;&nbsp;&nbsp; 3217839 | &nbsp;&nbsp;&nbsp; (21654) | &nbsp;&nbsp; 114576 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (188718) | &nbsp;&nbsp;&nbsp; 1698996 | &nbsp;&nbsp;&nbsp; (19064) | &nbsp;&nbsp;&nbsp;&nbsp; 69856 |
| Beginning of period | &nbsp;&nbsp; 6751038 | &nbsp;&nbsp;&nbsp; 5052042 | &nbsp;&nbsp; 185406 | &nbsp;&nbsp; 115550 |
| End of period | $6562320 | $6751038 | $166342 | $185406 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 129

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |
| Net investment income (loss) | $26464 | $29730 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9640) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp;&nbsp; 245221 | &nbsp;&nbsp;&nbsp; (206740) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 262045 | &nbsp;&nbsp;&nbsp; (176158) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9084) | &nbsp;&nbsp;&nbsp;&nbsp; (17510) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (855) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1448) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (18936) | &nbsp;&nbsp;&nbsp;&nbsp; (31283) |
| Class R2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74) |
| Class R3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (246) |
| Class R4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) |
| Class R5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (100) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9707) | &nbsp;&nbsp;&nbsp;&nbsp; (12025) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp;&nbsp; (38802) | &nbsp;&nbsp;&nbsp;&nbsp; (62694) |
| **CAPITAL TRANSACTIONS:** |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 848405 | &nbsp;&nbsp; 1346195 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp; 1071648 | &nbsp;&nbsp; 1107343 |
| Beginning of period | &nbsp;&nbsp; 2814328 | &nbsp;&nbsp; 1706985 |
| End of period | $3885976 | $2814328 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

130 J.P. Morgan Large Cap Funds December 31, 2022

------

&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, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $238293  | $729686 | $49771  | $82713 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17193 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (438859) | &nbsp;&nbsp;&nbsp;&nbsp; (776708) | &nbsp;&nbsp;&nbsp;&nbsp; (46410) | &nbsp;&nbsp;&nbsp;&nbsp; (96507) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (83519) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3399 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13393 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1551 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (148662) | &nbsp;&nbsp;&nbsp;&nbsp; (366921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8988) | &nbsp;&nbsp;&nbsp;&nbsp; (25208) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (102417) | &nbsp;&nbsp;&nbsp;&nbsp; (220907) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2071) | &nbsp;&nbsp;&nbsp;&nbsp; (10264) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2038668 | &nbsp;&nbsp;&nbsp; 4277091 | &nbsp;&nbsp;&nbsp;&nbsp; 98107 | &nbsp;&nbsp; 1002982 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34655 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (2008056) | &nbsp;&nbsp; (4266919) | &nbsp;&nbsp; (369927) | &nbsp;&nbsp;&nbsp; (713355) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 504585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 621368 | &nbsp;&nbsp; (264100) | &nbsp;&nbsp;&nbsp;&nbsp; 324282 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12138) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30062) | &nbsp;&nbsp;&nbsp;&nbsp; (103259) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1681) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36662) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20824) | &nbsp;&nbsp;&nbsp;&nbsp; (107227) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26267) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (163775) | &nbsp;&nbsp;&nbsp;&nbsp; (616133) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11317) | &nbsp;&nbsp;&nbsp;&nbsp; (285958) | &nbsp;&nbsp;&nbsp;&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, 2022 J.P. Morgan Large Cap Funds 131

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Index Fund** | **JPMorgan Equity Index Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $2097426 | $6295923 | $423799 | $2125519 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795963 | &nbsp;&nbsp;&nbsp;&nbsp; 48396 | &nbsp;&nbsp;&nbsp;&nbsp; 147435 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (2023015) | &nbsp;&nbsp; (5099133) | &nbsp;&nbsp; (591537) | &nbsp;&nbsp;&nbsp; (894269) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 694324 | &nbsp;&nbsp;&nbsp; 1992753 | &nbsp;&nbsp; (119342) | &nbsp;&nbsp; 1378685 |
| **Total change in net assets resulting from capital transactions** | $1014774 | $2182357 | $(377537) | $1696102 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1254 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34107) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (791) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1462) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4664 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 203 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (157) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (388) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4808) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (162) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15113 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89764) | &nbsp;&nbsp;&nbsp;&nbsp; (183505) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6353) | &nbsp;&nbsp;&nbsp;&nbsp; (11065) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4559 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (557) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1142) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (85) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1571) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4626) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1132) | &nbsp;&nbsp;&nbsp;&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;

132 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity Income Fund** | **JPMorgan Equity Income Fund** | **JPMorgan Equity Index Fund** | **JPMorgan Equity Index Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7364) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26600) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (599) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12397) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32487 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2194 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89813) | &nbsp;&nbsp;&nbsp;&nbsp; (219071) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9993) | &nbsp;&nbsp;&nbsp;&nbsp; (13096) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1870) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21585 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 133

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Equity 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, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $117702  | $903577  | $229558  | $574974 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9306 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (785377) | &nbsp;&nbsp;&nbsp; (133894) | &nbsp;&nbsp;&nbsp;&nbsp; (582577) | &nbsp;&nbsp;&nbsp;&nbsp; (592347) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (624624) | &nbsp;&nbsp;&nbsp;&nbsp; 821428 | &nbsp;&nbsp;&nbsp;&nbsp; (345695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8067) |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58727 | &nbsp;&nbsp;&nbsp;&nbsp; 736373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38503 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (657484) | &nbsp;&nbsp;&nbsp; (104072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (72125) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (565376) | &nbsp;&nbsp;&nbsp;&nbsp; 674476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41455) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (33195) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp; 1623439 | &nbsp;&nbsp; 1939110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943978 | &nbsp;&nbsp;&nbsp; 3633533 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 145446 | &nbsp;&nbsp;&nbsp;&nbsp; 107196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105652 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (909113) | &nbsp;&nbsp;&nbsp; (530901) | &nbsp;&nbsp; (2464475) | &nbsp;&nbsp; (4412213) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 859772 | &nbsp;&nbsp; 1515405 | &nbsp;&nbsp; (1448024) | &nbsp;&nbsp;&nbsp;&nbsp; (673028) |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1099 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1444) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (291) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp; 1616117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141941 | &nbsp;&nbsp;&nbsp; 1118361 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8295 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (99461) | &nbsp;&nbsp;&nbsp;&nbsp; (11151) | &nbsp;&nbsp;&nbsp;&nbsp; (274120) | &nbsp;&nbsp;&nbsp;&nbsp; (964727) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp; 1552104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50870 | &nbsp;&nbsp;&nbsp;&nbsp; (127127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161929 |
| **Total change in net assets resulting from capital transactions** | $1222183 | $3062266 | $(1962300) | $(552652) |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22386 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (58765) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8945) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (23352) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp; (47054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14885) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (604) |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1483 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (49224) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7026) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2834) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp; (42486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1334) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

134 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 118038 | &nbsp;&nbsp;&nbsp;&nbsp; 129090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139740 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4091 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (67324) | &nbsp;&nbsp;&nbsp;&nbsp; (35676) | &nbsp;&nbsp;&nbsp;&nbsp; (101102) | &nbsp;&nbsp;&nbsp;&nbsp; (172020) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61388 | &nbsp;&nbsp;&nbsp;&nbsp; 100642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28189) |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 121078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42491 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7236) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37604) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp; 116405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5167) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5207 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 135

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Hedged Equity 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, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $108386  | $365352 | $41346  | $152621 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29504) | &nbsp;&nbsp;&nbsp;&nbsp; (48794) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13697 | &nbsp;&nbsp;&nbsp;&nbsp; 104217 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30332 | &nbsp;&nbsp;&nbsp;&nbsp; 100232 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (43470) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28929) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17013) | &nbsp;&nbsp;&nbsp;&nbsp; (10009) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90280 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1390976 | &nbsp;&nbsp;&nbsp; 5016234 | &nbsp;&nbsp;&nbsp; 1210764 | &nbsp;&nbsp; 2794989 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 213835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11423 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (2177338) | &nbsp;&nbsp; (1543931) | &nbsp;&nbsp; (1102052) | &nbsp;&nbsp;&nbsp; (817648) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (572527) | &nbsp;&nbsp;&nbsp; 3493360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146057 | &nbsp;&nbsp; 1988764 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165746 | &nbsp;&nbsp;&nbsp; 1278117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161284 | &nbsp;&nbsp;&nbsp;&nbsp; 599903 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4411 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2790 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (820844) | &nbsp;&nbsp;&nbsp;&nbsp; (519193) | &nbsp;&nbsp;&nbsp;&nbsp; (392884) | &nbsp;&nbsp;&nbsp; (180026) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (632440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763335 | &nbsp;&nbsp;&nbsp;&nbsp; (229252) | &nbsp;&nbsp;&nbsp;&nbsp; 422667 |
| **Total change in net assets resulting from capital transactions** | $(1174145) | $4737398 | $(54449) | $2606051 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9510 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6573) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5841) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3149) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6386 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6240 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (648) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5596 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

136 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84302 | &nbsp;&nbsp;&nbsp;&nbsp; 175714 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 739 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (146201) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (97196) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (75960) | &nbsp;&nbsp;&nbsp;&nbsp; (52035) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38788) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10937 | &nbsp;&nbsp;&nbsp;&nbsp; 124418 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37661 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 179 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27120) | &nbsp;&nbsp;&nbsp;&nbsp; (11135) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (42139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15537) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26705 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 137

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan 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, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $415593  | $884596 | $56674  | $95190 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 647832 | &nbsp;&nbsp;&nbsp;&nbsp; 12710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15868 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (415887) | &nbsp;&nbsp; (1080397) | &nbsp;&nbsp;&nbsp;&nbsp; (26060) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63146) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452031 | &nbsp;&nbsp;&nbsp;&nbsp; 43324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47912 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144403 | &nbsp;&nbsp;&nbsp;&nbsp; 19522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38979 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4769 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80908) | &nbsp;&nbsp;&nbsp;&nbsp; (201740) | &nbsp;&nbsp;&nbsp;&nbsp; (11257) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16037) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10508) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85550 | &nbsp;&nbsp;&nbsp;&nbsp; 12615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27711 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 3126344 | &nbsp;&nbsp;&nbsp; 4068962 | &nbsp;&nbsp;&nbsp; 370616 | &nbsp;&nbsp;&nbsp; 1016347 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336415 | &nbsp;&nbsp;&nbsp; 1417105 | &nbsp;&nbsp;&nbsp;&nbsp; 64888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102595 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (1631635) | &nbsp;&nbsp; (3159637) | &nbsp;&nbsp; (339151) | &nbsp;&nbsp; (1102687) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 1831124 | &nbsp;&nbsp;&nbsp; 2326430 | &nbsp;&nbsp;&nbsp;&nbsp; 96353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16255 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5688 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3038 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11428) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (44228) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1072) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3741) |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2826 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6937 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28644) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (691) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (671) |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6301 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84209 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 448 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20553) | &nbsp;&nbsp;&nbsp;&nbsp; (103146) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (52) |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10080 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1960 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (100896) | &nbsp;&nbsp;&nbsp;&nbsp; (270483) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10433) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5804) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1607 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

138 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $5157762 | $5208807 | $226142 | $423123 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 651685 | &nbsp;&nbsp;&nbsp; 2586303 | &nbsp;&nbsp;&nbsp;&nbsp; 80610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121735 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (1408461) | &nbsp;&nbsp; (3643827) | &nbsp;&nbsp; (280147) | &nbsp;&nbsp; (1362272) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 4400986 | &nbsp;&nbsp;&nbsp; 4151283 | &nbsp;&nbsp;&nbsp;&nbsp; 26605 | &nbsp;&nbsp;&nbsp;&nbsp; (817414) |
| **Total change in net assets resulting from capital transactions** | $6440124 | $7007636 | $183571 | $(714390) |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4825 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 850 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9040) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18900) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1406) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3200) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2475 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2075 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 270 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2632) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (642) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (857) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (335) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1488 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73523 | &nbsp;&nbsp;&nbsp;&nbsp; 20721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53097 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5605 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34514) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54269) | &nbsp;&nbsp;&nbsp;&nbsp; (18574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56544) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2158 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (265) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (819) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (58) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (193) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34) |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (434) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1802) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 139

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(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, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 512 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2082) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4277) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (531) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (742) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85434 | &nbsp;&nbsp;&nbsp;&nbsp; 12462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21980 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6609 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28489) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59337) | &nbsp;&nbsp;&nbsp;&nbsp; (15182) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68921) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40332) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

140 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Applied Data Science Value Fund** | **JPMorgan U.S. Applied Data Science Value Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $2356  | $4279  | $237732  | $482477 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2524 | &nbsp;&nbsp;&nbsp; 14005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 169592 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (7228) | &nbsp;&nbsp; (13163) | &nbsp;&nbsp;&nbsp;&nbsp; (160011) | &nbsp;&nbsp;&nbsp;&nbsp; (353120) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class A capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2348) | &nbsp;&nbsp;&nbsp;&nbsp; 5121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 298949 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120939 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325 | &nbsp;&nbsp;&nbsp;&nbsp; 2517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40972 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (2006) | &nbsp;&nbsp;&nbsp;&nbsp; (4058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93186) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class C capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1591) | &nbsp;&nbsp;&nbsp;&nbsp; (1339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68725 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 6388 | &nbsp;&nbsp;&nbsp;&nbsp; 8287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 785647 | &nbsp;&nbsp;&nbsp; 1070339 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 5022 | &nbsp;&nbsp;&nbsp; 30407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 194327 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (16571) | &nbsp;&nbsp; (38846) | &nbsp;&nbsp;&nbsp;&nbsp; (395185) | &nbsp;&nbsp;&nbsp;&nbsp; (712132) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class I capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5161) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 552534 |
| **Class L** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 395544 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188644 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (198491) | &nbsp;&nbsp;&nbsp;&nbsp; (546594) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class L capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37594 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21654 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37995 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26872 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (249) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18869) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (63181) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1686 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42673 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17015 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41106) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18582 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 141

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Applied Data Science Value** <br> **Fund** | **JPMorgan U.S. Applied Data Science Value** <br> **Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $—  | $—  | $4549  | $29348 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6517 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12601) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23264 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150643 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108890 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (624) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (928) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90784) | &nbsp;&nbsp;&nbsp;&nbsp; (227974) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31559 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 4504 | &nbsp;&nbsp;&nbsp; 14684 | &nbsp;&nbsp;&nbsp; 1517049 | &nbsp;&nbsp;&nbsp; 3344796 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2286 | &nbsp;&nbsp;&nbsp; 10380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521780 | &nbsp;&nbsp;&nbsp; 1391583 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (4861) | &nbsp;&nbsp; (43742) | &nbsp;&nbsp; (1537082) | &nbsp;&nbsp; (2791475) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1929 | &nbsp;&nbsp; (18678) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 501747 | &nbsp;&nbsp;&nbsp; 1944904 |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| $(7039) | $(13864) | $1278028 | $2977797  |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22953 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7869 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (409) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8939) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16917) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13905 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5981 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1991 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2894) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4695) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3277 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51626 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp;&nbsp; 1014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8991 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (609) | &nbsp;&nbsp;&nbsp;&nbsp; (1241) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21980) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (34649) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (192) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25968 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

142 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Applied Data Science Value** <br> **Fund** | **JPMorgan U.S. Applied Data Science Value** <br> **Fund** | **JPMorgan U.S. Equity Fund** | **JPMorgan U.S. Equity Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class L** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9686 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18648 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8703 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10993) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25845) |
| Change in Class L Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1506 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1831 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1262 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3011) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2026 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 793 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1947) |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 872 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1342 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (189) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (597) |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1047 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7164 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5022 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5013) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10744) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1442 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158265 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64061 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (176) | &nbsp;&nbsp;&nbsp;&nbsp; (1239) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (84265) | &nbsp;&nbsp;&nbsp;&nbsp; (130138) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (440) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92188 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 143

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. GARP Equity Fund** | **JPMorgan U.S. GARP Equity Fund** | **JPMorgan U.S. Large Cap Core Plus Fund** | **JPMorgan U.S. Large Cap Core Plus Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $5571  | $19969  | $17122  | $32817 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 2539 | &nbsp;&nbsp;&nbsp;&nbsp; 17212 | &nbsp;&nbsp;&nbsp;&nbsp; 53749 | &nbsp;&nbsp;&nbsp;&nbsp; 75295 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (7991) | &nbsp;&nbsp;&nbsp; (21806) | &nbsp;&nbsp;&nbsp;&nbsp; (53021) | &nbsp;&nbsp;&nbsp;&nbsp; (87007) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp; 15375 | &nbsp;&nbsp;&nbsp;&nbsp; 17850 | &nbsp;&nbsp;&nbsp;&nbsp; 21105 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1206 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8585 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9642 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (5192) | &nbsp;&nbsp;&nbsp;&nbsp; (7337) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5387) | &nbsp;&nbsp;&nbsp;&nbsp; (12318) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (4168) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5909 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 4388 | &nbsp;&nbsp;&nbsp;&nbsp; 24295 | &nbsp;&nbsp;&nbsp; 110210 | &nbsp;&nbsp;&nbsp; 207573 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 3062 | &nbsp;&nbsp;&nbsp;&nbsp; 29393 | &nbsp;&nbsp;&nbsp; 207578 | &nbsp;&nbsp;&nbsp; 379324 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (8912) | &nbsp;&nbsp;&nbsp; (84539) | &nbsp;&nbsp; (345281) | &nbsp;&nbsp; (792690) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (1462) | &nbsp;&nbsp;&nbsp; (30851) | &nbsp;&nbsp;&nbsp;&nbsp; (27493) | &nbsp;&nbsp; (205793) |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 2883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 794 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 1201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1468 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (4570) | &nbsp;&nbsp;&nbsp; (14963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1302) |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (486) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 960 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 3573 | &nbsp;&nbsp;&nbsp;&nbsp; 11706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7576 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 4399 | &nbsp;&nbsp;&nbsp;&nbsp; 26832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7761 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (6475) | &nbsp;&nbsp;&nbsp; (56584) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5318) | &nbsp;&nbsp;&nbsp;&nbsp; (10062) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp; (18046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5275 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 11195 | &nbsp;&nbsp;&nbsp;&nbsp; 91331 | &nbsp;&nbsp;&nbsp;&nbsp; 16594 | &nbsp;&nbsp;&nbsp;&nbsp; 85411 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 27159 | &nbsp;&nbsp; 140885 | &nbsp;&nbsp;&nbsp;&nbsp; 60993 | &nbsp;&nbsp;&nbsp;&nbsp; 95950 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (32243) | &nbsp;&nbsp;&nbsp; (95507) | &nbsp;&nbsp; (138633) | &nbsp;&nbsp; (176391) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 6111 | &nbsp;&nbsp; 136709 | &nbsp;&nbsp;&nbsp;&nbsp; (61046) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4970 |
| **Total change in net assets resulting from capital transactions** | $1611 | $104865 | $(60336) | $(167574) |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1372 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3292 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (339) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3154) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3827) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 837 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

144 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. GARP Equity Fund** | **JPMorgan U.S. GARP Equity Fund** | **JPMorgan U.S. Large Cap Core Plus** <br> **Fund** | **JPMorgan U.S. Large Cap Core Plus** <br> **Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 418 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 490 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (120) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (373) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (612) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8504 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 427 | &nbsp;&nbsp;&nbsp;&nbsp; 13301 | &nbsp;&nbsp;&nbsp;&nbsp; 16025 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (171) | &nbsp;&nbsp;&nbsp;&nbsp; (1296) | &nbsp;&nbsp;&nbsp;&nbsp; (19078) | &nbsp;&nbsp;&nbsp;&nbsp; (34415) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9886) |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (243) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (27) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (56) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 326 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 324 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (768) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (302) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (424) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3406 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4010 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (614) | &nbsp;&nbsp;&nbsp;&nbsp; (1286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7397) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2991) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 145

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund** | **JPMorgan U.S. Research** <br>**Enhanced Equity Fund** | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Sustainable Leaders Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $35183  | $43303  | $5375  | $27657 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1294 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (20706) | &nbsp;&nbsp;&nbsp;&nbsp; (62282) | &nbsp;&nbsp;&nbsp;&nbsp; (5392) | &nbsp;&nbsp;&nbsp;&nbsp; (7152) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 17967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp;&nbsp; 21799 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3680 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (870) | &nbsp;&nbsp;&nbsp;&nbsp; (1826) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (482) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 121270 | &nbsp;&nbsp;&nbsp;&nbsp; 217181 | &nbsp;&nbsp;&nbsp; 14707 | &nbsp;&nbsp; 115790 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 10524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61537 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4010 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (114272) | &nbsp;&nbsp;&nbsp; (196491) | &nbsp;&nbsp; (38049) | &nbsp;&nbsp;&nbsp; (58741) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 17522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82227 | &nbsp;&nbsp; (22464) | &nbsp;&nbsp;&nbsp;&nbsp; 61059 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 344419 | &nbsp;&nbsp; 3036307 | &nbsp;&nbsp;&nbsp;&nbsp; 4423 | &nbsp;&nbsp;&nbsp;&nbsp; 34299 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 133187 | &nbsp;&nbsp;&nbsp;&nbsp; 592731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1393 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (699129) | &nbsp;&nbsp;&nbsp; (494692) | &nbsp;&nbsp;&nbsp;&nbsp; (4077) | &nbsp;&nbsp;&nbsp;&nbsp; (5998) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp; (221523) | &nbsp;&nbsp; 3134346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 940 | &nbsp;&nbsp;&nbsp;&nbsp; 29694 |
| **Total change in net assets resulting from capital transactions** | $(186034) | $3217839 | $(21654) | $114576 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (693) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (106) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 359 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (32) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1929 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5545) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (758) | &nbsp;&nbsp;&nbsp;&nbsp; (1046) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (460) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

146 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Research**<br> **Enhanced Equity Fund** | **JPMorgan U.S. Research**<br> **Enhanced Equity Fund** | **JPMorgan U.S. Sustainable Leaders Fund** | **JPMorgan U.S. Sustainable Leaders Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| **Year Ended**<br> **June 30, 2022** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 11356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 578 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (23089) | &nbsp;&nbsp;&nbsp;&nbsp; (13867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (104) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 147

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $225663  | $314010 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16637 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (58315) | &nbsp;&nbsp;&nbsp;&nbsp; (71928) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 175821 | &nbsp;&nbsp;&nbsp;&nbsp; 258719 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 28582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50471 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1297 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8468) | &nbsp;&nbsp;&nbsp;&nbsp; (11285) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 20887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40483 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 585749 | &nbsp;&nbsp; 1347016 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 17581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28112 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (262382) | &nbsp;&nbsp;&nbsp; (675873) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 340948 | &nbsp;&nbsp;&nbsp;&nbsp; 699255 |
| **Class R2** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2732 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (945) |
| Change in net assets resulting from Class R2 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1861 |
| **Class R3** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10796 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1407) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2711) |
| Change in net assets resulting from Class R3 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8301 |
| **Class R4** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 292 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (137) |
| Change in net assets resulting from Class R4 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 |
| **Class R5** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5175 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (270) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (584) |
| Change in net assets resulting from Class R5 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4690 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

148 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $383671 | $391201 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11652 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (87949) | &nbsp;&nbsp;&nbsp;&nbsp; (70130) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp; 305134 | &nbsp;&nbsp;&nbsp;&nbsp; 332723 |
| **Total change in net assets resulting from capital transactions** | $848405 | $1346195 |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4783 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 255 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (920) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1108) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3930 |
| **Class C** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 868 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (153) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (195) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 695 |
| **Class I** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19213 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3936) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9783) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9836 |
| **Class R2** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14) |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| **Class R3** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40) |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 |
| **Class R4** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 149

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

---

| | | |
|:---|:---|:---|
|  | **JPMorgan U.S. Value Fund** | **JPMorgan U.S. Value Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |
| **Class R5** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8) |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 |
| **Class R6** |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5559 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1283) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1004) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4722 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

150 J.P. Morgan Large Cap Funds December 31, 2022

------

**STATEMENT OF CASH FLOWS** <br>FOR THE PERIOD ENDED December 31, 2022 <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **JPMorgan** <br>**U.S. Large** <br>**Cap Core** <br>**Plus Fund** <br>|
| **INCREASE (DECREASE) IN CASH** |  |
| **Cash flows provided (used) by operating activities:** |  |
| &nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | $90253 |
| **Adjustments to reconcile net increase/decrease in net assets resulting** <br>**from operations to net cash provided (used) by operating activities:**<br>|  |
| &nbsp;&nbsp;&nbsp; Purchases of investment securities | &nbsp;&nbsp;&nbsp; (694914) |
| &nbsp;&nbsp;&nbsp; Proceeds from disposition of investment securities | &nbsp;&nbsp; 1198358 |
| &nbsp;&nbsp;&nbsp; Covers of investment securities sold short | &nbsp;&nbsp;&nbsp; (319889) |
| &nbsp;&nbsp;&nbsp; Proceeds from investment securities sold short | &nbsp;&nbsp;&nbsp;&nbsp; 254097 |
| &nbsp;&nbsp;&nbsp; Purchases of short-term investments — affiliates, net | &nbsp;&nbsp;&nbsp;&nbsp; (14045) |
| &nbsp;&nbsp;&nbsp; Change in unrealized (appreciation)/depreciation on investments in non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp; 143797 |
| &nbsp;&nbsp;&nbsp; Change in unrealized (appreciation)/depreciation on investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) |
| &nbsp;&nbsp;&nbsp; Change in unrealized (appreciation)/depreciation on investment securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29085 |
| &nbsp;&nbsp;&nbsp; Net realized (gain)/loss on investments in non-affiliates | &nbsp;&nbsp;&nbsp; (248348) |
| &nbsp;&nbsp;&nbsp; Net realized (gain)/loss on investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18) |
| &nbsp;&nbsp;&nbsp; Net realized (gain)/loss on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp; (15292) |
| &nbsp;&nbsp;&nbsp; Increase in dividends receivable from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3) |
| &nbsp;&nbsp;&nbsp; Decrease in dividends receivable from non-affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 |
| &nbsp;&nbsp;&nbsp; Decrease in dividend expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (64) |
| &nbsp;&nbsp;&nbsp; Decrease in Interest expense to non-affiliates on securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15) |
| &nbsp;&nbsp;&nbsp; Decrease in due to broker for securities sold short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7) |
| &nbsp;&nbsp;&nbsp; Decrease in investment advisory fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (174) |
| &nbsp;&nbsp;&nbsp; Decrease in administration fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41) |
| &nbsp;&nbsp;&nbsp; Decrease in distribution fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5) |
| &nbsp;&nbsp;&nbsp; Decrease in service fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (111) |
| &nbsp;&nbsp;&nbsp; Increase in custodian and accounting fees payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 |
| &nbsp;&nbsp;&nbsp; Decrease in other accrued expenses payable | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (29) |
| Net cash provided (used) by operating activities | &nbsp;&nbsp;&nbsp;&nbsp; 422766 |
| **Cash flows provided (used) by financing activities:** |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 149527 |
| &nbsp;&nbsp;&nbsp; Payment for shares redeemed | &nbsp;&nbsp;&nbsp; (543113) |
| &nbsp;&nbsp;&nbsp; Cash distributions paid to shareholders (net of reinvestments $338,113) | &nbsp;&nbsp;&nbsp;&nbsp; (29104) |
| Net cash provided (used) by financing activities | &nbsp;&nbsp;&nbsp; (422690) |
| **Cash** |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) in unrestricted and restricted cash, foreign currency and deposits at broker | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76 |
| &nbsp;&nbsp;&nbsp; Restricted and unrestricted cash and foreign currency at beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp; Restricted and unrestricted cash and foreign currency at end of period | $119 |

---

------

Supplemental disclosure of cash flow information:

For the period ended December 31, 2022 the Fund paid approximately $90 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.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 151

------

**STATEMENT OF CASH FLOWS** <br>FOR THE PERIOD ENDED December 31, 2022 (continued) <br>(Amounts in thousands)

Reconciliation of restricted and unrestricted cash and foreign currency at the end of period to the Statement of Assets and Liabilities:

---

| | | |
|:---|:---|:---|
|  | **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, 2022** | **December 31, 2022** |
| Cash | $37 | $119 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | $43 | $119 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

152 J.P. Morgan Large Cap Funds December 31, 2022

------

THIS PAGE IS INTENTIONALLY LEFT BLANK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

153 <br>

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Equity Income Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $21.15 | $0.20 | $1.39  | $1.59  | $(0.22)  | $(0.39)  | $(0.61) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.34 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.77) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.22 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 6.12 | &nbsp;&nbsp;&nbsp; 6.41 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.29) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.83 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp; (1.42) | &nbsp;&nbsp; (1.10) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.51) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.82 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp; 1.48 | &nbsp;&nbsp;&nbsp; 1.80 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.79) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.67 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp; 1.29 | &nbsp;&nbsp;&nbsp; 1.55 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.40) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 20.68 | &nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp; 1.36 | &nbsp;&nbsp;&nbsp; 1.50 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.55) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.87 | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.66) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 15.88 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 6.00 | &nbsp;&nbsp;&nbsp; 6.19 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.20) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.47 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp; (1.39) | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.43) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.50 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; 1.46 | &nbsp;&nbsp;&nbsp; 1.69 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.72) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.41 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 1.26 | &nbsp;&nbsp;&nbsp; 1.43 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.34) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 21.56 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; 1.42 | &nbsp;&nbsp;&nbsp; 1.65 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.63) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.76 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.83) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.52 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; 6.23 | &nbsp;&nbsp;&nbsp; 6.58 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.34) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 18.14 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp; (1.43) | &nbsp;&nbsp; (1.06) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.56) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.10 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp; 1.51 | &nbsp;&nbsp;&nbsp; 1.88 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.84) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.92 | &nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp; 1.31 | &nbsp;&nbsp;&nbsp; 1.62 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.44) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 21.04 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 1.38 | &nbsp;&nbsp;&nbsp; 1.55 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.58) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.23 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.71) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.14 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; 6.10 | &nbsp;&nbsp;&nbsp; 6.33 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.24) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.74 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; (1.13) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.47) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.74 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 1.47 | &nbsp;&nbsp;&nbsp; 1.75 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.75) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.62 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 1.28 | &nbsp;&nbsp;&nbsp; 1.49 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.37) |
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 21.13 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 1.39 | &nbsp;&nbsp;&nbsp; 1.59 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.61) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.32 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.77) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.21 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 6.11 | &nbsp;&nbsp;&nbsp; 6.40 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.29) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 17.81 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp; (1.41) | &nbsp;&nbsp; (1.09) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.51) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.80 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp; 1.49 | &nbsp;&nbsp;&nbsp; 1.81 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.80) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.66 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 1.27 | &nbsp;&nbsp;&nbsp; 1.54 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.40) |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 21.54 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; 1.42 | &nbsp;&nbsp;&nbsp; 1.65 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.63) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.75 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.83) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.51 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; 6.23 | &nbsp;&nbsp;&nbsp; 6.58 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.34) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 18.13 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp; (1.43) | &nbsp;&nbsp; (1.06) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.56) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.09 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp;&nbsp; 1.52 | &nbsp;&nbsp;&nbsp; 1.88 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.84) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.92 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp; 1.29 | &nbsp;&nbsp;&nbsp; 1.61 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.44) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

154 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $22.13 | &nbsp;&nbsp; 7.48% | $4690375  | 0.95% (f) | 1.78% (f) | 0.95% (f) | &nbsp;&nbsp; 4% |
| &nbsp;&nbsp; 21.15 | (2.10) | &nbsp;&nbsp;&nbsp;&nbsp; 4562270 | 0.95 | 1.49 | 0.95 | 15 |
| &nbsp;&nbsp; 22.34 | 39.81 | &nbsp;&nbsp;&nbsp;&nbsp; 4715916 | 0.96 | 1.48 | 0.96 | 16 |
| &nbsp;&nbsp; 16.22 | (6.36) | &nbsp;&nbsp;&nbsp;&nbsp; 3234850 | 0.98 | 1.83 | 0.98 | 22 |
| &nbsp;&nbsp; 17.83 | 11.17 | &nbsp;&nbsp;&nbsp;&nbsp; 3277249 | 0.99 | 1.90 | 1.00 | 23 |
| &nbsp;&nbsp; 16.82 | &nbsp;&nbsp; 9.94 | &nbsp;&nbsp;&nbsp;&nbsp; 3022879 | 1.00 | 1.55 | 1.01 | 20 |
| &nbsp;&nbsp; 21.63 | &nbsp;&nbsp; 7.23 | &nbsp;&nbsp;&nbsp;&nbsp; 1158158 | 1.45(f) | 1.28(f) | 1.45(f) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 20.68 | (2.63) | &nbsp;&nbsp;&nbsp;&nbsp; 1206824 | 1.45 | 0.97 | 1.45 | 15 |
| &nbsp;&nbsp; 21.87 | 39.19 | &nbsp;&nbsp;&nbsp;&nbsp; 1493408 | 1.45 | 0.99 | 1.46 | 16 |
| &nbsp;&nbsp; 15.88 | (6.83) | &nbsp;&nbsp;&nbsp;&nbsp; 1350402 | 1.47 | 1.34 | 1.47 | 22 |
| &nbsp;&nbsp; 17.47 | 10.66 | &nbsp;&nbsp;&nbsp;&nbsp; 1434793 | 1.48 | 1.39 | 1.49 | 23 |
| &nbsp;&nbsp; 16.50 | &nbsp;&nbsp; 9.35 | &nbsp;&nbsp;&nbsp;&nbsp; 1303731 | 1.50 | 1.05 | 1.50 | 20 |
| &nbsp;&nbsp; 22.58 | &nbsp;&nbsp; 7.65 | &nbsp;&nbsp; 18944906 | 0.70(f) | 2.04(f) | 0.70(f) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 21.56 | (1.87) | &nbsp;&nbsp; 17614254 | 0.70 | 1.74 | 0.70 | 15 |
| &nbsp;&nbsp; 22.76 | 40.16 | &nbsp;&nbsp; 17980353 | 0.70 | 1.73 | 0.71 | 16 |
| &nbsp;&nbsp; 16.52 | (6.06) | &nbsp;&nbsp; 10727252 | 0.71 | 2.11 | 0.72 | 22 |
| &nbsp;&nbsp; 18.14 | 11.45 | &nbsp;&nbsp;&nbsp;&nbsp; 9013293 | 0.73 | 2.12 | 0.74 | 23 |
| &nbsp;&nbsp; 17.10 | 10.22 | &nbsp;&nbsp;&nbsp;&nbsp; 6320979 | 0.74 | 1.81 | 0.75 | 20 |
| &nbsp;&nbsp; 22.01 | &nbsp;&nbsp; 7.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106350 | 1.20(f) | 1.53(f) | 1.20(f) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 21.04 | (2.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 102353 | 1.21 | 1.28 | 1.21 | 15 |
| &nbsp;&nbsp; 22.23 | 39.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77859 | 1.22 | 1.22 | 1.22 | 16 |
| &nbsp;&nbsp; 16.14 | (6.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72182 | 1.23 | 1.56 | 1.23 | 22 |
| &nbsp;&nbsp; 17.74 | 10.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93453 | 1.24 | 1.64 | 1.25 | 23 |
| &nbsp;&nbsp; 16.74 | &nbsp;&nbsp; 9.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80330 | 1.26 | 1.29 | 1.26 | 20 |
| &nbsp;&nbsp; 22.11 | &nbsp;&nbsp; 7.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241708 | 0.95(f) | 1.79(f) | 0.95(f) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 21.13 | (2.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 232772 | 0.95 | 1.47 | 0.95 | 15 |
| &nbsp;&nbsp; 22.32 | 39.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280991 | 0.95 | 1.49 | 0.96 | 16 |
| &nbsp;&nbsp; 16.21 | (6.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170246 | 0.97 | 1.86 | 0.97 | 22 |
| &nbsp;&nbsp; 17.81 | 11.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137142 | 0.98 | 1.87 | 0.99 | 23 |
| &nbsp;&nbsp; 16.80 | &nbsp;&nbsp; 9.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91267 | 0.99 | 1.61 | 0.99 | 20 |
| &nbsp;&nbsp; 22.56 | &nbsp;&nbsp; 7.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 237336 | 0.70(f) | 2.05(f) | 0.70(f) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 21.54 | (1.91) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 211963 | 0.70 | 1.73 | 0.70 | 15 |
| &nbsp;&nbsp; 22.75 | 40.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249525 | 0.70 | 1.73 | 0.70 | 16 |
| &nbsp;&nbsp; 16.51 | (6.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106277 | 0.72 | 2.12 | 0.72 | 22 |
| &nbsp;&nbsp; 18.13 | 11.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66602 | 0.73 | 2.08 | 0.74 | 23 |
| &nbsp;&nbsp; 17.09 | 10.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23451 | 0.74 | 1.90 | 0.75 | 20 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 155

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Equity Income Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $21.58 | $0.25 | $1.41  | $1.66  | $(0.26)  | $(0.39)  | $(0.65) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.78 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.86) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.53 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp; 6.25 | &nbsp;&nbsp;&nbsp; 6.62 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.37) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 18.16 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.58) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.11 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp; 1.51 | &nbsp;&nbsp;&nbsp; 1.91 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.86) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.93 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp; 1.30 | &nbsp;&nbsp;&nbsp; 1.64 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.46) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 21.56 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp; 1.41 | &nbsp;&nbsp;&nbsp; 1.67 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.66) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.76 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.89) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.52 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp; 6.24 | &nbsp;&nbsp;&nbsp; 6.63 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.39) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 18.14 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp; (1.44) | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.60) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.10 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp;&nbsp; 1.50 | &nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (0.88) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.92 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; 1.31 | &nbsp;&nbsp;&nbsp; 1.66 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.48) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

156 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $22.59 | &nbsp;&nbsp; 7.68% | $1348361  | 0.55% (f) | 2.19% (f) | 0.55% (f) | &nbsp;&nbsp; 4% |
| &nbsp;&nbsp; 21.58 | (1.72) | &nbsp;&nbsp;&nbsp;&nbsp; 1300595 | 0.55 | 1.87 | 0.55 | 15 |
| &nbsp;&nbsp; 22.78 | 40.41 | &nbsp;&nbsp;&nbsp;&nbsp; 1655531 | 0.55 | 1.88 | 0.56 | 16 |
| &nbsp;&nbsp; 16.53 | (5.98) | &nbsp;&nbsp;&nbsp;&nbsp; 1230147 | 0.56 | 2.24 | 0.57 | 22 |
| &nbsp;&nbsp; 18.16 | 11.67 | &nbsp;&nbsp;&nbsp;&nbsp; 1422483 | 0.58 | 2.29 | 0.59 | 23 |
| &nbsp;&nbsp; 17.11 | 10.38 | &nbsp;&nbsp;&nbsp;&nbsp; 1097476 | 0.59 | 1.98 | 0.60 | 20 |
| &nbsp;&nbsp; 22.57 | &nbsp;&nbsp; 7.74 | &nbsp;&nbsp; 22423417 | 0.45(f) | 2.29(f) | 0.45(f) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 21.56 | (1.62) | &nbsp;&nbsp; 20740383 | 0.45 | 1.99 | 0.45 | 15 |
| &nbsp;&nbsp; 22.76 | 40.51 | &nbsp;&nbsp; 19952074 | 0.45 | 1.98 | 0.46 | 16 |
| &nbsp;&nbsp; 16.52 | (5.83) | &nbsp;&nbsp; 12663581 | 0.46 | 2.38 | 0.47 | 22 |
| &nbsp;&nbsp; 18.14 | 11.72 | &nbsp;&nbsp;&nbsp;&nbsp; 8217432 | 0.48 | 2.38 | 0.49 | 23 |
| &nbsp;&nbsp; 17.10 | 10.49 | &nbsp;&nbsp;&nbsp;&nbsp; 5314382 | 0.49 | 2.08 | 0.50 | 20 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 157

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Equity Index Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $56.74 | $0.37 | $0.78  | $1.15  | $(0.40)  | $(0.01)  | $(0.41) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 65.24 | &nbsp;&nbsp; 0.65 | &nbsp;&nbsp;&nbsp; (7.60) | &nbsp;&nbsp;&nbsp; (6.95) | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.55) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 47.11 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp; 18.24 | &nbsp;&nbsp; 18.86 | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.73) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 44.90 | &nbsp;&nbsp; 0.91 | &nbsp;&nbsp;&nbsp;&nbsp; 2.20 | &nbsp;&nbsp;&nbsp;&nbsp; 3.11 | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.90) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 41.64 | &nbsp;&nbsp; 0.72 | &nbsp;&nbsp;&nbsp;&nbsp; 3.33 | &nbsp;&nbsp;&nbsp;&nbsp; 4.05 | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.79) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 37.41 | &nbsp;&nbsp; 0.61 | &nbsp;&nbsp;&nbsp;&nbsp; 4.54 | &nbsp;&nbsp;&nbsp;&nbsp; 5.15 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.92) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 56.14 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp;&nbsp; 0.78 | &nbsp;&nbsp;&nbsp;&nbsp; 0.97 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.23) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 64.55 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; (7.51) | &nbsp;&nbsp;&nbsp; (7.26) | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.15) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 46.65 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp; 18.00 | &nbsp;&nbsp; 18.28 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 44.45 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp;&nbsp; 2.21 | &nbsp;&nbsp;&nbsp;&nbsp; 2.83 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.63) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 41.27 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp;&nbsp; 3.30 | &nbsp;&nbsp;&nbsp;&nbsp; 3.76 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.58) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 37.08 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp;&nbsp;&nbsp; 4.87 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.68) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 56.81 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp;&nbsp; 0.79 | &nbsp;&nbsp;&nbsp;&nbsp; 1.23 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.48) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 65.33 | &nbsp;&nbsp; 0.81 | &nbsp;&nbsp;&nbsp; (7.62) | &nbsp;&nbsp;&nbsp; (6.81) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.71) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 47.22 | &nbsp;&nbsp; 0.77 | &nbsp;&nbsp; 18.21 | &nbsp;&nbsp; 18.98 | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.87) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 44.97 | &nbsp;&nbsp; 1.02 | &nbsp;&nbsp;&nbsp;&nbsp; 2.25 | &nbsp;&nbsp;&nbsp;&nbsp; 3.27 | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (1.02) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 41.68 | &nbsp;&nbsp; 0.83 | &nbsp;&nbsp;&nbsp;&nbsp; 3.34 | &nbsp;&nbsp;&nbsp;&nbsp; 4.17 | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.88) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 37.44 | &nbsp;&nbsp; 0.72 | &nbsp;&nbsp;&nbsp;&nbsp; 4.54 | &nbsp;&nbsp;&nbsp;&nbsp; 5.26 | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (1.02) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 56.83 | &nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp;&nbsp; 0.78 | &nbsp;&nbsp;&nbsp;&nbsp; 1.27 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.53) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 65.35 | &nbsp;&nbsp; 0.92 | &nbsp;&nbsp;&nbsp; (7.62) | &nbsp;&nbsp;&nbsp; (6.70) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.82) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 47.21 | &nbsp;&nbsp; 0.85 | &nbsp;&nbsp; 18.25 | &nbsp;&nbsp; 19.10 | &nbsp;&nbsp; (0.96) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.96) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 44.98 | &nbsp;&nbsp; 1.10 | &nbsp;&nbsp;&nbsp;&nbsp; 2.22 | &nbsp;&nbsp;&nbsp;&nbsp; 3.32 | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (1.09) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 41.68 | &nbsp;&nbsp; 0.90 | &nbsp;&nbsp;&nbsp;&nbsp; 3.33 | &nbsp;&nbsp;&nbsp;&nbsp; 4.23 | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.93) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 37.44 | &nbsp;&nbsp; 0.76 | &nbsp;&nbsp;&nbsp;&nbsp; 4.57 | &nbsp;&nbsp;&nbsp;&nbsp; 5.33 | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (1.09) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Net expenses for Class R6 Shares are 0.045% for the year ended June 30, 2022, 0.044% for the year ended June 30, 2021, 0.044% for the year ended June 30, 2020, 0.043% for the year ended June 30, 2019 and 0.042% for the year ended June 30, 2018. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

158 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $57.48 | &nbsp;&nbsp;&nbsp; 2.05% | $671022  | 0.45% (f) | 1.25% (f) | 0.65% (f) | &nbsp;&nbsp; 5% |
| &nbsp;&nbsp; 56.74 | (11.02) | &nbsp;&nbsp;&nbsp;&nbsp; 654422 | 0.45 | 0.98 | 0.65 | 11 |
| &nbsp;&nbsp; 65.24 | 40.28 | &nbsp;&nbsp;&nbsp;&nbsp; 749440 | 0.45 | 1.10 | 0.66 | 26 |
| &nbsp;&nbsp; 47.11 | &nbsp;&nbsp;&nbsp; 7.02 | &nbsp;&nbsp;&nbsp;&nbsp; 572292 | 0.45 | 1.97 | 0.66 | 15 |
| &nbsp;&nbsp; 44.90 | &nbsp;&nbsp;&nbsp; 9.87 | &nbsp;&nbsp;&nbsp;&nbsp; 602186 | 0.45 | 1.68 | 0.66 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 41.64 | 13.88 | &nbsp;&nbsp;&nbsp;&nbsp; 590286 | 0.45 | 1.52 | 0.69 | 14 |
| &nbsp;&nbsp; 56.88 | &nbsp;&nbsp;&nbsp; 1.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85754 | 1.05(f) | 0.64(f) | 1.13(f) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp; 56.14 | (11.55) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86737 | 1.05 | 0.37 | 1.13 | 11 |
| &nbsp;&nbsp; 64.55 | 39.35 | &nbsp;&nbsp;&nbsp;&nbsp; 110184 | 1.05 | 0.50 | 1.13 | 26 |
| &nbsp;&nbsp; 46.65 | &nbsp;&nbsp;&nbsp; 6.42 | &nbsp;&nbsp;&nbsp;&nbsp; 102864 | 1.05 | 1.37 | 1.14 | 15 |
| &nbsp;&nbsp; 44.45 | &nbsp;&nbsp;&nbsp; 9.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96605 | 1.05 | 1.10 | 1.13 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 41.27 | 13.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78613 | 1.05 | 0.92 | 1.15 | 14 |
| &nbsp;&nbsp; 57.56 | &nbsp;&nbsp;&nbsp; 2.19 | &nbsp;&nbsp;&nbsp;&nbsp; 874058 | 0.20(f) | 1.49(f) | 0.38(f) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp; 56.81 | (10.81) | &nbsp;&nbsp; 1121519 | 0.20 | 1.22 | 0.38 | 11 |
| &nbsp;&nbsp; 65.33 | 40.48 | &nbsp;&nbsp;&nbsp;&nbsp; 991703 | 0.20 | 1.37 | 0.38 | 26 |
| &nbsp;&nbsp; 47.22 | &nbsp;&nbsp;&nbsp; 7.40 | &nbsp;&nbsp; 1022318 | 0.20 | 2.21 | 0.38 | 15 |
| &nbsp;&nbsp; 44.97 | 10.16 | &nbsp;&nbsp;&nbsp;&nbsp; 791881 | 0.20 | 1.94 | 0.38 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 41.68 | 14.18 | &nbsp;&nbsp;&nbsp;&nbsp; 687941 | 0.20 | 1.78 | 0.40 | 14 |
| &nbsp;&nbsp; 57.57 | &nbsp;&nbsp;&nbsp; 2.26 | &nbsp;&nbsp; 5357788 | 0.05(f) | 1.65(f) | 0.13(f) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp; 56.83 | (10.67) | &nbsp;&nbsp; 5395106 | 0.05(g) | 1.39 | 0.13 | 11 |
| &nbsp;&nbsp; 65.35 | 40.77 | &nbsp;&nbsp; 4793114 | 0.04(g) | 1.49 | 0.13 | 26 |
| &nbsp;&nbsp; 47.21 | &nbsp;&nbsp;&nbsp; 7.52 | &nbsp;&nbsp; 3306397 | 0.04(g) | 2.38 | 0.13 | 15 |
| &nbsp;&nbsp; 44.98 | 10.33 | &nbsp;&nbsp; 3019734 | 0.04(g) | 2.11 | 0.13 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 41.68 | 14.36 | &nbsp;&nbsp; 2008916 | 0.04(g) | 1.85 | 0.14 | 14 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 159

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan Equity Premium Income Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $13.79 | $0.83 | $(0.13)  | $0.70  | $(0.85)  | $13.64 |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.23 | &nbsp;&nbsp; 1.46 | &nbsp;&nbsp; (1.56) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (1.34) | &nbsp;&nbsp; 13.79 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.96 | &nbsp;&nbsp; 1.26 | &nbsp;&nbsp;&nbsp; 2.40 | &nbsp;&nbsp;&nbsp; 3.66 | &nbsp;&nbsp; (1.39) | &nbsp;&nbsp; 15.23 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.92 | &nbsp;&nbsp; 1.88 | &nbsp;&nbsp; (2.42) | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (1.42) | &nbsp;&nbsp; 12.96 |
| August 31, 2018 (g) through June 30, 2019 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.95 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; 0.84 | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; 14.92 |
| **Class C** |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 13.79 | &nbsp;&nbsp; 0.79 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; 0.67 | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; 13.64 |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.23 | &nbsp;&nbsp; 1.38 | &nbsp;&nbsp; (1.56) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; 13.79 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.96 | &nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp; 2.44 | &nbsp;&nbsp;&nbsp; 3.59 | &nbsp;&nbsp; (1.32) | &nbsp;&nbsp; 15.23 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.92 | &nbsp;&nbsp; 1.61 | &nbsp;&nbsp; (2.22) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (1.35) | &nbsp;&nbsp; 12.96 |
| August 31, 2018 (g) through June 30, 2019 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.85 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; 0.78 | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; 14.92 |
| **Class I** |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 13.80 | &nbsp;&nbsp; 0.86 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; 0.71 | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; 13.64 |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.23 | &nbsp;&nbsp; 1.48 | &nbsp;&nbsp; (1.54) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.37) | &nbsp;&nbsp; 13.80 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.96 | &nbsp;&nbsp; 1.38 | &nbsp;&nbsp;&nbsp; 2.32 | &nbsp;&nbsp;&nbsp; 3.70 | &nbsp;&nbsp; (1.43) | &nbsp;&nbsp; 15.23 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.92 | &nbsp;&nbsp; 1.59 | &nbsp;&nbsp; (2.10) | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; 12.96 |
| August 31, 2018 (g) through June 30, 2019 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.94 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; 0.87 | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; 14.92 |
| **Class R5** |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 13.79 | &nbsp;&nbsp; 0.89 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp; 0.73 | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; 13.64 |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.23 | &nbsp;&nbsp; 1.48 | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; 13.79 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.96 | &nbsp;&nbsp; 1.37 | &nbsp;&nbsp;&nbsp; 2.35 | &nbsp;&nbsp;&nbsp; 3.72 | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; 15.23 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.92 | &nbsp;&nbsp; 1.48 | &nbsp;&nbsp; (1.96) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (1.48) | &nbsp;&nbsp; 12.96 |
| August 31, 2018 (g) through June 30, 2019 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.96 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; 0.88 | &nbsp;&nbsp; (0.96) | &nbsp;&nbsp; 14.92 |
| **Class R6** |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 13.80 | &nbsp;&nbsp; 0.91 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; 0.73 | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; 13.64 |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.23 | &nbsp;&nbsp; 1.50 | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (1.41) | &nbsp;&nbsp; 13.80 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.96 | &nbsp;&nbsp; 1.43 | &nbsp;&nbsp;&nbsp; 2.30 | &nbsp;&nbsp;&nbsp; 3.73 | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; 15.23 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.92 | &nbsp;&nbsp; 1.83 | &nbsp;&nbsp; (2.30) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (1.49) | &nbsp;&nbsp; 12.96 |
| August 31, 2018 (g) through June 30, 2019 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.97 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp; 0.90 | &nbsp;&nbsp; (0.98) | &nbsp;&nbsp; 14.92 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Commencement of operations.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

160 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge) (c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp; 5.24% | $253241  | 0.85% (f) | 12.03% (f) | 0.85% (f) | &nbsp;&nbsp; 94% |
| (1.05) | &nbsp;&nbsp;&nbsp;&nbsp; 905284 | 0.85 | &nbsp;&nbsp; 9.76 | 0.88 | 188 |
| 29.67 | &nbsp;&nbsp;&nbsp;&nbsp; 174085 | 0.85 | &nbsp;&nbsp; 8.61 | 0.91 | 217 |
| (3.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12904 | 0.85 | 14.21 | 1.11 | 236 |
| &nbsp;&nbsp; 5.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 125 | 0.85(f) | &nbsp;&nbsp; 7.90(f) | 1.80(f) | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp; 4.98 | &nbsp;&nbsp;&nbsp;&nbsp; 167994 | 1.35(f) | 11.51(f) | 1.35(f) | &nbsp;&nbsp; 94 |
| (1.54) | &nbsp;&nbsp;&nbsp;&nbsp; 756008 | 1.35 | &nbsp;&nbsp; 9.19 | 1.38 | 188 |
| 29.03 | &nbsp;&nbsp;&nbsp;&nbsp; 158340 | 1.34 | &nbsp;&nbsp; 7.76 | 1.40 | 217 |
| (4.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4710 | 1.35 | 11.77 | 1.61 | 236 |
| &nbsp;&nbsp; 5.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | 1.35(f) | &nbsp;&nbsp; 7.14(f) | 2.26(f) | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp; 5.29 | &nbsp;&nbsp; 2675522 | 0.60(f) | 12.49(f) | 0.60(f) | &nbsp;&nbsp; 94 |
| (0.73) | &nbsp;&nbsp; 1859617 | 0.60 | &nbsp;&nbsp; 9.83 | 0.63 | 188 |
| 29.97 | &nbsp;&nbsp;&nbsp;&nbsp; 519976 | 0.60 | &nbsp;&nbsp; 9.62 | 0.69 | 217 |
| (3.57) | &nbsp;&nbsp;&nbsp;&nbsp; 173409 | 0.60 | 11.40 | 0.91 | 236 |
| &nbsp;&nbsp; 6.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54045 | 0.60(f) | &nbsp;&nbsp; 7.89(f) | 1.13(f) | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp; 5.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 471 | 0.45(f) | 12.86(f) | 0.47(f) | &nbsp;&nbsp; 94 |
| (0.66) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160 | 0.45 | &nbsp;&nbsp; 9.82 | 0.50 | 188 |
| 30.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | 0.45 | &nbsp;&nbsp; 9.54 | 0.56 | 217 |
| (3.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | 0.45 | 10.37 | 0.83 | 236 |
| &nbsp;&nbsp; 6.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | 0.45(f) | &nbsp;&nbsp; 8.04(f) | 1.36(f) | &nbsp;&nbsp; 43 |
| &nbsp;&nbsp; 5.43 | &nbsp;&nbsp; 1675794 | 0.35(f) | 13.13(f) | 0.35(f) | &nbsp;&nbsp; 94 |
| (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89522 | 0.35 | &nbsp;&nbsp; 9.93 | 0.37 | 188 |
| 30.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48315 | 0.35 | &nbsp;&nbsp; 9.99 | 0.44 | 217 |
| (3.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 686 | 0.35 | 13.60 | 0.59 | 236 |
| &nbsp;&nbsp; 6.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | 0.35(f) | &nbsp;&nbsp; 8.14(f) | 1.26(f) | &nbsp;&nbsp; 43 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 161

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan Hedged Equity Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $24.20 | $0.10 | $0.29  | $0.39  | $(0.12)  | $24.47 |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 25.90 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (1.70) | &nbsp;&nbsp; (1.57) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; 24.20 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.83 | &nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 4.11 | &nbsp;&nbsp;&nbsp; 4.26 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; 25.90 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.23 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 1.51 | &nbsp;&nbsp;&nbsp; 1.79 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; 21.83 |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.43 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 0.79 | &nbsp;&nbsp;&nbsp; 0.99 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; 20.23 |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.24 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp; 1.33 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; 19.43 |
| **Class C** |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 24.02 | &nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; 24.29 |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 25.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; 24.02 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.70 | &nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 4.07 | &nbsp;&nbsp;&nbsp; 4.10 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; 25.72 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.10 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 1.52 | &nbsp;&nbsp;&nbsp; 1.69 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; 21.70 |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.33 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 0.77 | &nbsp;&nbsp;&nbsp; 0.88 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; 20.10 |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.16 | &nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp; 1.23 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; 19.33 |
| **Class I** |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 24.28 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 0.42 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; 24.55 |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 25.98 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp; (1.70) | &nbsp;&nbsp; (1.50) | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; 24.28 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.90 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 4.11 | &nbsp;&nbsp;&nbsp; 4.32 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; 25.98 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.28 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp;&nbsp; 1.86 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; 21.90 |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.47 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp; 0.78 | &nbsp;&nbsp;&nbsp; 1.04 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; 20.28 |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.27 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.39 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; 19.47 |
| **Class R5** |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 24.32 | &nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; 24.60 |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 26.02 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp; (1.70) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; 24.32 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.93 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 4.11 | &nbsp;&nbsp;&nbsp; 4.36 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; 26.02 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.32 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp;&nbsp; 1.52 | &nbsp;&nbsp;&nbsp; 1.88 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; 21.93 |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.50 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 0.79 | &nbsp;&nbsp;&nbsp; 1.08 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; 20.32 |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.30 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.42 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; 19.50 |
| **Class R6** |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 24.33 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp; 0.47 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; 24.61 |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 26.04 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp; (1.72) | &nbsp;&nbsp; (1.45) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; 24.33 |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 21.95 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 4.11 | &nbsp;&nbsp;&nbsp; 4.39 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; 26.04 |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.32 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; 21.95 |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.49 | &nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp; 0.79 | &nbsp;&nbsp;&nbsp; 1.10 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; 20.32 |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 18.29 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.43 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; 19.49 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

162 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge) (c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp; 1.64% | $1301726  | 0.83% (f) | 0.82% (f) | 0.83% (f) | 14% |
| (6.08) | &nbsp;&nbsp;&nbsp;&nbsp; 1647387 | 0.83 | 0.52 | 0.83 | 44 |
| 19.58 | &nbsp;&nbsp;&nbsp;&nbsp; 1778457 | 0.83 | 0.61 | 0.84 | 39 |
| &nbsp;&nbsp; 8.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 473314 | 0.85 | 1.35 | 0.86 | 68 |
| &nbsp;&nbsp; 5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296242 | 0.85 | 1.02 | 0.87 | 48 |
| &nbsp;&nbsp; 7.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 277898 | 0.84 | 0.92 | 0.87 | 44 |
| &nbsp;&nbsp; 1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 400106 | 1.33(f) | 0.32(f) | 1.33(f) | 14 |
| (6.53) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436891 | 1.33 | 0.02 | 1.33 | 44 |
| 18.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 502120 | 1.33 | 0.14 | 1.33 | 39 |
| &nbsp;&nbsp; 8.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246741 | 1.35 | 0.84 | 1.36 | 68 |
| &nbsp;&nbsp; 4.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 158602 | 1.35 | 0.55 | 1.37 | 48 |
| &nbsp;&nbsp; 6.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81030 | 1.34 | 0.42 | 1.38 | 44 |
| &nbsp;&nbsp; 1.76 | &nbsp;&nbsp; 11474396 | 0.58(f) | 1.07(f) | 0.58(f) | 14 |
| (5.83) | &nbsp;&nbsp; 12790417 | 0.58 | 0.77 | 0.58 | 44 |
| 19.83 | &nbsp;&nbsp; 14416679 | 0.58 | 0.89 | 0.58 | 39 |
| &nbsp;&nbsp; 9.21 | &nbsp;&nbsp;&nbsp;&nbsp; 7167488 | 0.59 | 1.59 | 0.60 | 68 |
| &nbsp;&nbsp; 5.39 | &nbsp;&nbsp;&nbsp;&nbsp; 4214453 | 0.60 | 1.30 | 0.61 | 48 |
| &nbsp;&nbsp; 7.63 | &nbsp;&nbsp;&nbsp;&nbsp; 1947444 | 0.59 | 1.17 | 0.62 | 44 |
| &nbsp;&nbsp; 1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5394 | 0.43(f) | 1.23(f) | 0.43(f) | 14 |
| (5.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5335 | 0.43 | 0.92 | 0.43 | 44 |
| 20.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6024 | 0.44 | 1.03 | 0.45 | 39 |
| &nbsp;&nbsp; 9.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2964 | 0.45 | 1.74 | 0.59 | 68 |
| &nbsp;&nbsp; 5.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1893 | 0.45 | 1.46 | 0.95 | 48 |
| &nbsp;&nbsp; 7.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123 | 0.39 | 1.37 | 0.67 | 44 |
| &nbsp;&nbsp; 1.93 | &nbsp;&nbsp;&nbsp;&nbsp; 1505369 | 0.33(f) | 1.32(f) | 0.33(f) | 14 |
| (5.61) | &nbsp;&nbsp;&nbsp;&nbsp; 1614304 | 0.33 | 1.02 | 0.33 | 44 |
| 20.11 | &nbsp;&nbsp;&nbsp;&nbsp; 1591643 | 0.33 | 1.14 | 0.34 | 39 |
| &nbsp;&nbsp; 9.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 851085 | 0.35 | 1.87 | 0.35 | 68 |
| &nbsp;&nbsp; 5.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384616 | 0.35 | 1.56 | 0.37 | 48 |
| &nbsp;&nbsp; 7.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121897 | 0.34 | 1.42 | 0.42 | 44 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 163

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Hedged Equity 2 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $14.87 | $0.06 | $(0.17)  | $(0.11)  | $(0.07)  | $(0.82)  | $(0.89) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.97 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (1.03) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.07) |
| February 26, 2021 (g) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp; 0.98 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 14.84 | &nbsp;&nbsp; 0.02 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (0.86) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.95 | &nbsp;&nbsp; 0.01 | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.10) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) |
| February 26, 2021 (g) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(h) | &nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp;&nbsp; —(h) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 14.89 | &nbsp;&nbsp; 0.07 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (0.91) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.98 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (0.99) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.10) |
| February 26, 2021 (g) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 14.89 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (0.92) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.98 | &nbsp;&nbsp; 0.15 | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.12) |
| February 26, 2021 (g) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 14.90 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (0.93) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.99 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp; (1.13) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.14) |
| February 26, 2021 (g) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp; 1.01 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Commencement of operations.

(h) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

164 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $13.87 | (0.89)% | $300624  | 0.85% (f) | 0.76% (f) | 0.85% (f) | 16% |
| &nbsp;&nbsp; 14.87 | (6.49) | &nbsp;&nbsp;&nbsp;&nbsp; 295220 | 0.85 | 0.57 | 0.88 | 39 |
| &nbsp;&nbsp; 15.97 | 6.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52880 | 0.85(f) | 0.57(f) | 0.92(f) | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 13.84 | (1.15) | &nbsp;&nbsp;&nbsp;&nbsp; 225770 | 1.35(f) | 0.24(f) | 1.35(f) | 16 |
| &nbsp;&nbsp; 14.84 | (6.90) | &nbsp;&nbsp;&nbsp;&nbsp; 241375 | 1.35 | 0.07 | 1.38 | 39 |
| &nbsp;&nbsp; 15.95 | 6.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57423 | 1.35(f) | 0.05(f) | 1.43(f) | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 13.89 | (0.77) | &nbsp;&nbsp; 3294645 | 0.60(f) | 0.99(f) | 0.60(f) | 16 |
| &nbsp;&nbsp; 14.89 | (6.22) | &nbsp;&nbsp; 4110283 | 0.60 | 0.81 | 0.62 | 39 |
| &nbsp;&nbsp; 15.98 | 6.63 | &nbsp;&nbsp; 1018781 | 0.60(f) | 0.80(f) | 0.70(f) | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 13.89 | (0.69) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 637 | 0.45(f) | 1.15(f) | 0.45(f) | 16 |
| &nbsp;&nbsp; 14.89 | (6.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 636 | 0.45 | 0.92 | 0.47 | 39 |
| &nbsp;&nbsp; 15.98 | 6.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536 | 0.45(f) | 0.99(f) | 0.88(f) | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 13.89 | (0.71) | &nbsp;&nbsp;&nbsp;&nbsp; 324403 | 0.35(f) | 1.15(f) | 0.35(f) | 16 |
| &nbsp;&nbsp; 14.90 | (6.01) | &nbsp;&nbsp;&nbsp;&nbsp; 975953 | 0.35 | 1.12 | 0.38 | 39 |
| &nbsp;&nbsp; 15.99 | 6.75 | &nbsp;&nbsp;&nbsp;&nbsp; 262248 | 0.35(f) | 1.04(f) | 0.43(f) | &nbsp;&nbsp; 6 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 165

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Hedged Equity 3 Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $14.34 | $0.06 | $(0.02)(f) | $0.04  | $(0.07)  | $(0.15)  | $(0.22) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.96 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (1.65) | &nbsp;&nbsp; (1.56) | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.06) |
| February 26, 2021 (h) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp; 0.98 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 14.30 | &nbsp;&nbsp; 0.02 | &nbsp;&nbsp; (0.02)(f) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.18) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.95 | &nbsp;&nbsp; 0.01 | &nbsp;&nbsp; (1.65) | &nbsp;&nbsp; (1.64) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) |
| February 26, 2021 (h) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(i) | &nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.01) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 14.36 | &nbsp;&nbsp; 0.07 | &nbsp;&nbsp; (0.02)(f) | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.23) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.98 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (1.65) | &nbsp;&nbsp; (1.52) | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.10) |
| February 26, 2021 (h) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 14.37 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (0.02)(f) | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.25) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.98 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (1.49) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.12) |
| February 26, 2021 (h) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 0.95 | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 14.37 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (0.02)(f) | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.25) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 15.98 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp; (1.65) | &nbsp;&nbsp; (1.48) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) |
| February 26, 2021 (h) through June 30, 2021 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 0.94 | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.02) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Calculation of the net realized and unrealized gains (losses) per share do not correlate with the Fund's net realized and unrealized gains (losses) presented in the Statement of Operations due to the timing of capital transactions in relation to the fluctuating market values of the Fund's investments. 

(g) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(h) Commencement of operations.

(i) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

166 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $14.16 | &nbsp;&nbsp;&nbsp; 0.22% | $122873  | 0.85% (g) | 0.76% (g) | 0.86% (g) | 35% |
| &nbsp;&nbsp; 14.34 | &nbsp;&nbsp; (9.78) | &nbsp;&nbsp;&nbsp;&nbsp; 110840 | 0.85 | 0.57 | 0.89 | 29 |
| &nbsp;&nbsp; 15.96 | &nbsp;&nbsp;&nbsp; 6.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21446 | 0.85(g) | 0.60(g) | 1.00(g) | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 14.12 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp; 110406 | 1.35(g) | 0.26(g) | 1.36(g) | 35 |
| &nbsp;&nbsp; 14.30 | (10.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97285 | 1.35 | 0.07 | 1.39 | 29 |
| &nbsp;&nbsp; 15.95 | &nbsp;&nbsp;&nbsp; 6.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19229 | 1.35(g) | 0.09(g) | 1.51(g) | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 14.18 | &nbsp;&nbsp;&nbsp; 0.35 | &nbsp;&nbsp; 2384003 | 0.60(g) | 1.01(g) | 0.61(g) | 35 |
| &nbsp;&nbsp; 14.36 | &nbsp;&nbsp; (9.58) | &nbsp;&nbsp; 2257577 | 0.60 | 0.82 | 0.63 | 29 |
| &nbsp;&nbsp; 15.98 | &nbsp;&nbsp;&nbsp; 6.64 | &nbsp;&nbsp;&nbsp;&nbsp; 524074 | 0.60(g) | 0.81(g) | 0.80(g) | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 14.19 | &nbsp;&nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 464 | 0.45(g) | 1.20(g) | 0.46(g) | 35 |
| &nbsp;&nbsp; 14.37 | &nbsp;&nbsp; (9.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128 | 0.45 | 1.09 | 0.50 | 29 |
| &nbsp;&nbsp; 15.98 | &nbsp;&nbsp;&nbsp; 6.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | 0.45(g) | 0.96(g) | 3.22(g) | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 14.19 | &nbsp;&nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp;&nbsp; 160068 | 0.35(g) | 1.17(g) | 0.36(g) | 35 |
| &nbsp;&nbsp; 14.37 | &nbsp;&nbsp; (9.33) | &nbsp;&nbsp;&nbsp;&nbsp; 385463 | 0.35 | 1.03 | 0.38 | 29 |
| &nbsp;&nbsp; 15.98 | &nbsp;&nbsp;&nbsp; 6.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1796 | 0.35(g) | 1.10(g) | 0.64(g) | &nbsp;&nbsp; 7 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 167

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Large Cap Growth Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $44.12 | $0.10  | $0.77  | $0.87  | $(0.05)  | $(1.35)  | $(1.40) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 64.22 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (10.74) | &nbsp;&nbsp; (10.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (9.24) | &nbsp;&nbsp; (9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.04 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; 19.59 | &nbsp;&nbsp;&nbsp; 19.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.14) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 41.87 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; 11.39 | &nbsp;&nbsp;&nbsp; 11.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.21) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 42.44 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; 4.80 | &nbsp;&nbsp;&nbsp;&nbsp; 4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 38.23 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp; 9.92 | &nbsp;&nbsp;&nbsp;&nbsp; 9.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 29.67 | &nbsp;&nbsp; (0.01)(g) | &nbsp;&nbsp;&nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp;&nbsp; 0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.35) | &nbsp;&nbsp; (1.35) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 46.21 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp;&nbsp;&nbsp; (7.01) | &nbsp;&nbsp;&nbsp;&nbsp; (7.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (9.24) | &nbsp;&nbsp; (9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 35.43 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp;&nbsp; 14.33 | &nbsp;&nbsp;&nbsp; 13.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.14) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 32.33 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp; 8.48 | &nbsp;&nbsp;&nbsp;&nbsp; 8.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.21) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 34.20 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp; 3.64 | &nbsp;&nbsp;&nbsp;&nbsp; 3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 31.95 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp; 8.11 | &nbsp;&nbsp;&nbsp;&nbsp; 7.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 45.32 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp; 0.78 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (1.35) | &nbsp;&nbsp; (1.53) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 65.59 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp; (11.06) | &nbsp;&nbsp; (11.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (9.24) | &nbsp;&nbsp; (9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.91 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; 19.97 | &nbsp;&nbsp;&nbsp; 19.85 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.17) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 42.46 | &nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp; 11.59 | &nbsp;&nbsp;&nbsp; 11.68 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.23) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 42.86 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 4.87 | &nbsp;&nbsp;&nbsp;&nbsp; 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 38.47 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; 10.01 | &nbsp;&nbsp;&nbsp; 10.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 41.49 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp;&nbsp; 0.73 | &nbsp;&nbsp;&nbsp;&nbsp; 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (1.35) | &nbsp;&nbsp; (1.35) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 61.05 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (10.06) | &nbsp;&nbsp; (10.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (9.24) | &nbsp;&nbsp; (9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 45.90 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp; 18.68 | &nbsp;&nbsp;&nbsp; 18.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.14) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 40.32 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp; 10.90 | &nbsp;&nbsp;&nbsp; 10.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.21) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 41.17 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; 4.61 | &nbsp;&nbsp;&nbsp;&nbsp; 4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 37.33 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp;&nbsp;&nbsp; 9.65 | &nbsp;&nbsp;&nbsp;&nbsp; 9.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 44.45 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp;&nbsp; 0.77 | &nbsp;&nbsp;&nbsp;&nbsp; 0.87 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (1.35) | &nbsp;&nbsp; (1.42) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 64.64 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (10.83) | &nbsp;&nbsp; (10.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (9.24) | &nbsp;&nbsp; (9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.34 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp; 19.72 | &nbsp;&nbsp;&nbsp; 19.45 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.15) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 42.10 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; 11.46 | &nbsp;&nbsp;&nbsp; 11.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.21) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 42.64 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; 4.82 | &nbsp;&nbsp;&nbsp;&nbsp; 4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 38.39 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp; 9.94 | &nbsp;&nbsp;&nbsp;&nbsp; 9.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 45.23 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp; 0.77 | &nbsp;&nbsp;&nbsp;&nbsp; 0.93 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (1.35) | &nbsp;&nbsp; (1.53) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 65.47 | &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp; (11.02) | &nbsp;&nbsp; (11.00) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (9.24) | &nbsp;&nbsp; (9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.84 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp; 19.94 | &nbsp;&nbsp;&nbsp; 19.82 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.19) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 42.45 | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp; 11.58 | &nbsp;&nbsp;&nbsp; 11.66 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.27) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 42.85 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 4.87 | &nbsp;&nbsp;&nbsp;&nbsp; 4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 38.47 | &nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp; 9.98 | &nbsp;&nbsp;&nbsp;&nbsp; 9.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

168 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $43.59 | &nbsp;&nbsp;&nbsp; 1.82% | $3791611  | 0.93% (f) | 0.41% (f) | 1.01% (f) | &nbsp;&nbsp; 8% |
| &nbsp;&nbsp; 44.12 | (20.68) | &nbsp;&nbsp;&nbsp;&nbsp; 3734120 | 0.94 | (0.20) | 1.01 | 50 |
| &nbsp;&nbsp; 64.22 | 41.00 | &nbsp;&nbsp;&nbsp;&nbsp; 4970767 | 0.93 | (0.46) | 1.02 | 58 |
| &nbsp;&nbsp; 48.04 | 30.09 | &nbsp;&nbsp;&nbsp;&nbsp; 3280463 | 0.94 | (0.03) | 1.04 | 47 |
| &nbsp;&nbsp; 41.87 | 13.67 | &nbsp;&nbsp;&nbsp;&nbsp; 2466910 | 0.93 | (0.23) | 1.10 | 50 |
| &nbsp;&nbsp; 42.44 | 28.45 | &nbsp;&nbsp;&nbsp;&nbsp; 2481816 | 0.97 | (0.25) | 1.11 | 24 |
| &nbsp;&nbsp; 28.84 | &nbsp;&nbsp;&nbsp; 1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 530904 | 1.43(f) | (0.09)(f) | 1.51(f) | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; 29.67 | (21.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556002 | 1.44 | (0.71) | 1.51 | 50 |
| &nbsp;&nbsp; 46.21 | 40.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 780132 | 1.43 | (0.96) | 1.51 | 58 |
| &nbsp;&nbsp; 35.43 | 29.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 701820 | 1.44 | (0.53) | 1.54 | 47 |
| &nbsp;&nbsp; 32.33 | 13.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 518116 | 1.43 | (0.73) | 1.59 | 50 |
| &nbsp;&nbsp; 34.20 | 27.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 534199 | 1.47 | (0.75) | 1.60 | 24 |
| &nbsp;&nbsp; 44.73 | &nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp; 11122157 | 0.68(f) | 0.66(f) | 0.76(f) | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; 45.32 | (20.49) | &nbsp;&nbsp;&nbsp;&nbsp; 9509669 | 0.69 | 0.05 | 0.76 | 50 |
| &nbsp;&nbsp; 65.59 | 41.37 | &nbsp;&nbsp; 10983173 | 0.68 | (0.21) | 0.76 | 58 |
| &nbsp;&nbsp; 48.91 | 30.40 | &nbsp;&nbsp;&nbsp;&nbsp; 7058308 | 0.69 | 0.22 | 0.78 | 47 |
| &nbsp;&nbsp; 42.46 | 13.95 | &nbsp;&nbsp;&nbsp;&nbsp; 4691515 | 0.68 | 0.02 | 0.84 | 50 |
| &nbsp;&nbsp; 42.86 | 28.77 | &nbsp;&nbsp;&nbsp;&nbsp; 4413908 | 0.74 | (0.03) | 0.85 | 24 |
| &nbsp;&nbsp; 40.90 | &nbsp;&nbsp;&nbsp; 1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96973 | 1.18(f) | 0.16(f) | 1.27(f) | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; 41.49 | (20.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90916 | 1.19 | (0.46) | 1.26 | 50 |
| &nbsp;&nbsp; 61.05 | 40.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129541 | 1.18 | (0.71) | 1.26 | 58 |
| &nbsp;&nbsp; 45.90 | 29.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 118628 | 1.19 | (0.27) | 1.29 | 47 |
| &nbsp;&nbsp; 40.32 | 13.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138030 | 1.18 | (0.47) | 1.34 | 50 |
| &nbsp;&nbsp; 41.17 | 28.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156775 | 1.24 | (0.52) | 1.35 | 24 |
| &nbsp;&nbsp; 43.90 | &nbsp;&nbsp;&nbsp; 1.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239133 | 0.93(f) | 0.41(f) | 1.01(f) | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; 44.45 | (20.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205831 | 0.94 | (0.21) | 1.01 | 50 |
| &nbsp;&nbsp; 64.64 | 41.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264318 | 0.93 | (0.45) | 1.01 | 58 |
| &nbsp;&nbsp; 48.34 | 30.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90107 | 0.94 | (0.02) | 1.03 | 47 |
| &nbsp;&nbsp; 42.10 | 13.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45376 | 0.93 | (0.21) | 1.08 | 50 |
| &nbsp;&nbsp; 42.64 | 28.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6865 | 0.96 | (0.21) | 1.10 | 24 |
| &nbsp;&nbsp; 44.63 | &nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 199026 | 0.68(f) | 0.66(f) | 0.76(f) | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; 45.23 | (20.48) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137633 | 0.69 | 0.03 | 0.76 | 50 |
| &nbsp;&nbsp; 65.47 | 41.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 204814 | 0.68 | (0.20) | 0.76 | 58 |
| &nbsp;&nbsp; 48.84 | 30.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64792 | 0.69 | 0.19 | 0.78 | 47 |
| &nbsp;&nbsp; 42.45 | 13.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10740 | 0.68 | 0.02 | 0.83 | 50 |
| &nbsp;&nbsp; 42.85 | 28.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5930 | 0.73 | 0.02 | 0.85 | 24 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 169

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Large Cap Growth Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $46.91 | $0.20  | $0.81  | $1.01  | $(0.23)  | $(1.35)  | $(1.58) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 67.49 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp; (11.46) | &nbsp;&nbsp; (11.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (9.24) | &nbsp;&nbsp; (9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 50.20 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; 20.52 | &nbsp;&nbsp;&nbsp; 20.48 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.19) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 43.44 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 11.88 | &nbsp;&nbsp;&nbsp; 12.04 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 43.65 | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp;&nbsp; 5.00 | &nbsp;&nbsp;&nbsp;&nbsp; 5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 39.04 | &nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 10.16 | &nbsp;&nbsp;&nbsp; 10.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 47.51 | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp;&nbsp; 0.82 | &nbsp;&nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (1.35) | &nbsp;&nbsp; (1.64) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 68.18 | &nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp; (11.62) | &nbsp;&nbsp; (11.43) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (9.24) | &nbsp;&nbsp; (9.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 50.66 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 20.71 | &nbsp;&nbsp;&nbsp; 20.74 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (3.14) | &nbsp;&nbsp; (3.22) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 43.78 | &nbsp;&nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 11.99 | &nbsp;&nbsp;&nbsp; 12.20 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (5.21) | &nbsp;&nbsp; (5.32) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 43.95 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp;&nbsp; 5.03 | &nbsp;&nbsp;&nbsp;&nbsp; 5.14 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (5.28) | &nbsp;&nbsp; (5.31) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 39.23 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 10.23 | &nbsp;&nbsp;&nbsp; 10.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.61) | &nbsp;&nbsp; (5.61) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

170 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $46.34 | &nbsp;&nbsp;&nbsp; 2.02% | $615455  | 0.53% (f) | 0.81% (f) | 0.61% (f) | &nbsp;&nbsp; 8% |
| &nbsp;&nbsp; 46.91 | (20.37) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 629918 | 0.54 | 0.19 | 0.61 | 50 |
| &nbsp;&nbsp; 67.49 | 41.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956386 | 0.53 | (0.06) | 0.61 | 58 |
| &nbsp;&nbsp; 50.20 | 30.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 781380 | 0.54 | 0.38 | 0.63 | 47 |
| &nbsp;&nbsp; 43.44 | 14.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 702536 | 0.53 | 0.17 | 0.69 | 50 |
| &nbsp;&nbsp; 43.65 | 28.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 788766 | 0.59 | 0.14 | 0.70 | 24 |
| &nbsp;&nbsp; 46.92 | &nbsp;&nbsp;&nbsp; 2.07 | &nbsp;&nbsp; 20463111 | 0.43(f) | 0.91(f) | 0.51(f) | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; 47.51 | (20.29) | &nbsp;&nbsp; 16482609 | 0.44 | 0.30 | 0.51 | 50 |
| &nbsp;&nbsp; 68.18 | 41.70 | &nbsp;&nbsp; 19127249 | 0.43 | 0.04 | 0.51 | 58 |
| &nbsp;&nbsp; 50.66 | 30.75 | &nbsp;&nbsp; 11169668 | 0.44 | 0.47 | 0.53 | 47 |
| &nbsp;&nbsp; 43.78 | 14.23 | &nbsp;&nbsp;&nbsp;&nbsp; 7339387 | 0.43 | 0.27 | 0.58 | 50 |
| &nbsp;&nbsp; 43.95 | 29.08 | &nbsp;&nbsp;&nbsp;&nbsp; 5962328 | 0.48 | 0.24 | 0.60 | 24 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 171

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Large Cap Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $17.90 | $0.12 | $1.16  | $1.28  | $(0.13)  | $(0.79)  | $(0.92) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 20.48 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (1.02) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.56) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.72 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 7.73 | &nbsp;&nbsp;&nbsp; 7.84 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.08) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.11 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; (1.22) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.17) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 15.11 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.08) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.48 | &nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 0.89 | &nbsp;&nbsp;&nbsp; 1.04 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (1.41) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.01 | &nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 1.12 | &nbsp;&nbsp;&nbsp; 1.18 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.88) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 19.55 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (1.16) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.47) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.17 | &nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 7.39 | &nbsp;&nbsp;&nbsp; 7.41 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.03) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 13.49 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp; (1.32) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.11) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 14.51 | &nbsp;&nbsp; 0.10 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(g) | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.02) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 14.93 | &nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 0.86 | &nbsp;&nbsp;&nbsp; 0.92 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (1.34) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.53 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp; 1.28 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.94) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 20.10 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp; (1.19) | &nbsp;&nbsp; (0.96) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.61) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.49 | &nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 7.59 | &nbsp;&nbsp;&nbsp; 7.74 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.13) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 13.85 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.15) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.21) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 14.85 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.11) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.24 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; 0.87 | &nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (1.44) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.72 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp; 1.24 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.89) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 20.30 | &nbsp;&nbsp; 0.14 | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.51) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.61 | &nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp; 7.67 | &nbsp;&nbsp;&nbsp; 7.73 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.04) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 13.98 | &nbsp;&nbsp; 0.15 | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.14) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 14.99 | &nbsp;&nbsp; 0.14 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.05) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.39 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 0.86 | &nbsp;&nbsp;&nbsp; 0.97 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (1.37) |
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.49 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp; 1.26 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.92) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 20.09 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.59) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.48 | &nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 7.59 | &nbsp;&nbsp;&nbsp; 7.69 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.08) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 13.84 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (1.18) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.18) |
| October 1, 2018 (h) through June 30, 2019 | &nbsp;&nbsp; 15.63 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.04) |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.92 | &nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.30 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.94) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 20.50 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp; (1.23) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.61) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.73 | &nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; 7.77 | &nbsp;&nbsp;&nbsp; 7.89 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.12) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.11 | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp; (1.39) | &nbsp;&nbsp; (1.17) | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.21) |
| October 1, 2018 (h) through June 30, 2019 | &nbsp;&nbsp; 15.90 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.06) |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.75 | &nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp; 1.30 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.95) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 20.32 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp; (1.20) | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.63) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.62 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 7.68 | &nbsp;&nbsp;&nbsp; 7.85 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.15) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.00 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp; (1.39) | &nbsp;&nbsp; (1.15) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.23) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 14.99 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.13) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.37 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 0.88 | &nbsp;&nbsp;&nbsp; 1.09 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (1.47) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

172 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $18.26 | &nbsp;&nbsp; 7.03% | $282344  | 0.93% (f) | 1.23% (f) | 1.01% (f) | &nbsp;&nbsp; 70% |
| &nbsp;&nbsp; 17.90 | (5.22) | &nbsp;&nbsp;&nbsp;&nbsp; 235054 | 0.93 | 0.97 | 1.01 | 121 |
| &nbsp;&nbsp; 20.48 | 61.86 | &nbsp;&nbsp;&nbsp;&nbsp; 218302 | 0.93 | 0.62 | 1.04 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.72 | (8.66) | &nbsp;&nbsp;&nbsp;&nbsp; 119402 | 0.93 | 1.33 | 1.04 | 177 |
| &nbsp;&nbsp; 14.11 | &nbsp;&nbsp; 1.07 | &nbsp;&nbsp;&nbsp;&nbsp; 153809 | 0.93 | 1.19 | 1.04 | 162 |
| &nbsp;&nbsp; 15.11 | &nbsp;&nbsp; 6.52 | &nbsp;&nbsp;&nbsp;&nbsp; 236470 | 0.93 | 0.92 | 1.04 | 130 |
| &nbsp;&nbsp; 17.31 | &nbsp;&nbsp; 6.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93350 | 1.44(f) | 0.72(f) | 1.50(f) | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp; 17.01 | (5.70) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79663 | 1.44 | 0.48 | 1.51 | 121 |
| &nbsp;&nbsp; 19.55 | 60.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62488 | 1.43 | 0.11 | 1.50 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.17 | (9.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33769 | 1.44 | 0.81 | 1.52 | 177 |
| &nbsp;&nbsp; 13.49 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55009 | 1.44 | 0.70 | 1.52 | 162 |
| &nbsp;&nbsp; 14.51 | &nbsp;&nbsp; 5.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69445 | 1.44 | 0.42 | 1.52 | 130 |
| &nbsp;&nbsp; 17.87 | &nbsp;&nbsp; 7.20 | &nbsp;&nbsp; 1401639 | 0.69(f) | 1.46(f) | 0.76(f) | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp; 17.53 | (5.04) | &nbsp;&nbsp; 1275387 | 0.69 | 1.20 | 0.77 | 121 |
| &nbsp;&nbsp; 20.10 | 62.22 | &nbsp;&nbsp; 1418653 | 0.69 | 0.84 | 0.76 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.49 | (8.35) | &nbsp;&nbsp;&nbsp;&nbsp; 262414 | 0.69 | 1.57 | 0.76 | 177 |
| &nbsp;&nbsp; 13.85 | &nbsp;&nbsp; 1.31 | &nbsp;&nbsp;&nbsp;&nbsp; 301663 | 0.69 | 1.44 | 0.77 | 162 |
| &nbsp;&nbsp; 14.85 | &nbsp;&nbsp; 6.74 | &nbsp;&nbsp;&nbsp;&nbsp; 378058 | 0.70 | 1.19 | 0.77 | 130 |
| &nbsp;&nbsp; 18.07 | &nbsp;&nbsp; 6.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13623 | 1.19(f) | 0.96(f) | 1.26(f) | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp; 17.72 | (5.50) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12323 | 1.19 | 0.71 | 1.27 | 121 |
| &nbsp;&nbsp; 20.30 | 61.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11175 | 1.18 | 0.38 | 1.27 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.61 | (8.83) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17777 | 1.19 | 1.09 | 1.28 | 177 |
| &nbsp;&nbsp; 13.98 | &nbsp;&nbsp; 0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21489 | 1.19 | 0.97 | 1.29 | 162 |
| &nbsp;&nbsp; 14.99 | &nbsp;&nbsp; 6.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17046 | 1.21 | 0.68 | 1.30 | 130 |
| &nbsp;&nbsp; 17.83 | &nbsp;&nbsp; 7.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6700 | 0.94(f) | 1.22(f) | 1.00(f) | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp; 17.49 | (5.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6010 | 0.94 | 1.06 | 1.01 | 121 |
| &nbsp;&nbsp; 20.09 | 61.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | 0.94 | 0.63 | 1.04 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.48 | (8.59) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | 0.94 | 1.36 | 2.24 | 177 |
| &nbsp;&nbsp; 13.84 | (4.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | 0.94 | 1.28 | 1.17 | 162 |
| &nbsp;&nbsp; 18.28 | &nbsp;&nbsp; 7.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 596 | 0.69(f) | 1.47(f) | 0.76(f) | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp; 17.92 | (4.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495 | 0.69 | 1.32 | 0.77 | 121 |
| &nbsp;&nbsp; 20.50 | 62.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135 | 0.69 | 0.87 | 0.76 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.73 | (8.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11823 | 0.69 | 1.60 | 0.76 | 177 |
| &nbsp;&nbsp; 14.11 | (4.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14545 | 0.68 | 1.51 | 0.77 | 162 |
| &nbsp;&nbsp; 18.10 | &nbsp;&nbsp; 7.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26349 | 0.54(f) | 1.61(f) | 0.61(f) | &nbsp;&nbsp; 70 |
| &nbsp;&nbsp; 17.75 | (4.84) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23073 | 0.54 | 1.34 | 0.61 | 121 |
| &nbsp;&nbsp; 20.32 | 62.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24668 | 0.54 | 1.02 | 0.61 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.62 | (8.26) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18535 | 0.54 | 1.72 | 0.62 | 177 |
| &nbsp;&nbsp; 14.00 | &nbsp;&nbsp; 1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30522 | 0.54 | 1.61 | 0.63 | 162 |
| &nbsp;&nbsp; 14.99 | &nbsp;&nbsp; 6.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23166 | 0.55 | 1.33 | 0.63 | 130 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 173

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Large Cap Value Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $17.61 | $0.16 | $1.14  | $1.30  | $(0.17)  | $(0.79)  | $(0.96) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 20.18 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp; (1.20) | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp; (1.65) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.53 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 7.63 | &nbsp;&nbsp;&nbsp; 7.82 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.17) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 13.90 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp; (1.37) | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.25) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 14.90 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.91) | &nbsp;&nbsp; (1.14) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.28 | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp;&nbsp; 0.88 | &nbsp;&nbsp;&nbsp; 1.10 | &nbsp;&nbsp; (0.20) | &nbsp;&nbsp; (1.28) | &nbsp;&nbsp; (1.48) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Amount rounds to less than $0.005.

(h) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

174 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $17.95 | &nbsp;&nbsp; 7.30% | $1624420 | 0.44% (f) | 1.70% (f) | 0.50% (f) | &nbsp;&nbsp; 70% |
| &nbsp;&nbsp; 17.61 | (4.78) | &nbsp;&nbsp; 1564013 | 0.44 | 1.42 | 0.50 | 121 |
| &nbsp;&nbsp; 20.18 | 62.68 | &nbsp;&nbsp; 2606033 | 0.44 | 1.10 | 0.50 | &nbsp;&nbsp; 93 |
| &nbsp;&nbsp; 12.53 | (8.14) | &nbsp;&nbsp;&nbsp;&nbsp; 796259 | 0.44 | 1.86 | 0.51 | 177 |
| &nbsp;&nbsp; 13.90 | &nbsp;&nbsp; 1.52 | &nbsp;&nbsp;&nbsp;&nbsp; 834072 | 0.44 | 1.70 | 0.52 | 162 |
| &nbsp;&nbsp; 14.90 | &nbsp;&nbsp; 7.04 | &nbsp;&nbsp;&nbsp;&nbsp; 928167 | 0.46 | 1.41 | 0.52 | 130 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 175

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Applied Data Science Value Fund**  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $26.56 | $0.24 | $1.34  | $1.58  | $(0.26)  | $(1.26)  | $(1.52) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 36.38 | &nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp; (1.10) | &nbsp;&nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (8.75) | &nbsp;&nbsp; (9.17) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.83 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp; 11.10 | &nbsp;&nbsp; 11.52 | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.97) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 31.42 | &nbsp;&nbsp; 0.55(g) | &nbsp;&nbsp;&nbsp; (3.38) | &nbsp;&nbsp;&nbsp; (2.83) | &nbsp;&nbsp; (0.63) | &nbsp;&nbsp; (2.13) | &nbsp;&nbsp; (2.76) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 34.53 | &nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 1.04 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (4.15) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 35.54 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp;&nbsp; 4.10 | &nbsp;&nbsp;&nbsp;&nbsp; 4.63 | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (5.09) | &nbsp;&nbsp; (5.64) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 25.93 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp; 1.31 | &nbsp;&nbsp;&nbsp;&nbsp; 1.47 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.45) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 35.72 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; (1.04) | &nbsp;&nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (8.75) | &nbsp;&nbsp; (9.02) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.36 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp; 10.90 | &nbsp;&nbsp; 11.18 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.82) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 30.90 | &nbsp;&nbsp; 0.40(g) | &nbsp;&nbsp;&nbsp; (3.33) | &nbsp;&nbsp;&nbsp; (2.93) | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (2.13) | &nbsp;&nbsp; (2.61) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 34.06 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 0.86 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (4.02) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 35.14 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 4.05 | &nbsp;&nbsp;&nbsp;&nbsp; 4.40 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (5.09) | &nbsp;&nbsp; (5.48) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 26.89 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp;&nbsp; 1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 1.63 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.56) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 36.72 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp; (1.11) | &nbsp;&nbsp;&nbsp; (0.58) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (8.75) | &nbsp;&nbsp; (9.25) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.79 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp; 11.48 | &nbsp;&nbsp; 11.98 | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (1.05) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 31.62 | &nbsp;&nbsp; 0.62(g) | &nbsp;&nbsp;&nbsp; (3.66) | &nbsp;&nbsp;&nbsp; (3.04) | &nbsp;&nbsp; (0.66) | &nbsp;&nbsp; (2.13) | &nbsp;&nbsp; (2.79) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 34.71 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 1.12 | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (4.21) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 35.69 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp;&nbsp; 4.11 | &nbsp;&nbsp;&nbsp;&nbsp; 4.73 | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (5.09) | &nbsp;&nbsp; (5.71) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 26.18 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp;&nbsp; 1.33 | &nbsp;&nbsp;&nbsp;&nbsp; 1.51 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.48) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 35.99 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp; (1.07) | &nbsp;&nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (8.75) | &nbsp;&nbsp; (9.07) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.55 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp; 11.01 | &nbsp;&nbsp; 11.34 | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.90) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 31.12 | &nbsp;&nbsp; 0.47(g) | &nbsp;&nbsp;&nbsp; (3.35) | &nbsp;&nbsp;&nbsp; (2.88) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (2.13) | &nbsp;&nbsp; (2.69) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 34.26 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp;&nbsp; 0.94 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (4.08) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 35.33 | &nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp;&nbsp; 4.03 | &nbsp;&nbsp;&nbsp;&nbsp; 4.49 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (5.09) | &nbsp;&nbsp; (5.56) |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 26.95 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp; 1.36 | &nbsp;&nbsp;&nbsp;&nbsp; 1.64 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.56) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 36.78 | &nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp; (1.11) | &nbsp;&nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (8.75) | &nbsp;&nbsp; (9.27) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.66 | &nbsp;&nbsp; 0.59 | &nbsp;&nbsp; 11.63 | &nbsp;&nbsp; 12.22 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (1.10) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 31.73 | &nbsp;&nbsp; 0.67(g) | &nbsp;&nbsp;&nbsp; (3.87) | &nbsp;&nbsp;&nbsp; (3.20) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (2.13) | &nbsp;&nbsp; (2.87) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 34.80 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp;&nbsp; 0.56 | &nbsp;&nbsp;&nbsp;&nbsp; 1.18 | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (4.25) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 35.78 | &nbsp;&nbsp; 0.66 | &nbsp;&nbsp;&nbsp;&nbsp; 4.13 | &nbsp;&nbsp;&nbsp;&nbsp; 4.79 | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (5.09) | &nbsp;&nbsp; (5.77) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

176 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $26.62 | &nbsp;&nbsp;&nbsp; 5.89% | $47639  | 0.73% (f) | 1.71% (f) | 0.99% (f) | &nbsp;&nbsp; 4% |
| &nbsp;&nbsp; 26.56 | &nbsp;&nbsp; (4.07) | &nbsp;&nbsp;&nbsp;&nbsp; 49916 | 0.73 | 1.37 | 0.97 | 55 |
| &nbsp;&nbsp; 36.38 | 45.65 | &nbsp;&nbsp;&nbsp;&nbsp; 61187 | 0.83 | 1.37 | 0.99 | 72 |
| &nbsp;&nbsp; 25.83 | &nbsp;&nbsp; (9.96) | &nbsp;&nbsp;&nbsp;&nbsp; 49876 | 0.83 | 1.88(g) | 0.95 | 79 |
| &nbsp;&nbsp; 31.42 | &nbsp;&nbsp;&nbsp; 4.08 | &nbsp;&nbsp;&nbsp;&nbsp; 72888 | 0.82 | 1.49 | 1.01 | 88 |
| &nbsp;&nbsp; 34.53 | 13.39 | &nbsp;&nbsp;&nbsp;&nbsp; 86400 | 0.83 | 1.48 | 1.02 | 68 |
| &nbsp;&nbsp; 25.95 | &nbsp;&nbsp;&nbsp; 5.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5633 | 1.23(f) | 1.20(f) | 1.49(f) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 25.93 | &nbsp;&nbsp; (4.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7147 | 1.23 | 0.85 | 1.48 | 55 |
| &nbsp;&nbsp; 35.72 | 45.02 | &nbsp;&nbsp;&nbsp;&nbsp; 11211 | 1.33 | 0.91 | 1.50 | 72 |
| &nbsp;&nbsp; 25.36 | (10.46) | &nbsp;&nbsp;&nbsp;&nbsp; 11038 | 1.33 | 1.37(g) | 1.46 | 79 |
| &nbsp;&nbsp; 30.90 | &nbsp;&nbsp;&nbsp; 3.57 | &nbsp;&nbsp;&nbsp;&nbsp; 19139 | 1.32 | 0.99 | 1.52 | 88 |
| &nbsp;&nbsp; 34.06 | 12.84 | &nbsp;&nbsp;&nbsp;&nbsp; 23686 | 1.33 | 1.00 | 1.53 | 68 |
| &nbsp;&nbsp; 26.96 | &nbsp;&nbsp;&nbsp; 5.98 | &nbsp;&nbsp;&nbsp;&nbsp; 89338 | 0.49(f) | 1.95(f) | 0.74(f) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 26.89 | &nbsp;&nbsp; (3.84) | &nbsp;&nbsp;&nbsp;&nbsp; 94291 | 0.49 | 1.60 | 0.72 | 55 |
| &nbsp;&nbsp; 36.72 | 47.54 | &nbsp;&nbsp; 127530 | 0.59 | 1.62 | 0.74 | 72 |
| &nbsp;&nbsp; 25.79 | (10.69) | &nbsp;&nbsp; 113316 | 0.59 | 2.01(g) | 0.68 | 79 |
| &nbsp;&nbsp; 31.62 | &nbsp;&nbsp;&nbsp; 4.33 | &nbsp;&nbsp; 698989 | 0.58 | 1.74 | 0.76 | 88 |
| &nbsp;&nbsp; 34.71 | 13.65 | &nbsp;&nbsp; 772556 | 0.62 | 1.71 | 0.76 | 68 |
| &nbsp;&nbsp; 26.21 | &nbsp;&nbsp;&nbsp; 5.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2660 | 1.09(f) | 1.35(f) | 1.36(f) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 26.18 | &nbsp;&nbsp; (4.41) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2651 | 1.09 | 1.02 | 1.36 | 55 |
| &nbsp;&nbsp; 35.99 | 45.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3000 | 1.09 | 1.08 | 1.34 | 72 |
| &nbsp;&nbsp; 25.55 | (10.24) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2664 | 1.09 | 1.62(g) | 1.30 | 79 |
| &nbsp;&nbsp; 31.12 | &nbsp;&nbsp;&nbsp; 3.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4438 | 1.08 | 1.22 | 1.62 | 88 |
| &nbsp;&nbsp; 34.26 | 13.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5781 | 1.12 | 1.28 | 1.52 | 68 |
| &nbsp;&nbsp; 27.03 | &nbsp;&nbsp;&nbsp; 6.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3750 | 0.44(f) | 2.00(f) | 0.59(f) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 26.95 | &nbsp;&nbsp; (3.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3610 | 0.44 | 1.66 | 0.57 | 55 |
| &nbsp;&nbsp; 36.78 | 48.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4053 | 0.44 | 1.91 | 0.59 | 72 |
| &nbsp;&nbsp; 25.66 | (11.16) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4269 | 0.44 | 2.16(g) | 0.55 | 79 |
| &nbsp;&nbsp; 31.73 | &nbsp;&nbsp;&nbsp; 4.50 | &nbsp;&nbsp;&nbsp;&nbsp; 48910 | 0.43 | 1.89 | 0.61 | 88 |
| &nbsp;&nbsp; 34.80 | 13.80 | &nbsp;&nbsp;&nbsp;&nbsp; 90714 | 0.45 | 1.82 | 0.62 | 68 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 177

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Applied Data Science Value Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $26.95 | $0.30 | $1.36  | $1.66  | $(0.32)  | $(1.26)  | $(1.58) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 36.78 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp; (1.11) | &nbsp;&nbsp;&nbsp; (0.53) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (8.75) | &nbsp;&nbsp; (9.30) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 26.06 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp; 11.28 | &nbsp;&nbsp; 11.85 | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (1.13) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 31.74 | &nbsp;&nbsp; 0.70(g) | &nbsp;&nbsp;&nbsp; (3.47) | &nbsp;&nbsp;&nbsp; (2.77) | &nbsp;&nbsp; (0.78) | &nbsp;&nbsp; (2.13) | &nbsp;&nbsp; (2.91) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 34.80 | &nbsp;&nbsp; 0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp;&nbsp; 1.22 | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (3.64) | &nbsp;&nbsp; (4.28) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 35.78 | &nbsp;&nbsp; 0.69 | &nbsp;&nbsp;&nbsp;&nbsp; 4.13 | &nbsp;&nbsp;&nbsp;&nbsp; 4.82 | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (5.09) | &nbsp;&nbsp; (5.80) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Reflects special dividends paid out during the year by several of the Fund's holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.46, $0.30, $0.53, $0.38, $0.57 and $0.60 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 1.56%, 1.05%, 1.70%, 1.30%, 1.85% and 2.04% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

178 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $27.03 | &nbsp;&nbsp; 6.09% | $40798  | 0.34% (f) | 2.11% (f) | 0.49% (f) | &nbsp;&nbsp; 4% |
| &nbsp;&nbsp; 26.95 | (3.70) | &nbsp;&nbsp;&nbsp;&nbsp; 38883 | 0.34 | 1.78 | 0.47 | 55 |
| &nbsp;&nbsp; 36.78 | 46.60 | &nbsp;&nbsp;&nbsp;&nbsp; 69298 | 0.34 | 1.82 | 0.49 | 72 |
| &nbsp;&nbsp; 26.06 | (9.68) | &nbsp;&nbsp;&nbsp;&nbsp; 74603 | 0.34 | 2.37(g) | 0.44 | 79 |
| &nbsp;&nbsp; 31.74 | &nbsp;&nbsp; 4.63 | &nbsp;&nbsp; 133014 | 0.33 | 1.99 | 0.51 | 88 |
| &nbsp;&nbsp; 34.80 | 13.90 | &nbsp;&nbsp; 118726 | 0.37 | 1.90 | 0.52 | 68 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 179

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $17.48 | $0.07  | $0.20  | $0.27  | $(0.08)  | $(0.67)  | $(0.75) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.51 | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp; (1.81) | &nbsp;&nbsp; (1.73) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.30) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.22 | &nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp; 6.39 | &nbsp;&nbsp;&nbsp; 6.48 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.19) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.86 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 1.82 | &nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.57) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.48 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; 1.17 | &nbsp;&nbsp;&nbsp; 1.29 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.91) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.80 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 1.94 | &nbsp;&nbsp;&nbsp; 2.05 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.37) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 16.65 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; 0.21 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.71) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 20.61 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (1.69) | &nbsp;&nbsp; (1.72) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 15.60 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; 6.14 | &nbsp;&nbsp;&nbsp; 6.13 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.12) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.31 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 1.75 | &nbsp;&nbsp;&nbsp; 1.78 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.49) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 15.99 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 1.13 | &nbsp;&nbsp;&nbsp; 1.17 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.85) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.37 | &nbsp;&nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 1.89 | &nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.30) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.56 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; 0.28 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.77) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.59 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (1.81) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.35) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.27 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; 6.43 | &nbsp;&nbsp;&nbsp; 6.56 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.24) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.91 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 1.82 | &nbsp;&nbsp;&nbsp; 1.97 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.61) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.51 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 1.18 | &nbsp;&nbsp;&nbsp; 1.34 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.94) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.83 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 1.94 | &nbsp;&nbsp;&nbsp; 2.09 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.41) |
| **Class L** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.60 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.78) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.63 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp; (1.81) | &nbsp;&nbsp; (1.65) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.38) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.30 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 6.44 | &nbsp;&nbsp;&nbsp; 6.60 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.27) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.93 | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 1.83 | &nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.63) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.53 | &nbsp;&nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; 1.18 | &nbsp;&nbsp;&nbsp; 1.36 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.96) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.85 | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 1.94 | &nbsp;&nbsp;&nbsp; 2.11 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.43) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.25 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp; (0.06) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.73) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.26 | &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp; (1.78) | &nbsp;&nbsp; (1.76) | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.25) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.04 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 6.33 | &nbsp;&nbsp;&nbsp; 6.37 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.15) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.70 | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp; 1.80 | &nbsp;&nbsp;&nbsp; 1.87 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.53) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.34 | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.24 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.88) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.68 | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp;&nbsp; 1.99 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.33) |
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.40 | &nbsp;&nbsp;&nbsp; 0.07 | &nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 0.27 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.75) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.42 | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp; (1.80) | &nbsp;&nbsp; (1.72) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.30) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.15 | &nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp; 6.38 | &nbsp;&nbsp;&nbsp; 6.47 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.20) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.80 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 1.81 | &nbsp;&nbsp;&nbsp; 1.92 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.57) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.43 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.28 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.91) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.76 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp;&nbsp; 2.04 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.37) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

180 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $17.00 | &nbsp;&nbsp;&nbsp; 1.38% | $1670184 | 0.94% (f) | 0.81% (f) | 0.98% (f) | 20% |
| &nbsp;&nbsp; 17.48 | (10.04) | &nbsp;&nbsp; 1577771 | 0.94 | 0.37 | 0.98 | 53 |
| &nbsp;&nbsp; 21.51 | 41.18 | &nbsp;&nbsp; 1642046 | 0.94 | 0.46 | 0.98 | 60 |
| &nbsp;&nbsp; 16.22 | 12.59 | &nbsp;&nbsp; 1869111 | 0.94 | 0.70 | 0.99 | 84 |
| &nbsp;&nbsp; 15.86 | &nbsp;&nbsp;&nbsp; 9.18 | &nbsp;&nbsp; 1556392 | 0.94 | 0.76 | 0.99 | 91 |
| &nbsp;&nbsp; 16.48 | 13.20 | &nbsp;&nbsp; 1340858 | 0.94 | 0.69 | 1.01 | 97 |
| &nbsp;&nbsp; 16.15 | &nbsp;&nbsp;&nbsp; 1.08 | &nbsp;&nbsp;&nbsp;&nbsp; 350285 | 1.44(f) | 0.31(f) | 1.48(f) | 20 |
| &nbsp;&nbsp; 16.65 | (10.44) | &nbsp;&nbsp;&nbsp;&nbsp; 351674 | 1.44 | (0.13) | 1.48 | 53 |
| &nbsp;&nbsp; 20.61 | 40.52 | &nbsp;&nbsp;&nbsp;&nbsp; 367940 | 1.44 | (0.05) | 1.47 | 60 |
| &nbsp;&nbsp; 15.60 | 12.01 | &nbsp;&nbsp;&nbsp;&nbsp; 274741 | 1.44 | 0.19 | 1.49 | 84 |
| &nbsp;&nbsp; 15.31 | &nbsp;&nbsp;&nbsp; 8.63 | &nbsp;&nbsp;&nbsp;&nbsp; 289675 | 1.44 | 0.27 | 1.49 | 91 |
| &nbsp;&nbsp; 15.99 | 12.66 | &nbsp;&nbsp;&nbsp;&nbsp; 302297 | 1.44 | 0.19 | 1.50 | 97 |
| &nbsp;&nbsp; 17.07 | &nbsp;&nbsp;&nbsp; 1.46 | &nbsp;&nbsp; 2260809 | 0.69(f) | 1.06(f) | 0.73(f) | 20 |
| &nbsp;&nbsp; 17.56 | &nbsp;&nbsp; (9.78) | &nbsp;&nbsp; 1863855 | 0.69 | 0.63 | 0.73 | 53 |
| &nbsp;&nbsp; 21.59 | 41.64 | &nbsp;&nbsp; 1731572 | 0.69 | 0.69 | 0.72 | 60 |
| &nbsp;&nbsp; 16.27 | 12.82 | &nbsp;&nbsp; 1038998 | 0.69 | 0.94 | 0.73 | 84 |
| &nbsp;&nbsp; 15.91 | &nbsp;&nbsp;&nbsp; 9.47 | &nbsp;&nbsp; 1121609 | 0.69 | 1.03 | 0.74 | 91 |
| &nbsp;&nbsp; 16.51 | 13.44 | &nbsp;&nbsp; 1521535 | 0.71 | 0.92 | 0.75 | 97 |
| &nbsp;&nbsp; 17.12 | &nbsp;&nbsp;&nbsp; 1.58 | &nbsp;&nbsp; 1576475 | 0.54(f) | 1.21(f) | 0.58(f) | 20 |
| &nbsp;&nbsp; 17.60 | &nbsp;&nbsp; (9.63) | &nbsp;&nbsp; 1578191 | 0.54 | 0.76 | 0.57 | 53 |
| &nbsp;&nbsp; 21.63 | 41.81 | &nbsp;&nbsp; 1907620 | 0.54 | 0.83 | 0.58 | 60 |
| &nbsp;&nbsp; 16.30 | 13.03 | &nbsp;&nbsp; 1309531 | 0.55 | 1.08 | 0.59 | 84 |
| &nbsp;&nbsp; 15.93 | &nbsp;&nbsp;&nbsp; 9.60 | &nbsp;&nbsp; 1552520 | 0.55 | 1.16 | 0.60 | 91 |
| &nbsp;&nbsp; 16.53 | 13.56 | &nbsp;&nbsp; 1679995 | 0.57 | 1.05 | 0.60 | 97 |
| &nbsp;&nbsp; 16.77 | &nbsp;&nbsp;&nbsp; 1.27 | &nbsp;&nbsp;&nbsp;&nbsp; 225655 | 1.19(f) | 0.56(f) | 1.23(f) | 20 |
| &nbsp;&nbsp; 17.25 | (10.28) | &nbsp;&nbsp;&nbsp;&nbsp; 219960 | 1.19 | 0.11 | 1.23 | 53 |
| &nbsp;&nbsp; 21.26 | 40.92 | &nbsp;&nbsp;&nbsp;&nbsp; 269266 | 1.19 | 0.20 | 1.22 | 60 |
| &nbsp;&nbsp; 16.04 | 12.29 | &nbsp;&nbsp;&nbsp;&nbsp; 216689 | 1.19 | 0.44 | 1.23 | 84 |
| &nbsp;&nbsp; 15.70 | &nbsp;&nbsp;&nbsp; 8.89 | &nbsp;&nbsp;&nbsp;&nbsp; 244356 | 1.19 | 0.52 | 1.24 | 91 |
| &nbsp;&nbsp; 16.34 | 12.88 | &nbsp;&nbsp;&nbsp;&nbsp; 265675 | 1.21 | 0.42 | 1.25 | 97 |
| &nbsp;&nbsp; 16.92 | &nbsp;&nbsp;&nbsp; 1.39 | &nbsp;&nbsp;&nbsp;&nbsp; 164712 | 0.94(f) | 0.81(f) | 0.98(f) | 20 |
| &nbsp;&nbsp; 17.40 | (10.04) | &nbsp;&nbsp;&nbsp;&nbsp; 157177 | 0.94 | 0.37 | 0.97 | 53 |
| &nbsp;&nbsp; 21.42 | 41.30 | &nbsp;&nbsp;&nbsp;&nbsp; 174770 | 0.94 | 0.44 | 0.97 | 60 |
| &nbsp;&nbsp; 16.15 | 12.57 | &nbsp;&nbsp;&nbsp;&nbsp; 117991 | 0.94 | 0.70 | 0.98 | 84 |
| &nbsp;&nbsp; 15.80 | &nbsp;&nbsp;&nbsp; 9.14 | &nbsp;&nbsp;&nbsp;&nbsp; 111902 | 0.94 | 0.79 | 0.99 | 91 |
| &nbsp;&nbsp; 16.43 | 13.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61413 | 0.95 | 0.69 | 1.00 | 97 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 181

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Equity Fund (continued)** |  |  |  |  |  |  |  |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $17.52 | $0.10 | $0.19  | $0.29  | $(0.10)  | $(0.67)  | $(0.77) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.55 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (1.81) | &nbsp;&nbsp; (1.68) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.35) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.25 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; 6.41 | &nbsp;&nbsp;&nbsp; 6.54 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.24) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.89 | &nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 1.82 | &nbsp;&nbsp;&nbsp; 1.97 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.61) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.50 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; 1.33 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.94) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.82 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 1.93 | &nbsp;&nbsp;&nbsp; 2.09 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.41) |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.60 | &nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.79) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.64 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (1.66) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.38) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.31 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 6.44 | &nbsp;&nbsp;&nbsp; 6.60 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.27) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.94 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 1.83 | &nbsp;&nbsp;&nbsp; 2.00 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.63) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.54 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 1.17 | &nbsp;&nbsp;&nbsp; 1.36 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.96) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.85 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp;&nbsp; 2.13 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.44) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 17.65 | &nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.79) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 21.69 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp; (1.82) | &nbsp;&nbsp; (1.63) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (2.23) | &nbsp;&nbsp; (2.41) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.34 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; 6.46 | &nbsp;&nbsp;&nbsp; 6.64 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (1.11) | &nbsp;&nbsp; (1.29) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.97 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 1.83 | &nbsp;&nbsp;&nbsp; 2.02 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (1.46) | &nbsp;&nbsp; (1.65) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.56 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 1.19 | &nbsp;&nbsp;&nbsp; 1.39 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (1.79) | &nbsp;&nbsp; (1.98) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.87 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp;&nbsp; 2.14 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (1.26) | &nbsp;&nbsp; (1.45) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

182 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $17.04 | &nbsp;&nbsp; 1.51% | $57225  | 0.69% (f) | 1.06% (f) | 0.72% (f) | 20% |
| &nbsp;&nbsp; 17.52 | (9.80) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55292 | 0.69 | 0.63 | 0.72 | 53 |
| &nbsp;&nbsp; 21.55 | 41.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45443 | 0.69 | 0.69 | 0.72 | 60 |
| &nbsp;&nbsp; 16.25 | 12.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21651 | 0.69 | 0.95 | 0.73 | 84 |
| &nbsp;&nbsp; 15.89 | &nbsp;&nbsp; 9.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22870 | 0.69 | 1.08 | 0.75 | 91 |
| &nbsp;&nbsp; 16.50 | 13.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10531 | 0.70 | 0.94 | 0.75 | 97 |
| &nbsp;&nbsp; 17.12 | &nbsp;&nbsp; 1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 946984 | 0.54(f) | 1.21(f) | 0.57(f) | 20 |
| &nbsp;&nbsp; 17.60 | (9.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 911961 | 0.54 | 0.76 | 0.57 | 53 |
| &nbsp;&nbsp; 21.64 | 41.79 | &nbsp;&nbsp;&nbsp;&nbsp; 1089931 | 0.54 | 0.84 | 0.57 | 60 |
| &nbsp;&nbsp; 16.31 | 13.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 817671 | 0.54 | 1.09 | 0.58 | 84 |
| &nbsp;&nbsp; 15.94 | &nbsp;&nbsp; 9.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842888 | 0.54 | 1.17 | 0.59 | 91 |
| &nbsp;&nbsp; 16.54 | 13.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 938744 | 0.54 | 1.08 | 0.60 | 97 |
| &nbsp;&nbsp; 17.17 | &nbsp;&nbsp; 1.63 | &nbsp;&nbsp; 12052142 | 0.44(f) | 1.31(f) | 0.47(f) | 20 |
| &nbsp;&nbsp; 17.65 | (9.56) | &nbsp;&nbsp; 11891028 | 0.44 | 0.87 | 0.47 | 53 |
| &nbsp;&nbsp; 21.69 | 41.98 | &nbsp;&nbsp; 12615063 | 0.44 | 0.95 | 0.47 | 60 |
| &nbsp;&nbsp; 16.34 | 13.13 | &nbsp;&nbsp;&nbsp;&nbsp; 9272379 | 0.44 | 1.20 | 0.48 | 84 |
| &nbsp;&nbsp; 15.97 | &nbsp;&nbsp; 9.74 | &nbsp;&nbsp;&nbsp;&nbsp; 8559285 | 0.44 | 1.27 | 0.49 | 91 |
| &nbsp;&nbsp; 16.56 | 13.75 | &nbsp;&nbsp;&nbsp;&nbsp; 8937049 | 0.46 | 1.17 | 0.50 | 97 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 183

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. GARP Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $49.61 | $0.05  | $(0.49) | $(0.44) | $(0.02)  | $(1.94) | $(1.96) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 73.40 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (8.99) | &nbsp;&nbsp;&nbsp; (9.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (14.78) | &nbsp;&nbsp; (14.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 57.64 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; 21.89 | &nbsp;&nbsp; 21.88 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp;&nbsp;&nbsp; (5.60) | &nbsp;&nbsp;&nbsp;&nbsp; (6.12) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 56.61 | &nbsp;&nbsp;&nbsp; 0.63(g) | &nbsp;&nbsp;&nbsp;&nbsp; 7.41 | &nbsp;&nbsp;&nbsp;&nbsp; 8.04 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp;&nbsp;&nbsp; (6.67) | &nbsp;&nbsp;&nbsp;&nbsp; (7.01) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 59.09 | &nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 3.01 | &nbsp;&nbsp;&nbsp;&nbsp; 3.46 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp; (5.64) | &nbsp;&nbsp;&nbsp;&nbsp; (5.94) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 48.60 | &nbsp;&nbsp;&nbsp; 0.23 | &nbsp;&nbsp; 10.51 | &nbsp;&nbsp; 10.74 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.25) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 47.82 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp;&nbsp; (1.94) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 71.55 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp;&nbsp; (8.60) | &nbsp;&nbsp;&nbsp; (8.95) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (14.78) | &nbsp;&nbsp; (14.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 56.26 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; 21.36 | &nbsp;&nbsp; 21.04 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (5.60) | &nbsp;&nbsp;&nbsp;&nbsp; (5.75) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 55.45 | &nbsp;&nbsp;&nbsp; 0.35(g) | &nbsp;&nbsp;&nbsp;&nbsp; 7.22 | &nbsp;&nbsp;&nbsp;&nbsp; 7.57 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp;&nbsp; (6.67) | &nbsp;&nbsp;&nbsp;&nbsp; (6.76) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 58.00 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp;&nbsp; 2.97 | &nbsp;&nbsp;&nbsp;&nbsp; 3.13 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp; (5.64) | &nbsp;&nbsp;&nbsp;&nbsp; (5.68) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 47.72 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp; 10.32 | &nbsp;&nbsp; 10.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 51.05 | &nbsp;&nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp;&nbsp; (2.09) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 75.08 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; (9.28) | &nbsp;&nbsp;&nbsp; (9.13) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (14.78) | &nbsp;&nbsp; (14.90) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 58.80 | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp; 22.37 | &nbsp;&nbsp; 22.53 | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp;&nbsp;&nbsp; (5.60) | &nbsp;&nbsp;&nbsp;&nbsp; (6.25) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 57.60 | &nbsp;&nbsp;&nbsp; 0.79(g) | &nbsp;&nbsp;&nbsp;&nbsp; 7.54 | &nbsp;&nbsp;&nbsp;&nbsp; 8.33 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp; (6.67) | &nbsp;&nbsp;&nbsp;&nbsp; (7.13) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 60.04 | &nbsp;&nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp;&nbsp; 3.05 | &nbsp;&nbsp;&nbsp;&nbsp; 3.65 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp; (5.64) | &nbsp;&nbsp;&nbsp;&nbsp; (6.09) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 49.34 | &nbsp;&nbsp;&nbsp; 0.38 | &nbsp;&nbsp; 10.68 | &nbsp;&nbsp; 11.06 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.36) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 47.65 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp; (0.47) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp;&nbsp; (1.94) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 71.18 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; (8.57) | &nbsp;&nbsp;&nbsp; (8.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (14.78) | &nbsp;&nbsp; (14.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 56.08 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; 21.26 | &nbsp;&nbsp; 21.09 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp;&nbsp;&nbsp; (5.60) | &nbsp;&nbsp;&nbsp;&nbsp; (5.99) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 55.27 | &nbsp;&nbsp;&nbsp; 0.48(g) | &nbsp;&nbsp;&nbsp;&nbsp; 7.22 | &nbsp;&nbsp;&nbsp;&nbsp; 7.70 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp;&nbsp;&nbsp; (6.67) | &nbsp;&nbsp;&nbsp;&nbsp; (6.89) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 57.95 | &nbsp;&nbsp;&nbsp; 0.30 | &nbsp;&nbsp;&nbsp;&nbsp; 2.93 | &nbsp;&nbsp;&nbsp;&nbsp; 3.23 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp;&nbsp;&nbsp; (5.64) | &nbsp;&nbsp;&nbsp;&nbsp; (5.91) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 47.66 | &nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp; 10.31 | &nbsp;&nbsp; 10.40 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.11) |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 50.02 | &nbsp;&nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; (0.50) | &nbsp;&nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (1.94) | &nbsp;&nbsp;&nbsp;&nbsp; (2.18) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 73.80 | &nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; (9.05) | &nbsp;&nbsp;&nbsp; (8.81) | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (14.78) | &nbsp;&nbsp; (14.97) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 57.93 | &nbsp;&nbsp;&nbsp; 0.26 | &nbsp;&nbsp; 21.96 | &nbsp;&nbsp; 22.22 | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp;&nbsp; (5.60) | &nbsp;&nbsp;&nbsp;&nbsp; (6.35) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 56.82 | &nbsp;&nbsp;&nbsp; 0.86(g) | &nbsp;&nbsp;&nbsp;&nbsp; 7.47 | &nbsp;&nbsp;&nbsp;&nbsp; 8.33 | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp;&nbsp;&nbsp; (6.67) | &nbsp;&nbsp;&nbsp;&nbsp; (7.22) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 59.32 | &nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 2.99 | &nbsp;&nbsp;&nbsp;&nbsp; 3.67 | &nbsp;&nbsp; (0.53) | &nbsp;&nbsp;&nbsp;&nbsp; (5.64) | &nbsp;&nbsp;&nbsp;&nbsp; (6.17) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 48.76 | &nbsp;&nbsp;&nbsp; 0.46 | &nbsp;&nbsp; 10.56 | &nbsp;&nbsp; 11.02 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.46) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

184 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $47.21 | &nbsp;&nbsp; (1.13)% | $88007  | 0.84% (f) | 0.19% (f) | 0.91% (f) | 16% |
| &nbsp;&nbsp; 49.61 | (17.46) | &nbsp;&nbsp;&nbsp;&nbsp; 92344 | 0.84 | (0.03) | 0.91 | 44 |
| &nbsp;&nbsp; 73.40 | 40.08 | &nbsp;&nbsp; 119893 | 0.84 | (0.01) | 0.90 | 64 |
| &nbsp;&nbsp; 57.64 | 15.11 | &nbsp;&nbsp;&nbsp;&nbsp; 94017 | 0.84 | 1.15(g) | 0.94 | 96 |
| &nbsp;&nbsp; 56.61 | &nbsp;&nbsp;&nbsp; 7.06 | &nbsp;&nbsp; 106993 | 0.84 | 0.79 | 1.12 | 95 |
| &nbsp;&nbsp; 59.09 | 22.13 | &nbsp;&nbsp; 104167 | 0.86 | 0.42 | 1.11 | 69 |
| &nbsp;&nbsp; 45.34 | &nbsp;&nbsp; (1.38) | &nbsp;&nbsp;&nbsp;&nbsp; 14520 | 1.34(f) | (0.31)(f) | 1.41(f) | 16 |
| &nbsp;&nbsp; 47.82 | (17.87) | &nbsp;&nbsp;&nbsp;&nbsp; 19522 | 1.34 | (0.54) | 1.41 | 44 |
| &nbsp;&nbsp; 71.55 | 39.44 | &nbsp;&nbsp;&nbsp;&nbsp; 30159 | 1.34 | (0.50) | 1.40 | 64 |
| &nbsp;&nbsp; 56.26 | 14.50 | &nbsp;&nbsp;&nbsp;&nbsp; 31216 | 1.34 | 0.65(g) | 1.42 | 96 |
| &nbsp;&nbsp; 55.45 | &nbsp;&nbsp;&nbsp; 6.51 | &nbsp;&nbsp;&nbsp;&nbsp; 35931 | 1.34 | 0.29 | 1.61 | 95 |
| &nbsp;&nbsp; 58.00 | 21.54 | &nbsp;&nbsp;&nbsp;&nbsp; 37416 | 1.36 | (0.08) | 1.61 | 69 |
| &nbsp;&nbsp; 48.58 | &nbsp;&nbsp; (0.99) | &nbsp;&nbsp;&nbsp;&nbsp; 81025 | 0.59(f) | 0.44(f) | 0.66(f) | 16 |
| &nbsp;&nbsp; 51.05 | (17.25) | &nbsp;&nbsp;&nbsp;&nbsp; 86649 | 0.59 | 0.21 | 0.65 | 44 |
| &nbsp;&nbsp; 75.08 | 40.46 | &nbsp;&nbsp; 164959 | 0.59 | 0.25 | 0.65 | 64 |
| &nbsp;&nbsp; 58.80 | 15.38 | &nbsp;&nbsp; 141497 | 0.59 | 1.40(g) | 0.67 | 96 |
| &nbsp;&nbsp; 57.60 | &nbsp;&nbsp;&nbsp; 7.33 | &nbsp;&nbsp; 163324 | 0.59 | 1.04 | 0.86 | 95 |
| &nbsp;&nbsp; 60.04 | 22.45 | &nbsp;&nbsp; 196798 | 0.61 | 0.67 | 0.86 | 69 |
| &nbsp;&nbsp; 45.24 | &nbsp;&nbsp; (1.24) | &nbsp;&nbsp;&nbsp;&nbsp; 29872 | 1.09(f) | (0.06)(f) | 1.21(f) | 16 |
| &nbsp;&nbsp; 47.65 | (17.66) | &nbsp;&nbsp;&nbsp;&nbsp; 31751 | 1.09 | (0.29) | 1.20 | 44 |
| &nbsp;&nbsp; 71.18 | 39.73 | &nbsp;&nbsp;&nbsp;&nbsp; 45629 | 1.09 | (0.26) | 1.21 | 64 |
| &nbsp;&nbsp; 56.08 | 14.84 | &nbsp;&nbsp;&nbsp;&nbsp; 40305 | 1.09 | 0.90(g) | 1.25 | 96 |
| &nbsp;&nbsp; 55.27 | &nbsp;&nbsp;&nbsp; 6.78 | &nbsp;&nbsp;&nbsp;&nbsp; 45086 | 1.09 | 0.54 | 1.49 | 95 |
| &nbsp;&nbsp; 57.95 | 21.84 | &nbsp;&nbsp;&nbsp;&nbsp; 40763 | 1.10 | 0.16 | 1.37 | 69 |
| &nbsp;&nbsp; 47.49 | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp;&nbsp;&nbsp; 99355 | 0.44(f) | 0.59(f) | 0.50(f) | 16 |
| &nbsp;&nbsp; 50.02 | (17.12) | &nbsp;&nbsp; 103007 | 0.44 | 0.36 | 0.50 | 44 |
| &nbsp;&nbsp; 73.80 | 40.57 | &nbsp;&nbsp; 166478 | 0.44 | 0.39 | 0.50 | 64 |
| &nbsp;&nbsp; 57.93 | 15.63 | &nbsp;&nbsp; 189889 | 0.44 | 1.55(g) | 0.52 | 96 |
| &nbsp;&nbsp; 56.82 | &nbsp;&nbsp;&nbsp; 7.48 | &nbsp;&nbsp; 194550 | 0.44 | 1.19 | 0.71 | 95 |
| &nbsp;&nbsp; 59.32 | 22.66 | &nbsp;&nbsp; 201539 | 0.45 | 0.83 | 0.71 | 69 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 185

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. GARP Equity Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $50.02 | $0.18 | $(0.50) | $(0.32) | $(0.30)  | $(1.94) | $(2.24) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 73.81 | &nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp; (9.04) | &nbsp;&nbsp;&nbsp; (8.73) | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (14.78) | &nbsp;&nbsp; (15.06) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 57.93 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp; 21.96 | &nbsp;&nbsp; 22.29 | &nbsp;&nbsp; (0.81) | &nbsp;&nbsp;&nbsp;&nbsp; (5.60) | &nbsp;&nbsp;&nbsp;&nbsp; (6.41) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 56.81 | &nbsp;&nbsp; 0.91(g) | &nbsp;&nbsp;&nbsp;&nbsp; 7.49 | &nbsp;&nbsp;&nbsp;&nbsp; 8.40 | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp;&nbsp; (6.67) | &nbsp;&nbsp;&nbsp;&nbsp; (7.28) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 59.32 | &nbsp;&nbsp; 0.74 | &nbsp;&nbsp;&nbsp;&nbsp; 2.98 | &nbsp;&nbsp;&nbsp;&nbsp; 3.72 | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp;&nbsp;&nbsp; (5.64) | &nbsp;&nbsp;&nbsp;&nbsp; (6.23) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 48.74 | &nbsp;&nbsp; 0.51 | &nbsp;&nbsp; 10.56 | &nbsp;&nbsp; 11.07 | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.49) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Reflects special dividends paid out during the year by several of the Fund's holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.27, $(0.01), $0.41, $0.13, $0.49 and $0.55 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 0.48%, (0.02)%, 0.73%, 0.23%, 0.88% and 0.99% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

186 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $47.46 | &nbsp;&nbsp; (0.89)% | $616828 | 0.34% (f) | 0.69% (f) | 0.40% (f) | 16% |
| &nbsp;&nbsp; 50.02 | (17.03) | &nbsp;&nbsp; 642876 | 0.34 | 0.47 | 0.40 | 44 |
| &nbsp;&nbsp; 73.81 | 40.70 | &nbsp;&nbsp; 780470 | 0.34 | 0.50 | 0.40 | 64 |
| &nbsp;&nbsp; 57.93 | 15.76 | &nbsp;&nbsp; 617458 | 0.34 | 1.65(g) | 0.42 | 96 |
| &nbsp;&nbsp; 56.81 | &nbsp;&nbsp;&nbsp; 7.59 | &nbsp;&nbsp; 602454 | 0.34 | 1.29 | 0.61 | 95 |
| &nbsp;&nbsp; 59.32 | 22.78 | &nbsp;&nbsp; 588911 | 0.36 | 0.92 | 0.61 | 69 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 187

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Large Cap Core Plus Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $18.03 | $— (g) | $1.10  | $1.10  | $—  | $(4.84)  | $(4.84) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 26.84 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (1.95) | &nbsp;&nbsp; (2.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp; (6.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 24.58 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp;&nbsp; 9.21 | &nbsp;&nbsp;&nbsp; 9.11 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (6.82) | &nbsp;&nbsp; (6.85) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 27.51 | &nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 2.65 | &nbsp;&nbsp;&nbsp; 2.69 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (5.59) | &nbsp;&nbsp; (5.62) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 30.10 | &nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp; 1.53 | &nbsp;&nbsp;&nbsp; 1.58 | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.17) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 30.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(g) | &nbsp;&nbsp;&nbsp; 3.87 | &nbsp;&nbsp;&nbsp; 3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.12) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 15.48 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; 0.97 | &nbsp;&nbsp;&nbsp; 0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.84) | &nbsp;&nbsp; (4.84) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 24.01 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.58) | &nbsp;&nbsp; (1.75) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp; (6.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 22.67 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp;&nbsp; 8.37 | &nbsp;&nbsp;&nbsp; 8.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.82) | &nbsp;&nbsp; (6.82) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 25.88 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; 2.46 | &nbsp;&nbsp;&nbsp; 2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.59) | &nbsp;&nbsp; (5.59) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 28.65 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp; 1.43 | &nbsp;&nbsp;&nbsp; 1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.12) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 29.21 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp; 3.71 | &nbsp;&nbsp;&nbsp; 3.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.12) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 18.68 | &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 1.14 | &nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (4.84) | &nbsp;&nbsp; (4.86) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 27.53 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp; (2.05) | &nbsp;&nbsp; (2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp; (6.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.04 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; 9.41 | &nbsp;&nbsp;&nbsp; 9.38 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (6.82) | &nbsp;&nbsp; (6.89) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 27.94 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 2.69 | &nbsp;&nbsp;&nbsp; 2.79 | &nbsp;&nbsp; (0.10) | &nbsp;&nbsp; (5.59) | &nbsp;&nbsp; (5.69) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 30.51 | &nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; 1.54 | &nbsp;&nbsp;&nbsp; 1.67 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.24) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 30.66 | &nbsp;&nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp; 3.92 | &nbsp;&nbsp;&nbsp; 4.00 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.15) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 16.59 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; 1.03 | &nbsp;&nbsp;&nbsp; 1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.84) | &nbsp;&nbsp; (4.84) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 25.27 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (1.75) | &nbsp;&nbsp; (1.90) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp; (6.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 23.54 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp; 8.74 | &nbsp;&nbsp;&nbsp; 8.56 | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (6.82) | &nbsp;&nbsp; (6.83) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 26.62 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; 2.55 | &nbsp;&nbsp;&nbsp; 2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (5.59) | &nbsp;&nbsp; (5.59) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 29.31 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; 1.47 | &nbsp;&nbsp;&nbsp; 1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.12) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 29.74 | &nbsp;&nbsp; (0.09) | &nbsp;&nbsp;&nbsp; 3.78 | &nbsp;&nbsp;&nbsp; 3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.12) |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 18.91 | &nbsp;&nbsp;&nbsp; 0.02 | &nbsp;&nbsp;&nbsp; 1.15 | &nbsp;&nbsp;&nbsp; 1.17 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (4.84) | &nbsp;&nbsp; (4.87) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 27.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.09) | &nbsp;&nbsp; (2.09) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp; (6.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.20 | &nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp; 9.49 | &nbsp;&nbsp;&nbsp; 9.47 | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (6.82) | &nbsp;&nbsp; (6.89) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 28.08 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 2.71 | &nbsp;&nbsp;&nbsp; 2.82 | &nbsp;&nbsp; (0.11) | &nbsp;&nbsp; (5.59) | &nbsp;&nbsp; (5.70) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 30.65 | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp; 1.55 | &nbsp;&nbsp;&nbsp; 1.69 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.26) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 30.81 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 3.93 | &nbsp;&nbsp;&nbsp; 4.04 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.20) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

188 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 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)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(including securities <br>sold short)<br>|
| $14.29 | &nbsp;&nbsp;&nbsp; 5.06% | $212257  | 1.69% (h)(i) | (0.03)% (i) | 1.90% (i) | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 53% |
| &nbsp;&nbsp; 18.03 | (12.89) | &nbsp;&nbsp;&nbsp;&nbsp; 240209 | 1.85(j) | (0.33) | 2.00 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp; 26.84 | 42.30 | &nbsp;&nbsp;&nbsp;&nbsp; 335206 | 1.94(k) | (0.39) | 2.09 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp; 24.58 | 11.66 | &nbsp;&nbsp;&nbsp;&nbsp; 267701 | 1.92 | 0.19 | 2.08 | &nbsp;&nbsp; 85 | 134 |
| &nbsp;&nbsp; 27.51 | &nbsp;&nbsp;&nbsp; 6.84 | &nbsp;&nbsp;&nbsp;&nbsp; 678071 | 1.91 | 0.22 | 2.16 | &nbsp;&nbsp; 98 | 148 |
| &nbsp;&nbsp; 30.10 | 13.16 | &nbsp;&nbsp;&nbsp;&nbsp; 772656 | 2.01 | 0.01 | 2.26 | 110 | 161 |
| &nbsp;&nbsp; 11.57 | &nbsp;&nbsp;&nbsp; 4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27302 | 2.19(h)(i) | (0.53)(i) | 2.40(i) | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp; 15.48 | (13.31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28297 | 2.35(j) | (0.82) | 2.51 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp; 24.01 | 41.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36784 | 2.43(k) | (0.88) | 2.58 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp; 22.67 | 11.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59105 | 2.42 | (0.32) | 2.58 | &nbsp;&nbsp; 85 | 134 |
| &nbsp;&nbsp; 25.88 | &nbsp;&nbsp;&nbsp; 6.31 | &nbsp;&nbsp;&nbsp;&nbsp; 108332 | 2.42 | (0.29) | 2.67 | &nbsp;&nbsp; 98 | 148 |
| &nbsp;&nbsp; 28.65 | 12.58 | &nbsp;&nbsp;&nbsp;&nbsp; 158677 | 2.50 | (0.50) | 2.75 | 110 | 161 |
| &nbsp;&nbsp; 14.98 | &nbsp;&nbsp;&nbsp; 5.19 | &nbsp;&nbsp;&nbsp;&nbsp; 781217 | 1.44(h)(i) | 0.21(i) | 1.64(i) | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp; 18.68 | (12.70) | &nbsp;&nbsp;&nbsp;&nbsp; 970509 | 1.60(j) | (0.09) | 1.75 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp; 27.53 | 42.65 | &nbsp;&nbsp; 1702566 | 1.69(k) | (0.12) | 1.83 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp; 25.04 | 11.93 | &nbsp;&nbsp; 2189079 | 1.67 | 0.40 | 1.83 | &nbsp;&nbsp; 85 | 134 |
| &nbsp;&nbsp; 27.94 | &nbsp;&nbsp;&nbsp; 7.11 | &nbsp;&nbsp; 4740691 | 1.67 | 0.46 | 1.91 | &nbsp;&nbsp; 98 | 148 |
| &nbsp;&nbsp; 30.51 | 13.46 | &nbsp;&nbsp; 6169553 | 1.75 | 0.27 | 2.00 | 110 | 161 |
| &nbsp;&nbsp; 12.75 | &nbsp;&nbsp;&nbsp; 4.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4550 | 2.08(h)(i) | (0.41)(i) | 2.16(i) | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp; 16.59 | (13.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4602 | 2.20(j) | (0.67) | 2.26 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp; 25.27 | 41.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5838 | 2.29(k) | (0.74) | 2.34 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp; 23.54 | 11.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4560 | 2.27 | (0.13) | 2.34 | &nbsp;&nbsp; 85 | 134 |
| &nbsp;&nbsp; 26.62 | &nbsp;&nbsp;&nbsp; 6.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5304 | 2.27 | (0.14) | 2.45 | &nbsp;&nbsp; 98 | 148 |
| &nbsp;&nbsp; 29.31 | 12.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6528 | 2.31 | (0.30) | 2.52 | 110 | 161 |
| &nbsp;&nbsp; 15.21 | &nbsp;&nbsp;&nbsp; 5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25681 | 1.43(h)(i) | 0.24(i) | 1.49(i) | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 53 |
| &nbsp;&nbsp; 18.91 | (12.65) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27541 | 1.55(j) | (0.02) | 1.60 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp; 27.78 | 42.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34191 | 1.64(k) | (0.08) | 1.68 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp; 25.20 | 11.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38447 | 1.62 | 0.46 | 1.67 | &nbsp;&nbsp; 85 | 134 |
| &nbsp;&nbsp; 28.08 | &nbsp;&nbsp;&nbsp; 7.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99113 | 1.62 | 0.51 | 1.76 | &nbsp;&nbsp; 98 | 148 |
| &nbsp;&nbsp; 30.65 | 13.57 | &nbsp;&nbsp;&nbsp;&nbsp; 126084 | 1.65 | 0.37 | 1.85 | 110 | 161 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 189

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Large Cap Core Plus Fund (continued)** |  |  |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $18.90 | $0.03 | $1.16  | $1.19  | $(0.05)  | $(4.84)  | $(4.89) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 27.75 | &nbsp;&nbsp; 0.02 | &nbsp;&nbsp; (2.09) | &nbsp;&nbsp; (2.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (6.78) | &nbsp;&nbsp; (6.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 25.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(g) | &nbsp;&nbsp;&nbsp; 9.47 | &nbsp;&nbsp;&nbsp; 9.47 | &nbsp;&nbsp; (0.08) | &nbsp;&nbsp; (6.82) | &nbsp;&nbsp; (6.90) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 28.07 | &nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp; 2.70 | &nbsp;&nbsp;&nbsp; 2.84 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (5.59) | &nbsp;&nbsp; (5.73) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 30.63 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp; 1.56 | &nbsp;&nbsp;&nbsp; 1.73 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.29) |
| November 1, 2017 (l) through June 30, 2018 | &nbsp;&nbsp; 32.99 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp; 1.79 | &nbsp;&nbsp;&nbsp; 1.88 | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (4.12) | &nbsp;&nbsp; (4.24) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) nan

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **June 30, 2022** | **June 30, 2021** | **June 30, 2020** | **June 30, 2019** | **June 30, 2018** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses (excluding dividend and <br> interest expense for securities sold <br> short)<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 1.05% | 1.10% | 1.10% | 1.10% | 1.09% | 1.15% |
| &nbsp;&nbsp;&nbsp; Class C | 1.55% | 1.60% | 1.59% | 1.60% | 1.60% | 1.65% |
| &nbsp;&nbsp;&nbsp; Class I | 0.80% | 0.85% | 0.85% | 0.85% | 0.85% | 0.90% |
| &nbsp;&nbsp;&nbsp; Class R2 | 1.43% | 1.45% | 1.45% | 1.45% | 1.45% | 1.47% |
| &nbsp;&nbsp;&nbsp; Class R5 | 0.79% | 0.80% | 0.80% | 0.80% | 0.80% | 0.79% |
| &nbsp;&nbsp;&nbsp; Class R6 | 0.68% | 0.70% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without waivers and <br> reimbursements (excluding dividend <br> and interest expense for securities <br> sold short)<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | 1.26% | 1.25% | 1.25% | 1.26% | 1.34% | 1.40% |
| &nbsp;&nbsp;&nbsp; Class C | 1.76% | 1.76% | 1.74% | 1.76% | 1.85% | 1.90% |
| &nbsp;&nbsp;&nbsp; Class I | 1.00% | 1.00% | 0.99% | 1.01% | 1.09% | 1.15% |
| &nbsp;&nbsp;&nbsp; Class R2 | 1.51% | 1.51% | 1.50% | 1.52% | 1.63% | 1.67% |
| &nbsp;&nbsp;&nbsp; Class R5 | 0.85% | 0.85% | 0.84% | 0.85% | 0.94% | 1.00% |
| &nbsp;&nbsp;&nbsp; Class R6 | 0.75% | 0.75% | 0.74% | 0.75% | 0.85% | 0.90% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(g) Amount rounds to less than $0.005.

(h) Interest expense on securities sold short is 0.01%.

(i) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(j) Interest expense on securities sold short is 0.62%.

(k) Interest expense on securities sold short is 0.16%.

(l) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

190 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 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)<br>| &nbsp;&nbsp; Portfolio <br>turnover rate <br>(including securities <br>sold short)<br>|
| $15.20 | &nbsp;&nbsp;&nbsp; 5.28% | $248763  | 1.31% (h)(i) | 0.33% (i) | 1.38% (i) | &nbsp;&nbsp; 36% | &nbsp;&nbsp; 53% |
| &nbsp;&nbsp; 18.90 | (12.58) | &nbsp;&nbsp;&nbsp;&nbsp; 365912 | 1.45(j) | 0.07 | 1.50 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 91 |
| &nbsp;&nbsp; 27.75 | 42.86 | &nbsp;&nbsp;&nbsp;&nbsp; 536661 | 1.54(k) | 0.01 | 1.58 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 96 |
| &nbsp;&nbsp; 25.18 | 12.10 | &nbsp;&nbsp;&nbsp;&nbsp; 491414 | 1.52 | 0.58 | 1.57 | &nbsp;&nbsp; 85 | 134 |
| &nbsp;&nbsp; 28.07 | &nbsp;&nbsp;&nbsp; 7.30 | &nbsp;&nbsp;&nbsp;&nbsp; 787497 | 1.52 | 0.59 | 1.67 | &nbsp;&nbsp; 98 | 148 |
| &nbsp;&nbsp; 30.63 | &nbsp;&nbsp;&nbsp; 6.10 | &nbsp;&nbsp; 1795125 | 1.54 | 0.44 | 1.74 | 110 | 161 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 191

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Research Enhanced Equity Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $28.88 | $0.15 | $0.44  | $0.59  | $(0.18)  | $(0.45)  | $(0.63) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 36.46 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; (3.20) | &nbsp;&nbsp;&nbsp; (2.93) | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (4.40) | &nbsp;&nbsp; (4.65) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 26.55 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp; 10.81 | &nbsp;&nbsp; 11.08 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (1.17) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 27.38 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp;&nbsp; 1.80 | &nbsp;&nbsp;&nbsp;&nbsp; 2.18 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (2.70) | &nbsp;&nbsp; (3.01) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 28.37 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp;&nbsp; 1.96 | &nbsp;&nbsp;&nbsp;&nbsp; 2.30 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (2.93) | &nbsp;&nbsp; (3.29) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 25.40 | &nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp;&nbsp; 2.96 | &nbsp;&nbsp;&nbsp;&nbsp; 3.27 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.30) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 29.26 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp;&nbsp; 0.63 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.66) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 36.89 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp;&nbsp; (3.26) | &nbsp;&nbsp;&nbsp; (2.90) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (4.40) | &nbsp;&nbsp; (4.73) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 26.85 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp; 10.94 | &nbsp;&nbsp; 11.29 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (1.25) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 27.65 | &nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 1.83 | &nbsp;&nbsp;&nbsp;&nbsp; 2.28 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (2.70) | &nbsp;&nbsp; (3.08) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 28.61 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 1.98 | &nbsp;&nbsp;&nbsp;&nbsp; 2.39 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (2.93) | &nbsp;&nbsp; (3.35) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 25.62 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp;&nbsp; 2.98 | &nbsp;&nbsp;&nbsp;&nbsp; 3.37 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.38) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 29.21 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp;&nbsp; 0.65 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.68) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 36.84 | &nbsp;&nbsp; 0.40 | &nbsp;&nbsp;&nbsp; (3.26) | &nbsp;&nbsp;&nbsp; (2.86) | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (4.40) | &nbsp;&nbsp; (4.77) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 26.81 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp; 10.93 | &nbsp;&nbsp; 11.31 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (1.28) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 27.62 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp;&nbsp; 1.81 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (2.70) | &nbsp;&nbsp; (3.10) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 28.57 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp;&nbsp; 1.98 | &nbsp;&nbsp;&nbsp;&nbsp; 2.42 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (2.93) | &nbsp;&nbsp; (3.37) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 25.59 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 2.97 | &nbsp;&nbsp;&nbsp;&nbsp; 3.38 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.40) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

192 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $28.84 | &nbsp;&nbsp;&nbsp; 1.98% | $162851  | 0.60% (f) | 1.02% (f) | 0.84% (f) | 17% |
| &nbsp;&nbsp; 28.88 | (10.33) | &nbsp;&nbsp;&nbsp;&nbsp; 145624 | 0.60 | 0.77 | 0.84 | 30 |
| &nbsp;&nbsp; 36.46 | 42.55 | &nbsp;&nbsp;&nbsp;&nbsp; 180296 | 0.60 | 0.85 | 0.84 | 35 |
| &nbsp;&nbsp; 26.55 | &nbsp;&nbsp;&nbsp; 9.08 | &nbsp;&nbsp;&nbsp;&nbsp; 183005 | 0.60 | 1.45 | 0.85 | 59 |
| &nbsp;&nbsp; 27.38 | &nbsp;&nbsp;&nbsp; 9.39 | &nbsp;&nbsp;&nbsp;&nbsp; 207809 | 0.60 | 1.24 | 0.85 | 42 |
| &nbsp;&nbsp; 28.37 | 12.92 | &nbsp;&nbsp;&nbsp;&nbsp; 278766 | 0.60 | 1.13 | 0.85 | 45 |
| &nbsp;&nbsp; 29.23 | &nbsp;&nbsp;&nbsp; 2.12 | &nbsp;&nbsp;&nbsp;&nbsp; 625171 | 0.35(f) | 1.27(f) | 0.58(f) | 17 |
| &nbsp;&nbsp; 29.26 | (10.13) | &nbsp;&nbsp;&nbsp;&nbsp; 611102 | 0.35 | 1.02 | 0.59 | 30 |
| &nbsp;&nbsp; 36.89 | 42.92 | &nbsp;&nbsp;&nbsp;&nbsp; 686545 | 0.35 | 1.09 | 0.58 | 35 |
| &nbsp;&nbsp; 26.85 | &nbsp;&nbsp;&nbsp; 9.38 | &nbsp;&nbsp;&nbsp;&nbsp; 204193 | 0.35 | 1.70 | 0.59 | 59 |
| &nbsp;&nbsp; 27.65 | &nbsp;&nbsp;&nbsp; 9.65 | &nbsp;&nbsp;&nbsp;&nbsp; 232077 | 0.35 | 1.50 | 0.59 | 42 |
| &nbsp;&nbsp; 28.61 | 13.19 | &nbsp;&nbsp;&nbsp;&nbsp; 268898 | 0.35 | 1.39 | 0.60 | 45 |
| &nbsp;&nbsp; 29.18 | &nbsp;&nbsp;&nbsp; 2.18 | &nbsp;&nbsp; 5774298 | 0.25(f) | 1.36(f) | 0.33(f) | 17 |
| &nbsp;&nbsp; 29.21 | (10.05) | &nbsp;&nbsp; 5994312 | 0.25 | 1.15 | 0.34 | 30 |
| &nbsp;&nbsp; 36.84 | 43.09 | &nbsp;&nbsp; 4185201 | 0.25 | 1.19 | 0.33 | 35 |
| &nbsp;&nbsp; 26.81 | &nbsp;&nbsp;&nbsp; 9.47 | &nbsp;&nbsp; 3585672 | 0.25 | 1.79 | 0.34 | 59 |
| &nbsp;&nbsp; 27.62 | &nbsp;&nbsp;&nbsp; 9.78 | &nbsp;&nbsp; 4953109 | 0.25 | 1.60 | 0.34 | 42 |
| &nbsp;&nbsp; 28.57 | 13.28 | &nbsp;&nbsp; 5712617 | 0.25 | 1.50 | 0.34 | 45 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 193

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Sustainable Leaders Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $48.80 | $0.21 | $1.16  | $1.37  | $(0.49)  | $—  | $(0.49) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 59.20 | &nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp; (8.35) | &nbsp;&nbsp;&nbsp; (7.96) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp; (2.44) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 42.76 | &nbsp;&nbsp; 0.42 | &nbsp;&nbsp; 16.81 | &nbsp;&nbsp; 17.23 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.79) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 41.85 | &nbsp;&nbsp; 0.47 | &nbsp;&nbsp;&nbsp;&nbsp; 3.52 | &nbsp;&nbsp;&nbsp;&nbsp; 3.99 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (2.65) | &nbsp;&nbsp; (3.08) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 41.28 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp;&nbsp; 3.21 | &nbsp;&nbsp;&nbsp;&nbsp; 3.71 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (2.73) | &nbsp;&nbsp; (3.14) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 39.35 | &nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp;&nbsp; 4.05 | &nbsp;&nbsp;&nbsp;&nbsp; 4.63 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (2.22) | &nbsp;&nbsp; (2.70) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 47.61 | &nbsp;&nbsp; 0.08 | &nbsp;&nbsp;&nbsp;&nbsp; 1.13 | &nbsp;&nbsp;&nbsp;&nbsp; 1.21 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.19) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 57.87 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp; (8.14) | &nbsp;&nbsp;&nbsp; (8.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp; (2.21) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 41.80 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp; 16.43 | &nbsp;&nbsp; 16.59 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.52) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 40.98 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 3.44 | &nbsp;&nbsp;&nbsp;&nbsp; 3.69 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (2.65) | &nbsp;&nbsp; (2.87) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 40.44 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp; 3.16 | &nbsp;&nbsp;&nbsp;&nbsp; 3.45 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (2.73) | &nbsp;&nbsp; (2.91) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 38.51 | &nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp;&nbsp; 3.92 | &nbsp;&nbsp;&nbsp;&nbsp; 4.33 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (2.22) | &nbsp;&nbsp; (2.40) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 49.27 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 1.44 | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.61) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 59.71 | &nbsp;&nbsp; 0.54 | &nbsp;&nbsp;&nbsp; (8.43) | &nbsp;&nbsp;&nbsp; (7.89) | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp; (2.55) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 43.11 | &nbsp;&nbsp; 0.55 | &nbsp;&nbsp; 16.95 | &nbsp;&nbsp; 17.50 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.90) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 42.15 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp;&nbsp; 3.56 | &nbsp;&nbsp;&nbsp;&nbsp; 4.13 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (2.65) | &nbsp;&nbsp; (3.17) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 41.56 | &nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp;&nbsp; 3.23 | &nbsp;&nbsp;&nbsp;&nbsp; 3.83 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (2.73) | &nbsp;&nbsp; (3.24) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 39.59 | &nbsp;&nbsp; 0.66 | &nbsp;&nbsp;&nbsp;&nbsp; 4.10 | &nbsp;&nbsp;&nbsp;&nbsp; 4.76 | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (2.22) | &nbsp;&nbsp; (2.79) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 49.27 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 1.45 | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (0.64) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 59.69 | &nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp; (8.42) | &nbsp;&nbsp;&nbsp; (7.85) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (2.21) | &nbsp;&nbsp; (2.57) |
| September 30, 2020 (g) through June 30, 2021 | &nbsp;&nbsp; 46.79 | &nbsp;&nbsp; 0.43 | &nbsp;&nbsp; 13.40 | &nbsp;&nbsp; 13.83 | &nbsp;&nbsp; (0.44) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.93) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

194 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $49.68 | &nbsp;&nbsp;&nbsp; 2.81% | $38436 | 0.64% (f) | 0.83% (f) | 1.00% (f) | 18% |
| &nbsp;&nbsp; 48.80 | (14.36) | &nbsp;&nbsp; 37387 | 0.64 | 0.67 | 1.03 | 39 |
| &nbsp;&nbsp; 59.20 | 40.64 | &nbsp;&nbsp; 24169 | 0.64 | 0.80 | 1.23 | 44 |
| &nbsp;&nbsp; 42.76 | &nbsp;&nbsp;&nbsp; 9.57 | &nbsp;&nbsp; 11178 | 0.82 | 1.12 | 1.53 | 99 |
| &nbsp;&nbsp; 41.85 | &nbsp;&nbsp;&nbsp; 9.90 | &nbsp;&nbsp; 10828 | 0.83 | 1.22 | 1.73 | 97 |
| &nbsp;&nbsp; 41.28 | 11.88 | &nbsp;&nbsp;&nbsp;&nbsp; 9497 | 0.90 | 1.41 | 1.92 | 38 |
| &nbsp;&nbsp; 48.63 | &nbsp;&nbsp;&nbsp; 2.54 | &nbsp;&nbsp;&nbsp;&nbsp; 4288 | 1.14(f) | 0.33(f) | 1.52(f) | 18 |
| &nbsp;&nbsp; 47.61 | (14.77) | &nbsp;&nbsp;&nbsp;&nbsp; 4668 | 1.14 | 0.16 | 1.55 | 39 |
| &nbsp;&nbsp; 57.87 | 39.94 | &nbsp;&nbsp;&nbsp;&nbsp; 3794 | 1.13 | 0.32 | 1.72 | 44 |
| &nbsp;&nbsp; 41.80 | &nbsp;&nbsp;&nbsp; 9.03 | &nbsp;&nbsp;&nbsp;&nbsp; 2735 | 1.32 | 0.62 | 2.07 | 99 |
| &nbsp;&nbsp; 40.98 | &nbsp;&nbsp;&nbsp; 9.34 | &nbsp;&nbsp;&nbsp;&nbsp; 2949 | 1.33 | 0.73 | 2.22 | 97 |
| &nbsp;&nbsp; 40.44 | 11.35 | &nbsp;&nbsp;&nbsp;&nbsp; 3277 | 1.42 | 1.01 | 2.45 | 38 |
| &nbsp;&nbsp; 50.10 | &nbsp;&nbsp;&nbsp; 2.92 | &nbsp;&nbsp; 76720 | 0.39(f) | 1.07(f) | 0.74(f) | 18 |
| &nbsp;&nbsp; 49.27 | (14.15) | &nbsp;&nbsp; 98142 | 0.39 | 0.92 | 0.77 | 39 |
| &nbsp;&nbsp; 59.71 | 40.99 | &nbsp;&nbsp; 62431 | 0.39 | 1.06 | 0.96 | 44 |
| &nbsp;&nbsp; 43.11 | &nbsp;&nbsp;&nbsp; 9.86 | &nbsp;&nbsp; 26787 | 0.57 | 1.37 | 1.25 | 99 |
| &nbsp;&nbsp; 42.15 | 10.18 | &nbsp;&nbsp; 16908 | 0.58 | 1.46 | 1.45 | 97 |
| &nbsp;&nbsp; 41.56 | 12.16 | &nbsp;&nbsp;&nbsp;&nbsp; 9172 | 0.64 | 1.59 | 1.63 | 38 |
| &nbsp;&nbsp; 50.08 | &nbsp;&nbsp;&nbsp; 2.95 | &nbsp;&nbsp; 46898 | 0.34(f) | 1.13(f) | 0.49(f) | 18 |
| &nbsp;&nbsp; 49.27 | (14.09) | &nbsp;&nbsp; 45209 | 0.34 | 0.97 | 0.52 | 39 |
| &nbsp;&nbsp; 59.69 | 29.93 | &nbsp;&nbsp; 25156 | 0.34 | 1.05 | 0.70 | 44 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 195

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Value Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $60.21 | $0.43 | $4.67  | $5.10  | $(0.50)  | $(0.16)  | $(0.66) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 64.61 | &nbsp;&nbsp; 0.74 | &nbsp;&nbsp;&nbsp; (3.22) | &nbsp;&nbsp;&nbsp; (2.48) | &nbsp;&nbsp; (0.71) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (1.92) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 45.62 | &nbsp;&nbsp; 0.64 | &nbsp;&nbsp; 19.59 | &nbsp;&nbsp; 20.23 | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.24) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 49.84 | &nbsp;&nbsp; 0.79 | &nbsp;&nbsp;&nbsp; (3.18) | &nbsp;&nbsp;&nbsp; (2.39) | &nbsp;&nbsp; (0.76) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.83) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 49.77 | &nbsp;&nbsp; 0.85 | &nbsp;&nbsp;&nbsp;&nbsp; 2.21 | &nbsp;&nbsp;&nbsp;&nbsp; 3.06 | &nbsp;&nbsp; (0.85) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.99) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 46.85 | &nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp;&nbsp; 4.98 | &nbsp;&nbsp;&nbsp;&nbsp; 5.62 | &nbsp;&nbsp; (0.62) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.70) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 53.16 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp;&nbsp; 4.12 | &nbsp;&nbsp;&nbsp;&nbsp; 4.36 | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.54) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 57.32 | &nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp; (2.84) | &nbsp;&nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (1.70) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 40.63 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp; 17.40 | &nbsp;&nbsp; 17.72 | &nbsp;&nbsp; (0.39) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.03) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 44.59 | &nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; (2.81) | &nbsp;&nbsp;&nbsp; (2.33) | &nbsp;&nbsp; (0.56) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.63) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 44.91 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp;&nbsp; 1.98 | &nbsp;&nbsp;&nbsp;&nbsp; 2.51 | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.83) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 42.54 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 4.51 | &nbsp;&nbsp;&nbsp;&nbsp; 4.86 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.49) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 64.02 | &nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp;&nbsp; 4.96 | &nbsp;&nbsp;&nbsp;&nbsp; 5.51 | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.73) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 68.55 | &nbsp;&nbsp; 0.97 | &nbsp;&nbsp;&nbsp; (3.43) | &nbsp;&nbsp;&nbsp; (2.46) | &nbsp;&nbsp; (0.86) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (2.07) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.34 | &nbsp;&nbsp; 0.83 | &nbsp;&nbsp; 20.76 | &nbsp;&nbsp; 21.59 | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.38) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 52.69 | &nbsp;&nbsp; 0.96 | &nbsp;&nbsp;&nbsp; (3.36) | &nbsp;&nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.95) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 52.41 | &nbsp;&nbsp; 1.00 | &nbsp;&nbsp;&nbsp;&nbsp; 2.36 | &nbsp;&nbsp;&nbsp;&nbsp; 3.36 | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (3.08) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 49.21 | &nbsp;&nbsp; 0.81 | &nbsp;&nbsp;&nbsp;&nbsp; 5.21 | &nbsp;&nbsp;&nbsp;&nbsp; 6.02 | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.82) |
| **Class R2** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 60.30 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp;&nbsp; 4.67 | &nbsp;&nbsp;&nbsp;&nbsp; 5.02 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.58) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 64.73 | &nbsp;&nbsp; 0.59 | &nbsp;&nbsp;&nbsp; (3.24) | &nbsp;&nbsp;&nbsp; (2.65) | &nbsp;&nbsp; (0.57) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (1.78) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 45.72 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp; 19.63 | &nbsp;&nbsp; 20.13 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.12) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 50.01 | &nbsp;&nbsp; 0.69 | &nbsp;&nbsp;&nbsp; (3.19) | &nbsp;&nbsp;&nbsp; (2.50) | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.79) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 49.98 | &nbsp;&nbsp; 0.63 | &nbsp;&nbsp;&nbsp;&nbsp; 2.31 | &nbsp;&nbsp;&nbsp;&nbsp; 2.94 | &nbsp;&nbsp; (0.77) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.91) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 47.06 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp;&nbsp;&nbsp; 4.99 | &nbsp;&nbsp;&nbsp;&nbsp; 5.52 | &nbsp;&nbsp; (0.52) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.60) |
| **Class R3** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 63.83 | &nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp;&nbsp; 4.96 | &nbsp;&nbsp;&nbsp;&nbsp; 5.41 | &nbsp;&nbsp; (0.48) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.64) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 68.41 | &nbsp;&nbsp; 0.80 | &nbsp;&nbsp;&nbsp; (3.44) | &nbsp;&nbsp;&nbsp; (2.64) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (1.94) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.25 | &nbsp;&nbsp; 0.68 | &nbsp;&nbsp; 20.73 | &nbsp;&nbsp; 21.41 | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.25) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 52.66 | &nbsp;&nbsp; 0.75 | &nbsp;&nbsp;&nbsp; (3.29) | &nbsp;&nbsp;&nbsp; (2.54) | &nbsp;&nbsp; (0.80) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.87) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 52.41 | &nbsp;&nbsp; 0.89 | &nbsp;&nbsp;&nbsp;&nbsp; 2.33 | &nbsp;&nbsp;&nbsp;&nbsp; 3.22 | &nbsp;&nbsp; (0.83) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (2.97) |
| July 31, 2017 (g) through June 30, 2018 | &nbsp;&nbsp; 49.99 | &nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp;&nbsp; 4.46 | &nbsp;&nbsp;&nbsp;&nbsp; 5.14 | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.72) |
| **Class R4** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 64.04 | &nbsp;&nbsp; 0.65 | &nbsp;&nbsp;&nbsp;&nbsp; 4.86 | &nbsp;&nbsp;&nbsp;&nbsp; 5.51 | &nbsp;&nbsp; (0.60) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.76) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 68.60 | &nbsp;&nbsp; 0.94 | &nbsp;&nbsp;&nbsp; (3.41) | &nbsp;&nbsp;&nbsp; (2.47) | &nbsp;&nbsp; (0.88) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (2.09) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.31 | &nbsp;&nbsp; 0.79 | &nbsp;&nbsp; 20.81 | &nbsp;&nbsp; 21.60 | &nbsp;&nbsp; (0.67) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.31) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 52.69 | &nbsp;&nbsp; 1.04 | &nbsp;&nbsp;&nbsp; (3.46) | &nbsp;&nbsp;&nbsp; (2.42) | &nbsp;&nbsp; (0.89) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (1.96) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 52.41 | &nbsp;&nbsp; 1.02 | &nbsp;&nbsp;&nbsp;&nbsp; 2.34 | &nbsp;&nbsp;&nbsp;&nbsp; 3.36 | &nbsp;&nbsp; (0.94) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (3.08) |
| July 31, 2017 (g) through June 30, 2018 | &nbsp;&nbsp; 49.99 | &nbsp;&nbsp; 0.79 | &nbsp;&nbsp;&nbsp;&nbsp; 4.46 | &nbsp;&nbsp;&nbsp;&nbsp; 5.25 | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.83) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

196 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $64.65 | &nbsp;&nbsp; 8.49% | $954841  | 0.94% (f) | 1.35% (f) | 1.01% (f) | &nbsp;&nbsp; 5% |
| &nbsp;&nbsp; 60.21 | (4.04) | &nbsp;&nbsp;&nbsp;&nbsp; 723238 | 0.94 | 1.13 | 1.03 | 22 |
| &nbsp;&nbsp; 64.61 | 44.88 | &nbsp;&nbsp;&nbsp;&nbsp; 522230 | 0.93 | 1.17 | 1.03 | 14 |
| &nbsp;&nbsp; 45.62 | (5.11) | &nbsp;&nbsp;&nbsp;&nbsp; 497399 | 0.94 | 1.61 | 1.06 | 22 |
| &nbsp;&nbsp; 49.84 | &nbsp;&nbsp; 6.68 | &nbsp;&nbsp;&nbsp;&nbsp; 490597 | 0.93 | 1.73 | 1.06 | 26 |
| &nbsp;&nbsp; 49.77 | 12.04 | &nbsp;&nbsp;&nbsp;&nbsp; 476090 | 0.97 | 1.29 | 1.08 | 32 |
| &nbsp;&nbsp; 56.98 | &nbsp;&nbsp; 8.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98123 | 1.44(f) | 0.86(f) | 1.50(f) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp; 53.16 | (4.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71714 | 1.44 | 0.66 | 1.52 | 22 |
| &nbsp;&nbsp; 57.32 | 44.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37539 | 1.43 | 0.66 | 1.51 | 14 |
| &nbsp;&nbsp; 40.63 | (5.57) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26487 | 1.44 | 1.11 | 1.53 | 22 |
| &nbsp;&nbsp; 44.59 | &nbsp;&nbsp; 6.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26032 | 1.43 | 1.21 | 1.54 | 26 |
| &nbsp;&nbsp; 44.91 | 11.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23034 | 1.47 | 0.77 | 1.55 | 32 |
| &nbsp;&nbsp; 68.80 | &nbsp;&nbsp; 8.64 | &nbsp;&nbsp; 1895901 | 0.69(f) | 1.61(f) | 0.74(f) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp; 64.02 | (3.80) | &nbsp;&nbsp; 1440632 | 0.69 | 1.40 | 0.76 | 22 |
| &nbsp;&nbsp; 68.55 | 45.22 | &nbsp;&nbsp;&nbsp;&nbsp; 868339 | 0.69 | 1.35 | 0.75 | 14 |
| &nbsp;&nbsp; 48.34 | (4.85) | &nbsp;&nbsp;&nbsp;&nbsp; 135234 | 0.69 | 1.88 | 0.78 | 22 |
| &nbsp;&nbsp; 52.69 | &nbsp;&nbsp; 6.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94500 | 0.68 | 1.93 | 0.79 | 26 |
| &nbsp;&nbsp; 52.41 | 12.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77737 | 0.72 | 1.55 | 0.79 | 32 |
| &nbsp;&nbsp; 64.74 | &nbsp;&nbsp; 8.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4234 | 1.19(f) | 1.10(f) | 1.24(f) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp; 60.30 | (4.29) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3563 | 1.19 | 0.89 | 1.26 | 22 |
| &nbsp;&nbsp; 64.73 | 44.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2005 | 1.18 | 0.90 | 1.25 | 14 |
| &nbsp;&nbsp; 45.72 | (5.34) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1126 | 1.19 | 1.46 | 1.98 | 22 |
| &nbsp;&nbsp; 50.01 | &nbsp;&nbsp; 6.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108 | 1.18 | 1.30 | 2.77 | 26 |
| &nbsp;&nbsp; 49.98 | 11.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | 1.21 | 1.06 | 1.49 | 32 |
| &nbsp;&nbsp; 68.60 | &nbsp;&nbsp; 8.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10687 | 0.94(f) | 1.34(f) | 0.99(f) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp; 63.83 | (4.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8698 | 0.94 | 1.14 | 1.01 | 22 |
| &nbsp;&nbsp; 68.41 | 44.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1402 | 0.94 | 1.15 | 1.01 | 14 |
| &nbsp;&nbsp; 48.25 | (5.10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 398 | 0.94 | 1.50 | 1.03 | 22 |
| &nbsp;&nbsp; 52.66 | &nbsp;&nbsp; 6.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | 0.93 | 1.73 | 1.84 | 26 |
| &nbsp;&nbsp; 52.41 | 10.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | 0.94 | 1.42 | 1.12 | 32 |
| &nbsp;&nbsp; 68.79 | &nbsp;&nbsp; 8.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2248 | 0.68(f) | 1.87(f) | 0.77(f) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp; 64.04 | (3.81) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 | 0.69 | 1.34 | 0.78 | 22 |
| &nbsp;&nbsp; 68.60 | 45.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | 0.68 | 1.46 | 0.76 | 14 |
| &nbsp;&nbsp; 48.31 | (4.88) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1159 | 0.69 | 2.15 | 0.77 | 22 |
| &nbsp;&nbsp; 52.69 | &nbsp;&nbsp; 6.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | 0.68 | 1.98 | 1.60 | 26 |
| &nbsp;&nbsp; 52.41 | 10.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 | 0.71 | 1.64 | 0.87 | 32 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 197

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan U.S. Value Fund (continued)** |  |  |  |  |  |  |  |
| **Class R5** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $64.52 | $0.61 | $4.99  | $5.60  | $(0.62)  | $(0.16)  | $(0.78) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 69.09 | &nbsp;&nbsp; 1.12 | &nbsp;&nbsp;&nbsp; (3.51) | &nbsp;&nbsp;&nbsp; (2.39) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (2.18) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.69 | &nbsp;&nbsp; 0.93 | &nbsp;&nbsp; 20.93 | &nbsp;&nbsp; 21.86 | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.46) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 53.06 | &nbsp;&nbsp; 1.04 | &nbsp;&nbsp;&nbsp; (3.39) | &nbsp;&nbsp;&nbsp; (2.35) | &nbsp;&nbsp; (0.95) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (2.02) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 52.74 | &nbsp;&nbsp; 1.09 | &nbsp;&nbsp;&nbsp;&nbsp; 2.38 | &nbsp;&nbsp;&nbsp;&nbsp; 3.47 | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (3.15) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 49.50 | &nbsp;&nbsp; 0.91 | &nbsp;&nbsp;&nbsp;&nbsp; 5.23 | &nbsp;&nbsp;&nbsp;&nbsp; 6.14 | &nbsp;&nbsp; (0.82) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.90) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 64.55 | &nbsp;&nbsp; 0.64 | &nbsp;&nbsp;&nbsp;&nbsp; 4.99 | &nbsp;&nbsp;&nbsp;&nbsp; 5.63 | &nbsp;&nbsp; (0.65) | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.81) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 69.10 | &nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp; (3.47) | &nbsp;&nbsp;&nbsp; (2.31) | &nbsp;&nbsp; (1.03) | &nbsp;&nbsp; (1.21) | &nbsp;&nbsp; (2.24) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 48.70 | &nbsp;&nbsp; 1.02 | &nbsp;&nbsp; 20.89 | &nbsp;&nbsp; 21.91 | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp; (1.51) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 53.08 | &nbsp;&nbsp; 1.11 | &nbsp;&nbsp;&nbsp; (3.42) | &nbsp;&nbsp;&nbsp; (2.31) | &nbsp;&nbsp; (1.00) | &nbsp;&nbsp; (1.07) | &nbsp;&nbsp; (2.07) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 52.75 | &nbsp;&nbsp; 1.16 | &nbsp;&nbsp;&nbsp;&nbsp; 2.36 | &nbsp;&nbsp;&nbsp;&nbsp; 3.52 | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (3.19) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 49.50 | &nbsp;&nbsp; 1.04 | &nbsp;&nbsp;&nbsp;&nbsp; 5.16 | &nbsp;&nbsp;&nbsp;&nbsp; 6.20 | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (2.95) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(e) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

198 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(c)<br>|
| $69.34 | &nbsp;&nbsp; 8.71% | $6695  | 0.54% (f) | 1.78% (f) | 0.59% (f) | &nbsp;&nbsp; 5% |
| &nbsp;&nbsp; 64.52 | (3.67) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4409 | 0.54 | 1.60 | 0.61 | 22 |
| &nbsp;&nbsp; 69.09 | 45.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178 | 0.54 | 1.56 | 0.61 | 14 |
| &nbsp;&nbsp; 48.69 | (4.72) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 | 0.54 | 2.02 | 5.20 | 22 |
| &nbsp;&nbsp; 53.06 | &nbsp;&nbsp; 7.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | 0.53 | 2.10 | 1.01 | 26 |
| &nbsp;&nbsp; 52.74 | 12.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | 0.55 | 1.72 | 0.80 | 32 |
| &nbsp;&nbsp; 69.37 | &nbsp;&nbsp; 8.76 | &nbsp;&nbsp; 913247 | 0.44(f) | 1.87(f) | 0.49(f) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp; 64.55 | (3.56) | &nbsp;&nbsp; 561821 | 0.44 | 1.66 | 0.51 | 22 |
| &nbsp;&nbsp; 69.10 | 45.60 | &nbsp;&nbsp; 275186 | 0.44 | 1.74 | 0.50 | 14 |
| &nbsp;&nbsp; 48.70 | (4.64) | &nbsp;&nbsp;&nbsp;&nbsp; 64968 | 0.44 | 2.14 | 0.53 | 22 |
| &nbsp;&nbsp; 53.08 | &nbsp;&nbsp; 7.21 | &nbsp;&nbsp;&nbsp;&nbsp; 41144 | 0.43 | 2.22 | 0.53 | 26 |
| &nbsp;&nbsp; 52.75 | 12.59 | &nbsp;&nbsp;&nbsp;&nbsp; 33774 | 0.44 | 1.95 | 0.52 | 32 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 199

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) <br>(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

JPMorgan Trust I ("JPM I"), JPMorgan Trust II ("JPM II") and JPMorgan Trust IV ("JPM IV") (collectively, the "Trusts") were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies.

The following are 15 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan Equity Income Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM II | Diversified |
| JPMorgan Equity Index Fund | Class A, Class C, Class I and Class R6 | JPM II | Diversified |
| JPMorgan Equity Premium Income Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM IV | Diversified |
| JPMorgan Hedged Equity Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM I | Diversified |
| JPMorgan Hedged Equity 2 Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM IV | Diversified |
| JPMorgan Hedged Equity 3 Fund | Class A, Class C, Class I, Class R5 and Class R6 | JPM IV | Diversified |
| JPMorgan Large Cap Growth Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM II | Diversified |
| JPMorgan Large Cap Value Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, <br> Class R5 and Class R6<br>| JPM II | Diversified |
| JPMorgan U.S. Applied Data Science Value Fund <br>| Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | Diversified |
| JPMorgan U.S. Equity Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class L, Class R2, Class R3, <br> Class R4, Class R5 and Class R6<br>| JPM I | Diversified |
| JPMorgan U.S. GARP Equity Fund | Class A, Class C, Class I, Class R2, Class R5 and Class R6 | JPM I | 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 |

---

The investment objective of JPMorgan Equity Income Fund ("Equity Income Fund") is to seek capital appreciation and current income.

The investment objective of JPMorgan Equity Index Fund ("Equity Index Fund") is to seek investment results that correspond to the aggregate price and dividend performance of securities in the Standard & Poor's 500 Composite Stock Price Index.

The investment objective of JPMorgan Equity Premium Income Fund ("Equity Premium Income Fund") is to seek current income while maintaining prospects for capital appreciation.

The investment objective of JPMorgan Hedged Equity Fund ("Hedged Equity Fund"), JPMorgan Hedged Equity 2 Fund ("Hedged Equity 2 Fund") and JPMorgan Hedged Equity 3 Fund ("Hedged Equity 3 Fund") is to seek to provide capital appreciation.

The investment objective of JPMorgan Large Cap Growth Fund ("Large Cap Growth Fund") is to seek long-term capital appreciation.

The investment objective of JPMorgan Large Cap Value Fund ("Large Cap Value Fund") is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

The investment objective of JPMorgan U.S. Applied Data Science Value Fund ("U.S. Applied Data Science Value Fund") and JPMorgan U.S. Sustainable Leaders Fund ("U.S. Sustainable Leaders Fund") is to seek to provide long-term capital appreciation.

The investment objective of JPMorgan U.S. Equity Fund ("U.S. Equity Fund") and JPMorgan U.S. Large Cap Core Plus Fund ("U.S. Large Cap Core Plus Fund") is to seek to provide high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. GARP Equity Fund ("U.S. GARP Equity Fund") is to seek to provide long-term capital growth.

The investment objective of JPMorgan U.S. Research Enhanced Equity Fund ("U.S. Research Enhanced Equity Fund") is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor's 500 Composite Stock Price Index.

The investment objective of JPMorgan U.S. Value Fund ("U.S. Value Fund") is to seek to provide capital growth over the long-term and to earn income from dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

200 J.P. Morgan Large Cap Funds December 31, 2022

------

Class L Shares of U.S. Equity Fund and Class A Shares of U.S. Research Enhanced Equity Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in the Funds' prospectus.

All share classes of Hedged Equity Fund are publicly offered on a limited basis. JPMorgan Equity Income Fund is offered on a limited basis. Investors are not eligible to purchase shares of the Fund unless they meet certain requirements as described in the Fund's prospectuses.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as Adviser (the "Adviser") and Administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments** — Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of Investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

Fixed income instruments are valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services"). The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the 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, 2022 J.P. Morgan Large Cap Funds 201

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(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**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $49234303 | $— | $— | $49234303 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Index Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | $6946153 | $— | $— | $6946153 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37995 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37995 |
| &nbsp;&nbsp;&nbsp; Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 139454 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 139454 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 177449 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 177449 |
| **Total Investments in Securities** | $7123602 | $— | $10 | $7123612 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $(781) | $— | $— | $(781) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Premium Income Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Common Stocks | $3964448 | $— | $— | $3964448 |
| Equity Linked Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 726531 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 726531 |
| Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80668 |
| &nbsp;&nbsp;&nbsp; Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43351 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 124019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 124019 |
| **Total Investments in Securities** | $4088467 | $726531 | $— | $4814998 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

202 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Equity Premium Income Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | $1143 | $— | $— | $1143 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $15033812 | $— | $— | $15033812 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $(4367) | $— | $— | $(4367) |
| Options Written (a) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (291204) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (291204) |
| &nbsp;&nbsp;&nbsp; Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48024) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48024) |
| **Total Depreciation in Other Financial Instruments** | $(343595) | $— | $— | $(343595) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity 2 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $4186542 | $— | $— | $4186542 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $(615) | $— | $— | $(615) |
| Options Written (a) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6336) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6336) |
| &nbsp;&nbsp;&nbsp; Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1765) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1765) |
| **Total Depreciation in Other Financial Instruments** | $(8716) | $— | $— | $(8716) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Hedged Equity 3 Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $2783442 | $— | $— | $2783442 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $63  | $— | $— | $63 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written (a) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4738) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4738) |
| &nbsp;&nbsp;&nbsp; Put Options Written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6913) | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6913) |
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| $(11588) | $— | $— | $(11588) |

---

&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, 2022 J.P. Morgan Large Cap Funds 203

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Growth Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $37019631 | $— | $— | $37019631 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Large Cap Value Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $3444501 | $— | $— | $3444501 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Applied Data Science Value Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $189760 | $— | $— | $189760 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $(45) | $— | $— | $(45) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $19347586 | $— | $— | $19347586 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. GARP Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $928894 | $— | $— | $928894 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $(1096) | $— | $— | $(1096) |

---

&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;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $1624103 | $— | $— | $1624103 |
| **Total Liabilities in Securities Sold Short** (a) | $(317993) | $— | $— | $(317993) |

---

&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;

204 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Research Enhanced Equity Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $6490563 | $— | $— | $6490563 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $(258) | $— | $— | $(258) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Sustainable Leaders Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $166189 | $— | $— | $166189 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts (a) | $(31) | $— | $— | $(31) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Value Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $3930011 | $— | $— | $3930011 |

---

&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, 2022, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

**C. 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;

December 31, 2022 J.P. Morgan Large Cap Funds 205

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

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, 2022.

---

| | | | |
|:---|:---|:---|:---|
|  | **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statements of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| Equity Income Fund | $121519 | $(121519)  | $— |
| Equity Index Fund | &nbsp;&nbsp; 135746 | &nbsp;&nbsp; (135746) | &nbsp;&nbsp; — |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 42424 | &nbsp;&nbsp;&nbsp;&nbsp; (42424) | &nbsp;&nbsp; — |
| Large Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 35665 | &nbsp;&nbsp;&nbsp;&nbsp; (35665) | &nbsp;&nbsp; — |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 55846 | &nbsp;&nbsp;&nbsp;&nbsp; (55846) | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower's failure to return a loaned security.

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the six months ended December 31, 2022, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:

---

| | |
|:---|:---|
| Equity Index Fund | $4 |
| Large Cap Growth Fund | &nbsp;&nbsp; 2 |
| Large Cap Value Fund | &nbsp;&nbsp; —(a) |
| U.S. Equity Fund | &nbsp;&nbsp; —(a) |
| U.S. GARP Equity Fund | &nbsp;&nbsp; —(a) |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp; —(a) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank's compensation and is included on the Statements of Operations as Income from securities lending (net).

Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, Large Cap Value Fund, U.S. Applied Data Science Value 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 did not have any securities out on loan at December 31, 2022. Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Value Fund did not lend out any securities during the six months ended December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

206 J.P. Morgan Large Cap Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**D. Investment Transactions with Affiliates** — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. 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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.49% (a) (b)<br>| $667513 | $2055986 | $1375472 | $(9)  | $391 | $1348409 | 1347735 | $16583 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.56% <br> (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26578 | &nbsp;&nbsp;&nbsp;&nbsp; 26578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6\* | &nbsp;&nbsp; — |
| **Total** | $667513 | $2182564 | $1375472 | $(9) | $391 | $1474987 |  | $16614 | $— |

---

&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, 2022.

\* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity 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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Chase & Co. (a) | $74662  | $3463  | $6607  | $(1368)  | $14879 | $85029  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 634 | $1298 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.56% <br> (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4403 | &nbsp;&nbsp;&nbsp;&nbsp; 402000 | &nbsp;&nbsp;&nbsp;&nbsp; 296500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp; 109943 | 109910 | &nbsp;&nbsp; 1,004\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1597 | &nbsp;&nbsp;&nbsp;&nbsp; 357230 | &nbsp;&nbsp;&nbsp;&nbsp; 329316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29511 | &nbsp;&nbsp; 29511 | &nbsp;&nbsp;&nbsp;&nbsp; 168\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class Institutional Shares, 4.07% <br> (b) (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 45597 | &nbsp;&nbsp;&nbsp;&nbsp; 422315 | &nbsp;&nbsp;&nbsp;&nbsp; 429917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37995 | &nbsp;&nbsp; 37995 | &nbsp;&nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp; — |
| **Total** | $126259 | $1185008 | $1062340 | $(1346) | $14897 | $262478 |  | $2885 | $— |

---

&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, 2022.

\* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  | **Equity Premium Income Fund**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $80017 | $2384130 | $2383508 | $15 | $14 | $80668  | 80627 | $1269 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 207

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Premium Income Fund** (continued) | **Equity Premium Income Fund** (continued) | **Equity Premium Income Fund** (continued) | **Equity Premium Income Fund** (continued) | **Equity Premium Income Fund** (continued) | **Equity Premium Income Fund** (continued) | **Equity Premium Income Fund** (continued) | **Equity Premium Income Fund** (continued) | **Equity Premium Income Fund** (continued) | **Equity Premium Income Fund** (continued) |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2022**<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> **2022**<br>| **Shares at**<br> **December 31,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.56% <br> (a) (b)<br>| $— | $13000 | $— | $— | $— | $13000 | 12996 | $3\* | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30351 | 30351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7\* | &nbsp;&nbsp; — |
| **Total** | $80017 | $2427481 | $2383508 | $15 | $14 | $124019 |  | $1279 | $— |

---

&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, 2022.

\* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 4.07% (a) (b)<br>| $— | $1895194 | $1555318 | $— | $— | $339876 | 339876 | $2218 | $— |

---

&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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  | **Hedged Equity 2 Fund**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| $212012 | $883937 | $1042966 | $— | $— | $52983 | 52983 | $905 | $— |

---

&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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

208 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b)<br>| $60717 | $829257 | $858842 | $— | $— | $31132 | 31132 | $660 | $— |

---

&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, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  | **Large Cap Growth Fund**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund <br> Class IM Shares, 4.49% (a) (b)<br>| $1876889 | $6525722 | $5368874 | $(77)  | $1062 | $3034722 | 3033205 | $41111 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money <br> Market Fund Agency SL Class Shares, <br> 4.56% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3888 | &nbsp;&nbsp;&nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 252100 | &nbsp;&nbsp;&nbsp; 16\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16805 | &nbsp;&nbsp;&nbsp;&nbsp; 16800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2551 | &nbsp;&nbsp;&nbsp;&nbsp; 222377 | &nbsp;&nbsp;&nbsp;&nbsp; 205263 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19665 | &nbsp;&nbsp;&nbsp;&nbsp; 19665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128\* | &nbsp;&nbsp; — |
| **Total** | $1883328 | $7013099 | $5826237 | $(61) | $1063 | $3071192 |  | $41607 | $— |

---

&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, 2022.

\* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  | **Large Cap Value Fund**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $130474 | $1321957 | $1351128 | $26 | $4  | $101333 | 101282 | $1439 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.56% <br> (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7859 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2\* | &nbsp;&nbsp; — |
| **Total** | $130474 | $1349816 | $1378987 | $26 | $4 | $101333 |  | $1452 | $— |

---

&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, 2022.

\* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 209

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  | **U.S. Applied Data Science Value Fund**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $2967 | $23056 | $23873 | $—(c) | $1  | $2151 | 2149 | $45 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 4.56% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; —(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —(c) \* | &nbsp;&nbsp; — |
| **Total** | $2967  | $23059 | $23876 | $—(c) | $1 | $2151 |  | $45 | $— |

---

&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, 2022.

(c) Amount rounds to less than one thousand.

\* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. 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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $594276 | $3634401 | $4161003 | $166 | $(11)  | $67829  | 67795 | $4372 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 4.56% <br> (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3\* | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; 60017 | 59999 | &nbsp;&nbsp;&nbsp;&nbsp; 301\* | &nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68680 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49\* | &nbsp;&nbsp; — |
| **Total** | $594285 | $3777153 | $4243683 | $169 | $3 | $127927 |  | $4722 | $— |

---

&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, 2022.

\* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  | **U.S. GARP Equity Fund**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $38483 | $50522 | $65451 | $5 | $—(c) | $23559 | 23548 | $423 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 638 | &nbsp;&nbsp;&nbsp;&nbsp; 1404 | &nbsp;&nbsp;&nbsp;&nbsp; 2042 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2\* | &nbsp;&nbsp; — |
| **Total** | $39121 | $51926 | $67493 | $5 | $—(c) | $23559 |  | $425 | $— |

---

&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, 2022.

(c) Amount rounds to less than one thousand.

\* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

210 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $6679  | $469057 | $455012 | $18 | $2 | $20744 | 20734 | $541 | $— |

---

&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, 2022.

&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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $117994 | $517077 | $570215 | $9 | $5 | $64870 | 64837 | $864 | $— |

---

&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, 2022.

&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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $2533 | $26114 | $27235 | $1 | $—(c) | $1413 | 1413 | $40 | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 577 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1\* | &nbsp;&nbsp; — |
| **Total** | $2731  | $26493 | $27812 | $1 | $—(c) | $1413 |  | $41 | $— |

---

&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, 2022.

(c) Amount rounds to less than one thousand.

\* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 211

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Prime Money Market Fund Class IM <br> Shares, 4.49% (a) (b)<br>| $76411 | $826794 | $750866 | $14 | $32 | $152385 | 152309 | $1698 | $— |

---

&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, 2022.

**E. Foreign Currency Translation —** The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at 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 securities for options written. Securities designated as collateral are denoted on the SOIs.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Funds are not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

212 J.P. Morgan Large Cap Funds December 31, 2022

------

The Funds' exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**G. Futures Contracts** — Equity Index Fund, Equity Premium Income Fund, Hedged Equity Fund, Hedged Equity 2 Fund, Hedged Equity 3 Fund, U.S. Applied Data Science Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund used index futures contracts to gain or reduce exposure to the stock market, or maintain liquidity or minimize transaction costs. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**H. Summary of Derivatives Information** 

**Derivatives Volume**

The table below discloses the volume of the Funds' options and futures contracts activity during the six months ended December 31, 2022. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity:

---

| | | |
|:---|:---|:---|
|  | **Equity Index** <br>**Fund**<br>| **Equity Premium** <br>**Income Fund**<br>|
| **Futures Contracts:** |  |  |
| Average Notional Balance Long | $47088 | $17882 |
| Average Notional Balance Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (31385) |
| Ending Notional Balance Long | &nbsp;&nbsp; 58502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Ending Notional Balance Short | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (75878) |

---

&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 | $258714 | $90756 | $48639 |
| Ending Notional Balance Long | &nbsp;&nbsp; 338267 | &nbsp;&nbsp;&nbsp; 57536 | &nbsp;&nbsp;&nbsp; 33788 |
| **Exchange-Traded Options:** |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 41201 | &nbsp;&nbsp;&nbsp; 13538 | &nbsp;&nbsp;&nbsp;&nbsp; 6907 |
| Average Number of Contracts Written | &nbsp;&nbsp;&nbsp; (82402) | &nbsp;&nbsp; (27071) | &nbsp;&nbsp; (13819) |
| Ending Number of Contracts Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 38266 | &nbsp;&nbsp;&nbsp; 10831 | &nbsp;&nbsp;&nbsp;&nbsp; 7019 |
| Ending Number of Contracts Written | &nbsp;&nbsp;&nbsp; (76532) | &nbsp;&nbsp; (21662) | &nbsp;&nbsp; (14038) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 213

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S.** <br>**Applied Data** <br>**Science** <br>**Value Fund**<br>| **U.S.** <br>**Equity** <br>**Fund**<br>| **U.S.** <br>**GARP** <br>**Equity** <br>**Fund**<br>|
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | $3012 | $97435 | $30765 |
| Ending Notional Balance Long | &nbsp;&nbsp; 1931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 23941 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S.** <br>**Large Cap** <br>**Core Plus** <br>**Fund**<br>| **U.S.** <br>**Research** <br>**Enhanced** <br>**Equity** <br>**Fund**<br>| **U.S.** <br>**Sustainable** <br>**Leaders** <br>**Fund**<br>|
| **Futures Contracts:** |  |  |  |
| Average Notional Balance Long | $21275 | $68525 | $3193 |
| Ending Notional Balance Long | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; 126464 | &nbsp;&nbsp; 1351 |

---

The Funds' derivatives contracts held at December 31, 2022 are not accounted for as hedging instruments under GAAP.

**I. Equity-Linked Notes** — Equity Premium Income Fund invested in Equity-Linked Notes ("ELNs"). These are hybrid instruments which combine both debt and equity characteristics into a single note form. ELNs' values are linked to the performance of an underlying index. ELNs are unsecured debt obligations of an issuer and may not be publicly listed or traded on an exchange. ELNs are valued daily, under procedures adopted by the Board of JPM IV, based on values provided by an approved pricing source. These notes have a coupon which is accrued and recorded as interest income on the Statements of Operations. Changes in the market value of ELNs are recorded as Change in net unrealized appreciation or depreciation on the Statements of Operations. The Fund realizes a gain or loss when an ELN is sold or matures, which is recorded as Net realized gain (loss) on transactions from investments in non-affiliates on the Statements of Operations.

As of December 31, 2022, Equity Premium Income Fund had outstanding ELNs as listed on the SOIs.

**J. Short Sales** — U.S. Large Cap Core Plus Fund engaged in short sales as part of their normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as Deposits at broker for securities 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, 2022, U.S. Large Cap Core Plus Fund had outstanding short sales as listed on their SOIs.

**K. 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;

214 J.P. Morgan Large Cap Funds December 31, 2022

------

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.

**L. 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, 2022 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  | $75 | $20 | $171 | &nbsp;&nbsp; n/a | $4 | $3 | $3 | $13 | $166 | $455 |
| **Equity Index Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp; 109 |
| **Equity Premium Income Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 42 |
| **Hedged Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp; 112 |
| **Hedged Equity 2 Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| **Hedged Equity 3 Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 12 |
| **Large Cap Growth Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; 112 | &nbsp;&nbsp; 346 |
| **Large Cap Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 108 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp; 140 |
| **U.S. Applied Data Science Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| **U.S. Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 83 | $23 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp; 225 |
| **U.S. GARP Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; 10 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| **U.S. Large Cap Core Plus Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| **U.S. Research Enhanced Equity Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| **U.S. Sustainable Leaders Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| **U.S. Value Fund** |  |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 76 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 215

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**M. 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, 2022, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years, or since inception if shorter, remain subject to examination by the Internal Revenue Service.

**N. 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.

**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 | 0.40% |
| Equity Index Fund | 0.04 |
| Equity Premium Income Fund | 0.25 |
| Hedged Equity Fund | 0.25 |
| Hedged Equity 2 Fund | 0.25 |
| Hedged Equity 3 Fund | 0.25 |
| Large Cap Growth Fund | 0.45 |
| Large Cap Value Fund | 0.40 |
| U.S. Applied Data Science Value Fund | 0.30 |
| U.S. Equity Fund | 0.40 |
| U.S. GARP Equity Fund | 0.30 |
| U.S. Large Cap Core Plus Fund | 0.65 |
| U.S. Research Enhanced Equity Fund | 0.25 |
| U.S. Sustainable Leaders Fund | 0.30 |
| U.S. Value Fund | 0.40 |

---

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee** — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund's respective average daily net assets in excess of $25 billion. For the six months ended December 31, 2022, 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. Applied Data Science Value Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund, U.S. Sustainable Leaders Fund and U.S. Value Fund was 0.03%, 0.075%, 0.075%, 0.07%, 0.075%, 0.075%, 0.04%, 0.075%, 0.075%, 0.06%, 0.075%, 0.075%, 0.075%, 0.075% and 0.075%, respectively, of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

216 J.P. Morgan Large Cap Funds December 31, 2022

------

&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, Fund pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class R2** | **Class R3** |
| Equity Income Fund | 0.25% | 0.75% | 0.50% | 0.25% |
| Equity Index Fund | 0.25 | 0.75 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Equity Premium Income Fund | 0.25 | 0.75 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Hedged Equity Fund | 0.25 | 0.75 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Hedged Equity 2 Fund | 0.25 | 0.75 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Hedged Equity 3 Fund | 0.25 | 0.75 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Large Cap Growth Fund | 0.25 | 0.75 | 0.50 | 0.25 |
| Large Cap Value Fund | 0.25 | 0.75 | 0.50 | 0.25 |
| U.S. Applied Data Science Value Fund | 0.25 | 0.75 | 0.50 | &nbsp;&nbsp; n/a |
| U.S. Equity Fund | 0.25 | 0.75 | 0.50 | 0.25 |
| U.S. GARP Equity Fund | 0.25 | 0.75 | 0.50 | &nbsp;&nbsp; n/a |
| U.S. Large Cap Core Plus Fund | 0.25 | 0.75 | 0.50 | &nbsp;&nbsp; n/a |
| U.S. Research Enhanced Equity Fund | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| U.S. Sustainable Leaders Fund | 0.25 | 0.75 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| U.S. Value Fund | 0.25 | 0.75 | 0.50 | 0.25 |

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the six months ended December 31, 2022, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Equity Income Fund | $55  | $1 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Equity Premium Income Fund | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 15 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Large Cap Growth Fund | &nbsp;&nbsp; 235 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Equity Fund | &nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; —(a) | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Value Fund | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 217

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

&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 | 0.25% | 0.25% | 0.25% | &nbsp;&nbsp; n/a | 0.25% | 0.25% | 0.25% | 0.10% |
| Equity Index Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| Equity Premium Income Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.10 |
| Hedged Equity Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.10 |
| Hedged Equity 2 Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.10 |
| Hedged Equity 3 Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.10 |
| Large Cap Growth Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | 0.25 | 0.25 | 0.10 |
| Large Cap Value Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | 0.25 | 0.25 | 0.10 |
| &nbsp;&nbsp;&nbsp; U.S. Applied Data Science <br> Value Fund<br>| 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.10 |
| U.S. Equity Fund | 0.25 | 0.25 | 0.25 | 0.10% | 0.25 | 0.25 | 0.25 | 0.10 |
| U.S. GARP Equity Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.10 |
| U.S. Large Cap Core Plus Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.10 |
| &nbsp;&nbsp;&nbsp; U.S. Research Enhanced Equity <br> Fund<br>| 0.25 | &nbsp;&nbsp; n/a | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| U.S. Sustainable Leaders Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a |
| U.S. Value Fund | 0.25 | 0.25 | 0.25 | &nbsp;&nbsp; n/a | 0.25 | 0.25 | 0.25 | 0.10 |

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees** — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

218 J.P. Morgan Large Cap Funds December 31, 2022

------

&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 following 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 | 0.45% | &nbsp;&nbsp; n/a | 0.20% | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.05% |
| &nbsp;&nbsp;&nbsp; Equity Premium Income <br> Fund<br>| 0.85 | 1.35% | 0.60 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.45% | 0.35 |
| Hedged Equity Fund | 0.85 | 1.35 | 0.60 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.45 | 0.35 |
| Hedged Equity 2 Fund | 0.85 | 1.35 | 0.60 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.45 | 0.35 |
| Hedged Equity 3 Fund | 0.85 | 1.35 | 0.60 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.45 | 0.35 |
| Large Cap Growth Fund | 0.94 | 1.44 | 0.69 | 1.19% | 0.94% | 0.69% | 0.54 | 0.44 |
| Large Cap Value Fund | 0.93 | 1.44 | 0.69 | 1.19 | 0.94 | 0.69 | 0.54 | 0.44 |
| &nbsp;&nbsp;&nbsp; U.S. Applied Data Science <br> Value Fund<br>| 0.73 | 1.23 | 0.49 | 1.09 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.44 | 0.34 |
| U.S. Equity Fund | 0.94 | 1.44 | 0.69 | 1.19 | 0.94 | 0.69 | 0.54 | 0.44 |
| U.S. GARP Equity Fund | 0.84 | 1.34 | 0.59 | 1.09 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.44 | 0.34 |
| &nbsp;&nbsp;&nbsp; U.S. Large Cap Core Plus <br> Fund<br>| 0.95<sup>(1)</sup> | 1.45<sup>(1)</sup> | 0.70<sup>(1)</sup> | 1.40<sup>(1)</sup> | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.75<sup>(1)</sup> | 0.65<sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp; U.S. Research Enhanced <br> Equity Fund<br>| 0.60 | &nbsp;&nbsp; n/a | 0.35 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.25 |
| &nbsp;&nbsp;&nbsp; U.S. Sustainable Leaders <br> Fund<br>| 0.64 | 1.14 | 0.39 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | &nbsp;&nbsp; n/a | 0.34 |
| U.S. Value Fund | 0.94 | 1.44 | 0.69 | 1.19 | 0.94 | 0.69 | 0.54 | 0.44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Effective November 1, 2022, the contractual expense limitations changed from 1.10%, 1.60%, 0.85%, 1.45%, 0.80% and 0.70% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively. 

The expense limitation agreements were in effect for the six months ended December 31, 2022 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 219

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

For the six months ended December 31, 2022, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers**  | **Contractual Waivers**  | **Contractual Waivers**  | **Contractual Waivers**  |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| Equity Income Fund | $45  | $—  | $—  | $45 | $— |
| Equity Index Fund | &nbsp;&nbsp; 1468 | &nbsp;&nbsp; 1537 | &nbsp;&nbsp; 912 | &nbsp;&nbsp;&nbsp;&nbsp; 3917 | &nbsp;&nbsp; 21 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Large Cap Growth Fund | &nbsp;&nbsp; 7229 | &nbsp;&nbsp; 4797 | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 12165 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp;&nbsp; 378 | &nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp;&nbsp; 1081 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| U.S. Equity Fund | &nbsp;&nbsp; 1902 | &nbsp;&nbsp; 1258 | &nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp; 3300 | &nbsp;&nbsp; 62 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 337 | &nbsp;&nbsp;&nbsp;&nbsp; —(a) |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp; 826 | &nbsp;&nbsp;&nbsp;&nbsp; 1343 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp; 1728 | &nbsp;&nbsp; 1151 | &nbsp;&nbsp; 634 | &nbsp;&nbsp;&nbsp;&nbsp; 3513 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp; 139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 509 | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 915 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

For the six months ended December 31, 2022, the Hedged Equity Fund's service providers did not have any waived fees or reimbursed expenses.

Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/ or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these money market funds for the six months ended December 31, 2022 were as follows:

---

| | |
|:---|:---|
| Equity Income Fund | $619 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| Hedged Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 123 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| Large Cap Growth Fund | &nbsp;&nbsp; 1649 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 260 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 |

---

JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the six months ended December 31, 2022, the amount of these reimbursements were as follows:

---

| | |
|:---|:---|
| Equity Income Fund | $4 |
| Equity Index Fund | &nbsp;&nbsp; 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

220 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | |
|:---|:---|
| Equity Premium Income Fund | $1 |
| Hedged Equity Fund | &nbsp;&nbsp; 2 |
| Hedged Equity 2 Fund | &nbsp;&nbsp; 1 |
| Hedged Equity 3 Fund | &nbsp;&nbsp; 1 |
| Large Cap Growth Fund | &nbsp;&nbsp; 3 |
| Large Cap Value Fund | &nbsp;&nbsp; 1 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp; 1 |
| U.S. Equity Fund | &nbsp;&nbsp; 2 |
| U.S. GARP Equity Fund | &nbsp;&nbsp; 1 |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 1 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp; 1 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp; 1 |
| U.S. Value Fund | &nbsp;&nbsp; 1 |

---

**G. Other** — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the six months ended December 31, 2022, Hedged Equity Fund, Hedged Equity 2 Fund, Large Cap Growth Fund, U.S. Equity Fund, U.S. GARP Equity Fund, U.S. Large Cap Core Plus Fund, U.S. Research Enhanced Equity Fund and U.S. Sustainable Leaders Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

**4. Investment Transactions** 

During the six months ended December 31, 2022, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Securities** <br>**Sold Short**<br>| **Covers on** <br>**Securities** <br>**Sold Short**<br>|
| Equity Income Fund | $1806509 | $2323399 | $—  | $— |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 345186 | &nbsp;&nbsp;&nbsp;&nbsp; 709222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Equity Premium Income Fund | &nbsp;&nbsp; 5113196 | &nbsp;&nbsp; 3863402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Hedged Equity Fund | &nbsp;&nbsp; 2273290 | &nbsp;&nbsp; 4252838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 852043 | &nbsp;&nbsp; 2147039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 914951 | &nbsp;&nbsp;&nbsp;&nbsp; 949309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Large Cap Growth Fund | &nbsp;&nbsp; 6585389 | &nbsp;&nbsp; 2433867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Large Cap Value Fund | &nbsp;&nbsp; 2274145 | &nbsp;&nbsp; 2211455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Equity Fund | &nbsp;&nbsp; 4871905 | &nbsp;&nbsp; 3770595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 151721 | &nbsp;&nbsp;&nbsp;&nbsp; 171578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 692194 | &nbsp;&nbsp; 1190293 | &nbsp;&nbsp; 252620 | &nbsp;&nbsp; 318514 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp; 1142092 | &nbsp;&nbsp; 1408621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 979083 | &nbsp;&nbsp;&nbsp;&nbsp; 162992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

During the six months ended December 31, 2022, there were no purchases or sales of U.S. Government securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 221

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

&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, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Equity Income Fund | $35070861 | $15221345 | $1057903 | $14163442 |
| Equity Index Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3923448 | &nbsp;&nbsp;&nbsp;&nbsp; 3340529 | &nbsp;&nbsp;&nbsp;&nbsp; 141146 | &nbsp;&nbsp;&nbsp;&nbsp; 3199383 |
| Equity Premium Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4648666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 297079 | &nbsp;&nbsp;&nbsp;&nbsp; 129604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 167475 |
| Hedged Equity Fund | &nbsp;&nbsp; 11345313 | &nbsp;&nbsp;&nbsp;&nbsp; 3815033 | &nbsp;&nbsp;&nbsp;&nbsp; 470129 | &nbsp;&nbsp;&nbsp;&nbsp; 3344904 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4321106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 380527 | &nbsp;&nbsp;&nbsp;&nbsp; 523807 | &nbsp;&nbsp;&nbsp;&nbsp; (143280) |
| Hedged Equity 3 Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2793712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247680 | &nbsp;&nbsp;&nbsp;&nbsp; 269538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (21858) |
| Large Cap Growth Fund | &nbsp;&nbsp; 31164051 | &nbsp;&nbsp;&nbsp;&nbsp; 7273880 | &nbsp;&nbsp; 1418300 | &nbsp;&nbsp;&nbsp;&nbsp; 5855580 |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3085931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358570 |
| U.S. Applied Data Science Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12788 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25046 |
| U.S. Equity Fund | &nbsp;&nbsp; 14067178 | &nbsp;&nbsp;&nbsp;&nbsp; 5713446 | &nbsp;&nbsp;&nbsp;&nbsp; 433038 | &nbsp;&nbsp;&nbsp;&nbsp; 5280408 |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 690866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 301416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236932 |
| U.S. Large Cap Core Plus Fund \* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 639792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 666318 |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4911512 | &nbsp;&nbsp;&nbsp;&nbsp; 1782447 | &nbsp;&nbsp;&nbsp;&nbsp; 203654 | &nbsp;&nbsp;&nbsp;&nbsp; 1578793 |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10102 |
| U.S. Value Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3373154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 626566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 556857 |

---

&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, 2022, the following Funds had net capital loss carryforwards which are available to offset future realized gains:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| Equity Premium Income Fund | $47,771 \* | $— |
| Hedged Equity Fund | &nbsp;&nbsp; 380233 | &nbsp;&nbsp; 480838 |
| Hedged Equity 2 Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 822\* |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Amount includes capital loss carryforwards which are limited in future years under Internal Revenue Code sections 381-384.

Net capital losses (gains) and specified ordinary losses incurred after October 31 and late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2022, the following Funds deferred to July 1, 2022 the following net capital losses (gains), specified ordinary losses and late year ordinary losses of:

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
|  | **Short-Term** | **Long-Term** |
| Equity Income Fund | $88541  | $— |
| Equity Premium Income Fund | &nbsp;&nbsp; 150622 | &nbsp;&nbsp; 25875 |
| Large Cap Growth Fund | &nbsp;&nbsp; 884057 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Large Cap Value Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Equity Fund | &nbsp;&nbsp; 326507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. GARP Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | &nbsp;&nbsp; 100964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Research Enhanced Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; 24796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Sustainable Leaders Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6076 | &nbsp;&nbsp;&nbsp;&nbsp; 1003 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

222 J.P. Morgan Large Cap Funds December 31, 2022

------

During the year ended June 30, 2022, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Hedged Equity 2 Fund | $7323 | $11216 |
| Hedged Equity 3 Fund | &nbsp;&nbsp; 4543 | &nbsp;&nbsp;&nbsp;&nbsp; 7246 |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund as of December 31, 2022. Average borrowings from the Facility for the six months ended December 31, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Average** <br>**Borrowings**<br>| &nbsp;&nbsp; **Average** <br>**Interest** <br>**Rate paid**<br>| &nbsp;&nbsp; **Number of** <br>**Days** <br>**Outstanding**<br>| &nbsp;&nbsp; **Interest** <br>**Paid**<br>|
| Equity Index Fund | $27601 | 3.66% | 9 | $40 |

---

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 30, 2023.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2022.

The Trusts, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate ("LIBOR"). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 9, 2022, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a change in the interest associated with any borrowing to the higher, on the day of the borrowing, of (a) the federal funds effective rate, or (b) the one-month Adjusted SOFR Rate plus the Applicable Margin.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2022.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 223

------

**NOTES TO FINANCIAL STATEMENTS** <br>AS OF December 31, 2022 (Unaudited) (continued) <br>(Dollar values in thousands)

As of December 31, 2022, 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 | 1 | 10.5% | 2 | 30.9% |
| Equity Index Fund | 2 | 20.5 |  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Equity Premium Income Fund | 1 | 33.4 | 2 | 31.8 |
| Hedged Equity Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 38.2 |
| Hedged Equity 2 Fund | 1 | 13.3 | 4 | 49.5 |
| Hedged Equity 3 Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 4 | 48.0 |
| Large Cap Growth Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 1 | 18.9 |
| Large Cap Value Fund | 2 | 21.7 | 1 | 13.7 |
| U.S. Applied Data Science Value Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 4 | 44.2 |
| U.S. Equity Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 1 | 14.0 |
| U.S. GARP Equity Fund | 3 | 48.0 |  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Large Cap Core Plus Fund | 1 | 28.1 |  | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Research Enhanced Equity Fund | 1 | 10.9 | 1 | 11.7 |
| U.S. Sustainable Leaders Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 38.2 |
| U.S. Value Fund |  | &nbsp;&nbsp;&nbsp;&nbsp; — | 2 | 36.4 |

---

As of December 31, 2022, 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; —% | &nbsp;&nbsp;&nbsp;&nbsp; —% | 60.9% |
| Large Cap Value Fund | 23.4 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Equity Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | 16.9 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. GARP Equity Fund | 57.7 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Research Enhanced Equity Fund | 12.5 | 49.7 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

Equity Premium Income Fund's investments in ELNs entail varying degrees of risks. The Fund is subject to loss of their full principal amount. In addition, the ELNs are subject to a stated maximum return which may limit the payment at maturity. The Fund may also be exposed to additional risks associated with structured notes including: counterparty credit risk related to the issuer's ability to make payment at maturity; liquidity risk related to a lack of liquid market for these notes, preventing the Fund from trading or selling the notes easily; and a greater degree of market risk than other types of debt securities because the investor bears the risk associated with the underlying financial instruments.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority ("FCA") publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA's consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. In addition, certain regulated entities ceased entering into most new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance, unavailability or replacement, all of which may affect the value, volatility, liquidity or return on certain of a Fund's loans, notes, derivatives and other instruments or investments comprising some or all of a Fund's investments and result in costs incurred in connection with changing reference rates used for positions closing out positions and entering into new trades. Certain of a Fund's investments may transition from LIBOR prior to the dates announced by the FCA. The transition from LIBOR to alternative reference rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

224 J.P. Morgan Large Cap Funds December 31, 2022

------

may result in operational issues for a Fund or its investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on a Fund and its investments.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including among other things, reduced consumer demand and economic output, supply chain disruptions and increased government spending may continue to have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund's investment performance. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

**8. Subsequent Event**

Effective February 17, 2023, all share classes of Hedged Equity Fund are no longer subject to a limited offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 225

------

**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) <br>Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2022, and continued to hold your shares at the end of the reporting period, December 31, 2022.

**Actual Expenses**

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees and expenses of the Underlying Funds. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning** <br>**Account Value** <br>**July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending** <br>**Account Value** <br>**December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses** <br>**Paid During** <br>**the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized** <br>**Expense** <br>**Ratio**<br>|
| **JPMorgan Equity Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1074.80 | $4.97  | 0.95% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.42 | &nbsp;&nbsp;&nbsp;&nbsp; 4.84 | 0.95 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1072.30 | &nbsp;&nbsp;&nbsp;&nbsp; 7.57 | 1.45 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.90 | &nbsp;&nbsp;&nbsp;&nbsp; 7.38 | 1.45 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1076.50 | &nbsp;&nbsp;&nbsp;&nbsp; 3.66 | 0.70 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.68 | &nbsp;&nbsp;&nbsp;&nbsp; 3.57 | 0.70 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1073.30 | &nbsp;&nbsp;&nbsp;&nbsp; 6.27 | 1.20 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.16 | &nbsp;&nbsp;&nbsp;&nbsp; 6.11 | 1.20 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1074.80 | &nbsp;&nbsp;&nbsp;&nbsp; 4.97 | 0.95 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.42 | &nbsp;&nbsp;&nbsp;&nbsp; 4.84 | 0.95 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1076.60 | &nbsp;&nbsp;&nbsp;&nbsp; 3.66 | 0.70 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.68 | &nbsp;&nbsp;&nbsp;&nbsp; 3.57 | 0.70 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1076.80 | &nbsp;&nbsp;&nbsp;&nbsp; 2.88 | 0.55 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.43 | &nbsp;&nbsp;&nbsp;&nbsp; 2.80 | 0.55 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1077.40 | &nbsp;&nbsp;&nbsp;&nbsp; 2.36 | 0.45 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.94 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29 | 0.45 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

226 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan Equity Index Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1020.50 | $2.29 | 0.45% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.94 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29 | 0.45 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.50 | &nbsp;&nbsp;&nbsp;&nbsp; 5.34 | 1.05 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.91 | &nbsp;&nbsp;&nbsp;&nbsp; 5.35 | 1.05 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.90 | &nbsp;&nbsp;&nbsp;&nbsp; 1.02 | 0.20 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.20 | &nbsp;&nbsp;&nbsp;&nbsp; 1.02 | 0.20 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.60 | &nbsp;&nbsp;&nbsp;&nbsp; 0.25 | 0.05 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.95 | &nbsp;&nbsp;&nbsp;&nbsp; 0.26 | 0.05 |
| **JPMorgan Equity Premium Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1052.40 | &nbsp;&nbsp;&nbsp;&nbsp; 4.40 | 0.85 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.92 | &nbsp;&nbsp;&nbsp;&nbsp; 4.33 | 0.85 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1049.80 | &nbsp;&nbsp;&nbsp;&nbsp; 6.97 | 1.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.40 | &nbsp;&nbsp;&nbsp;&nbsp; 6.87 | 1.35 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1052.90 | &nbsp;&nbsp;&nbsp;&nbsp; 3.10 | 0.60 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.18 | &nbsp;&nbsp;&nbsp;&nbsp; 3.06 | 0.60 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1054.50 | &nbsp;&nbsp;&nbsp;&nbsp; 2.33 | 0.45 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.94 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29 | 0.45 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1054.30 | &nbsp;&nbsp;&nbsp;&nbsp; 1.81 | 0.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.44 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79 | 0.35 |
| **JPMorgan Hedged Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.40 | &nbsp;&nbsp;&nbsp;&nbsp; 4.22 | 0.83 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.02 | &nbsp;&nbsp;&nbsp;&nbsp; 4.23 | 0.83 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1013.80 | &nbsp;&nbsp;&nbsp;&nbsp; 6.75 | 1.33 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.50 | &nbsp;&nbsp;&nbsp;&nbsp; 6.77 | 1.33 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.60 | &nbsp;&nbsp;&nbsp;&nbsp; 2.95 | 0.58 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.28 | &nbsp;&nbsp;&nbsp;&nbsp; 2.96 | 0.58 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.80 | &nbsp;&nbsp;&nbsp;&nbsp; 2.19 | 0.43 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.04 | &nbsp;&nbsp;&nbsp;&nbsp; 2.19 | 0.43 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.30 | &nbsp;&nbsp;&nbsp;&nbsp; 1.68 | 0.33 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.54 | &nbsp;&nbsp;&nbsp;&nbsp; 1.68 | 0.33 |
| **JPMorgan Hedged Equity 2 Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 991.10 | &nbsp;&nbsp;&nbsp;&nbsp; 4.27 | 0.85 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.92 | &nbsp;&nbsp;&nbsp;&nbsp; 4.33 | 0.85 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 988.50 | &nbsp;&nbsp;&nbsp;&nbsp; 6.77 | 1.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.40 | &nbsp;&nbsp;&nbsp;&nbsp; 6.87 | 1.35 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 227

------

**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) (continued) <br>Hypothetical $1,000 Investment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan Hedged Equity 2 Fund (continued)**  |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $992.30  | $3.01  | 0.60% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.18 | &nbsp;&nbsp;&nbsp;&nbsp; 3.06 | 0.60 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 993.10 | &nbsp;&nbsp;&nbsp;&nbsp; 2.26 | 0.45 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.94 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29 | 0.45 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 992.90 | &nbsp;&nbsp;&nbsp;&nbsp; 1.76 | 0.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.44 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79 | 0.35 |
| **JPMorgan Hedged Equity 3 Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1002.20 | &nbsp;&nbsp;&nbsp;&nbsp; 4.29 | 0.85 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.92 | &nbsp;&nbsp;&nbsp;&nbsp; 4.33 | 0.85 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 999.80 | &nbsp;&nbsp;&nbsp;&nbsp; 6.80 | 1.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.40 | &nbsp;&nbsp;&nbsp;&nbsp; 6.87 | 1.35 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1003.50 | &nbsp;&nbsp;&nbsp;&nbsp; 3.03 | 0.60 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.18 | &nbsp;&nbsp;&nbsp;&nbsp; 3.06 | 0.60 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1004.40 | &nbsp;&nbsp;&nbsp;&nbsp; 2.27 | 0.45 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.94 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29 | 0.45 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1004.80 | &nbsp;&nbsp;&nbsp;&nbsp; 1.77 | 0.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.44 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79 | 0.35 |
| **JPMorgan Large Cap Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.20 | &nbsp;&nbsp;&nbsp;&nbsp; 4.73 | 0.93 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.52 | &nbsp;&nbsp;&nbsp;&nbsp; 4.74 | 0.93 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1015.40 | &nbsp;&nbsp;&nbsp;&nbsp; 7.26 | 1.43 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.00 | &nbsp;&nbsp;&nbsp;&nbsp; 7.27 | 1.43 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.30 | &nbsp;&nbsp;&nbsp;&nbsp; 3.46 | 0.68 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.78 | &nbsp;&nbsp;&nbsp;&nbsp; 3.47 | 0.68 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.80 | &nbsp;&nbsp;&nbsp;&nbsp; 6.00 | 1.18 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.26 | &nbsp;&nbsp;&nbsp;&nbsp; 6.01 | 1.18 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.20 | &nbsp;&nbsp;&nbsp;&nbsp; 4.73 | 0.93 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.52 | &nbsp;&nbsp;&nbsp;&nbsp; 4.74 | 0.93 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.20 | &nbsp;&nbsp;&nbsp;&nbsp; 3.46 | 0.68 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.78 | &nbsp;&nbsp;&nbsp;&nbsp; 3.47 | 0.68 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.20 | &nbsp;&nbsp;&nbsp;&nbsp; 2.70 | 0.53 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.53 | &nbsp;&nbsp;&nbsp;&nbsp; 2.70 | 0.53 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.70 | &nbsp;&nbsp;&nbsp;&nbsp; 2.19 | 0.43 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.04 | &nbsp;&nbsp;&nbsp;&nbsp; 2.19 | 0.43 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

228 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan Large Cap Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1070.30 | $4.85 | 0.93% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.52 | &nbsp;&nbsp;&nbsp;&nbsp; 4.74 | 0.93 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1067.80 | &nbsp;&nbsp;&nbsp;&nbsp; 7.51 | 1.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.95 | &nbsp;&nbsp;&nbsp;&nbsp; 7.32 | 1.44 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1072.00 | &nbsp;&nbsp;&nbsp;&nbsp; 3.60 | 0.69 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.73 | &nbsp;&nbsp;&nbsp;&nbsp; 3.52 | 0.69 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1069.00 | &nbsp;&nbsp;&nbsp;&nbsp; 6.21 | 1.19 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.21 | &nbsp;&nbsp;&nbsp;&nbsp; 6.06 | 1.19 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1070.80 | &nbsp;&nbsp;&nbsp;&nbsp; 4.91 | 0.94 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.47 | &nbsp;&nbsp;&nbsp;&nbsp; 4.79 | 0.94 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1071.60 | &nbsp;&nbsp;&nbsp;&nbsp; 3.60 | 0.69 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.73 | &nbsp;&nbsp;&nbsp;&nbsp; 3.52 | 0.69 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1072.50 | &nbsp;&nbsp;&nbsp;&nbsp; 2.82 | 0.54 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.48 | &nbsp;&nbsp;&nbsp;&nbsp; 2.75 | 0.54 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1073.00 | &nbsp;&nbsp;&nbsp;&nbsp; 2.30 | 0.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.99 | &nbsp;&nbsp;&nbsp;&nbsp; 2.24 | 0.44 |
| **JPMorgan U.S. Applied Data Science Value Fund**  |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1058.90 | &nbsp;&nbsp;&nbsp;&nbsp; 3.79 | 0.73 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.53 | &nbsp;&nbsp;&nbsp;&nbsp; 3.72 | 0.73 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1055.70 | &nbsp;&nbsp;&nbsp;&nbsp; 6.37 | 1.23 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.00 | &nbsp;&nbsp;&nbsp;&nbsp; 6.26 | 1.23 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1059.80 | &nbsp;&nbsp;&nbsp;&nbsp; 2.54 | 0.49 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.73 | &nbsp;&nbsp;&nbsp;&nbsp; 2.50 | 0.49 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1056.70 | &nbsp;&nbsp;&nbsp;&nbsp; 5.65 | 1.09 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.71 | &nbsp;&nbsp;&nbsp;&nbsp; 5.55 | 1.09 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1060.40 | &nbsp;&nbsp;&nbsp;&nbsp; 2.29 | 0.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.99 | &nbsp;&nbsp;&nbsp;&nbsp; 2.24 | 0.44 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1060.90 | &nbsp;&nbsp;&nbsp;&nbsp; 1.77 | 0.34 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.49 | &nbsp;&nbsp;&nbsp;&nbsp; 1.73 | 0.34 |
| **JPMorgan U.S. Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1013.80 | &nbsp;&nbsp;&nbsp;&nbsp; 4.77 | 0.94 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.47 | &nbsp;&nbsp;&nbsp;&nbsp; 4.79 | 0.94 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1010.80 | &nbsp;&nbsp;&nbsp;&nbsp; 7.30 | 1.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.95 | &nbsp;&nbsp;&nbsp;&nbsp; 7.32 | 1.44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 229

------

**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) (continued) <br>Hypothetical $1,000 Investment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan U.S. Equity Fund (continued)**  |  |  |  |  |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1014.60 | $3.50 | 0.69% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.73 | &nbsp;&nbsp;&nbsp;&nbsp; 3.52 | 0.69 |
| **Class L** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1015.80 | &nbsp;&nbsp;&nbsp;&nbsp; 2.74 | 0.54 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.48 | &nbsp;&nbsp;&nbsp;&nbsp; 2.75 | 0.54 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1012.70 | &nbsp;&nbsp;&nbsp;&nbsp; 6.04 | 1.19 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.21 | &nbsp;&nbsp;&nbsp;&nbsp; 6.06 | 1.19 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1013.90 | &nbsp;&nbsp;&nbsp;&nbsp; 4.77 | 0.94 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.47 | &nbsp;&nbsp;&nbsp;&nbsp; 4.79 | 0.94 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1015.10 | &nbsp;&nbsp;&nbsp;&nbsp; 3.50 | 0.69 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.73 | &nbsp;&nbsp;&nbsp;&nbsp; 3.52 | 0.69 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1015.80 | &nbsp;&nbsp;&nbsp;&nbsp; 2.74 | 0.54 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.48 | &nbsp;&nbsp;&nbsp;&nbsp; 2.75 | 0.54 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.30 | &nbsp;&nbsp;&nbsp;&nbsp; 2.24 | 0.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.99 | &nbsp;&nbsp;&nbsp;&nbsp; 2.24 | 0.44 |
| **JPMorgan U.S. GARP Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 988.70 | &nbsp;&nbsp;&nbsp;&nbsp; 4.21 | 0.84 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.97 | &nbsp;&nbsp;&nbsp;&nbsp; 4.28 | 0.84 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 986.20 | &nbsp;&nbsp;&nbsp;&nbsp; 6.71 | 1.34 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.45 | &nbsp;&nbsp;&nbsp;&nbsp; 6.82 | 1.34 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 990.10 | &nbsp;&nbsp;&nbsp;&nbsp; 2.96 | 0.59 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.23 | &nbsp;&nbsp;&nbsp;&nbsp; 3.01 | 0.59 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 987.60 | &nbsp;&nbsp;&nbsp;&nbsp; 5.46 | 1.09 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.71 | &nbsp;&nbsp;&nbsp;&nbsp; 5.55 | 1.09 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 990.60 | &nbsp;&nbsp;&nbsp;&nbsp; 2.21 | 0.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.99 | &nbsp;&nbsp;&nbsp;&nbsp; 2.24 | 0.44 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 991.10 | &nbsp;&nbsp;&nbsp;&nbsp; 1.71 | 0.34 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.49 | &nbsp;&nbsp;&nbsp;&nbsp; 1.73 | 0.34 |
| **JPMorgan U.S. Large Cap Core Plus Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1050.60 | &nbsp;&nbsp;&nbsp;&nbsp; 8.73 | 1.69 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.69 | &nbsp;&nbsp;&nbsp;&nbsp; 8.59 | 1.69 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1047.90 | &nbsp;&nbsp; 11.30 | 2.19 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1014.17 | &nbsp;&nbsp; 11.12 | 2.19 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1051.90 | &nbsp;&nbsp;&nbsp;&nbsp; 7.45 | 1.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.95 | &nbsp;&nbsp;&nbsp;&nbsp; 7.32 | 1.44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

230 J.P. Morgan Large Cap Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan U.S. Large Cap Core Plus Fund (continued)**  |  |  |  |  |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1048.90 | $10.74 | 2.08% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1014.72 | &nbsp;&nbsp; 10.56 | 2.08 |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1051.80 | &nbsp;&nbsp;&nbsp;&nbsp; 7.40 | 1.43 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.00 | &nbsp;&nbsp;&nbsp;&nbsp; 7.27 | 1.43 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1052.80 | &nbsp;&nbsp;&nbsp;&nbsp; 6.78 | 1.31 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.60 | &nbsp;&nbsp;&nbsp;&nbsp; 6.67 | 1.31 |
| **JPMorgan U.S. Research Enhanced Equity Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.80 | &nbsp;&nbsp;&nbsp;&nbsp; 3.05 | 0.60 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.18 | &nbsp;&nbsp;&nbsp;&nbsp; 3.06 | 0.60 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.20 | &nbsp;&nbsp;&nbsp;&nbsp; 1.78 | 0.35 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.44 | &nbsp;&nbsp;&nbsp;&nbsp; 1.79 | 0.35 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.80 | &nbsp;&nbsp;&nbsp;&nbsp; 1.27 | 0.25 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.94 | &nbsp;&nbsp;&nbsp;&nbsp; 1.28 | 0.25 |
| **JPMorgan U.S. Sustainable Leaders Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1028.10 | &nbsp;&nbsp;&nbsp;&nbsp; 3.27 | 0.64 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.98 | &nbsp;&nbsp;&nbsp;&nbsp; 3.26 | 0.64 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1025.40 | &nbsp;&nbsp;&nbsp;&nbsp; 5.82 | 1.14 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.46 | &nbsp;&nbsp;&nbsp;&nbsp; 5.80 | 1.14 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1029.20 | &nbsp;&nbsp;&nbsp;&nbsp; 1.99 | 0.39 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.24 | &nbsp;&nbsp;&nbsp;&nbsp; 1.99 | 0.39 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1029.50 | &nbsp;&nbsp;&nbsp;&nbsp; 1.74 | 0.34 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.49 | &nbsp;&nbsp;&nbsp;&nbsp; 1.73 | 0.34 |
| **JPMorgan U.S. Value Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1084.90 | &nbsp;&nbsp;&nbsp;&nbsp; 4.94 | 0.94 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.47 | &nbsp;&nbsp;&nbsp;&nbsp; 4.79 | 0.94 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1082.20 | &nbsp;&nbsp;&nbsp;&nbsp; 7.56 | 1.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1017.95 | &nbsp;&nbsp;&nbsp;&nbsp; 7.32 | 1.44 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1086.40 | &nbsp;&nbsp;&nbsp;&nbsp; 3.63 | 0.69 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.73 | &nbsp;&nbsp;&nbsp;&nbsp; 3.52 | 0.69 |
| **Class R2** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1083.40 | &nbsp;&nbsp;&nbsp;&nbsp; 6.25 | 1.19 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.21 | &nbsp;&nbsp;&nbsp;&nbsp; 6.06 | 1.19 |
| **Class R3** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1085.00 | &nbsp;&nbsp;&nbsp;&nbsp; 4.94 | 0.94 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1020.47 | &nbsp;&nbsp;&nbsp;&nbsp; 4.79 | 0.94 |
| **Class R4** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1086.40 | &nbsp;&nbsp;&nbsp;&nbsp; 3.58 | 0.68 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1021.78 | &nbsp;&nbsp;&nbsp;&nbsp; 3.47 | 0.68 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 231

------

**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) (continued) <br>Hypothetical $1,000 Investment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan U.S. Value Fund (continued)**  |  |  |  |  |
| **Class R5** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1087.10 | $2.84  | 0.54% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.48 | &nbsp;&nbsp;&nbsp;&nbsp; 2.75 | 0.54 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1087.60 | &nbsp;&nbsp;&nbsp;&nbsp; 2.32 | 0.44 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.99 | &nbsp;&nbsp;&nbsp;&nbsp; 2.24 | 0.44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Expenses are equal to each Class' respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

232 J.P. Morgan Large Cap Funds December 31, 2022

------

**BOARD APPROVAL OF MANAGEMENT AGREEMENTS** <br>(Unaudited)

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. Effective January 2022, the Board consolidated with the J.P. Morgan Exchange-Traded Fund Trust Board and now consists of Trustees from both Boards. 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 meet for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings on June 21-22, 2022 and August 9-11, 2022, 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 11, 2022.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from the Adviser. This information includes 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 (including certain ETFs, beginning in February 2022) 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 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 Trusts, and independent legal counsel 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, including additional reporting and information provided in connection with the COVID-19 pandemic, 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:

(i) The background and experience of the Adviser's senior management and investment personnel, including personnel changes, if any;

(ii) The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management each of the Funds, including personnel changes, if any;

(iii) The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

(iv) Information about the structure and distribution strategy for each Fund and how it fits with the Trusts' other fund offerings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 233

------

**BOARD APPROVAL OF MANAGEMENT AGREEMENTS** <br>(Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(v) The administration services provided by the Adviser in its role as Administrator;

(vi) 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 Trusts and in the financial industry generally;

(vii) The overall reputation and capabilities of the Adviser and its affiliates;

(viii) The commitment of the Adviser to provide high quality service to the Funds;

(ix) Their overall confidence in the Adviser's integrity;

(x) 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

(xi) The Adviser's business continuity plan and steps the Adviser and its affiliates have taken to provide ongoing services to the Funds during the COVID-19 pandemic, and the Adviser's and its affiliates' success in continuing to provide services to the Funds and their shareholders throughout this period.

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 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.

**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

234 J.P. Morgan Large Cap Funds December 31, 2022

------

fees remain satisfactory 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, 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 the Funds' 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 with the same Broadridge investment classification and objective (the "Universe"), as well as a subset of funds within the Universe (the "Peer Group"), 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 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 Group did not meet a predetermined minimum. 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 Class A shares was in the third quintile of the Peer Group, for each of the one-, three- and five-year periods ended December 31, 2021, and in the fourth, third and second quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the third, second and third quintiles of the Peer Group, and in the fourth, third and second quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the third, second and second quintiles of the Peer Group, and in the third, third and second of the Universe, for the one-,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 235

------

**BOARD APPROVAL OF MANAGEMENT AGREEMENTS** <br>(Unaudited) (continued)

three- and five-year periods ended December 31, 2021, 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 Equity Index Fund's performance for Class A and Class I shares was in the first quintile of the Peer Group, and in the second quintile of the Universe, for each of the one-, three- and five-year periods ended December 31, 2021. The Trustees noted that the performance for Class R6 shares was in the first quintile of the Peer Group for each of the one-, three- and five year periods ended December 31, 2021, and in the second, second and first quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2021, 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 Equity Premium Income Fund's performance for Class A shares was in the third and first quintiles of the Peer Group, and in the third and second quintiles of the Universe, for the one- and three-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the third and second quintiles of the Universe, for the one- and three-year periods ended December 31, 2021, respectively. Broadridge did not calculate quintile rankings for the Peer Group for Class I shares due to the limited number of funds in the Peer Groups. The Trustees noted that the performance for Class R6 shares was in the second and first quintiles of the Peer Group for the one- and three-year periods ended December 31, 2021, respectively, and in the second quintile of the Universe for both the one- and three-year periods ended December 31, 2021. The Trustees discussed the performance and investment strategy of the Fund with the Advisor 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 shares was in the first quintile of the Peer Group for each of the one-, three- and five-year periods ended December 31, 2021, and in the second, second and first quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the second, second and first quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021,

respectively. Broadridge did not calculate quintile rankings for the Peer Group for Class I shares due to the limited number of funds in the Peer Groups. The Trustees noted that the performance for Class R6 shares was in the second, first and first quintiles of both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2021, 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 the performance of the Hedged Equity 2 Fund since its inception on February 26, 2021, as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted the performance of the Hedged Equity 3 Fund since its inception on February 26, 2021, as compared with that of its benchmark index. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and, based upon this discussion and various other factors, concluded that the performance was reasonable.

The Trustees noted that the Large Cap Growth Fund's performance for Class A shares was in the fifth, first and first quintiles of the Peer Group, and in the fourth, first and first quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for both Class I and Class R6 shares was in the fourth, first and first quintiles of both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2021, 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 Large Cap Value Fund's performance for Class A was in the fifth, second and third quintiles of the Peer Group, and in the fourth, first and third of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the fourth, first and third quintiles of both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the fourth, first and third quintiles of the Peer Group, and in the fourth, first and second quintiles of the Universe, for the one-, three- and five-year periods ended

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

236 J.P. Morgan Large Cap Funds December 31, 2022

------

December 31, 2021, 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 U.S. Applied Data Science Value Fund's performance for Class A shares was in the first, third and third quintiles for both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the first, third and second quintiles of the Peer Group, and in the first, third and third quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the first, third and first quintiles of the Peer Group, and in the first, second and second quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, 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 U.S. Equity Fund's performance for both Class A and Class I shares was in the first quintile of the Peer Group, for each of the one-, three- and five-year periods ended December 31, 2021, and in the second, first and first quintiles of the Universe, for the one-, three and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the second, first and second quintiles of the Peer Group, and in the second, first and first quintiles of the Universe, for the one-, three and five-year periods ended December 31, 2021, 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 shares was in first, third and third quintiles of the Peer Group, and in the first, fourth and third quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the first, fourth and third quintiles of the Peer Group, and in the first, third and third quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the first,

third and third quintiles of both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2021, 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 Board's Equity Committee at each of its regularly scheduled meetings over the course of the next year.

The Trustees noted that the U.S. Large Cap Core Plus Fund's performance for both Class A and Class I shares was in the second, first and first quintiles of the Peer Group, for the one-, three- and five-year periods ended December 31, 2021, respectively, and in the first quintile of the Universe, for each of the one-, three- and five-year periods ended December 31, 2021. The Trustees noted that the performance for Class R6 shares was in the first and second quintiles of the Peer Group for the one- and three year periods ended December 31, 2021, respectively, and in the first quintile of the Universe for both the one- and three-year periods ended December 31, 2021. 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 shares was in the first, first and second quintiles of the Peer Group for the one-, three- and five-year periods ended December 31, 2021, respectively, and in the first quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2021. The Trustees noted that the performance for both Class I and Class R6 shares was in the first quintile of both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2021. 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 first, second and second quintiles of the Peer Group for the one-, three- and five-year periods ended December 31, 2021, respectively, and in the first quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2021. The Trustees noted that the performance for Class I shares was in the first quintile of both the Peer Group and Universe, for each of the one-, three- and five-year periods ended December 31, 2021. The

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 237

------

**BOARD APPROVAL OF MANAGEMENT AGREEMENTS** <br>(Unaudited) (continued)

Trustees noted that the performance for Class R6 shares was in the first quintile of both the Peer Group and Universe, for the one-year period ended December 31, 2021. 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. Value Fund's performance for Class A shares was in the second, second and first quintiles of the Peer Group for the one- three- and five-year periods ended December 31, 2021, respectively, and in the second quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2021. The Trustees noted that the performance for Class I shares was in the third, first and first quintiles of the Peer Group for the one- three- and five-year periods ended December 31, 2021, respectively, and in the second quintile of the Universe, for each of the one-, three- and five-year periods ended December 31, 2021. The Trustees noted that the performance for Class R6 shares was in the second, first and first quintiles of the Peer Group, and in the second, second and first quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, 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 in the same Broadridge category as each Fund. 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 Equity Income 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 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 second quintile of both the Peer Group and Universe, and that the actual total expenses for Class I 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 R6 shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class R 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 satisfactory 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 and first 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 first and second 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 both 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 satisfactory 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 Class A and Class R6 shares were in the first quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first quintile of the Universe. Broadridge did not calculate quintile rankings for the Peer Group for Class I 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 satisfactory 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 and Class R6 shares were in the first quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were in the first and second

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

238 J.P. Morgan Large Cap Funds December 31, 2022

------

quintiles of the Universe, respectively. Broadridge did not calculate quintile rankings for the Peer Group for Class I 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 satisfactory in light of the services provided to the Fund.

The Trustees noted that the Hedged Equity 2 Fund's net advisory fee for Class A and Class R6 shares were in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class A and Class R6 shares were in the first quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class I shares were both in the second quintile of the Universe. Broadridge did not calculate quintile rankings for the Peer Group for Class I 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 satisfactory 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 and Class R6 shares were in the first quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in first quintile of the Universe, and that the actual total expenses for Class I shares were in the second quintile of the Universe. Broadridge did not calculate quintile rankings for the Peer Group for Class I 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 satisfactory 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 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 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 first and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee Class R6 shares was in the second and first 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 satisfactory 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 and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class I shares were also in the first 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 satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Applied Data Science Value 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 the Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory 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 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 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 second 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 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 satisfactory 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 satisfactory 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 and actual total expenses for Class A shares were both in the fifth and fourth quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for Class I shares was in fifth quintile of both the Peer Group and Universe, and that the actual total expenses for

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Large Cap Funds 239

------

**BOARD APPROVAL OF MANAGEMENT AGREEMENTS** <br>(Unaudited) (continued)

Class I shares were in the first 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 fifth quintile of both the Peer Group and Universe, and that the actual total expenses for Class R6 shares were in the fifth and third quintiles of the Peer Group and Universe, respectively. After considering all of the factors identified above, in light of this information, the Trustees concluded that the advisory fee was satisfactory 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 satisfactory in light of the services provided to the Fund.

The Trustees noted that the U.S. Sustainable Leader Fund's net advisory fee and actual total expenses for Class A, Class I and Class R6 shares were in the first quintile based upon 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 satisfactory 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 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 first quintile of both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the first 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 satisfactory in light of the services provided to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

240 J.P. Morgan Large Cap Funds December 31, 2022

------

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.

The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Fund's Form N-PORT reports are available on the SEC's website at http://www.sec.gov. The Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds' website at www.jpmorganfunds.com.

A description of the Fund's policies and procedures with respect to the disclosure of the Fund's holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Fund's website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC's website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund's voting record for the most recent 12-month period ended June 30 is available on the SEC's website at www.sec.gov or at the Fund's website at www.jpmorganfunds.com no later than August 31 of each year. The Fund's proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

![](g441488img6da64a2019.jpg)

------

![](g441488imgdd26553b20.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2022. All rights reserved. December 2022.

SAN-LCE-1222

------

Semi-Annual Report

J.P. Morgan Investor Funds

December 31, 2022 (Unaudited)

---

| |
|:---|
| JPMorgan Investor Balanced Fund |
| JPMorgan Investor Conservative Growth Fund |
| JPMorgan Investor Growth Fund |
| JPMorgan Investor Growth & Income Fund |

---

![](g452571img874aafee1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Letter to Shareholders](#xx_99670e22-3001-4c40-9d92-d6822b101fe2_lts-ltscc-844_1) | **1** |
| [Fund Facts](#xx_99670e22-3001-4c40-9d92-d6822b101fe2_ff-fundfactscc-844_1) | **2** |
| [Funds Commentary](#xx_99670e22-3001-4c40-9d92-d6822b101fe2_fc-1-fundcommentarycc-844_1) | **3** |
| [Schedules of Portfolio Investments](#xx_99670e22-3001-4c40-9d92-d6822b101fe2_soi-toc-scheduleofinvestments-844_1) | **9** |
| [Financial Statements](#xx_99670e22-3001-4c40-9d92-d6822b101fe2_fs-toc-financialstatement-844_1) | **13** |
| [Financial Highlights](#xx_99670e22-3001-4c40-9d92-d6822b101fe2_fihi-toc-financialhighlights-844_1) | **22** |
| [Notes to Financial Statements](#xx_99670e22-3001-4c40-9d92-d6822b101fe2_ntf-ntfrunningfooter-844_1) | **30** |
| [Schedule of Shareholder Expenses](#xx_99670e22-3001-4c40-9d92-d6822b101fe2_sse-shareholderexpensescc-844_1) | **43** |
| [Board Approval of Investment Advisory Agreements](#xx_99670e22-3001-4c40-9d92-d6822b101fe2_boardapproval_1-boardapprovalcc-844_1) | **45** |
| [Tax Letter](#xx_99670e22-3001-4c40-9d92-d6822b101fe2_tl-taxlettercc-844_1) | **50** |

---

**Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund's share price is lower than when you invested.** <br>Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. <br>Prospective investors should refer to the Funds' prospectuses for a discussion of the Funds' investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

------

**Letter to Shareholders** <br>February 13, 2023 (Unaudited)

**Dear Shareholder,**

Financial markets have rebounded somewhat as the U.S. and other developed market economies have shown notable resilience in the face of higher inflation, rising interest rates and the ongoing war in Ukraine. While the factors that weighed on equity and bond markets in 2022 largely remain, there are signals that inflationary pressures may have peaked and the long-term economic outlook appears positive.

---

| | |
|:---|:---|
| ![](g452571img5af03fca2.jpg)<br>| &nbsp;&nbsp; <br>*"Investors may face continued* <br> *economic and geopolitical challenges* <br> *in the year ahead. However, some of* <br> *the acute risks encountered in 2022* <br> *appear to have receded and last* <br> *year's reset in asset prices may* <br> *provide attractive investment* <br> *opportunities."*<br> *— Brian S. Shlissel*<br>|

---

While U.S. economic growth was surprisingly strong in the closing months of 2022, with broad gains in employment and consumer spending in the final months of the year, the U.S. Federal Reserve's efforts to counter inflationary pressure through sharply higher interest rates could slow economic momentum in the months ahead.

Corporate earnings have been squeezed by higher costs for materials and labor, while the strong U.S. dollar has hindered export revenues. However, the impact of higher prices and interest rates has not landed on all sectors of the economy evenly. Energy sector profits have soared over the past year, while earnings in housing and construction sectors have declined.

Across Europe, the war in Ukraine has driven up prices for energy, food and a range of other goods and has fueled negative consumer sentiment. The prolonged nature of the conflict and its potential to spread remain key concerns among policymakers, diplomats, military planners, economists and investors. It is worth noting that Europe's largest industrialized nations in concert with the European Union have moved swiftly to secure alternatives to Russian sources of natural gas and petroleum, which has eased an energy crisis that began last year.

Investors may face continued economic and geopolitical challenges in the year ahead. However, some of the acute risks encountered in 2022 appear to have receded and last year's reset in asset prices may provide attractive investment opportunities. A long-term view and a properly diversified portfolio, in our opinion, remain key elements to a successful investment approach.

Our broad array of investment solutions seeks to provide investors with ability to build durable portfolios that can help them meet their financial goals.

Sincerely, <br> ![](g452571img0850ef413.jpg)

Brian S. Shlissel <br>President - J.P. Morgan Funds <br>J.P. Morgan Asset Management <br>1-800-480-4111 or <u>www.jpmorganfunds.com</u> for more information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 1

------

J.P. Morgan Investor Funds

**FUND FACTS** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Fund Return** <br>**(With** <br>**sales charge)\***<br>| **Fund Return** <br>**(Without** <br>**sales charge)\***<br>| **Bloomberg Barclays U.S.** <br>**Intermediate Aggregate** <br>**Index Return** <br>**(Broad-Based Fixed** <br>**Income Benchmark)**<br>| **Russell 3000** <br>**Index Return** <br>**(Broad-Based** <br>**Equity Benchmark)**<br>| **MSCI EAFE Index** <br>**(net of foreign** <br>**withholding** <br>**taxes)**<br>| **Fund Net** <br>**Assets as of**<br> **December 31, 2022**<br> **(In thousands)** <br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Investor Balanced Fund, <br> Class A <br>| (3.71)% | 0.82% | (2.19)% | 2.40% | 6.36% | $4987881 |
| &nbsp;&nbsp;&nbsp; JPMorgan Investor Conservative <br> Growth Fund, Class A <br>| (4.82) | (0.30) | (2.19) | 2.40 | 6.36 | &nbsp;&nbsp; 4012824 |
| &nbsp;&nbsp;&nbsp; JPMorgan Investor Growth Fund, <br> Class A <br>| (1.84) | &nbsp;&nbsp; 2.81 | (2.19) | 2.40 | 6.36 | &nbsp;&nbsp; 3976369 |
| &nbsp;&nbsp;&nbsp; JPMorgan Investor Growth & Income <br> Fund, Class A <br>| (2.88) | &nbsp;&nbsp; 1.69 | (2.19) | 2.40 | 6.36 | &nbsp;&nbsp; 3753750 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America. 

**JPMorgan Investor Balanced Fund** 

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY ASSET CLASS** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Fixed Income | 47.7% |
| U.S. Equity | 36.4 |
| International Equity | 12.5 |
| Alternative Assets | &nbsp;&nbsp; 1.7 |
| Short-Term Investments | &nbsp;&nbsp; 1.7 |

---

**JPMorgan Investor Conservative Growth Fund** 

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY ASSET CLASS** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| Fixed Income | 68.3% |
| U.S. Equity | 20.3 |
| International Equity | &nbsp;&nbsp; 7.8 |
| Alternative Assets | &nbsp;&nbsp; 1.9 |
| Short-Term Investments | &nbsp;&nbsp; 1.7 |

---

**JPMorgan Investor Growth Fund** 

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY ASSET CLASS** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| U.S. Equity | 62.5% |
| International Equity | 22.8 |
| Fixed Income | 11.7 |
| Alternative Assets | &nbsp;&nbsp; 0.8 |
| Short-Term Investments | &nbsp;&nbsp; 2.2 |

---

**JPMorgan Investor Growth & Income Fund** 

---

| | |
|:---|:---|
| **PORTFOLIO COMPOSITION BY ASSET CLASS** <br>**AS OF December 31, 2022**<br>| **PERCENT OF** <br>**TOTAL** <br>**INVESTMENTS**<br>|
| U.S. Equity | 48.5% |
| Fixed Income | 32.9 |
| International Equity | 15.9 |
| Alternative Assets | &nbsp;&nbsp; 0.7 |
| Short-Term Investments | &nbsp;&nbsp; 2.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Investor Funds December 31, 2022

------

J.P. Morgan Investor Funds

**FUNDS COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

**INVESTMENT OBJECTIVES\***

The **JPMorgan Investor Balanced Fund** seeks high total return consistent with the preservation of capital by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity and fixed income securities.

The **JPMorgan Investor Conservative Growth Fund** seeks income and capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in fixed income and equity securities.

The **JPMorgan Investor Growth Fund** seeks long-term capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

The **JPMorgan Investor Growth & Income Fund** seeks long-term capital appreciation and growth of income by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

**HOW DID THE MARKET PERFORM?**

Developed market equities generally provided modest positive returns for the period, while emerging markets equities slumped. Bond market returns were mixed as leading central banks continued to raise interest rates in the face of the highest levels of inflation in 40 years. Overall, investors largely focused on rising interest rates, the war in Ukraine and pandemic-related disruptions in China.

In the U.S., equity prices rebounded from a sharp sell-off in August and September 2022 that coincided with U.S. Federal Reserve policy guidance on further interest rate increases. However, corporate earnings for both the second and third quarters of 2022 generally were better than expected given a cooling economy and slower consumer spending. While U.S. unemployment rate remained historically low - hovering between 3.5% and 3.7% for the six-month period - by the end of 2022 data indicated some inflationary pressures had eased.

Across Europe, the energy crisis that followed Russia's invasion of Ukraine in late February 2022 eased somewhat in the second half of the year as both the U.K. and the EU obtained alternatives to Russian energy imports and global energy prices receded. A political crisis in the U.K. roiled financial markets in London but the ascension of Rishi Sunak to prime minister appeared to remove some investor uncertainty.

Emerging markets broadly declined during the period but there was wide variance among individual nations. Chinese equities continued to underperform amid investor concerns about the economic impact of the country's strict anti-pandemic policies,

as well as weakness within China's real estate sector and changes in the global trade for information. While energy prices retreated from historically high levels in the second half of 2022, overall commodities prices remained elevated, which benefitted markets in exporting nations but hurt markets in net importing nations.

**WHAT WERE THE MAIN DRIVERS OF THE FUNDS' PERFORMANCE?**

In accordance with their model allocations, each of the JPMorgan Investor Funds (the "Investor Funds") allocated its assets among fixed income, equity and alternative investments.

For the six months ended December 31, 2022, each of the Investor Funds' Class A Shares outperformed the Bloomberg U.S. Intermediate Aggregate Index, the Investor Funds' broad based fixed income benchmark, mainly due to the Investor Funds' exposure to equities.

The Investor Growth Fund outperformed the Russell 3000 Index, the Investor Funds' broad based equity benchmark, mainly due to the Fund's allocation to international equities. The Investor Balanced Fund, Investor Conservative Growth Fund and the Investor Growth & Income Fund each underperformed the Russell 3000 Index, mainly due to their allocations to fixed income.

Each of the Investor Funds underperformed the MSCI EAFE Index, largely due to their allocations to U.S. equity and U.S. fixed income.

**HOW WERE THE FUNDS POSITIONED?**

Each Investor Fund invested in underlying JPMorgan Funds ("underlying funds"). The underlying funds invest in fixed income securities, equities and other alternative fixed income and equity strategies, such as below investment grade, high yield bonds and real estate investment trusts. Among equities, the underlying funds in which the Investor Funds invested were allocated among large-cap, mid-cap, small-cap and international stocks. The Investor Funds' portfolio managers made investments for each Investor Fund based on an evaluation of three components: underlying fund selection, tactical asset allocation and strategic asset allocation. The portfolio managers determined the strategic weight for each asset class in the Investor Funds by making investments that they believed would perform well over the long term and maintaining a level of volatility similar to that of each Investor Fund's composite benchmark. During the reporting period, the Investor Funds' portfolio managers maintained a relative underweight positions in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 3

------

J.P. Morgan Investor Funds

**FUNDS COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited) (continued)

------

\*

The adviser seeks to achieve the Portfolio's objective. There can be no guarantee it will be achieved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Investor Funds December 31, 2022

------

JPMorgan Investor Balanced Fund

**FUNDS COMMENTARY** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | December 10, 1996 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (3.71)% | (17.69)% | 2.86% | 5.28% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 0.82 | (13.81) | 3.82 | 5.76 |
| **CLASS C SHARES** | July 1, 1997 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | (0.42) | (15.24) | 3.28 | 5.31 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 0.58 | (14.24) | 3.28 | 5.31 |
| **Class I SHARES** | December 10, 1996 | 1.02 | (13.56) | 4.09 | 6.03 |
| **Class R6 SHARES** | July 31, 2017 | 1.15 | (13.35) | 4.31 | 6.14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Not annualized.

\*\* Sales Charge for Class A Shares is 4.50%.

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g452571imgbb3499b34.jpg)

***The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.*** 

Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Balanced Fund, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Moderate Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and

asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Moderate Funds Index consists of funds that by portfolio practice maintain a mix of between 40% to 60% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5 <br>

------

JPMorgan Investor Conservative Growth Fund

**FUNDS COMMENTARY** <br>SIX MONTHS ENDED December 31, 2022 (Unaudited)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | December 10, 1996 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (4.82)% | (16.47)% | 1.47% | 3.38% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | (0.30) | (12.53) | 2.40 | 3.86 |
| **CLASS C SHARES** | July 1, 1997 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | (1.64) | (13.97) | 1.86 | 3.41 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | (0.64) | (12.97) | 1.86 | 3.41 |
| **Class I SHARES** | December 10, 1996 | (0.18) | (12.30) | 2.64 | 4.11 |
| **Class R6 SHARES** | July 31, 2017 | (0.13) | (12.09) | 2.86 | 4.22 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Not annualized.

\*\* Sales Charge for Class A Shares is 4.50%.

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

***The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.*** 

Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Conservative Growth Fund, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Conservative Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg U.S. Intermediate Aggregate Index is an

unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Conservative Funds Index consists of funds that by portfolio practice maintain a mix of between 20% to 40% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 <br>

------

JPMorgan Investor Growth Fund

**FUNDS COMMENTARY** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | December 10, 1996 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (1.84)% | (19.82)% | 5.21% | 8.79% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 2.81 | (16.03) | 6.18 | 9.30 |
| **CLASS C SHARES** | July 1, 1997 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 1.58 | (17.46) | 5.61 | 8.82 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 2.58 | (16.46) | 5.61 | 8.82 |
| **Class I SHARES** | December 10, 1996 | 2.94 | (15.86) | 6.44 | 9.57 |
| **Class R6 SHARES** | July 31, 2017 | 3.07 | (15.65) | 6.65 | 9.68 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Not annualized.

\*\* Sales Charge for Class A Shares is 4.50%.

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g452571img18bfe9d66.jpg)

***The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.*** 

Returns for Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Index Fund and the S&P 500 Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P

500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7 <br>

------

JPMorgan Investor Growth & Income Fund

**FUNDS COMMENTARY** <br> SIX MONTHS ENDED December 31, 2022 (Unaudited)

**AVERAGE ANNUAL TOTAL RETURNS** AS OF December 31, 2022

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **INCEPTION DATE OF**<br> **CLASS**<br>| **6 MONTH\*** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **CLASS A SHARES** | December 10, 1996 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With Sales Charge \*\* |  | (2.88)% | (18.57)% | 4.11% | 6.89% |
| &nbsp;&nbsp;&nbsp; Without Sales Charge |  | 1.69 | (14.73) | 5.07 | 7.38 |
| **CLASS C SHARES** | July 1, 1997 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; With CDSC \*\*\* |  | 0.48 | (16.13) | 4.52 | 6.92 |
| &nbsp;&nbsp;&nbsp; Without CDSC |  | 1.48 | (15.13) | 4.52 | 6.92 |
| **Class I SHARES** | December 10, 1996 | 1.85 | (14.53) | 5.33 | 7.65 |
| **Class R6 SHARES** | July 31, 2017 | 1.98 | (14.30) | 5.56 | 7.77 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Not annualized.

\*\* Sales Charge for Class A Shares is 4.50%.

\*\*\* Assumes a 1% CDSC (contingent deferred sales charge) for the 6 month and one year periods and 0% CDSC thereafter.

**TEN YEAR FUND PERFORMANCE** (12/31/12 TO 12/31/22)

------

![](g452571imgda2c2f447.jpg)

***The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111.*** 

Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth & Income Fund, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net of foreign withholding taxes) and the Lipper Mixed-Asset Target Allocation Growth Funds Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broadbased securities indices and the MSCI EAFE Index (net of foreign withholding taxes) does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg U.S. Intermediate Aggregate Index is an

unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE Index (net of foreign withholding taxes) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Growth Funds Index consists of funds that by portfolio practice maintain a mix of between 60% to 80% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.

Class A Shares have a $500 minimum initial investment and carry a 4.50% sales charge.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares. Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.

The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 <br>

------

JPMorgan Investor Balanced Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Investment Companies — 88.6%** | **Investment Companies — 88.6%** | **Investment Companies — 88.6%** |
| **Alternative Assets — 0.8%** | **Alternative Assets — 0.8%** | **Alternative Assets — 0.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Unconstrained Debt Fund Class R6 Shares <br> (a)<br>| 4283 | 40178 |
| **Fixed Income — 47.7%** | **Fixed Income — 47.7%** | **Fixed Income — 47.7%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares (a) | 111232 | 1124552 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 77564 | 552255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 7480 | 44130 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | 22913 | 140689 |
| &nbsp;&nbsp;&nbsp; JPMorgan Income Fund Class R6 Shares (a) | 32252 | 265116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Limited Duration Bond Fund Class R6 <br> Shares (a)<br>| 18677 | 179674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Short Duration Core Plus Fund Class R6 <br> Shares (a)<br>| 8428 | 75010 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | 2381426 |
| **International Equity — 6.9%** | **International Equity — 6.9%** | **International Equity — 6.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4065 | &nbsp;&nbsp;&nbsp; 114225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5326 | &nbsp;&nbsp;&nbsp;&nbsp; 78230 |
| &nbsp;&nbsp;&nbsp; JPMorgan Europe Dynamic Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3111 | &nbsp;&nbsp;&nbsp;&nbsp; 82631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan International Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4207 | &nbsp;&nbsp;&nbsp;&nbsp; 69039 |
| &nbsp;&nbsp;&nbsp; Total International Equity |  | &nbsp;&nbsp;&nbsp; 344125 |
| **U.S. Equity — 33.2%** | **U.S. Equity — 33.2%** | **U.S. Equity — 33.2%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Income Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 6703 | &nbsp;&nbsp;&nbsp; 151282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Large Cap Growth Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5669 | &nbsp;&nbsp;&nbsp; 266002 |
| &nbsp;&nbsp;&nbsp; JPMorgan Large Cap Value Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8437 | &nbsp;&nbsp;&nbsp; 151452 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mid Cap Growth Fund Class R6 Shares \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1739 | &nbsp;&nbsp;&nbsp;&nbsp; 67893 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Equity Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp;&nbsp; 25176 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Value Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2005 | &nbsp;&nbsp;&nbsp;&nbsp; 48639 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Equity Fund Class R6 Shares (a) | &nbsp;&nbsp; 23999 | &nbsp;&nbsp;&nbsp; 412059 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3343 | &nbsp;&nbsp;&nbsp; 158657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 7471 | &nbsp;&nbsp;&nbsp; 217994 |
| &nbsp;&nbsp;&nbsp; JPMorgan Value Advantage Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 4497 | &nbsp;&nbsp;&nbsp; 155998 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | 1655152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $4,115,535)<br>|  | 4420881 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Exchange-Traded Funds — 9.7%** | **Exchange-Traded Funds — 9.7%** | **Exchange-Traded Funds — 9.7%** |
| **Alternative Assets — 0.9%** | **Alternative Assets — 0.9%** | **Alternative Assets — 0.9%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Realty Income ETF (a) | 1075 | 44158 |
| **International Equity — 5.6%** | **International Equity — 5.6%** | **International Equity — 5.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 5582 | 279450 |
| **U.S. Equity — 3.2%** | **U.S. Equity — 3.2%** | **U.S. Equity — 3.2%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Market Expansion Enhanced Equity ETF (a) | 3483 | 160359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $446,256)<br>|  | &nbsp;&nbsp;&nbsp; 483967 |
| **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** | **Short-Term Investments — 1.8%** |
| **Investment Companies — 1.8%** | **Investment Companies — 1.8%** | **Investment Companies — 1.8%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b) <br>(Cost $87,359)<br>| 87359 | 87359 |
| **Total Investments — 100.1%** <br>**(Cost $4,649,150)**<br>|  | **4992207** |
| **Liabilities in Excess of Other Assets — (0.1)%** |  | **(4326)** |
| **NET ASSETS — 100.0%** |  | **4987881** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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, 2022.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 9

------

JPMorgan Investor Conservative Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Investment Companies — 92.6%** | **Investment Companies — 92.6%** | **Investment Companies — 92.6%** |
| **Alternative Assets — 1.0%** | **Alternative Assets — 1.0%** | **Alternative Assets — 1.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Unconstrained Debt Fund Class R6 Shares <br> (a)<br>| 4251 | 39874 |
| **Fixed Income — 68.3%** | **Fixed Income — 68.3%** | **Fixed Income — 68.3%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares (a) | 127975 | 1293828 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 80471 | 572955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 6445 | 38026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Government Bond Fund Class R6 Shares <br> (a)<br>| 4837 | 45425 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | 19335 | 118715 |
| &nbsp;&nbsp;&nbsp; JPMorgan Income Fund Class R6 Shares (a) | 33161 | 272583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Limited Duration Bond Fund Class R6 <br> Shares (a)<br>| 33199 | 319374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Short Duration Core Plus Fund Class R6 <br> Shares (a)<br>| 8920 | 79385 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | 2740291 |
| **International Equity — 4.3%** | **International Equity — 4.3%** | **International Equity — 4.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2367 | &nbsp;&nbsp;&nbsp;&nbsp; 66504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3439 | &nbsp;&nbsp;&nbsp;&nbsp; 50526 |
| &nbsp;&nbsp;&nbsp; JPMorgan Europe Dynamic Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1064 | &nbsp;&nbsp;&nbsp;&nbsp; 28265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan International Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1752 | &nbsp;&nbsp;&nbsp;&nbsp; 28743 |
| &nbsp;&nbsp;&nbsp; Total International Equity |  | &nbsp;&nbsp;&nbsp; 174038 |
| **U.S. Equity — 19.0%** | **U.S. Equity — 19.0%** | **U.S. Equity — 19.0%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Income Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 3965 | &nbsp;&nbsp;&nbsp;&nbsp; 89481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Large Cap Growth Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2370 | &nbsp;&nbsp;&nbsp; 111216 |
| &nbsp;&nbsp;&nbsp; JPMorgan Large Cap Value Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2993 | &nbsp;&nbsp;&nbsp;&nbsp; 53726 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mid Cap Growth Fund Class R6 Shares \* (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1423 | &nbsp;&nbsp;&nbsp;&nbsp; 55554 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Equity Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp;&nbsp; 18609 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Value Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1312 | &nbsp;&nbsp;&nbsp;&nbsp; 31841 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Equity Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 8546 | &nbsp;&nbsp;&nbsp; 146732 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 1894 | &nbsp;&nbsp;&nbsp;&nbsp; 89890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2629 | &nbsp;&nbsp;&nbsp;&nbsp; 76716 |
| &nbsp;&nbsp;&nbsp; JPMorgan Value Advantage Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 2588 | &nbsp;&nbsp;&nbsp;&nbsp; 89783 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | &nbsp;&nbsp;&nbsp; 763548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $3,796,721)<br>|  | 3717751 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Exchange-Traded Funds — 5.7%** | **Exchange-Traded Funds — 5.7%** | **Exchange-Traded Funds — 5.7%** |
| **Alternative Assets — 0.9%** | **Alternative Assets — 0.9%** | **Alternative Assets — 0.9%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Realty Income ETF (a) | 877 | 36040 |
| **International Equity — 3.5%** | **International Equity — 3.5%** | **International Equity — 3.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan International Research Enhanced Equity <br> ETF (a)<br>| 2821 | 141204 |
| **U.S. Equity — 1.3%** | **U.S. Equity — 1.3%** | **U.S. Equity — 1.3%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Market Expansion Enhanced Equity ETF (a) | 1090 | 50180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $212,103)<br>|  | &nbsp;&nbsp;&nbsp; 227424 |
| **Short-Term Investments — 1.7%** | **Short-Term Investments — 1.7%** | **Short-Term Investments — 1.7%** |
| **Investment Companies — 1.7%** | **Investment Companies — 1.7%** | **Investment Companies — 1.7%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b) <br>(Cost $66,895)<br>| 66895 | 66895 |
| **Total Investments — 100.0%** <br>**(Cost $4,075,719)**<br>|  | **4012070** |
| **Other Assets Less Liabilities — 0.0% ^** |  | **754** |
| **NET ASSETS — 100.0%** |  | **4012824** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (b) | The rate shown is the current yield as of December <br> 31, 2022.<br>|

---

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Investor Funds December 31, 2022

------

JPMorgan Investor Growth Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br>AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Investment Companies — 84.0%** | **Investment Companies — 84.0%** | **Investment Companies — 84.0%** |
| **Fixed Income — 11.7%** | **Fixed Income — 11.7%** | **Fixed Income — 11.7%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares (a) | 32454 | 328113 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 7159 | 50974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 2416 | 14254 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | 8607 | 52846 |
| &nbsp;&nbsp;&nbsp; JPMorgan Income Fund Class R6 Shares (a) | 2334 | 19183 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | &nbsp;&nbsp;&nbsp; 465370 |
| **International Equity — 14.9%** | **International Equity — 14.9%** | **International Equity — 14.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 4003 | 112469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 5977 | 87805 |
| &nbsp;&nbsp;&nbsp; JPMorgan Europe Dynamic Fund Class R6 Shares (a) | 4098 | 108853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan International Equity Fund Class R6 Shares <br> (a)<br>| 10294 | 168932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan International Focus Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp; 5397 | &nbsp;&nbsp;&nbsp; 115817 |
| &nbsp;&nbsp;&nbsp; Total International Equity |  | &nbsp;&nbsp;&nbsp; 593876 |
| **U.S. Equity — 57.4%** | **U.S. Equity — 57.4%** | **U.S. Equity — 57.4%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Income Fund Class R6 Shares (a) | &nbsp;&nbsp; 6691 | &nbsp;&nbsp;&nbsp; 151024 |
| &nbsp;&nbsp;&nbsp; JPMorgan Large Cap Growth Fund Class R6 Shares (a) | &nbsp;&nbsp; 8961 | &nbsp;&nbsp;&nbsp; 420439 |
| &nbsp;&nbsp;&nbsp; JPMorgan Large Cap Value Fund Class R6 Shares (a) | 21320 | &nbsp;&nbsp;&nbsp; 382706 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mid Cap Growth Fund Class R6 Shares \* (a) | &nbsp;&nbsp; 1878 | &nbsp;&nbsp;&nbsp;&nbsp; 73334 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Equity Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp;&nbsp; 17440 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Value Fund Class R6 Shares (a) | &nbsp;&nbsp; 3546 | &nbsp;&nbsp;&nbsp;&nbsp; 86022 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Equity Fund Class R6 Shares (a) | 31534 | &nbsp;&nbsp;&nbsp; 541440 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | &nbsp;&nbsp; 3787 | &nbsp;&nbsp;&nbsp; 179722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| 10043 | &nbsp;&nbsp;&nbsp; 293052 |
| &nbsp;&nbsp;&nbsp; JPMorgan Value Advantage Fund Class R6 Shares (a) | &nbsp;&nbsp; 3962 | &nbsp;&nbsp;&nbsp; 137433 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | 2282612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $2,828,000)<br>|  | 3341858 |
| **Exchange-Traded Funds — 13.9%** | **Exchange-Traded Funds — 13.9%** | **Exchange-Traded Funds — 13.9%** |
| **Alternative Assets — 0.9%** | **Alternative Assets — 0.9%** | **Alternative Assets — 0.9%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Realty Income ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp; 816 | &nbsp;&nbsp;&nbsp;&nbsp; 33523 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **International Equity — 7.9%** | **International Equity — 7.9%** | **International Equity — 7.9%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan International Research Enhanced Equity ETF <br> (a)<br>| 6274 | 314062 |
| **U.S. Equity — 5.1%** | **U.S. Equity — 5.1%** | **U.S. Equity — 5.1%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Market Expansion Enhanced Equity ETF (a) | 4426 | 203800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $563,165)<br>|  | &nbsp;&nbsp;&nbsp; 551385 |
| **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** | **Short-Term Investments — 2.2%** |
| **Investment Companies — 2.2%** | **Investment Companies — 2.2%** | **Investment Companies — 2.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b) <br>(Cost $87,515)<br>| 87515 | 87515 |
| **Total Investments — 100.1%** <br>**(Cost $3,478,680)**<br>|  | **3980758** |
| **Liabilities in Excess of Other Assets — (0.1)%** |  | **(4389)** |
| **NET ASSETS — 100.0%** |  | **3976369** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* 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, 2022.

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 11

------

JPMorgan Investor Growth & Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** <br> AS OF December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES** <br>**(000)**<br>| <br> **VALUE** <br>**($000)**<br>|
| **Investment Companies — 87.4%** | **Investment Companies — 87.4%** | **Investment Companies — 87.4%** |
| **Fixed Income — 32.9%** | **Fixed Income — 32.9%** | **Fixed Income — 32.9%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares (a) | 61425 | 621004 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 Shares (a) | 35036 | 249458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund Class R6 <br> Shares (a)<br>| 2608 | 15389 |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares (a) | 15486 | 95080 |
| &nbsp;&nbsp;&nbsp; JPMorgan Income Fund Class R6 Shares (a) | 19412 | 159566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Limited Duration Bond Fund Class R6 <br> Shares (a)<br>| 4907 | 47209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Short Duration Core Plus Fund Class R6 <br> Shares (a)<br>| 5268 | 46883 |
| &nbsp;&nbsp;&nbsp; Total Fixed Income |  | 1234589 |
| **International Equity — 10.0%** | **International Equity — 10.0%** | **International Equity — 10.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Equity Fund Class R6 <br> Shares (a)<br>| 3152 | 88577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research Enhanced <br> Equity Fund Class R6 Shares (a)<br>| 4477 | 65764 |
| &nbsp;&nbsp;&nbsp; JPMorgan Europe Dynamic Fund Class R6 Shares (a) | &nbsp;&nbsp; 2931 | &nbsp;&nbsp;&nbsp;&nbsp; 77863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan International Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp; 5384 | &nbsp;&nbsp;&nbsp;&nbsp; 88350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan International Focus Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp; 2493 | &nbsp;&nbsp;&nbsp;&nbsp; 53502 |
| &nbsp;&nbsp;&nbsp; Total International Equity |  | &nbsp;&nbsp;&nbsp; 374056 |
| **U.S. Equity — 44.5%** | **U.S. Equity — 44.5%** | **U.S. Equity — 44.5%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Income Fund Class R6 Shares (a) | &nbsp;&nbsp; 5876 | &nbsp;&nbsp;&nbsp; 132634 |
| &nbsp;&nbsp;&nbsp; JPMorgan Large Cap Growth Fund Class R6 Shares (a) | &nbsp;&nbsp; 7173 | &nbsp;&nbsp;&nbsp; 336540 |
| &nbsp;&nbsp;&nbsp; JPMorgan Large Cap Value Fund Class R6 Shares (a) | 12159 | &nbsp;&nbsp;&nbsp; 218261 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mid Cap Growth Fund Class R6 Shares \* (a) | &nbsp;&nbsp; 1270 | &nbsp;&nbsp;&nbsp;&nbsp; 49617 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Equity Fund Class R6 Shares (a) | &nbsp;&nbsp;&nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp;&nbsp; 18552 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Value Fund Class R6 Shares (a) | &nbsp;&nbsp; 2489 | &nbsp;&nbsp;&nbsp;&nbsp; 60375 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Equity Fund Class R6 Shares (a) | 22625 | &nbsp;&nbsp;&nbsp; 388467 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. GARP Equity Fund Class R6 Shares (a) | &nbsp;&nbsp; 2272 | &nbsp;&nbsp;&nbsp; 107817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Research Enhanced Equity Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp; 7878 | &nbsp;&nbsp;&nbsp; 229869 |
| &nbsp;&nbsp;&nbsp; JPMorgan Value Advantage Fund Class R6 Shares (a) | &nbsp;&nbsp; 3764 | &nbsp;&nbsp;&nbsp; 130561 |
| &nbsp;&nbsp;&nbsp; Total U.S. Equity |  | 1672693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investment Companies <br>(Cost $2,890,388)<br>|  | 3281338 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **SHARES**<br> **(000)**<br>| <br> **VALUE**<br> **($000)**<br>|
| **Exchange-Traded Funds — 10.6%** | **Exchange-Traded Funds — 10.6%** | **Exchange-Traded Funds — 10.6%** |
| **Alternative Assets — 0.7%** | **Alternative Assets — 0.7%** | **Alternative Assets — 0.7%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Realty Income ETF (a) | 631 | 25922 |
| **International Equity — 6.0%** | **International Equity — 6.0%** | **International Equity — 6.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan International Research Enhanced Equity ETF <br> (a)<br>| 4467 | 223613 |
| **U.S. Equity — 3.9%** | **U.S. Equity — 3.9%** | **U.S. Equity — 3.9%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Market Expansion Enhanced Equity ETF (a) | 3213 | 147949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Exchange-Traded Funds <br>(Cost $384,051)<br>|  | &nbsp;&nbsp;&nbsp; 397484 |
| **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** |
| **Investment Companies — 2.0%** | **Investment Companies — 2.0%** | **Investment Companies — 2.0%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund <br> Class IM Shares, 4.12% (a) (b) <br>(Cost $76,039)<br>| 76039 | 76039 |
| **Total Investments — 100.0%** <br>**(Cost $3,350,478)**<br>|  | **3754861** |
| **Liabilities in Excess of Other Assets — (0.0)% ^** |  | **(1111)** |
| **NET ASSETS — 100.0%** |  | **3753750** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ETF | Exchange Traded Fund |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (b) | The rate shown is the current yield as of December <br> 31, 2022.<br>|

---

Detailed information about investment portfolios of the underlying funds and ETFs can be found in shareholder reports filed with the Securities and Exchange Commission (SEC) by each such underlying fund semi-annually on Form N-CSR and in portfolio holdings filed quarterly on Form N-PORT, and are available for download from both the SEC's as well as each respective underlying fund's website. Detailed information about underlying J.P. Morgan Funds can also be found at www.jpmorganfunds.com or by calling 1-800-480-4111.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Investor Funds December 31, 2022

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br> AS OF December 31, 2022 (Unaudited) <br> (Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Balanced Fund**<br>| &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Conservative** <br>**Growth Fund**<br>| &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Growth** <br>**Fund**<br>| &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Growth &** <br>**Income Fund** |
| **ASSETS:** |  |  |  |  |
| Investments in affiliates, at value | $4992207 | $4012070 | $3980758 | $3754861 |
| Cash | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4359 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5992 |
| &nbsp;&nbsp;&nbsp; Dividends from affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721 |
| Total Assets | &nbsp;&nbsp; 4997849 | &nbsp;&nbsp; 4022938 | &nbsp;&nbsp; 3985389 | &nbsp;&nbsp; 3761574 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Due to custodian | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 |
| &nbsp;&nbsp;&nbsp; Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5226 |
| Accrued liabilities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154 |
| &nbsp;&nbsp;&nbsp; Distribution fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 808 |
| &nbsp;&nbsp;&nbsp; Service fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 735 |
| &nbsp;&nbsp;&nbsp; Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 |
| &nbsp;&nbsp;&nbsp; Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115 |
| Total Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7824 |
| Net Assets | $4987881 | $4012824 | $3976369 | $3753750 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 13

------

**STATEMENTS OF ASSETS AND LIABILITIES** <br> AS OF December 31, 2022 (Unaudited) (continued) <br> (Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Investor**<br> **Balanced Fund**<br>| &nbsp;&nbsp; **JPMorgan**<br> **Investor**<br> **Conservative**<br> **Growth Fund**<br>| &nbsp;&nbsp; **JPMorgan**<br> **Investor**<br> **Growth**<br> **Fund**<br>| &nbsp;&nbsp; **JPMorgan**<br> **Investor**<br> **Growth &**<br>**Income Fund** |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | $4645914 | $4072890 | $3431446 | $3359918 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 341967 | &nbsp;&nbsp;&nbsp;&nbsp; (60066) | &nbsp;&nbsp;&nbsp;&nbsp; 544923 | &nbsp;&nbsp;&nbsp;&nbsp; 393832 |
| Total Net Assets | $4987881 | $4012824 | $3976369 | $3753750 |
| Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | $4234901 | $2843876 | $3285175 | $3338985 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp; 425053 | &nbsp;&nbsp;&nbsp;&nbsp; 521935 | &nbsp;&nbsp;&nbsp;&nbsp; 150091 | &nbsp;&nbsp;&nbsp;&nbsp; 132420 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp; 308417 | &nbsp;&nbsp;&nbsp;&nbsp; 613318 | &nbsp;&nbsp;&nbsp;&nbsp; 492448 | &nbsp;&nbsp;&nbsp;&nbsp; 250049 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32296 |
| Total | $4987881 | $4012824 | $3976369 | $3753750 |
| &nbsp;&nbsp;&nbsp; Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; 308863 | &nbsp;&nbsp;&nbsp;&nbsp; 249570 | &nbsp;&nbsp;&nbsp;&nbsp; 166816 | &nbsp;&nbsp;&nbsp;&nbsp; 208928 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8501 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8629 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16007 |
| &nbsp;&nbsp;&nbsp; Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2067 |
| Net Asset Value (a): |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A — Redemption price per share | $13.71  | $11.40 | $19.69 | $15.98 |
| &nbsp;&nbsp;&nbsp; Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.35 |
| &nbsp;&nbsp;&nbsp; Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.62 |
| &nbsp;&nbsp;&nbsp; Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.62 |
| &nbsp;&nbsp;&nbsp; Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| $14.36 | $11.94 | $20.62 | $16.73 |
| Cost of investments in affiliates | &nbsp;&nbsp; 4649150 | &nbsp;&nbsp; 4075719 | &nbsp;&nbsp; 3478680 | &nbsp;&nbsp; 3350478 |

---

------

(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;

14 J.P. Morgan Investor Funds December 31, 2022

------

**STATEMENTS OF OPERATIONS** <br> FOR THE SIX MONTHS ENDED December 31, 2022 (Unaudited) <br> (Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Balanced Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Conservative** <br>**Growth Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Growth** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Investor** <br>**Growth &** <br>**Income Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from affiliates | $—(a) | $—(a) | $— | $— |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 76047 | &nbsp;&nbsp;&nbsp; 65520 | &nbsp;&nbsp;&nbsp;&nbsp; 53235 | &nbsp;&nbsp;&nbsp; 54044 |
| Total investment income | &nbsp;&nbsp;&nbsp; 76047 | &nbsp;&nbsp;&nbsp; 65520 | &nbsp;&nbsp;&nbsp;&nbsp; 53235 | &nbsp;&nbsp;&nbsp; 54044 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp;&nbsp; 1294 | &nbsp;&nbsp;&nbsp;&nbsp; 1054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 957 |
| Distribution fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5431 | &nbsp;&nbsp;&nbsp;&nbsp; 3719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4157 | &nbsp;&nbsp;&nbsp;&nbsp; 4239 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp; 1702 | &nbsp;&nbsp;&nbsp;&nbsp; 2152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529 |
| Service fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class A | &nbsp;&nbsp;&nbsp;&nbsp; 5431 | &nbsp;&nbsp;&nbsp;&nbsp; 3719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4157 | &nbsp;&nbsp;&nbsp;&nbsp; 4239 |
| &nbsp;&nbsp;&nbsp; Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177 |
| &nbsp;&nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 329 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| Professional fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 109 |
| Transfer agency fees (See Note 2.D.) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 132 |
| Other | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| Total expenses | &nbsp;&nbsp;&nbsp; 15430 | &nbsp;&nbsp;&nbsp; 12595 | &nbsp;&nbsp;&nbsp;&nbsp; 11302 | &nbsp;&nbsp;&nbsp; 10940 |
| Less fees waived | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (492) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (444) |
| Less expense reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) |
| Net expenses | &nbsp;&nbsp;&nbsp; 15375 | &nbsp;&nbsp;&nbsp; 12554 | &nbsp;&nbsp;&nbsp;&nbsp; 10809 | &nbsp;&nbsp;&nbsp; 10495 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 60672 | &nbsp;&nbsp;&nbsp; 52966 | &nbsp;&nbsp;&nbsp;&nbsp; 42426 | &nbsp;&nbsp;&nbsp; 43549 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp; (7741) | &nbsp;&nbsp;&nbsp;&nbsp; (4147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (121) | &nbsp;&nbsp;&nbsp;&nbsp; (1247) |
| Distribution of capital gains received from investment company affiliates | &nbsp;&nbsp;&nbsp; 73187 | &nbsp;&nbsp;&nbsp; 35065 | &nbsp;&nbsp;&nbsp;&nbsp; 95859 | &nbsp;&nbsp;&nbsp; 70634 |
| Change in net unrealized appreciation/depreciation on investments in affiliates | &nbsp;&nbsp; (83192) | &nbsp;&nbsp; (99688) | &nbsp;&nbsp;&nbsp; (27990) | &nbsp;&nbsp; (49318) |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp; (17746) | &nbsp;&nbsp; (68770) | &nbsp;&nbsp;&nbsp;&nbsp; 67748 | &nbsp;&nbsp;&nbsp; 20069 |
| Change in net assets resulting from operations | $42926 | $(15804) | $110174 | $63618  |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 15

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Investor Balanced Fund** | **JPMorgan Investor Balanced Fund** | **JPMorgan Investor Conservative** <br>**Growth Fund** | **JPMorgan Investor Conservative** <br>**Growth Fund** |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $60672 | $77374 | $52966 | $70379 |
| Net realized gain (loss) on investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7741) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18154 |
| &nbsp;&nbsp;&nbsp; Distributions of capital gains received from investment company <br> affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 296339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35065 | &nbsp;&nbsp;&nbsp;&nbsp; 157504 |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation/depreciation of investments <br> in affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp; (83192) | &nbsp;&nbsp; (1085245) | &nbsp;&nbsp;&nbsp;&nbsp; (99688) | &nbsp;&nbsp;&nbsp; (771695) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42926 | &nbsp;&nbsp;&nbsp;&nbsp; (702700) | &nbsp;&nbsp;&nbsp;&nbsp; (15804) | &nbsp;&nbsp;&nbsp; (525658) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (252836) | &nbsp;&nbsp;&nbsp;&nbsp; (210101) | &nbsp;&nbsp;&nbsp; (138680) | &nbsp;&nbsp;&nbsp; (120176) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (24850) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (22723) | &nbsp;&nbsp;&nbsp;&nbsp; (24342) | &nbsp;&nbsp;&nbsp;&nbsp; (24048) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (18853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16586) | &nbsp;&nbsp;&nbsp;&nbsp; (29848) | &nbsp;&nbsp;&nbsp;&nbsp; (25387) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1353) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6278) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1620) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (297892) | &nbsp;&nbsp;&nbsp;&nbsp; (255688) | &nbsp;&nbsp;&nbsp; (194589) | &nbsp;&nbsp;&nbsp; (171231) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 190252 | &nbsp;&nbsp;&nbsp;&nbsp; (59380) | &nbsp;&nbsp;&nbsp;&nbsp; 120115 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (156902) | &nbsp;&nbsp;&nbsp;&nbsp; (768136) | &nbsp;&nbsp;&nbsp; (269773) | &nbsp;&nbsp;&nbsp; (576774) |
| Beginning of period | &nbsp;&nbsp; 5144783 | &nbsp;&nbsp;&nbsp; 5912919 | &nbsp;&nbsp; 4282597 | &nbsp;&nbsp; 4859371 |
| End of period | $4987881 | $5144783 | $4012824 | $4282597 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Investor Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Investor Growth Fund** | **JPMorgan Investor Growth Fund** | **JPMorgan Investor Growth &** <br>**Income Fund** | **JPMorgan Investor Growth &** <br>**Income Fund** |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>| &nbsp;&nbsp; **Six Months Ended** <br>**December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**June 30, 2022** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:** |  |  |  |  |
| Net investment income (loss) | $42426 | $40854 | $43549 | $48504 |
| Net realized gain (loss) on investments in affiliates | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (121) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1247) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1129 |
| &nbsp;&nbsp;&nbsp; Distributions of capital gains received from investment company <br> affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 343675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70634 | &nbsp;&nbsp;&nbsp;&nbsp; 266625 |
| &nbsp;&nbsp;&nbsp; Change in net unrealized appreciation/depreciation of investments <br> in affiliates<br>| &nbsp;&nbsp;&nbsp;&nbsp; (27990) | &nbsp;&nbsp; (1018996) | &nbsp;&nbsp;&nbsp;&nbsp; (49318) | &nbsp;&nbsp;&nbsp; (858982) |
| &nbsp;&nbsp;&nbsp; Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp;&nbsp; 110174 | &nbsp;&nbsp;&nbsp;&nbsp; (633139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63618 | &nbsp;&nbsp;&nbsp; (542724) |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (252368) | &nbsp;&nbsp;&nbsp;&nbsp; (167117) | &nbsp;&nbsp;&nbsp; (222345) | &nbsp;&nbsp;&nbsp; (159512) |
| Class C | &nbsp;&nbsp;&nbsp;&nbsp; (12456) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9075) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8801) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7243) |
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; (37721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26437) | &nbsp;&nbsp;&nbsp;&nbsp; (17434) | &nbsp;&nbsp;&nbsp;&nbsp; (14671) |
| Class R6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1399) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2275) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1712) |
| &nbsp;&nbsp;&nbsp; Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (305419) | &nbsp;&nbsp;&nbsp;&nbsp; (204028) | &nbsp;&nbsp;&nbsp; (250855) | &nbsp;&nbsp;&nbsp; (183138) |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| Change in net assets resulting from capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 300693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445293 | &nbsp;&nbsp;&nbsp;&nbsp; 197544 | &nbsp;&nbsp;&nbsp;&nbsp; 324769 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp;&nbsp; 105448 | &nbsp;&nbsp;&nbsp;&nbsp; (391874) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10307 | &nbsp;&nbsp;&nbsp; (401093) |
| Beginning of period | &nbsp;&nbsp; 3870921 | &nbsp;&nbsp;&nbsp; 4262795 | &nbsp;&nbsp; 3743443 | &nbsp;&nbsp; 4144536 |
| End of period | $3976369 | $3870921 | $3753750 | $3743443 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 17

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Investor Balanced Fund** | **JPMorgan Investor Balanced Fund** | **JPMorgan Investor Conservative** <br>**Growth Fund** | **JPMorgan Investor Conservative** <br>**Growth Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $318257  | $861017  | $220695  | $693828 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 251371 | &nbsp;&nbsp;&nbsp; 208807 | &nbsp;&nbsp;&nbsp; 137906 | &nbsp;&nbsp;&nbsp; 119626 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (418202) | &nbsp;&nbsp; (766828) | &nbsp;&nbsp; (363461) | &nbsp;&nbsp; (658320) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 151426 | &nbsp;&nbsp;&nbsp; 302996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4860) | &nbsp;&nbsp;&nbsp; 155134 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 21739 | &nbsp;&nbsp;&nbsp;&nbsp; 86469 | &nbsp;&nbsp;&nbsp;&nbsp; 16382 | &nbsp;&nbsp;&nbsp; 113574 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 24725 | &nbsp;&nbsp;&nbsp;&nbsp; 22609 | &nbsp;&nbsp;&nbsp;&nbsp; 24253 | &nbsp;&nbsp;&nbsp;&nbsp; 23960 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (68756) | &nbsp;&nbsp; (168909) | &nbsp;&nbsp; (106166) | &nbsp;&nbsp; (255706) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (22292) | &nbsp;&nbsp;&nbsp;&nbsp; (59831) | &nbsp;&nbsp;&nbsp;&nbsp; (65531) | &nbsp;&nbsp; (118172) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 24438 | &nbsp;&nbsp;&nbsp;&nbsp; 66262 | &nbsp;&nbsp;&nbsp;&nbsp; 82081 | &nbsp;&nbsp;&nbsp; 255136 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 18390 | &nbsp;&nbsp;&nbsp;&nbsp; 16159 | &nbsp;&nbsp;&nbsp;&nbsp; 29553 | &nbsp;&nbsp;&nbsp;&nbsp; 25157 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (44932) | &nbsp;&nbsp;&nbsp;&nbsp; (60507) | &nbsp;&nbsp; (100255) | &nbsp;&nbsp; (196212) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2104) | &nbsp;&nbsp;&nbsp;&nbsp; 21914 | &nbsp;&nbsp;&nbsp;&nbsp; 11379 | &nbsp;&nbsp;&nbsp;&nbsp; 84081 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2262 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1619 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (31942) | &nbsp;&nbsp;&nbsp;&nbsp; (87166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3638) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4809) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; (28966) | &nbsp;&nbsp;&nbsp;&nbsp; (74827) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (368) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (928) |
| **Total change in net assets resulting from capital transactions** | $98064 | $190252 | $(59380) | $120115 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 21935 | &nbsp;&nbsp;&nbsp;&nbsp; 51845 | &nbsp;&nbsp;&nbsp;&nbsp; 18479 | &nbsp;&nbsp;&nbsp;&nbsp; 51360 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 17987 | &nbsp;&nbsp;&nbsp;&nbsp; 12430 | &nbsp;&nbsp;&nbsp;&nbsp; 11827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8797 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (28934) | &nbsp;&nbsp;&nbsp;&nbsp; (46933) | &nbsp;&nbsp;&nbsp;&nbsp; (30602) | &nbsp;&nbsp;&nbsp;&nbsp; (49717) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp; 10988 | &nbsp;&nbsp;&nbsp;&nbsp; 17342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (296) | &nbsp;&nbsp;&nbsp;&nbsp; 10440 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8377 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1764 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4831) | &nbsp;&nbsp;&nbsp;&nbsp; (10503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8951) | &nbsp;&nbsp;&nbsp;&nbsp; (19372) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1497) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3857) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5478) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9231) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6839 | &nbsp;&nbsp;&nbsp;&nbsp; 18875 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1842 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3705) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8343) | &nbsp;&nbsp;&nbsp;&nbsp; (14688) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (74) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6029 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Investor Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Investor Balanced Fund** | **JPMorgan Investor Balanced Fund** | **JPMorgan Investor Conservative**<br> **Growth Fund** | **JPMorgan Investor Conservative**<br> **Growth Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2152) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5641) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (353) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1942) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4913) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (68) |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 19

------

**STATEMENTS OF CHANGES IN NET ASSETS** <br>FOR THE PERIODS INDICATED (continued) <br>(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Investor Growth Fund** | **JPMorgan Investor Growth Fund** | **JPMorgan Investor Growth &** <br>**Income Fund** | **JPMorgan Investor Growth &** <br>**Income Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | $283869  | $784894  | $292942  | $725144 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp; 250968 | &nbsp;&nbsp;&nbsp; 166169 | &nbsp;&nbsp;&nbsp; 221066 | &nbsp;&nbsp;&nbsp; 158607 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp; (284040) | &nbsp;&nbsp; (560182) | &nbsp;&nbsp; (311551) | &nbsp;&nbsp; (537921) |
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 250797 | &nbsp;&nbsp;&nbsp; 390881 | &nbsp;&nbsp;&nbsp; 202457 | &nbsp;&nbsp;&nbsp; 345830 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 11408 | &nbsp;&nbsp;&nbsp;&nbsp; 31853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8234 | &nbsp;&nbsp;&nbsp;&nbsp; 23872 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 12375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7201 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (19826) | &nbsp;&nbsp;&nbsp;&nbsp; (44254) | &nbsp;&nbsp;&nbsp;&nbsp; (21898) | &nbsp;&nbsp;&nbsp;&nbsp; (56637) |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3380) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4914) | &nbsp;&nbsp;&nbsp;&nbsp; (25564) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 30683 | &nbsp;&nbsp;&nbsp; 115247 | &nbsp;&nbsp;&nbsp;&nbsp; 15518 | &nbsp;&nbsp;&nbsp;&nbsp; 56563 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 36493 | &nbsp;&nbsp;&nbsp;&nbsp; 25523 | &nbsp;&nbsp;&nbsp;&nbsp; 16486 | &nbsp;&nbsp;&nbsp;&nbsp; 13248 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (46403) | &nbsp;&nbsp;&nbsp;&nbsp; (87384) | &nbsp;&nbsp;&nbsp;&nbsp; (32855) | &nbsp;&nbsp;&nbsp;&nbsp; (68423) |
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 20773 | &nbsp;&nbsp;&nbsp;&nbsp; 53386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (851) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1388 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares issued | &nbsp;&nbsp;&nbsp;&nbsp; 26230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3918 |
| &nbsp;&nbsp;&nbsp; Distributions reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1672 |
| &nbsp;&nbsp;&nbsp; Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3937) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6477) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2803) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2475) |
| Change in net assets resulting from Class R6 capital transactions | &nbsp;&nbsp;&nbsp;&nbsp; 25166 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3115 |
| **Total change in net assets resulting from capital transactions** | $300693 | $445293 | $197544 | $324769 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp; 13473 | &nbsp;&nbsp;&nbsp;&nbsp; 32134 | &nbsp;&nbsp;&nbsp;&nbsp; 17235 | &nbsp;&nbsp;&nbsp;&nbsp; 37226 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp; 12522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6553 | &nbsp;&nbsp;&nbsp;&nbsp; 13582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7951 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (13517) | &nbsp;&nbsp;&nbsp;&nbsp; (23113) | &nbsp;&nbsp;&nbsp;&nbsp; (18395) | &nbsp;&nbsp;&nbsp;&nbsp; (27916) |
| Change in Class A Shares | &nbsp;&nbsp;&nbsp;&nbsp; 12478 | &nbsp;&nbsp;&nbsp;&nbsp; 15574 | &nbsp;&nbsp;&nbsp;&nbsp; 12422 | &nbsp;&nbsp;&nbsp;&nbsp; 17261 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1263 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1043) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1338) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3038) |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (198) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (272) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1402) |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2941 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2147) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1998) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3562) |
| Change in Class I Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Investor Funds December 31, 2022

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Investor Growth Fund** | **JPMorgan Investor Growth Fund** | **JPMorgan Investor Growth &**<br> **Income Fund** | **JPMorgan Investor Growth &**<br> **Income Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **June 30, 2022**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Issued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207 |
| &nbsp;&nbsp;&nbsp; Reinvested | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87 |
| &nbsp;&nbsp;&nbsp; Redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (166) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (129) |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 21

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)(c)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Investor Balanced Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $14.44 | $0.17 | $(0.04)  | $0.13  | $(0.17)  | $(0.69)  | $(0.86) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 17.07 | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp; (2.13) | &nbsp;&nbsp; (1.91) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.72) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 14.77 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 3.03 | &nbsp;&nbsp;&nbsp; 3.24 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.94) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.00 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 0.73 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.96) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 15.30 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 0.75 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (1.05) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.37 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; 0.72 | &nbsp;&nbsp;&nbsp; 0.96 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (1.03) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 14.16 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.82) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 16.75 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp; (1.95) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.64) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 14.51 | &nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; 2.98 | &nbsp;&nbsp;&nbsp; 3.10 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.86) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 14.74 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 0.65 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.88) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 15.06 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 0.44 | &nbsp;&nbsp;&nbsp; 0.65 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.97) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.14 | &nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp; 0.73 | &nbsp;&nbsp;&nbsp; 0.87 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (0.95) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 14.47 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp; (0.03) | &nbsp;&nbsp;&nbsp; 0.16 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.88) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 17.11 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp; (2.14) | &nbsp;&nbsp; (1.88) | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.76) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 14.80 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 3.04 | &nbsp;&nbsp;&nbsp; 3.29 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.98) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.02 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 0.48 | &nbsp;&nbsp;&nbsp; 0.77 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.99) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 15.33 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp; 0.78 | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (1.09) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 15.39 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 0.73 | &nbsp;&nbsp;&nbsp; 1.01 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (1.07) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 14.46 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —(i) | &nbsp;&nbsp;&nbsp; 0.17 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (0.90) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 17.10 | &nbsp;&nbsp; 0.31 | &nbsp;&nbsp; (2.15) | &nbsp;&nbsp; (1.84) | &nbsp;&nbsp; (0.49) | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.80) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 14.79 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 3.06 | &nbsp;&nbsp;&nbsp; 3.33 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (1.02) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 15.02 | &nbsp;&nbsp; 0.34 | &nbsp;&nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp; 0.80 | &nbsp;&nbsp; (0.34) | &nbsp;&nbsp; (0.69) | &nbsp;&nbsp; (1.03) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 15.32 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp; 0.81 | &nbsp;&nbsp; (0.43) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (1.11) |
| July 31, 2017 (j) through June 30, 2018 | &nbsp;&nbsp; 15.63 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp; 0.79 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.74) | &nbsp;&nbsp; (1.10) |

---

&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) Does not include expenses of Underlying Funds.

(g) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(i) Amount rounds to less than $0.005.

(j) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Investor Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(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 reimbursements(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| $13.71 | &nbsp;&nbsp;&nbsp; 0.82% | $4234901 | 0.57% (h) | 2.38% (h) | 0.57% (h) | &nbsp;&nbsp; 5% |
| &nbsp;&nbsp; 14.44 | (11.73) | &nbsp;&nbsp; 4301016 | 0.57 | 1.34 | 0.57 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; 17.07 | 22.40 | &nbsp;&nbsp; 4788045 | 0.56 | 1.28 | 0.57 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 14.77 | &nbsp;&nbsp;&nbsp; 4.97 | &nbsp;&nbsp; 3638623 | 0.54 | 1.85 | 0.57 | 26 |
| &nbsp;&nbsp; 15.00 | &nbsp;&nbsp;&nbsp; 5.52 | &nbsp;&nbsp; 3458135 | 0.52 | 1.98 | 0.60 | 12 |
| &nbsp;&nbsp; 15.30 | &nbsp;&nbsp;&nbsp; 6.30 | &nbsp;&nbsp; 3436111 | 0.52 | 1.54 | 0.63 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp; 13.43 | &nbsp;&nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp;&nbsp; 425053 | 1.07(h) | 1.83(h) | 1.07(h) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp; 14.16 | (12.17) | &nbsp;&nbsp;&nbsp;&nbsp; 469295 | 1.07 | 0.83 | 1.07 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; 16.75 | 21.78 | &nbsp;&nbsp;&nbsp;&nbsp; 619700 | 1.07 | 0.75 | 1.07 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 14.51 | &nbsp;&nbsp;&nbsp; 4.48 | &nbsp;&nbsp;&nbsp;&nbsp; 648738 | 1.07 | 1.31 | 1.07 | 26 |
| &nbsp;&nbsp; 14.74 | &nbsp;&nbsp;&nbsp; 4.89 | &nbsp;&nbsp;&nbsp;&nbsp; 758346 | 1.08 | 1.42 | 1.10 | 12 |
| &nbsp;&nbsp; 15.06 | &nbsp;&nbsp;&nbsp; 5.71 | &nbsp;&nbsp;&nbsp;&nbsp; 791718 | 1.09 | 0.89 | 1.13 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp; 13.75 | &nbsp;&nbsp;&nbsp; 1.02 | &nbsp;&nbsp;&nbsp;&nbsp; 308417 | 0.32(h) | 2.59(h) | 0.32(h) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp; 14.47 | (11.54) | &nbsp;&nbsp;&nbsp;&nbsp; 325811 | 0.32 | 1.59 | 0.32 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; 17.11 | 22.72 | &nbsp;&nbsp;&nbsp;&nbsp; 363694 | 0.31 | 1.54 | 0.32 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 14.80 | &nbsp;&nbsp;&nbsp; 5.26 | &nbsp;&nbsp;&nbsp;&nbsp; 303555 | 0.29 | 1.98 | 0.32 | 26 |
| &nbsp;&nbsp; 15.02 | &nbsp;&nbsp;&nbsp; 5.71 | &nbsp;&nbsp;&nbsp;&nbsp; 478250 | 0.27 | 2.24 | 0.35 | 12 |
| &nbsp;&nbsp; 15.33 | &nbsp;&nbsp;&nbsp; 6.62 | &nbsp;&nbsp;&nbsp;&nbsp; 471153 | 0.27 | 1.76 | 0.37 | &nbsp;&nbsp; 9 |
| &nbsp;&nbsp; 13.73 | &nbsp;&nbsp;&nbsp; 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19510 | 0.08(h) | 2.28(h) | 0.08(h) | &nbsp;&nbsp; 5 |
| &nbsp;&nbsp; 14.46 | (11.33) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48661 | 0.07 | 1.84 | 0.07 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; 17.10 | 23.03 | &nbsp;&nbsp;&nbsp;&nbsp; 141480 | 0.07 | 1.69 | 0.07 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 14.79 | &nbsp;&nbsp;&nbsp; 5.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73386 | 0.06 | 2.27 | 0.07 | 26 |
| &nbsp;&nbsp; 15.02 | &nbsp;&nbsp;&nbsp; 5.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86510 | 0.09 | 2.40 | 0.10 | 12 |
| &nbsp;&nbsp; 15.32 | &nbsp;&nbsp;&nbsp; 5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 85614 | 0.12 | 2.03 | 0.12 | &nbsp;&nbsp; 9 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 23

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)(c)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Investor Conservative Growth Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $12.00 | $0.15 | $(0.18)  | $(0.03)  | $(0.15)  | $(0.42)  | $(0.57) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 13.90 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp; (1.62) | &nbsp;&nbsp; (1.42) | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.48) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.63 | &nbsp;&nbsp; 0.20 | &nbsp;&nbsp;&nbsp; 1.56 | &nbsp;&nbsp;&nbsp; 1.76 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.49) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 12.58 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp; 0.63 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.58) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 12.61 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; 0.69 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.72) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 12.80 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; 0.48 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.67) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 11.94 | &nbsp;&nbsp; 0.12 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.07) | &nbsp;&nbsp; (0.12) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.54) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 13.83 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp; (1.61) | &nbsp;&nbsp; (1.48) | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.41) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.57 | &nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp; 1.55 | &nbsp;&nbsp;&nbsp; 1.68 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.42) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 12.52 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp; 0.56 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.51) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 12.55 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; 0.62 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.65) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 12.75 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; 0.40 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.60) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 12.08 | &nbsp;&nbsp; 0.17 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.59) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 13.99 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp; (1.64) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.51) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.71 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; 1.57 | &nbsp;&nbsp;&nbsp; 1.81 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.53) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 12.66 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp; 0.66 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.61) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 12.69 | &nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp; 0.41 | &nbsp;&nbsp;&nbsp; 0.72 | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.75) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 12.87 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 0.52 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.70) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 12.08 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp; (0.19) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (0.60) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 13.98 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp; (1.63) | &nbsp;&nbsp; (1.36) | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp; (0.54) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 12.70 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 1.57 | &nbsp;&nbsp;&nbsp; 1.84 | &nbsp;&nbsp; (0.30) | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (0.56) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 12.65 | &nbsp;&nbsp; 0.37 | &nbsp;&nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp; 0.69 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (0.64) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 12.68 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; 0.38 | &nbsp;&nbsp;&nbsp; 0.73 | &nbsp;&nbsp; (0.36) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.76) |
| July 31, 2017 (i) through June 30, 2018 | &nbsp;&nbsp; 13.00 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp; 0.38 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.41) | &nbsp;&nbsp; (0.70) |

---

&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) Does not include expenses of Underlying Funds.

(g) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(i) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Investor Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(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 reimbursements(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| $11.40 | &nbsp;&nbsp; (0.30)% | $2843876 | 0.57% (h) | 2.55% (h) | 0.57% (h) | &nbsp;&nbsp; 3% |
| &nbsp;&nbsp; 12.00 | (10.59) | &nbsp;&nbsp; 2998252 | 0.57 | 1.50 | 0.57 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; 13.90 | 14.14 | &nbsp;&nbsp; 3327682 | 0.56 | 1.49 | 0.57 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp; 12.63 | &nbsp;&nbsp;&nbsp; 5.13 | &nbsp;&nbsp; 2428688 | 0.54 | 2.08 | 0.57 | 21 |
| &nbsp;&nbsp; 12.58 | &nbsp;&nbsp;&nbsp; 5.80 | &nbsp;&nbsp; 2170888 | 0.52 | 2.25 | 0.60 | 10 |
| &nbsp;&nbsp; 12.61 | &nbsp;&nbsp;&nbsp; 3.76 | &nbsp;&nbsp; 2173957 | 0.52 | 1.85 | 0.64 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 11.33 | &nbsp;&nbsp; (0.64) | &nbsp;&nbsp;&nbsp;&nbsp; 521935 | 1.07(h) | 1.99(h) | 1.07(h) | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp; 11.94 | (11.02) | &nbsp;&nbsp;&nbsp;&nbsp; 615133 | 1.07 | 0.98 | 1.07 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; 13.83 | 13.54 | &nbsp;&nbsp;&nbsp;&nbsp; 840217 | 1.07 | 0.96 | 1.07 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp; 12.57 | &nbsp;&nbsp;&nbsp; 4.60 | &nbsp;&nbsp;&nbsp;&nbsp; 967282 | 1.07 | 1.54 | 1.07 | 21 |
| &nbsp;&nbsp; 12.52 | &nbsp;&nbsp;&nbsp; 5.24 | &nbsp;&nbsp; 1113797 | 1.08 | 1.69 | 1.10 | 10 |
| &nbsp;&nbsp; 12.55 | &nbsp;&nbsp;&nbsp; 3.09 | &nbsp;&nbsp; 1188675 | 1.10 | 1.21 | 1.13 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 11.48 | &nbsp;&nbsp; (0.18) | &nbsp;&nbsp;&nbsp;&nbsp; 613318 | 0.32(h) | 2.80(h) | 0.32(h) | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp; 12.08 | (10.37) | &nbsp;&nbsp;&nbsp;&nbsp; 633390 | 0.32 | 1.75 | 0.32 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; 13.99 | 14.41 | &nbsp;&nbsp;&nbsp;&nbsp; 649055 | 0.31 | 1.79 | 0.32 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp; 12.71 | &nbsp;&nbsp;&nbsp; 5.35 | &nbsp;&nbsp;&nbsp;&nbsp; 130768 | 0.29 | 2.32 | 0.33 | 21 |
| &nbsp;&nbsp; 12.66 | &nbsp;&nbsp;&nbsp; 6.03 | &nbsp;&nbsp;&nbsp;&nbsp; 138655 | 0.27 | 2.51 | 0.36 | 10 |
| &nbsp;&nbsp; 12.69 | &nbsp;&nbsp;&nbsp; 4.08 | &nbsp;&nbsp;&nbsp;&nbsp; 136915 | 0.27 | 2.09 | 0.39 | &nbsp;&nbsp; 6 |
| &nbsp;&nbsp; 11.47 | &nbsp;&nbsp; (0.13) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33695 | 0.07(h) | 3.03(h) | 0.07(h) | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp; 12.08 | (10.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35822 | 0.07 | 1.99 | 0.07 | &nbsp;&nbsp; 8 |
| &nbsp;&nbsp; 13.98 | 14.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42417 | 0.07 | 2.02 | 0.07 | &nbsp;&nbsp; 3 |
| &nbsp;&nbsp; 12.70 | &nbsp;&nbsp;&nbsp; 5.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7862 | 0.08 | 2.91 | 0.09 | 21 |
| &nbsp;&nbsp; 12.65 | &nbsp;&nbsp;&nbsp; 6.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996 | 0.12 | 2.78 | 0.12 | 10 |
| &nbsp;&nbsp; 12.68 | &nbsp;&nbsp;&nbsp; 2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 175 | 0.14 | 2.09 | 0.15 | &nbsp;&nbsp; 6 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 25

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)(c)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Investor Growth Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $20.71 | $0.22 | $0.37  | $0.59  | $(0.21)  | $(1.40)  | $(1.61) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 25.19 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp; (3.56) | &nbsp;&nbsp; (3.33) | &nbsp;&nbsp; (0.68) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (1.15) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 19.50 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 7.08 | &nbsp;&nbsp;&nbsp; 7.24 | &nbsp;&nbsp; (0.22) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.55) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.15 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; 0.73 | &nbsp;&nbsp;&nbsp; 0.97 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.39) | &nbsp;&nbsp; (1.62) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 20.80 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp;&nbsp; 0.55 | &nbsp;&nbsp;&nbsp; 0.82 | &nbsp;&nbsp; (0.46) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (1.47) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 20.38 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 2.04 | &nbsp;&nbsp;&nbsp; 2.23 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (1.44) | &nbsp;&nbsp; (1.81) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 18.73 | &nbsp;&nbsp; 0.15 | &nbsp;&nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; 0.50 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; (1.57) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 22.94 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp; (3.22) | &nbsp;&nbsp; (3.13) | &nbsp;&nbsp; (0.61) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (1.08) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 17.92 | &nbsp;&nbsp; 0.03 | &nbsp;&nbsp;&nbsp; 6.49 | &nbsp;&nbsp;&nbsp; 6.52 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.50) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 18.67 | &nbsp;&nbsp; 0.12 | &nbsp;&nbsp;&nbsp; 0.68 | &nbsp;&nbsp;&nbsp; 0.80 | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp; (1.39) | &nbsp;&nbsp; (1.55) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 19.43 | &nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp; 0.51 | &nbsp;&nbsp;&nbsp; 0.65 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (1.41) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 19.20 | &nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp; 1.95 | &nbsp;&nbsp;&nbsp; 1.99 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.44) | &nbsp;&nbsp; (1.76) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 21.30 | &nbsp;&nbsp; 0.25 | &nbsp;&nbsp;&nbsp; 0.39 | &nbsp;&nbsp;&nbsp; 0.64 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; (1.64) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 25.87 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp; (3.66) | &nbsp;&nbsp; (3.37) | &nbsp;&nbsp; (0.73) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (1.20) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 19.99 | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp;&nbsp; 7.26 | &nbsp;&nbsp;&nbsp; 7.48 | &nbsp;&nbsp; (0.27) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.60) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.62 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 0.76 | &nbsp;&nbsp;&nbsp; 1.04 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (1.39) | &nbsp;&nbsp; (1.67) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 21.24 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp; 0.90 | &nbsp;&nbsp; (0.51) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (1.52) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 20.77 | &nbsp;&nbsp; 0.24 | &nbsp;&nbsp;&nbsp; 2.09 | &nbsp;&nbsp;&nbsp; 2.33 | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp; (1.44) | &nbsp;&nbsp; (1.86) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 21.29 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp;&nbsp; 0.66 | &nbsp;&nbsp; (0.26) | &nbsp;&nbsp; (1.40) | &nbsp;&nbsp; (1.66) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 25.86 | &nbsp;&nbsp; 0.35 | &nbsp;&nbsp; (3.66) | &nbsp;&nbsp; (3.31) | &nbsp;&nbsp; (0.79) | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (1.26) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 19.98 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 7.25 | &nbsp;&nbsp;&nbsp; 7.53 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.33) | &nbsp;&nbsp; (1.65) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 20.61 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp; 0.75 | &nbsp;&nbsp;&nbsp; 1.08 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.39) | &nbsp;&nbsp; (1.71) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 21.23 | &nbsp;&nbsp; 0.36 | &nbsp;&nbsp;&nbsp; 0.57 | &nbsp;&nbsp;&nbsp; 0.93 | &nbsp;&nbsp; (0.54) | &nbsp;&nbsp; (1.01) | &nbsp;&nbsp; (1.55) |
| July 31, 2017 (i) through June 30, 2018 | &nbsp;&nbsp; 21.25 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 1.58 | &nbsp;&nbsp;&nbsp; 1.87 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (1.44) | &nbsp;&nbsp; (1.89) |

---

&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) Does not include expenses of Underlying Funds.

(g) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(i) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Investor Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(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 reimbursements(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| $19.69 | &nbsp;&nbsp;&nbsp; 2.81% | $3285175 | 0.55% (h) | 2.10% (h) | 0.58% (h) | &nbsp;&nbsp; 2% |
| &nbsp;&nbsp; 20.71 | (14.03) | &nbsp;&nbsp; 3195974 | 0.55 | 0.93 | 0.58 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp; 25.19 | 38.24 | &nbsp;&nbsp; 3494958 | 0.55 | 0.70 | 0.59 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp; 19.50 | &nbsp;&nbsp;&nbsp; 4.69 | &nbsp;&nbsp; 2330222 | 0.54 | 1.23 | 0.59 | 21 |
| &nbsp;&nbsp; 20.15 | &nbsp;&nbsp;&nbsp; 4.89 | &nbsp;&nbsp; 2129765 | 0.52 | 1.33 | 0.62 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 20.80 | 11.02 | &nbsp;&nbsp; 2048525 | 0.52 | 0.88 | 0.67 | 11 |
| &nbsp;&nbsp; 17.66 | &nbsp;&nbsp;&nbsp; 2.58 | &nbsp;&nbsp;&nbsp;&nbsp; 150091 | 1.08(h) | 1.52(h) | 1.08(h) | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp; 18.73 | (14.49) | &nbsp;&nbsp;&nbsp;&nbsp; 154615 | 1.08 | 0.39 | 1.08 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp; 22.94 | 37.52 | &nbsp;&nbsp;&nbsp;&nbsp; 193877 | 1.08 | 0.15 | 1.08 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp; 17.92 | &nbsp;&nbsp;&nbsp; 4.09 | &nbsp;&nbsp;&nbsp;&nbsp; 170927 | 1.08 | 0.67 | 1.09 | 21 |
| &nbsp;&nbsp; 18.67 | &nbsp;&nbsp;&nbsp; 4.31 | &nbsp;&nbsp;&nbsp;&nbsp; 191971 | 1.09 | 0.77 | 1.12 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 19.43 | 10.41 | &nbsp;&nbsp;&nbsp;&nbsp; 205740 | 1.10 | 0.20 | 1.16 | 11 |
| &nbsp;&nbsp; 20.30 | &nbsp;&nbsp;&nbsp; 2.94 | &nbsp;&nbsp;&nbsp;&nbsp; 492448 | 0.32(h) | 2.30(h) | 0.32(h) | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp; 21.30 | (13.82) | &nbsp;&nbsp;&nbsp;&nbsp; 494526 | 0.32 | 1.15 | 0.32 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp; 25.87 | 38.55 | &nbsp;&nbsp;&nbsp;&nbsp; 547092 | 0.31 | 0.94 | 0.32 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp; 19.99 | &nbsp;&nbsp;&nbsp; 4.92 | &nbsp;&nbsp;&nbsp;&nbsp; 375434 | 0.29 | 1.41 | 0.33 | 21 |
| &nbsp;&nbsp; 20.62 | &nbsp;&nbsp;&nbsp; 5.18 | &nbsp;&nbsp;&nbsp;&nbsp; 454039 | 0.27 | 1.59 | 0.36 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 21.24 | 11.33 | &nbsp;&nbsp;&nbsp;&nbsp; 439498 | 0.27 | 1.11 | 0.39 | 11 |
| &nbsp;&nbsp; 20.29 | &nbsp;&nbsp;&nbsp; 3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48655 | 0.08(h) | 3.24(h) | 0.08(h) | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp; 21.29 | (13.62) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25806 | 0.08 | 1.40 | 0.09 | &nbsp;&nbsp; 1 |
| &nbsp;&nbsp; 25.86 | 38.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26868 | 0.09 | 1.17 | 0.09 | &nbsp;&nbsp; 2 |
| &nbsp;&nbsp; 19.98 | &nbsp;&nbsp;&nbsp; 5.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13768 | 0.10 | 1.67 | 0.10 | 21 |
| &nbsp;&nbsp; 20.61 | &nbsp;&nbsp;&nbsp; 5.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10299 | 0.11 | 1.77 | 0.12 | &nbsp;&nbsp; 7 |
| &nbsp;&nbsp; 21.23 | &nbsp;&nbsp;&nbsp; 8.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8073 | 0.14 | 1.45 | 0.27 | 11 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 27

------

**FINANCIAL HIGHLIGHTS** <br>FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| &nbsp;&nbsp; Net <br>investment <br>income <br>(loss)(b)(c)<br>| &nbsp;&nbsp; Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| &nbsp;&nbsp; Total from <br>investment <br>operations<br>| &nbsp;&nbsp; Net <br>investment <br>income<br>| &nbsp;&nbsp; Net <br>realized <br>gain<br>| &nbsp;&nbsp; Total <br>distributions<br>|
| **JPMorgan Investor Growth & Income Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | $16.81 | $0.20 | $0.09  | $0.29  | $(0.19)  | $(0.93)  | $(1.12) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 20.06 | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp; (2.62) | &nbsp;&nbsp; (2.40) | &nbsp;&nbsp; (0.50) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.85) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.59 | &nbsp;&nbsp; 0.19 | &nbsp;&nbsp;&nbsp; 4.57 | &nbsp;&nbsp;&nbsp; 4.76 | &nbsp;&nbsp; (0.24) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (1.29) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 16.94 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp; 0.61 | &nbsp;&nbsp;&nbsp; 0.87 | &nbsp;&nbsp; (0.25) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (1.22) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.41 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 0.52 | &nbsp;&nbsp;&nbsp; 0.80 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (1.27) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 17.37 | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp;&nbsp; 1.27 | &nbsp;&nbsp;&nbsp; 1.49 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (1.45) |
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 16.18 | &nbsp;&nbsp; 0.14 | &nbsp;&nbsp;&nbsp; 0.11 | &nbsp;&nbsp;&nbsp; 0.25 | &nbsp;&nbsp; (0.15) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.08) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 19.34 | &nbsp;&nbsp; 0.12 | &nbsp;&nbsp; (2.53) | &nbsp;&nbsp; (2.41) | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.75) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.04 | &nbsp;&nbsp; 0.09 | &nbsp;&nbsp;&nbsp; 4.40 | &nbsp;&nbsp;&nbsp; 4.49 | &nbsp;&nbsp; (0.14) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (1.19) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 16.41 | &nbsp;&nbsp; 0.16 | &nbsp;&nbsp;&nbsp; 0.61 | &nbsp;&nbsp;&nbsp; 0.77 | &nbsp;&nbsp; (0.17) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (1.14) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 16.92 | &nbsp;&nbsp; 0.18 | &nbsp;&nbsp;&nbsp; 0.49 | &nbsp;&nbsp;&nbsp; 0.67 | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (1.18) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 16.91 | &nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 1.26 | &nbsp;&nbsp;&nbsp; 1.36 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (1.35) |
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 16.45 | &nbsp;&nbsp; 0.21 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 0.31 | &nbsp;&nbsp; (0.21) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.14) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 19.65 | &nbsp;&nbsp; 0.27 | &nbsp;&nbsp; (2.57) | &nbsp;&nbsp; (2.30) | &nbsp;&nbsp; (0.55) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.90) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.28 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; 4.47 | &nbsp;&nbsp;&nbsp; 4.70 | &nbsp;&nbsp; (0.28) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (1.33) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 16.64 | &nbsp;&nbsp; 0.29 | &nbsp;&nbsp;&nbsp; 0.61 | &nbsp;&nbsp;&nbsp; 0.90 | &nbsp;&nbsp; (0.29) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (1.26) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.14 | &nbsp;&nbsp; 0.32 | &nbsp;&nbsp;&nbsp; 0.50 | &nbsp;&nbsp;&nbsp; 0.82 | &nbsp;&nbsp; (0.45) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (1.32) |
| Year Ended June 30, 2018 | &nbsp;&nbsp; 17.11 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp; 1.26 | &nbsp;&nbsp;&nbsp; 1.52 | &nbsp;&nbsp; (0.37) | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (1.49) |
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended December 31, 2022 (Unaudited) | &nbsp;&nbsp; 16.45 | &nbsp;&nbsp; 0.23 | &nbsp;&nbsp;&nbsp; 0.10 | &nbsp;&nbsp;&nbsp; 0.33 | &nbsp;&nbsp; (0.23) | &nbsp;&nbsp; (0.93) | &nbsp;&nbsp; (1.16) |
| Year Ended June 30, 2022 | &nbsp;&nbsp; 19.65 | &nbsp;&nbsp; 0.31 | &nbsp;&nbsp; (2.57) | &nbsp;&nbsp; (2.26) | &nbsp;&nbsp; (0.59) | &nbsp;&nbsp; (0.35) | &nbsp;&nbsp; (0.94) |
| Year Ended June 30, 2021 | &nbsp;&nbsp; 16.27 | &nbsp;&nbsp; 0.28 | &nbsp;&nbsp;&nbsp; 4.47 | &nbsp;&nbsp;&nbsp; 4.75 | &nbsp;&nbsp; (0.32) | &nbsp;&nbsp; (1.05) | &nbsp;&nbsp; (1.37) |
| Year Ended June 30, 2020 | &nbsp;&nbsp; 16.64 | &nbsp;&nbsp; 0.33 | &nbsp;&nbsp;&nbsp; 0.60 | &nbsp;&nbsp;&nbsp; 0.93 | &nbsp;&nbsp; (0.33) | &nbsp;&nbsp; (0.97) | &nbsp;&nbsp; (1.30) |
| Year Ended June 30, 2019 | &nbsp;&nbsp; 17.13 | &nbsp;&nbsp; 0.26 | &nbsp;&nbsp;&nbsp; 0.59 | &nbsp;&nbsp;&nbsp; 0.85 | &nbsp;&nbsp; (0.47) | &nbsp;&nbsp; (0.87) | &nbsp;&nbsp; (1.34) |
| July 31, 2017 (i) through June 30, 2018 | &nbsp;&nbsp; 17.44 | &nbsp;&nbsp; 0.22 | &nbsp;&nbsp;&nbsp; 0.99 | &nbsp;&nbsp;&nbsp; 1.21 | &nbsp;&nbsp; (0.40) | &nbsp;&nbsp; (1.12) | &nbsp;&nbsp; (1.52) |

---

&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) Does not include expenses of Underlying Funds.

(g) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.

(h) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(i) Commencement of offering of class of shares.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Investor Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(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 reimbursements(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate(d)<br>|
| $15.98 | &nbsp;&nbsp;&nbsp; 1.69% | $3338985 | 0.55% (h) | 2.28% (h) | 0.57% (h) | &nbsp;&nbsp; 4% |
| &nbsp;&nbsp; 16.81 | (12.60) | &nbsp;&nbsp; 3302595 | 0.55 | 1.16 | 0.58 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 20.06 | 29.49 | &nbsp;&nbsp; 3595109 | 0.55 | 1.03 | 0.58 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 16.59 | &nbsp;&nbsp;&nbsp; 5.14 | &nbsp;&nbsp; 2593685 | 0.54 | 1.55 | 0.58 | 27 |
| &nbsp;&nbsp; 16.94 | &nbsp;&nbsp;&nbsp; 5.45 | &nbsp;&nbsp; 2430409 | 0.52 | 1.67 | 0.61 | 12 |
| &nbsp;&nbsp; 17.41 | &nbsp;&nbsp;&nbsp; 8.67 | &nbsp;&nbsp; 2386397 | 0.52 | 1.25 | 0.66 | 11 |
| &nbsp;&nbsp; 15.35 | &nbsp;&nbsp;&nbsp; 1.48 | &nbsp;&nbsp;&nbsp;&nbsp; 132420 | 1.07(h) | 1.68(h) | 1.07(h) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 16.18 | (13.06) | &nbsp;&nbsp;&nbsp;&nbsp; 144027 | 1.07 | 0.61 | 1.08 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 19.34 | 28.77 | &nbsp;&nbsp;&nbsp;&nbsp; 199275 | 1.07 | 0.49 | 1.07 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 16.04 | &nbsp;&nbsp;&nbsp; 4.62 | &nbsp;&nbsp;&nbsp;&nbsp; 203007 | 1.07 | 1.00 | 1.08 | 27 |
| &nbsp;&nbsp; 16.41 | &nbsp;&nbsp;&nbsp; 4.78 | &nbsp;&nbsp;&nbsp;&nbsp; 237376 | 1.09 | 1.11 | 1.11 | 12 |
| &nbsp;&nbsp; 16.92 | &nbsp;&nbsp;&nbsp; 8.10 | &nbsp;&nbsp;&nbsp;&nbsp; 260085 | 1.10 | 0.57 | 1.14 | 11 |
| &nbsp;&nbsp; 15.62 | &nbsp;&nbsp;&nbsp; 1.85 | &nbsp;&nbsp;&nbsp;&nbsp; 250049 | 0.32(h) | 2.46(h) | 0.32(h) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 16.45 | (12.40) | &nbsp;&nbsp;&nbsp;&nbsp; 263812 | 0.32 | 1.39 | 0.32 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 19.65 | 29.74 | &nbsp;&nbsp;&nbsp;&nbsp; 313988 | 0.31 | 1.25 | 0.32 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 16.28 | &nbsp;&nbsp;&nbsp; 5.45 | &nbsp;&nbsp;&nbsp;&nbsp; 210480 | 0.29 | 1.79 | 0.33 | 27 |
| &nbsp;&nbsp; 16.64 | &nbsp;&nbsp;&nbsp; 5.62 | &nbsp;&nbsp;&nbsp;&nbsp; 224050 | 0.27 | 1.93 | 0.36 | 12 |
| &nbsp;&nbsp; 17.14 | &nbsp;&nbsp;&nbsp; 9.02 | &nbsp;&nbsp;&nbsp;&nbsp; 242612 | 0.27 | 1.49 | 0.39 | 11 |
| &nbsp;&nbsp; 15.62 | &nbsp;&nbsp;&nbsp; 1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32296 | 0.07(h) | 2.74(h) | 0.07(h) | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 16.45 | (12.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33009 | 0.07 | 1.62 | 0.07 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 19.65 | 30.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36164 | 0.07 | 1.50 | 0.07 | &nbsp;&nbsp; 4 |
| &nbsp;&nbsp; 16.27 | &nbsp;&nbsp;&nbsp; 5.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25466 | 0.06 | 2.02 | 0.07 | 27 |
| &nbsp;&nbsp; 16.64 | &nbsp;&nbsp;&nbsp; 5.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13949 | 0.08 | 1.60 | 0.09 | 12 |
| &nbsp;&nbsp; 17.13 | &nbsp;&nbsp;&nbsp; 7.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 619 | 0.13 | 1.42 | 0.14 | 11 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 29

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) <br> (Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

JPMorgan Trust II (the "Trust") was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The following are 4 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | |
|:---|:---|:---|
|  | **Classes Offered** | **Diversification Classification** |
| JPMorgan Investor Balanced Fund | Class A, Class C, Class I and Class R6 | Diversified |
| JPMorgan Investor Conservative Growth Fund | Class A, Class C, Class I and Class R6 | Diversified |
| JPMorgan Investor Growth Fund | Class A, Class C, Class I and Class R6 | Diversified |
| JPMorgan Investor Growth & Income Fund | Class A, Class C, Class I and Class R6 | Diversified |

---

The investment objective of JPMorgan Investor Balanced Fund ("Investor Balanced Fund") is to seek high total return consistent with the preservation of capital by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity and fixed income securities.

The investment objective of JPMorgan Investor Conservative Growth Fund ("Investor Conservative Growth Fund") is to seek income and capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in fixed income and equity securities.

The investment objective of JPMorgan Investor Growth Fund ("Investor Growth Fund") is to seek long-term capital appreciation by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

The investment objective of JPMorgan Investor Growth & Income Fund ("Investor Growth & Income Fund") is to seek long-term capital appreciation and growth of income by investing primarily in a diversified group of mutual funds within the same group of investment companies that invest primarily in equity securities.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I and Class R6 shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as Adviser (the "Adviser") and Administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments** — Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Under SEC Rule 2a-5 (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of Investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Investor Funds December 31, 2022

------

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

Investments in open-end investment companies, excluding exchange-traded funds ("ETFs") ("Underlying Funds"), are valued at each Underlying Fund's net asset value ("NAV") per share as of the report date.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Balanced Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $4992207 | $— | $— | $4992207 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Conservative Growth Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $4012070 | $— | $— | $4012070 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Growth Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $3980758 | $— | $— | $3980758 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investor Growth & Income Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | $3754861 | $— | $— | $3754861 |

---

&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, 2022 J.P. Morgan Investor Funds 31

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) (continued) <br> (Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**B. Investment Transactions with Affiliates** — The Funds invested in Underlying Funds and ETFs, which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. 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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  | **Investor Balanced Fund**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| $1121166 | $77792  | $22596  | $(4156)  | $(47654)  | $1124552 | 111232 | $17338 | $65 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 528737 | &nbsp;&nbsp;&nbsp;&nbsp; 48262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (24744) | &nbsp;&nbsp;&nbsp;&nbsp; 552255 | &nbsp;&nbsp; 77564 | &nbsp;&nbsp; 10127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44130 | &nbsp;&nbsp;&nbsp;&nbsp; 7480 | &nbsp;&nbsp;&nbsp;&nbsp; 1473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 115761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2300) | &nbsp;&nbsp;&nbsp;&nbsp; 114225 | &nbsp;&nbsp;&nbsp;&nbsp; 4065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5292) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78230 | &nbsp;&nbsp;&nbsp;&nbsp; 5326 | &nbsp;&nbsp;&nbsp;&nbsp; 1892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Income Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 170007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4467 | &nbsp;&nbsp;&nbsp;&nbsp; 31408 | &nbsp;&nbsp;&nbsp; 5296 | &nbsp;&nbsp;&nbsp;&nbsp; 2920 | &nbsp;&nbsp;&nbsp;&nbsp; 151282 | &nbsp;&nbsp;&nbsp;&nbsp; 6703 | &nbsp;&nbsp;&nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp;&nbsp; 2550 |
| &nbsp;&nbsp;&nbsp; JPMorgan Europe Dynamic Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7091 | &nbsp;&nbsp;&nbsp;&nbsp; (535) | &nbsp;&nbsp;&nbsp;&nbsp; 7360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 82631 | &nbsp;&nbsp;&nbsp;&nbsp; 3111 | &nbsp;&nbsp;&nbsp;&nbsp; 1010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 136467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (275) | &nbsp;&nbsp;&nbsp;&nbsp; 140689 | &nbsp;&nbsp; 22913 | &nbsp;&nbsp;&nbsp;&nbsp; 4497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Income Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 267933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4623 | &nbsp;&nbsp;&nbsp;&nbsp; (690) | &nbsp;&nbsp;&nbsp;&nbsp; (7024) | &nbsp;&nbsp;&nbsp;&nbsp; 265116 | &nbsp;&nbsp; 32252 | &nbsp;&nbsp;&nbsp;&nbsp; 6871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan International Equity Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9551 | &nbsp;&nbsp; (1506) | &nbsp;&nbsp;&nbsp;&nbsp; 3586 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69039 | &nbsp;&nbsp;&nbsp;&nbsp; 4207 | &nbsp;&nbsp;&nbsp;&nbsp; 1930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 297297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27874 | &nbsp;&nbsp; (3596) | &nbsp;&nbsp;&nbsp; 13623 | &nbsp;&nbsp;&nbsp;&nbsp; 279450 | &nbsp;&nbsp;&nbsp;&nbsp; 5582 | &nbsp;&nbsp;&nbsp;&nbsp; 7316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Large Cap Growth Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 262035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1609 | &nbsp;&nbsp;&nbsp;&nbsp; (311) | &nbsp;&nbsp;&nbsp;&nbsp; (3130) | &nbsp;&nbsp;&nbsp;&nbsp; 266002 | &nbsp;&nbsp;&nbsp;&nbsp; 5669 | &nbsp;&nbsp;&nbsp;&nbsp; 1610 | &nbsp;&nbsp;&nbsp;&nbsp; 7407 |
| &nbsp;&nbsp;&nbsp; JPMorgan Large Cap Value Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 171845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7808 | &nbsp;&nbsp;&nbsp;&nbsp; 32961 | &nbsp;&nbsp;&nbsp; 6930 | &nbsp;&nbsp;&nbsp;&nbsp; (2170) | &nbsp;&nbsp;&nbsp;&nbsp; 151452 | &nbsp;&nbsp;&nbsp;&nbsp; 8437 | &nbsp;&nbsp;&nbsp;&nbsp; 1472 | &nbsp;&nbsp;&nbsp;&nbsp; 6337 |
| &nbsp;&nbsp;&nbsp; JPMorgan Limited Duration Bond Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 206881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2556 | &nbsp;&nbsp;&nbsp;&nbsp; 27117 | &nbsp;&nbsp; (1420) | &nbsp;&nbsp;&nbsp;&nbsp; (1226) | &nbsp;&nbsp;&nbsp;&nbsp; 179674 | &nbsp;&nbsp; 18677 | &nbsp;&nbsp;&nbsp;&nbsp; 2556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Market Expansion Enhanced <br> Equity ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 187221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30712 | &nbsp;&nbsp; (2353) | &nbsp;&nbsp;&nbsp;&nbsp; 6203 | &nbsp;&nbsp;&nbsp;&nbsp; 160359 | &nbsp;&nbsp;&nbsp;&nbsp; 3483 | &nbsp;&nbsp;&nbsp;&nbsp; 2302 | &nbsp;&nbsp;&nbsp;&nbsp; 8325 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mid Cap Growth Fund Class R6 <br> Shares (a) \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1565 | &nbsp;&nbsp;&nbsp;&nbsp; (564) | &nbsp;&nbsp;&nbsp;&nbsp; 2976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67893 | &nbsp;&nbsp;&nbsp;&nbsp; 1739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 |
| JPMorgan Realty Income ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24) | &nbsp;&nbsp;&nbsp;&nbsp; (7056) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44158 | &nbsp;&nbsp;&nbsp;&nbsp; 1075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 641 | &nbsp;&nbsp;&nbsp;&nbsp; 3977 |
| &nbsp;&nbsp;&nbsp; JPMorgan Short Duration Core Plus Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9264 | &nbsp;&nbsp;&nbsp;&nbsp; (786) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (433) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 75010 | &nbsp;&nbsp;&nbsp;&nbsp; 8428 | &nbsp;&nbsp;&nbsp;&nbsp; 1106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1541 | &nbsp;&nbsp;&nbsp;&nbsp; (500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 2744 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4228 | &nbsp;&nbsp;&nbsp;&nbsp; (468) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (863) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48639 | &nbsp;&nbsp;&nbsp;&nbsp; 2005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp;&nbsp; 3749 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 439792 | &nbsp;&nbsp;&nbsp;&nbsp; 18485 | &nbsp;&nbsp;&nbsp;&nbsp; 37197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp;&nbsp; (9222) | &nbsp;&nbsp;&nbsp;&nbsp; 412059 | &nbsp;&nbsp; 23999 | &nbsp;&nbsp;&nbsp;&nbsp; 2930 | &nbsp;&nbsp; 15556 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. GARP Equity Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 167370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7793 | &nbsp;&nbsp; (2047) | &nbsp;&nbsp;&nbsp;&nbsp; (6072) | &nbsp;&nbsp;&nbsp;&nbsp; 158657 | &nbsp;&nbsp;&nbsp;&nbsp; 3343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 993 | &nbsp;&nbsp;&nbsp;&nbsp; 6206 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54869 | &nbsp;&nbsp; 272316 | &nbsp;&nbsp; 239826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87359 | &nbsp;&nbsp; 87359 | &nbsp;&nbsp;&nbsp;&nbsp; 1322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 226519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5023 | &nbsp;&nbsp;&nbsp;&nbsp; 14478 | &nbsp;&nbsp; (1302) | &nbsp;&nbsp;&nbsp;&nbsp; 2232 | &nbsp;&nbsp;&nbsp;&nbsp; 217994 | &nbsp;&nbsp;&nbsp;&nbsp; 7471 | &nbsp;&nbsp;&nbsp;&nbsp; 1706 | &nbsp;&nbsp;&nbsp;&nbsp; 3317 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Investor Funds December 31, 2022

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) | **Investor Balanced Fund** (continued) |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2022**<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> **2022**<br>| **Shares at**<br> **December 31,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Unconstrained Debt Fund <br> Class R6 Shares (a)<br>| $38970  | $700  | $—  | $—  | $508  | $40178  | &nbsp;&nbsp;&nbsp;&nbsp; 4283 | $699  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 188990 | &nbsp;&nbsp;&nbsp;&nbsp; 15467 | &nbsp;&nbsp;&nbsp;&nbsp; 43621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 | &nbsp;&nbsp;&nbsp;&nbsp; (4928) | &nbsp;&nbsp;&nbsp;&nbsp; 155998 | &nbsp;&nbsp;&nbsp;&nbsp; 4497 | &nbsp;&nbsp;&nbsp;&nbsp; 3026 | &nbsp;&nbsp; 12440 |
| **Total** | $5150141 | $498838 | $565839 | $(7741) | $(83192) | $4992207 |  | $76047 | $73187 |

---

&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, 2022.

\* Non-income producing security. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  | **Investor Conservative Growth Fund**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| $1358089 | $31327  | $34216  | $(6998) | $(54374)  | $1293828 | 127975 | $20451 | $76 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 574208 | &nbsp;&nbsp;&nbsp;&nbsp; 24650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (25903) | &nbsp;&nbsp;&nbsp;&nbsp; 572955 | &nbsp;&nbsp; 80471 | &nbsp;&nbsp; 10567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38026 | &nbsp;&nbsp;&nbsp;&nbsp; 6445 | &nbsp;&nbsp;&nbsp;&nbsp; 1269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4092 | &nbsp;&nbsp;&nbsp; (1411) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66504 | &nbsp;&nbsp;&nbsp;&nbsp; 2367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3418) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50526 | &nbsp;&nbsp;&nbsp;&nbsp; 3439 | &nbsp;&nbsp;&nbsp;&nbsp; 1222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Income Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 102227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2650 | &nbsp;&nbsp;&nbsp;&nbsp; 20601 | &nbsp;&nbsp;&nbsp;&nbsp; 3855 | &nbsp;&nbsp;&nbsp;&nbsp; 1350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89481 | &nbsp;&nbsp;&nbsp;&nbsp; 3965 | &nbsp;&nbsp;&nbsp;&nbsp; 1142 | &nbsp;&nbsp;&nbsp;&nbsp; 1509 |
| &nbsp;&nbsp;&nbsp; JPMorgan Europe Dynamic Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38) | &nbsp;&nbsp;&nbsp;&nbsp; 2531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28265 | &nbsp;&nbsp;&nbsp;&nbsp; 1064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Government Bond Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45425 | &nbsp;&nbsp;&nbsp;&nbsp; 4837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 115153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (232) | &nbsp;&nbsp;&nbsp;&nbsp; 118715 | &nbsp;&nbsp; 19335 | &nbsp;&nbsp;&nbsp;&nbsp; 3794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Income Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 277022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6069 | &nbsp;&nbsp;&nbsp;&nbsp; (994) | &nbsp;&nbsp;&nbsp;&nbsp; (7031) | &nbsp;&nbsp;&nbsp;&nbsp; 272583 | &nbsp;&nbsp; 33161 | &nbsp;&nbsp;&nbsp;&nbsp; 7064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan International Equity Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2051 | &nbsp;&nbsp;&nbsp;&nbsp; (462) | &nbsp;&nbsp;&nbsp;&nbsp; 1405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28743 | &nbsp;&nbsp;&nbsp;&nbsp; 1752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 169006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33163 | &nbsp;&nbsp;&nbsp; (2363) | &nbsp;&nbsp;&nbsp;&nbsp; 7724 | &nbsp;&nbsp;&nbsp;&nbsp; 141204 | &nbsp;&nbsp;&nbsp;&nbsp; 2821 | &nbsp;&nbsp;&nbsp;&nbsp; 3697 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Large Cap Growth Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 114698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6347 | &nbsp;&nbsp;&nbsp; (1401) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp;&nbsp; 111216 | &nbsp;&nbsp;&nbsp;&nbsp; 2370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 673 | &nbsp;&nbsp;&nbsp;&nbsp; 3097 |
| &nbsp;&nbsp;&nbsp; JPMorgan Large Cap Value Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2769 | &nbsp;&nbsp;&nbsp;&nbsp; 11060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53726 | &nbsp;&nbsp;&nbsp;&nbsp; 2993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 521 | &nbsp;&nbsp;&nbsp;&nbsp; 2248 |
| &nbsp;&nbsp;&nbsp; JPMorgan Limited Duration Bond Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 368006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4565 | &nbsp;&nbsp;&nbsp;&nbsp; 48453 | &nbsp;&nbsp;&nbsp; (3107) | &nbsp;&nbsp;&nbsp;&nbsp; (1637) | &nbsp;&nbsp;&nbsp;&nbsp; 319374 | &nbsp;&nbsp; 33199 | &nbsp;&nbsp;&nbsp;&nbsp; 4564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Market Expansion Enhanced <br> Equity ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689 | &nbsp;&nbsp;&nbsp;&nbsp; 1281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50180 | &nbsp;&nbsp;&nbsp;&nbsp; 1090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp;&nbsp; 2605 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mid Cap Growth Fund Class R6 <br> Shares (a) \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5282 | &nbsp;&nbsp;&nbsp; (2237) | &nbsp;&nbsp;&nbsp;&nbsp; 4373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55554 | &nbsp;&nbsp;&nbsp;&nbsp; 1423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 420 |
| JPMorgan Realty Income ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp;&nbsp; (6075) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 523 | &nbsp;&nbsp;&nbsp;&nbsp; 3246 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 33

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) (continued) <br> (Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) | **Investor Conservative Growth Fund** (continued) |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2022**<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> **2022**<br>| **Shares at**<br> **December 31,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Short Duration Core Plus Fund <br> Class R6 Shares (a)<br>| $100220  | $1214  | $20612  | $(1962) | $525  | $79385  | &nbsp;&nbsp;&nbsp;&nbsp; 8920 | $1215  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2107 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1614 | &nbsp;&nbsp;&nbsp;&nbsp; (585) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (446) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 2028 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3451 | &nbsp;&nbsp;&nbsp;&nbsp; (567) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (234) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31841 | &nbsp;&nbsp;&nbsp;&nbsp; 1312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 290 | &nbsp;&nbsp;&nbsp;&nbsp; 2454 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 176483 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6605 | &nbsp;&nbsp;&nbsp;&nbsp; 34424 | &nbsp;&nbsp; 11718 | &nbsp;&nbsp; (13650) | &nbsp;&nbsp;&nbsp;&nbsp; 146732 | &nbsp;&nbsp;&nbsp;&nbsp; 8546 | &nbsp;&nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp;&nbsp;&nbsp; 5539 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. GARP Equity Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7162 | &nbsp;&nbsp;&nbsp; (1705) | &nbsp;&nbsp;&nbsp;&nbsp; (2589) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89890 | &nbsp;&nbsp;&nbsp;&nbsp; 1894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563 | &nbsp;&nbsp;&nbsp;&nbsp; 3516 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40582 | &nbsp;&nbsp; 303664 | &nbsp;&nbsp; 277351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66895 | &nbsp;&nbsp; 66895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1784 | &nbsp;&nbsp;&nbsp;&nbsp; 15391 | &nbsp;&nbsp;&nbsp;&nbsp; 1786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76716 | &nbsp;&nbsp;&nbsp;&nbsp; 2629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 617 | &nbsp;&nbsp;&nbsp;&nbsp; 1167 |
| &nbsp;&nbsp;&nbsp; JPMorgan Unconstrained Debt Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3243 | &nbsp;&nbsp;&nbsp;&nbsp; (394) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39874 | &nbsp;&nbsp;&nbsp;&nbsp; 4251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 115532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8902 | &nbsp;&nbsp;&nbsp;&nbsp; 32268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 917 | &nbsp;&nbsp;&nbsp;&nbsp; (3300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89783 | &nbsp;&nbsp;&nbsp;&nbsp; 2588 | &nbsp;&nbsp;&nbsp;&nbsp; 1742 | &nbsp;&nbsp;&nbsp;&nbsp; 7160 |
| **Total** | $4289650 | $420037 | $593782 | $(4147) | $(99688) | $4012070 |  | $65520 | $35065 |

---

&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, 2022.

\* Non-income producing security. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  | **Investor Growth Fund**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| $322885  | $19938  | $—  | $—  | $(14710)  | $328113  | 32454 | $5001  | $19 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40726 | &nbsp;&nbsp;&nbsp;&nbsp; 11969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50974 | &nbsp;&nbsp; 7159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14254 | &nbsp;&nbsp; 2416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 113981 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2265) | &nbsp;&nbsp;&nbsp;&nbsp; 112469 | &nbsp;&nbsp; 4003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5940) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87805 | &nbsp;&nbsp; 5977 | &nbsp;&nbsp;&nbsp;&nbsp; 2124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Income Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 143894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (16) | &nbsp;&nbsp;&nbsp;&nbsp; 6854 | &nbsp;&nbsp;&nbsp;&nbsp; 151024 | &nbsp;&nbsp; 6691 | &nbsp;&nbsp;&nbsp;&nbsp; 1804 | &nbsp;&nbsp;&nbsp;&nbsp; 2547 |
| &nbsp;&nbsp;&nbsp; JPMorgan Europe Dynamic Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99018 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8506 | &nbsp;&nbsp;&nbsp;&nbsp; 108853 | &nbsp;&nbsp; 4098 | &nbsp;&nbsp;&nbsp;&nbsp; 1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (103) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52846 | &nbsp;&nbsp; 8607 | &nbsp;&nbsp;&nbsp;&nbsp; 1689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Income Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (552) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19183 | &nbsp;&nbsp; 2334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan International Equity Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 159302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4906 | &nbsp;&nbsp;&nbsp;&nbsp; 168932 | 10294 | &nbsp;&nbsp;&nbsp;&nbsp; 4723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Investor Funds December 31, 2022

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) | **Investor Growth Fund** (continued) |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2022**<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> **2022**<br>| **Shares at**<br> **December 31,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan International Focus Fund <br> Class R6 Shares (a)<br>| $109298  | $4329  | $—  | $—  | $2190  | $115817  | &nbsp;&nbsp; 5397 | $4329  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 302986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11076 | &nbsp;&nbsp;&nbsp;&nbsp; 314062 | &nbsp;&nbsp; 6274 | &nbsp;&nbsp;&nbsp;&nbsp; 8223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Large Cap Growth Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 380188 | &nbsp;&nbsp;&nbsp;&nbsp; 47734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (7483) | &nbsp;&nbsp;&nbsp;&nbsp; 420439 | &nbsp;&nbsp; 8961 | &nbsp;&nbsp;&nbsp;&nbsp; 2544 | &nbsp;&nbsp; 11708 |
| &nbsp;&nbsp;&nbsp; JPMorgan Large Cap Value Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 408278 | &nbsp;&nbsp;&nbsp;&nbsp; 19674 | &nbsp;&nbsp;&nbsp;&nbsp; 54167 | &nbsp;&nbsp;&nbsp; 2928 | &nbsp;&nbsp;&nbsp;&nbsp; 5993 | &nbsp;&nbsp;&nbsp;&nbsp; 382706 | 21320 | &nbsp;&nbsp;&nbsp;&nbsp; 3661 | &nbsp;&nbsp; 16012 |
| &nbsp;&nbsp;&nbsp; JPMorgan Market Expansion Enhanced <br> Equity ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 202804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 996 | &nbsp;&nbsp;&nbsp;&nbsp; 203800 | &nbsp;&nbsp; 4426 | &nbsp;&nbsp;&nbsp;&nbsp; 2926 | &nbsp;&nbsp; 10580 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mid Cap Growth Fund Class R6 <br> Shares (a) \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57260 | &nbsp;&nbsp;&nbsp;&nbsp; 14045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73334 | &nbsp;&nbsp; 1878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555 |
| JPMorgan Realty Income ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6015) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33523 | &nbsp;&nbsp;&nbsp;&nbsp; 816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp;&nbsp; 3019 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16520 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1054) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17440 | &nbsp;&nbsp;&nbsp;&nbsp; 346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp;&nbsp; 1901 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5782 | &nbsp;&nbsp;&nbsp;&nbsp; (860) | &nbsp;&nbsp;&nbsp;&nbsp; (2017) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86022 | &nbsp;&nbsp; 3546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 796 | &nbsp;&nbsp;&nbsp;&nbsp; 6630 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 535847 | &nbsp;&nbsp;&nbsp;&nbsp; 24281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3347 | &nbsp;&nbsp;&nbsp;&nbsp; (508) | &nbsp;&nbsp; (14833) | &nbsp;&nbsp;&nbsp;&nbsp; 541440 | 31534 | &nbsp;&nbsp;&nbsp;&nbsp; 3840 | &nbsp;&nbsp; 20439 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. GARP Equity Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 181328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9761) | &nbsp;&nbsp;&nbsp;&nbsp; 179722 | &nbsp;&nbsp; 3787 | &nbsp;&nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp;&nbsp; 7031 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59311 | &nbsp;&nbsp; 122300 | &nbsp;&nbsp;&nbsp;&nbsp; 94096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87515 | 87515 | &nbsp;&nbsp;&nbsp;&nbsp; 1037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 288732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6748 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2092 | &nbsp;&nbsp;&nbsp;&nbsp; (370) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 293052 | 10043 | &nbsp;&nbsp;&nbsp;&nbsp; 2289 | &nbsp;&nbsp;&nbsp;&nbsp; 4459 |
| &nbsp;&nbsp;&nbsp; JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 148090 | &nbsp;&nbsp;&nbsp;&nbsp; 13625 | &nbsp;&nbsp;&nbsp;&nbsp; 18646 | &nbsp;&nbsp; (1295) | &nbsp;&nbsp;&nbsp;&nbsp; (4341) | &nbsp;&nbsp;&nbsp;&nbsp; 137433 | &nbsp;&nbsp; 3962 | &nbsp;&nbsp;&nbsp;&nbsp; 2666 | &nbsp;&nbsp; 10959 |
| **Total** | $3872923 | $318135 | $182189 | $(121) | $(27990) | $3980758 |  | $53235 | $95859 |

---

&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, 2022.

\* Non-income producing security. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  | **Investor Growth & Income Fund**  |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at** <br>**June 30,** <br>**2022**<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>**2022**<br>| **Shares at** <br>**December 31,** <br>**2022**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Core Bond Fund Class R6 Shares <br> (a)<br>| $596008  | $53583  | $—  | $—  | $(28587)  | $621004  | 61425 | $9417  | $36 |
| &nbsp;&nbsp;&nbsp; JPMorgan Core Plus Bond Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 234389 | &nbsp;&nbsp;&nbsp;&nbsp; 26344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; (11275) | &nbsp;&nbsp;&nbsp;&nbsp; 249458 | 35036 | &nbsp;&nbsp;&nbsp;&nbsp; 4535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Debt Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15389 | &nbsp;&nbsp; 2608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Equity Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1784) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88577 | &nbsp;&nbsp; 3152 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Emerging Markets Research <br> Enhanced Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4449) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65764 | &nbsp;&nbsp; 4477 | &nbsp;&nbsp;&nbsp;&nbsp; 1591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Equity Income Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 136640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3822 | &nbsp;&nbsp;&nbsp;&nbsp; 14591 | &nbsp;&nbsp;&nbsp; 1582 | &nbsp;&nbsp;&nbsp;&nbsp; 5181 | &nbsp;&nbsp;&nbsp;&nbsp; 132634 | &nbsp;&nbsp; 5876 | &nbsp;&nbsp;&nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp;&nbsp; 2237 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 35

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) (continued) <br> (Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) | **Investor Growth & Income Fund** (continued) |
| **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** | **For the six months ended December 31, 2022** |
| **Security Description** | **Value at**<br> **June 30,**<br> **2022**<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> **2022**<br>| **Shares at**<br> **December 31,**<br> **2022**<br>| **Dividend**<br> **Income**<br>| **Capital Gain**<br> **Distributions**<br>|
| &nbsp;&nbsp;&nbsp; JPMorgan Europe Dynamic Fund Class R6 <br> Shares (a)<br>| $70828  | $951  | $—  | $—  | $6084  | $77863  | &nbsp;&nbsp; 2931 | $951  | $— |
| &nbsp;&nbsp;&nbsp; JPMorgan High Yield Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 92227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (186) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95080 | 15486 | &nbsp;&nbsp;&nbsp;&nbsp; 3039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Income Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 160069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (4591) | &nbsp;&nbsp;&nbsp;&nbsp; 159566 | 19412 | &nbsp;&nbsp;&nbsp;&nbsp; 4089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan International Equity Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6401 | &nbsp;&nbsp; (1776) | &nbsp;&nbsp;&nbsp;&nbsp; 4535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88350 | &nbsp;&nbsp; 5384 | &nbsp;&nbsp;&nbsp;&nbsp; 2470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan International Focus Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53502 | &nbsp;&nbsp; 2493 | &nbsp;&nbsp;&nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan International Research Enhanced <br> Equity ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 226124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10688 | &nbsp;&nbsp; (2282) | &nbsp;&nbsp;&nbsp; 10459 | &nbsp;&nbsp;&nbsp;&nbsp; 223613 | &nbsp;&nbsp; 4467 | &nbsp;&nbsp;&nbsp;&nbsp; 5854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Large Cap Growth Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 319065 | &nbsp;&nbsp;&nbsp;&nbsp; 22497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5022) | &nbsp;&nbsp;&nbsp;&nbsp; 336540 | &nbsp;&nbsp; 7173 | &nbsp;&nbsp;&nbsp;&nbsp; 2037 | &nbsp;&nbsp;&nbsp;&nbsp; 9372 |
| &nbsp;&nbsp;&nbsp; JPMorgan Large Cap Value Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 238224 | &nbsp;&nbsp;&nbsp;&nbsp; 11242 | &nbsp;&nbsp;&nbsp;&nbsp; 36926 | &nbsp;&nbsp;&nbsp; 3921 | &nbsp;&nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp;&nbsp; 218261 | 12159 | &nbsp;&nbsp;&nbsp;&nbsp; 2110 | &nbsp;&nbsp;&nbsp;&nbsp; 9132 |
| &nbsp;&nbsp;&nbsp; JPMorgan Limited Duration Bond Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (583) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47209 | &nbsp;&nbsp; 4907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Market Expansion Enhanced <br> Equity ETF (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 150668 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3768 | &nbsp;&nbsp;&nbsp;&nbsp; (593) | &nbsp;&nbsp;&nbsp;&nbsp; 1642 | &nbsp;&nbsp;&nbsp;&nbsp; 147949 | &nbsp;&nbsp; 3213 | &nbsp;&nbsp;&nbsp;&nbsp; 2124 | &nbsp;&nbsp;&nbsp;&nbsp; 7680 |
| &nbsp;&nbsp;&nbsp; JPMorgan Mid Cap Growth Fund Class R6 <br> Shares (a) \*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49617 | &nbsp;&nbsp; 1270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 375 |
| JPMorgan Realty Income ETF (a) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) | &nbsp;&nbsp;&nbsp;&nbsp; (4025) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25922 | &nbsp;&nbsp;&nbsp;&nbsp; 631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 376 | &nbsp;&nbsp;&nbsp;&nbsp; 2334 |
| &nbsp;&nbsp;&nbsp; JPMorgan Short Duration Core Plus Fund <br> Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (781) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46883 | &nbsp;&nbsp; 5268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Equity Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1122) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18552 | &nbsp;&nbsp;&nbsp;&nbsp; 368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp;&nbsp; 2022 |
| &nbsp;&nbsp;&nbsp; JPMorgan Small Cap Value Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5197 | &nbsp;&nbsp;&nbsp;&nbsp; 13457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (591) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60375 | &nbsp;&nbsp; 2489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 | &nbsp;&nbsp;&nbsp;&nbsp; 4653 |
| &nbsp;&nbsp;&nbsp; JPMorgan Strategic Income Opportunities <br> Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp; 10654 | &nbsp;&nbsp;&nbsp;&nbsp; (160) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Equity Fund Class R6 Shares <br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 388697 | &nbsp;&nbsp;&nbsp;&nbsp; 17425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7004 | &nbsp;&nbsp; (1016) | &nbsp;&nbsp;&nbsp;&nbsp; (9635) | &nbsp;&nbsp;&nbsp;&nbsp; 388467 | 22625 | &nbsp;&nbsp;&nbsp;&nbsp; 2760 | &nbsp;&nbsp; 14665 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. GARP Equity Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 108780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5856) | &nbsp;&nbsp;&nbsp;&nbsp; 107817 | &nbsp;&nbsp; 2272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp; 4218 |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market <br> Fund Class IM Shares, 4.12% (a) (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55602 | &nbsp;&nbsp; 152038 | &nbsp;&nbsp; 131601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76039 | 76039 | &nbsp;&nbsp;&nbsp;&nbsp; 1020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; JPMorgan U.S. Research Enhanced Equity <br> Fund Class R6 Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 228570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3866 | &nbsp;&nbsp;&nbsp;&nbsp; (586) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp;&nbsp; 229869 | &nbsp;&nbsp; 7878 | &nbsp;&nbsp;&nbsp;&nbsp; 1803 | &nbsp;&nbsp;&nbsp;&nbsp; 3498 |
| &nbsp;&nbsp;&nbsp; JPMorgan Value Advantage Fund Class R6 <br> Shares (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 146980 | &nbsp;&nbsp;&nbsp;&nbsp; 12943 | &nbsp;&nbsp;&nbsp;&nbsp; 24994 | &nbsp;&nbsp;&nbsp;&nbsp; (305) | &nbsp;&nbsp;&nbsp;&nbsp; (4063) | &nbsp;&nbsp;&nbsp;&nbsp; 130561 | &nbsp;&nbsp; 3764 | &nbsp;&nbsp;&nbsp;&nbsp; 2533 | &nbsp;&nbsp; 10412 |
| **Total** | $3743013 | $334351 | $271938 | $(1247) | $(49318) | $3754861 |  | $54044 | $70634 |

---

&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, 2022.

\* Non-income producing security. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Investor Funds December 31, 2022

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Distributions of net investment income and realized capital gains from the Underlying Funds and ETFs are recorded on the ex-dividend date.

**D. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the six months ended December 31, 2022 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R6** | **Total** |
| **Investor Balanced Fund** |  |  |  |  |  |
| Transfer agency fees  | $114 | $8 | $6 | $3 | $131 |
| **Investor Conservative Growth Fund** |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 84 |
| **Investor Growth Fund** |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp; 163 |
| **Investor Growth & Income Fund** |  |  |  |  |  |
| Transfer agency fees  | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp; n/a | &nbsp;&nbsp; 132 |

---

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.

**E. 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, 2022, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

**F. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least quarterly, except for Investor Conservative Growth Fund, for which distributions are generally declared and paid at least monthly. Distributions are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.05% of the Funds' average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee** — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. The Administrator does not receive a fee for these services.

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees** — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.

The Board has adopted a Distribution Plan (the "Distribution Plan") for Class A and Class C Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 37

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) (continued) <br> (Dollar values in thousands)

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** |
| Investor Balanced Fund | 0.25% | 0.75% |

---

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, 2022, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Investor Balanced Fund | $66  | $3 |
| Investor Conservative Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp; —(a) |
| Investor Growth Fund | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 1 |
| Investor Growth & Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp; —(a) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**D. Service Fees** — The Trust, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | |
|:---|:---|:---|
| **Class A** | **Class C** | **Class I** |
| 0.25% | 0.25% | 0.25% |

---

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 following Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R6** |
| Investor Balanced Fund | &nbsp;&nbsp; n/a | n/a | n/a | n/a |
| Investor Conservative Growth Fund | &nbsp;&nbsp; n/a | n/a | n/a | n/a |
| Investor Growth Fund | 0.55% | n/a | n/a | n/a |
| Investor Growth & Income Fund | 0.55 | n/a | n/a | n/a |

---

The expense limitation agreements were in effect for the six months ended December 31, 2022 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2023.

The Underlying Funds may impose separate advisory and service fees. To avoid charging a service fee at an effective rate above 0.25% for Class A, Class C and Class I Shares, JPMDS will waive service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of service fees charged by the Underlying Funds up to 0.25% for Class A, Class C and Class I Shares. These waivers may be in addition to any waivers required to meet the Funds' contractual expense limitations, but will not exceed the Funds' service fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan Investor Funds December 31, 2022

------

For the six months ended December 31, 2022, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | |
|:---|:---|:---|:---|
|  | **Contractual Waivers**  | **Contractual Waivers**  | **Contractual Waivers**  |
|  | **Investment** <br>**Advisory Fees**<br>| **Service** <br>**Fees**<br>| **Total** |
| Investor Balanced Fund | $5 | $—  | $5 |
| Investor Conservative Growth Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 |
| Investor Growth Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 449 | &nbsp;&nbsp; 453 |
| Investor Growth & Income Fund | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 401 | &nbsp;&nbsp; 405 |

---

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, 2022 were as follows:

---

| | |
|:---|:---|
| Investor Balanced Fund | $49 |
| Investor Conservative Growth Fund | &nbsp;&nbsp; 36 |
| Investor Growth Fund | &nbsp;&nbsp; 39 |
| Investor Growth & Income Fund | &nbsp;&nbsp; 39 |

---

JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the six months ended December 31, 2022, the amount of these reimbursements were as follows:

---

| | |
|:---|:---|
| Investor Balanced Fund | $1 |
| Investor Conservative Growth Fund | &nbsp;&nbsp; 1 |
| Investor Growth Fund | &nbsp;&nbsp; 1 |
| Investor Growth & Income Fund | &nbsp;&nbsp; 1 |

---

**G. Other** — Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

**4. Investment Transactions** 

During the six months ended December 31, 2022, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| Investor Balanced Fund | $226523 | $326014 |
| Investor Conservative Growth Fund | &nbsp;&nbsp; 116374 | &nbsp;&nbsp; 316431 |
| Investor Growth Fund | &nbsp;&nbsp; 195835 | &nbsp;&nbsp;&nbsp;&nbsp; 88093 |
| Investor Growth & Income Fund | &nbsp;&nbsp; 182315 | &nbsp;&nbsp; 140338 |

---

During the six months ended December 31, 2022, there were no purchases or sales of U.S. Government securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 39

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) (continued) <br> (Dollar values in thousands)

&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, 2022 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Investor Balanced Fund | $4649150 | $629034 | $285977 | $343057 |
| Investor Conservative Growth Fund | &nbsp;&nbsp; 4075719 | &nbsp;&nbsp; 288013 | &nbsp;&nbsp; 351662 | &nbsp;&nbsp;&nbsp; (63649) |
| Investor Growth Fund | &nbsp;&nbsp; 3478680 | &nbsp;&nbsp; 594343 | &nbsp;&nbsp;&nbsp;&nbsp; 92265 | &nbsp;&nbsp; 502078 |
| Investor Growth & Income Fund | &nbsp;&nbsp; 3350478 | &nbsp;&nbsp; 561363 | &nbsp;&nbsp; 156980 | &nbsp;&nbsp; 404383 |

---

At June 30, 2022, the Funds did not have any net capital loss carryforwards.

Net capital losses (gains) and specified ordinary losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2022, the following Funds deferred to July 1, 2022 the following net capital losses (gains) and specified ordinary losses of:

---

| | |
|:---|:---|
|  | **Net Capital Losses (Gains)** |
|  | **Short-Term** |
| Investor Balanced Fund | $447 |
| Investor Growth & Income Fund | &nbsp;&nbsp; 2178 |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to the Trust and may be relied upon by the Funds because the Funds and the series of the Trust are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended December 31, 2022.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken 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 30, 2023.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended December 31, 2022.

The Trust, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the "Applicable Margin"), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate ("LIBOR"). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 9, 2022, the Credit Facility has been amended and restated for a term of 364 days, unless

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Investor Funds December 31, 2022

------

extended, and to include a change in the interest associated with any borrowing to the higher, on the day of the borrowing, of (a) the federal funds effective rate, or (b) the one-month Adjusted SOFR Rate plus the Applicable Margin.

The Funds did not utilize the Credit Facility during the six months ended December 31, 2022.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of December 31, 2022, the Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| Investor Balanced Fund | 1 | 66.8% | 1 | 19.7% |
| Investor Conservative Growth Fund | 1 | 63.3 | 2 | 26.9 |
| Investor Growth Fund | 1 | 48.7 | 1 | 26.5 |
| Investor Growth & Income Fund | 1 | 52.9 | 1 | 29.0 |

---

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

As of December 31, 2022, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:

---

| | |
|:---|:---|
|  | **% of Net Assets** |
| JPMorgan Market Expansion Enhanced Equity ETF | 71.8 |
| JPMorgan U.S. GARP Equity Fund | 57.7 |
| JPMorgan Europe Dynamic Fund | 51.5 |
| JPMorgan Limited Duration Bond Fund | 48.3 |
| JPMorgan Emerging Markets Debt Fund | 23.6 |
| JPMorgan Large Cap Value Fund | 23.4 |
| JPMorgan Realty Income ETF | 21.5 |
| JPMorgan International Research Enhanced Equity ETF | 19.8 |
| JPMorgan Small Cap Value Fund | 17.8 |
| JPMorgan International Focus Fund | 13.5 |
| JPMorgan U.S. Research Enhanced Equity Fund | 12.5 |
| JPMorgan Emerging Markets Research Enhanced Equity Fund | 10.2 |
| JPMorgan Core Bond Fund | 10.2 |

---

Because of the Funds' investments in Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds' and ETFs' investments in securities and financial instruments such as fixed income securities, including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

The Funds invest in ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indices, as well as indices relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 41

------

**NOTES TO FINANCIAL STATEMENTS** <br> AS OF December 31, 2022 (Unaudited) (continued) <br> (Dollar values in thousands)

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds' original investment. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority ("FCA") publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA's consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. In addition, certain regulated entities ceased entering into most new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance, unavailability or replacement, all of which may affect the value, volatility, liquidity or return on certain of a Fund's loans, notes, derivatives and other instruments or investments comprising some or all of a Fund's investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions and entering into new trades. Certain of a Fund's investments may transition from LIBOR prior to the dates announced by the FCA. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on a Fund and its investments.

The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including among other things, reduced consumer demand and economic output, supply chain disruptions and increased government spending may continue to have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund's investment performance. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Investor Funds December 31, 2022

------

**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) <br>Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds and ETFs) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, July 1, 2022, and continued to hold your shares at the end of the reporting period, December 31, 2022.

**Actual Expenses**

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

**Hypothetical Example for Comparison Purposes**

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees and expenses of the Underlying Funds and ETFs. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning** <br>**Account Value** <br>**July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending** <br>**Account Value** <br>**December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses** <br>**Paid During** <br>**the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized** <br>**Expense** <br>**Ratio**<br>|
| **JPMorgan Investor Balanced Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1008.20 | $2.89 | 0.57% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.33 | &nbsp;&nbsp; 2.91 | 0.57 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1005.80 | &nbsp;&nbsp; 5.41 | 1.07 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.81 | &nbsp;&nbsp; 5.45 | 1.07 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1010.20 | &nbsp;&nbsp; 1.62 | 0.32 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.59 | &nbsp;&nbsp; 1.63 | 0.32 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1010.70 | &nbsp;&nbsp; 0.41 | 0.08 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.80 | &nbsp;&nbsp; 0.41 | 0.08 |
| **JPMorgan Investor Conservative Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 997.00 | &nbsp;&nbsp; 2.87 | 0.57 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.33 | &nbsp;&nbsp; 2.91 | 0.57 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 993.60 | &nbsp;&nbsp; 5.38 | 1.07 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.81 | &nbsp;&nbsp; 5.45 | 1.07 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 998.20 | &nbsp;&nbsp; 1.61 | 0.32 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.59 | &nbsp;&nbsp; 1.63 | 0.32 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp;&nbsp;&nbsp; 998.70 | &nbsp;&nbsp; 0.35 | 0.07 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.85 | &nbsp;&nbsp; 0.36 | 0.07 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 43

------

**SCHEDULE OF SHAREHOLDER EXPENSES** <br>(Unaudited) (continued) <br>Hypothetical $1,000 Investment

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Beginning**<br> **Account Value**<br> **July 1, 2022**<br>| &nbsp;&nbsp;&nbsp; **Ending**<br> **Account Value**<br> **December 31, 2022**<br>| &nbsp;&nbsp;&nbsp; **Expenses**<br> **Paid During**<br> **the Period\***<br>| &nbsp;&nbsp;&nbsp; **Annualized**<br> **Expense**<br> **Ratio**<br>|
| **JPMorgan Investor Growth Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | $1000.00 | $1028.10 | $2.81 | 0.55% |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.43 | &nbsp;&nbsp; 2.80 | 0.55 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1025.80 | &nbsp;&nbsp; 5.51 | 1.08 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.76 | &nbsp;&nbsp; 5.50 | 1.08 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1029.40 | &nbsp;&nbsp; 1.64 | 0.32 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.59 | &nbsp;&nbsp; 1.63 | 0.32 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1030.70 | &nbsp;&nbsp; 0.41 | 0.08 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.80 | &nbsp;&nbsp; 0.41 | 0.08 |
| **JPMorgan Investor Growth & Income Fund** |  |  |  |  |
| **Class A** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1016.90 | &nbsp;&nbsp; 2.80 | 0.55 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1022.43 | &nbsp;&nbsp; 2.80 | 0.55 |
| **Class C** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1014.80 | &nbsp;&nbsp; 5.43 | 1.07 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.81 | &nbsp;&nbsp; 5.45 | 1.07 |
| **Class I** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1018.50 | &nbsp;&nbsp; 1.63 | 0.32 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1023.59 | &nbsp;&nbsp; 1.63 | 0.32 |
| **Class R6** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Actual | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1019.80 | &nbsp;&nbsp; 0.36 | 0.07 |
| &nbsp;&nbsp;&nbsp; Hypothetical | &nbsp;&nbsp; 1000.00 | &nbsp;&nbsp; 1024.85 | &nbsp;&nbsp; 0.36 | 0.07 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Expenses are equal to each Class' respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Investor Funds December 31, 2022

------

**BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS** <br>(Unaudited)

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. Effective January 2022, the Board consolidated with the J.P. Morgan Exchange-Traded Fund Trust Board and now consists of Trustees from both Boards. 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 on June 21-22, 2022 and August 9-11, 2022, 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"). In accordance with SEC guidance, due to the COVID-19 pandemic, the meetings were conducted through video conference. At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the Funds and the other J.P. Morgan Funds overseen by the Board in which each Fund invests (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 11, 2022.

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 the Adviser. This information includes 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 the 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 (including certain ETFs, beginning in February 2022) 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, 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 Trust, and independent legal counsel 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, including additional reporting and information provided in connection with the COVID-19 pandemic, 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:

(i) The background and experience of the Adviser's senior management and investment personnel, including personnel changes, if any;

(ii) The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management each of the Funds and Underlying Funds, including personnel changes, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 45

------

**BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS** <br>(Unaudited) (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(iii) The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

(iv) Information about the structure and distribution strategy for each Fund and how it fits with the Trust's other fund offerings;

(v) The administration services provided by the Adviser in its role as Administrator;

(vi) 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 Trusts and in the financial industry generally;

(vii) The overall reputation and capabilities of the Adviser and its affiliates;

(viii) The commitment of the Adviser to provide high quality service to the Funds and Underlying Funds, as applicable;

(ix) Their overall confidence in the Adviser's integrity;

(x) 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; and

(xi) The Adviser's business continuity plan and steps the Adviser and its affiliates have taken to provide ongoing services to the Funds and Underlying Funds, as applicable, during the COVID-19 pandemic, and the Adviser's and its affiliates and the sub-advisers' success in continuing to provide services to the Funds and their shareholders throughout this period.

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 informa

tion 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 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 the Funds 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 received by the Adviser and its affiliates in connection with the Funds' 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.

*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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan Investor Funds December 31, 2022

------

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 satisfactory 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 Funds 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 the Funds' 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 with the same Broadridge investment classification and objective (the "Universe"), as well as a subset of funds within the Universe (the "Peer Group"), 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 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 Group did not meet a predetermined minimum. 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 Investor Balanced Fund's performance for Class A shares was in the third quintile of the Peer Group for each of the one-, three- and five-year periods ended December 31, 2021, and in the third, second and second quintiles of the Universe for the one-, three- and five-year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 47

------

**BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS** <br>(Unaudited) (continued)

periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the third, second and second quintiles of both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the third and second quintiles of both the Peer Group and Universe, for the one- and three-year periods ended December 31, 2021, respectively. 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 Investor Conservative Growth Fund's performance for Class A shares was in the third, fourth and third quintiles of the Peer Group, and in the third, second and second quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for the Class I shares was in the second quintile of the Peer Group for each of the one-, three- and five-year periods ended December 31, 2021, and in the third, second and first quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the second quintile of both the Peer Group and Universe, for both the one- and three-year periods ended December 31, 2021. 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 under the circumstances.

The Trustees noted that the Investor Growth Fund's performance for Class A shares was in the third, first and second quintiles of both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the third, first and first quintiles of both the Peer Group and Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the third and first quintiles of both the Peer Group and Universe, for the one-and three-year periods ended December 31, 2021, respectively. 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 Investor Growth & Income Fund's performance for Class A shares was in the third, second and second quintiles of the Peer Group, and in the fourth, third and

second quintiles of the Universe, for the one-, three- and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class I shares was in the third, second and third quintiles of the Peer Group, and in the fourth, second and second quintiles of the Universe, for the one-, three-, and five-year periods ended December 31, 2021, respectively. The Trustees noted that the performance for Class R6 shares was in the third quintile of the Peer Group for both the one- and three-year periods ended December 31, 2021, and in the third and second quintiles of the Universe for the one- and three-year periods ended December 31, 2021, respectively. 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 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 in the same Broadridge category as each Fund. The Trustees recognized that Broadridge reported each Fund's management fee rate as the combined contractual advisory fee and the 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 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 Investor Balanced 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 second quintile of both the Peer Group and Universe. 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 second quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class R6 shares was in the

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan Investor Funds December 31, 2022

------

third 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 the information, the Trustees concluded that the advisory fee was satisfactory 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 contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the Investor Conservative Growth 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 second quintile of both the Peer Group and Universe. 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 second 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 fourth and third quintiles of the Peer Group and Universe, respectively, and that the actual total expenses were in the second and first quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was satisfactory 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 contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the Investor Growth 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 first 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 third quintile of both the Peer Group and Universe, and that the actual total expenses for Class I 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 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 first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of the information, the Trustees concluded that the advisory fee was satisfactory 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 contract of the Underlying Funds in which the Fund invests.

The Trustees noted that the Investor Growth & Income 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 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 third and fourth 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 for Class R6 shares was in the third and fourth 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 the information, the Trustees concluded that the advisory fee was satisfactory 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 contract of the Underlying Funds in which the Fund invests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

December 31, 2022 J.P. Morgan Investor Funds 49

------

**TAX LETTER** <br>(Unaudited) <br>(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended June 30, 2022. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2022. The information necessary to complete your income tax returns for the calendar year ending December 31, 2022 will be provided under separate cover.

**Foreign Source Income and Foreign Tax Credit Pass Through**

For the fiscal year ended June 30, 2022, 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 Investor Balanced Fund | $16489 | $1291 |
| &nbsp;&nbsp;&nbsp; JPMorgan Investor Conservative <br> Growth Fund<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8899 | &nbsp;&nbsp;&nbsp;&nbsp; 714 |
| JPMorgan Investor Growth Fund | &nbsp;&nbsp; 20604 | &nbsp;&nbsp; 1587 |
| &nbsp;&nbsp;&nbsp; JPMorgan Investor Growth & <br> Income Fund<br>| &nbsp;&nbsp; 14037 | &nbsp;&nbsp; 1096 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Investor Funds December 31, 2022

------

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.

Each Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at http://www.sec.gov. Each Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds' website at www.jpmorganfunds.com.

A description of each Fund's policies and procedures with respect to the disclosure of each Fund's holdings is available in the prospectuses and Statement of Additional Information.

A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Funds' website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC's website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Funds to the Adviser. A copy of the Funds' voting record for the most recent 12-month period ended June 30 is available on the SEC's website at www.sec.gov or at the Funds' website at www.jpmorganfunds.com no later than August 31 of each year. The Funds' proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.

![](g452571imgfb15974d8.jpg)

------

![](g452571imga1af2b8e9.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2022. All rights reserved. December 2022.

SAN-INV-1222

------

ITEM 2. CODE OF ETHICS.

**Not applicable to a semi-annual report.** 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

**Not applicable to a semi-annual report**.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

**Not applicable to a semi-annual report**.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

**Not applicable to a semi-annual report**.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

**Included in Item 1.** 

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

**Not applicable**.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

**Not applicable.** 

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

**Not applicable.** 

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

**No material changes to report.** 

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

------

**The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.** 

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**There were no changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.** 

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

**Not applicable.** 

ITEM 13. EXHIBITS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

**Not applicable.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2), exactly as set forth below:

**[Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.](d448348dex99cert.htm)** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

**Not applicable.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.

**Not applicable.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A separate or combined certification for each principal executive officer and principal officer of the
registrant as required by Rule 30a-2(b) under the Act of 1940.

**[Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.](d448348dex99906cert.htm)** 

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust II

---

| | |
|:---|:---|
| By: | /s/ Brian S. Shlissel |
|  | Brian S. Shlissel |
|  | President and Principal Executive Officer |
|  | March 2, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Brian S. Shlissel |
|  | Brian S. Shlissel |
|  | President and Principal Executive Officer |
|  | March 2, 2023 |
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | March 2, 2023 |

---

## Ex-99.Cert

EXHIBIT (B)(1)

CERTIFICATIONS

I, Brian S. Shlissel, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Equity Income
Fund, JPMorgan Equity Index Fund, JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth & Income Fund, JPMorgan Investor Growth Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value
Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund and JPMorgan SMID Cap Equity Fund (the "Funds"), a series of JPMorgan Trust II (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 2, 2023 | /s/ Brian S. Shlissel |
|  | Brian S. Shlissel |
|  | President and Principal Executive Officer |

---

------

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Equity Income
Fund, JPMorgan Equity Index Fund, JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth & Income Fund, JPMorgan Investor Growth Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value
Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund and JPMorgan SMID Cap Equity Fund (the "Funds"), a series of JPMorgan Trust II (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 2, 2023 |  |
|  | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Equity Income Fund, JPMorgan Equity Index Fund, JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth & Income Fund, JPMorgan Investor Growth Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund and JPMorgan SMID Cap Equity Fund (the "Funds"), a series of JPMorgan Trust II (the "Registrant");

I, Brian S. Shlissel, certify that:

1. The Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of the operations of the Funds.

---

| |
|:---|
| /s/ ****Brian S. Shlissel |
| Brian S. Shlissel |
| President and Principal Executive Officer |

---

March 2, 2023

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

------

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Equity Income Fund, JPMorgan Equity Index Fund, JPMorgan Investor Balanced Fund, JPMorgan Investor Conservative Growth Fund, JPMorgan Investor Growth & Income Fund, JPMorgan Investor Growth Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund and JPMorgan SMID Cap Equity Fund (the "Funds"), a series of JPMorgan Trust II (the "Registrant");

I, Timothy J. Clemens, certify that:

1. The Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of the operations of the Funds.

---

| |
|:---|
| /s/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer and Principal Financial Officer |

---

March 2, 2023

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.