JPMorgan Trust I

N-CSR 1 d899071dncsr.htm JPMORGAN TRUST I JPMorgan Trust I

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21295

JPMorgan Trust I

(Exact name of registrant as specified in charter)

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, 2019 through June 30, 2020

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.

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).

Annual Report

JPMorgan Access Funds

June 30, 2020

JPMorgan Access Balanced Fund

JPMorgan Access Growth Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganaccessfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Funds, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

LOGO

CONTENTS


Letter to Shareholders			1

Market Overview			2

Fund Commentaries:

JPMorgan Access Balanced Fund			3

JPMorgan Access Growth Fund			7

Consolidated Schedules of Portfolio Investments			11

Consolidated Financial Statements			24

Consolidated Financial Highlights			30

Notes to Consolidated Financial Statements			34

Report of Independent Registered Public Accounting Firm			46

Trustees			47

Officers			50

Schedule of Shareholder Expenses			51

Liquidity Risk Management Program			52

Tax Letter			53

Privacy Policy — Located at the back of this Annual Report

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of any Fund.

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

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

While every epoch holds challenges and opportunities, the current year has brought unprecedented challenges that impacted communities both globally and locally. J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.


		“J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.” — Andrea L. Lisher

The advent of the COVID-19 pandemic and the ensuing closure of large parts of global, national and local economies also brought severe stress to financial markets. Daily market volatility spiked and yields on U.S. Treasury bonds fell to record lows in March 2020 and by the end of the first quarter of 2020, the value of the S&P 500 Index had declined by 20%. However, the U.S. Federal Reserve, along with other leading central banks, slashed interest rates and unleashed a range of initiatives to seek to ensure liquidity and stability in financial markets. From their lows on March 23, 2020 to the end of the reporting period, the S&P 500 and the Bloomberg Barclays U.S.

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Many have faced significant challenges throughout the past year, whether related to the COVID-19 pandemic or the recent acts of racism and discrimination around the world. JPMorgan Chase & Co. has recommitted its firm stance against any form of racism, discrimination, or social injustice. As Brian Lamb, Global Head of Diversity & Inclusion for JPMorgan Chase & Co., recently said, “We are working across the entire firm — being intentional to strengthen our inclusive environment where our employees, customers and partners feel welcomed and valued in the communities where we do business.” To learn more, please visit JPMorgan Chase & Co.’s Diversity & Inclusion web site.

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

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	1

JPMorgan Access Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

While U.S. equity markets generally outperformed other financial markets in the second half of 2019, global prices for a broad range of assets fell sharply in the first quarter of 2020 as large sectors of global, national and local economies shut down in response to the COVID-19 pandemic. However, equity markets rebounded somewhat in the final three months of the reporting period as stimulus programs from leading central banks and governments took hold and countries in Asia and Europe showed progress in halting the spread of virus.

In late July 2019, the U.S. Federal Reserve (the “Fed”) cut interest rates for the first time in more than a decade as U.S. economic growth showed signs of slowing, even as U.S. unemployment remained at historically low levels. The central bank followed with two more interest rate cuts in September and October 2019. In response to lower rates and improved or stable economic data, equity prices in the U.S. generally rose in the final months of 2019.

Further support for U.S. equity markets came from a “Phase One” trade agreement between the U.S. and China that reduced existing tariffs and headed off the implementation of new tariffs scheduled to take effect December 15, 2019. U.S. investor sentiment remained positive through January 2020 and weathered a brief flare up in military tension between the U.S. and Iran.

While the S&P 500 reached six new closing highs in February — the last one on February 19 — the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. By the end of the first quarter of 2020, the S&P 500 had declined by 20%.

A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the Fed’s decision to slash interest rates further and restart its quantitative easing asset purchasing program — along with a range of other stimulus programs — provided support for U.S. and global equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose. Within U.S. equity markets, large cap stocks generally outperformed mid cap and small cap stocks and growth stocks outperformed value stocks during the reporting period.



2	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

JPMorgan Access Balanced Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		3.54%
Bloomberg Barclays Global Aggregate Index – Hedged USD		6.07%
MSCI World Index (net of foreign withholding taxes)		2.84%
Access Balanced Composite Benchmark		4.65%

Net Assets as of 6/30/2020	$	472,005,273

INVESTMENT OBJECTIVE**

The JPMorgan Access Balanced Fund (the “Fund”) seeks total return.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

As the Fund invests in fixed income and equity asset classes, its performance is compared to broad-based fixed income and equity benchmarks, as well as a blended composite benchmark. The Fund’s Class I Shares underperformed the Bloomberg Barclays Global Aggregate Index – Hedged USD, its broad-based fixed income benchmark, and outperformed the MSCI World Index (net of foreign withholding taxes), its broad-based equity benchmark, for the twelve months ended June 30, 2020.

The Fund’s allocation to equity, which underperformed fixed income markets during the reporting period, drove its underperformance relative to the Bloomberg Barclays Global Aggregate Index – Hedged USD, an all-fixed-income index. The Fund’s allocation to fixed income drove its outperformance relative to the MSCI World Index, an all-equity index.

During the reporting period, the Fund’s Class I Shares underperformed the Fund’s composite benchmark, which consists of the MSCI World Index (55%), Bloomberg Barclays Global Aggregate Index – Hedged USD (40%) and HFRX Global Hedge Fund Index (5%).

The Fund’s allocations to alternative strategies and extended credit, and its manager selection in U.S. equity were leading

detractors from performance relative to the composite benchmark, while the Fund’s allocation to core U.S. fixed income and its underweight allocation to non-U.S. developed markets equity were leading contributors to performance relative to the composite benchmark.

To implement the Fund managers’ tactical asset allocation decisions, the Fund invested in J.P. Morgan Funds, as well as third party investment companies (which may or may not be registered under the Investment Company Act of 1940, as amended) and exchange-traded funds.

HOW WAS THE FUND POSITIONED?

The Fund is a multi-asset class portfolio that focuses on both traditional and liquid alternative investments across the global marketplace. The portfolio management team managed the Fund using a tactical approach to asset allocation across global markets, seeking opportunities in sectors and regions based on valuations and the potential for longer-term growth. The Fund invested its assets in a combination of domestic and international equity, fixed income and liquid alternative assets.

The Fund’s portfolio managers employed an overweight position in developed markets equity, focused in the U.S., and favored an underweight position in core bonds for the first half of the reporting period, given low yields and what they believed were more favorable opportunities in equity markets. In March 2020, the portfolio managers repositioned the Fund to an underweight allocation to equity and an overweight allocation to fixed income as the COVID-19 pandemic worsened.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	3

JPMorgan Access Balanced Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	iShares Core S&P 500 ETF	19.1	%
	2.	SPDR S&P 500 ETF Trust	18.2
	3.	Vanguard Total International Bond ETF	14.6
	4.	JPMorgan Core Bond Fund, Class R6 Shares	13.0
	5.	JPMorgan High Yield Fund, Class R6 Shares	5.9
	6.	JPMorgan BetaBuilders Europe ETF	4.6
	7.	iShares MSCI EAFE ETF	2.9
	8.	iShares 20+ Year Treasury Bond ETF	2.1
	9.	JPMorgan Corporate Bond Fund, Class R6 Shares	2.1
	10.	Lord Abbett Short Duration Income Fund, Class F3	2.0


PORTFOLIO COMPOSITION BY ASSET CLASS***
Fixed Income	41.7	%
U.S. Equity	38.3
International Equity	14.7
Alternative Assets	4.1
Short-Term Investments	1.2

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

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



4	JPMORGAN ACCESS FUNDS	JUNE 30, 2020


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 30, 2009
With Sales Charge*			(1.36	)%		3.44	%		4.78	%
Without Sales Charge			3.30			4.39			5.27
CLASS C SHARES	January 4, 2010
With CDSC**			1.81			3.89			4.75
Without CDSC			2.81			3.89			4.75
CLASS I SHARES	September 30, 2009		3.54			4.68			5.54

Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

LOGO

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 the Class I Shares of the JPMorgan Access Balanced Fund, Bloomberg Barclays Global Aggregate Index — Hedged USD, the MSCI World Index (net of foreign withholding taxes), the S&P 500 Index and the Access Balanced Composite Benchmark from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays Global Aggregate Index — Hedged USD, the Access Balanced Composite Benchmark and 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 benchmarks, if applicable. The performance of the MSCI World Index (net of foreign withholding taxes) does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. The Bloomberg Barclays Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Constituents

must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. Unrated non-U.S. bonds may use an implied issuer rating to determine index eligibility when not rated by an agency. The MSCI World 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. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Since January 1, 2018, the Access Balanced Composite Benchmark is a composite benchmark comprised of unmanaged indexes that corresponds to the Fund’s model allocation and that consists of the MSCI World Index (net of foreign withholding taxes) (55%), Bloomberg Barclays Global Aggregate Index — Hedged USD (40%) and HFRX Global Hedge Fund Index (5%). From July 1, 2016 until December 31, 2017, the Access Balanced Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (55%), Bloomberg Barclays Global Aggregate Index (35%), Bloomberg Barclays T-Bill 1-3 Month Index (5%), and HFRX Global Hedge Fund Index (5%). From April 1, 2013 until June 30, 2016, the Access Balanced Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (50%), Bloomberg Barclays U.S. Aggregate Index (35%), Citigroup 3-Month Treasury Bill Index (5%), Bloomberg Commodity Index (5%) and HFRX Global Hedge Fund Index (5%). From July 1, 2011 until March 31, 2013, the Access Balanced Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (50%), Bloomberg Barclays U.S. Aggregate Index (35%) and Citigroup 3-Month Treasury Bill Index (15%). From the inception date of September 30, 2009 to June 30, 2011, the Access Balanced Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (55%), Bloomberg



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	5

JPMorgan Access Balanced Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

Barclays Capital U.S. Aggregate Index (35%) and Citigroup 3-Month Treasury Bill Index (10%). Investors cannot invest directly in an index.

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

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.



6	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

JPMorgan Access Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.44%
MSCI World Index (net of foreign withholding taxes)		2.84%
Bloomberg Barclays Global Aggregate Index – Hedged USD		6.07%
Access Growth Composite Benchmark		3.86%

Net Assets as of 6/30/2020	$	444,673,002

INVESTMENT OBJECTIVE**

The JPMorgan Access Growth Fund (the “Fund”) seeks capital appreciation.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

As the Fund invests in fixed income and equity asset classes, its performance is compared to broad-based fixed income and equity benchmarks, as well as a blended composite benchmark. The Fund’s Class I Shares underperformed both the MSCI World Index (net of foreign withholding taxes), its broad-based equity benchmark, and the Bloomberg Barclays Global Aggregate Index – Hedged USD, its broad-based fixed income benchmark, for the twelve months ended June 30, 2020.

The Fund’s manager selection within U.S. equity drove its underperformance relative to the MSCI World Index, which is an all-equity index. The Fund’s allocation to equity, which underperformed fixed income markets during the reporting period, led to underperformance relative to the Bloomberg Barclays Global Aggregate Index – Hedged USD, which is an all-fixed income index.

For the reporting period, the Fund’s Class I Shares underperformed the Fund’s composite benchmark, which consists of the MSCI World Index (75%), Bloomberg Barclays Global Aggregate Index – Hedged USD (20%), and HFRX Global Hedge Fund Index (5%).

The Fund’s allocations to extended credit and alternative strategies, and its manager selection in U.S. equity were leading

detractors from performance relative to the composite benchmark. The Fund’s underweight position in non-U.S developed markets equity was a leading contributor to performance relative to the composite benchmark.

HOW WAS THE FUND POSITIONED?



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	7

JPMorgan Access Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


TOP TEN HOLDINGS OF THE PORTFOLIO***
	1.	SPDR S&P 500 ETF Trust	25.4	%
	2.	iShares Core S&P 500 ETF	24.9
	3.	Vanguard Total International Bond ETF	7.0
	4.	JPMorgan BetaBuilders Europe ETF	6.7
	5.	JPMorgan High Yield Fund, Class R6 Shares	5.7
	6.	JPMorgan Core Bond Fund, Class R6 Shares	5.0
	7.	iShares MSCI EAFE ETF	4.9
	8.	JPMorgan BetaBuilders Canada ETF	3.1
	9.	Lord Abbett Short Duration Income Fund, Class F3	2.1
	10.	JPMorgan BetaBuilders Japan ETF	1.9


PORTFOLIO COMPOSITION BY ASSET CLASS***
U.S. Equity	51.4	%
Fixed Income	21.8
International Equity	21.4
Alternative Assets	4.2
Short-Term Investments	1.2

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



8	JPMORGAN ACCESS FUNDS	JUNE 30, 2020


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 30, 2009
With Sales Charge*			(2.45	)%		3.80	%		5.63	%
Without Sales Charge			2.17			4.75			6.12
CLASS C SHARES	January 4, 2010
With CDSC**			0.71			4.25			5.61
Without CDSC			1.71			4.25			5.61
CLASS I SHARES	September 30, 2009		2.44			5.05			6.40

Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

LOGO

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of the JPMorgan Access Growth Fund, Bloomberg Barclays Global Aggregate Index — Hedged USD, the MSCI World Index (net of foreign withholding taxes), the S&P 500 Index and the Access Growth Composite Benchmark from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Barclays Global Aggregate Index — Hedged USD, the Access Growth Composite Benchmark and 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 benchmarks, if applicable. The performance of the MSCI World Index (net of foreign withholding taxes) does not reflect the deduction of expenses associated with a mutual fund and approximates the minimum possible dividend reinvestment of the securities included in the benchmark, if applicable. The dividend is reinvested after deduction of withholding tax, applying the rate to non-resident individuals who do not benefit from double taxation treaties. The Bloomberg Barclays Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Constituents

must be rated investment-grade (Baa3/BBB- or higher) by at least two of the following ratings agencies: Moody’s, S&P, Fitch. If only two of the three agencies rate the security, the lower rating is used to determine index eligibility. If only one of the three agencies rates a security, the rating must be investment-grade. Unrated non-U.S. bonds may use an implied issuer rating to determine index eligibility when not rated by an agency. The MSCI World 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. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Since January 1, 2018, the Access Growth Composite Benchmark is a composite benchmark comprised of unmanaged indexes that corresponds to the Fund’s model allocation and that consists of the MSCI World Index (net of foreign withholding taxes) (75%), Bloomberg Barclays Global Aggregate Index — Hedged USD (20%) and HFRX Global Hedge Fund Index (5%). From July 1, 2016 until December 31, 2017, the Access Growth Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (75%), Bloomberg Barclays Global Aggregate Index (15%), Bloomberg Barclays T-Bill 1-3 Month Index (5%), and HFRX Global Hedge Fund Index (5%). From April 1, 2013 until June 30, 2016, the Access Growth Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (70%), Bloomberg Barclays U.S. Aggregate Index (15%), Citigroup 3-Month Treasury Bill Index (5%), Bloomberg Commodity Index (5%) and HFRX Global Hedge Fund Index (5%). From July 1, 2011 until March 31, 2013, the Access Growth Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (70%), Bloomberg Barclays U.S. Aggregate Index (20%) and Citigroup 3-Month Treasury Bill Index (10%). From the inception date of September 30, 2009 to June 30, 2011, the Access Growth Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net of foreign withholding taxes) (75%), Bloomberg



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	9

JPMorgan Access Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)

Barclays Capital U.S. Aggregate Index (15%) and Citigroup 3-Month Treasury Bill Index (10%). Investors cannot invest directly in an index.

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

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.



10	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Exchange-Traded Funds — 65.5%

Fixed Income — 16.7%

iShares 20+ Year Treasury Bond ETF		61,300		10,048,909

Vanguard Total International Bond ETF		1,196,250		69,059,512


Total Fixed Income				79,108,421


International Equity — 11.4%

iShares MSCI EAFE ETF		224,040		13,637,315

JPMorgan BetaBuilders Canada ETF (a)		414,500		9,371,845

JPMorgan BetaBuilders Developed Asia EX-Japan ETF (a)		64,500		1,444,800

JPMorgan BetaBuilders Europe ETF (a)		977,100		21,662,308

JPMorgan BetaBuilders Japan ETF (a)		332,000		7,612,760


Total International Equity				53,729,028


U.S. Equity — 37.4%

iShares Core S&P 500 ETF		291,400		90,243,666

SPDR S&P 500 ETF Trust		279,500		86,186,620


Total U.S. Equity				176,430,286


Total Exchange-Traded Funds (Cost $257,342,359)				309,267,735

Investment Companies — 30.2%

Alternative Assets — 4.1%

Blackstone Alternative Multi-Strategy Fund Class Y Shares		706,925		6,871,311

Marshall Wace UCITS Fund plc Class F Shares (Ireland) * (b)		47,394		7,667,586

Neuberger Berman Long Short Fund Class Institutional Shares *		312,876		4,765,102


Total Alternative Assets				19,303,999


Fixed Income — 25.1%

JPMorgan Core Bond Fund Class R6 Shares (a)		4,976,527		61,609,399

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		560,593		4,888,373

JPMorgan Corporate Bond Fund Class R6 Shares (a)		926,637		9,905,748

JPMorgan High Yield Fund Class R6 Shares (a)		4,240,479		28,029,569

JPMorgan Short Duration Bond Fund Class R6 Shares (a)		405,288		4,506,803

Lord Abbett Short Duration Income Fund Class F3 Shares		2,312,763		9,597,968


Total Fixed Income				118,537,860


U.S. Equity — 1.0%

BlackRock Event Driven Equity Fund Class Institutional Shares		487,837		4,746,653


Total Investment Companies (Cost $133,690,329)				142,588,512


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 3.4%

Aerospace & Defense — 0.1%

Airbus SE (France) *		1,688		120,952

Meggitt plc (United Kingdom)		9,393		34,213

Safran SA (France) *		2,495		250,975


				406,140


Air Freight & Logistics — 0.0% (c)

DSV Panalpina A/S (Denmark)		480		58,961


Auto Components — 0.0% (c)

Autoliv, Inc., SDR (Sweden)		445		29,013

Denso Corp. (Japan)		600		23,530

Magna International, Inc. (Canada)		1,330		59,225

Stanley Electric Co. Ltd. (Japan)		1,300		31,470

Sumitomo Rubber Industries Ltd. (Japan)		1,400		13,866


				157,104


Automobiles — 0.0% (c)

Honda Motor Co. Ltd. (Japan)		800		20,475

Suzuki Motor Corp. (Japan)		2,200		75,121

Toyota Motor Corp. (Japan)		1,600		100,615


				196,211


Banks — 0.2%

Australia & New Zealand Banking Group Ltd. (Australia)		2,600		33,735

Banco Bilbao Vizcaya Argentaria SA (Spain)		4,834		16,643

BNP Paribas SA (France) *		2,411		96,329

Close Brothers Group plc (United Kingdom)		726		9,939

DBS Group Holdings Ltd. (Singapore)		1,700		25,580

DNB ASA (Norway)		6,842		91,324

Erste Group Bank AG (Austria)		922		21,776

HDFC Bank Ltd., ADR (India)		1,511		68,690

ING Groep NV (Netherlands)		7,905		55,105

Intesa Sanpaolo SpA (Italy) *		13,935		26,779

Lloyds Banking Group plc (United Kingdom)		92,822		35,807

Mitsubishi UFJ Financial Group, Inc. (Japan)		8,300		32,665

National Bank of Canada (Canada)		1,393		63,124

Standard Chartered plc (United Kingdom)		2,678		14,517

Sumitomo Mitsui Trust Holdings, Inc. (Japan)		1,000		28,180

Svenska Handelsbanken AB, Class A (Sweden) *		9,520		90,395

United Overseas Bank Ltd. (Singapore)		3,100		45,297


				755,885


Beverages — 0.1%

Anheuser-Busch InBev SA/NV (Belgium)		1,577		77,740

Carlsberg A/S, Class B (Denmark)		1,472		195,199

Diageo plc (United Kingdom)		4,047		134,512

Kirin Holdings Co. Ltd. (Japan)		1,300		27,404

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	11

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Beverages — continued

Pernod Ricard SA (France)		867		136,523


				571,378


Biotechnology — 0.1%

Ascendis Pharma A/S, ADR (Denmark) *		122		18,044

BeiGene Ltd., ADR (China) *		295		55,578

CSL Ltd. (Australia)		110		21,877

Galapagos NV (Belgium) *		394		77,767

Genmab A/S (Denmark) *		574		193,549

Grifols SA (Preference), Class B (Spain)		1,643		30,137


				396,952


Building Products — 0.0% (c)

Assa Abloy AB, Class B (Sweden)		1,478		30,251

Daikin Industries Ltd. (Japan)		100		16,180


				46,431


Capital Markets — 0.1%

Deutsche Boerse AG (Germany)		266		48,140

Euronext NV (Netherlands) (d)		436		43,885

Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		2,500		106,479

London Stock Exchange Group plc (United Kingdom)		2,562		266,436

Macquarie Group Ltd. (Australia)		651		54,028

Partners Group Holding AG (Switzerland)		21		19,125

XP, Inc., Class A (Brazil) *		235		9,872


				547,965


Chemicals — 0.1%

Air Liquide SA (France)		728		105,259

Asahi Kasei Corp. (Japan)		12,354		101,127

BASF SE (Germany)		734		41,228

Covestro AG (Germany) (d)		668		25,443

Givaudan SA (Registered) (Switzerland)		21		78,498

Johnson Matthey plc (United Kingdom)		1,578		41,097

Kansai Paint Co. Ltd. (Japan)		2,947		62,275

Shin-Etsu Chemical Co. Ltd. (Japan)		602		70,652

Tosoh Corp. (Japan)		500		6,869

Umicore SA (Belgium)		935		44,136


				576,584


Communications Equipment — 0.0% (c)

Telefonaktiebolaget LM Ericsson, Class B (Sweden)		7,506		69,577


Containers & Packaging — 0.0% (c)

Amcor plc, CHDI		3,101		31,321


INVESTMENTS	SHARES		VALUE($)


Diversified Financial Services — 0.0% (c)

Challenger Ltd. (Australia)		6,417		19,872

Element Fleet Management Corp. (Canada)		6,507		48,553

Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)		4,500		21,473


				89,898


Diversified Telecommunication Services — 0.1%

China Tower Corp. Ltd., Class H (China) (d)		300,000		53,312

Koninklijke KPN NV (Netherlands)		20,468		54,443

KT Corp. (South Korea)		891		17,553

Nippon Telegraph & Telephone Corp. (Japan)		8,300		193,385

Telecom Italia SpA (Italy)		43,704		17,010


				335,703


Electric Utilities — 0.1%

Enel SpA (Italy)		22,225		192,212

Iberdrola SA (Spain)		9,271		108,236


				300,448


Electrical Equipment — 0.1%

ABB Ltd. (Registered) (Switzerland)		3,896		88,373

Legrand SA (France)		458		34,800

Melrose Industries plc (United Kingdom)		23,498		33,121

Mitsubishi Electric Corp. (Japan)		6,000		78,368

Nidec Corp. (Japan)		1,156		77,878

Prysmian SpA (Italy)		1,714		39,762


				352,302


Electronic Equipment, Instruments & Components — 0.1%

Hamamatsu Photonics KK (Japan)		5,244		228,349

Keyence Corp. (Japan)		692		289,991

Murata Manufacturing Co. Ltd. (Japan)		1,567		92,372

Omron Corp. (Japan)		500		33,489


				644,201


Energy Equipment & Services — 0.0% (c)

Worley Ltd. (Australia)		4,635		28,361


Equity Real Estate Investment Trusts (REITs) — 0.0% (c)

Great Portland Estates plc (United Kingdom)		3,871		30,327

Scentre Group (Australia)		11,079		16,819


				47,146


Food & Staples Retailing — 0.0% (c)

Seven & i Holdings Co. Ltd. (Japan)		1,800		58,884

Welcia Holdings Co. Ltd. (Japan)		400		32,315


				91,199

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



12	JPMORGAN ACCESS FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Food Products — 0.1%

Associated British Foods plc (United Kingdom)		1,271		30,051

Danone SA (France)		1,655		114,879

Nestle SA (Registered) (Switzerland)		4,514		500,470

Wilmar International Ltd. (China)		13,500		39,930


				685,330


Gas Utilities — 0.0% (c)

Beijing Enterprises Holdings Ltd. (China)		5,500		18,469


Health Care Equipment & Supplies — 0.2%

Alcon, Inc. (Switzerland) *		348		19,996

Asahi Intecc Co. Ltd. (Japan)		900		25,686

Elekta AB, Class B (Sweden)		3,618		33,703

Hoya Corp. (Japan)		619		59,275

Koninklijke Philips NV (Netherlands) *		4,972		231,933

Sartorius AG (Preference) (Germany)		238		78,551

Siemens Healthineers AG (Germany) (d)		1,100		52,875

Sonova Holding AG (Registered) (Switzerland) *		166		33,229

Straumann Holding AG (Registered) (Switzerland)		84		72,617

Terumo Corp. (Japan)		2,380		90,589


				698,454


Health Care Providers & Services — 0.0% (c)

Fresenius SE & Co. KGaA (Germany)		1,339		66,552


Hotels, Restaurants & Leisure — 0.0% (c)

Compass Group plc (United Kingdom)		2,326		32,002

Wynn Macau Ltd. (Macau)		7,262		12,596


				44,598


Household Durables — 0.0% (c)

Panasonic Corp. (Japan)		4,200		36,830

Persimmon plc (United Kingdom)		1,328		37,585

Sony Corp. (Japan)		700		48,321


				122,736


Household Products — 0.1%

Reckitt Benckiser Group plc (United Kingdom)		1,335		122,818

Unicharm Corp. (Japan)		2,726		111,800


				234,618


Independent Power and Renewable Electricity Producers — 0.0% (c)

Electric Power Development Co. Ltd. (Japan)		1,600		30,330


Industrial Conglomerates — 0.1%

CK Hutchison Holdings Ltd. (United Kingdom)		4,596		29,762

DCC plc (United Kingdom)		527		43,975


INVESTMENTS	SHARES		VALUE($)


Industrial Conglomerates — continued

Siemens AG (Registered) (Germany)		1,365		160,984


				234,721


Insurance — 0.2%

AIA Group Ltd. (Hong Kong)		31,229		292,229

Aon plc, Class A		285		54,891

Aviva plc (United Kingdom)		7,420		25,149

AXA SA (France)		4,922		103,573

Direct Line Insurance Group plc (United Kingdom)		4,528		15,183

Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		437		113,793

PICC Property & Casualty Co. Ltd., Class H (China)		50,000		41,553

Ping An Insurance Group Co. of China Ltd., Class H (China)		3,500		34,892

Sampo OYJ, Class A (Finland)		2,463		84,899

Storebrand ASA (Norway) *		6,471		33,722

Sun Life Financial, Inc. (Canada)		1,829		67,213

Tokio Marine Holdings, Inc. (Japan)		1,600		70,037

Zurich Insurance Group AG (Switzerland)		182		64,488


				1,001,622


Interactive Media & Services — 0.1%

Adevinta ASA (France) *		4,052		41,012

Baidu, Inc., ADR (China) *		124		14,866

JOYY, Inc., ADR (China) *		468		41,442

NAVER Corp. (South Korea)		164		36,897

Tencent Holdings Ltd. (China)		2,518		161,348

Z Holdings Corp. (Japan)		6,400		31,410


				326,975


Internet & Direct Marketing Retail — 0.1%

Alibaba Group Holding Ltd., ADR (China) *		140		30,198

ASOS plc (United Kingdom) *		1,299		55,211

MercadoLibre, Inc. (Argentina) *		77		75,904

Prosus NV, ADR (China) *		634		11,792

Zalando SE (Germany) * (d)		739		52,425


				225,530


IT Services — 0.0% (c)

Amadeus IT Group SA (Spain)		658		34,546

NTT Data Corp. (Japan)		3,900		43,604

Obic Co. Ltd. (Japan)		600		105,743


				183,893


Life Sciences Tools & Services — 0.0% (c)

Evotec SE (Germany) *		769		20,989

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	13

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Machinery — 0.1%

KION Group AG (Germany)		677		41,683

Knorr-Bremse AG (Germany) *		297		30,141

SMC Corp. (Japan)		435		223,556

THK Co. Ltd. (Japan)		1,500		37,346


				332,726


Media — 0.0% (c)

CyberAgent, Inc. (Japan)		900		44,238

Nordic Entertainment Group AB, Class B (Sweden)		1,065		32,754

Stroeer SE & Co. KGaA (Germany) *		394		26,588

WPP plc (United Kingdom)		4,676		36,456


				140,036


Metals & Mining — 0.1%

Antofagasta plc (Chile)		3,757		43,485

BHP Group Ltd. (Australia)		951		23,678

BHP Group plc (Australia)		2,383		48,763

IGO Ltd. (Australia)		10,309		35,175

Rio Tinto Ltd. (Australia)		318		21,775

Rio Tinto plc (Australia)		514		28,926

South32 Ltd. (Australia)		14,242		20,163


				221,965


Multiline Retail — 0.0% (c)

Next plc (United Kingdom)		502		30,394


Multi-Utilities — 0.0% (c)

Engie SA (France) *		9,647		119,641

National Grid plc (United Kingdom)		4,250		51,852


				171,493


Oil, Gas & Consumable Fuels — 0.1%

Enbridge, Inc. (Canada)		1,805		54,884

Equinor ASA (Norway)		3,987		57,435

Royal Dutch Shell plc, Class B, ADR (Netherlands)		962		29,293

TOTAL SA (France)		3,256		125,546


				267,158


Paper & Forest Products — 0.0% (c)

Stora Enso OYJ, Class R (Finland)		4,179		50,020


Personal Products — 0.1%

L’Oreal SA (France)		766		247,224

Pola Orbis Holdings, Inc. (Japan)		600		10,475

Unilever plc (United Kingdom)		3,870		208,752


				466,451


INVESTMENTS	SHARES		VALUE($)


Pharmaceuticals — 0.4%

Astellas Pharma, Inc. (Japan)		8,100		135,266

AstraZeneca plc (United Kingdom)		2,881		299,839

Bayer AG (Registered) (Germany)		1,385		102,661

Daiichi Sankyo Co. Ltd. (Japan)		600		49,075

GlaxoSmithKline plc, ADR (United Kingdom)		1,988		81,091

Hutchison China MediTech Ltd., ADR (Hong Kong) *		1,830		50,471

Ipsen SA (France)		315		26,722

Novartis AG (Registered) (Switzerland)		2,360		205,606

Novo Nordisk A/S, Class B (Denmark)		4,486		292,253

Otsuka Holdings Co. Ltd. (Japan)		1,300		56,657

Roche Holding AG (Switzerland)		641		222,074

Sanofi (France)		991		101,067

Shionogi & Co. Ltd. (Japan)		2,025		127,035

Takeda Pharmaceutical Co. Ltd., ADR (Japan)		1,353		24,259


				1,774,076


Professional Services — 0.1%

DKSH Holding AG (Switzerland)		795		51,220

Recruit Holdings Co. Ltd. (Japan)		2,300		79,098

RELX plc (United Kingdom)		4,790		110,868

TechnoPro Holdings, Inc. (Japan)		500		28,865

Teleperformance (France) *		122		31,071


				301,122


Real Estate Management & Development — 0.0% (c)

Mitsui Fudosan Co. Ltd. (Japan)		3,000		53,294


Road & Rail — 0.0% (c)

Canadian National Railway Co. (Canada)		400		35,428

Canadian National Railway Co. (Canada)		245		21,676

Central Japan Railway Co. (Japan)		300		46,397


				103,501


Semiconductors & Semiconductor Equipment — 0.2%

ASML Holding NV (Netherlands)		933		341,304

Broadcom, Inc.		215		67,856

NXP Semiconductors NV (Netherlands)		652		74,354

Renesas Electronics Corp. (Japan) *		2,600		13,365

Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		3,872		219,813

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		11,000		117,475

Tokyo Electron Ltd. (Japan)		200		49,349


				883,516


Software — 0.1%

SAP SE (Germany)		2,362		330,183

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



14	JPMORGAN ACCESS FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Specialty Retail — 0.0% (c)

Industria de Diseno Textil SA (Spain)		630		16,716

Kingfisher plc (United Kingdom)		16,223		44,632

Nitori Holdings Co. Ltd. (Japan)		200		39,214


				100,562


Technology Hardware, Storage & Peripherals — 0.0% (c)

Samsung Electronics Co. Ltd. (South Korea)		2,475		109,563

Samsung Electronics Co. Ltd., GDR (South Korea) (d)		16		15,463


				125,026


Textiles, Apparel & Luxury Goods — 0.1%

Burberry Group plc (United Kingdom)		1,641		32,426

China Hongxing Sports Ltd. (China) * ‡		743,000		1

EssilorLuxottica SA (France) *		1,338		172,078

Hermes International (France)		88		73,885

Kering SA (France)		327		178,777

LVMH Moet Hennessy Louis Vuitton SE (France)		293		129,358

Moncler SpA (Italy) *		1,227		47,183

Samsonite International SA * (d)		13,500		13,771


				647,479


Tobacco — 0.0% (c)

British American Tobacco plc (United Kingdom)		3,930		150,726


Trading Companies & Distributors — 0.0% (c)

Ashtead Group plc (United Kingdom)		965		32,552

Bunzl plc (United Kingdom)		953		25,563

Mitsubishi Corp. (Japan)		1,500		31,698

Sumitomo Corp. (Japan)		3,700		42,555


				132,368


Wireless Telecommunication Services — 0.1%

America Movil SAB de CV, Class L, ADR (Mexico)		2,213		28,083

SoftBank Group Corp. (Japan)		2,854		143,920

Vodafone Group plc, ADR (United Kingdom)		3,523		56,157

Vodafone Group plc (United Kingdom)		17,568		27,929


				256,089


Total Common Stocks (Cost $11,636,513)				16,136,769


INVESTMENTS	SHARES		VALUE($)
Short-Term Investments — 1.2%

Investment Companies — 1.2%

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.40% (a) (e) (Cost $5,509,577)		5,509,093		5,514,050

Total Investments — 100.3% (Cost $408,178,778)				473,507,066
Liabilities in Excess of Other Assets — (0.3)% (f)				(1,501,793	)

NET ASSETS — 100.0%				472,005,273

Percentages indicated are based on net assets.


PORTFOLIO COMPOSITION BY COUNTRY**

United States	93.8	%

Ireland	1.6

Others (each less than 1.0%)	3.4

Short-Term Investments	1.2

Percentages indicated are based on total investments as of June 30, 2020.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	15

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

Abbreviations


ADR		American Depositary Receipt
CHDI		Clearing House Electronic Subregister System (CHESS) Depository Interest
EAFE		Europe, Australasia and Far East
ETF		Exchange-Traded Fund
GDR		Global Depositary Receipt
OYJ		Public Limited Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SDR		Swedish Depositary Receipt
SPDR		Standard & Poor’s Depository Receipts
UCITS		Undertakings for Collective Investment in Transferable Securities


(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 fund’s investment objective is to provide absolute return and is generally subject to a two day redemption notice period.
(c)		Amount rounds to less than 0.1% of net assets.


(d)		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.
(e)		The rate shown is the current yield as of June 30, 2020.
(f)		A portion of the Fund’s cash is held by the subsidiary.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

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 the 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 CONSOLIDATED FINANCIAL STATEMENTS.



16	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Exchange-Traded Funds — 75.6%

Fixed Income — 8.0%

iShares 20+ Year Treasury Bond ETF		27,800		4,557,254

Vanguard Total International Bond ETF		537,800		31,047,194


Total Fixed Income				35,604,448


International Equity — 17.2%

iShares MSCI EAFE ETF		356,550		21,703,198

iShares MSCI Japan ETF		14,512		796,999

JPMorgan BetaBuilders Canada ETF (a)		611,500		13,826,015

JPMorgan BetaBuilders Developed Asia EX-Japan ETF (a)		80,400		1,800,960

JPMorgan BetaBuilders Europe ETF (a)		1,344,700		29,812,000

JPMorgan BetaBuilders Japan ETF (a)		376,200		8,626,266


Total International Equity				76,565,438


U.S. Equity — 50.4%

iShares Core S&P 500 ETF		358,200		110,930,958

SPDR S&P 500 ETF Trust		366,800		113,106,448


Total U.S. Equity				224,037,406


Total Exchange-Traded Funds (Cost $270,728,631)				336,207,292

Investment Companies — 19.0%

Alternative Assets — 4.2%

Blackstone Alternative Multi-Strategy Fund Class Y Shares		705,069		6,853,267

Marshall Wace UCITS Fund plc Class F Shares (Ireland) * (b)		45,529		7,365,910

Neuberger Berman Long Short Fund Class Institutional Shares *		289,938		4,415,761


Total Alternative Assets				18,634,938


Fixed Income — 13.8%

JPMorgan Core Bond Fund Class R6 Shares (a)		1,782,019		22,061,390

JPMorgan High Yield Fund Class R6 Shares (a)		3,846,182		25,423,262

JPMorgan Short Duration Bond Fund Class R6 Shares (a)		389,287		4,328,867

Lord Abbett Short Duration Income Fund Class F3 Shares		2,285,975		9,486,797


Total Fixed Income				61,300,316


U.S. Equity — 1.0%

BlackRock Event Driven Equity Fund Class Institutional Shares		453,997		4,417,390


Total Investment Companies (Cost $79,251,273)				84,352,644


INVESTMENTS	SHARES		VALUE($)
Common Stocks — 4.3%

Aerospace & Defense — 0.1%

Airbus SE (France) *		2,031		145,529

Meggitt plc (United Kingdom)		11,207		40,820

Safran SA (France) *		2,971		298,857


				485,206


Air Freight & Logistics — 0.0% (c)

DSV Panalpina A/S (Denmark)		700		85,984


Auto Components — 0.0% (c)

Autoliv, Inc., SDR (Sweden)		512		33,381

Denso Corp. (Japan)		700		27,452

Magna International, Inc. (Canada)		1,540		68,576

Stanley Electric Co. Ltd. (Japan)		1,500		36,311

Sumitomo Rubber Industries Ltd. (Japan)		1,700		16,838


				182,558


Automobiles — 0.1%

Honda Motor Co. Ltd. (Japan)		1,000		25,594

Suzuki Motor Corp. (Japan)		2,500		85,365

Toyota Motor Corp. (Japan)		1,800		113,191


				224,150


Banks — 0.2%

Australia & New Zealand Banking Group Ltd. (Australia)		3,174		41,183

Banco Bilbao Vizcaya Argentaria SA (Spain)		10,000		34,430

BNP Paribas SA (France) *		2,453		98,007

Close Brothers Group plc (United Kingdom)		783		10,720

DBS Group Holdings Ltd. (Singapore)		1,900		28,589

DNB ASA (Norway)		8,568		114,361

Erste Group Bank AG (Austria)		1,069		25,247

HDFC Bank Ltd., ADR (India)		1,306		59,371

ING Groep NV (Netherlands)		9,167		63,902

Intesa Sanpaolo SpA (Italy) *		15,407		29,608

Lloyds Banking Group plc (United Kingdom)		105,433		40,672

Mitsubishi UFJ Financial Group, Inc. (Japan)		10,000		39,355

National Bank of Canada (Canada)		1,620		73,411

Standard Chartered plc (United Kingdom)		3,107		16,843

Sumitomo Mitsui Trust Holdings, Inc. (Japan)		1,100		30,998

Svenska Handelsbanken AB, Class A (Sweden) *		11,256		106,879

United Overseas Bank Ltd. (Singapore)		3,600		52,603


				866,179


Beverages — 0.2%

Anheuser-Busch InBev SA/NV (Belgium)		1,960		96,621

Carlsberg A/S, Class B (Denmark)		1,801		238,827

Diageo plc (United Kingdom)		4,831		160,570

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	17

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Beverages — continued

Kirin Holdings Co. Ltd. (Japan)		1,500		31,620

Pernod Ricard SA (France)		1,059		166,757


				694,395


Biotechnology — 0.1%

Ascendis Pharma A/S, ADR (Denmark) *		144		21,298

BeiGene Ltd., ADR (China) *		355		66,882

CSL Ltd. (Australia)		128		25,458

Galapagos NV (Belgium) *		721		142,309

Genmab A/S (Denmark) *		612		206,362

Grifols SA (Preference), Class B (Spain)		2,396		43,949


				506,258


Building Products — 0.0% (c)

Assa Abloy AB, Class B (Sweden)		1,779		36,412

Daikin Industries Ltd. (Japan)		100		16,180


				52,592


Capital Markets — 0.2%

Deutsche Boerse AG (Germany)		326		58,998

Euronext NV (Netherlands) (d)		561		56,467

Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		3,400		144,812

London Stock Exchange Group plc (United Kingdom)		2,957		307,514

Macquarie Group Ltd. (Australia)		767		63,655

Partners Group Holding AG (Switzerland)		26		23,678

XP, Inc., Class A (Brazil) *		272		11,427


				666,551


Chemicals — 0.2%

Air Liquide SA (France)		961		138,948

Asahi Kasei Corp. (Japan)		14,678		120,151

BASF SE (Germany)		840		47,182

Covestro AG (Germany) (d)		789		30,052

Givaudan SA (Registered) (Switzerland)		25		93,449

Johnson Matthey plc (United Kingdom)		1,793		46,697

Kansai Paint Co. Ltd. (Japan)		3,003		63,458

Shin-Etsu Chemical Co. Ltd. (Japan)		738		86,613

Tosoh Corp. (Japan)		600		8,242

Umicore SA (Belgium)		1,160		54,757


				689,549


Communications Equipment — 0.0% (c)

Telefonaktiebolaget LM Ericsson, Class B (Sweden)		8,882		82,332


Containers & Packaging — 0.0% (c)

Amcor plc, CHDI		3,754		37,916


INVESTMENTS	SHARES		VALUE($)


Diversified Financial Services — 0.0% (c)

Challenger Ltd. (Australia)		7,554		23,393

Element Fleet Management Corp. (Canada)		7,726		57,649

Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)		5,200		24,814


				105,856


Diversified Telecommunication Services — 0.1%

China Tower Corp. Ltd., Class H (China) (d)		362,000		64,329

Koninklijke KPN NV (Netherlands)		26,247		69,815

KT Corp. (South Korea)		1,048		20,646

Nippon Telegraph & Telephone Corp. (Japan)		9,800		228,335

Telecom Italia SpA (Italy)		50,673		19,722


				402,847


Electric Utilities — 0.1%

Enel SpA (Italy)		26,882		232,487

Iberdrola SA (Spain)		11,294		131,854


				364,341


Electrical Equipment — 0.1%

ABB Ltd. (Registered) (Switzerland)		4,686		106,292

Legrand SA (France)		535		40,651

Melrose Industries plc (United Kingdom)		27,249		38,409

Mitsubishi Electric Corp. (Japan)		7,300		95,347

Nidec Corp. (Japan)		1,314		88,522

Prysmian SpA (Italy)		1,995		46,281


				415,502


Electronic Equipment, Instruments & Components — 0.2%

Hamamatsu Photonics KK (Japan)		6,024		262,313

Keyence Corp. (Japan)		848		355,364

Murata Manufacturing Co. Ltd. (Japan)		1,867		110,057

Omron Corp. (Japan)		600		40,187


				767,921


Energy Equipment & Services — 0.0% (c)

Worley Ltd. (Australia)		5,374		32,883


Equity Real Estate Investment Trusts (REITs) — 0.0% (c)

Great Portland Estates plc (United Kingdom)		4,487		35,153

Scentre Group (Australia)		12,858		19,520


				54,673


Food & Staples Retailing — 0.0% (c)

Seven & i Holdings Co. Ltd. (Japan)		2,100		68,698

Welcia Holdings Co. Ltd. (Japan)		400		32,315


				101,013

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



18	JPMORGAN ACCESS FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Food Products — 0.2%

Associated British Foods plc (United Kingdom)		1,580		37,358

Danone SA (France)		2,003		139,035

Nestle SA (Registered) (Switzerland)		5,321		589,942

Wilmar International Ltd. (China)		15,600		46,141


				812,476


Gas Utilities — 0.0% (c)

Beijing Enterprises Holdings Ltd. (China)		6,500		21,827


Health Care Equipment & Supplies — 0.2%

Alcon, Inc. (Switzerland) *		401		23,041

Asahi Intecc Co. Ltd. (Japan)		1,100		31,395

Elekta AB, Class B (Sweden)		4,195		39,078

Hoya Corp. (Japan)		733		70,192

Koninklijke Philips NV (Netherlands) *		5,898		275,128

Sartorius AG (Preference) (Germany)		253		83,502

Siemens Healthineers AG (Germany) (d)		1,256		60,374

Sonova Holding AG (Registered) (Switzerland) *		241		48,242

Straumann Holding AG (Registered) (Switzerland)		103		89,042

Terumo Corp. (Japan)		2,680		102,008


				822,002


Health Care Providers & Services — 0.0% (c)

Fresenius SE & Co. KGaA (Germany)		1,542		76,642


Hotels, Restaurants & Leisure — 0.0% (c)

Compass Group plc (United Kingdom)		2,564		35,277

Wynn Macau Ltd. (Macau)		8,809		15,278


				50,555


Household Durables — 0.0% (c)

Panasonic Corp. (Japan)		4,700		41,215

Persimmon plc (United Kingdom)		1,547		43,782

Sony Corp. (Japan)		800		55,224


				140,221


Household Products — 0.1%

Reckitt Benckiser Group plc (United Kingdom)		1,475		135,698

Unicharm Corp. (Japan)		3,246		133,126


				268,824


Independent Power and Renewable Electricity Producers — 0.0% (c)

Electric Power Development Co. Ltd. (Japan)		1,900		36,017


Industrial Conglomerates — 0.1%

CK Hutchison Holdings Ltd. (United Kingdom)		4,964		32,145


INVESTMENTS	SHARES		VALUE($)


Industrial Conglomerates — continued

DCC plc (United Kingdom)		625		52,152

Siemens AG (Registered) (Germany)		1,582		186,577


				270,874


Insurance — 0.3%

AIA Group Ltd. (Hong Kong)		35,469		331,905

Aon plc, Class A		264		50,846

Aviva plc (United Kingdom)		8,575		29,064

AXA SA (France)		5,716		120,282

Direct Line Insurance Group plc (United Kingdom)		5,258		17,630

Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		506		131,760

PICC Property & Casualty Co. Ltd., Class H (China)		60,000		49,864

Ping An Insurance Group Co. of China Ltd., Class H (China)		4,000		39,876

Sampo OYJ, Class A (Finland)		2,905		100,135

Storebrand ASA (Norway) *		7,600		39,605

Sun Life Financial, Inc. (Canada)		2,134		78,422

Tokio Marine Holdings, Inc. (Japan)		1,800		78,792

Zurich Insurance Group AG (Switzerland)		216		76,535


				1,144,716


Interactive Media & Services — 0.1%

Adevinta ASA (France) *		4,848		49,069

Baidu, Inc., ADR (China) *		148		17,744

JOYY, Inc., ADR (China) *		532		47,108

NAVER Corp. (South Korea)		196		44,097

Tencent Holdings Ltd. (China)		3,346		214,405

Z Holdings Corp. (Japan)		7,700		37,789


				410,212


Internet & Direct Marketing Retail — 0.1%

Alibaba Group Holding Ltd., ADR (China) *		165		35,591

ASOS plc (United Kingdom) *		1,585		67,366

MercadoLibre, Inc. (Argentina) *		82		80,833

Prosus NV, ADR (China) *		924		17,186

Zalando SE (Germany) * (d)		860		61,009


				261,985


IT Services — 0.0% (c)

Amadeus IT Group SA (Spain)		796		41,792

NTT Data Corp. (Japan)		4,600		51,430

Obic Co. Ltd. (Japan)		650		114,555


				207,777


Life Sciences Tools & Services — 0.0% (c)

Evotec SE (Germany) *		894		24,401

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	19

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Machinery — 0.1%

KION Group AG (Germany)		786		48,394

Knorr-Bremse AG (Germany) *		347		35,216

SMC Corp. (Japan)		487		250,279

THK Co. Ltd. (Japan)		1,800		44,816


				378,705


Media — 0.0% (c)

CyberAgent, Inc. (Japan)		1,000		49,154

Nordic Entertainment Group AB, Class B (Sweden)		1,026		31,554

Stroeer SE & Co. KGaA (Germany) *		442		29,827

WPP plc (United Kingdom)		5,434		42,365


				152,900


Metals & Mining — 0.1%

Antofagasta plc (Chile)		4,327		50,082

BHP Group Ltd. (Australia)		1,103		27,462

BHP Group plc (Australia)		2,725		55,762

IGO Ltd. (Australia)		12,335		42,088

Rio Tinto Ltd. (Australia)		381		26,088

Rio Tinto plc (Australia)		622		35,004

South32 Ltd. (Australia)		16,664		23,592


				260,078


Multiline Retail — 0.0% (c)

Next plc (United Kingdom)		582		35,237


Multi-Utilities — 0.0% (c)

Engie SA (France) *		11,383		141,171

National Grid plc (United Kingdom)		4,926		60,099


				201,270


Oil, Gas & Consumable Fuels — 0.1%

Enbridge, Inc. (Canada)		1,798		54,671

Equinor ASA (Norway)		4,684		67,476

Royal Dutch Shell plc, Class B, ADR (Netherlands)		1,201		36,571

TOTAL SA (France)		3,698		142,589


				301,307


Paper & Forest Products — 0.0% (c)

Stora Enso OYJ, Class R (Finland)		4,761		56,986


Personal Products — 0.1%

L’Oreal SA (France)		876		282,726

Pola Orbis Holdings, Inc. (Japan)		700		12,221

Unilever plc (United Kingdom)		4,512		243,382


				538,329


INVESTMENTS	SHARES		VALUE($)


Pharmaceuticals — 0.5%

Astellas Pharma, Inc. (Japan)		9,400		156,976

AstraZeneca plc (United Kingdom)		2,952		307,228

Bayer AG (Registered) (Germany)		1,682		124,676

Daiichi Sankyo Co. Ltd. (Japan)		700		57,254

GlaxoSmithKline plc, ADR (United Kingdom)		2,409		98,263

Hutchison China MediTech Ltd., ADR (Hong Kong) *		1,794		49,479

Ipsen SA (France)		366		31,048

Novartis AG (Registered) (Switzerland)		2,849		248,208

Novo Nordisk A/S, Class B (Denmark)		5,431		353,817

Otsuka Holdings Co. Ltd. (Japan)		1,500		65,373

Roche Holding AG (Switzerland)		749		259,491

Sanofi (France)		1,148		117,078

Shionogi & Co. Ltd. (Japan)		2,479		155,516

Takeda Pharmaceutical Co. Ltd., ADR (Japan)		1,652		29,620


				2,054,027


Professional Services — 0.1%

DKSH Holding AG (Switzerland)		965		62,173

Recruit Holdings Co. Ltd. (Japan)		2,600		89,414

RELX plc (United Kingdom)		4,746		109,850

TechnoPro Holdings, Inc. (Japan)		600		34,638

Teleperformance (France) *		142		36,165


				332,240


Real Estate Management & Development — 0.0% (c)

Mitsui Fudosan Co. Ltd. (Japan)		3,500		62,177


Road & Rail — 0.0% (c)

Canadian National Railway Co. (Canada)		563		49,865

Canadian National Railway Co. (Canada)		220		19,464

Central Japan Railway Co. (Japan)		300		46,397


				115,726


Semiconductors & Semiconductor Equipment — 0.2%

ASML Holding NV (Netherlands)		1,108		405,321

Broadcom, Inc.		250		78,903

NXP Semiconductors NV (Netherlands)		760		86,670

Renesas Electronics Corp. (Japan) *		3,100		15,935

Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		4,717		267,784

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		12,000		128,154

Tokyo Electron Ltd. (Japan)		200		49,349


				1,032,116

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



20	JPMORGAN ACCESS FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Common Stocks — continued

Software — 0.1%

SAP SE (Germany)		2,816		393,647


Specialty Retail — 0.0% (c)

Industria de Diseno Textil SA (Spain)		765		20,298

Kingfisher plc (United Kingdom)		18,799		51,720

Nitori Holdings Co. Ltd. (Japan)		200		39,214


				111,232


Technology Hardware, Storage & Peripherals — 0.0% (c)

Samsung Electronics Co. Ltd. (South Korea)		2,855		126,384

Samsung Electronics Co. Ltd., GDR (South Korea) (d)		19		18,363


				144,747


Textiles, Apparel & Luxury Goods — 0.2%

Burberry Group plc (United Kingdom)		1,913		37,800

China Hongxing Sports Ltd. (China) * ‡		755,000		1

EssilorLuxottica SA (France) *		1,610		207,060

Hermes International (France)		115		96,555

Kering SA (France)		442		241,650

LVMH Moet Hennessy Louis Vuitton SE (France)		351		154,965

Moncler SpA (Italy) *		1,473		56,642

Samsonite International SA * (d)		15,600		15,913


				810,586


Tobacco — 0.0% (c)

British American Tobacco plc (United Kingdom)		4,755		182,368


Trading Companies & Distributors — 0.0% (c)

Ashtead Group plc (United Kingdom)		1,120		37,781

Bunzl plc (United Kingdom)		1,146		30,739

Mitsubishi Corp. (Japan)		1,800		38,037

Sumitomo Corp. (Japan)		4,500		51,757


				158,314


Wireless Telecommunication Services — 0.1%

America Movil SAB de CV, Class L, ADR (Mexico)		2,751		34,910

SoftBank Group Corp. (Japan)		3,378		170,345

Vodafone Group plc, ADR (United Kingdom)		4,070		64,876

Vodafone Group plc (United Kingdom)		16,048		25,512


				295,643


Total Common Stocks (Cost $13,631,298)				18,984,870


INVESTMENTS	SHARES		VALUE($)

Short-Term Investments — 1.2%

Investment Companies — 1.2%

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.40% (a) (e) (Cost $5,363,082)		5,362,831		5,367,658

Total Investments — 100.1% (Cost $368,974,284)				444,912,464
Liabilities in Excess of Other Assets — (0.1)% (f)				(239,462	)

NET ASSETS — 100.0%				444,673,002

Percentages indicated are based on net assets.


PORTFOLIO COMPOSITION BY COUNTRY**

United States	92.9	%

Ireland	1.7

Others (each less than 1.0%)	4.2

Short-Term Investments	1.2

Percentages indicated are based on total investments as of June 30, 2020.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	21

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

Abbreviations


ADR		American Depositary Receipt
CHDI		Clearing House Electronic Subregister System (CHESS) Depository Interest
EAFE		Europe, Australasia and Far East
ETF		Exchange-Traded Fund
GDR		Global Depositary Receipt
OYJ		Public Limited Company
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
SDR		Swedish Depositary Receipt
SPDR		Standard & Poor’s Depository Receipts
UCITS		Undertakings for Collective Investment in Transferable Securities


(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 fund’s investment objective is to provide absolute return and is generally subject to a two day redemption notice period.
(c)		Amount rounds to less than 0.1% of net assets.


(d)		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.
(e)		The rate shown is the current yield as of June 30, 2020.
(f)		A portion of the Fund’s cash is held by the subsidiary.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



22	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	23

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020



	JPMorgan Access Balanced Fund		JPMorgan Access Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	318,961,411	$	333,666,046
Investments in affiliates, at value		154,545,655		111,246,418
Cash		143,087		127,929
Foreign currency, at value		237,361		286,234
Receivables:
Fund shares sold		100		50
Dividends from non-affiliates		403,223		525,845
Dividends from affiliates		2,098		2,113
Tax reclaims		93,121		118,985

Total Assets		474,386,056		445,973,620


LIABILITIES:
Payables:
Distributions		1,303		301
Investment securities purchased		1,376		2,162
Fund shares redeemed		2,120,961		1,059,710
Accrued liabilities:
Investment advisory fees		40,435		39,401
Administration fees		7		7
Distribution fees		1,080		409
Service fees		97,516		91,358
Custodian and accounting fees		17,343		16,071
Trustees’ and Chief Compliance Officer’s fees		159		110
Audit fees		72,884		65,953
Other		27,719		25,136

Total Liabilities		2,380,783		1,300,618

Net Assets	$	472,005,273	$	444,673,002

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



24	JPMORGAN ACCESS FUNDS	JUNE 30, 2020



	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
NET ASSETS:
Paid-in-Capital	$	394,613,349		$	356,954,899
Total distributable earnings (loss)		77,391,924			87,718,103

Total Net Assets	$	472,005,273		$	444,673,002


Net Assets:
Class A	$	1,036,841		$	1,017,073
Class C		1,370,145			312,335
Class I		469,598,287			443,343,594

Total	$	472,005,273		$	444,673,002


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		63,856			58,560
Class C		84,802			18,266
Class I		28,886,436			25,497,302

Net Asset Value (a):
Class A — Redemption price per share	$	16.24		$	17.37
Class C — Offering price per share (b)		16.16			17.10
Class I — Offering and redemption price per share		16.26			17.39
Class A maximum sales charge		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	17.01		$	18.19

Cost of investments in non-affiliates	$	258,813,240		$	258,175,396
Cost of investments in affiliates		149,365,538			110,798,888
Cost of foreign currency		232,326			279,662

(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 CONSOLIDATED FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	25

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020



	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
INVESTMENT INCOME:
Interest income from affiliates	$	247		$	272
Dividend income from non-affiliates		8,033,494			7,839,281
Dividend income from affiliates		3,691,791			2,450,642
Foreign taxes withheld (net)		(30,833	)		(36,811	)

Total investment income		11,694,699			10,253,384


EXPENSES:
Investment advisory fees		2,514,223			2,374,334
Administration fees		379,758			359,363
Distribution fees:
Class A		2,321			1,528
Class C		16,847			5,682
Service fees:
Class A		2,321			1,528
Class C		5,616			1,894
Class I		550,641			585,935
Class L (a)		282,795			243,285
Custodian and accounting fees		85,386			93,004
Interest expense to affiliates		844			7,052
Professional fees		132,471			128,852
Trustees’ and Chief Compliance Officer’s fees		54,131			54,061
Printing and mailing costs		8,067			10,922
Registration and filing fees		35,713			29,570
Transfer agency fees (See Note 2.F.)		6,939			8,432
Other		14,975			14,641

Total expenses		4,093,048			3,920,083

Less fees waived		(1,316,937	)		(1,157,216	)
Less expense reimbursements		—			(254	)

Net expenses		2,776,111			2,762,613

Net investment income (loss)		8,918,588			7,490,771


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		17,533,064			13,209,045
Investments in affiliates		1,052,500			3,016,180
Foreign currency transactions		(5,496	)		(7,005	)

Net realized gain (loss)		18,580,068			16,218,220

Distributions of capital gains received from investment company non-affiliates		315,387			296,071
Distributions of capital gains received from investment company affiliates		822,558			1,425,415

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(11,999,417	)		(9,118,731	)
Investments in affiliates		586,398			(6,629,934	)
Foreign currency translations		5,057			5,822

Change in net unrealized appreciation/depreciation		(11,407,962	)		(15,742,843	)

Net realized/unrealized gains (losses)		8,310,051			2,196,863

Change in net assets resulting from operations	$	17,228,639		$	9,687,634

(a)	On April 3, 2020, the Funds’ Class L Shares were converted into Class I Shares. Additionally, as of April 3, 2020, the Class L Shares are no longer offered.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



26	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan Access Balanced Fund						JPMorgan Access Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	8,918,588		$	9,997,948		$	7,490,771		$	8,564,715
Net realized gain (loss)		18,580,068			7,098,517			16,218,220			8,579,519
Distributions of capital gains received from investment company non-affiliates		315,387			663,788			296,071			689,225
Distributions of capital gains received from investment company affiliates		822,558			2,553,630			1,425,415			4,554,498
Change in net unrealized appreciation/depreciation		(11,407,962	)		10,234,927			(15,742,843	)		4,255,614

Change in net assets resulting from operations		17,228,639			30,548,810			9,687,634			26,643,571


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(30,737	)		(37,000	)		(22,098	)		(39,785	)
Class C		(75,377	)		(175,356	)		(32,747	)		(52,611	)
Class I		(6,748,300	)		(9,181,306	)		(8,720,972	)		(11,242,821	)
Class L (a)		(12,981,210	)		(25,072,513	)		(13,272,716	)		(20,620,347	)

Total distributions to shareholders		(19,835,624	)		(34,466,175	)		(22,048,533	)		(31,955,564	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(57,090,672	)		(39,427,676	)		(42,491,987	)		(38,773,042	)


NET ASSETS:
Change in net assets		(59,697,657	)		(43,345,041	)		(54,852,886	)		(44,085,035	)
Beginning of period		531,702,930			575,047,971			499,525,888			543,610,923

End of period	$	472,005,273		$	531,702,930		$	444,673,002		$	499,525,888

(a)	On April 3, 2020, the Funds’ Class L Shares were converted into Class I Shares. Additionally, as of April 3, 2020, the Class L Shares are no longer offered.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	27

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan Access Balanced Fund						JPMorgan Access Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	689,683		$	215,570		$	544,268		$	5,053
Distributions reinvested		30,737			37,000			22,098			39,785
Cost of shares redeemed		(493,375	)		(32,340	)		(165,793	)		(199,248	)

Change in net assets resulting from Class A capital transactions	$	227,045		$	220,230		$	400,573		$	(154,410	)

Class C
Distributions reinvested	$	75,377		$	175,356		$	32,746		$	52,610
Cost of shares redeemed		(1,142,336	)		(1,024,999	)		(554,007	)		(189,513	)

Change in net assets resulting from Class C capital transactions	$	(1,066,959	)	$	(849,643	)	$	(521,261	)	$	(136,903	)

Class I
Proceeds from shares issued	$	19,129,075		$	2,258,095		$	22,512,393		$	5,256,300
Distributions reinvested		6,746,002			9,175,527			8,716,775			11,238,976
Cost of shares redeemed		(47,108,905	)		(23,933,446	)		(56,898,822	)		(35,849,720	)
Conversion from Class L Shares		305,705,674			—			253,877,978			—

Change in net assets resulting from Class I capital transactions	$	284,471,846		$	(12,499,824	)	$	228,208,324		$	(19,354,444	)

Class L (a)
Proceeds from shares issued	$	10,411,564		$	28,844,206		$	17,112,385		$	20,986,463
Distributions reinvested		12,961,625			25,072,513			13,267,083			20,579,985
Cost of shares redeemed		(58,390,119	)		(80,215,158	)		(47,081,113	)		(60,693,733	)
Conversion to Class I Shares		(305,705,674	)		—			(253,877,978	)		—

Change in net assets resulting from Class L capital transactions	$	(340,722,604	)	$	(26,298,439	)	$	(270,579,623	)	$	(19,127,285	)

Total change in net assets resulting from capital transactions	$	(57,090,672	)	$	(39,427,676	)	$	(42,491,987	)	$	(38,773,042	)


SHARE TRANSACTIONS:
Class A
Issued		43,450			14,692			33,871			289
Reinvested		1,871			2,441			1,243			2,451
Redeemed		(32,220	)		(2,084	)		(9,442	)		(11,581	)

Change in Class A Shares		13,101			15,049			25,672			(8,841	)

Class C
Reinvested		4,546			11,722			1,822			3,308
Redeemed		(73,337	)		(68,041	)		(35,059	)		(10,960	)

Change in Class C Shares		(68,791	)		(56,319	)		(33,237	)		(7,652	)

Class I
Issued		1,149,467			137,977			1,238,911			300,997
Reinvested		409,502			604,122			486,263			688,798
Redeemed		(2,932,890	)		(1,491,911	)		(3,300,659	)		(2,086,561	)
Conversion from Class L Shares		21,229,561			—			17,084,655			—

Change in Class I Shares		19,855,640			(749,812	)		15,509,170			(1,096,766	)

Class L (a)
Issued		627,320			1,824,506			955,565			1,260,675
Reinvested		783,220			1,651,043			733,792			1,259,445
Redeemed		(3,543,380	)		(5,068,316	)		(2,677,730	)		(3,564,899	)
Conversion to Class I Shares		(21,244,314	)		—			(17,084,655	)		—

Change in Class L Shares		(23,377,154	)		(1,592,767	)		(18,073,028	)		(1,044,779	)

(a)	On April 3, 2020, the Funds’ Class L Shares were converted into Class I Shares. Additionally, as of April 3, 2020, the Class L Shares are no longer offered.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



28	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	29

CONSOLIDATED FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)(b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Access Balanced Fund
Class A
Year Ended June 30, 2020	$	16.30	$	0.24	$	0.31		$	0.55		$	(0.27	)	$	(0.34	)	$	(0.61	)
Year Ended June 30, 2019		16.43		0.23		0.60			0.83			(0.25	)		(0.71	)		(0.96	)
Year Ended June 30, 2018		16.52		0.18		0.77			0.95			(0.23	)		(0.81	)		(1.04	)
Year Ended June 30, 2017		15.14		0.17		1.40			1.57			(0.19	)		—			(0.19	)
Year Ended June 30, 2016		16.33		0.19		(0.63	)		(0.44	)		(0.28	)		(0.47	)		(0.75	)

Class C
Year Ended June 30, 2020		16.20		0.15		0.32			0.47			(0.17	)		(0.34	)		(0.51	)
Year Ended June 30, 2019		16.33		0.14		0.60			0.74			(0.16	)		(0.71	)		(0.87	)
Year Ended June 30, 2018		16.44		0.11		0.76			0.87			(0.17	)		(0.81	)		(0.98	)
Year Ended June 30, 2017		15.07		0.11		1.38			1.49			(0.12	)		—			(0.12	)
Year Ended June 30, 2016		16.25		0.09		(0.61	)		(0.52	)		(0.19	)		(0.47	)		(0.66	)

Class I
Year Ended June 30, 2020		16.32		0.27		0.32			0.59			(0.31	)		(0.34	)		(0.65	)
Year Ended June 30, 2019		16.44		0.27		0.60			0.87			(0.28	)		(0.71	)		(0.99	)
Year Ended June 30, 2018		16.54		0.24		0.76			1.00			(0.29	)		(0.81	)		(1.10	)
Year Ended June 30, 2017		15.16		0.23		1.39			1.62			(0.24	)		—			(0.24	)
Year Ended June 30, 2016		16.35		0.22		(0.62	)		(0.40	)		(0.32	)		(0.47	)		(0.79	)

(a)	Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b)	Calculated based upon average shares outstanding.

(c)

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

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

(e)	Does not include expenses of Underlying Funds.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



30	JPMORGAN ACCESS FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (c)			Net assets, end of period		Net expenses (d)(e)			Net investment income (loss) (a)			Expenses without waivers, reimbursements and earnings credits (e)			Portfolio turnover rate


$	16.24		3.30	%	$	1,036,841		0.82	%		1.50	%		1.13	%		22	%
	16.30		5.57			827,067		1.03			1.43			1.41			29
	16.43		5.77			586,609		1.07			1.09			1.44			26
	16.52		10.37			997,894		1.02			1.09			1.46			33
	15.14		(2.62	)		1,978,218		1.02			1.22			1.50			29


	16.16		2.81			1,370,145		1.35			0.93			1.66			22
	16.20		5.02			2,488,282		1.53			0.90			1.90			29
	16.33		5.25			3,427,701		1.54			0.67			1.91			26
	16.44		9.89			3,709,864		1.51			0.70			1.95			33
	15.07		(3.09	)		5,187,943		1.50			0.62			1.98			29


	16.26		3.54			469,598,287		0.54			1.68			0.81			22
	16.32		5.87			147,356,503		0.78			1.71			1.15			29
	16.44		6.03			160,835,084		0.79			1.42			1.16			26
	16.54		10.73			175,172,082		0.74			1.44			1.18			33
	15.16		(2.36	)		247,656,863		0.72			1.40			1.20			29

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	31

CONSOLIDATED FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)(b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Access Growth Fund
Class A
Year Ended June 30, 2020	$	17.74	$	0.25	$	0.16		$	0.41		$	(0.26	)	$	(0.52	)	$	(0.78	)
Year Ended June 30, 2019		17.92		0.22		0.62			0.84			(0.23	)		(0.79	)		(1.02	)
Year Ended June 30, 2018		17.83		0.19		1.16			1.35			(0.22	)		(1.04	)		(1.26	)
Year Ended June 30, 2017		15.84		0.10		2.05			2.15			(0.16	)		—			(0.16	)
Year Ended June 30, 2016		17.22		0.12		(0.83	)		(0.71	)		(0.21	)		(0.46	)		(0.67	)

Class C
Year Ended June 30, 2020		17.43		0.11		0.22			0.33			(0.14	)		(0.52	)		(0.66	)
Year Ended June 30, 2019		17.65		0.14		0.59			0.73			(0.16	)		(0.79	)		(0.95	)
Year Ended June 30, 2018		17.59		0.07		1.18			1.25			(0.15	)		(1.04	)		(1.19	)
Year Ended June 30, 2017		15.65		0.02		2.03			2.05			(0.11	)		—			(0.11	)
Year Ended June 30, 2016		17.04		0.04		(0.83	)		(0.79	)		(0.14	)		(0.46	)		(0.60	)

Class I
Year Ended June 30, 2020		17.75		0.27		0.18			0.45			(0.29	)		(0.52	)		(0.81	)
Year Ended June 30, 2019		17.94		0.27		0.61			0.88			(0.28	)		(0.79	)		(1.07	)
Year Ended June 30, 2018		17.84		0.22		1.19			1.41			(0.27	)		(1.04	)		(1.31	)
Year Ended June 30, 2017		15.87		0.19		2.02			2.21			(0.24	)		—			(0.24	)
Year Ended June 30, 2016		17.27		0.17		(0.86	)		(0.69	)		(0.25	)		(0.46	)		(0.71	)

(a)	Net investment income (loss) is affected by the timing of distributions from Underlying Funds.

(b)	Calculated based upon average shares outstanding.

(c)

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

(e)	Does not include expenses of Underlying Funds.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



32	JPMORGAN ACCESS FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (c)			Net assets, end of period		Net expenses (d)(e)			Net investment income (loss) (a)			Expenses without waivers, reimbursements and earnings credits (e)			Portfolio turnover rate


$	17.37		2.17	%	$	1,017,073		0.85	%		1.47	%		1.22	%		21	%
	17.74		5.30			583,288		1.06			1.25			1.42			24
	17.92		7.55			747,949		1.13			1.03			1.48			27
	17.83		13.64			630,482		1.08			0.58			1.49			34
	15.84		(4.07	)		3,006,756		1.05			0.74			1.48			30


	17.10		1.71			312,335		1.39			0.61			1.68			21
	17.43		4.73			897,849		1.55			0.80			1.91			24
	17.65		7.09			1,044,204		1.57			0.41			1.92			27
	17.59		13.14			1,250,992		1.57			0.13			1.97			34
	15.65		(4.60	)		4,474,251		1.55			0.25			1.98			30


	17.39		2.44			443,343,594		0.58			1.56			0.84			21
	17.75		5.53			177,269,798		0.80			1.56			1.16			24
	17.94		7.93			198,850,277		0.81			1.21			1.16			27
	17.84		14.01			218,861,239		0.79			1.13			1.20			34
	15.87		(3.90	)		313,659,670		0.78			1.06			1.21			30

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	33

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020

1. Organization

JPMorgan Trust I (the “Trust”) was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company.

The following are 2 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:


	Classes Offered	Diversification Classification
JPMorgan Access Balanced Fund	Class A, Class C and Class I⁽¹⁾	Diversified
JPMorgan Access Growth Fund	Class A, Class C and Class I⁽¹⁾	Diversified

⁽¹⁾	On April 3, 2020, the Funds’ Class L Shares were converted into Class I Shares. Additionally, as of April 3, 2020, the Class L Shares are no longer offered.

The investment objective of the JPMorgan Access Balanced Fund (“Access Balanced Fund”) is to seek total return.

The investment objective of the JPMorgan Access Growth Fund (“Access Growth Fund”) is to seek capital appreciation.

All share classes are publicly offered on a limited basis. Investors are not eligible to purchase 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 and Class L 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 ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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

Basis for Consolidation for the Funds

Access Balanced Fund CS Ltd. and Access Growth Fund CS Ltd. (collectively, the “Subsidiaries”), each a Cayman Islands exempted company, were incorporated on March 11, 2013 and are currently each a wholly-owned subsidiary of the Access Balanced Fund and Access Growth Fund, respectively. The Subsidiaries act as investment vehicles for each Fund to effect certain investments consistent with each Fund’s investment objectives and policies as described in each Fund’s prospectus. The Consolidated Schedules of Portfolio Investments (“CSOIs”) include positions of each Fund and its Subsidiary. The consolidated financial statements include the accounts of each Fund and its Subsidiary. Subsequent references to the Funds within the Notes to Consolidated Financial Statements collectively refer to the Funds and their Subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation.

2. Significant Accounting Policies

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

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

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.



34	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

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. Certain foreign equity instruments are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”), (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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 by sector as presented on the CSOIs:

Access Balanced Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	—	$	406,140	$	—	$	406,140
Air Freight & Logistics		—		58,961		—		58,961
Auto Components		59,225		97,879		—		157,104
Automobiles		—		196,211		—		196,211
Banks		131,814		624,071		—		755,885
Beverages		—		571,378		—		571,378
Biotechnology		73,622		323,330		—		396,952
Building Products		—		46,431		—		46,431
Capital Markets		9,872		538,093		—		547,965
Chemicals		—		576,584		—		576,584
Communications Equipment		—		69,577		—		69,577
Containers & Packaging		—		31,321		—		31,321
Diversified Financial Services		48,553		41,345		—		89,898
Diversified Telecommunication Services		—		335,703		—		335,703
Electric Utilities		—		300,448		—		300,448
Electrical Equipment		—		352,302		—		352,302
Electronic Equipment, Instruments & Components		—		644,201		—		644,201
Energy Equipment & Services		—		28,361		—		28,361
Equity Real Estate Investment Trusts (REITs)		—		47,146		—		47,146
Food & Staples Retailing		—		91,199		—		91,199
Food Products		—		685,330		—		685,330
Gas Utilities		—		18,469		—		18,469
Health Care Equipment & Supplies		231,933		466,521		—		698,454
Health Care Providers & Services		—		66,552		—		66,552
Hotels, Restaurants & Leisure		—		44,598		—		44,598
Household Durables		—		122,736		—		122,736



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	35

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)


Access Balanced Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Household Products	$	—	$	234,618	$	—	$	234,618
Independent Power and Renewable Electricity Producers		—		30,330		—		30,330
Industrial Conglomerates		—		234,721		—		234,721
Insurance		122,104		879,518		—		1,001,622
Interactive Media & Services		56,308		270,667		—		326,975
Internet & Direct Marketing Retail		117,894		107,636		—		225,530
IT Services		—		183,893		—		183,893
Life Sciences Tools & Services		—		20,989		—		20,989
Machinery		—		332,726		—		332,726
Media		—		140,036		—		140,036
Metals & Mining		—		221,965		—		221,965
Multiline Retail		—		30,394		—		30,394
Multi-Utilities		—		171,493		—		171,493
Oil, Gas & Consumable Fuels		84,177		182,981		—		267,158
Paper & Forest Products		—		50,020		—		50,020
Personal Products		—		466,451		—		466,451
Pharmaceuticals		155,821		1,618,255		—		1,774,076
Professional Services		—		301,122		—		301,122
Real Estate Management & Development		—		53,294		—		53,294
Road & Rail		57,104		46,397		—		103,501
Semiconductors & Semiconductor Equipment		362,023		521,493		—		883,516
Software		—		330,183		—		330,183
Specialty Retail		—		100,562		—		100,562
Technology Hardware, Storage & Peripherals		—		125,026		—		125,026
Textiles, Apparel & Luxury Goods		—		647,478		1		647,479
Tobacco		—		150,726		—		150,726
Trading Companies & Distributors		—		132,368		—		132,368
Wireless Telecommunication Services		84,240		171,849		—		256,089

Total Common Stocks		1,594,690		14,542,078		1		16,136,769

Exchange-Traded Funds		309,267,735		—		—		309,267,735
Investment Companies		134,920,926		—		—		134,920,926
Short-Term Investments
Investment Companies		5,514,050		—		—		5,514,050

Total Investments in Securities	$	451,297,401	$	14,542,078	$	1	$	465,839,480

Access Growth Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks
Aerospace & Defense	$	—	$	485,206	$	—	$	485,206
Air Freight & Logistics		—		85,984		—		85,984
Auto Components		68,576		113,982		—		182,558
Automobiles		—		224,150		—		224,150
Banks		132,782		733,397		—		866,179
Beverages		—		694,395		—		694,395
Biotechnology		88,180		418,078		—		506,258
Building Products		—		52,592		—		52,592
Capital Markets		11,427		655,124		—		666,551
Chemicals		—		689,549		—		689,549
Communications Equipment		—		82,332		—		82,332
Containers & Packaging		—		37,916		—		37,916
Diversified Financial Services		57,649		48,207		—		105,856



36	JPMORGAN ACCESS FUNDS	JUNE 30, 2020


Access Growth Fund (continued)
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Diversified Telecommunication Services	$	—	$	402,847	$	—	$	402,847
Electric Utilities		—		364,341		—		364,341
Electrical Equipment		—		415,502		—		415,502
Electronic Equipment, Instruments & Components		—		767,921		—		767,921
Energy Equipment & Services		—		32,883		—		32,883
Equity Real Estate Investment Trusts (REITs)		—		54,673		—		54,673
Food & Staples Retailing		—		101,013		—		101,013
Food Products		—		812,476		—		812,476
Gas Utilities		—		21,827		—		21,827
Health Care Equipment & Supplies		275,128		546,874		—		822,002
Health Care Providers & Services		—		76,642		—		76,642
Hotels, Restaurants & Leisure		—		50,555		—		50,555
Household Durables		—		140,221		—		140,221
Household Products		—		268,824		—		268,824
Independent Power and Renewable Electricity Producers		—		36,017		—		36,017
Industrial Conglomerates		—		270,874		—		270,874
Insurance		129,268		1,015,448		—		1,144,716
Interactive Media & Services		64,852		345,360		—		410,212
Internet & Direct Marketing Retail		133,610		128,375		—		261,985
IT Services		—		207,777		—		207,777
Life Sciences Tools & Services		—		24,401		—		24,401
Machinery		—		378,705		—		378,705
Media		—		152,900		—		152,900
Metals & Mining		—		260,078		—		260,078
Multiline Retail		—		35,237		—		35,237
Multi-Utilities		—		201,270		—		201,270
Oil, Gas & Consumable Fuels		91,242		210,065		—		301,307
Paper & Forest Products		—		56,986		—		56,986
Personal Products		—		538,329		—		538,329
Pharmaceuticals		177,362		1,876,665		—		2,054,027
Professional Services		—		332,240		—		332,240
Real Estate Management & Development		—		62,177		—		62,177
Road & Rail		69,329		46,397		—		115,726
Semiconductors & Semiconductor Equipment		433,357		598,759		—		1,032,116
Software		—		393,647		—		393,647
Specialty Retail		—		111,232		—		111,232
Technology Hardware, Storage & Peripherals		—		144,747		—		144,747
Textiles, Apparel & Luxury Goods		—		810,585		1		810,586
Tobacco		—		182,368		—		182,368
Trading Companies & Distributors		—		158,314		—		158,314
Wireless Telecommunication Services		99,786		195,857		—		295,643

Total Common Stocks		1,832,548		17,152,321		1		18,984,870

Exchange-Traded Funds		336,207,292		—		—		336,207,292
Investment Companies		76,986,734		—		—		76,986,734
Short-Term Investments
Investment Companies		5,367,658		—		—		5,367,658

Total Investments in Securities	$	420,394,232	$	17,152,321	$	1	$	437,546,554

As of June 30, 2020, certain investment companies with a fair value of $7,667,586 and $7,365,910 have not been categorized in the fair value hierarchy as these investment companies were measured using the NAV per share as a practical expedient for the Access Balanced Fund and Access Growth Fund, respectively.

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 net asset value of the Funds.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	37

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

As of June 30, 2020, 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. 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 consolidated financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ and ETFs’ distributions may be reinvested into the Underlying Funds and ETFs. Reinvestment amounts are included in the purchase cost amounts in the tables below. Included in the purchases and sales amounts in the tables below are exchanges between certain share classes of the Underlying Funds. Such exchanges are not treated as purchases and sales for the purpose of recognizing realized gains (losses) or calculating portfolio turnover.

Access Balanced Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders Canada ETF(a)	$	11,250,736	$	—	$	999,700	$	100,849		$	(980,040	)	$	9,371,845		414,500	$	281,698	$	—
JPMorgan BetaBuilders Developed Asia EX-Japan ETF(a)		—		1,496,723		—		—			(51,923	)		1,444,800		64,500		7,789		—
JPMorgan BetaBuilders Europe ETF(a)		14,999,840		8,691,735		—		—			(2,029,267	)		21,662,308		977,100		402,918		—
JPMorgan BetaBuilders Japan ETF(a)		1,500,898		6,494,414		300,203		24,165			(106,514	)		7,612,760		332,000		75,179		—
JPMorgan Core Bond Fund Class R6 Shares(a)		53,014,071		20,408,488		14,608,424		(50,536	)		2,845,800			61,609,399		4,976,527		1,652,466		277,466
JPMorgan Core Plus Bond Fund Class R6 Shares(a)		10,967,067		599,999		7,000,000		333,387			(12,080	)		4,888,373		560,593		306,934		—
JPMorgan Corporate Bond Fund Class R6 Shares(a)		10,261,509		—		1,000,000		(8,772	)		653,011			9,905,748		926,637		270,244		—
JPMorgan Equity Focus Fund Class I Shares(a)		1,448,680		—		1,046,218		—			(402,462	)		—		—		—		—
JPMorgan Equity Focus Fund Class R6 Shares(a)		—		1,046,218		1,128,568		82,350			—			—		—		11,631		236,715
JPMorgan Equity Income Fund Class R6 Shares(a)		1,461,878		—		1,285,449		(179,162	)		2,733			—		—		19,982		15,685
JPMorgan High Yield Fund Class R6 Shares(a)		—		27,000,000		500,000		23,134			1,506,435			28,029,569		4,240,479		278,947		—
JPMorgan Mortgage-Backed Securities Fund Class R6 Shares(a)		10,673,436		—		10,760,477		360,477			(273,436	)		—		—		57,682		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.40%(a)(b)		7,553,970		152,437,650		154,488,557		7,649			3,338			5,514,050		5,509,093		113,238		—
JPMorgan Short Duration Bond Fund Class R6 Shares(a)		9,864,411		—		5,500,001		145,397			(3,004	)		4,506,803		405,288		205,514		—
JPMorgan U.S. Large Cap Core Plus Fund Class R6 Shares(a)		1,468,744		—		1,116,113		213,562			(566,193	)		—		—		7,569		292,692

Total	$	134,465,240	$	218,175,227	$	199,733,710	$	1,052,500		$	586,398		$	154,545,655			$	3,691,791	$	822,558



38	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

Access Growth Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders Canada ETF(a)	$	15,214,120	$	—	$	—	$	—		$	(1,388,105	)	$	13,826,015		611,500	$	394,974	$	—
JPMorgan BetaBuilders Developed Asia EX-Japan ETF(a)		1,044,110		1,000,422		—		—			(243,572	)		1,800,960		80,400		68,023		—
JPMorgan BetaBuilders Europe ETF(a)		19,333,020		13,287,542		—		—			(2,808,562	)		29,812,000		1,344,700		534,084		—
JPMorgan BetaBuilders Japan ETF(a)		1,722,155		6,995,420		—		—			(91,309	)		8,626,266		376,200		93,337		—
JPMorgan Core Bond Fund Class R6 Shares(a)		28,139,117		3,600,000		10,999,999		519,901			802,371			22,061,390		1,782,019		756,955		133,089
JPMorgan Equity Focus Fund Class I Shares(a)		3,302,979		—		2,385,367		—			(917,612	)		—		—		—		—
JPMorgan Equity Focus Fund Class R6 Shares(a)		—		2,385,367		2,551,256		165,889			—			—		—		26,518		539,707
JPMorgan Equity Income Fund Class R6 Shares(a)		3,701,202		—		3,185,369		(589,286	)		73,453			—		—		50,603		39,712
JPMorgan Global Research Enhanced Index Fund Class R6 Shares(a)		7,359,202		—		7,549,642		2,200,292			(2,009,852	)		—		—		—		393
JPMorgan High Yield Fund Class R6 Shares(a)		—		25,000,000		1,000,000		47,690			1,375,572			25,423,262		3,846,182		256,378		—
JPMorgan Mortgage-Backed Securities Fund Class R6 Shares(a)		4,930,928		—		4,970,132		165,526			(126,322	)		—		—		27,316		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.40%(a)(b)		7,534,117		149,954,318		152,131,078		6,388			3,913			5,367,658		5,362,831		106,448		—
JPMorgan Short Duration Bond Fund Class R6 Shares(a)		5,025,127		—		800,001		24,829			78,912			4,328,867		389,287		117,581		—
JPMorgan U.S. Large Cap Core Plus Fund Class R6 Shares(a)		3,575,436		—		2,671,566		474,951			(1,378,821	)		—		—		18,425		712,514

Total	$	100,881,513	$	202,223,069	$	188,244,410	$	3,016,180		$	(6,629,934	)	$	111,246,418			$	2,450,642	$	1,425,415

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

(b)	The rate shown is the current yield as of June 30, 2020.

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 on the Consolidated Statements of Operations (“CSOPs”).

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 CSOPs. 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 CSOPs.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	39

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, and distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

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 Trust are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2020 are as follows:


	Class A		Class C		Class I		Class L⁽¹⁾		Total
Access Balanced Fund
Transfer agency fees	$	146	$	78	$	3,917	$	2,798	$	6,939
Access Growth Fund
Transfer agency fees		679		53		5,809		1,891		8,432

⁽¹⁾	Effective April 3, 2020, Class L Shares were converted into Class I Shares.

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 CSOPs and are not included in the ratios to average net assets shown in the Consolidated Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.

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 June 30, 2020, no liability for Federal income tax is required in the Funds’ consolidated 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.

For Federal income tax purposes, taxable income of each Fund and its Subsidiary are separately calculated. Each Subsidiary is classified as a controlled foreign corporation under the Code and its taxable income, including net gains, is included as ordinary income in the calculation of the respective Fund’s taxable income. Net losses of each Subsidiary are not deductible by the respective Fund either in the current period or carried forward to future periods.

H. Foreign Taxes — The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gain tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

The following amounts were reclassified within the capital accounts:


	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income		Accumulated net realized gains (losses)
Access Balanced Fund	$	(78,951	)	$	754,165	$	(675,214	)
Access Growth Fund		(80,348	)		716,990		(636,642	)

The reclassifications for the Funds relate primarily to investments in passive foreign investment companies (“PFICs”).



40	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, each Fund’s assets are allocated to sub-advisers and the Adviser is responsible for monitoring and coordinating the overall management of the Funds and for such services is paid a fee. Effective December 1, 2019, the investment advisory fee is accrued daily and paid monthly at an annual rate of 0.30% of each Fund’s average daily net assets. Prior to December 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.75% of each Fund’s average daily net assets. The Adviser and J.P. Morgan Private Investments Inc. (“JPMPI”), sub-adviser to the Funds and a wholly-owned subsidiary of JPMorgan, had contractually agreed to waive the investment advisory fee and the sub-advisory fee, respectively, for each Fund by 0.30% through November 30, 2019.

The Subsidiaries have entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiaries. Effective December 1, 2019, the fee for services to the Subsidiaries is accrued daily and paid monthly at an annual rate of 0.30% of each Subsidiary’s respective average daily net assets. Prior to December 1, 2019, the fee was accrued daily and paid monthly at an annual rate of 0.75% of each Subsidiary’s respective average daily net assets. The Adviser has agreed to waive the advisory fees that it receives from each Fund in an amount equal to the advisory fees paid to the Adviser by the Subsidiaries. This waiver will continue in effect so long as each Fund invests in its Subsidiary and may not be terminated without approval by the Funds’ Board.

JPMPI, Capital International, Inc. (formerly, Capital Guardian Trust Company) (“CII”) and T. Rowe Price Associates, Inc. (“T. Rowe Price”) are sub-advisers for the Funds. Each sub-adviser is responsible for the day-to-day investment decisions of its portion of the Funds. The allocation of the assets of each Fund is determined by the Adviser, subject to review of the Board. The Adviser monitors and evaluates the sub-advisers to help assure that they are managing the Funds in a manner consistent with the Funds’ investment objectives and restrictions and applicable laws and guidelines.

Under the terms of the Sub-advisory Agreements for each Fund, the Adviser pays JPMPI a monthly sub-advisory fee at the annual rate of 0.25% of the portion of each Fund’s average daily net assets managed by JPMPI. Prior to December 1, 2019, the sub-advisory fee was 0.70%.

At June 30, 2020, the allocation of assets for each Fund was as follows:


	Access Balanced Fund			Access Growth Fund
JPMPI		96.4	%		95.5	%
CII		1.9			2.5
T.Rowe Price		1.7			2.0

The Funds and the Adviser have obtained an exemptive order of the Securities and Exchange Commission (“SEC”) granting exemptions from certain provisions of the 1940 Act, pursuant to which the Adviser is permitted, subject to the supervision and approval of the Funds’ Trustees, to enter into and materially amend sub-advisory agreements with non-affiliated sub-advisers without such agreements being approved by the shareholders of the Funds. As such, the Funds and Adviser may hire, terminate, or replace non-affiliated sub-advisers without shareholder approval, including, without limitation, the replacement or reinstatement of any sub-advisers with respect to which a sub-advisory agreement has automatically terminated as a result of an assignment. Shareholders will be notified of any changes in sub-advisers.

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

B. Administration Fees — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund and its Subsidiaries. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the year ended June 30, 2020, the effective rate was 0.08% of each Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements. In consideration for services rendered to the Subsidiaries, the Administrator receives a fee accrued daily and paid monthly at an effective rate of 0.10% of average daily net assets of the Subsidiaries.

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.

The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Funds, pursuant to Rule 12b-1 under the 1940 Act. Class I and Class L 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
0.25%		0.75	%



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	41

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2020, JPMDS did not retain any front-end sales charges or CDSC.

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 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⁽¹⁾
Access Balanced Fund		0.25	%		0.25	%		0.25	%		0.10	%
Access Growth Fund		0.25			0.25			0.25			0.10

⁽¹⁾	Effective April 3, 2020, Class L Shares were converted into Class I Shares.

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 CSOPs.

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

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

F. Waivers and Reimbursements — The Adviser has contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses of the Funds, inclusive of the Subsidiary (excluding acquired fund fees and expenses other than certain underlying 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⁽¹⁾			Class L⁽²⁾
Access Balanced Fund⁽³⁾		0.68	%		1.18	%		0.43	%		0.43	%
Access Growth Fund⁽³⁾		0.70			1.20			0.45			0.45

⁽¹⁾	Effective April 4, 2020, the contractual expense percentages for Class I Shares were extended and are in place until at least April 3, 2022.

⁽²⁾	Effective April 3, 2020, Class L Shares were converted into Class I Shares.

⁽³⁾	Prior to December 1, 2019, the contractual expense limitations for the Funds were 1.55%, 2.05%, 1.30% and 1.15% for Class A, Class C, Class I and Class L Shares, respectively.

Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2020 and are in place until at least November 30, 2020.

The Underlying Funds and ETFs may impose separate investment advisory and service fees. To avoid charging an investment advisory fee and a service fee at an effective rate above 0.30% for investment advisory and 0.25% for shareholder servicing on affiliated investments for Class A, Class C and Class I Shares and 0.10% for shareholder servicing on affiliated investments for Class L Shares, the Adviser and JPMDS have contractually agreed to waive investment advisory and service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of affiliated investment advisory fees and affiliated service fees charged by the affiliated Underlying Funds and ETFs. These contractual waivers are in place until at least November 30, 2020. These waivers may be in addition to any waivers required to meet the Funds’ contractual expense limitations, but will not exceed the Funds’ service fees.

For the year ended June 30, 2020, 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
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Access Balanced Fund	$	1,067,968	$	157,090	$	77,517	$	1,302,575	$	—
Access Growth Fund		914,846		134,659		93,760		1,143,265		254



42	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

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. None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.

The amount of waivers resulting from investments in these money market funds for the year ended June 30, 2020 was as follows:


Access Balanced Fund	$	14,362
Access Growth Fund		13,951

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 CSOPs.

Under the terms of a Service Agreement, JPMIM and its affiliates perform various non-advisory services on behalf of JPMPI in support of JPMPI’s management of the Funds. JPMPI pays JPMIM a fee for these services.

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.

The Funds may use related party broker-dealers. For the year ended June 30, 2020, the Access Balanced Fund and Access Growth Fund incurred $8 and $1, respectively, in brokerage commissions with broker-dealers affiliated with the Adviser.

The SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

The SEC has granted an exemptive order permitting the Funds to invest in certain instruments in addition to Underlying Funds and securities.

4. Investment Transactions

During the year ended June 30, 2020, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Access Balanced Fund	$	110,846,203	$	172,995,765
Access Growth Fund		100,503,308		152,241,036

During the year ended June 30, 2020, 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, including the Subsidiaries, held at June 30, 2020 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Access Balanced Fund	$	431,234,186	$	45,961,370	$	3,606,700	$	42,354,670
Access Growth Fund		388,974,593		60,759,372		4,742,172		56,017,200

The Federal income tax unrealized appreciation (depreciation) includes unrealized depreciation of the Funds’ investments in their Subsidiaries of approximately $20 million and $17 million for the Access Balanced Fund and the Access Growth Fund, respectively, which, if realized, is not deductible for income tax purposes.

For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to investments in the subsidiary, wash sale loss deferrals and investments in PFICs.

The tax character of distributions paid during the fiscal year ended June 30, 2020 was as follows:


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Access Balanced Fund	$	9,568,030	$	10,267,594	$	19,835,624
Access Growth Fund		8,129,438		13,919,095		22,048,533

*	Short-term gain distributions are treated as ordinary income for income tax purposes.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	43

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

The tax character of distributions paid during the fiscal year ended June 30, 2019 was as follows:


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Access Balanced Fund	$	10,503,147	$	23,963,028	$	34,466,175
Access Growth Fund		9,345,107		22,610,457		31,955,564

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

As of June 30, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
Access Balanced Fund	$	433,637	$	14,826,374	$	62,173,421
Access Growth Fund		416,203		14,289,169		73,050,272

For the Funds, the cumulative timing differences primarily consist of investments in PFICs and wash sale loss deferrals.

As of June 30, 2020, the Funds did not have any net capital loss carryforwards.

6. Borrowings

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

The Funds had no borrowings outstanding from another fund during the year ended June 30, 2020.

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 November 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2020.

The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 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 $25,000,000 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%, which has increased to 1.25% pursuant to the amendment referenced below, 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 11, 2020, this agreement has been amended and restated for a term of 364 days, unless extended, and to include the change to the interest rate charged for borrowing from the Credit Facility to 1.25%, as noted above, and an upfront fee of 0.075% of the Credit Facility to be charged and paid by all participating funds of the Credit Facility.

The Funds did not utilize the Credit Facility during the year ended June 30, 2020.

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.



44	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

As of June 30, 2020, the Funds each had one individual shareholder and/or affiliated omnibus account which owned more than 10% of the respective Fund’s outstanding shares as follows:


	% of the Fund
Access Balanced Fund		98.6	%
Access Growth Fund		97.5

By investing in a subsidiary, each Fund is indirectly exposed to the risks associated with its Subsidiary’s investments. The derivatives and other investments, if any, held by the Subsidiaries are generally similar to those that are permitted to be held by each Fund and are subject to the same risks that apply to similar investments if held directly by the Funds.

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.

Each Fund invests in ETFs. ETFs are pooled investment vehicles whose ownership interests are purchased and sold on a securities exchange. ETFs may be structured as investment companies, depositary receipts or other pooled investment vehicles and may be passively or actively managed. Passively managed ETFs generally seek to track the performance of a particular market index, including broad-based market indexes, as well as indexes relating to particular sectors, markets, regions or industries. Actively managed ETFs do not seek to track the performance of a particular market index. The price movement of an index-based ETF may not track the underlying index and may result in a loss. In addition, ETFs may trade at a price below or above their NAV (also known as a discount or premium, respectively).

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.

LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of 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 or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, 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 exchange trading suspensions and closures 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. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations 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 full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Subsequent Event

On August 11, 2020, the contractual expense limitations for Class A and Class C Shares of the Funds were extended until at least October 31, 2021.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	45

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Access Balanced Fund and JPMorgan Access Growth Fund

Opinions on the Financial Statements

We have audited the accompanying consolidated statements of assets and liabilities, including the consolidated schedules of portfolio investments, of JPMorgan Access Balanced Fund and JPMorgan Access Growth Fund (two of the funds constituting JPMorgan Trust I, hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related consolidated statements of operations for the year ended June 30, 2020, the consolidated statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the consolidated financial highlights for each of the five years in the period ended June 30, 2020 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2020 and each of the financial highlights for each of the five years in the period ended June 30, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2020

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.



46	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

TRUSTEES

(Unaudited)

The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganaccessfunds.com.


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Chairman since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	126	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	126	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None

Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	47

TRUSTEES

(Unaudited) (continued)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None

Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None

Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None

Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



48	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

(1)	The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

(2)

A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Boards of Trustees serve currently includes ten registered investment companies (126 funds).

Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Boards that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Boards have concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

**	A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

***

In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January 2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	49

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trust (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.

Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Anthony Geron (1971), Assistant Secretary (2018)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.

Carmine Lekstutis (1980), Assistant Secretary (2011)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Keri E. Riemer (1976), Assistant Secretary (2019)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.

Shannon Gaines (1977), Assistant Treasurer (2018)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

*	The contact address for the officer is 4 New York Plaza, New York, NY 10004.

**	The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.



50	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

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, redemption fees 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) to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2020 and continued to hold your shares at the end of the reporting period, June 30, 2020.

Actual Expenses

For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund 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), 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.


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Access Balanced Fund
Class A
Actual	$	1,000.00	$	977.20	$	3.39		0.69	%
Hypothetical		1,000.00		1,021.43		3.47		0.69
Class C
Actual		1,000.00		974.60		5.84		1.19
Hypothetical		1,000.00		1,018.95		5.97		1.19
Class I
Actual		1,000.00		977.80		2.21		0.45
Hypothetical		1,000.00		1,022.63		2.26		0.45

JPMorgan Access Growth Fund
Class A
Actual		1,000.00		953.20		3.55		0.73
Hypothetical		1,000.00		1,021.23		3.67		0.73
Class C
Actual		1,000.00		951.00		5.92		1.22
Hypothetical		1,000.00		1,018.80		6.12		1.22
Class I
Actual		1,000.00		954.60		2.33		0.48
Hypothetical		1,000.00		1,022.48		2.41		0.48

*	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	51

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.



52	JPMORGAN ACCESS FUNDS	JUNE 30, 2020

TAX LETTER

(Unaudited)

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, 2020. 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, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2020 (amounts in thousands):


	Long-Term Capital Gain Distribution
JPMorgan Access Balanced Fund	$	10,267,594
JPMorgan Access Growth Fund		13,919,095

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2020 (amounts in thousands):


	Qualified Dividend Income
JPMorgan Access Balanced Fund	$	3,047,228
JPMorgan Access Growth Fund		3,560,975

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2020, the Funds intend to elect to pass through to shareholders taxes paid to foreign countries. Gross income and foreign tax expenses cannot be quantified until Underlying Funds complete reporting for the calendar year in progress. Amounts for the fiscal year ended June 30, 2020 will be disclosed in the semiannual report for the period ended December 31, 2020.



JUNE 30, 2020	JPMORGAN ACCESS FUNDS	53

LOGO

Rev. January 2011



FACTS		WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?


Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.



Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share



Questions?		Call 1-800-480-4111 or go to www.jpmorganfunds.com

LOGO



Page 2



Who we are
Who is providing this notice?		J.P. Morgan Funds



What we do
How does J.P. Morgan Funds protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?		We collect your personal information, for example, when you: ◾ open an account or provide contact information ◾ give us your account information or pay us by check ◾ make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?		Federal law gives you the right to limit only ◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾ affiliates from using your information to market to you ◾ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.



Definitions
Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing		A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾ J.P. Morgan Funds doesn’t jointly market.

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.jpmorganaccessfunds.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 Funds’ website at www.jpmorganaccessfunds.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.jpmorganaccessfunds.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.jpmorganaccessfunds.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.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2020. All rights reserved. June 2020		AN-ACCESS-620

Annual Report

J.P. Morgan Intrepid Funds

June 30, 2020

JPMorgan Intrepid Growth Fund

JPMorgan Intrepid Mid Cap Fund

JPMorgan Intrepid Value Fund

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

CONTENTS


Letter to Shareholders			1

Market Overview			2

Fund Commentaries:

JPMorgan Intrepid Growth Fund			3

JPMorgan Intrepid Mid Cap Fund			5

JPMorgan Intrepid Value Fund			7

JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)			9

Schedules of Portfolio Investments			11

Financial Statements			24

Financial Highlights			34

Notes to Financial Statements			42

Report of Independent Registered Public Accounting Firm			53

Trustees			54

Officers			57

Schedule of Shareholder Expenses			58

Liquidity Risk Management Program			60

Tax Letter			61

Privacy Policy — Located at the back of this Annual Report

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

JULY 28, 2020 (Unaudited)

Dear Shareholders,

“J.P. Morgan Asset Management has directly confronted the challenges of this year, with sensitivity, urgency and a clear vision, serving our shareholders, clients and communities with unwavering commitment.”
— Andrea L. Lisher

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	1

J.P. Morgan Intrepid Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)



2	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

JPMorgan Intrepid Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		15.44%
Russell 1000 Growth Index		23.28%

Net Assets as of 6/30/2020 (In Thousands)	$	1,114,382

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid Growth 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 underperformed the Russell 1000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2020. 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 in the real estate and health care sectors was a leading contributor to relative performance.

Leading individual detractors from the Fund’s relative performance included the Fund’s overweight positions in Oracle Corp. and Euronet Worldwide Inc., and its underweight position in Tesla, Inc. Shares of Oracle, a software company, fell amid several consecutive quarters of weak revenue growth. Shares of Euronet Worldwide, a provider of electronic payment and transaction services, fell after the company reported lower-than-expected earnings for the first quarter of 2020. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose amid a faster-than-expected schedule for production of its Model Y vehicles and efficient production output from its Shanghai factory.

Leading individual contributors to relative performance included the Fund’s underweight position in Boeing Co. and its overweight positions in Lam Research Corp. and MSCI Inc. Shares of Boeing, an aircraft and aerospace manufacturer, fell amid investor concerns about the future of its 737 Max aircraft as well as a sharp decline in airline traffic in response to the COVID-19 pandemic. Shares of Lam Research, a maker of semiconductor manufacturing equipment, rose after the company reported better-than-expected earnings for its fiscal third quarter ended March 29, 2020 and forecast strong demand for its products. Shares of MSCI, a provider of financial services technology and market indexes, rose after the company reported better-than-expected earnings for the first quarter of 2020 and reported growth in recurring subscriptions for its services.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	9.8	%
	2.	Apple, Inc.	8.5
	3.	Amazon.com, Inc.	6.7
	4.	Facebook, Inc., Class A	3.5
	5.	Mastercard, Inc., Class A	3.0
	6.	AbbVie, Inc.	2.7
	7.	Amgen, Inc.	2.2
	8.	Alphabet, Inc., Class A	2.2
	9.	Oracle Corp.	2.1
	10.	eBay, Inc.	1.9


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	43.9	%
Health Care	15.0
Consumer Discretionary	14.4
Communication Services	11.5
Industrials	4.2
Consumer Staples	3.6
Financials	1.8
Real Estate	1.8
Materials	1.1
Energy	0.6
Short-Term Investments	2.1

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	3

JPMorgan Intrepid Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge*			9.10	%		11.36	%		14.91	%
Without Sales Charge			15.15			12.57			15.52
CLASS C SHARES	February 19, 2005
With CDSC**			13.59			12.02			14.96
Without CDSC			14.59			12.02			14.96
CLASS I SHARES	February 28, 2003		15.44			12.85			15.82
CLASS R2 SHARES	November 3, 2008		14.88			12.30			15.24
CLASS R5 SHARES	May 15, 2006		15.61			13.05			16.04
CLASS R6 SHARES	November 2, 2015		15.74			13.13			16.08

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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 Intrepid Growth Fund and the Russell 1000 Growth Index, from June 30, 2010 to June 30, 2020. 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.



4	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

JPMorgan Intrepid Mid Cap Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(4.35)%
Russell Midcap Index		(2.24)%

Net Assets as of 6/30/2020 (In Thousands)	$	390,665

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid Mid Cap Fund (the “Fund”) seeks long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.

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 twelve months ended June 30, 2020. The Fund’s security selection in the information technology sector and its security selection and underweight position in the consumer staples sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the real estate and consumer discretionary sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Xerox Holdings Corp., Sinclair Broadcast Group Inc. and US Foods Holding Corp. Shares of Xerox Holdings, a provider of printing and digital document services, fell after the company reported lower-than-expected earnings for the first quarter of 2020 and withdrew its 2020 earnings forecast due to uncertainty amid the COVID-19 pandemic. Shares of Sinclair Broadcast Group, a television broadcaster, fell amid investor expectations for declining advertising revenue in response to the COVID-19 pandemic. Shares of US Foods Holding, a distributor to restaurants and institutional food service providers, fell amid the closure of restaurants and institutional kitchens in response to the COVID-19 pandemic.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Equinix Inc. and its overweight positions in Moderna Inc. and Lam Research Corp. Shares of Equinix, an operator of collocation space and data centers, rose amid investor expectations for increased demand for data centers in response to office closures during the COVID-19 pandemic. Shares of Moderna, a drug development company, rose on investor expectations that it would develop a vaccine for COVID-19. Shares of Lam Research, a maker of semiconductor manufacturing equipment, rose after the company reported better-than-expected earnings for its fiscal third quarter ended March 29, 2020 and forecast strong demand for its products.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Arrow Electronics, Inc.	1.8	%
	2.	Dolby Laboratories, Inc., Class A	1.6
	3.	Timken Co. (The)	1.6
	4.	Xerox Holdings Corp.	1.6
	5.	Centene Corp.	1.5
	6.	PulteGroup, Inc.	1.5
	7.	NCR Corp.	1.5
	8.	DXC Technology Co.	1.5
	9.	Dell Technologies, Inc., Class C	1.4
	10.	Vistra Energy Corp.	1.3


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	20.9	%
Industrials	13.8
Health Care	12.1
Consumer Discretionary	9.9
Financials	9.1
Real Estate	7.1
Communication Services	5.1
Utilities	4.9
Materials	4.6
Consumer Staples	3.8
Energy	2.4
Short-Term Investments	6.3

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	5

JPMorgan Intrepid Mid Cap Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 1, 1992
With Sales Charge*			(9.58	)%		2.54	%		9.89	%
Without Sales Charge			(4.57	)		3.65			10.49
CLASS C SHARES	March 22, 1999
With CDSC**			(6.06	)		3.09			9.84
Without CDSC			(5.06	)		3.09			9.84
CLASS I SHARES	June 1, 1991		(4.35	)		3.91			10.77
CLASS R3 SHARES	September 9, 2016		(4.58	)		3.65			10.49
CLASS R4 SHARES	September 9, 2016		(4.33	)		3.90			10.77
CLASS R6 SHARES	November 2, 2015		(4.14	)		4.15			10.90

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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 Intrepid Mid Cap Fund and the Russell Midcap

Index from June 30, 2010 to June 30, 2020. 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 benchmark, if applicable. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies of the Russell 1000 Index. Investors cannot invest directly in an index.

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



6	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

JPMorgan Intrepid Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			(10.24)%
Russell 1000 Value Index			(8.84)%

Net Assets as of 6/30/2020 (In Thousands)			$255,766

INVESTMENT OBJECTIVE**

The JPMorgan Intrepid 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 twelve months ended June 30, 2020. The Fund’s security selection in the utilities and materials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s overweight position and security selection in the information technology sector and its security selection in the consumer discretionary sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Sinclair Broadcast Group Inc. and United Airlines Holdings Inc., and its underweight position in Intel Corp. Shares of Sinclair Broadcast Group, a television broadcaster, fell amid investor expectations for declining advertising revenue in response to the COVID-19 pandemic. Share of United Airlines Holdings, a passenger airline operator, fell amid a sharp decline in travel due to the COVID-19 pandemic. Shares of Intel, a semiconductor manufacturer, rose amid general strength in the semiconductor manufacturing sector during the reporting period.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in American Tower Corp. and its overweight positions in Lam Research Corp. and AbbVie Inc. Shares of American Tower, a real estate investment trust that owns and operates communications properties, rose amid investor expectations that the company would benefit from the build out of the so-called 5G communications network. Shares of Lam Research, a maker of semiconductor manufacturing equipment, rose after the company reported better-than-expected earnings for its fiscal third quarter ended March 29, 2020 and forecast strong demand for its products. Shares of AbbVie, a drug development company focused on autoimmune diseases, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2020 and reiterated its earnings forecast for 2020.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Verizon Communications, Inc.	3.0	%
	2.	Bank of America Corp.	2.5
	3.	Procter & Gamble Co. (The)	2.1
	4.	AbbVie, Inc.	2.0
	5.	Anthem, Inc.	2.0
	6.	Allstate Corp. (The)	1.9
	7.	Citigroup, Inc.	1.9
	8.	Bristol-Myers Squibb Co.	1.8
	9.	Altria Group, Inc.	1.7
	10.	Berkshire Hathaway, Inc., Class B	1.7


PORTFOLIO COMPOSITION BY SECTOR***
Financials	16.5	%
Health Care	14.7
Information Technology	11.2
Industrials	10.1
Communication Services	8.9
Consumer Staples	8.8
Consumer Discretionary	6.2
Utilities	5.8
Energy	5.5
Real Estate	4.9
Materials	4.6
Short-Term Investments	2.8

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	7

JPMorgan Intrepid Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge*			(15.14	)%		1.72	%		9.19	%
Without Sales Charge			(10.44	)		2.82			9.78
CLASS C SHARES	February 19, 2005
With CDSC**			(11.88	)		2.32			9.24
Without CDSC			(10.88	)		2.32			9.24
CLASS I SHARES	February 28, 2003		(10.24	)		3.03			9.98
CLASS R2 SHARES	November 3, 2008		(10.69	)		2.55			9.50
CLASS R5 SHARES	May 15, 2006		(10.08	)		3.21			10.18
CLASS R6 SHARES	November 30, 2010		(10.03	)		3.28			10.25

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Intrepid Value Fund and the Russell 1000 Value Index, from June 30, 2010 to June 30, 2020. 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.



8	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		9.86%
S&P 500 Index		7.51%

Net Assets as of 6/30/2020 (In Thousands)	$	40,700

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 twelve months ended June 30, 2020. The Fund’s underweight position and security selection in the energy sector and its security selection in the consumer staples sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the financials and information technology sectors was a leading detractor from relative performance.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in American Tower Corp., Hologic Inc. and General Mills Inc. Shares of American Tower Corp., a real estate investment trust that owns and operates communications properties, rose amid investor expectations that the company would benefit from the build out of the 5G communications network. Shares of Hologic, a maker of medical diagnostics and surgical products, rose amid demand for its coronavirus tests in response to the COVID-19 pandemic. Shares of General Mills, a maker of branded consumer foods, rose on growth in demand for packaged foods as consumers began at-home quarantines in response to the COVID-19 pandemic.

Leading individual detractors from performance relative to the Benchmark included the Fund’s underweight positions in Apple Inc. and Amazon.com Inc., and its overweight position in Cisco Systems Inc. Shares of Apple, a maker of mobile devices, computers, software and related services, rose amid better-than-expected earnings growth and positive investor sentiment over the company’s planned launch of new products and upgrades. Shares of Amazon.com, a provider of online retail products and services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic, as well as investor demand for large cap technology sector stocks. Shares of Cisco Systems, a provider of internet networking products and services, fell in the first half of the reporting period after the company issued two consecutive quarters of weaker-than-expected earnings forecasts.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	8.5	%
	2.	Home Depot, Inc. (The)	3.6
	3.	Procter & Gamble Co. (The)	3.5
	4.	Verizon Communications, Inc.	3.3
	5.	Walt Disney Co. (The)	3.1
	6.	Mastercard, Inc., Class A	3.1
	7.	Cisco Systems, Inc.	2.8
	8.	Target Corp.	2.6
	9.	Bank of America Corp.	2.4
	10.	Amgen, Inc.	2.3


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	29.3	%
Health Care	13.2
Financials	10.8
Consumer Discretionary	10.6
Communication Services	8.5
Industrials	8.3
Consumer Staples	6.4
Real Estate	5.4
Materials	1.4
Utilities	1.4
Short-Term Investments	4.7

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	9

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 19, 2005
With Sales Charge*			3.82	%		8.68	%		13.24	%
Without Sales Charge			9.57			9.86			13.85
CLASS C SHARES	February 19, 2005
With CDSC**			8.03			9.31			13.30
Without CDSC			9.03			9.31			13.30
CLASS I SHARES	February 28, 2003		9.86			10.14			14.14

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Sustainable Leaders Fund and the S&P 500 Index from June 30, 2010 to June 30, 2020. 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.

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.



10	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.0%

Aerospace & Defense — 0.8%

Northrop Grumman Corp.		10		2,951

Raytheon Technologies Corp.		93		5,700


				8,651


Airlines — 0.3%

Delta Air Lines, Inc.		101		2,830


Automobiles — 1.1%

Tesla, Inc. *		11		11,878


Biotechnology — 6.9%

AbbVie, Inc.		308		30,274

Alexion Pharmaceuticals, Inc. *		38		4,299

Amgen, Inc.		105		24,870

Exelixis, Inc. *		261		6,194

Vertex Pharmaceuticals, Inc. *		37		10,829


				76,466


Building Products — 0.8%

Fortune Brands Home & Security, Inc.		68		4,316

Owens Corning		75		4,204


				8,520


Capital Markets — 1.1%

MSCI, Inc.		15		4,907

State Street Corp.		120		7,639


				12,546


Commercial Services & Supplies — 0.2%

Waste Management, Inc.		21		2,203


Communications Equipment — 0.5%

Cisco Systems, Inc.		123		5,732


Construction & Engineering — 0.3%

MasTec, Inc. * (a)		76		3,406


Construction Materials — 0.2%

Eagle Materials, Inc. (a)		32		2,240


Containers & Packaging — 0.8%

Berry Global Group, Inc. *		11		496

Crown Holdings, Inc. *		127		8,259


				8,755


Diversified Consumer Services — 0.8%

Chegg, Inc. *		49		3,316

H&R Block, Inc.		396		5,649


				8,965


Diversified Telecommunication Services — 0.5%

AT&T, Inc.		179		5,414


INVESTMENTS	SHARES (000)		VALUE ($000)


Entertainment — 2.5%

Electronic Arts, Inc. *		84		11,132

Netflix, Inc. *		18		8,009

Take-Two Interactive Software, Inc. *		65		9,072


				28,213


Equity Real Estate Investment Trusts (REITs) — 1.8%

American Tower Corp.		52		13,548

Invitation Homes, Inc.		219		6,029


				19,577


Food & Staples Retailing — 1.1%

Kroger Co. (The)		116		3,923

Sprouts Farmers Market, Inc. *		324		8,299


				12,222


Food Products — 1.7%

Campbell Soup Co.		86		4,258

JM Smucker Co. (The)		40		4,201

TreeHouse Foods, Inc. * (a)		174		7,604

Tyson Foods, Inc., Class A		47		2,818


				18,881


Health Care Equipment & Supplies — 0.6%

Becton Dickinson and Co.		27		6,508


Health Care Providers & Services — 4.3%

Anthem, Inc.		66		17,252

Cigna Corp.		29		5,404

CVS Health Corp.		79		5,113

Humana, Inc.		35		13,377

UnitedHealth Group, Inc.		23		6,784


				47,930


Health Care Technology — 0.7%

Veeva Systems, Inc., Class A *		32		7,431


Household Durables — 1.1%

Lennar Corp., Class A		72		4,406

PulteGroup, Inc.		247		8,405


				12,811


Household Products — 0.8%

Procter & Gamble Co. (The)		76		9,087


Insurance — 0.7%

Allstate Corp. (The)		45		4,326

Lincoln National Corp.		97		3,572


				7,898

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	11

JPMorgan Intrepid Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Interactive Media & Services — 7.6%

Alphabet, Inc., Class A *		17		24,249

Alphabet, Inc., Class C *		15		20,639

Facebook, Inc., Class A *		173		39,373


				84,261


Internet & Direct Marketing Retail — 9.3%

Amazon.com, Inc. *		27		74,764

Booking Holdings, Inc. *		3		4,936

eBay, Inc.		403		21,116

Expedia Group, Inc.		36		2,951


				103,767


IT Services — 10.8%

Accenture plc, Class A		78		16,662

Akamai Technologies, Inc. *		85		9,060

Amdocs Ltd.		127		7,732

DXC Technology Co.		256		4,222

Euronet Worldwide, Inc. *		56		5,347

International Business Machines Corp.		137		16,485

Mastercard, Inc., Class A		112		33,119

PayPal Holdings, Inc. *		50		8,746

Visa, Inc., Class A (a)		86		16,651

WEX, Inc. *		14		2,244


				120,268


Life Sciences Tools & Services — 0.7%

IQVIA Holdings, Inc. * (a)		59		8,300


Machinery — 0.7%

Deere & Co.		25		3,866

PACCAR, Inc.		55		4,102


				7,968


Media — 0.9%

Charter Communications, Inc., Class A *		11		5,764

Discovery, Inc., Class A * (a)		203		4,283


				10,047


Metals & Mining — 0.1%

Newmont Corp.		16		963

Reliance Steel & Aluminum Co.		5		465


				1,428


Multiline Retail — 0.9%

Target Corp.		84		10,062


Oil, Gas & Consumable Fuels — 0.6%

Cheniere Energy, Inc. *		120		5,788

EOG Resources, Inc.		22		1,130


				6,918


INVESTMENTS	SHARES (000)		VALUE ($000)


Pharmaceuticals — 1.9%

Bristol-Myers Squibb Co.		355		20,874


Professional Services — 0.4%

FTI Consulting, Inc. *		24		2,749

ManpowerGroup, Inc.		24		1,657


				4,406


Road & Rail — 0.7%

CSX Corp.		111		7,727


Semiconductors & Semiconductor Equipment — 6.1%

Applied Materials, Inc.		295		17,833

Lam Research Corp.		63		20,216

NVIDIA Corp.		37		14,209

Qorvo, Inc. *		19		2,144

QUALCOMM, Inc.		155		14,119


				68,521


Software — 16.4%

CDK Global, Inc.		64		2,655

Fortinet, Inc. *		65		8,923

Intuit, Inc.		52		15,313

j2 Global, Inc. * (a)		96		6,093

Microsoft Corp.		535		108,889

Oracle Corp.		418		23,108

Palo Alto Networks, Inc. *		19		4,341

SS&C Technologies Holdings, Inc.		38		2,146

VMware, Inc., Class A * (a)		74		11,413


				182,881


Specialty Retail — 1.1%

Best Buy Co., Inc.		108		9,399

Williams-Sonoma, Inc.		39		3,190


				12,589


Technology Hardware, Storage & Peripherals — 10.1%

Apple, Inc.		259		94,355

Dell Technologies, Inc., Class C *		190		10,450

NetApp, Inc.		107		4,734

Xerox Holdings Corp.		169		2,586


				112,125


Trading Companies & Distributors — 0.1%

United Rentals, Inc. * (a)		9		1,401


Total Common Stocks (Cost $749,118)				1,091,707

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020


INVESTMENTS	NO. OF RIGHTS (000)		VALUE ($000)
Rights — 0.0% (b)

Pharmaceuticals — 0.0% (b)

Bristol-Myers Squibb Co., CVR, expiring 12/31/2020 * (Cost $71)		33		119


	SHARES (000)
Short-Term Investments — 2.1%

Investment Companies — 1.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d) (Cost $12,437)		12,436		12,447


Investment of Cash Collateral From Securities Loaned — 1.0%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d) (Cost $11,327)		11,327		11,327


Total Short-Term Investments (Cost $23,764)				23,774

Total Investments — 100.1% (Cost $772,953)				1,115,600
Liabilities in Excess of Other Assets — (0.1)%				(1,218	)

NET ASSETS — 100.0%				1,114,382

Percentages indicated are based on net assets.

Abbreviations


CVR		Contingent Value Rights


(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $11,233,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	13

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)			VALUE ($000)
Common Stocks — 97.9%

Aerospace & Defense — 1.8%

Axon Enterprise, Inc. *		4			402

Curtiss-Wright Corp.		35			3,097

HEICO Corp., Class A		16			1,314

Huntington Ingalls Industries, Inc.		6			1,024

Spirit AeroSystems Holdings, Inc., Class A		16			387

Teledyne Technologies, Inc. *		2			575

Textron, Inc.		11			355


					7,154


Air Freight & Logistics — 1.1%

CH Robinson Worldwide, Inc.		13			1,048

Expeditors International of Washington, Inc.		29			2,197

XPO Logistics, Inc. *		14			1,091


					4,336


Airlines — 0.9%

Alaska Air Group, Inc.		48			1,726

JetBlue Airways Corp. *		178			1,940


					3,666


Banks — 2.2%

First Horizon National Corp. (a)		100			998

KeyCorp		53			646

Popular, Inc. (Puerto Rico)		118			4,380

Regions Financial Corp.		50			553

Signature Bank		11			1,155

SVB Financial Group *		5			1,008


					8,740


Biotechnology — 1.8%

BioMarin Pharmaceutical, Inc. *		5			672

Bluebird Bio, Inc. *		20			1,230

Exelixis, Inc. *		27			650

Incyte Corp. *		4			395

Moderna, Inc. * (a)		50			3,239

Neurocrine Biosciences, Inc. *		6			747

Sarepta Therapeutics, Inc. *		—	(b)		76


					7,009


Building Products — 1.7%

Masco Corp.		32			1,627

Trane Technologies plc		55			4,896


					6,523


Capital Markets — 3.4%

Affiliated Managers Group, Inc.		3			196

Ameriprise Financial, Inc.		11			1,650

Cboe Global Markets, Inc.		1			110


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — continued

Evercore, Inc., Class A		6		327

Invesco Ltd.		34		362

KKR & Co., Inc.		15		463

Lazard Ltd., Class A		5		150

LPL Financial Holdings, Inc.		53		4,181

Morningstar, Inc.		15		2,104

State Street Corp.		44		2,796

Virtu Financial, Inc., Class A		45		1,050


				13,389


Chemicals — 1.5%

Axalta Coating Systems Ltd. *		27		604

Cabot Corp.		3		99

Eastman Chemical Co. (a)		1		96

Huntsman Corp.		174		3,135

Valvoline, Inc.		103		1,986


				5,920


Communications Equipment — 0.9%

Ciena Corp. *		7		375

F5 Networks, Inc. *		22		3,055


				3,430


Construction & Engineering — 0.2%

AECOM *		23		846


Containers & Packaging — 1.8%

Ardagh Group SA		76		979

Avery Dennison Corp.		6		693

Berry Global Group, Inc. *		51		2,238

Graphic Packaging Holding Co.		220		3,075

Westrock Co.		5		141


				7,126


Distributors — 0.8%

LKQ Corp. *		114		2,982


Diversified Consumer Services — 0.2%

frontdoor, Inc. *		17		757


Diversified Financial Services — 0.6%

Equitable Holdings, Inc. (a)		111		2,133

Jefferies Financial Group, Inc.		12		194

Voya Financial, Inc.		3		117


				2,444


Diversified Telecommunication Services — 0.5%

CenturyLink, Inc. (a)		199		1,997

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Electric Utilities — 1.8%

Entergy Corp.		5		457

FirstEnergy Corp.		27		1,033

NRG Energy, Inc.		148		4,810

PG&E Corp. * (a)		78		691


				6,991


Electrical Equipment — 0.6%

AMETEK, Inc.		12		1,034

Regal Beloit Corp.		17		1,481


				2,515


Electronic Equipment, Instruments & Components — 5.0%

Arrow Electronics, Inc. *		108		7,403

Avnet, Inc.		96		2,674

CDW Corp.		10		1,165

Dolby Laboratories, Inc., Class A		102		6,689

National Instruments Corp.		37		1,435


				19,366


Energy Equipment & Services — 0.2%

Baker Hughes Co.		24		370

National Oilwell Varco, Inc. (a)		34		415


				785


Entertainment — 1.3%

Activision Blizzard, Inc.		6		429

Live Nation Entertainment, Inc. * (a)		17		734

Roku, Inc. *		6		722

Take-Two Interactive Software, Inc. *		24		3,301


				5,186


Equity Real Estate Investment Trusts (REITs) — 7.4%

Alexandria Real Estate Equities, Inc. (a)		5		872

Americold Realty Trust		21		760

Boston Properties, Inc.		1		124

Brandywine Realty Trust		9		97

Camden Property Trust		5		436

Cousins Properties, Inc.		7		204

Douglas Emmett, Inc.		6		188

Duke Realty Corp.		44		1,554

Empire State Realty Trust, Inc., Class A		7		51

EPR Properties		4		136

Equinix, Inc.		5		3,249

Equity LifeStyle Properties, Inc.		17		1,065

Federal Realty Investment Trust		28		2,416

Gaming and Leisure Properties, Inc.		62		2,150

Healthcare Trust of America, Inc., Class A		4		113


INVESTMENTS	SHARES (000)		VALUE ($000)


Equity Real Estate Investment Trusts (REITs) — continued

Highwoods Properties, Inc.		6		207

Host Hotels & Resorts, Inc. (a)		322		3,479

Hudson Pacific Properties, Inc.		14		355

Invitation Homes, Inc.		75		2,070

Medical Properties Trust, Inc.		26		479

Mid-America Apartment Communities, Inc.		2		185

Paramount Group, Inc.		98		756

Park Hotels & Resorts, Inc.		13		128

Realty Income Corp.		26		1,529

Regency Centers Corp.		4		197

Sun Communities, Inc.		8		1,136

VEREIT, Inc.		29		186

VICI Properties, Inc. (a)		155		3,124

Vornado Realty Trust		15		556

Weingarten Realty Investors		14		256

Weyerhaeuser Co.		47		1,051


				29,109


Food & Staples Retailing — 1.1%

Kroger Co. (The)		18		620

Sprouts Farmers Market, Inc. * (a)		142		3,626


				4,246


Food Products — 2.4%

Archer-Daniels-Midland Co.		64		2,563

Hershey Co. (The)		13		1,717

Pilgrim’s Pride Corp. * (a)		127		2,153

TreeHouse Foods, Inc. *		16		718

Tyson Foods, Inc., Class A		40		2,390


				9,541


Gas Utilities — 0.1%

National Fuel Gas Co.		7		274


Health Care Equipment & Supplies — 3.1%

Cooper Cos., Inc. (The)		1		163

Dentsply Sirona, Inc.		22		969

Hill-Rom Holdings, Inc.		14		1,562

Hologic, Inc. *		28		1,620

ICU Medical, Inc. *		4		793

SmileDirectClub, Inc. * (a)		264		2,085

Teleflex, Inc.		3		919

Zimmer Biomet Holdings, Inc.		33		3,906


				12,017


Health Care Providers & Services — 4.9%

AmerisourceBergen Corp.		18		1,766

Cardinal Health, Inc.		65		3,415

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	15

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Health Care Providers & Services — continued

Centene Corp. *		100		6,323

DaVita, Inc. *		18		1,448

McKesson Corp.		24		3,739

Premier, Inc., Class A *		67		2,303


				18,994


Health Care Technology — 0.1%

Change Healthcare, Inc. *		40		445


Hotels, Restaurants & Leisure — 1.8%

Domino’s Pizza, Inc.		10		3,704

Hilton Worldwide Holdings, Inc.		9		679

Wendy’s Co. (The)		27		579

Wyndham Destinations, Inc.		73		2,069


				7,031


Household Durables — 3.4%

Garmin Ltd. (a)		20		1,974

Newell Brands, Inc.		251		3,991

PulteGroup, Inc.		184		6,252

Tempur Sealy International, Inc. *		16		1,142


				13,359


Independent Power and Renewable Electricity Producers — 2.5%

AES Corp. (The)		327		4,735

Vistra Energy Corp.		278		5,185


				9,920


Industrial Conglomerates — 0.2%

Carlisle Cos., Inc.		7		808


Insurance — 2.5%

Alleghany Corp.		1		391

American Financial Group, Inc.		12		774

American National Insurance Co.		2		119

Arch Capital Group Ltd. *		13		370

Assurant, Inc.		2		176

Assured Guaranty Ltd.		38		934

Axis Capital Holdings Ltd.		14		549

Everest Re Group Ltd.		7		1,427

Fidelity National Financial, Inc.		13		405

First American Financial Corp.		28		1,333

Hanover Insurance Group, Inc. (The)		12		1,173

Hartford Financial Services Group, Inc. (The)		28		1,074

Lincoln National Corp.		24		888

Reinsurance Group of America, Inc.		1		92


				9,705


INVESTMENTS	SHARES (000)		VALUE ($000)


Interactive Media & Services — 1.6%

InterActive Corp. *		11		3,461

Twitter, Inc. *		88		2,628


				6,089


IT Services — 5.6%

Black Knight, Inc. *		34		2,481

DXC Technology Co.		359		5,921

Fidelity National Information Services, Inc.		23		3,146

Fiserv, Inc. *		27		2,604

Global Payments, Inc.		11		1,838

Leidos Holdings, Inc.		36		3,403

Sabre Corp. (a)		167		1,342

Science Applications International Corp.		13		1,002

Switch, Inc., Class A (a)		18		316


				22,053


Leisure Products — 0.3%

Hasbro, Inc.		8		570

Mattel, Inc. * (a)		60		577


				1,147


Life Sciences Tools & Services — 1.1%

Agilent Technologies, Inc.		29		2,547

PPD, Inc. * (a)		39		1,044

Repligen Corp. *		6		692


				4,283


Machinery — 3.7%

Crane Co.		29		1,702

Ingersoll Rand, Inc. * (a)		48		1,360

PACCAR, Inc.		63		4,691

Timken Co. (The)		144		6,569


				14,322


Media — 1.9%

Discovery, Inc., Class C *		79		1,517

DISH Network Corp., Class A *		66		2,288

Fox Corp., Class B		77		2,062

Nexstar Media Group, Inc., Class A (a)		19		1,561


				7,428


Metals & Mining — 1.5%

Freeport-McMoRan, Inc.		76		885

Newmont Corp.		44		2,716

Nucor Corp.		7		270

Reliance Steel & Aluminum Co.		2		147

Steel Dynamics, Inc.		68		1,778


				5,796

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Mortgage Real Estate Investment Trusts (REITs) — 0.4%

AGNC Investment Corp.		15		191

New Residential Investment Corp.		21		153

Starwood Property Trust, Inc.		74		1,102


				1,446


Multiline Retail — 0.9%

Dollar General Corp.		15		2,911

Kohl’s Corp.		27		552


				3,463


Multi-Utilities — 0.5%

CenterPoint Energy, Inc.		25		460

Consolidated Edison, Inc.		12		854

MDU Resources Group, Inc.		28		622


				1,936


Oil, Gas & Consumable Fuels — 2.3%

Cabot Oil & Gas Corp.		141		2,419

Cheniere Energy, Inc. *		30		1,425

Cimarex Energy Co.		8		233

HollyFrontier Corp.		93		2,722

Murphy Oil Corp.		29		401

Pioneer Natural Resources Co.		9		840

Valero Energy Corp.		7		407

Williams Cos., Inc. (The)		21		406


				8,853


Personal Products — 0.4%

Herbalife Nutrition Ltd. * (a)		39		1,756


Pharmaceuticals — 1.8%

Elanco Animal Health, Inc. *		52		1,124

Jazz Pharmaceuticals plc *		17		1,864

Mylan NV *		94		1,513

Nektar Therapeutics * (a)		54		1,247

Perrigo Co. plc		21		1,147


				6,895


Professional Services — 2.2%

CoStar Group, Inc. *		5		3,607

ManpowerGroup, Inc.		14		937

Nielsen Holdings plc		33		483

TransUnion		43		3,699


				8,726


Road & Rail — 0.4%

Landstar System, Inc.		6		635

Schneider National, Inc., Class B		37		915


				1,550


INVESTMENTS	SHARES (000)		VALUE ($000)


Semiconductors & Semiconductor Equipment — 1.4%

Lam Research Corp.		12		3,978

ON Semiconductor Corp. * (a)		76		1,513


				5,491


Software — 3.1%

FireEye, Inc. *		215		2,615

Medallia, Inc. *		34		848

Palo Alto Networks, Inc. *		11		2,429

Pluralsight, Inc., Class A *		63		1,141

Proofpoint, Inc. *		27		3,022

Synopsys, Inc. *		10		1,862


				11,917


Specialty Retail — 2.9%

Advance Auto Parts, Inc. (a)		18		2,593

AutoZone, Inc. *		1		761

Best Buy Co., Inc.		40		3,508

Burlington Stores, Inc. *		2		364

Dick’s Sporting Goods, Inc.		64		2,641

Foot Locker, Inc.		19		551

Ulta Beauty, Inc. *		1		183

Williams-Sonoma, Inc.		7		566


				11,167


Technology Hardware, Storage & Peripherals — 5.9%

Dell Technologies, Inc., Class C *		103		5,661

NCR Corp. *		349		6,045

NetApp, Inc.		65		2,884

Pure Storage, Inc., Class A *		35		613

Western Digital Corp.		33		1,440

Xerox Holdings Corp.		417		6,371


				23,014


Textiles, Apparel & Luxury Goods — 0.1%

Ralph Lauren Corp.		7		502


Thrifts & Mortgage Finance — 0.4%

MGIC Investment Corp.		182		1,493


Trading Companies & Distributors — 1.5%

HD Supply Holdings, Inc. *		39		1,339

Univar Solutions, Inc. * (a)		134		2,259

WW Grainger, Inc.		7		2,168


				5,766


Water Utilities — 0.2%

American Water Works Co., Inc.		5		579

Essential Utilities, Inc.		8		351


				930


Total Common Stocks (Cost $337,510)				382,634

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	17

JPMorgan Intrepid Mid Cap Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 6.6%

Investment Companies — 1.2%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d) (Cost $4,826)		4,824		4,828


Investment of Cash Collateral from Securities Loaned — 5.4%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (c) (d)		14,998		15,004

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d)		5,757		5,757


Total Investment of Cash Collateral from Securities Loaned (Cost $20,758)				20,761


Total Short-Term Investments (Cost $25,584)				25,589

Total Investments — 104.5% (Cost $363,094)				408,223
Liabilities in Excess of Other Assets — (4.5)%				(17,558	)

NET ASSETS — 100.0%				390,665

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $18,506,000.
(b)		Amount rounds to less than one thousand.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):

Description

Number of
Contracts

Expiration
Date

Trading
Currency

Notional
Amount ($)

Value and
Unrealized
Appreciation
(Depreciation) ($)

Long Contracts

S&P Midcap 400 E-Mini Index

09/2020

USD

4,801

108

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.5%

Aerospace & Defense — 1.3%

Northrop Grumman Corp.		7		2,213

Raytheon Technologies Corp.		19		1,171


				3,384


Airlines — 0.3%

Delta Air Lines, Inc.		29		813


Auto Components — 0.4%

Lear Corp.		9		1,025


Banks — 7.5%

Bank of America Corp.		274		6,509

Citigroup, Inc.		95		4,879

Citizens Financial Group, Inc.		65		1,628

Popular, Inc. (Puerto Rico)		31		1,149

Sterling Bancorp		101		1,180

Truist Financial Corp.		62		2,321

Western Alliance Bancorp		33		1,242


				18,908


Biotechnology — 4.7%

AbbVie, Inc.		53		5,240

Alexion Pharmaceuticals, Inc. *		14		1,571

Amgen, Inc.		12		2,723

Biogen, Inc. *		6		1,579

Gilead Sciences, Inc.		12		916


				12,029


Building Products — 1.4%

Fortune Brands Home & Security, Inc. (a)		21		1,330

Owens Corning		40		2,225


				3,555


Capital Markets — 1.9%

Ameriprise Financial, Inc.		14		2,101

State Street Corp.		42		2,662


				4,763


Chemicals — 3.0%

Axalta Coating Systems Ltd. *		45		1,024

Celanese Corp.		16		1,390

CF Industries Holdings, Inc.		55		1,559

DuPont de Nemours, Inc.		20		1,057

Eastman Chemical Co. (a)		10		717

Huntsman Corp.		86		1,540

LyondellBasell Industries NV, Class A		6		375


				7,662


Communications Equipment — 1.2%

Cisco Systems, Inc.		67		3,125


INVESTMENTS	SHARES (000)		VALUE ($000)


Construction & Engineering — 1.2%

AECOM *		29		1,090

MasTec, Inc. *		42		1,889


				2,979


Consumer Finance — 1.1%

Ally Financial, Inc.		37		724

American Express Co.		15		1,409

Discover Financial Services		14		706


				2,839


Containers & Packaging — 1.5%

Ball Corp.		8		528

Berry Global Group, Inc. *		5		222

Crown Holdings, Inc. *		34		2,240

Silgan Holdings, Inc.		23		755


				3,745


Diversified Consumer Services — 0.5%

H&R Block, Inc.		98		1,397


Diversified Financial Services — 2.5%

Berkshire Hathaway, Inc., Class B *		24		4,338

Voya Financial, Inc.		46		2,127


				6,465


Diversified Telecommunication Services — 4.1%

AT&T, Inc.		58		1,759

CenturyLink, Inc.		75		752

Verizon Communications, Inc.		143		7,862


				10,373


Electric Utilities — 5.1%

American Electric Power Co., Inc.		17		1,378

Entergy Corp.		20		1,876

Exelon Corp.		107		3,887

NextEra Energy, Inc.		5		1,129

NRG Energy, Inc.		60		1,963

OGE Energy Corp.		24		716

Southern Co. (The)		36		1,882


				12,831


Electrical Equipment — 0.6%

Eaton Corp. plc (a)		19		1,618


Energy Equipment & Services — 0.7%

Baker Hughes Co.		42		649

TechnipFMC plc (United Kingdom)		152		1,037


				1,686


Entertainment — 1.6%

Electronic Arts, Inc. *		31		4,146

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	19

JPMorgan Intrepid Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — 4.9%

American Tower Corp.		10		2,482

Essex Property Trust, Inc.		9		1,971

Extra Space Storage, Inc.		7		619

Invitation Homes, Inc.		87		2,403

Kilroy Realty Corp.		20		1,186

Paramount Group, Inc.		199		1,532

SL Green Realty Corp.		6		286

STORE Capital Corp.		41		974

VEREIT, Inc.		188		1,206


				12,659


Food & Staples Retailing — 2.3%

Kroger Co. (The)		65		2,194

Sprouts Farmers Market, Inc. *		85		2,167

Walgreens Boots Alliance, Inc.		39		1,649


				6,010


Food Products — 2.2%

Kraft Heinz Co. (The)		67		2,124

Pilgrim’s Pride Corp. *		41		694

TreeHouse Foods, Inc. *		14		591

Tyson Foods, Inc., Class A		39		2,329


				5,738


Health Care Equipment & Supplies — 1.2%

Hologic, Inc. *		32		1,807

Zimmer Biomet Holdings, Inc.		11		1,349


				3,156


Health Care Providers & Services — 3.9%

Anthem, Inc.		19		5,050

Cigna Corp.		11		2,139

CVS Health Corp.		19		1,260

Humana, Inc.		2		853

McKesson Corp.		5		721


				10,023


Hotels, Restaurants & Leisure — 1.1%

Dunkin’ Brands Group, Inc.		23		1,526

Wyndham Destinations, Inc.		46		1,285


				2,811


Household Durables — 1.4%

DR Horton, Inc.		29		1,630

PulteGroup, Inc.		60		2,056


				3,686


Household Products — 2.2%

Procter & Gamble Co. (The)		46		5,500


INVESTMENTS	SHARES (000)		VALUE ($000)


Independent Power and Renewable Electricity Producers — 0.9%

Clearway Energy, Inc.		18		380

Vistra Energy Corp.		100		1,863


				2,243


Insurance — 3.8%

Allstate Corp. (The)		51		4,909

Fidelity National Financial, Inc.		72		2,201

MetLife, Inc.		19		683

Travelers Cos., Inc. (The)		18		2,041


				9,834


Interactive Media & Services — 0.9%

Alphabet, Inc., Class A *		1		1,276

Alphabet, Inc., Class C *		1		933


				2,209


Internet & Direct Marketing Retail — 1.6%

eBay, Inc.		57		2,974

Qurate Retail, Inc., Series A *		115		1,095


				4,069


IT Services — 3.0%

DXC Technology Co. (a)		63		1,031

International Business Machines Corp.		11		1,292

KBR, Inc.		42		952

Leidos Holdings, Inc.		5		487

Mastercard, Inc., Class A		8		2,307

Science Applications International Corp.		19		1,507


				7,576


Life Sciences Tools & Services — 0.9%

IQVIA Holdings, Inc. *		16		2,284


Machinery — 3.1%

Caterpillar, Inc.		20		2,543

Deere & Co.		19		2,955

PACCAR, Inc.		19		1,422

Rexnord Corp.		36		1,049


				7,969


Media — 2.5%

Charter Communications, Inc., Class A *		6		2,908

Discovery, Inc., Class A * (a)		60		1,255

Nexstar Media Group, Inc., Class A (a)		7		594

Omnicom Group, Inc. (a)		28		1,540


				6,297


Metals & Mining — 0.2%

Newmont Corp.		9		574

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Multiline Retail — 0.5%

Target Corp.		10		1,187


Oil, Gas & Consumable Fuels — 4.9%

Cheniere Energy, Inc. *		44		2,121

Chevron Corp.		32		2,896

Concho Resources, Inc.		5		247

ConocoPhillips		48		2,025

EOG Resources, Inc.		18		902

Kinder Morgan, Inc.		55		839

ONEOK, Inc.		52		1,717

Phillips 66		26		1,841


				12,588


Personal Products — 0.4%

Herbalife Nutrition Ltd. *		23		1,044


Pharmaceuticals — 4.1%

Bristol-Myers Squibb Co.		79		4,645

Jazz Pharmaceuticals plc *		10		1,048

Johnson & Johnson		14		2,025

Mylan NV *		44		703

Pfizer, Inc.		66		2,158


				10,579


Professional Services — 0.3%

FTI Consulting, Inc. *		7		745


Road & Rail — 1.5%

CSX Corp.		56		3,871


Semiconductors & Semiconductor Equipment — 4.3%

Applied Materials, Inc.		25		1,529

Broadcom, Inc.		7		2,051

Intel Corp.		13		760

Lam Research Corp.		12		3,947

QUALCOMM, Inc.		29		2,618


				10,905


Software — 2.0%

j2 Global, Inc. *		14		904

Oracle Corp.		76		4,184


				5,088


Specialty Retail — 0.7%

Best Buy Co., Inc.		20		1,772


Technology Hardware, Storage & Peripherals — 0.9%

Dell Technologies, Inc., Class C *		15		819

NetApp, Inc.		15		661

Xerox Holdings Corp.		61		929


				2,409


INVESTMENTS	SHARES (000)		VALUE ($000)


Tobacco — 1.7%

Altria Group, Inc.		111		4,357


Trading Companies & Distributors — 0.5%

United Rentals, Inc. *		8		1,237


Total Common Stocks (Cost $240,855)				251,763

	NO. OF RIGHTS (000)
Rights — 0.0% (b)

Pharmaceuticals — 0.0% (b)

Bristol-Myers Squibb Co., CVR, expiring 12/31/2020 * (Cost $30)		14		51

	SHARES (000)
Short-Term Investments — 2.8%

Investment Companies — 1.8%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d) (Cost $4,717)		4,715		4,719


Investment of Cash Collateral from Securities Loaned — 1.0%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (c) (d)		3		3

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d)		2,452		2,452


Total Investment of Cash Collateral from Securities Loaned (Cost $2,455)				2,455


Total Short-Term Investments (Cost $7,172)				7,174

Total Investments — 101.3% (Cost $248,057)				258,988
Liabilities in Excess of Other Assets — (1.3)%				(3,222	)

NET ASSETS — 100.0%				255,766

Percentages indicated are based on net assets.

Abbreviations


CVR		Contingent Value Rights

(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $2,394,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	21

JPMorgan U.S. Sustainable Leaders Fund

(formerly known as JPMorgan Intrepid Sustainable Equity Fund)

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.0%

Auto Components — 1.5%

Aptiv plc		8		598


Banks — 4.5%

Bank of America Corp.		42		1,009

Citigroup, Inc.		16		836


				1,845


Biotechnology — 3.6%

Amgen, Inc.		4		943

Gilead Sciences, Inc.		7		513


				1,456


Building Products — 3.8%

Owens Corning		11		609

Trane Technologies plc		7		619

Trex Co., Inc. *		2		315


				1,543


Capital Markets — 2.6%

S&P Global, Inc.		2		616

State Street Corp.		7		459


				1,075


Communications Equipment — 2.9%

Cisco Systems, Inc.		25		1,171


Consumer Finance — 1.0%

American Express Co.		4		391


Containers & Packaging — 1.4%

Ball Corp.		8		568


Diversified Financial Services — 1.0%

Voya Financial, Inc.		8		395


Diversified Telecommunication Services — 3.3%

Verizon Communications, Inc.		24		1,349


Electric Utilities — 1.4%

NextEra Energy, Inc.		2		556


Electrical Equipment — 1.1%

Eaton Corp. plc		5		458


Entertainment — 5.3%

Electronic Arts, Inc. *		7		883

Walt Disney Co. (The) (a)		12		1,293


				2,176


Equity Real Estate Investment Trusts (REITs) — 4.8%

American Tower Corp.		3		833

Boston Properties, Inc.		5		478

Equinix, Inc.		1		625


				1,936


INVESTMENTS	SHARES (000)		VALUE ($000)


Food Products — 3.0%

General Mills, Inc.		11		686

Kellogg Co.		8		546


				1,232


Health Care Equipment & Supplies — 1.1%

Hologic, Inc.*		8		465


Health Care Providers & Services — 2.2%

Cigna Corp.		5		914


Household Products — 3.5%

Procter & Gamble Co. (The)		12		1,432


Insurance — 1.9%

Lincoln National Corp.		9		326

Travelers Cos., Inc. (The)		4		451


				777


IT Services — 4.3%

Accenture plc, Class A		2		468

Mastercard, Inc., Class A		4		1,283


				1,751


Life Sciences Tools & Services — 2.4%

Agilent Technologies, Inc.		5		436

IQVIA Holdings, Inc. * (a)		4		526


				962


Machinery — 3.0%

Deere & Co.		4		588

Parker-Hannifin Corp.		2		345

Xylem, Inc.		5		292


				1,225


Multiline Retail — 2.6%

Target Corp.		9		1,062


Pharmaceuticals — 4.1%

Bristol-Myers Squibb Co.		15		859

Merck & Co., Inc.		11		824


				1,683


Professional Services — 0.5%

FTI Consulting, Inc. *		2		214


Real Estate Management & Development — 0.7%

CBRE Group, Inc., Class A *		7		294


Semiconductors & Semiconductor Equipment — 8.0%

Applied Materials, Inc.		13		779

Lam Research Corp.		3		817

NVIDIA Corp.		2		722

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Semiconductors & Semiconductor Equipment — continued

Texas Instruments, Inc.		7		887


				3,205


Software — 14.8%

Adobe, Inc. *		1		592

Cadence Design Systems, Inc. *		5		478

Intuit, Inc.		2		628

Microsoft Corp.		17		3,525

salesforce.com, Inc. *		4		764


				5,987


Specialty Retail — 5.4%

Best Buy Co., Inc.		8		728

Home Depot, Inc. (The)		6		1,470


				2,198


Textiles, Apparel & Luxury Goods — 1.3%

VF Corp.		9		539


Total Common Stocks (Cost $32,089)				39,457

Short-Term Investments — 4.7%

Investment Companies — 3.9%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) (Cost $1,605)		1,604		1,605


Investment of Cash Collateral from Securities Loaned — 0.8%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c) (Cost $326)		326		326


TOTAL Short-Term Investments (Cost $1,931)				1,931

Total Investments — 101.7% (Cost $34,020)				41,388
Liabilities in Excess of Other Assets — (1.7)%				(688	)

NET ASSETS — 100.0%				40,700

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $323,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	23

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020

(Amounts in thousands, except per share amounts)


	JPMorgan Intrepid Growth Fund			JPMorgan Intrepid Mid Cap Fund			JPMorgan Intrepid Value Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
ASSETS:
Investments in non-affiliates, at value	$	1,091,826		$	382,634		$	251,814		$	39,457
Investments in affiliates, at value		12,447			4,828			4,719			1,605
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		11,327			20,761			2,455			326
Cash		11			—			12			1
Deposits at broker for futures contracts		—			550			—			—
Receivables:
Due from custodian		—			—			2,571			—
Investment securities sold		28,965			14,733			734			—
Fund shares sold		160			155			119			70
Dividends from non-affiliates		585			583			404			30
Dividends from affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		7			76			—	(a)		—	(a)
Variation margin on futures contracts		—			75			—			—
Due from adviser		—			—			—			5

Total Assets		1,145,328			424,395			262,828			41,494


LIABILITIES:
Payables:
Due to custodian		—			927			—			—
Investment securities purchased		18,435			11,280			4,071			391
Collateral received on securities loaned (See Note 2.B.)		11,327			20,761			2,455			326
Fund shares redeemed		697			338			257			18
Accrued liabilities:
Investment advisory fees		236			169			54			—
Administration fees		46			18			9			—
Distribution fees		55			52			19			4
Service fees		72			62			37			—
Custodian and accounting fees		14			15			13			11
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)		—	(a)
Other		64			108			147			44

Total Liabilities		30,946			33,730			7,062			794

Net Assets	$	1,114,382		$	390,665		$	255,766		$	40,700

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020


	JPMorgan Intrepid Growth Fund			JPMorgan Intrepid Mid Cap Fund			JPMorgan Intrepid Value Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
NET ASSETS:
Paid-in-Capital	$	704,995		$	342,860		$	246,863		$	33,163
Total distributable earnings (loss)		409,387			47,805			8,903			7,537

Total Net Assets	$	1,114,382		$	390,665		$	255,766		$	40,700

Net Assets:
Class A	$	94,017		$	154,019		$	49,876		$	11,178
Class C		31,216			27,417			11,038			2,735
Class I		141,497			119,926			113,316			26,787
Class R2		40,305			—			2,664			—
Class R3		—			12,615			—			—
Class R4		—			562			—			—
Class R5		189,889			—			4,269			—
Class R6		617,458			76,126			74,603			—

Total	$	1,114,382		$	390,665		$	255,766		$	40,700

Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		1,631			9,924			1,931			261
Class C		555			2,270			435			66
Class I		2,406			7,175			4,394			621
Class R2		719			—			104			—
Class R3		—			819			—			—
Class R4		—			34			—			—
Class R5		3,278			—			167			—
Class R6		10,659			4,551			2,863			—

Net Asset Value (a):
Class A — Redemption price per share	$	57.64		$	15.52		$	25.83		$	42.76
Class C — Offering price per share (b)		56.26			12.08			25.36			41.80
Class I — Offering and redemption price per share		58.80			16.71			25.79			43.11
Class R2 — Offering and redemption price per share		56.08			—			25.55			—
Class R3 — Offering and redemption price per share		—			15.41			—			—
Class R4 — Offering and redemption price per share		—			16.64			—			—
Class R5 — Offering and redemption price per share		57.93			—			25.66			—
Class R6 — Offering and redemption price per share		57.93			16.73			26.06			—
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	60.83		$	16.38		$	27.26		$	45.13


Cost of investments in non-affiliates	$	749,189		$	337,510		$	240,885		$	32,089
Cost of investments in affiliates		12,437			4,826			4,717			1,605
Investment securities on loan, at value (See Note 2.B.)		11,233			18,506			2,394			323
Cost of investment of cash collateral (See Note 2.B.)		11,327			20,758			2,455			326

(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.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	25

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020

(Amounts in thousands)


	JPMorgan Intrepid Growth Fund			JPMorgan Intrepid Mid Cap Fund			JPMorgan Intrepid Value Fund			JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
INVESTMENT INCOME:
Interest income from non-affiliates	$	15		$	7		$	16		$	1
Interest income from affiliates		—	(a)		—	(a)		—	(a)		—
Dividend income from non-affiliates		18,843			7,498			19,245			659
Dividend income from affiliates		405			166			394			18
Non-cash dividend income from non-affiliates		2,779			—			—			—
Income from securities lending (net) (See Note 2.B.)		64			387			10			—	(a)

Total investment income		22,106			8,058			19,665			678


EXPENSES:
Investment advisory fees		3,538			2,573			2,334			154
Administration fees		835			345			563			26
Distribution fees:
Class A		249			448			154			29
Class C		257			263			115			21
Class R2		212			—			18			—
Class R3		—			34			—			—
Service fees:
Class A		249			448			154			29
Class C		86			88			38			7
Class I		380			378			1,293			52
Class R2		106			—			9			—
Class R3		—			34			—			—
Class R4		—			2			—			—
Class R5		185			—			29			—
Custodian and accounting fees		42			37			40			29
Interest expense to affiliates		—	(a)		—	(a)		—	(a)		—	(a)
Professional fees		68			62			64			49
Trustees’ and Chief Compliance Officer’s fees		29			27			29			25
Printing and mailing costs		13			49			105			9
Registration and filing fees		93			103			95			51
Transfer agency fees (See Note 2.F.)		64			59			22			6
Other		26			16			23			6

Total expenses		6,432			4,966			5,085			493

Less fees waived		(955	)		(341	)		(760	)		(237	)
Less expense reimbursements		—	(a)		(2	)		(2	)		(6	)

Net expenses		5,477			4,623			4,323			250

Net investment income (loss)		16,629			3,435			15,342			428


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		90,171			35,786			47,527			341
Investments in affiliates		2			1			13			—	(a)
Futures contracts		(1,887	)		876			(705	)		(88	)

Net realized gain (loss)		88,286			36,663			46,835			253

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		54,692			(57,865	)		(120,359	)		2,780
Investments in affiliates		8			4			2			—	(a)
Futures contracts		(313	)		24			(127	)		(12	)

Change in net unrealized appreciation/depreciation		54,387			(57,837	)		(120,484	)		2,768

Net realized/unrealized gains (losses)		142,673			(21,174	)		(73,649	)		3,021

Change in net assets resulting from operations	$	159,302		$	(17,739	)	$	(58,307	)	$	3,449

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Intrepid Growth Fund						JPMorgan Intrepid Mid Cap Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,629		$	13,040		$	3,435		$	3,897
Net realized gain (loss)		88,286			139,379			36,663			67,943
Change in net unrealized appreciation/depreciation		54,387			(69,695	)		(57,837	)		(69,436	)

Change in net assets resulting from operations		159,302			82,724			(17,739	)		2,404


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(12,262	)		(10,076	)		(21,131	)		(46,279	)
Class C		(4,180	)		(3,578	)		(5,115	)		(12,486	)
Class I		(18,221	)		(20,749	)		(17,337	)		(46,107	)
Class R2		(5,271	)		(4,245	)		—			—
Class R3		—			—			(1,616	)		(3,226	)
Class R4		—			—			(132	)		(191	)
Class R5		(23,132	)		(20,788	)		—			—
Class R6		(73,479	)		(60,741	)		(9,366	)		(13,230	)

Total distributions to shareholders		(136,545	)		(120,177	)		(54,697	)		(121,519	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(56,713	)		16,197			(66,132	)		(168,175	)


NET ASSETS:
Change in net assets		(33,956	)		(21,256	)		(138,568	)		(287,290	)
Beginning of period		1,148,338			1,169,594			529,233			816,523

End of period	$	1,114,382		$	1,148,338		$	390,665		$	529,233

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	27

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Intrepid Value Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	15,342		$	19,043		$	428		$	329
Net realized gain (loss)		46,835			88,982			253			2,392
Change in net unrealized appreciation/depreciation		(120,484	)		(66,169	)		2,768			(180	)

Change in net assets resulting from operations		(58,307	)		41,856			3,449			2,541


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(5,592	)		(9,987	)		(858	)		(747	)
Class C		(1,365	)		(2,585	)		(204	)		(214	)
Class I		(54,344	)		(96,496	)		(1,447	)		(880	)
Class R2		(314	)		(579	)		—			—
Class R5		(3,383	)		(10,610	)		—			—
Class R6		(11,681	)		(15,052	)		—			—

Total distributions to shareholders		(76,679	)		(135,309	)		(2,509	)		(1,841	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(586,626	)		(27,032	)		9,075			8,039


NET ASSETS:
Change in net assets		(721,612	)		(120,485	)		10,015			8,739
Beginning of period		977,378			1,097,863			30,685			21,946

End of period	$	255,766		$	977,378		$	40,700		$	30,685

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020


	JPMorgan Intrepid Growth Fund						JPMorgan Intrepid Mid Cap Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	18,251		$	23,602		$	13,822		$	29,916
Distributions reinvested		8,614			6,926			19,511			40,963
Cost of shares redeemed		(40,642	)		(24,982	)		(54,915	)		(134,149	)

Change in net assets resulting from Class A capital transactions	$	(13,777	)	$	5,546		$	(21,582	)	$	(63,270	)

Class C
Proceeds from shares issued	$	2,490		$	5,263		$	1,393		$	4,428
Distributions reinvested		3,299			2,906			4,865			11,150
Cost of shares redeemed		(10,656	)		(8,391	)		(14,460	)		(23,180	)

Change in net assets resulting from Class C capital transactions	$	(4,867	)	$	(222	)	$	(8,202	)	$	(7,602	)

Class I
Proceeds from shares issued	$	21,569		$	42,963		$	28,647		$	46,939
Distributions reinvested		16,565			19,170			15,360			39,134
Cost of shares redeemed		(61,865	)		(86,816	)		(89,816	)		(146,883	)

Change in net assets resulting from Class I capital transactions	$	(23,731	)	$	(24,683	)	$	(45,809	)	$	(60,810	)

Class R2
Proceeds from shares issued	$	10,855		$	13,480		$	—		$	—
Distributions reinvested		5,051			3,834			—			—
Cost of shares redeemed		(21,173	)		(11,486	)		—			—

Change in net assets resulting from Class R2 capital transactions	$	(5,267	)	$	5,828		$	—		$	—

Class R3
Proceeds from shares issued	$	—		$	—		$	3,971		$	5,800
Distributions reinvested		—			—			1,599			2,914
Cost of shares redeemed		—			—			(6,383	)		(3,876	)

Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	(813	)	$	4,838

Class R4
Proceeds from shares issued	$	—		$	—		$	296		$	419
Distributions reinvested		—			—			105			191
Cost of shares redeemed		—			—			(966	)		(417	)

Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	(565	)	$	193

Class R5
Proceeds from shares issued	$	22,564		$	22,080		$	—		$	—
Distributions reinvested		23,131			19,502			—			—
Cost of shares redeemed		(53,596	)		(41,585	)		—			—

Change in net assets resulting from Class R5 capital transactions	$	(7,901	)	$	(3	)	$	—		$	—

Class R6
Proceeds from shares issued	$	41,741		$	52,907		$	27,441		$	52,306
Distributions reinvested		68,077			56,881			7,917			12,629
Cost of shares redeemed		(110,988	)		(80,057	)		(24,519	)		(106,459	)

Change in net assets resulting from Class R6 capital transactions	$	(1,170	)	$	29,731		$	10,839		$	(41,524	)

Total change in net assets resulting from capital transactions	$	(56,713	)	$	16,197		$	(66,132	)	$	(168,175	)

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	29

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Intrepid Growth Fund						JPMorgan Intrepid Mid Cap Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		335			427			834			1,581
Reinvested		160			136			1,108			2,426
Redeemed		(754	)		(436	)		(3,212	)		(6,614	)

Change in Class A Shares		(259	)		127			(1,270	)		(2,607	)

Class C
Issued		47			97			107			287
Reinvested		63			58			355			821
Redeemed		(203	)		(152	)		(1,090	)		(1,483	)

Change in Class C Shares		(93	)		3			(628	)		(375	)

Class I
Issued		377			747			1,604			2,306
Reinvested		300			371			810			2,168
Redeemed		(1,107	)		(1,560	)		(4,928	)		(7,149	)

Change in Class I Shares		(430	)		(442	)		(2,514	)		(2,675	)

Class R2
Issued		204			244			—			—
Reinvested		96			77			—			—
Redeemed		(397	)		(208	)		—			—

Change in Class R2 Shares		(97	)		113			—			—

Class R3
Issued		—			—			235			284
Reinvested		—			—			91			173
Redeemed		—			—			(360	)		(213	)

Change in Class R3 Shares		—			—			(34	)		244

Class R4
Issued		—			—			18			23
Reinvested		—			—			6			11
Redeemed		—			—			(52	)		(20	)

Change in Class R4 Shares		—			—			(28	)		14

Class R5
Issued		412			387			—			—
Reinvested		425			383			—			—
Redeemed		(983	)		(743	)		—			—

Change in Class R5 Shares		(146	)		27			—			—

Class R6
Issued		784			951			1,545			2,722
Reinvested		1,251			1,116			416			698
Redeemed		(1,980	)		(1,391	)		(1,377	)		(4,759	)

Change in Class R6 Shares		55			676			584			(1,339	)

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020


	JPMorgan Intrepid Value Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	6,903		$	11,985		$	3,668		$	2,348
Distributions reinvested		5,106			9,196			837			718
Cost of shares redeemed		(23,459	)		(27,574	)		(4,213	)		(1,953	)

Change in net assets resulting from Class A capital transactions	$	(11,450	)	$	(6,393	)	$	292		$	1,113

Class C
Proceeds from shares issued	$	567		$	1,402		$	266		$	525
Distributions reinvested		1,288			2,461			187			197
Cost of shares redeemed		(7,152	)		(6,446	)		(725	)		(1,137	)

Change in net assets resulting from Class C capital transactions	$	(5,297	)	$	(2,583	)	$	(272	)	$	(415	)

Class I
Proceeds from shares issued	$	134,333		$	264,946		$	12,036		$	9,527
Distributions reinvested		54,229			96,262			1,446			879
Cost of shares redeemed		(689,651	)		(367,734	)		(4,427	)		(3,065	)

Change in net assets resulting from Class I capital transactions	$	(501,089	)	$	(6,526	)	$	9,055		$	7,341

Class R2
Proceeds from shares issued	$	765		$	1,113		$	—		$	—
Distributions reinvested		218			330			—			—
Cost of shares redeemed		(2,045	)		(2,425	)		—			—

Change in net assets resulting from Class R2 capital transactions	$	(1,062	)	$	(982	)	$	—		$	—

Class R5
Proceeds from shares issued	$	2,988		$	11,721		$	—		$	—
Distributions reinvested		3,383			10,610			—			—
Cost of shares redeemed		(48,472	)		(55,669	)		—			—

Change in net assets resulting from Class R5 capital transactions	$	(42,101	)	$	(33,338	)	$	—		$	—

Class R6
Proceeds from shares issued	$	55,961		$	30,950		$	—		$	—
Distributions reinvested		11,672			15,044			—			—
Cost of shares redeemed		(93,260	)		(23,204	)		—			—

Change in net assets resulting from Class R6 capital transactions	$	(25,627	)	$	22,790		$	—		$	—

Total change in net assets resulting from capital transactions	$	(586,626	)	$	(27,032	)	$	9,075		$	8,039

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	31

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Intrepid Value Fund						JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		238			363			90			58
Reinvested		173			314			20			19
Redeemed		(800	)		(859	)		(108	)		(48	)

Change in Class A Shares		(389	)		(182	)		2			29

Class C
Issued		22			47			8			14
Reinvested		44			85			4			5
Redeemed		(250	)		(208	)		(18	)		(28	)

Change in Class C Shares		(184	)		(76	)		(6	)		(9	)

Class I
Issued		4,400			8,250			295			235
Reinvested		1,759			3,260			33			23
Redeemed		(23,872	)		(11,663	)		(108	)		(78	)

Change in Class I Shares		(17,713	)		(153	)		220			180

Class R2
Issued		25			36			—			—
Reinvested		8			11			—			—
Redeemed		(72	)		(73	)		—			—

Change in Class R2 Shares		(39	)		(26	)		—			—

Class R5
Issued		101			353			—			—
Reinvested		110			358			—			—
Redeemed		(1,585	)		(1,777	)		—			—

Change in Class R5 Shares		(1,374	)		(1,066	)		—			—

Class R6
Issued		1,871			992			—			—
Reinvested		394			507			—			—
Redeemed		(3,593	)		(719	)		—			—

Change in Class R6 Shares		(1,328	)		780			—			—

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	33

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Intrepid Growth Fund
Class A
Year Ended June 30, 2020	$	56.61	$	0.63	(i)	$	7.41		$	8.04		$	(0.34	)	$	(6.67	)	$	(7.01	)
Year Ended June 30, 2019		59.09		0.45			3.01			3.46			(0.30	)		(5.64	)		(5.94	)
Year Ended June 30, 2018		48.60		0.23			10.51			10.74			(0.25	)		—			(0.25	)
Year Ended June 30, 2017		40.37		0.22			8.27			8.49			(0.26	)		—			(0.26	)
Year Ended June 30, 2016		40.99		0.27			(0.63	)		(0.36	)		(0.26	)		—			(0.26	)

Class C
Year Ended June 30, 2020		55.45		0.35	(i)		7.22			7.57			(0.09	)		(6.67	)		(6.76	)
Year Ended June 30, 2019		58.00		0.16			2.97			3.13			(0.04	)		(5.64	)		(5.68	)
Year Ended June 30, 2018		47.72		(0.04	)		10.32			10.28			—			—			—
Year Ended June 30, 2017		39.63		—	(f)		8.13			8.13			(0.04	)		—			(0.04	)
Year Ended June 30, 2016		40.26		0.07			(0.61	)		(0.54	)		(0.09	)		—			(0.09	)

Class I
Year Ended June 30, 2020		57.60		0.79	(i)		7.54			8.33			(0.46	)		(6.67	)		(7.13	)
Year Ended June 30, 2019		60.04		0.60			3.05			3.65			(0.45	)		(5.64	)		(6.09	)
Year Ended June 30, 2018		49.34		0.38			10.68			11.06			(0.36	)		—			(0.36	)
Year Ended June 30, 2017		40.99		0.34			8.40			8.74			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		41.27		0.29			(0.55	)		(0.26	)		(0.02	)		—			(0.02	)

Class R2
Year Ended June 30, 2020		55.27		0.48	(i)		7.22			7.70			(0.22	)		(6.67	)		(6.89	)
Year Ended June 30, 2019		57.95		0.30			2.93			3.23			(0.27	)		(5.64	)		(5.91	)
Year Ended June 30, 2018		47.66		0.09			10.31			10.40			(0.11	)		—			(0.11	)
Year Ended June 30, 2017		39.66		0.11			8.12			8.23			(0.23	)		—			(0.23	)
Year Ended June 30, 2016		40.39		0.19			(0.63	)		(0.44	)		(0.29	)		—			(0.29	)

Class R5
Year Ended June 30, 2020		56.82		0.86	(i)		7.47			8.33			(0.55	)		(6.67	)		(7.22	)
Year Ended June 30, 2019		59.32		0.68			2.99			3.67			(0.53	)		(5.64	)		(6.17	)
Year Ended June 30, 2018		48.76		0.46			10.56			11.02			(0.46	)		—			(0.46	)
Year Ended June 30, 2017		40.51		0.42			8.29			8.71			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		41.12		0.45			(0.62	)		(0.17	)		(0.44	)		—			(0.44	)

Class R6
Year Ended June 30, 2020		56.81		0.91	(i)		7.49			8.40			(0.61	)		(6.67	)		(7.28	)
Year Ended June 30, 2019		59.32		0.74			2.98			3.72			(0.59	)		(5.64	)		(6.23	)
Year Ended June 30, 2018		48.74		0.51			10.56			11.07			(0.49	)		—			(0.49	)
Year Ended June 30, 2017		40.50		0.44			8.29			8.73			(0.49	)		—			(0.49	)
November 2, 2015 (h) through June 30, 2016		42.20		0.36			(1.60	)		(1.24	)		(0.46	)		—			(0.46	)

(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)

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

(f)	Amount rounds to less than $0.005.

(g)	Amount rounds to less than 0.005%.

(h)	Commencement of offering of class of shares.

(i)

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.



34	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	57.64		15.11	%	$	94,017		0.84	%		1.15	%(i)		0.94	%		96	%
	56.61		7.06			106,993		0.84			0.79			1.12			95
	59.09		22.13			104,167		0.86			0.42			1.11			69
	48.60		21.12			90,633		0.92			0.50			1.20			68
	40.37		(0.88	)		90,529		0.93			0.66			1.23			70


	56.26		14.50			31,216		1.34			0.65	(i)		1.42			96
	55.45		6.51			35,931		1.34			0.29			1.61			95
	58.00		21.54			37,416		1.36			(0.08	)		1.61			69
	47.72		20.52			42,811		1.41			0.00	(g)		1.67			68
	39.63		(1.35	)		48,717		1.42			0.19			1.71			70


	58.80		15.38			141,497		0.59			1.40	(i)		0.67			96
	57.60		7.33			163,324		0.59			1.04			0.86			95
	60.04		22.45			196,798		0.61			0.67			0.86			69
	49.34		21.43			183,265		0.68			0.75			0.89			68
	40.99		(0.63	)		151,419		0.68			0.70			0.88			70


	56.08		14.84			40,305		1.09			0.90	(i)		1.25			96
	55.27		6.78			45,086		1.09			0.54			1.49			95
	57.95		21.84			40,763		1.10			0.16			1.37			69
	47.66		20.82			5,277		1.17			0.26			1.68			68
	39.66		(1.10	)		4,207		1.17			0.50			1.76			70


	57.93		15.63			189,889		0.44			1.55	(i)		0.52			96
	56.82		7.48			194,550		0.44			1.19			0.71			95
	59.32		22.66			201,539		0.45			0.83			0.71			69
	48.76		21.65			192,164		0.48			0.94			0.72			68
	40.51		(0.42	)		205,213		0.47			1.13			0.74			70


	57.93		15.76			617,458		0.34			1.65	(i)		0.42			96
	56.81		7.59			602,454		0.34			1.29			0.61			95
	59.32		22.78			588,911		0.36			0.92			0.61			69
	48.74		21.70			504,973		0.43			0.99			0.61			68
	40.50		(2.94	)		488,138		0.42			1.38			0.61			70

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	35

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Intrepid Mid Cap Fund
Class A
Year Ended June 30, 2020	$	18.24	$	0.11		$	(0.71	)	$	(0.60	)	$	(0.09	)	$	(2.03	)	$	(2.12	)
Year Ended June 30, 2019		22.76		0.10			(0.28	)		(0.18	)		(0.08	)		(4.26	)		(4.34	)
Year Ended June 30, 2018		22.11		0.15			2.29			2.44			(0.13	)		(1.66	)		(1.79	)
Year Ended June 30, 2017		19.48		0.08			2.62			2.70			(0.07	)		—	(f)		(0.07	)
Year Ended June 30, 2016		21.82		0.15			(0.64	)		(0.49	)		(0.13	)		(1.72	)		(1.85	)

Class C
Year Ended June 30, 2020		14.64		0.01			(0.52	)		(0.51	)		(0.02	)		(2.03	)		(2.05	)
Year Ended June 30, 2019		19.23		—	(f)		(0.30	)		(0.30	)		(0.03	)		(4.26	)		(4.29	)
Year Ended June 30, 2018		18.90		0.04			1.96			2.00			(0.01	)		(1.66	)		(1.67	)
Year Ended June 30, 2017		16.72		(0.04	)		2.24			2.20			(0.02	)		—	(f)		(0.02	)
Year Ended June 30, 2016		19.07		0.03			(0.58	)		(0.55	)		(0.08	)		(1.72	)		(1.80	)

Class I
Year Ended June 30, 2020		19.48		0.16			(0.78	)		(0.62	)		(0.12	)		(2.03	)		(2.15	)
Year Ended June 30, 2019		24.01		0.16			(0.29	)		(0.13	)		(0.14	)		(4.26	)		(4.40	)
Year Ended June 30, 2018		23.22		0.22			2.41			2.63			(0.18	)		(1.66	)		(1.84	)
Year Ended June 30, 2017		20.43		0.14			2.75			2.89			(0.10	)		—	(f)		(0.10	)
Year Ended June 30, 2016		22.77		0.19			(0.64	)		(0.45	)		(0.17	)		(1.72	)		(1.89	)

Class R3
Year Ended June 30, 2020		18.12		0.11			(0.70	)		(0.59	)		(0.09	)		(2.03	)		(2.12	)
Year Ended June 30, 2019		22.70		0.11			(0.31	)		(0.20	)		(0.12	)		(4.26	)		(4.38	)
Year Ended June 30, 2018		22.08		0.13			2.32			2.45			(0.17	)		(1.66	)		(1.83	)
September 9, 2016 (h) through June 30, 2017		19.97		0.11			2.09			2.20			(0.09	)		—	(f)		(0.09	)

Class R4
Year Ended June 30, 2020		19.41		0.15			(0.76	)		(0.61	)		(0.13	)		(2.03	)		(2.16	)
Year Ended June 30, 2019		23.95		0.16			(0.29	)		(0.13	)		(0.15	)		(4.26	)		(4.41	)
Year Ended June 30, 2018		23.20		0.19			2.44			2.63			(0.22	)		(1.66	)		(1.88	)
September 9, 2016 (h) through June 30, 2017		20.95		0.12			2.24			2.36			(0.11	)		—	(f)		(0.11	)

Class R6
Year Ended June 30, 2020		19.49		0.21			(0.76	)		(0.55	)		(0.18	)		(2.03	)		(2.21	)
Year Ended June 30, 2019		24.04		0.21			(0.30	)		(0.09	)		(0.20	)		(4.26	)		(4.46	)
Year Ended June 30, 2018		23.25		0.27			2.42			2.69			(0.24	)		(1.66	)		(1.90	)
Year Ended June 30, 2017		20.42		0.19			2.76			2.95			(0.12	)		—	(f)		(0.12	)
November 2, 2015 (h) through June 30, 2016		22.41		0.20			(0.29	)		(0.09	)		(0.18	)		(1.72	)		(1.90	)

(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)

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

(f)	Amount rounds to less than $0.005.

(g)	Amount rounds to less than 0.005%.

(h)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	15.52		(4.62	)%	$	154,019		1.14	%		0.62	%		1.22	%		92	%
	18.24		0.81			204,131		1.14			0.49			1.31			82
	22.76		11.18			314,171		1.14			0.65			1.29			62
	22.11		13.91			304,927		1.14			0.40			1.38			70
	19.48		(1.71	)		311,724		1.15			0.77			1.44			78


	12.08		(5.06	)		27,417		1.64			0.10			1.73			92
	14.64		0.24			42,429		1.64			0.00	(g)		1.79			82
	19.23		10.69			62,925		1.64			0.18			1.78			62
	18.90		13.20			81,761		1.74			(0.21	)		1.87			70
	16.72		(2.35	)		89,071		1.79			0.15			1.96			78


	16.71		(4.40	)		119,926		0.89			0.85			0.96			92
	19.48		1.05			188,694		0.89			0.75			1.04			82
	24.01		11.47			296,876		0.89			0.91			1.02			62
	23.22		14.17			310,316		0.89			0.65			1.11			70
	20.43		(1.48	)		258,866		0.90			0.93			1.13			78


	15.41		(4.58	)		12,615		1.14			0.63			1.20			92
	18.12		0.76			15,456		1.14			0.55			1.29			82
	22.70		11.22			13,823		1.14			0.59			1.27			62
	22.08		11.07			8,854		1.15			0.64			1.34			70


	16.64		(4.38	)		562		0.89			0.82			0.98			92
	19.41		1.06			1,202		0.89			0.76			1.04			82
	23.95		11.46			1,157		0.89			0.80			1.11			62
	23.20		11.30			22		0.90			0.67			1.11			70


	16.73		(4.08	)		76,126		0.64			1.16			0.70			92
	19.49		1.28			77,321		0.64			0.98			0.80			82
	24.04		11.73			127,571		0.64			1.11			0.77			62
	23.25		14.52			183,859		0.65			0.86			0.77			70
	20.42		0.12			304,934		0.65			1.53			0.78			78

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	37

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Intrepid Value Fund
Class A
Year Ended June 30, 2020	$	31.42	$	0.55	(d)	$	(3.38	)	$	(2.83	)	$	(0.63	)	$	(2.13	)	$	(2.76	)
Year Ended June 30, 2019		34.53		0.49			0.55			1.04			(0.51	)		(3.64	)		(4.15	)
Year Ended June 30, 2018		35.54		0.53			4.10			4.63			(0.55	)		(5.09	)		(5.64	)
Year Ended June 30, 2017		31.20		0.47			4.66			5.13			(0.52	)		(0.27	)		(0.79	)
Year Ended June 30, 2016		35.66		0.53			(2.95	)		(2.42	)		(0.49	)		(1.55	)		(2.04	)

Class C
Year Ended June 30, 2020		30.90		0.40	(d)		(3.33	)		(2.93	)		(0.48	)		(2.13	)		(2.61	)
Year Ended June 30, 2019		34.06		0.32			0.54			0.86			(0.38	)		(3.64	)		(4.02	)
Year Ended June 30, 2018		35.14		0.35			4.05			4.40			(0.39	)		(5.09	)		(5.48	)
Year Ended June 30, 2017		30.87		0.30			4.60			4.90			(0.36	)		(0.27	)		(0.63	)
Year Ended June 30, 2016		35.29		0.36			(2.91	)		(2.55	)		(0.32	)		(1.55	)		(1.87	)

Class I
Year Ended June 30, 2020		31.62		0.62	(d)		(3.66	)		(3.04	)		(0.66	)		(2.13	)		(2.79	)
Year Ended June 30, 2019		34.71		0.57			0.55			1.12			(0.57	)		(3.64	)		(4.21	)
Year Ended June 30, 2018		35.69		0.62			4.11			4.73			(0.62	)		(5.09	)		(5.71	)
Year Ended June 30, 2017		31.34		0.53			4.67			5.20			(0.58	)		(0.27	)		(0.85	)
Year Ended June 30, 2016		35.80		0.57			(2.95	)		(2.38	)		(0.53	)		(1.55	)		(2.08	)

Class R2
Year Ended June 30, 2020		31.12		0.47	(d)		(3.35	)		(2.88	)		(0.56	)		(2.13	)		(2.69	)
Year Ended June 30, 2019		34.26		0.40			0.54			0.94			(0.44	)		(3.64	)		(4.08	)
Year Ended June 30, 2018		35.33		0.46			4.03			4.49			(0.47	)		(5.09	)		(5.56	)
Year Ended June 30, 2017		31.04		0.38			4.62			5.00			(0.44	)		(0.27	)		(0.71	)
Year Ended June 30, 2016		35.48		0.44			(2.92	)		(2.48	)		(0.41	)		(1.55	)		(1.96	)

Class R5
Year Ended June 30, 2020		31.73		0.67	(d)		(3.87	)		(3.20	)		(0.74	)		(2.13	)		(2.87	)
Year Ended June 30, 2019		34.80		0.62			0.56			1.18			(0.61	)		(3.64	)		(4.25	)
Year Ended June 30, 2018		35.78		0.66			4.13			4.79			(0.68	)		(5.09	)		(5.77	)
Year Ended June 30, 2017		31.42		0.59			4.69			5.28			(0.65	)		(0.27	)		(0.92	)
Year Ended June 30, 2016		35.88		0.64			(2.95	)		(2.31	)		(0.60	)		(1.55	)		(2.15	)

Class R6
Year Ended June 30, 2020		31.74		0.70	(d)		(3.47	)		(2.77	)		(0.78	)		(2.13	)		(2.91	)
Year Ended June 30, 2019		34.80		0.65			0.57			1.22			(0.64	)		(3.64	)		(4.28	)
Year Ended June 30, 2018		35.78		0.69			4.13			4.82			(0.71	)		(5.09	)		(5.80	)
Year Ended June 30, 2017		31.42		0.61			4.69			5.30			(0.67	)		(0.27	)		(0.94	)
Year Ended June 30, 2016		35.89		0.66			(2.97	)		(2.31	)		(0.61	)		(1.55	)		(2.16	)

(a)	Calculated based upon average shares outstanding.

(b)

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

(d)

Reflects special dividends paid out during the year by several of the Fund’s holdings. Had the Fund not received the special dividends, the net investment income (loss) per share would have been $0.46, $0.30, $0.53, $0.38, $0.57 and $0.60 for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively, and the net investment income (loss) ratio would have been 1.56%, 1.05%, 1.70%, 1.30%, 1.85% and 2.04% for Class A, Class C, Class I, Class R2, Class R5 and Class R6 Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate


$	25.83		(9.96	)%	$	49,876		0.83	%		1.88	%(d)		0.95	%		79	%
	31.42		4.08			72,888		0.82			1.49			1.01			88
	34.53		13.39			86,400		0.83			1.48			1.02			68
	35.54		16.55			95,891		0.83			1.41			1.16			81
	31.20		(6.70	)		240,808		0.83			1.64			1.18			66


	25.36		(10.46	)		11,038		1.33			1.37	(d)		1.46			79
	30.90		3.57			19,139		1.32			0.99			1.52			88
	34.06		12.84			23,686		1.33			1.00			1.53			68
	35.14		15.97			35,999		1.32			0.89			1.59			81
	30.87		(7.16	)		42,788		1.33			1.12			1.62			66


	25.79		(10.69	)		113,316		0.59			2.01	(d)		0.68			79
	31.62		4.33			698,989		0.58			1.74			0.76			88
	34.71		13.65			772,556		0.62			1.71			0.76			68
	35.69		16.72			886,602		0.68			1.56			0.90			81
	31.34		(6.56	)		1,224,039		0.68			1.77			0.91			66


	25.55		(10.24	)		2,664		1.09			1.62	(d)		1.30			79
	31.12		3.81			4,438		1.08			1.22			1.62			88
	34.26		13.04			5,781		1.12			1.28			1.52			68
	35.33		16.24			19,693		1.10			1.12			1.59			81
	31.04		(6.91	)		17,721		1.08			1.39			1.75			66


	25.66		(11.16	)		4,269		0.44			2.16	(d)		0.55			79
	31.73		4.50			48,910		0.43			1.89			0.61			88
	34.80		13.80			90,714		0.45			1.82			0.62			68
	35.78		16.97			86,134		0.48			1.73			0.61			81
	31.42		(6.35	)		85,624		0.48			1.98			0.61			66


	26.06		(9.68	)		74,603		0.34			2.37	(d)		0.44			79
	31.74		4.63			133,014		0.33			1.99			0.51			88
	34.80		13.90			118,726		0.37			1.90			0.52			68
	35.78		17.03			108,525		0.43			1.79			0.52			81
	31.42		(6.33	)		86,255		0.43			2.07			0.51			66

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	39

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
Class A
Year Ended June 30, 2020	$	41.85	$	0.47		$	3.52		$	3.99		$	(0.43	)	$	(2.65	)	$	(3.08	)
Year Ended June 30, 2019		41.28		0.50			3.21			3.71			(0.41	)		(2.73	)		(3.14	)
Year Ended June 30, 2018		39.35		0.58			4.05			4.63			(0.48	)		(2.22	)		(2.70	)
Year Ended June 30, 2017		33.20		0.29			6.20			6.49			(0.34	)		—			(0.34	)
Year Ended June 30, 2016		34.01		0.62	(d)		(0.87	)(d)		(0.25	)		(0.56	)		—			(0.56	)

Class C
Year Ended June 30, 2020		40.98		0.25			3.44			3.69			(0.22	)		(2.65	)		(2.87	)
Year Ended June 30, 2019		40.44		0.29			3.16			3.45			(0.18	)		(2.73	)		(2.91	)
Year Ended June 30, 2018		38.51		0.41			3.92			4.33			(0.18	)		(2.22	)		(2.40	)
Year Ended June 30, 2017		32.48		0.11			6.06			6.17			(0.14	)		—			(0.14	)
Year Ended June 30, 2016		33.29		0.44	(d)		(0.85	)(d)		(0.41	)		(0.40	)		—			(0.40	)

Class I
Year Ended June 30, 2020		42.15		0.57			3.56			4.13			(0.52	)		(2.65	)		(3.17	)
Year Ended June 30, 2019		41.56		0.60			3.23			3.83			(0.51	)		(2.73	)		(3.24	)
Year Ended June 30, 2018		39.59		0.66			4.10			4.76			(0.57	)		(2.22	)		(2.79	)
Year Ended June 30, 2017		33.40		0.38			6.25			6.63			(0.44	)		—			(0.44	)
Year Ended June 30, 2016		34.22		0.68	(d)		(0.86	)(d)		(0.18	)		(0.64	)		—			(0.64	)

(a)	Calculated based upon average shares outstanding.

(b)

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

(d)

The amount reflects an out of period adjustment related to a corporate action involving two of the Fund’s holdings. Had the Fund not recorded the out of period adjustment, the net investment income (loss) per share would have been $0.33, $0.15 and $0.38, for Class A, Class C and Class I Shares, respectively, the net realized and unrealized gains (losses) on investment per share would have been $(0.58), $(0.56) and $(0.56) for Class A, Class C and Class I Shares, respectively, and the net investment income (loss) ratio would have been 0.99%, 0.47% and 1.14% for Class A, Class C and Class I Shares, respectively.

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate


$	42.76		9.57	%	$	11,178		0.82	%		1.12	%		1.53	%		99	%
	41.85		9.90			10,828		0.83			1.22			1.73			97
	41.28		11.88			9,497		0.90			1.41			1.92			38
	39.35		19.64			7,943		1.08			0.80			2.29			53
	33.20		(0.72	)		8,760		1.15			1.90	(d)		1.95			31


	41.80		9.03			2,735		1.32			0.62			2.07			99
	40.98		9.34			2,949		1.33			0.73			2.22			97
	40.44		11.35			3,277		1.42			1.01			2.45			38
	38.51		19.02			5,063		1.58			0.30			2.79			53
	32.48		(1.21	)		6,131		1.65			1.38	(d)		2.46			31


	43.11		9.86			26,787		0.57			1.37			1.25			99
	42.15		10.18			16,908		0.58			1.46			1.45			97
	41.56		12.16			9,172		0.64			1.59			1.63			38
	39.59		19.95			5,038		0.83			1.04			2.03			53
	33.40		(0.48	)		4,148		0.90			2.05	(d)		1.65			31

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	41

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020

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 4 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:


	Classes Offered	Trust	Diversification Classification
JPMorgan Intrepid Growth Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan Intrepid Mid Cap Fund	Class A, Class C, Class I, Class R3, Class R4 and Class R6	JPM II	Diversified
JPMorgan Intrepid Value Fund	Class A, Class C, Class I, Class R2, Class R5 and Class R6	JPM I	Diversified
JPMorgan U.S. Sustainable Leaders Fund⁽¹⁾	Class A, Class C and Class I	JPM I	Diversified

⁽¹⁾	Effective August 17, 2020, JPMorgan Intrepid Sustainable Equity Fund changed its name to JPMorgan U.S. Sustainable Leaders Fund.

The investment objective of the JPMorgan Intrepid Growth Fund (“Intrepid Growth Fund”) is to seek to provide long-term capital growth.

The investment objective of the JPMorgan Intrepid Mid Cap Fund (“Intrepid Mid Cap Fund”) is to seek long-term capital growth by investing primarily in equity securities of companies with intermediate capitalizations.

The investment objective of both the JPMorgan Intrepid Value Fund (“Intrepid Value Fund”) and the JPMorgan U.S. Sustainable Leaders Fund (“U.S. Sustainable Leaders Fund”) is to seek to provide long-term capital appreciation.

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

2. Significant Accounting Policies

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

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

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.

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.

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.



42	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

•

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Intrepid Growth Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,115,600	$	—	$	—	$	1,115,600


Intrepid Mid Cap Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	408,223	$	—	$	—	$	408,223

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	108	$	—	$	—	$	108


Intrepid Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	258,988	$	—	$	—	$	258,988


U.S. Sustainable Leaders Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	41,388	$	—	$	—	$	41,388

(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 loan fees and the interest on cash collateral investments but are required to pay the borrower a rebate for the use of 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.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	43

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

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

The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of June 30, 2020 (amounts in thousands).


	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Intrepid Growth Fund	$	11,233	$	(11,233	)	$	—
Intrepid Mid Cap Fund		18,506		(18,506	)		—
Intrepid Value Fund		2,394		(2,394	)		—
U.S. Sustainable Leaders Fund		323		(323	)		—

*	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 0.15% to 0.06%. For the year ended June 30, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):


Intrepid Growth Fund	$	4
Intrepid Mid Cap Fund		2
Intrepid Value Fund		3
U.S. Sustainable Leaders Fund		—	(a)

(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 in 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 table below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.

Intrepid Growth Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b)	$	26,680	$	367,998	$	382,241	$	2		$	8	$	12,447		12,436	$	405		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)		—		186,000		186,033		33	*		—		—		—		70	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		1,273		205,920		195,866		—			—		11,327		11,327		45	*		—

Total	$	27,953	$	759,918	$	764,140	$	35		$	8	$	23,774			$	520		$	—



44	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

Intrepid Mid Cap Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b)	$	7,093	$	206,455	$	208,722	$	1		$	1	$	4,828		4,824	$	166		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a) (b)		3,001		18,999		7,000		1	*		3		15,004		14,998		51	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		2,904		94,109		91,256		—			—		5,757		5,757		39	*		—

Total	$	12,998	$	319,563	$	306,978	$	2		$	4	$	25,589			$	256		$	—

Intrepid Value Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b)	$	23,318	$	279,946	$	298,560	$	13		$	2	$	4,719		4,715	$	394		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a) (b)		—		5,000		4,997		—	*(c)		—		3		3		29	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		—		70,160		67,708		—			—		2,452		2,452		48	*		—

Total	$	23,318	$	355,106	$	371,265	$	13		$	2	$	7,174			$	471		$	—

U.S. Sustainable Leaders Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b)	$	1,669	$	20,684	$	20,748	$	—	(c)	$	—	(c)	$	1,605		1,604	$	18		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		—		2,548		2,222		—			—			326		326		—	*(c)		—

Total	$	1,669	$	23,232	$	22,970	$	—	(c)	$	—	(c)	$	1,931			$	18		$	—

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

(b)	The rate shown is the current yield as of June 30, 2020.

(c)	Amount rounds to less than one thousand.

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

D. Futures Contracts — The Funds 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.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	45

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

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 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 table below discloses the volume of the Funds’ futures contracts activity during the year ended June 30, 2020 (amounts in thousands):


	Intrepid Growth Fund			Intrepid Mid Cap Fund		Intrepid Value Fund			U.S. Sustainable Leaders Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	23,711	(a)	$	9,287	$	24,628	(a)	$	1,037	(a)
Ending Notional Balance Long		—			4,801		—			—

(a)	For the period July 1, 2019 through March 31, 2020.

The Funds’ futures contracts are not subject to master netting agreements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when 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 year ended June 30, 2020 are as follows (amounts in thousands):


	Class A		Class C		Class I		Class R2		Class R3			Class R4			Class R5		Class R6		Total
Intrepid Growth Fund
Transfer agency fees	$	16	$	2	$	6	$	32		n/a			n/a		$	3	$	5	$	64
Intrepid Mid Cap Fund
Transfer agency fees		42		8		6		n/a	$	—	(a)	$	—	(a)		n/a		3		59
Intrepid Value Fund
Transfer agency fees		3		2		8		4		n/a			n/a			3		2		22
U.S. Sustainable Leaders Fund
Transfer agency fees		3		2		1		n/a		n/a			n/a			n/a		n/a		6

(a)	Amount rounds to less than one thousand.



46	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2020, 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 the Intrepid 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.

The following amounts were reclassified within the capital accounts (amounts in thousands):


	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Intrepid Growth Fund	$	5,671	$	(232	)	$	(5,439	)
Intrepid Mid Cap Fund		3,965		(102	)		(3,863	)
Intrepid Value Fund		19,538		(208	)		(19,330	)
U.S. Sustainable Leaders Fund		—		—	(a)		—	(a)

(a)	Amount rounds to less than one thousand.

The reclassifications for the Funds relate primarily to non-taxable dividends and tax equalization.

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 based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:


Intrepid Growth Fund	0.30	%⁽¹⁾
Intrepid Mid Cap Fund	0.55	⁽¹⁾
Intrepid Value Fund	0.30	⁽¹⁾
U.S. Sustainable Leaders Fund	0.30	⁽²⁾

⁽¹⁾	Prior to August 1, 2019, the investment advisory fee for Intrepid Growth Fund, Intrepid Mid Cap Fund and Intrepid Value Fund was accrued daily and paid monthly at an annual rate of 0.50%, 0.65% and 0.40%, respectively, of each Fund’s average daily net assets.

⁽²⁾

Prior to August 1, 2019, the investment advisory fee for U.S. Sustainable Leaders Fund was accrued daily and paid monthly at an annual rate of 0.50% of the Fund’s average daily net assets. From August 1, 2019 to May 31, 2020, the investment advisory fee for U.S. Sustainable Leaders Fund was accrued daily and paid monthly at an annual rate of 0.45% of the Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the year ended June 30, 2020, the effective rate was 0.08% 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.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	47

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class 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
Intrepid Growth Fund		0.25	%		0.75	%		0.50	%		n/a
Intrepid Mid Cap Fund		0.25			0.75			n/a			0.25	%
Intrepid Value Fund		0.25			0.75			0.50			n/a
U.S. Sustainable Leaders Fund		0.25			0.75			n/a			n/a


	Front-End Sales Charge		CDSC
Intrepid Growth Fund	$	8	$	—
Intrepid Mid Cap Fund		4		—	(a)
Intrepid Value Fund		1		—
U.S. Sustainable Leaders Fund		4		—

(a)	Amount rounds to less than one thousand.

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


	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5
Intrepid Growth Fund		0.25	%		0.25	%		0.25	%		0.25	%		n/a			n/a			0.10	%
Intrepid Mid Cap Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		n/a
Intrepid Value Fund		0.25			0.25			0.25			0.25			n/a			n/a			0.10
U.S. Sustainable Leaders Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a

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

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 each Fund’s 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
Intrepid Growth Fund		0.84	%		1.34	%		0.59	%		1.09	%		n/a			n/a			0.44	%		0.34	%
Intrepid Mid Cap Fund		1.14			1.64			0.89			n/a			1.14	%		0.89	%		n/a			0.64
Intrepid Value Fund		0.83			1.33			0.59			1.09			n/a			n/a			0.44			0.34
U.S. Sustainable Leaders Fund		0.64	⁽¹⁾		1.14	⁽¹⁾		0.39	⁽¹⁾		n/a			n/a			n/a			n/a			n/a

⁽¹⁾	Prior to June 1, 2020, the contractual expense limitation was 0.84%, 1.34% and 0.59% for Class A, Class C and Class I, respectively. The contractual expense limitation percentages are in place until at least May 31, 2021 for U.S. Sustainable Leaders Fund.



48	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

The expense limitation agreements were in effect for the year ended June 30, 2020 and are in place until at least October 31, 2020 for Intrepid Growth Fund, Intrepid Mid Cap Fund and Intrepid Value Fund.

For the year ended June 30, 2020, the Funds’ service providers waived fees and/or reimbursed expenses for each of the Funds as follows (amounts in thousands). None of these parties expect the Funds to repay any such waived fees and reimbursed expenses in future years.


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Intrepid Growth Fund	$	550	$	316	$	55	$	921	$	—	(a)
Intrepid Mid Cap Fund		163		109		55		327		2
Intrepid Value Fund		426		285		18		729		2
U.S. Sustainable Leaders Fund		154		26		55		235		6

(a)	Amount rounds to less than one thousand.

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

The amounts of waivers resulting from investments in these money market funds for the year ended June 30, 2020 were as follows (amounts in thousands):


Intrepid Growth Fund	$	34
Intrepid Mid Cap Fund		14
Intrepid Value Fund		31
U.S. Sustainable Leaders Fund		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.

During the year ended June 30, 2020, Intrepid Mid Cap 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, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended June 30, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Intrepid Growth Fund	$	1,035,621	$	1,221,060
Intrepid Mid Cap Fund		412,615		532,166
Intrepid Value Fund		573,805		1,206,829
U.S. Sustainable Leaders Fund		39,811		33,385

During the year ended June 30, 2020, there were no purchases or sales of U.S. Government securities.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	49

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2020 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Intrepid Growth Fund	$	775,222	$	366,813	$	26,435	$	340,378
Intrepid Mid Cap Fund		368,253		60,563		20,485		40,078
Intrepid Value Fund		252,322		26,941		20,275		6,666
U.S. Sustainable Leaders Fund		34,443		7,262		317		6,945

For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2020 was as follows (amounts in thousands):


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Intrepid Growth Fund	$	10,945	$	125,600	$	136,545
Intrepid Mid Cap Fund		3,030		51,667		54,697
Intrepid Value Fund		13,455		63,224		76,679
U.S. Sustainable Leaders Fund		692		1,817		2,509

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Intrepid Growth Fund	$	10,743	$	109,434	$	120,177
Intrepid Mid Cap Fund		28,929		92,590		121,519
Intrepid Value Fund		37,341		97,968		135,309
U.S. Sustainable Leaders Fund		385		1,456		1,841

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

As of June 30, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
Intrepid Growth Fund	$	11,788	$	61,179	$	340,378
Intrepid Mid Cap Fund		1,819		17,069		40,078
Intrepid Value Fund		2,278		—		6,666
U.S. Sustainable Leaders Fund		226		625		6,945

For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals, post-October capital loss deferrals and trustee deferred compensation.

As of June 30, 2020, the Funds did not have any net capital loss carryforwards.

Net capital 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, 2020, the Funds deferred to July 1, 2020 the following net capital losses of (amounts in thousands):


	Net Capital Losses
	Short-Term		Long-Term
Intrepid Growth Fund	$	3,912	$	—
Intrepid Mid Cap Fund		11,113		—
U.S. Sustainable Leaders Fund		231		—



50	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

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 at June 30, 2020. Average borrowings from the Facility during the year ended June 30, 2020 were as follows (amounts in thousands, except number of days outstanding):


	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Intrepid Value Fund	$	16,252		0.79	%		1	$	—	(a)

(a)	Amount rounds to less than one thousand.

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2020.

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 $25,000,000 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 $25,000,000 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.

The Funds did not utilize the Credit Facility during the year ended June 30, 2020.

7. Risks, Concentrations and Indemnifications



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	51

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

As of June 30, 2020, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:


	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Intrepid Growth Fund		2		28.3	%		1		10.4	%
Intrepid Mid Cap Fund		1		19.6			1		16.2
Intrepid Value Fund		—		—			2		22.5
U.S. Sustainable Leaders Fund		1		14.3			3		46.5

As of June 30, 2020, J.P. Morgan Investor Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:


	JPMorgan Investor Funds
Intrepid Growth Fund		45.0	%

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

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, 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 exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations 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 full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Subsequent Events

On August 11, 2020 the Board of Trustees of JPM II approved the following changes to the Intrepid Mid Cap Growth Fund, which are expected to become effective on or about November 1, 2020: (i) a change to the Fund’s name to “JPMorgan SMID Cap Equity Fund”; (ii) a change to the Fund’s 80% investment policy so that, under normal circumstances, at least 80% of the Fund’s Assets (net assets plus the amount of any borrowings for investment purposes) will be invested in equity securities of small- to mid-cap companies; and (iii) a change to the Fund’s investment strategy so that the Fund will invest primarily in common stocks.

On August 11, 2020, the contractual expense limitations for all share classes of the Funds were extended until at least October 31, 2021.



52	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and Shareholders of JPMorgan Intrepid Growth Fund, JPMorgan Intrepid Mid Cap Fund, JPMorgan Intrepid Value Fund and JPMorgan U.S. Sustainable Leaders Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Intrepid Growth Fund, JPMorgan Intrepid Value Fund and JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund) (three of the funds constituting JPMorgan Trust I) and JPMorgan Intrepid Mid Cap Fund (one of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2020

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	53

TRUSTEES

(Unaudited)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Chairman since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	126	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	126	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None

Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None



54	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None

Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None

Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None

Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	55

TRUSTEES

(Unaudited) (continued)

(1)	The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

(2)

**	A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

***

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.



56	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trusts (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.

Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Anthony Geron (1971), Assistant Secretary (2018)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.

Carmine Lekstutis (1980), Assistant Secretary (2011)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Keri E. Riemer (1976), Assistant Secretary (2019)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.

Shannon Gaines (1977), Assistant Treasurer (2018)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

*	The contact address for the officer is 4 New York Plaza, New York, NY 10004.

**	The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	57

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

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 and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund 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. 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.


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Intrepid Growth Fund
Class A
Actual	$	1,000.00	$	1,052.20	$	4.29		0.84	%
Hypothetical		1,000.00		1,020.69		4.22		0.84
Class C
Actual		1,000.00		1,049.20		6.83		1.34
Hypothetical		1,000.00		1,018.20		6.72		1.34
Class I
Actual		1,000.00		1,053.40		3.01		0.59
Hypothetical		1,000.00		1,021.93		2.97		0.59
Class R2
Actual		1,000.00		1,051.00		5.56		1.09
Hypothetical		1,000.00		1,019.44		5.47		1.09
Class R5
Actual		1,000.00		1,054.80		2.25		0.44
Hypothetical		1,000.00		1,022.68		2.21		0.44
Class R6
Actual		1,000.00		1,055.40		1.74		0.34
Hypothetical		1,000.00		1,023.17		1.71		0.34

JPMorgan Intrepid Mid Cap Fund
Class A
Actual		1,000.00		874.90		5.31		1.14
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class C
Actual		1,000.00		872.80		7.64		1.64
Hypothetical		1,000.00		1,016.71		8.22		1.64
Class I
Actual		1,000.00		875.80		4.15		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89



58	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Intrepid Mid Cap Fund (continued)
Class R3
Actual	$	1,000.00	$	874.60	$	5.31		1.14	%
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class R4
Actual		1,000.00		875.80		4.15		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89
Class R6
Actual		1,000.00		877.30		2.99		0.64
Hypothetical		1,000.00		1,021.68		3.22		0.64

JPMorgan Intrepid Value Fund
Class A
Actual		1,000.00		841.70		3.80		0.83
Hypothetical		1,000.00		1,020.74		4.17		0.83
Class C
Actual		1,000.00		839.20		6.08		1.33
Hypothetical		1,000.00		1,018.25		6.67		1.33
Class I
Actual		1,000.00		833.90		2.69		0.59
Hypothetical		1,000.00		1,021.93		2.97		0.59
Class R2
Actual		1,000.00		840.20		4.99		1.09
Hypothetical		1,000.00		1,019.44		5.47		1.09
Class R5
Actual		1,000.00		828.90		2.00		0.44
Hypothetical		1,000.00		1,022.68		2.21		0.44
Class R6
Actual		1,000.00		842.20		1.56		0.34
Hypothetical		1,000.00		1,023.17		1.71		0.34

JPMorgan U.S. Sustainable Leaders Fund (formerly known as JPMorgan Intrepid Sustainable Equity Fund)
Class A
Actual		1,000.00		990.70		3.96		0.80
Hypothetical		1,000.00		1,020.89		4.02		0.80
Class C
Actual		1,000.00		988.20		6.43		1.30
Hypothetical		1,000.00		1,018.40		6.52		1.30
Class I
Actual		1,000.00		992.20		2.72		0.55
Hypothetical		1,000.00		1,022.13		2.77		0.55

*	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	59

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Boards of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Report summarized the operation of the Program and the information and factors considered by the Program

Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying each of the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.



60	J.P. MORGAN INTREPID FUNDS	JUNE 30, 2020

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or

maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2020:


	Dividends Received Deduction
JPMorgan Intrepid Growth Fund		100.00	%
JPMorgan Intrepid Mid Cap Fund		100.00
JPMorgan Intrepid Value Fund		100.00
JPMorgan U.S. Sustainable Leaders Fund		87.53

Long Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2020 (amounts in thousands):


	Long-Term Capital Gain Distribution
JPMorgan Intrepid Growth Fund	$	131,281
JPMorgan Intrepid Mid Cap Fund		55,651
JPMorgan Intrepid Value Fund		82,776
JPMorgan U.S. Sustainable Leaders Fund		1,817

Qualified Dividend Income (QDI)


	Qualified Dividend Income
JPMorgan Intrepid Growth Fund	$	10,945
JPMorgan Intrepid Mid Cap Fund		3,030
JPMorgan Intrepid Value Fund		13,455
JPMorgan U.S. Sustainable Leaders Fund		620



JUNE 30, 2020	J.P. MORGAN INTREPID FUNDS	61

LOGO

Rev. January 2011



FACTS		WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?


Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.



Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share



Questions?		Call 1-800-480-4111 or go to www.jpmorganfunds.com

LOGO



Page 2



Who we are
Who is providing this notice?		J.P. Morgan Funds



What we do
How does J.P. Morgan Funds protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?		We collect your personal information, for example, when you: ◾ open an account or provide contact information ◾ give us your account information or pay us by check ◾ make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?		Federal law gives you the right to limit only ◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾ affiliates from using your information to market to you ◾ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.



Definitions
Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing		A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾ J.P. Morgan Funds doesn’t jointly market.

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.

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.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2020. All rights reserved. June 2020.		AN-INT-620

Annual Report

J.P. Morgan Funds

June 30, 2020

JPMorgan Diversified Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker dealer, bank, or retirement plan) or, if you are a direct investor, by going to www.jpmorganfunds.com/edelivery.

You may elect to receive paper copies of all future reports free of charge. Contact your financial intermediary or, if you invest directly with the Fund, email us at funds.website.support@jpmorganfunds.com or call 1-800-480-4111. Your election to receive paper reports will apply to all funds held within your account(s).

LOGO

CONTENTS


Letter to Shareholders			1

Fund Commentary			2

Schedule of Portfolio Investments			5

Financial Statements			50

Financial Highlights			56

Notes to Financial Statements			58

Report of Independent Registered Public Accounting Firm			74

Trustees			75

Officers			78

Schedule of Shareholder Expenses			79

Liquidity Risk Management Program			80

Tax Letter			81

Privacy Policy — Located at the back of this Annual Report

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

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of the Fund or the securities markets. References to specific securities and their issuers are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations to purchase or sell such securities. Such views are not meant as investment advice and may not be relied on as an indication of trading intent on behalf of the Fund.

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

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



JUNE 30, 2020	J.P. MORGAN FUNDS	1

JPMorgan Diversified Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		2.78%
MSCI World Index (net of foreign withholding taxes)		2.84%
Diversified Composite Benchmark**		5.73%

Net Assets as of 6/30/2020 (In Thousands)	$	918,725

INVESTMENT OBJECTIVE***

The JPMorgan Diversified Fund (the “Fund”) seeks to provide a high total return from a diversified portfolio of equity and fixed income investments.

HOW DID THE MARKETS PERFORM?

While the S&P 500 reached six new closing highs in February — the last one on February 19 – the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. By the end of the first quarter of 2020, the S&P 500 had declined by 20%.

A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the Fed’s decision to slash interest

rates further and restart its quantitative easing asset purchasing program — along with a range of other stimulus programs — provided support for U.S. and global equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose. Within U.S. equity markets, large cap stocks generally outperformed mid cap and small cap stocks and growth stocks outperformed value stocks during the reporting period.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class L Shares underperformed the MSCI World Index (net of foreign withholding taxes) and the Diversified Composite Benchmark (the “Composite Benchmark”), which consists of 60% MSCI World Index and 40% Bloomberg Barclays U.S. Aggregate Index for the twelve months ended June 30, 2020.

Relative to the MSCI World Index, the Fund’s allocations to emerging markets equity, high yield debt (also known as “junk bonds”), emerging markets debt and securitized debt detracted from performance.

Relative to the Composite Benchmark, the Fund’s allocation to international developed market equity and asset-backed securities, including securitized debt and non-agency mortgage-backed securities, were leading detractors from performance. The Fund’s longer overall duration position, established through U.S. Treasury futures, and the Fund’s overweight allocation to U.S. equity were leading contributors to relative performance. Generally, bonds with longer duration will experience a greater increase in price when interest rates fall, compared with shorter duration bonds.

While the Fund’s overall manager selection via separately managed accounts made a positive contribution to performance relative to the Composite Benchmark, fixed income managers detracted from relative performance, while global equity managers contributed to relative performance.

HOW WAS THE FUND POSITIONED?

The Fund targeted a long-term strategic asset allocation consisting of the following asset classes: U.S. large cap equity, U.S. small cap equity, real estate investment trusts, international



2	J.P. MORGAN FUNDS	JUNE 30, 2020

equity (including emerging markets equity) and U.S. and international fixed income. The Fund invested in individual securities and underlying J.P. Morgan funds to implement its long-term strategic asset allocation and short-to-intermediate term tactical adjustments.

At the end of 2019 and early 2020, the Fund was overweight in both equity and corporate credit. In March 2020, the Fund’s portfolio managers sought to reduce risk by increasing overall duration and trimming the Fund’s equity exposure. In second quarter of 2020, the portfolio managers incrementally increased the Fund’s allocation to investment grade corporate credit and equity. At the end of the reporting period, the Fund was overweight in equity, particularly in U.S. and emerging markets equities, and underweight in fixed income. Within fixed income, the portfolio managers maintained a preference for investment grade corporate credit and high yield bonds, resulting in a slightly shorter overall duration relative to the Composite Benchmark.


TOP TEN HOLDINGS OF THE PORTFOLIO****
	1.	JPMorgan Corporate Bond Fund, Class R6 Shares	10.9	%
	2.	U.S. Treasury Notes, 2.50%, 1/31/2021	2.3
	3.	Microsoft Corp.	1.6
	4.	Amazon.com, Inc.	1.4
	5.	Apple, Inc.	1.1
	6.	Tencent Holdings Ltd. (China)	0.7
	7.	Alphabet, Inc., Class C	0.6
	8.	UnitedHealth Group, Inc.	0.6
	9.	Mastercard, Inc., Class A	0.6
	10.	Nestle SA (Registered) (Switzerland)	0.5


PORTFOLIO COMPOSITION BY ASSET CLASS****
Common Stocks	54.0	%
Investment Companies	11.6
Corporate Bonds	9.2
Asset-Backed Securities	5.2
Convertible Bonds	3.9
Collateralized Mortgage Obligations	3.6
U.S. Treasury Obligations	3.3
Commercial Mortgage-Backed Securities	1.3
Others (each less than 1.0%)	0.7
Short-Term Investments	7.2

The Diversified Composite Benchmark is comprised of unmanaged indices that correspond to the Fund’s model allocation and consists of the MSCI World Index (net of foreign withholding taxes) (60%) and the Bloomberg Barclays U.S. Aggregate Index (40%).

***

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

****

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN FUNDS	3

JPMorgan Diversified Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020



	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	March 24, 2003
With Sales Charge*			(2.15	)%		4.16	%		7.60	%
Without Sales Charge			2.47			5.12			8.10
CLASS C SHARES	March 24, 2003
With CDSC**			0.96			4.60			7.56
Without CDSC			1.96			4.60			7.56
CLASS I SHARES	September 10, 2001		2.77			5.39			8.37
CLASS L SHARES	September 10, 1993		2.78			5.57			8.60
CLASS R6 SHARES	November 1, 2017		2.86			5.61			8.62

Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

LOGO

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Diversified Fund, the MSCI World Index and the Diversified Composite Benchmark from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the MSCI World Index and the Diversified Composite Benchmark does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The Diversified Composite Benchmark is comprised of the

MSCI World Index (60%) and the Bloomberg Barclays U.S. Aggregate Index (40%). The Bloomberg Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

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

International investing involves a greater degree of risk and increased volatility. Changes in currency exchange rates and differences in accounting and taxation policies outside the U.S. can raise or lower returns. Also, some overseas markets may not be as politically and economically stable as the U.S. and other nations.



4	J.P. MORGAN FUNDS	JUNE 30, 2020

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — 53.1%

Aerospace & Defense — 0.5%

Airbus SE (France) *		12			829

BAE Systems plc (United Kingdom)		11			66

Dassault Aviation SA (France) *		—	(a)		8

Elbit Systems Ltd. (Israel)		—	(a)		13

General Dynamics Corp.		3			441

Leonardo SpA (Italy)		1			10

MTU Aero Engines AG (Germany)		—	(a)		32

Northrop Grumman Corp.		4			1,126

Raytheon Technologies Corp.		11			700

Rolls-Royce Holdings plc (United Kingdom) *		6			22

Safran SA (France) *		16			1,628

Singapore Technologies Engineering Ltd. (Singapore)		6			14

Thales SA (France)		—	(a)		30


					4,919


Air Freight & Logistics — 0.0% (b)

Deutsche Post AG (Registered) (Germany)		3			124

DSV Panalpina A/S (Denmark)		1			89

Hyundai Glovis Co. Ltd. (South Korea)		—	(a)		24

SG Holdings Co. Ltd. (Japan)		1			20

Yamato Holdings Co. Ltd. (Japan)		1			22


					279


Airlines — 0.0% (b)

ANA Holdings, Inc. (Japan) *		—	(a)		9

Deutsche Lufthansa AG (Registered) (Germany) *		1			8

Japan Airlines Co. Ltd. (Japan)		—	(a)		5

Qantas Airways Ltd. (Australia)		2			6

Singapore Airlines Ltd. (Singapore)		5			13

Southwest Airlines Co.		11			381


					422


Auto Components — 0.1%

Aisin Seiki Co. Ltd. (Japan)		1			18

Bridgestone Corp. (Japan)		2			61

Cie Generale des Etablissements Michelin SCA (France)		1			61

Continental AG (Germany)		—	(a)		37

Denso Corp. (Japan)		2			59

Faurecia SE (France) *		—	(a)		10

Hanon Systems (South Korea)		4			29

Hyundai Mobis Co. Ltd. (South Korea)		1			96

JTEKT Corp. (Japan)		1			6

Koito Manufacturing Co. Ltd. (Japan)		—	(a)		16

Mando Corp. (South Korea)		1			26

NGK Spark Plug Co. Ltd. (Japan)		1			9


INVESTMENTS	SHARES (000)			VALUE (000)


Auto Components — continued

Pirelli & C SpA (Italy) * (c)		1			6

Stanley Electric Co. Ltd. (Japan)		1			12

Sumitomo Electric Industries Ltd. (Japan)		3			30

Toyoda Gosei Co. Ltd. (Japan)		—	(a)		4

Toyota Industries Corp. (Japan)		1			27

Valeo SA (France)		1			21

Weifu High-Technology Group Co. Ltd., Class A (China)		8			24

Yokohama Rubber Co. Ltd. (The) (Japan)		—	(a)		1


					553


Automobiles — 0.8%

Astra International Tbk. PT (Indonesia)		142			48

Bayerische Motoren Werke AG (Germany)		1			72

Bayerische Motoren Werke AG (Preference) (Germany)		—	(a)		9

Daimler AG (Registered) (Germany)		3			119

Dongfeng Motor Group Co. Ltd., Class H (China)		76			46

Eicher Motors Ltd. (India)		—	(a)		29

Ferrari NV (Italy)		—	(a)		73

Fiat Chrysler Automobiles NV (United Kingdom) *		4			38

Ford Otomotiv Sanayi A/S (Turkey)		3			28

Geely Automobile Holdings Ltd. (China)		35			56

Honda Motor Co. Ltd. (Japan)		6			143

Hyundai Motor Co. (South Korea)		1			72

Isuzu Motors Ltd. (Japan)		2			17

Kia Motors Corp. (South Korea)		3			85

Maruti Suzuki India Ltd. (India)		1			108

Mazda Motor Corp. (Japan)		2			12

Mitsubishi Motors Corp. (Japan)		3			7

Nissan Motor Co. Ltd. (Japan)		8			30

Peugeot SA (France) *		2			33

Porsche Automobil Holding SE (Preference) (Germany) *		1			30

Renault SA (France) *		1			17

Subaru Corp. (Japan)		2			44

Suzuki Motor Corp. (Japan)		1			44

Tesla, Inc. *		2			2,598

Thor Industries, Inc.		9			955

Toyota Motor Corp. (Japan)		21			1,340

Volkswagen AG (Germany)		—	(a)		18

Volkswagen AG (Preference) (Germany)		7			1,023

Yamaha Motor Co. Ltd. (Japan)		1			14


					7,108

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	5

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Banks — 3.7%

ABN AMRO Bank NV, CVA (Netherlands) (c)		2			13

Absa Group Ltd. (South Africa)		10			51

Al Rajhi Bank (Saudi Arabia)		9			142

Alinma Bank (Saudi Arabia) *		15			59

Aozora Bank Ltd. (Japan)		—	(a)		2

Australia & New Zealand Banking Group Ltd. (Australia)		10			126

Axis Bank Ltd. (India)		16			84

Banco Bilbao Vizcaya Argentaria SA (Spain)		23			79

Banco Bradesco SA (Preference) (Brazil)		34			131

Banco do Brasil SA (Brazil) *		4			25

Banco Santander Chile, ADR (Chile)		12			198

Banco Santander SA (Spain)		57			139

Bank Central Asia Tbk. PT (Indonesia)		303			606

Bank Hapoalim BM (Israel)		4			23

Bank Leumi Le-Israel BM (Israel)		5			25

Bank of America Corp.		109			2,592

Bank of China Ltd., Class H (China) *		330			122

Bank of East Asia Ltd. (The) (Hong Kong)		5			12

Bank of Kyoto Ltd. (The) (Japan)		—	(a)		7

Bank Rakyat Indonesia Persero Tbk. PT (Indonesia)		2,669			570

Bankinter SA (Spain)		2			11

Banque Cantonale Vaudoise (Registered) (Switzerland)		—	(a)		10

Barclays plc (United Kingdom)		59			83

BNP Paribas SA (France) *		4			154

BOC Hong Kong Holdings Ltd. (China)		13			42

CaixaBank SA (Spain)		12			26

Capitec Bank Holdings Ltd. (South Africa)		7			332

Chiba Bank Ltd. (The) (Japan)		2			9

China Construction Bank Corp., Class H (China)		505			411

China Merchants Bank Co. Ltd., Class H (China)		38			176

CIMB Group Holdings Bhd. (Malaysia)		37			31

Citigroup, Inc.		48			2,454

Citizens Financial Group, Inc.		27			689

Commerce Bancshares, Inc.		6			381

Commerzbank AG (Germany) *		3			15

Commonwealth Bank of Australia (Australia)		19			930

Concordia Financial Group Ltd. (Japan)		4			12

Credicorp Ltd. (Peru)		7			878

Credit Agricole SA (France) *		4			37

Cullen/Frost Bankers, Inc.		4			297

Danske Bank A/S (Denmark) *		2			32

DBS Group Holdings Ltd. (Singapore)		46			694


INVESTMENTS	SHARES (000)		VALUE (000)


Banks — continued

DNB ASA (Norway)		3		43

E.Sun Financial Holding Co. Ltd. (Taiwan)		111		105

East West Bancorp, Inc.		6		211

Erste Group Bank AG (Austria)		44		1,039

Fifth Third Bancorp		17		331

FinecoBank Banca Fineco SpA (Italy) *		2		28

First Hawaiian, Inc.		20		341

First Republic Bank		8		898

Fukuoka Financial Group, Inc. (Japan)		1		11

Grupo Financiero Banorte SAB de CV, Class O (Mexico) *		97		337

Hana Financial Group, Inc. (South Korea)		3		77

Hang Seng Bank Ltd. (Hong Kong)		3		45

HDFC Bank Ltd., ADR (India)		49		2,217

HSBC Holdings plc (United Kingdom)		69		323

Huntington Bancshares, Inc.		37		335

IBERIABANK Corp.		8		349

IndusInd Bank Ltd. (India)		3		19

Industrial & Commercial Bank of China Ltd., Class H (China)		294		178

ING Groep NV (Netherlands)		72		505

Intesa Sanpaolo SpA (Italy) *		51		98

Israel Discount Bank Ltd., Class A (Israel)		4		11

Itau Unibanco Holding SA, ADR (Brazil)		109		509

Itausa SA (Preference) (Brazil)		28		49

Japan Post Bank Co. Ltd. (Japan)		2		13

Kasikornbank PCL (Thailand)		17		50

KBC Group NV (Belgium)		9		516

KeyCorp		74		903

Komercni banka A/S (Czech Republic) *		1		35

Kotak Mahindra Bank Ltd. (India)		36		646

Lloyds Banking Group plc (United Kingdom)		240		92

M&T Bank Corp.		7		773

Mebuki Financial Group, Inc. (Japan)		3		8

Mediobanca Banca di Credito Finanziario SpA (Italy)		2		15

Mitsubishi UFJ Financial Group, Inc. (Japan)		42		165

Mizrahi Tefahot Bank Ltd. (Israel)		1		10

Mizuho Financial Group, Inc. (Japan)		82		101

Moneta Money Bank A/S (Czech Republic) (c)		13		30

National Australia Bank Ltd. (Australia)		11		139

National Commercial Bank (Saudi Arabia)		8		78

Nordea Bank Abp (Finland)		11		77

OTP Bank Nyrt. (Hungary) *		3		89

Oversea-Chinese Banking Corp. Ltd. (Singapore)		11		74

SEE NOTES TO FINANCIAL STATEMENTS.



6	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE (000)
Common Stocks — continued

Banks — continued

Ping An Bank Co. Ltd., Class A (China)		35		64

PNC Financial Services Group, Inc. (The)		13		1,411

Postal Savings Bank of China Co. Ltd., Class H (China) (c)		124		71

Public Bank Bhd. (Malaysia)		54		208

Qatar National Bank QPSC (Qatar)		18		88

Raiffeisen Bank International AG (Austria) *		1		9

Resona Holdings, Inc. (Japan)		8		26

Royal Bank of Scotland Group plc (United Kingdom)		17		25

Sberbank of Russia PJSC (Russia)		175		499

Sberbank of Russia PJSC, ADR (Russia) *		3		28

Sberbank of Russia PJSC (Russia)		1		2

Sberbank of Russia PJSC, ADR (Russia) *		14		159

ServisFirst Bancshares, Inc.		9		310

Seven Bank Ltd. (Japan)		2		7

Shinhan Financial Group Co. Ltd. (South Korea)		3		83

Shinsei Bank Ltd. (Japan)		1		6

Shizuoka Bank Ltd. (The) (Japan)		1		9

Signature Bank		3		355

Skandinaviska Enskilda Banken AB, Class A (Sweden) *		6		48

Societe Generale SA (France) *		3		46

Standard Chartered plc (United Kingdom)		9		50

Sumitomo Mitsui Financial Group, Inc. (Japan)		4		124

Sumitomo Mitsui Trust Holdings, Inc. (Japan)		1		34

SVB Financial Group *		3		746

Svenska Handelsbanken AB, Class A (Sweden) *		74		706

Swedbank AB, Class A (Sweden) *		3		40

Truist Financial Corp.		48		1,785

UniCredit SpA (Italy) *		7		63

United Overseas Bank Ltd. (Singapore)		4		58

US Bancorp		18		667

Wells Fargo & Co.		46		1,186

Western Alliance Bancorp		9		328

Westpac Banking Corp. (Australia)		12		153


				33,977


Beverages — 1.2%

Ambev SA (Brazil) *		27		71

Ambev SA, ADR (Brazil) *		113		297

Anheuser-Busch InBev SA/NV (Belgium)		3		128

Asahi Group Holdings Ltd. (Japan)		1		46

Budweiser Brewing Co. APAC Ltd. (China) (c)		224		656

Carlsberg A/S, Class B (Denmark)		11		1,422

Cia Cervecerias Unidas SA, ADR (Chile)		1		15


INVESTMENTS	SHARES (000)			VALUE (000)


Beverages — continued

Coca-Cola Amatil Ltd. (Australia)		2			10

Coca-Cola Bottlers Japan Holdings, Inc. (Japan)		1			9

Coca-Cola Co. (The)		45			2,020

Coca-Cola European Partners plc (United Kingdom)		1			27

Coca-Cola HBC AG (Switzerland)		1			18

Constellation Brands, Inc., Class A		11			1,881

Davide Campari-Milano SpA (Italy)		2			20

Diageo plc (United Kingdom)		56			1,850

Fomento Economico Mexicano SAB de CV, ADR (Mexico)		6			344

Heineken Holding NV (Netherlands)		—	(a)		34

Heineken NV (Netherlands)		1			82

Ito En Ltd. (Japan)		—	(a)		11

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd., Class A (China)		4			58

Keurig Dr Pepper, Inc.		13			363

Kirin Holdings Co. Ltd. (Japan)		3			61

Kweichow Moutai Co. Ltd., Class A (China)		4			786

Pernod Ricard SA (France)		5			746

Remy Cointreau SA (France)		—	(a)		11

Suntory Beverage & Food Ltd. (Japan)		1			20

Treasury Wine Estates Ltd. (Australia)		3			19

United Spirits Ltd. (India) *		8			64


					11,069


Biotechnology — 1.2%

AbbVie, Inc.		38			3,762

Alexion Pharmaceuticals, Inc. *		6			690

Alnylam Pharmaceuticals, Inc. *		3			380

Amgen, Inc.		8			1,848

BeiGene Ltd., ADR (China) *		—	(a)		49

Biogen, Inc. *		1			180

CSL Ltd. (Australia)		2			309

Exact Sciences Corp. *		6			511

Exelixis, Inc. *		21			508

Galapagos NV (Belgium) *		—	(a)		30

Genmab A/S (Denmark) *		—	(a)		75

Grifols SA (Spain)		1			30

Innovent Biologics, Inc. (China) * (c)		15			112

Intercept Pharmaceuticals, Inc. *		2			103

PeptiDream, Inc. (Japan) *		—	(a)		14

Regeneron Pharmaceuticals, Inc. *		2			1,421

Vertex Pharmaceuticals, Inc. *		3			737

Zai Lab Ltd., ADR (China) *		1			46


					10,805

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	7

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Building Products — 0.5%

AGC, Inc. (Japan)		1			17

Assa Abloy AB, Class B (Sweden)		3			70

China Lesso Group Holdings Ltd. (China)		29			38

Cie de Saint-Gobain (France) *		2			61

Daikin Industries Ltd. (Japan)		6			987

Fortune Brands Home & Security, Inc.		14			893

Geberit AG (Registered) (Switzerland)		—	(a)		64

Kingspan Group plc (Ireland)		1			34

Lennox International, Inc.		2			508

LIXIL Group Corp. (Japan)		1			14

Nibe Industrier AB, Class B (Sweden) *		1			24

Patrick Industries, Inc.		5			278

TOTO Ltd. (Japan)		1			19

Trane Technologies plc		15			1,348


					4,355


Capital Markets — 1.9%

3i Group plc (United Kingdom)		3			34

Ameriprise Financial, Inc.		3			483

Amundi SA (France) * (c)		—	(a)		17

ASX Ltd. (Australia)		1			39

B3 SA — Brasil Bolsa Balcao (Brazil)		57			581

BlackRock, Inc.		4			1,913

Blackstone Group, Inc. (The), Class A		5			302

Charles Schwab Corp. (The)		41			1,378

Credit Suisse Group AG (Registered) (Switzerland)		8			86

Daiwa Securities Group, Inc. (Japan)		5			21

Deutsche Bank AG (Registered) (Germany) *		7			64

Deutsche Boerse AG (Germany)		4			769

E*TRADE Financial Corp.		7			342

Eaton Vance Corp.		8			295

EQT AB (Sweden)		1			15

FactSet Research Systems, Inc.		1			353

Focus Financial Partners, Inc., Class A *		8			277

Hargreaves Lansdown plc (United Kingdom)		1			23

Hong Kong Exchanges & Clearing Ltd. (Hong Kong)		33			1,397

Intercontinental Exchange, Inc.		8			737

Invesco Ltd.		16			176

Japan Exchange Group, Inc. (Japan)		2			39

Julius Baer Group Ltd. (Switzerland) *		1			34

KIWOOM Securities Co. Ltd. (South Korea)		—	(a)		27

Lazard Ltd., Class A		12			347

London Stock Exchange Group plc (United Kingdom)		7			686

Macquarie Group Ltd. (Australia)		1			96


INVESTMENTS	SHARES (000)			VALUE (000)


Capital Markets — continued Magellan Financial Group Ltd. (Australia)		—	(a)		18

Moelis & Co., Class A		10			298

Morgan Stanley		70			3,366

Morningstar, Inc.		3			427

Moscow Exchange MICEX-RTS PJSC (Russia)		42			67

Nasdaq, Inc.		4			537

Natixis SA (France) *		3			9

Nomura Holdings, Inc. (Japan)		11			49

Northern Trust Corp.		6			486

Partners Group Holding AG (Switzerland)		—	(a)		57

S&P Global, Inc.		2			696

SBI Holdings, Inc. (Japan)		1			17

Schroders plc (United Kingdom)		—	(a)		17

Singapore Exchange Ltd. (Singapore)		3			17

St James’s Place plc (United Kingdom)		2			22

Standard Life Aberdeen plc (United Kingdom)		8			26

T. Rowe Price Group, Inc.		7			916

UBS Group AG (Registered) (Switzerland)		13			145


					17,701


Chemicals — 0.8%

AdvanSix, Inc. *		2			24

Air Liquide SA (France)		2			234

Air Water, Inc. (Japan)		1			10

Akzo Nobel NV (Netherlands)		8			756

Arkema SA (France)		—	(a)		23

Asahi Kasei Corp. (Japan)		4			35

Asian Paints Ltd. (India)		18			406

Axalta Coating Systems Ltd. *		12			278

BASF SE (Germany)		3			176

Chr Hansen Holding A/S (Denmark)		—	(a)		37

Clariant AG (Registered) (Switzerland) *		1			16

Covestro AG (Germany) (c)		1			23

Croda International plc (United Kingdom)		—	(a)		29

Daicel Corp. (Japan)		1			7

Eastman Chemical Co.		15			1,043

EMS-Chemie Holding AG (Registered) (Switzerland)		—	(a)		23

Evonik Industries AG (Germany)		1			18

Formosa Chemicals & Fibre Corp. (Taiwan) *		14			36

Formosa Plastics Corp. (Taiwan)		23			68

FUCHS PETROLUB SE (Preference) (Germany)		—	(a)		10

Givaudan SA (Registered) (Switzerland)		—	(a)		120

ICL Group Ltd. (Israel)		2			7

Johnson Matthey plc (United Kingdom)		1			17

JSR Corp. (Japan)		1			14

SEE NOTES TO FINANCIAL STATEMENTS.



8	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Chemicals — continued

Kansai Paint Co. Ltd. (Japan)		1			13

Koninklijke DSM NV (Netherlands)		1			82

Kuraray Co. Ltd. (Japan)		1			13

LANXESS AG (Germany)		—	(a)		15

LG Chem Ltd. (South Korea)		—	(a)		161

Linde plc (United Kingdom)		4			820

Linde plc (United Kingdom)		4			748

Lotte Chemical Corp. (South Korea)		—	(a)		44

Mitsubishi Chemical Holdings Corp. (Japan)		5			27

Mitsubishi Gas Chemical Co., Inc. (Japan)		1			8

Mitsui Chemicals, Inc. (Japan)		1			13

Nippon Paint Holdings Co. Ltd. (Japan)		1			36

Nissan Chemical Corp. (Japan)		—	(a)		21

Nitto Denko Corp. (Japan)		1			28

Novozymes A/S, Class B (Denmark)		1			42

Orica Ltd. (Australia)		1			16

Petronas Chemicals Group Bhd. (Malaysia)		36			53

PTT Global Chemical PCL (Thailand)		12			19

Saudi Basic Industries Corp. (Saudi Arabia)		4			87

Shin-Etsu Chemical Co. Ltd. (Japan)		9			1,009

Showa Denko KK (Japan)		—	(a)		9

Sika AG (Registered) (Switzerland)		—	(a)		93

Solvay SA (Belgium)		—	(a)		22

Sumitomo Chemical Co. Ltd. (Japan)		5			15

Symrise AG (Germany)		4			507

Taiyo Nippon Sanso Corp. (Japan)		1			8

Teijin Ltd. (Japan)		1			8

Toray Industries, Inc. (Japan)		5			23

Tosoh Corp. (Japan)		1			12

Umicore SA (Belgium)		1			32

UPL Ltd. (India) *		9			53

Xinyangfeng Agricultural Technology Co. Ltd., Class A (China)		30			38

Yara International ASA (Norway)		1			21


					7,506


Commercial Services & Supplies — 0.3%

Brambles Ltd. (Australia)		5			40

Copart, Inc. *		5			450

Country Garden Services Holdings Co. Ltd. (China)		13			61

Dai Nippon Printing Co. Ltd. (Japan)		1			21

IAA, Inc. *		9			341

MSA Safety, Inc.		4			512

Park24 Co. Ltd. (Japan)		—	(a)		5

Rentokil Initial plc (United Kingdom)		6			40


INVESTMENTS	SHARES (000)			VALUE (000)


Commercial Services & Supplies — continued

Secom Co. Ltd. (Japan)		1			61

Securitas AB, Class B (Sweden) *		1			12

Sohgo Security Services Co. Ltd. (Japan)		—	(a)		14

Toppan Printing Co. Ltd. (Japan)		1			17

Waste Connections, Inc.		15			1,451


					3,025


Communications Equipment — 0.2%

Accton Technology Corp. (Taiwan)		5			39

Arista Networks, Inc. *		2			340

Cisco Systems, Inc.		13			610

CommScope Holding Co., Inc. *		40			337

Nokia OYJ (Finland)		19			84

Telefonaktiebolaget LM Ericsson, Class B (Sweden)		10			93


					1,503


Construction & Engineering — 0.2%

ACS Actividades de Construccion y Servicios SA (Spain)		1			22

Bouygues SA (France) *		1			27

China Conch Venture Holdings Ltd. (China)		14			57

China State Construction International Holdings Ltd. (China)		50			29

CIMIC Group Ltd. (Australia)		—	(a)		7

Eiffage SA (France) *		—	(a)		26

Ferrovial SA (Spain)		2			46

HOCHTIEF AG (Germany)		—	(a)		4

JGC Holdings Corp. (Japan)		1			8

Kajima Corp. (Japan)		2			18

Larsen & Toubro Ltd. (India)		5			63

Obayashi Corp. (Japan)		2			23

Shimizu Corp. (Japan)		2			16

Skanska AB, Class B (Sweden) *		1			24

Taisei Corp. (Japan)		1			22

Vinci SA (France)		10			935

WillScot Corp. *		20			252


					1,579


Construction Materials — 0.2%

CRH plc (Ireland)		3			92

HeidelbergCement AG (Germany)		1			28

James Hardie Industries plc, CHDI		2			29

LafargeHolcim Ltd. (Registered) (Switzerland) *		19			824

Martin Marietta Materials, Inc.		4			856

Siam Cement PCL (The) (Registered) (Thailand)		30			358

Taiheiyo Cement Corp. (Japan)		—	(a)		9

UltraTech Cement Ltd. (India)		2			80


					2,276

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	9

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Consumer Finance — 0.3%

Acom Co. Ltd. (Japan)		2			6

American Express Co.		14			1,312

Capital One Financial Corp.		18			1,101

Isracard Ltd. (Israel)		—	(a)		—	(a)

Shriram Transport Finance Co. Ltd. (India)		3			31


					2,450


Containers & Packaging — 0.5%

AptarGroup, Inc.		6			664

Ball Corp.		16			1,139

Crown Holdings, Inc. *		15			1,007

Graphic Packaging Holding Co.		38			526

Packaging Corp. of America		6			626

Smurfit Kappa Group plc (Ireland)		1			26

Westrock Co.		15			425


					4,413


Distributors — 0.1%

Jardine Cycle & Carriage Ltd. (Singapore)		—	(a)		3

LKQ Corp. *		9			241

Pool Corp.		3			908


					1,152


Diversified Consumer Services — 0.1%

Benesse Holdings, Inc. (Japan)		—	(a)		5

Bright Horizons Family Solutions, Inc. *		4			467

New Oriental Education & Technology Group, Inc., ADR (China) *		1			143


					615


Diversified Financial Services — 0.3%

AMP Ltd. (Australia) *		12			16

Berkshire Hathaway, Inc., Class B *		9			1,558

Chailease Holding Co. Ltd. (Taiwan)		22			93

Eurazeo SE (France) *		—	(a)		4

EXOR NV (Netherlands)		—	(a)		21

Far East Horizon Ltd. (China)		28			24

FirstRand Ltd. (South Africa)		139			307

Groupe Bruxelles Lambert SA (Belgium)		—	(a)		30

Industrivarden AB, Class C (Sweden) *		1			12

Investor AB, Class B (Sweden)		2			83

Kinnevik AB, Class B (Sweden)		1			22

L E Lundbergforetagen AB, Class B (Sweden) *		—	(a)		12

M&G plc (United Kingdom)		9			18

Mitsubishi UFJ Lease & Finance Co. Ltd. (Japan)		2			8

ORIX Corp. (Japan)		5			57


INVESTMENTS	SHARES (000)			VALUE (000)


Diversified Financial Services — continued

Sofina SA (Belgium)		—	(a)		14

Tokyo Century Corp. (Japan)		—	(a)		5

Wendel SE (France)		—	(a)		9

Yuanta Financial Holding Co. Ltd. (Taiwan)		108			64


					2,357


Diversified Telecommunication Services — 0.5%

BT Group plc (United Kingdom)		29			41

Cellnex Telecom SA (Spain) (c)		1			52

China Unicom Hong Kong Ltd. (China)		80			44

Deutsche Telekom AG (Registered) (Germany)		11			191

Elisa OYJ (Finland)		—	(a)		30

HKT Trust & HKT Ltd. (Hong Kong)		13			19

Iliad SA (France)		—	(a)		11

Infrastrutture Wireless Italiane SpA (Italy) (c)		1			8

Koninklijke KPN NV (Netherlands)		12			33

Nippon Telegraph & Telephone Corp. (Japan)		38			892

Orange SA (France)		38			451

PCCW Ltd. (Hong Kong)		10			6

Proximus SADP (Belgium)		—	(a)		9

Saudi Telecom Co. (Saudi Arabia)		2			58

Singapore Telecommunications Ltd. (Singapore)		28			50

Spark New Zealand Ltd. (New Zealand)		6			19

Swisscom AG (Registered) (Switzerland)		—	(a)		47

Telecom Italia SpA (Italy)		44			17

Telefonica Brasil SA (Preference) (Brazil)		3			27

Telefonica Deutschland Holding AG (Germany)		4			11

Telefonica SA (Spain)		16			76

Telekomunikasi Indonesia Persero Tbk. PT (Indonesia)		488			104

Telenor ASA (Norway)		2			34

Telia Co. AB (Sweden)		9			32

Telstra Corp. Ltd. (Australia)		15			33

United Internet AG (Registered) (Germany)		—	(a)		16

Verizon Communications, Inc.		49			2,714


					5,025


Electric Utilities — 1.3%

American Electric Power Co., Inc.		13			1,010

AusNet Services (Australia)		7			8

Chubu Electric Power Co., Inc. (Japan)		2			29

Chugoku Electric Power Co., Inc. (The) (Japan)		1			13

CK Infrastructure Holdings Ltd. (Hong Kong)		2			10

CLP Holdings Ltd. (Hong Kong)		6			54

Duke Energy Corp.		6			462

SEE NOTES TO FINANCIAL STATEMENTS.



10	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Electric Utilities — continued

Edison International		7			378

EDP — Energias de Portugal SA (Portugal)		9			41

Electricite de France SA (France)		2			21

Elia Group SA/NV (Belgium)		—	(a)		11

Endesa SA (Spain)		1			29

Enel SpA (Italy)		60			519

Entergy Corp.		4			377

Equatorial Energia SA (Brazil) *		4			19

Fortum OYJ (Finland)		2			29

HK Electric Investments & HK Electric Investments Ltd. (Hong Kong) (c)		11			11

Iberdrola SA (Spain)		109			1,277

Kansai Electric Power Co., Inc. (The) (Japan)		3			25

Kyushu Electric Power Co., Inc. (Japan)		1			10

Mercury NZ Ltd. (New Zealand)		2			7

NextEra Energy, Inc.		13			3,172

Orsted A/S (Denmark) (c)		8			918

Portland General Electric Co.		6			260

Power Assets Holdings Ltd. (Hong Kong)		5			25

Power Grid Corp. of India Ltd. (India)		30			70

Red Electrica Corp. SA (Spain)		1			28

SSE plc (United Kingdom)		4			60

Tenaga Nasional Bhd. (Malaysia)		20			55

Terna Rete Elettrica Nazionale SpA (Italy)		5			33

Tohoku Electric Power Co., Inc. (Japan)		1			13

Tokyo Electric Power Co. Holdings, Inc. (Japan) *		5			15

Verbund AG (Austria)		—	(a)		10

Xcel Energy, Inc.		42			2,638


					11,637


Electrical Equipment — 0.8%

ABB Ltd. (Registered) (Switzerland)		6			143

AMETEK, Inc.		5			485

Eaton Corp. plc		14			1,212

Fuji Electric Co. Ltd. (Japan)		—	(a)		11

Generac Holdings, Inc. *		10			1,234

Legrand SA (France)		9			699

Melrose Industries plc (United Kingdom)		17			23

Mitsubishi Electric Corp. (Japan)		6			82

NARI Technology Co. Ltd., Class A (China)		16			45

Nidec Corp. (Japan)		11			734

Prysmian SpA (Italy)		1			19

Schneider Electric SE (France)		24			2,706

Siemens Gamesa Renewable Energy SA (Spain)		1			15

Vestas Wind Systems A/S (Denmark)		1			66


INVESTMENTS	SHARES (000)			VALUE (000)


Electrical Equipment — continued

WEG SA (Brazil)		29			278

Zhejiang Chint Electrics Co. Ltd., Class A (China)		12			45


					7,797


Electronic Equipment, Instruments & Components — 0.7%

Amphenol Corp., Class A		4			415

Arrow Electronics, Inc. *		6			384

BOE Technology Group Co. Ltd., Class A (China) *		101			67

Cognex Corp.		6			374

Delta Electronics, Inc. (Taiwan)		108			616

Halma plc (United Kingdom)		1			39

Hamamatsu Photonics KK (Japan)		1			22

Hexagon AB, Class B (Sweden) *		1			57

Hirose Electric Co. Ltd. (Japan)		—	(a)		11

Hitachi Ltd. (Japan)		3			105

Hon Hai Precision Industry Co. Ltd. (Taiwan)		32			94

Ingenico Group SA (France) *		—	(a)		36

Keyence Corp. (Japan)		4			1,550

Keysight Technologies, Inc. *		5			515

Kyocera Corp. (Japan)		1			60

Largan Precision Co. Ltd. (Taiwan)		4			556

Murata Manufacturing Co. Ltd. (Japan)		2			118

Omron Corp. (Japan)		1			40

Samsung SDI Co. Ltd. (South Korea)		—	(a)		65

Shimadzu Corp. (Japan)		1			21

Sunny Optical Technology Group Co. Ltd. (China)		7			105

TDK Corp. (Japan)		—	(a)		40

Venture Corp. Ltd. (Singapore)		1			12

Yokogawa Electric Corp. (Japan)		1			14

Zebra Technologies Corp., Class A *		3			692


					6,008


Energy Equipment & Services — 0.0% (b)

China Oilfield Services Ltd., Class H (China)		52			47

Tenaris SA (Luxembourg)		2			10


					57


Entertainment — 0.7%

Bollore SA (France)		3			9

CD Projekt SA (Poland) *		1			83

Konami Holdings Corp. (Japan)		—	(a)		10

NCSoft Corp. (South Korea)		—	(a)		144

NetEase, Inc., ADR (China)		1			590

Netflix, Inc. *		6			2,874

Nexon Co. Ltd. (Japan)		2			38

Nintendo Co. Ltd. (Japan)		—	(a)		179

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	11

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Entertainment — continued

Sea Ltd., ADR (Taiwan) *		8			885

Spotify Technology SA *		2			623

Square Enix Holdings Co. Ltd. (Japan)		—	(a)		15

Take-Two Interactive Software, Inc. *		4			497

Toho Co. Ltd. (Japan)		—	(a)		14

Ubisoft Entertainment SA (France) *		—	(a)		27

Vivendi SA (France)		3			73


					6,061


Equity Real Estate Investment Trusts (REITs) — 1.1%

American Campus Communities, Inc.		4			152

American Homes 4 Rent, Class A		18			492

Ascendas (Singapore)		10			24

Boston Properties, Inc.		2			195

British Land Co. plc (The) (United Kingdom)		3			14

Brixmor Property Group, Inc.		29			369

CapitaLand Commercial Trust (Singapore)		9			11

CapitaLand Mall Trust (Singapore)		8			11

Covivio (France)		—	(a)		14

CubeSmart		13			343

Daiwa House REIT Investment Corp. (Japan)		—	(a)		14

Dexus (Australia)		4			26

EastGroup Properties, Inc.		6			742

Federal Realty Investment Trust		4			322

Gecina SA (France)		—	(a)		21

GLP J-REIT (Japan)		—	(a)		17

Goodman Group (Australia)		6			58

GPT Group (The) (Australia)		7			19

ICADE (France)		—	(a)		4

Japan Prime Realty Investment Corp. (Japan)		—	(a)		6

Japan Real Estate Investment Corp. (Japan)		—	(a)		21

Japan Retail Fund Investment Corp. (Japan)		—	(a)		11

Kimco Realty Corp.		21			273

Klepierre SA (France)		1			13

Land Securities Group plc (United Kingdom)		2			16

Link (Hong Kong)		7			58

Mapletree Commercial Trust (Singapore)		8			11

Mapletree Logistics Trust (Singapore)		9			13

Mid-America Apartment Communities, Inc.		9			1,080

Mirvac Group (Australia)		13			20

National Retail Properties, Inc.		12			409

Nippon Building Fund, Inc. (Japan)		—	(a)		23

Nippon Prologis REIT, Inc. (Japan)		—	(a)		21

Nomura Real Estate Master Fund, Inc. (Japan)		—	(a)		18

Orix JREIT, Inc. (Japan)		—	(a)		13


INVESTMENTS	SHARES (000)			VALUE (000)


Equity Real Estate Investment Trusts (REITs) — continued

Outfront Media, Inc.		25			359

Prologis, Inc.		30			2,838

Public Storage		4			725

Rayonier, Inc.		21			513

Scentre Group (Australia)		18			27

Segro plc (United Kingdom)		4			45

Stockland (Australia)		8			19

Suntec REIT (Singapore)		6			6

Unibail-Rodamco-Westfield (France)		—	(a)		27

United Urban Investment Corp. (Japan)		—	(a)		11

Vicinity Centres (Australia)		14			14

Weyerhaeuser Co.		18			411


					9,849


Food & Staples Retailing — 0.6%

Aeon Co. Ltd. (Japan)		2			54

Atacadao SA (Brazil) *		10			35

BGF retail Co. Ltd. (South Korea)		—	(a)		21

Bid Corp. Ltd. (South Africa)		34			551

BIM Birlesik Magazalar A/S (Turkey)		8			78

BJ’s Wholesale Club Holdings, Inc. *		16			580

Carrefour SA (France)		2			32

Casey’s General Stores, Inc.		1			212

Casino Guichard Perrachon SA (France) *		—	(a)		5

Cencosud SA (Chile)		13			19

Clicks Group Ltd. (South Africa)		5			56

Coles Group Ltd. (Australia)		5			54

Colruyt SA (Belgium)		—	(a)		12

Cosmos Pharmaceutical Corp. (Japan)		—	(a)		15

Dairy Farm International Holdings Ltd. (Hong Kong)		1			7

Dino Polska SA (Poland) * (c)		1			47

FamilyMart Co. Ltd. (Japan)		1			15

ICA Gruppen AB (Sweden)		—	(a)		16

J Sainsbury plc (United Kingdom)		6			16

Jeronimo Martins SGPS SA (Portugal) *		1			16

Kobe Bussan Co. Ltd. (Japan)		—	(a)		11

Koninklijke Ahold Delhaize NV (Netherlands)		4			103

Laobaixing Pharmacy Chain JSC, Class A (China)		5			64

Lawson, Inc. (Japan)		—	(a)		5

METRO AG (Germany)		1			6

Moran Foods Backstop Equity * ‡		3			3

Performance Food Group Co. *		18			515

Pick n Pay Stores Ltd. (South Africa)		9			27

President Chain Store Corp. (Taiwan)		59			594

Raia Drogasil SA (Brazil)		14			282

SEE NOTES TO FINANCIAL STATEMENTS.



12	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Food & Staples Retailing — continued

Seven & i Holdings Co. Ltd. (Japan)		3			82

Shoprite Holdings Ltd. (South Africa)		3			19

SPAR Group Ltd. (The) (South Africa)		6			56

Sundrug Co. Ltd. (Japan)		—	(a)		7

Sysco Corp.		3			166

Tesco plc (United Kingdom)		33			94

Tsuruha Holdings, Inc. (Japan)		—	(a)		14

Walgreens Boots Alliance, Inc.		16			662

Wal-Mart de Mexico SAB de CV (Mexico)		195			466

Welcia Holdings Co. Ltd. (Japan)		—	(a)		16

Wm Morrison Supermarkets plc (United Kingdom)		8			19

Woolworths Group Ltd. (Australia)		4			111

X5 Retail Group NV, GDR (Russia) (c)		2			77


					5,240


Food Products — 0.8%

a2 Milk Co. Ltd. (New Zealand) *		3			33

Ajinomoto Co., Inc. (Japan)		2			27

Almarai Co. JSC (Saudi Arabia)		3			48

Associated British Foods plc (United Kingdom)		1			31

Barry Callebaut AG (Registered) (Switzerland)		—	(a)		25

Britannia Industries Ltd. (India)		1			27

Calbee, Inc. (Japan)		—	(a)		8

Chocoladefabriken Lindt & Spruengli AG (Switzerland)		—	(a)		33

Danone SA (France)		2			147

Foshan Haitian Flavouring & Food Co. Ltd., Class A (China)		16			290

Inner Mongolia Yili Industrial Group Co. Ltd., Class A (China)		7			30

Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (China)		5			42

Kerry Group plc, Class A (Ireland)		1			68

Kikkoman Corp. (Japan)		1			24

Lamb Weston Holdings, Inc.		7			464

MEIJI Holdings Co. Ltd. (Japan)		—	(a)		32

Mowi ASA (Norway)		2			29

Nestle SA (Registered) (Switzerland)		44			4,910

NH Foods Ltd. (Japan)		—	(a)		12

Nisshin Seifun Group, Inc. (Japan)		1			12

Nissin Foods Holdings Co. Ltd. (Japan)		—	(a)		18

Orkla ASA (Norway)		3			24

Post Holdings, Inc. *		7			628

Savola Group (The) (Saudi Arabia)		3			34

Toyo Suisan Kaisha Ltd. (Japan)		—	(a)		17


INVESTMENTS	SHARES (000)			VALUE (000)


Food Products — continued

Uni-President Enterprises Corp. (Taiwan)		44			107

WH Group Ltd. (Hong Kong) (c)		35			30

Wilmar International Ltd. (China)		7			20

Yakult Honsha Co. Ltd. (Japan)		—	(a)		24

Yamazaki Baking Co. Ltd. (Japan)		1			9


					7,203


Gas Utilities — 0.1%

APA Group (Australia)		4			31

Atmos Energy Corp.		3			319

Beijing Enterprises Holdings Ltd. (China)		6			20

China Gas Holdings Ltd. (China)		26			81

Enagas SA (Spain)		1			21

ENN Energy Holdings Ltd. (China)		7			73

Hong Kong & China Gas Co. Ltd. (Hong Kong)		37			57

Kunlun Energy Co. Ltd. (China)		58			38

Naturgy Energy Group SA (Spain)		1			20

Osaka Gas Co. Ltd. (Japan)		1			26

Snam SpA (Italy)		7			34

Toho Gas Co. Ltd. (Japan)		—	(a)		10

Tokyo Gas Co. Ltd. (Japan)		1			31


					761


Health Care Equipment & Supplies — 1.2%

Alcon, Inc. (Switzerland) *		2			97

Ambu A/S, Class B (Denmark)		1			18

Asahi Intecc Co. Ltd. (Japan)		1			17

Baxter International, Inc.		7			575

BioMerieux (France)		—	(a)		19

Boston Scientific Corp. *		71			2,482

Carl Zeiss Meditec AG (Germany)		—	(a)		14

Cochlear Ltd. (Australia)		—	(a)		29

Coloplast A/S, Class B (Denmark)		—	(a)		63

Demant A/S (Denmark) *		—	(a)		10

DexCom, Inc. *		2			708

DiaSorin SpA (Italy)		—	(a)		17

Fisher & Paykel Healthcare Corp. Ltd. (New Zealand)		2			45

GN Store Nord A/S (Denmark)		—	(a)		23

Hoya Corp. (Japan)		11			1,005

ICU Medical, Inc. *		2			300

IDEXX Laboratories, Inc. *		2			716

Intuitive Surgical, Inc. *		2			1,133

Koninklijke Philips NV (Netherlands) *		3			144

Medtronic plc		7			656

Olympus Corp. (Japan)		4			77

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	13

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Health Care Equipment & Supplies — continued

Sartorius AG (Preference) (Germany)		—	(a)		43

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (China)		1			43

Siemens Healthineers AG (Germany) (c)		1			25

Smith & Nephew plc (United Kingdom)		28			531

Sonova Holding AG (Registered) (Switzerland) *		—	(a)		38

STERIS plc		2			272

Straumann Holding AG (Registered) (Switzerland)		—	(a)		32

Sysmex Corp. (Japan)		1			46

Terumo Corp. (Japan)		2			84

West Pharmaceutical Services, Inc.		4			842

Zimmer Biomet Holdings, Inc.		10			1,144


					11,248


Health Care Providers & Services — 1.3%

Aier Eye Hospital Group Co. Ltd., Class A (China)		5			30

Alfresa Holdings Corp. (Japan)		1			13

AmerisourceBergen Corp.		6			562

Centene Corp. *		8			506

Chemed Corp.		1			266

Cigna Corp.		10			1,929

Encompass Health Corp.		8			483

Fresenius Medical Care AG & Co. KGaA (Germany)		1			63

Fresenius SE & Co. KGaA (Germany)		1			71

Hapvida Participacoes e Investimentos SA (Brazil) (c)		2			26

HCA Healthcare, Inc.		3			260

Jointown Pharmaceutical Group Co. Ltd., Class A (China) *		12			31

McKesson Corp.		3			465

Medipal Holdings Corp. (Japan)		1			10

Molina Healthcare, Inc. *		3			608

Mouwasat Medical Services Co. (Saudi Arabia)		2			39

NMC Health plc (United Arab Emirates) * ‡		1			—

Orpea (France)		—	(a)		20

Premier, Inc., Class A *		7			253

Quest Diagnostics, Inc.		5			557

Ramsay Health Care Ltd. (Australia)		1			28

Ryman Healthcare Ltd. (New Zealand)		1			12

Sinopharm Group Co. Ltd., Class H (China)		13			34

Sonic Healthcare Ltd. (Australia)		1			29

Suzuken Co. Ltd. (Japan)		—	(a)		7

UnitedHealth Group, Inc.		18			5,283


					11,585


INVESTMENTS	SHARES (000)			VALUE (000)


Health Care Technology — 0.1%

M3, Inc. (Japan)		2			64

Teladoc Health, Inc. *		4			729


					793


Hotels, Restaurants & Leisure — 0.6%

Accor SA (France) *		13			352

Aristocrat Leisure Ltd. (Australia)		2			35

Compass Group plc (United Kingdom)		6			84

Crown Resorts Ltd. (Australia)		1			8

CVC Brasil Operadora e Agencia de Viagens SA (Brazil) *		3			9

Dunkin’ Brands Group, Inc.		3			190

Evolution Gaming Group AB (Sweden) (c)		—	(a)		26

Flutter Entertainment plc (Ireland)		1			70

Galaxy Entertainment Group Ltd. (Macau)		7			48

Genting Singapore Ltd. (Singapore)		21			11

GVC Holdings plc (United Kingdom)		2			18

Huazhu Group Ltd., ADR (China)		6			197

InterContinental Hotels Group plc (United Kingdom)		1			26

La Francaise des Jeux SAEM (France) (c)		—	(a)		9

Las Vegas Sands Corp.		16			735

McDonald’s Corp.		5			1,006

McDonald’s Holdings Co. Japan Ltd. (Japan)		—	(a)		11

Melco Resorts & Entertainment Ltd., ADR (Hong Kong)		1			12

Minor International PCL (Thailand) *		53			35

OPAP SA (Greece)		4			41

Oriental Land Co. Ltd. (Japan)		1			93

Planet Fitness, Inc., Class A *		3			170

Sands China Ltd. (Macau)		230			906

SJM Holdings Ltd. (Macau)		7			8

Sodexo SA (France)		—	(a)		21

Tabcorp Holdings Ltd. (Australia)		7			16

Vail Resorts, Inc.		1			246

Wendy’s Co. (The)		11			246

Whitbread plc (United Kingdom)		1			20

Wynn Macau Ltd. (Macau)		6			11

Yum China Holdings, Inc. (China)		13			612

Yum! Brands, Inc.		6			542


					5,814


Household Durables — 0.5%

Barratt Developments plc (United Kingdom)		3			21

Berkeley Group Holdings plc (United Kingdom)		—	(a)		22

Casio Computer Co. Ltd. (Japan)		1			12

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Household Durables — continued

Electrolux AB, Series B (Sweden)		1			14

Garmin Ltd.		10			937

Hangzhou Robam Appliances Co. Ltd., Class A (China)		12			55

Husqvarna AB, Class B (Sweden)		2			13

Iida Group Holdings Co. Ltd. (Japan)		—	(a)		5

Midea Group Co. Ltd., Class A (China)		54			461

Newell Brands, Inc.		26			407

Nikon Corp. (Japan)		1			9

Panasonic Corp. (Japan)		8			67

Persimmon plc (United Kingdom)		21			583

Rinnai Corp. (Japan)		—	(a)		8

SEB SA (France)		—	(a)		13

Sekisui Chemical Co. Ltd. (Japan)		1			19

Sekisui House Ltd. (Japan)		2			42

Sharp Corp. (Japan)		1			9

Sony Corp. (Japan)		21			1,470

Suofeiya Home Collection Co. Ltd., Class A (China)		30			102

Taylor Wimpey plc (United Kingdom)		394			696


					4,965


Household Products — 0.3%

Energizer Holdings, Inc.		14			669

Essity AB, Class B (Sweden) *		2			67

Henkel AG & Co. KGaA (Germany)		—	(a)		30

Henkel AG & Co. KGaA (Preference) (Germany)		1			57

Hindustan Unilever Ltd. (India)		5			149

Kimberly-Clark de Mexico SAB de CV, Class A (Mexico)		34			53

Lion Corp. (Japan)		1			19

Pigeon Corp. (Japan)		—	(a)		15

Procter & Gamble Co. (The)		10			1,182

Reckitt Benckiser Group plc (United Kingdom)		2			223

Unicharm Corp. (Japan)		1			57

Unilever Indonesia Tbk. PT (Indonesia)		301			167


					2,688


Independent Power and Renewable Electricity Producers — 0.0% (b)

CGN Power Co. Ltd., Class H (China) (c)		204			42

China Yangtze Power Co. Ltd., Class A (China)		25			67

Electric Power Development Co. Ltd. (Japan)		—	(a)		8

Meridian Energy Ltd. (New Zealand)		4			14

NTPC Ltd. (India)		45			57

Uniper SE (Germany)		1			22


					210


INVESTMENTS	SHARES (000)			VALUE (000)


Industrial Conglomerates — 0.4%

Ayala Corp. (Philippines)		2			36

Bidvest Group Ltd. (The) (South Africa)		23			191

Carlisle Cos., Inc.		3			374

CK Hutchison Holdings Ltd. (United Kingdom)		9			58

DCC plc (United Kingdom)		—	(a)		28

Fosun International Ltd. (China)		26			33

Honeywell International, Inc.		12			1,799

Investment AB Latour, Class B (Sweden)		1			9

Jardine Matheson Holdings Ltd. (Hong Kong)		6			268

Jardine Strategic Holdings Ltd. (Hong Kong)		1			17

Keihan Holdings Co. Ltd. (Japan)		—	(a)		13

Keppel Corp. Ltd. (Singapore)		5			22

KOC Holding A/S (Turkey)		44			116

NWS Holdings Ltd. (Hong Kong)		6			5

Siemens AG (Registered) (Germany)		3			309

SK Holdings Co. Ltd. (South Korea)		—	(a)		52

Smiths Group plc (United Kingdom)		1			24

Toshiba Corp. (Japan)		1			42


					3,396


Insurance — 2.5%

Admiral Group plc (United Kingdom)		1			18

Aegon NV (Netherlands)		6			17

Ageas SA (Belgium)		1			22

AIA Group Ltd. (Hong Kong)		302			2,829

AIA Group Ltd. (Hong Kong)		42			394

Alleghany Corp.		1			323

Allianz SE (Registered) (Germany)		11			2,324

American International Group, Inc.		12			364

Assicurazioni Generali SpA (Italy)		4			57

Aviva plc (United Kingdom)		13			44

AXA SA (France)		34			713

Baloise Holding AG (Registered) (Switzerland)		—	(a)		24

Bupa Arabia for Cooperative Insurance Co. (Saudi Arabia)		1			29

China Life Insurance Co. Ltd., Class H (China) *		61			123

China Pacific Insurance Group Co. Ltd., Class H (China)		20			54

Chubb Ltd.		15			1,850

Chubb Ltd.		—	(a)		14

CNA Financial Corp.		3			90

CNP Assurances (France) *		—	(a)		5

Dai-ichi Life Holdings, Inc. (Japan)		4			43

Direct Line Insurance Group plc (United Kingdom)		5			16

Fairfax Financial Holdings Ltd. (Canada)		1			416

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	15

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Insurance — continued

Fubon Financial Holding Co. Ltd. (Taiwan)		51			76

Gjensidige Forsikring ASA (Norway) *		1			12

Hannover Rueck SE (Germany)		—	(a)		36

Hartford Financial Services Group, Inc. (The)		13			500

HDFC Life Insurance Co. Ltd. (India) * (c)		61			448

Insurance Australia Group Ltd. (Australia)		8			32

Japan Post Holdings Co. Ltd. (Japan)		6			41

Japan Post Insurance Co. Ltd. (Japan)		1			11

Kinsale Capital Group, Inc.		4			562

Legal & General Group plc (United Kingdom)		258			702

Loews Corp.		41			1,391

Mapfre SA (Spain)		2			3

Marsh & McLennan Cos., Inc.		5			536

Medibank Pvt Ltd. (Australia)		9			20

MS&AD Insurance Group Holdings, Inc. (Japan)		2			44

Muenchener Rueckversicherungs-Gesellschaft AG (Registered) (Germany)		3			801

NN Group NV (Netherlands)		1			34

PICC Property & Casualty Co. Ltd., Class H (China)		70			58

Ping An Insurance Group Co. of China Ltd., Class H (China)		241			2,402

Ping An Insurance Group Co. of China Ltd., Class H (China)		7			65

Poste Italiane SpA (Italy) (c)		2			17

Progressive Corp. (The)		15			1,193

Prudential plc (United Kingdom)		51			767

QBE Insurance Group Ltd. (Australia)		5			31

RLI Corp.		7			541

RSA Insurance Group plc (United Kingdom)		4			18

Sampo OYJ, Class A (Finland)		2			56

Sanlam Ltd. (South Africa)		48			164

SCOR SE (France) *		1			15

Sompo Holdings, Inc. (Japan)		1			38

Sony Financial Holdings, Inc. (Japan)		1			14

Suncorp Group Ltd. (Australia)		4			28

Swiss Life Holding AG (Registered) (Switzerland)		—	(a)		42

Swiss Re AG (Switzerland)		1			78

T&D Holdings, Inc. (Japan)		2			15

Tokio Marine Holdings, Inc. (Japan)		2			96

Travelers Cos., Inc. (The)		10			1,180

Tryg A/S (Denmark)		—	(a)		13

Zurich Insurance Group AG (Switzerland)		3			1,154


					23,003


INVESTMENTS	SHARES (000)			VALUE (000)


Interactive Media & Services — 1.8%

Alphabet, Inc., Class A *		2			2,265

Alphabet, Inc., Class C *		4			5,770

Auto Trader Group plc (United Kingdom) (c)		3			22

Baidu, Inc., ADR (China) *		1			132

Facebook, Inc., Class A *		7			1,513

Kakaku.com, Inc. (Japan)		1			13

LINE Corp. (Japan) *		—	(a)		10

NAVER Corp. (South Korea)		3			739

REA Group Ltd. (Australia)		—	(a)		11

Scout24 AG (Germany) (c)		—	(a)		29

SEEK Ltd. (Australia)		1			19

Tencent Holdings Ltd. (China)		93			5,933

Z Holdings Corp. (Japan)		9			45


					16,501


Internet & Direct Marketing Retail — 2.5%

Alibaba Group Holding Ltd., ADR (China) *		21			4,556

Amazon.com, Inc. *		5			12,463

Booking Holdings, Inc. *		1			2,060

Chewy, Inc., Class A *		6			288

Delivery Hero SE (Germany) * (c)		—	(a)		45

JD.com, Inc., ADR (China) *		17			1,025

Just Eat Takeaway.com NV (Netherlands) * (c)		—	(a)		41

Meituan Dianping, Class B (China) * (c)		13			284

MercadoLibre, Inc. (Argentina) *		2			1,552

Mercari, Inc. (Japan) *		—	(a)		9

Naspers Ltd., Class N (South Africa)		1			269

Ocado Group plc (United Kingdom) *		2			39

Prosus NV (China) *		5			471

Rakuten, Inc. (Japan)		3			26

Trip.com Group Ltd., ADR (China) *		3			67

Vipshop Holdings Ltd., ADR (China) *		3			64

Zalando SE (Germany) * (c)		1			36

ZOZO, Inc. (Japan)		—	(a)		7


					23,302


IT Services — 2.0%

Adyen NV (Netherlands) * (c)		—	(a)		90

Afterpay Ltd. (Australia) *		1			32

Amadeus IT Group SA (Spain)		1			77

Atos SE (France) *		—	(a)		29

Automatic Data Processing, Inc.		4			613

Booz Allen Hamilton Holding Corp.		12			908

Broadridge Financial Solutions, Inc.		4			478

Capgemini SE (France)		13			1,485

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

IT Services — continued

Computershare Ltd. (Australia)		2			15

Edenred (France)		1			37

EPAM Systems, Inc. *		2			479

FleetCor Technologies, Inc. *		3			675

Fujitsu Ltd. (Japan)		1			82

GDS Holdings Ltd., ADR (China) *		1			55

Global Payments, Inc.		6			970

GMO Payment Gateway, Inc. (Japan)		—	(a)		10

HCL Technologies Ltd. (India)		5			36

Infosys Ltd. (India)		94			911

Infosys Ltd., ADR (India)		21			203

Itochu Techno-Solutions Corp. (Japan)		—	(a)		11

Leidos Holdings, Inc.		9			802

Mastercard, Inc., Class A		18			5,249

MongoDB, Inc. *		2			468

NEC Corp. (Japan)		1			38

Nexi SpA (Italy) * (c)		1			22

Nomura Research Institute Ltd. (Japan)		1			30

NTT Data Corp. (Japan)		2			27

Obic Co. Ltd. (Japan)		—	(a)		35

Otsuka Corp. (Japan)		—	(a)		16

PayPal Holdings, Inc. *		15			2,623

SCSK Corp. (Japan)		—	(a)		5

Tata Consultancy Services Ltd. (India)		50			1,364

TIS, Inc. (Japan)		1			15

WEX, Inc. *		3			449

Wix.com Ltd. (Israel) *		—	(a)		44

Worldline SA (France) * (c)		1			44


					18,427


Leisure Products — 0.1%

Bandai Namco Holdings, Inc. (Japan)		1			37

Brunswick Corp.		8			517

Sega Sammy Holdings, Inc. (Japan)		1			8

Shimano, Inc. (Japan)		—	(a)		38

Yamaha Corp. (Japan)		1			24


					624


Life Sciences Tools & Services — 0.5%

Eurofins Scientific SE (Luxembourg) *		—	(a)		27

Illumina, Inc. *		2			559

Lonza Group AG (Registered) (Switzerland)		1			679

Mettler-Toledo International, Inc. *		1			446

QIAGEN NV *		1			34

Sartorius Stedim Biotech (France)		—	(a)		24


INVESTMENTS	SHARES (000)			VALUE (000)


Life Sciences Tools & Services — continued

Syneos Health, Inc. *		6			345

Thermo Fisher Scientific, Inc.		5			1,855

WuXi AppTec Co. Ltd., Class H (China) (c)		3			33

Wuxi Biologics Cayman, Inc. (China) * (c)		8			138


					4,140


Machinery — 1.8%

Alfa Laval AB (Sweden) *		1			24

Alstom SA (France)		12			574

Amada Co. Ltd. (Japan)		1			10

ANDRITZ AG (Austria)		—	(a)		10

Ashok Leyland Ltd. (India)		40			25

Atlas Copco AB, Class A (Sweden)		22			923

Atlas Copco AB, Class B (Sweden)		1			50

CNH Industrial NV (United Kingdom) *		4			25

Daifuku Co. Ltd. (Japan)		—	(a)		26

Douglas Dynamics, Inc.		5			185

Dover Corp.		9			861

Epiroc AB, Class A (Sweden)		2			28

Epiroc AB, Class B (Sweden)		1			17

FANUC Corp. (Japan)		4			627

GEA Group AG (Germany)		1			17

Hino Motors Ltd. (Japan)		1			7

Hitachi Construction Machinery Co. Ltd. (Japan)		—	(a)		11

Hiwin Technologies Corp. (Taiwan)		8			80

Hoshizaki Corp. (Japan)		—	(a)		17

IDEX Corp.		3			509

Illinois Tool Works, Inc.		3			483

Ingersoll Rand, Inc. *		10			270

ITT, Inc.		6			351

Kawasaki Heavy Industries Ltd. (Japan)		1			7

KION Group AG (Germany)		—	(a)		15

Knorr-Bremse AG (Germany) *		—	(a)		17

Komatsu Ltd. (Japan)		30			604

Kone OYJ, Class B (Finland)		12			849

Kubota Corp. (Japan)		48			724

Kurita Water Industries Ltd. (Japan)		—	(a)		11

Lincoln Electric Holdings, Inc.		6			521

Makita Corp. (Japan)		16			582

Middleby Corp. (The) *		5			371

MINEBEA MITSUMI, Inc. (Japan)		1			24

MISUMI Group, Inc. (Japan)		1			25

Mitsubishi Heavy Industries Ltd. (Japan)		1			26

Miura Co. Ltd. (Japan)		—	(a)		17

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	17

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Machinery — continued

Nabtesco Corp. (Japan)		—	(a)		12

NGK Insulators Ltd. (Japan)		1			12

Nordson Corp.		5			872

NSK Ltd. (Japan)		1			10

Otis Worldwide Corp.		4			212

RBC Bearings, Inc. *		4			474

Sandvik AB (Sweden) *		4			73

Schindler Holding AG (Switzerland)		—	(a)		35

Schindler Holding AG (Registered) (Switzerland)		—	(a)		19

SKF AB, Class B (Sweden)		48			905

SMC Corp. (Japan)		2			926

Snap-on, Inc.		2			307

Spirax-Sarco Engineering plc (United Kingdom)		—	(a)		31

Stanley Black & Decker, Inc.		15			2,039

Sumitomo Heavy Industries Ltd. (Japan)		—	(a)		9

Techtronic Industries Co. Ltd. (Hong Kong)		63			618

THK Co. Ltd. (Japan)		—	(a)		10

Toro Co. (The)		11			754

Volvo AB, Class B (Sweden) *		5			80

Wartsila OYJ Abp (Finland)		2			13

Woodward, Inc.		5			420

Yangzijiang Shipbuilding Holdings Ltd. (China)		10			7

Yaskawa Electric Corp. (Japan)		1			28


					16,789


Marine — 0.0% (b)

AP Moller — Maersk A/S, Class A (Denmark)		—	(a)		13

AP Moller — Maersk A/S, Class B (Denmark)		—	(a)		27

Kuehne + Nagel International AG (Registered) (Switzerland) *		—	(a)		33

Nippon Yusen KK (Japan)		1			7


					80


Media — 0.8%

Altice Europe NV (Netherlands) *		2			8

Altice USA, Inc., Class A *		14			318

Charter Communications, Inc., Class A *		5			2,424

Clear Channel Outdoor Holdings, Inc. *		11			11

Comcast Corp., Class A		29			1,118

CyberAgent, Inc. (Japan)		—	(a)		15

Dentsu Group, Inc. (Japan)		1			17

Discovery, Inc., Class A *		26			548

Discovery, Inc., Class C *		18			354

DISH Network Corp., Class A *		16			541

Hakuhodo DY Holdings, Inc. (Japan)		1			11


INVESTMENTS	SHARES (000)			VALUE (000)


Media — continued

iHeartMedia, Inc., Class A *		—	(a)		3

Informa plc (United Kingdom)		5			30

ITV plc (United Kingdom)		12			11

JCDecaux SA (France) *		—	(a)		6

New York Times Co. (The), Class A		11			472

Nexstar Media Group, Inc., Class A		6			539

Pearson plc (United Kingdom)		3			19

Publicis Groupe SA (France)		1			24

Schibsted ASA, Class B (Norway) *		—	(a)		8

SES SA, FDR (Luxembourg)		1			9

Telenet Group Holding NV (Belgium)		—	(a)		8

ViacomCBS, Inc.		17			395

WPP plc (United Kingdom)		4			33


					6,922


Metals & Mining — 0.6%

Alrosa PJSC (Russia)		61			55

Anglo American plc (South Africa)		4			97

AngloGold Ashanti Ltd., ADR (Australia)		2			45

Antofagasta plc (Chile)		1			16

ArcelorMittal SA (Luxembourg) *		2			26

Baoshan Iron & Steel Co. Ltd., Class A (China)		92			60

BHP Group Ltd. (Australia)		56			1,397

BHP Group plc (Australia)		7			148

BlueScope Steel Ltd. (Australia)		2			13

Boliden AB (Sweden)		1			22

China Molybdenum Co. Ltd., Class H (China)		114			38

Eregli Demir ve Celik Fabrikalari TAS (Turkey)		35			44

Evolution Mining Ltd. (Australia)		6			22

Evraz plc (Russia)		2			6

Fortescue Metals Group Ltd. (Australia)		6			56

Gerdau SA (Preference) (Brazil)		19			55

Glencore plc (Australia) *		34			73

Grupo Mexico SAB de CV, Series B (Mexico)		39			91

Hindalco Industries Ltd. (India)		15			29

Hitachi Metals Ltd. (Japan)		1			11

Impala Platinum Holdings Ltd. (South Africa)		4			24

JFE Holdings, Inc. (Japan)		2			12

Magnitogorsk Iron & Steel Works PJSC, GDR (Russia) (c)		5			32

Maruichi Steel Tube Ltd. (Japan)		—	(a)		2

Mitsubishi Materials Corp. (Japan)		—	(a)		6

MMC Norilsk Nickel PJSC, ADR (Russia)		1			38

Newcrest Mining Ltd. (Australia)		3			61

Nippon Steel Corp. (Japan)		3			26

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Metals & Mining — continued

Norsk Hydro ASA (Norway) *		5			14

Northern Star Resources Ltd. (Australia)		3			24

POSCO (South Korea)		1			96

Rio Tinto Ltd. (Australia)		1			87

Rio Tinto plc (Australia)		48			2,715

Severstal PAO, GDR (Russia) (c)		5			66

South32 Ltd. (Australia)		17			24

Sumitomo Metal Mining Co. Ltd. (Japan)		1			23

thyssenkrupp AG (Germany) *		1			11

Vale SA, ADR (Brazil) *		16			167

voestalpine AG (Austria)		—	(a)		9


					5,741


Multiline Retail — 0.1%

Isetan Mitsukoshi Holdings Ltd. (Japan)		1			6

Kohl’s Corp.		14			294

Lojas Renner SA (Brazil) *		52			403

Marui Group Co. Ltd. (Japan)		1			11

Next plc (United Kingdom)		—	(a)		28

Nordstrom, Inc.		16			250

Pan Pacific International Holdings Corp. (Japan)		1			31

Ryohin Keikaku Co. Ltd. (Japan)		1			11

Wesfarmers Ltd. (Australia)		4			121


					1,155


Multi-Utilities — 0.1%

AGL Energy Ltd. (Australia)		2			25

E.ON SE (Germany)		8			87

Engie SA (France) *		6			77

National Grid plc (United Kingdom)		12			145

NorthWestern Corp.		5			260

RWE AG (Germany)		2			70

Suez SA (France)		1			14

Veolia Environnement SA (France)		2			42


					720


Oil, Gas & Consumable Fuels — 1.5%

Ampol Ltd. (Australia)		1			17

Battalion Oil Corp. *		1			5

BP plc (United Kingdom)		313			1,200

Cabot Oil & Gas Corp.		16			270

Chevron Corp.		27			2,426

China Petroleum & Chemical Corp., Class H (China)		104			43

China Shenhua Energy Co. Ltd., Class H (China)		42			65

CNOOC Ltd. (China)		126			141


INVESTMENTS	SHARES (000)			VALUE (000)


Oil, Gas & Consumable Fuels — continued

ConocoPhillips		20			849

Diamondback Energy, Inc.		10			424

Ecopetrol SA, ADR (Colombia)		4			49

ENEOS Holdings, Inc. (Japan)		10			37

Eni SpA (Italy)		9			83

EQT Corp.		24			285

Equinor ASA (Norway)		3			49

Equitrans Midstream Corp.		43			360

Formosa Petrochemical Corp. (Taiwan)		23			70

Galp Energia SGPS SA (Portugal)		2			20

Gazprom PJSC, ADR (Russia)		17			91

Idemitsu Kosan Co. Ltd. (Japan)		1			13

Inpex Corp. (Japan)		4			22

Kinder Morgan, Inc.		39			596

Koninklijke Vopak NV (Netherlands)		—	(a)		14

LUKOIL PJSC, ADR (Russia)		3			199

Lundin Energy AB (Sweden)		1			15

Marathon Petroleum Corp.		14			524

Neste OYJ (Finland)		1			57

Oil & Natural Gas Corp. Ltd. (India)		35			38

Oil Search Ltd. (Australia)		7			15

OMV AG (Austria) *		—	(a)		16

Origin Energy Ltd. (Australia)		6			25

PBF Energy, Inc., Class A		4			38

Petroleo Brasileiro SA (Preference) (Brazil)		37			147

Petronet LNG Ltd. (India)		12			42

Phillips 66		8			570

Pioneer Natural Resources Co.		11			1,104

PTT Exploration & Production PCL (Thailand)		22			66

PTT PCL (Thailand)		50			62

Reliance Industries Ltd. (India)		5			110

Reliance Industries Ltd., GDR (India) (d)		5			203

Reliance Industries Ltd. (India) *		—	(a)		4

Repsol SA (Spain)		5			43

Royal Dutch Shell plc, Class A (Netherlands)		47			748

Royal Dutch Shell plc, Class B (Netherlands)		13			194

Santos Ltd. (Australia)		6			23

SK Innovation Co. Ltd. (South Korea)		1			65

S-Oil Corp. (South Korea)		1			51

Tatneft PJSC, ADR (Russia)		1			32

Tatneft PJSC, ADR (Russia)		1			68

Thai Oil PCL (Thailand)		31			45

TOTAL SA (France)		28			1,068

Tupras Turkiye Petrol Rafinerileri A/S (Turkey) *		3			39

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	19

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Oil, Gas & Consumable Fuels — continued

Washington H Soul Pattinson & Co. Ltd. (Australia)		—	(a)		6

Williams Cos., Inc. (The)		39			734

Woodside Petroleum Ltd. (Australia)		3			49


					13,529


Paper & Forest Products — 0.0% (b)

Mondi plc (United Kingdom)		2			28

Mondi plc (United Kingdom)		1			20

Oji Holdings Corp. (Japan)		3			15

Stora Enso OYJ, Class R (Finland)		2			25

Svenska Cellulosa AB SCA, Class B (Sweden) *		2			25

UPM-Kymmene OYJ (Finland)		2			53


					166


Personal Products — 0.5%

Beiersdorf AG (Germany)		—	(a)		39

Coty, Inc., Class A		40			179

Kao Corp. (Japan)		14			1,103

Kobayashi Pharmaceutical Co. Ltd. (Japan)		—	(a)		18

Kose Corp. (Japan)		—	(a)		12

LG Household & Health Care Ltd. (South Korea)		—	(a)		104

L’Oreal SA (France)		4			1,140

Pola Orbis Holdings, Inc. (Japan)		—	(a)		3

Shiseido Co. Ltd. (Japan)		1			89

Unilever NV (United Kingdom)		24			1,274

Unilever plc (United Kingdom)		4			216


					4,177


Pharmaceuticals — 2.4%

Astellas Pharma, Inc. (Japan)		6			107

AstraZeneca plc (United Kingdom)		4			467

Bayer AG (Registered) (Germany)		3			249

Bristol-Myers Squibb Co.		61			3,599

Catalent, Inc. *		18			1,335

Chugai Pharmaceutical Co. Ltd. (Japan)		2			128

CSPC Pharmaceutical Group Ltd. (China)		48			91

Daiichi Sankyo Co. Ltd. (Japan)		2			155

Dr Reddy’s Laboratories Ltd., ADR (India)		1			39

Eisai Co. Ltd. (Japan)		1			72

Eli Lilly and Co.		10			1,599

GlaxoSmithKline plc (United Kingdom)		78			1,584

H Lundbeck A/S (Denmark)		—	(a)		11

Hikma Pharmaceuticals plc (Jordan)		1			16

Hisamitsu Pharmaceutical Co., Inc. (Japan)		—	(a)		11

Hutchison China MediTech Ltd., ADR (Hong Kong) *		1			33

Ipsen SA (France)		—	(a)		12


INVESTMENTS	SHARES (000)			VALUE (000)


Pharmaceuticals — continued

Jazz Pharmaceuticals plc *		3			373

Jiangsu Hengrui Medicine Co. Ltd., Class A (China)		6			80

Johnson & Johnson		10			1,346

Kyowa Kirin Co. Ltd. (Japan)		1			24

Merck & Co., Inc.		9			696

Merck KGaA (Germany)		—	(a)		49

Nippon Shinyaku Co. Ltd. (Japan)		—	(a)		16

Novartis AG (Registered) (Switzerland)		23			2,047

Novo Nordisk A/S, Class B (Denmark)		38			2,482

Ono Pharmaceutical Co. Ltd. (Japan)		1			35

Orion OYJ, Class B (Finland)		—	(a)		17

Otsuka Holdings Co. Ltd. (Japan)		1			57

Pfizer, Inc.		31			1,009

Recordati SpA (Italy)		—	(a)		19

Richter Gedeon Nyrt. (Hungary)		1			22

Roche Holding AG (Switzerland)		8			2,805

Royalty Pharma plc, Class A *		11			529

Sanofi (France)		4			393

Santen Pharmaceutical Co. Ltd. (Japan)		1			24

Shionogi & Co. Ltd. (Japan)		1			56

Sino Biopharmaceutical Ltd. (Hong Kong)		15			28

Sumitomo Dainippon Pharma Co. Ltd. (Japan)		1			8

Taisho Pharmaceutical Holdings Co. Ltd. (Japan)		—	(a)		6

Takeda Pharmaceutical Co. Ltd. (Japan)		5			194

Teva Pharmaceutical Industries Ltd., ADR (Israel) *		4			46

UCB SA (Belgium)		—	(a)		51

Vifor Pharma AG (Switzerland)		—	(a)		25


					21,945


Professional Services — 0.5%

51job, Inc., ADR (China) *		1			50

Adecco Group AG (Registered) (Switzerland)		1			27

Bureau Veritas SA (France) *		1			21

CoreLogic, Inc.		5			310

Experian plc (United Kingdom)		3			109

FTI Consulting, Inc. *		6			649

IHS Markit Ltd.		6			442

Intertek Group plc (United Kingdom)		1			37

Nihon M&A Center, Inc. (Japan)		1			23

Persol Holdings Co. Ltd. (Japan)		1			8

Randstad NV (Netherlands) *		—	(a)		16

Recruit Holdings Co. Ltd. (Japan)		24			809

RELX plc (United Kingdom)		7			153

RELX plc (United Kingdom)		29			662

SGS SA (Registered) (Switzerland)		—	(a)		590

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Professional Services — continued

Teleperformance (France) *		—	(a)		51

TransUnion		5			425

Wolters Kluwer NV (Netherlands)		1			73


					4,455


Real Estate Management & Development — 0.3%

Aeon Mall Co. Ltd. (Japan)		—	(a)		5

Aroundtown SA (Germany) *		4			23

Ayala Land, Inc. (Philippines)		54			37

Azrieli Group Ltd. (Israel)		—	(a)		7

CapitaLand Ltd. (Singapore) *		9			19

CBRE Group, Inc., Class A *		13			590

China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (China)		27			62

China Overseas Land & Investment Ltd. (China)		35			107

China Resources Land Ltd. (China)		24			92

China Vanke Co. Ltd., Class H (China)		22			71

City Developments Ltd. (Singapore)		2			10

CK Asset Holdings Ltd. (Hong Kong)		9			54

Country Garden Holdings Co. Ltd. (China)		43			53

Cushman & Wakefield plc *		29			361

Daito Trust Construction Co. Ltd. (Japan)		—	(a)		18

Daiwa House Industry Co. Ltd. (Japan)		2			47

Deutsche Wohnen SE (Germany)		1			53

Emaar Properties PJSC (United Arab Emirates) *		40			30

Hang Lung Properties Ltd. (Hong Kong)		6			14

Henderson Land Development Co. Ltd. (Hong Kong)		6			21

Hongkong Land Holdings Ltd. (Hong Kong)		4			16

Hulic Co. Ltd. (Japan)		1			9

Kerry Properties Ltd. (Hong Kong)		3			6

LEG Immobilien AG (Germany)		—	(a)		30

Lendlease Group (Australia)		2			20

Longfor Group Holdings Ltd. (China) (c)		20			96

Mitsubishi Estate Co. Ltd. (Japan)		4			61

Mitsui Fudosan Co. Ltd. (Japan)		19			332

New World Development Co. Ltd. (Hong Kong)		5			25

Nomura Real Estate Holdings, Inc. (Japan)		1			9

Poly Developments and Holdings Group Co. Ltd., Class A (China)		33			70

Sino Land Co. Ltd. (Hong Kong)		12			15

Sumitomo Realty & Development Co. Ltd. (Japan)		1			30

Sun Hung Kai Properties Ltd. (Hong Kong)		5			57

Swire Pacific Ltd., Class A (Hong Kong)		2			8

Swire Properties Ltd. (Hong Kong)		4			10

Swiss Prime Site AG (Registered) (Switzerland)		—	(a)		24


INVESTMENTS	SHARES (000)			VALUE (000)


Real Estate Management & Development — continued

Tokyu Fudosan Holdings Corp. (Japan)		3			12

UOL Group Ltd. (Singapore)		2			8

Vonovia SE (Germany)		11			645

Wharf Real Estate Investment Co. Ltd. (Hong Kong)		6			29


					3,186


Road & Rail — 0.7%

Aurizon Holdings Ltd. (Australia)		7			23

Central Japan Railway Co. (Japan)		1			77

Container Corp. of India Ltd. (India)		5			28

East Japan Railway Co. (Japan)		1			69

Hankyu Hanshin Holdings, Inc. (Japan)		1			27

Keikyu Corp. (Japan)		1			12

Keio Corp. (Japan)		—	(a)		17

Keisei Electric Railway Co. Ltd. (Japan)		1			16

Kintetsu Group Holdings Co. Ltd. (Japan)		1			27

Knight-Swift Transportation Holdings, Inc.		8			345

Kyushu Railway Co. (Japan)		1			13

Landstar System, Inc.		3			346

Localiza Rent a Car SA (Brazil) *		6			48

Lyft, Inc., Class A *		20			673

MTR Corp. Ltd. (Hong Kong)		5			26

Nagoya Railroad Co. Ltd. (Japan)		1			20

Nippon Express Co. Ltd. (Japan)		—	(a)		10

Norfolk Southern Corp.		16			2,781

Odakyu Electric Railway Co. Ltd. (Japan)		1			27

Old Dominion Freight Line, Inc.		4			621

Seibu Holdings, Inc. (Japan)		1			9

Tobu Railway Co. Ltd. (Japan)		1			23

Tokyu Corp. (Japan)		2			24

Union Pacific Corp.		5			892

West Japan Railway Co. (Japan)		1			28


					6,182


Semiconductors & Semiconductor Equipment — 2.9%

Advanced Micro Devices, Inc. *		23			1,235

Advantest Corp. (Japan)		1			40

Analog Devices, Inc.		13			1,626

ASE Technology Holding Co. Ltd. (Taiwan)		17			39

ASM Pacific Technology Ltd. (Hong Kong)		1			12

ASML Holding NV (Netherlands)		11			3,854

ASML Holding NV (Registered), NYRS (Netherlands)		2			916

Cabot Microelectronics Corp.		3			457

Disco Corp. (Japan)		—	(a)		24

Enphase Energy, Inc. *		14			644

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	21

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Semiconductors & Semiconductor Equipment — continued

Entegris, Inc.		9			511

Global Unichip Corp. (Taiwan)		4			34

Globalwafers Co. Ltd. (Taiwan)		4			55

Infineon Technologies AG (Germany)		4			100

Lam Research Corp.		2			769

Lasertec Corp. (Japan)		—	(a)		19

Maxim Integrated Products, Inc.		8			482

MediaTek, Inc. (Taiwan)		7			138

Microchip Technology, Inc.		4			374

Monolithic Power Systems, Inc.		1			235

Nanya Technology Corp. (Taiwan)		18			38

NVIDIA Corp.		4			1,573

NXP Semiconductors NV (Netherlands)		12			1,336

QUALCOMM, Inc.		16			1,445

Renesas Electronics Corp. (Japan) *		3			15

Rohm Co. Ltd. (Japan)		—	(a)		20

Silergy Corp. (China)		1			66

SK Hynix, Inc. (South Korea)		3			223

STMicroelectronics NV (Switzerland)		2			60

SUMCO Corp. (Japan)		1			14

Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		12			658

Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)		265			2,830

Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		68			3,867

Texas Instruments, Inc.		23			2,953

Tokyo Electron Ltd. (Japan)		1			123

Vanguard International Semiconductor Corp. (Taiwan)		22			58


					26,843


Software — 3.1%

Aspen Technology, Inc. *		5			468

AVEVA Group plc (United Kingdom)		—	(a)		11

Cadence Design Systems, Inc. *		5			467

Ceridian HCM Holding, Inc. *		3			208

Check Point Software Technologies Ltd. (Israel) *		—	(a)		43

Crowdstrike Holdings, Inc., Class A *		5			538

CyberArk Software Ltd. *		—	(a)		14

Dassault Systemes SE (France)		—	(a)		78

Guidewire Software, Inc. *		4			433

Intuit, Inc.		3			741

Kingdee International Software Group Co. Ltd. (China) *		43			101


INVESTMENTS	SHARES (000)			VALUE (000)


Software — continued

Kingsoft Corp. Ltd. (China)		17			80

Medallia, Inc. *		7			186

Microsoft Corp.		72			14,740

Nemetschek SE (Germany)		—	(a)		14

Nice Ltd. (Israel) *		—	(a)		40

Oracle Corp. (Japan)		—	(a)		12

Paylocity Holding Corp. *		1			79

Q2 Holdings, Inc. *		5			457

Sage Group plc (The) (United Kingdom)		4			33

salesforce.com, Inc. *		13			2,451

SAP SE (Germany)		12			1,743

ServiceNow, Inc. *		2			709

Splunk, Inc. *		6			1,112

SS&C Technologies Holdings, Inc.		13			741

Synopsys, Inc. *		3			653

TeamViewer AG (Germany) * (c)		—	(a)		24

Temenos AG (Registered) (Switzerland)		—	(a)		35

Trade Desk, Inc. (The), Class A *		2			867

Trend Micro, Inc. (Japan)		1			28

Tyler Technologies, Inc. *		2			539

WiseTech Global Ltd. (Australia)		—	(a)		7

Zscaler, Inc. *		6			627


					28,279


Specialty Retail — 1.5%

ABC-Mart, Inc. (Japan)		—	(a)		6

AutoZone, Inc. *		1			866

Best Buy Co., Inc.		14			1,204

CarMax, Inc. *		6			535

Fast Retailing Co. Ltd. (Japan)		—	(a)		115

Hennes & Mauritz AB, Class B (Sweden)		3			40

Hikari Tsushin, Inc. (Japan)		—	(a)		23

Home Depot, Inc. (The)		9			2,200

Industria de Diseno Textil SA (Spain)		40			1,069

JD Sports Fashion plc (United Kingdom)		1			12

Kingfisher plc (United Kingdom)		7			20

Lowe’s Cos., Inc.		10			1,379

Mr Price Group Ltd. (South Africa)		14			116

Murphy USA, Inc. *		4			411

National Vision Holdings, Inc. *		8			239

Nitori Holdings Co. Ltd. (Japan)		—	(a)		59

O’Reilly Automotive, Inc. *		8			3,325

Ross Stores, Inc.		11			958

Shimamura Co. Ltd. (Japan)		—	(a)		7

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Specialty Retail — continued

Tractor Supply Co.		9			1,184

Ulta Beauty, Inc. *		1			271

USS Co. Ltd. (Japan)		1			8

Yamada Denki Co. Ltd. (Japan)		3			13


					14,060


Technology Hardware, Storage & Peripherals — 1.5%

Advantech Co. Ltd. (Taiwan)		7			70

Apple, Inc.		26			9,540

Brother Industries Ltd. (Japan)		1			14

Canon, Inc. (Japan)		4			70

Catcher Technology Co. Ltd. (Taiwan)		11			83

FUJIFILM Holdings Corp. (Japan)		1			56

Inventec Corp. (Taiwan)		30			26

Logitech International SA (Registered) (Switzerland)		1			37

Quanta Computer, Inc. (Taiwan)		15			36

Ricoh Co. Ltd. (Japan)		3			19

Samsung Electronics Co. Ltd. (South Korea)		95			4,201

Seiko Epson Corp. (Japan)		1			10


					14,162


Textiles, Apparel & Luxury Goods — 0.8%

adidas AG (Germany) *		6			1,670

ANTA Sports Products Ltd. (China)		3			27

Burberry Group plc (United Kingdom)		32			633

Carter’s, Inc.		3			233

Cie Financiere Richemont SA (Registered) (Switzerland)		9			582

Columbia Sportswear Co.		5			431

EssilorLuxottica SA (France) *		1			125

Hermes International (France)		—	(a)		92

Kering SA (France)		—	(a)		142

Lululemon Athletica, Inc. *		1			400

LVMH Moet Hennessy Louis Vuitton SE (France)		6			2,660

Moncler SpA (Italy) *		1			25

Pandora A/S (Denmark)		—	(a)		19

Puma SE (Germany) *		—	(a)		22

Ralph Lauren Corp.		4			280

Shenzhou International Group Holdings Ltd. (China)		7			85

Swatch Group AG (The) (Switzerland)		—	(a)		21

Swatch Group AG (The) (Registered) (Switzerland)		—	(a)		9


					7,456


Thrifts & Mortgage Finance — 0.2%

Housing Development Finance Corp. Ltd. (India)		72			1,670


INVESTMENTS	SHARES (000)			VALUE (000)


Tobacco — 0.2%

Altria Group, Inc.		8			331

British American Tobacco plc (United Kingdom)		8			301

Imperial Brands plc (United Kingdom)		3			62

ITC Ltd. (India) *		195			503

Japan Tobacco, Inc. (Japan)		4			78

KT&G Corp. (South Korea)		1			75

Philip Morris International, Inc.		5			367

Swedish Match AB (Sweden)		1			41


					1,758


Trading Companies & Distributors — 0.1%

AerCap Holdings NV (Ireland) *		—	(a)		14

Ashtead Group plc (United Kingdom)		2			53

BOC Aviation Ltd. (Singapore) (c)		3			21

Brenntag AG (Germany)		1			28

Bunzl plc (United Kingdom)		1			31

Ferguson plc		8			693

ITOCHU Corp. (Japan)		5			102

Marubeni Corp. (Japan)		6			26

Mitsubishi Corp. (Japan)		5			99

Mitsui & Co. Ltd. (Japan)		6			84

MonotaRO Co. Ltd. (Japan)		—	(a)		16

Sumitomo Corp. (Japan)		4			46

Toyota Tsusho Corp. (Japan)		1			18


					1,231


Transportation Infrastructure — 0.0% (b)

Aena SME SA (Spain) * (c)		—	(a)		31

Aeroports de Paris (France)		—	(a)		11

Atlantia SpA (Italy) *		2			27

Auckland International Airport Ltd. (New Zealand)		4			18

Fraport AG Frankfurt Airport Services Worldwide (Germany) *		—	(a)		7

Getlink SE (France) *		2			23

Grupo Aeroportuario del Pacifico SAB de CV, Class B (Mexico)		5			37

Grupo Aeroportuario del Sureste SAB de CV, Class B (Mexico) *		4			45

International Container Terminal Services, Inc. (Philippines)		14			29

Japan Airport Terminal Co. Ltd. (Japan)		—	(a)		9

Kamigumi Co. Ltd. (Japan)		—	(a)		6

Sydney Airport (Australia)		4			15

Transurban Group (Australia)		9			91

Zhejiang Expressway Co. Ltd., Class H (China)		34			24


					373

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	23

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	SHARES (000)			VALUE (000)
Common Stocks — continued

Water Utilities — 0.0% (b)

Severn Trent plc (United Kingdom)		1			25

United Utilities Group plc (United Kingdom)		2			26


					51


Wireless Telecommunication Services — 0.2%

America Movil SAB de CV, Series L (Mexico)		167			107

China Mobile Ltd. (China)		31			206

KDDI Corp. (Japan)		6			167

MTN Group Ltd. (South Africa)		12			38

NTT DOCOMO, Inc. (Japan)		4			109

SK Telecom Co. Ltd. (South Korea)		—	(a)		48

Softbank Corp. (Japan)		7			84

SoftBank Group Corp. (Japan)		5			272

Tele2 AB, Class B (Sweden)		2			23

TIM Participacoes SA (Brazil) *		21			55

T-Mobile US, Inc. *		5			524

TPG Telecom Ltd. (Australia) *		1			9

Tuas Ltd. (Australia) *		1			–	(a)

Turkcell Iletisim Hizmetleri A/S (Turkey)		22			52

Vodacom Group Ltd. (South Africa)		6			42

Vodafone Group plc (United Kingdom)		92			146


					1,882


Total Common Stocks (Cost $372,784)					487,210

Investment Companies — 11.4%

Fixed Income — 11.4%

JPMorgan Core Bond Fund Class R6 Shares (e)		323			4,000

JPMorgan Corporate Bond Fund Class R6 Shares (e)		9,242			98,796

JPMorgan Emerging Markets Debt Fund Class R6 Shares (e)		118			898

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (e)		123			937


Total Fixed Income					104,631


Total Investment Companies (Cost $101,112)					104,631


	PRINCIPAL AMOUNT (000)
Corporate Bonds — 9.0%

Aerospace & Defense — 0.1%

Bombardier, Inc. (Canada)

6.13%, 1/15/2023 (d)		87			60

7.50%, 3/15/2025 (d)		195			127

7.88%, 4/15/2027 (d)		98			64


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)


Aerospace & Defense — continued

BWX Technologies, Inc. 5.38%, 7/15/2026 (d)		40		41

Howmet Aerospace, Inc.

5.13%, 10/1/2024		229		237

5.90%, 2/1/2027		153		162

5.95%, 2/1/2037		61		63

Spirit AeroSystems, Inc. 7.50%, 4/15/2025 (d)		90		89

TransDigm, Inc. 6.25%, 3/15/2026 (d)		387		387

Triumph Group, Inc.

6.25%, 9/15/2024 (d)		15		13

7.75%, 8/15/2025		85		64


				1,307


Air Freight & Logistics — 0.0% (b)

XPO Logistics, Inc.

6.13%, 9/1/2023 (d)		157		159

6.75%, 8/15/2024 (d)		148		155


				314


Airlines — 0.0% (b)

United Airlines Holdings, Inc. 5.00%, 2/1/2024		69		56


Auto Components — 0.3%

Adient Global Holdings Ltd. 4.88%, 8/15/2026 (d)		200		165

Adient US LLC 7.00%, 5/15/2026 (d)		345		357

Allison Transmission, Inc.

5.00%, 10/1/2024 (d)		110		110

4.75%, 10/1/2027 (d)		20		20

5.88%, 6/1/2029 (d)		235		244

American Axle & Manufacturing, Inc.

6.25%, 4/1/2025		370		364

6.25%, 3/15/2026		183		176

6.50%, 4/1/2027		245		238

Clarios Global LP 6.25%, 5/15/2026 (d)		196		202

Cooper-Standard Automotive, Inc. 5.63%, 11/15/2026 (d)		245		157

Dana Financing Luxembourg SARL

5.75%, 4/15/2025 (d)		170		173

6.50%, 6/1/2026 (d)		290		300

Delphi Technologies plc 5.00%, 10/1/2025 (d)		180		193

Goodyear Tire & Rubber Co. (The) 5.00%, 5/31/2026		56		52

Icahn Enterprises LP

6.38%, 12/15/2025		75		74

6.25%, 5/15/2026		44		44

Tenneco, Inc. 5.00%, 7/15/2026		160		104


				2,973

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued

Automobiles — 0.0% (b)

Ford Motor Co.

8.50%, 4/21/2023		70		74

9.00%, 4/22/2025		70		76

9.63%, 4/22/2030		29		34


				184


Banks — 0.1%

CIT Group, Inc.

4.75%, 2/16/2024		115		117

5.25%, 3/7/2025		135		139

Citigroup, Inc. Series P, (ICE LIBOR USD 3 Month + 3.91%), 5.95%, 5/15/2025 (f) (g) (h)		140		139

Royal Bank of Scotland Group plc (United Kingdom) 5.13%, 5/28/2024		125		137


				532


Building Products — 0.1%

American Woodmark Corp.

4.88%, 3/15/2026 (d)		140		136

Standard Industries, Inc.

6.00%, 10/15/2025 (d)		50		51

5.00%, 2/15/2027 (d)		118		119

4.75%, 1/15/2028 (d)		240		244

Summit Materials LLC

5.13%, 6/1/2025 (d)		85		84


				634


Capital Markets — 0.0% (b)

Goldman Sachs Group, Inc. (The) Series P, (ICE LIBOR USD 3 Month + 2.87%), 5.00%, 11/10/2022 (f) (g) (h)		100		93

MSCI, Inc. 5.38%, 5/15/2027 (d)		146		154


				247


Chemicals — 0.1%

Chemours Co. (The)

6.63%, 5/15/2023		150		144

7.00%, 5/15/2025		320		305

NOVA Chemicals Corp. (Canada)

4.88%, 6/1/2024 (d)		110		103

5.25%, 6/1/2027 (d)		300		263

Sherwin-Williams Co. (The) 3.30%, 2/1/2025		50		54

WR Grace & Co.-Conn. 5.63%, 10/1/2024 (d)		30		32


				901


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)


Commercial Services & Supplies — 0.2%

ACCO Brands Corp. 5.25%, 12/15/2024 (d)		163		165

ADT Security Corp. (The)

4.13%, 6/15/2023		80		80

4.88%, 7/15/2032 (d)		75		68

Allied Universal Holdco LLC

6.63%, 7/15/2026 (d)		21		22

9.75%, 7/15/2027 (d)		22		23

Aramark Services, Inc.

5.00%, 4/1/2025 (d)		130		128

5.00%, 2/1/2028 (d)		190		181

Covanta Holding Corp. 5.88%, 7/1/2025		40		41

Nielsen Co. Luxembourg SARL (The)

5.50%, 10/1/2021 (d)		17		17

5.00%, 2/1/2025 (d)		27		27

Nielsen Finance LLC 5.00%, 4/15/2022 (d)		320		319

Prime Security Services Borrower LLC

5.25%, 4/15/2024 (d)		47		48

5.75%, 4/15/2026 (d)		150		155

6.25%, 1/15/2028 (d)		125		118


				1,392


Communications Equipment — 0.1%

CommScope Technologies LLC

6.00%, 6/15/2025 (d)		274		264

5.00%, 3/15/2027 (d)		52		47

CommScope, Inc.

5.50%, 3/1/2024 (d)		71		72

6.00%, 3/1/2026 (d)		570		584

8.25%, 3/1/2027 (d)		136		140


				1,107


Construction & Engineering — 0.0% (b)

AECOM 5.13%, 3/15/2027		64		69


Consumer Finance — 0.3%

Ally Financial, Inc.

4.63%, 5/19/2022		225		234

5.75%, 11/20/2025		215		230

8.00%, 11/1/2031		60		77

Avolon Holdings Funding Ltd. (Ireland)

5.13%, 10/1/2023 (d)		99		92

4.38%, 5/1/2026 (d)		85		71

Ford Motor Credit Co. LLC

3.47%, 4/5/2021		200		196

4.39%, 1/8/2026		400		379

4.54%, 8/1/2026		285		272

4.27%, 1/9/2027		200		187

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	25

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued

Consumer Finance — continued

Navient Corp.

6.13%, 3/25/2024		140		133

6.75%, 6/25/2025		190		182

5.00%, 3/15/2027		50		42

Springleaf Finance Corp.

8.25%, 10/1/2023		100		107

6.13%, 3/15/2024		75		76

6.88%, 3/15/2025		40		41

7.13%, 3/15/2026		120		124

6.63%, 1/15/2028		39		39

5.38%, 11/15/2029		65		61


				2,543


Containers & Packaging — 0.2%

Ardagh Packaging Finance plc

6.00%, 2/15/2025 (d)		200		205

5.25%, 8/15/2027 (d)		400		392

Berry Global, Inc.

4.88%, 7/15/2026 (d)		268		272

5.63%, 7/15/2027 (d)		16		16

Crown Americas LLC 4.75%, 2/1/2026		35		36

LABL Escrow Issuer LLC

6.75%, 7/15/2026 (d)		305		317

10.50%, 7/15/2027 (d)		75		80

Mauser Packaging Solutions Holding Co.

5.50%, 4/15/2024 (d)		510		501

Trivium Packaging Finance BV (Netherlands)

5.50%, 8/15/2026 (d) (i)		200		202


				2,021


Distributors — 0.0% (b)

Performance Food Group, Inc. 5.50%, 10/15/2027 (d)		115		111

Wolverine Escrow LLC 9.00%, 11/15/2026 (d)		310		203


				314


Diversified Consumer Services — 0.0% (b)

Pepperdine University Series 2020, 3.30%, 12/1/2059		32		33

Service Corp. International

4.63%, 12/15/2027		165		171

5.13%, 6/1/2029		65		70


				274


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)


Diversified Financial Services — 0.0% (b)

ACE Cash Express, Inc. 12.00%, 12/15/2022 (d)		81		58

MPH Acquisition Holdings LLC 7.13%, 6/1/2024 (d)		235		218

Refinitiv US Holdings, Inc. 8.25%, 11/15/2026 (d)		157		170


				446


Diversified Telecommunication Services — 1.2%

Altice France Holding SA (Luxembourg) 10.50%, 5/15/2027 (d)		200		220

Altice France SA (France) 7.38%, 5/1/2026 (d)		735		767

CCO Holdings LLC

5.88%, 4/1/2024 (d)		52		54

5.75%, 2/15/2026 (d)		1,060		1,096

5.50%, 5/1/2026 (d)		525		544

5.13%, 5/1/2027 (d)		735		760

5.00%, 2/1/2028 (d)		45		46

4.75%, 3/1/2030 (d)		648		663

CenturyLink, Inc.

Series W, 6.75%, 12/1/2023		35		38

Series Y, 7.50%, 4/1/2024		75		82

5.63%, 4/1/2025		470		486

5.13%, 12/15/2026 (d)		580		579

Series G, 6.88%, 1/15/2028		49		52

Cincinnati Bell, Inc.

7.00%, 7/15/2024 (d)		240		245

8.00%, 10/15/2025 (d)		89		93

Embarq Corp. 8.00%, 6/1/2036		147		165

Frontier Communications Corp.

7.13%, 1/15/2023 (j)		55		16

7.63%, 4/15/2024 (j)		25		8

6.88%, 1/15/2025 (j)		14		4

11.00%, 9/15/2025 (j)		67		23

8.50%, 4/1/2026 (d) (i)		207		196

8.00%, 4/1/2027 (d) (i)		230		234

Intelsat Jackson Holdings SA (Luxembourg)

5.50%, 8/1/2023		565		321

8.00%, 2/15/2024 (d) (i)		250		254

8.50%, 10/15/2024 (d)		183		110

9.75%, 7/15/2025 (d)		140		86

Level 3 Financing, Inc.

5.13%, 5/1/2023		95		95

5.38%, 1/15/2024		240		241

5.38%, 5/1/2025		120		123

5.25%, 3/15/2026		10		10

4.63%, 9/15/2027 (d)		85		86

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued

Diversified Telecommunication Services — continued

Sprint Capital Corp.

6.88%, 11/15/2028		100		122

8.75%, 3/15/2032		891		1,274

Telecom Italia Capital SA (Italy)

6.38%, 11/15/2033		240		270

6.00%, 9/30/2034		305		332

Virgin Media Secured Finance plc (United Kingdom)

5.50%, 8/15/2026 (d)		200		205

5.50%, 5/15/2029 (d)		200		210

Windstream Services LLC 9.00%, 6/30/2025 (d) (j)		195		10


				10,120


Electric Utilities — 0.1%

Evergy, Inc. 4.85%, 6/1/2021		35		36

NextEra Energy Operating Partners LP 4.25%, 7/15/2024 (d)		63		64

NRG Energy, Inc.

7.25%, 5/15/2026		115		121

6.63%, 1/15/2027		117		122

5.75%, 1/15/2028		124		131

5.25%, 6/15/2029 (d)		10		11

PECO Energy Co. 4.80%, 10/15/2043		100		131

PG&E Corp. 5.00%, 7/1/2028		150		149

Vistra Operations Co. LLC

5.50%, 9/1/2026 (d)		190		194

5.63%, 2/15/2027 (d)		70		72


				1,031


Electrical Equipment — 0.0% (b)

Sensata Technologies BV 5.63%, 11/1/2024 (d)		260		276


Electronic Equipment, Instruments & Components — 0.0% (b)

CDW LLC

5.50%, 12/1/2024		45		49

5.00%, 9/1/2025		165		170

4.25%, 4/1/2028		163		166


				385


Energy Equipment & Services — 0.1%

Archrock Partners LP 6.88%, 4/1/2027 (d)		9		8

Nabors Industries Ltd. 7.25%, 1/15/2026 (d)		50		31

Nabors Industries, Inc. 5.75%, 2/1/2025		115		47


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)


Energy Equipment & Services — continued

Noble Holding International Ltd.

7.88%, 2/1/2026 (d)		70		17

6.20%, 8/1/2040		38		1

5.25%, 3/15/2042		24		1

Shelf Drilling Holdings Ltd. (United Arab Emirates) 8.25%, 2/15/2025 (d)		87		41

Transocean Guardian Ltd. 5.88%, 1/15/2024 (d)		175		153

Transocean Pontus Ltd. 6.13%, 8/1/2025 (d)		101		88

Transocean Poseidon Ltd. 6.88%, 2/1/2027 (d)		84		71

Transocean Proteus Ltd. 6.25%, 12/1/2024 (d)		67		61

Transocean, Inc.

7.25%, 11/1/2025 (d)		43		23

7.50%, 1/15/2026 (d)		40		22


				564


Entertainment — 0.1%

AMC Entertainment Holdings, Inc.

5.75%, 6/15/2025		205		65

5.88%, 11/15/2026		25		8

6.13%, 5/15/2027		45		14

Cinemark USA, Inc. 4.88%, 6/1/2023		147		124

Live Nation Entertainment, Inc.

5.63%, 3/15/2026 (d)		59		54

4.75%, 10/15/2027 (d)		255		219

Netflix, Inc.

5.88%, 2/15/2025		22		24

4.88%, 4/15/2028		100		107

5.88%, 11/15/2028		142		161

5.38%, 11/15/2029 (d)		85		93

4.88%, 6/15/2030 (d)		465		498


				1,367


Equity Real Estate Investment Trusts (REITs) — 0.2%

Brookfield Property REIT, Inc. 5.75%, 5/15/2026 (d)		80		68

Equinix, Inc. 5.88%, 1/15/2026		120		126

ESH Hospitality, Inc.

5.25%, 5/1/2025 (d)		145		140

4.63%, 10/1/2027 (d)		89		84

Iron Mountain, Inc.

5.75%, 8/15/2024		45		45

4.88%, 9/15/2027 (d)		124		121

4.88%, 9/15/2029 (d)		165		161

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	27

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued

Equity Real Estate Investment Trusts (REITs) — continued

MGM Growth Properties Operating Partnership LP

5.63%, 5/1/2024		220		229

5.75%, 2/1/2027		254		260

4.50%, 1/15/2028		15		15

Ryman Hospitality Properties, Inc. 4.75%, 10/15/2027 (d)		120		106

Uniti Group LP 6.00%, 4/15/2023 (d)		80		78

VICI Properties LP

3.50%, 2/15/2025 (d)		30		28

4.25%, 12/1/2026 (d)		405		388

3.75%, 2/15/2027 (d)		275		258

4.13%, 8/15/2030 (d)		30		29


				2,136


Food & Staples Retailing — 0.1%

Albertsons Cos., Inc.

3.50%, 2/15/2023 (d)		40		41

6.63%, 6/15/2024		240		246

5.75%, 3/15/2025		46		47

7.50%, 3/15/2026 (d)		115		125

4.63%, 1/15/2027 (d)		85		85

4.88%, 2/15/2030 (d)		90		92

New Albertsons LP 8.00%, 5/1/2031		29		32

Rite Aid Corp.

6.13%, 4/1/2023 (d)		293		285

7.50%, 7/1/2025 (d)		77		77


				1,030


Food Products — 0.2%

B&G Foods, Inc. 5.25%, 4/1/2025		169		170

JBS USA LUX SA

5.75%, 6/15/2025 (d)		120		121

6.50%, 4/15/2029 (d)		24		25

5.50%, 1/15/2030 (d)		216		222

Kraft Heinz Foods Co.

4.63%, 1/30/2029		320		345

5.00%, 6/4/2042		190		200

Lamb Weston Holdings, Inc. 4.88%, 11/1/2026 (d)		200		207

Pilgrim’s Pride Corp. 5.75%, 3/15/2025 (d)		105		105

Post Holdings, Inc.

5.00%, 8/15/2026 (d)		199		200

5.75%, 3/1/2027 (d)		210		218

5.63%, 1/15/2028 (d)		40		41


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)


Food Products — continued

5.50%, 12/15/2029 (d)		36		37

4.63%, 4/15/2030 (d)		42		41


				1,932


Gas Utilities — 0.0% (b)

AmeriGas Partners LP

5.50%, 5/20/2025		267		276

5.88%, 8/20/2026		25		26

5.75%, 5/20/2027		39		41


				343


Health Care Equipment & Supplies — 0.0% (b)

Hill-Rom Holdings, Inc. 4.38%, 9/15/2027 (d)		100		102

Hologic, Inc. 4.38%, 10/15/2025 (d)		222		225

Teleflex, Inc. 4.88%, 6/1/2026		32		33


				360


Health Care Providers & Services — 0.9%

Acadia Healthcare Co., Inc. 5.63%, 2/15/2023		73		73

Air Medical Group Holdings, Inc. 6.38%, 5/15/2023 (d)		41		38

Centene Corp.

4.75%, 1/15/2025		57		58

5.25%, 4/1/2025 (d)		106		109

5.38%, 6/1/2026 (d)		99		103

4.25%, 12/15/2027		5		5

4.63%, 12/15/2029		320		339

3.38%, 2/15/2030		280		283

Community Health Systems, Inc.

6.25%, 3/31/2023		100		94

8.63%, 1/15/2024 (d)		185		181

8.00%, 3/15/2026 (d)		24		23

DaVita, Inc.

5.13%, 7/15/2024		135		137

5.00%, 5/1/2025		357		366

4.63%, 6/1/2030 (d)		120		119

Encompass Health Corp.

5.75%, 11/1/2024		197		197

4.50%, 2/1/2028		295		283

HCA, Inc.

5.88%, 5/1/2023		195		211

5.38%, 2/1/2025		105		112

5.88%, 2/15/2026		1,168		1,281

5.63%, 9/1/2028		154		172

5.88%, 2/1/2029		700		792

3.50%, 9/1/2030		245		236

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued

Health Care Providers & Services — continued

Polaris Intermediate Corp. 8.50% (cash), 12/1/2022 (d) (k)		102		90

Tenet Healthcare Corp.

6.75%, 6/15/2023		210		208

4.63%, 7/15/2024		94		92

4.63%, 9/1/2024 (d)		26		25

5.13%, 5/1/2025		131		126

4.88%, 1/1/2026 (d)		602		591

6.25%, 2/1/2027 (d)		510		506

5.13%, 11/1/2027 (d)		63		62

Trinity Health Corp. Series 2019, 3.43%, 12/1/2048		30		33


				6,945


Health Care Technology — 0.0% (b)

IQVIA, Inc. 5.00%, 5/15/2027 (d)		200		205


Hotels, Restaurants & Leisure — 0.7%

1011778 BC ULC (Canada)

4.25%, 5/15/2024 (d)		270		271

5.00%, 10/15/2025 (d)		145		144

3.88%, 1/15/2028 (d)		30		29

Boyd Gaming Corp. 6.38%, 4/1/2026		212		201

Cedar Fair LP

5.38%, 4/15/2027		4		4

5.25%, 7/15/2029 (d)		85		76

Enterprise Development Authority (The) 12.00%, 7/15/2024 (d)		67		67

Hilton Domestic Operating Co., Inc.

4.25%, 9/1/2024		20		19

5.13%, 5/1/2026		357		356

4.88%, 1/15/2030		48		47

Hilton Worldwide Finance LLC

4.63%, 4/1/2025		115		112

4.88%, 4/1/2027		60		59

International Game Technology plc

6.50%, 2/15/2025 (d)		200		205

6.25%, 1/15/2027 (d)		200		204

Marriott International, Inc. Series EE, 5.75%, 5/1/2025		100		109

Marriott Ownership Resorts, Inc. 6.50%, 9/15/2026		225		227

MGM Resorts International

6.75%, 5/1/2025		395		391

5.75%, 6/15/2025		14		14

4.63%, 9/1/2026		481		438

5.50%, 4/15/2027		79		76


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)


Hotels, Restaurants & Leisure — continued

Royal Caribbean Cruises Ltd.

10.88%, 6/1/2023 (d)		55		57

11.50%, 6/1/2025 (d)		158		164

Sabre GLBL, Inc.

5.25%, 11/15/2023 (d)		10		9

9.25%, 4/15/2025 (d)		100		106

Scientific Games International, Inc. 5.00%, 10/15/2025 (d)		215		199

Six Flags Entertainment Corp.

4.88%, 7/31/2024 (d)		227		203

5.50%, 4/15/2027 (d)		65		58

Stars Group Holdings BV (Canada) 7.00%, 7/15/2026 (d)		134		141

Station Casinos LLC

5.00%, 10/1/2025 (d)		115		101

4.50%, 2/15/2028 (d)		15		13

Wyndham Destinations, Inc.

5.40%, 4/1/2024 (i)		34		33

6.35%, 10/1/2025 (i)		36		36

5.75%, 4/1/2027 (i)		34		33

Wynn Las Vegas LLC 5.50%, 3/1/2025 (d)		402		368

Wynn Resorts Finance LLC 5.13%, 10/1/2029 (d)		355		317

Yum! Brands, Inc.

7.75%, 4/1/2025 (d)		120		129

4.75%, 1/15/2030 (d)		177		180


				5,196


Household Durables — 0.1%

Lennar Corp.

4.75%, 5/30/2025		130		139

5.00%, 6/15/2027		125		135

Newell Brands, Inc.

4.70%, 4/1/2026 (i)		295		309

5.87%, 4/1/2036 (i)		80		85

Tempur Sealy International, Inc.

5.63%, 10/15/2023		319		322

5.50%, 6/15/2026		203		205


				1,195


Household Products — 0.1%

Central Garden & Pet Co.

6.13%, 11/15/2023		55		56

5.13%, 2/1/2028		195		203

Energizer Holdings, Inc. 7.75%, 1/15/2027 (d)		555		591

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	29

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued

Household Products — continued

Spectrum Brands, Inc.

6.13%, 12/15/2024		59		61

5.75%, 7/15/2025		273		280

5.00%, 10/1/2029 (d)		76		75


				1,266


Independent Power and Renewable Electricity Producers — 0.0% (b)

Calpine Corp.

5.75%, 1/15/2025		115		116

5.25%, 6/1/2026 (d)		135		136

Clearway Energy Operating LLC

5.75%, 10/15/2025		5		5

5.00%, 9/15/2026		60		61


				318


Internet & Direct Marketing Retail — 0.0% (b)

Photo Holdings Merger Sub, Inc. 8.50%, 10/1/2026 (d)		155		146


IT Services — 0.0% (b)

Gartner, Inc.

4.50%, 7/1/2028 (d)		130		132


Leisure Products — 0.1%

Mattel, Inc.

3.15%, 3/15/2023		96		90

6.75%, 12/31/2025 (d)		540		560

5.88%, 12/15/2027 (d)		120		125

Vista Outdoor, Inc. 5.88%, 10/1/2023		210		205


				980


Life Sciences Tools & Services — 0.0% (b)

Avantor, Inc. 6.00%, 10/1/2024 (d)		355		371


Machinery — 0.0% (b)

Colfax Corp. 6.00%, 2/15/2024 (d)		50		52

Welbilt, Inc. 9.50%, 2/15/2024		70		66


				118


Media — 1.0%

Altice Financing SA (Luxembourg) 7.50%, 5/15/2026 (d)		720		756

AMC Networks, Inc.

5.00%, 4/1/2024		125		124

4.75%, 8/1/2025		50		49

Clear Channel Worldwide Holdings, Inc.

9.25%, 2/15/2024		497		461

5.13%, 8/15/2027 (d)		343		329


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)


Media — continued

CSC Holdings LLC

5.25%, 6/1/2024		85		90

10.88%, 10/15/2025 (d)		200		215

5.50%, 5/15/2026 (d)		475		489

5.50%, 4/15/2027 (d)		200		208

Diamond Sports Group LLC 5.38%, 8/15/2026 (d)		346		251

DISH DBS Corp.

6.75%, 6/1/2021		60		61

5.88%, 7/15/2022		200		203

5.00%, 3/15/2023		35		35

5.88%, 11/15/2024		1,190		1,184

7.75%, 7/1/2026		185		196

Entercom Media Corp. 6.50%, 5/1/2027 (d)		48		43

Gray Television, Inc.

5.13%, 10/15/2024 (d)		65		65

5.88%, 7/15/2026 (d)		85		85

7.00%, 5/15/2027 (d)		120		123

iHeartCommunications, Inc.

6.38%, 5/1/2026		29		28

8.38%, 5/1/2027		114		104

5.25%, 8/15/2027 (d)		225		216

Lamar Media Corp.

5.75%, 2/1/2026		70		73

3.75%, 2/15/2028 (d)		30		28

4.00%, 2/15/2030 (d)		65		62

Meredith Corp. 6.88%, 2/1/2026		220		182

Nexstar Broadcasting, Inc.

5.63%, 8/1/2024 (d)		115		116

5.63%, 7/15/2027 (d)		270		270

Outfront Media Capital LLC 5.00%, 8/15/2027 (d)		120		108

Sinclair Television Group, Inc.

5.63%, 8/1/2024 (d)		243		233

5.88%, 3/15/2026 (d)		12		12

Sirius XM Radio, Inc.

4.63%, 7/15/2024 (d)		15		15

5.38%, 4/15/2025 (d)		291		299

5.38%, 7/15/2026 (d)		230		238

5.00%, 8/1/2027 (d)		295		302

5.50%, 7/1/2029 (d)		12		13

TEGNA, Inc.

5.50%, 9/15/2024 (d)		20		20

4.63%, 3/15/2028 (d)		60		55

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued

Media — continued

ViacomCBS, Inc.

(ICE LIBOR USD 3 Month + 3.90%), 5.87%, 2/28/2057 (g)		64		63

(ICE LIBOR USD 3 Month + 3.90%), 6.25%, 2/28/2057 (g)		55		56

Videotron Ltd. (Canada) 5.13%, 4/15/2027 (d)		510		529


				7,989


Metals & Mining — 0.2%

Alcoa Nederland Holding BV

6.75%, 9/30/2024 (d)		200		204

6.13%, 5/15/2028 (d)		200		205

Allegheny Technologies, Inc. 7.88%, 8/15/2023 (i)		15		15

Constellium SE 6.63%, 3/1/2025 (d)		250		253

FMG Resources August 2006 Pty. Ltd. (Australia)

4.75%, 5/15/2022 (d)		47		48

5.13%, 5/15/2024 (d)		15		15

Freeport-McMoRan, Inc.

3.55%, 3/1/2022		14		14

3.88%, 3/15/2023		454		456

4.55%, 11/14/2024		190		193

4.13%, 3/1/2028		104		101

5.40%, 11/14/2034		45		44

Kaiser Aluminum Corp. 4.63%, 3/1/2028 (d)		170		163

Novelis Corp.

5.88%, 9/30/2026 (d)		110		110

4.75%, 1/30/2030 (d)		165		157

United States Steel Corp.

12.00%, 6/1/2025 (d)		73		75

6.25%, 3/15/2026		51		32


				2,085


Multiline Retail — 0.0% (b)

Macy’s, Inc. 8.38%, 6/15/2025 (d)		135		134

Neiman Marcus Group Ltd. LLC

14.00% (Blend (cash 8.00% + PIK 6.00%)), 4/25/2024 (d) (j) (k)		251		70

8.00%, 10/25/2024 (d) (j)		201		8

8.75%, 10/25/2024 (d) (j)		169		7


				219


Oil, Gas & Consumable Fuels — 0.8%

Antero Midstream Partners LP

5.38%, 9/15/2024		240		205

5.75%, 1/15/2028 (d)		60		47


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)


Oil, Gas & Consumable Fuels — continued

Antero Resources Corp.

5.38%, 11/1/2021		17		16

5.13%, 12/1/2022		60		43

5.63%, 6/1/2023		206		132

Ascent Resources Utica Holdings LLC 7.00%, 11/1/2026 (d)		25		16

Blue Racer Midstream LLC 6.13%, 11/15/2022 (d)		355		353

Buckeye Partners LP

4.13%, 3/1/2025 (d)		65		62

4.50%, 3/1/2028 (d)		65		61

Cheniere Energy Partners LP

5.25%, 10/1/2025		90		90

4.50%, 10/1/2029 (d)		325		317

Chesapeake Energy Corp. 11.50%, 1/1/2025 (d)		107		11

Comstock Resources, Inc.

7.50%, 5/15/2025 (d)		95		86

9.75%, 8/15/2026		30		28

Crestwood Midstream Partners LP

6.25%, 4/1/2023 (i)		153		136

5.75%, 4/1/2025		55		48

5.63%, 5/1/2027 (d)		65		54

DCP Midstream Operating LP

4.95%, 4/1/2022		20		20

5.38%, 7/15/2025		166		165

6.75%, 9/15/2037 (d)		60		54

EnLink Midstream Partners LP

Series C, (ICE LIBOR USD 3 Month + 4.11%), 6.00%, 12/15/2022 (f) (g) (h)		125		45

4.40%, 4/1/2024		32		27

4.15%, 6/1/2025		165		127

4.85%, 7/15/2026		18		13

EP Energy LLC

9.38%, 5/1/2024 (d) (j)		30		—	(a)

8.00%, 2/15/2025 (d) (j)		127		—	(a)

EQM Midstream Partners LP

6.00%, 7/1/2025 (d)		25		25

4.13%, 12/1/2026		85		78

EQT Corp. 6.13%, 2/1/2025 (i)		130		130

Genesis Energy LP

6.00%, 5/15/2023		40		36

6.25%, 5/15/2026		160		137

7.75%, 2/1/2028		64		57

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	31

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued

Oil, Gas & Consumable Fuels — continued

Gulfport Energy Corp.

6.63%, 5/1/2023		55		33

6.00%, 10/15/2024		15		8

6.38%, 5/15/2025		85		41

6.38%, 1/15/2026		80		39

Hess Midstream Operations LP 5.63%, 2/15/2026 (d)		95		94

Hilcorp Energy I LP

5.75%, 10/1/2025 (d)		57		48

6.25%, 11/1/2028 (d)		52		42

Matador Resources Co. 5.88%, 9/15/2026		31		23

MEG Energy Corp. (Canada)

7.00%, 3/31/2024 (d)		61		52

6.50%, 1/15/2025 (d)		284		265

7.13%, 2/1/2027 (d)		96		80

NuStar Logistics LP

6.00%, 6/1/2026		33		32

5.63%, 4/28/2027		32		31

Oasis Petroleum, Inc.

6.88%, 3/15/2022		71		12

6.88%, 1/15/2023		60		10

6.25%, 5/1/2026 (d)		265		43

Occidental Petroleum Corp.

2.70%, 8/15/2022		320		299

8.00%, 7/15/2025 (l)		126		126

8.50%, 7/15/2027 (l)		141		141

8.88%, 7/15/2030 (l)		158		158

Parsley Energy LLC

5.38%, 1/15/2025 (d)		210		204

5.25%, 8/15/2025 (d)		135		130

PBF Holding Co. LLC

9.25%, 5/15/2025 (d)		38		41

6.00%, 2/15/2028 (d)		125		103

QEP Resources, Inc.

5.25%, 5/1/2023		30		20

5.63%, 3/1/2026		49		31

Range Resources Corp.

4.88%, 5/15/2025		170		128

9.25%, 2/1/2026 (d)		50		45

SM Energy Co.

5.00%, 1/15/2024		55		30

5.63%, 6/1/2025		45		24

6.63%, 1/15/2027		89		43


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)


Oil, Gas & Consumable Fuels — continued

Southwestern Energy Co.

6.20%, 1/23/2025 (i)		212		181

7.50%, 4/1/2026		60		53

7.75%, 10/1/2027		10		9

Sunoco LP

5.50%, 2/15/2026		35		34

5.88%, 3/15/2028		10		10

Tallgrass Energy Partners LP

5.50%, 9/15/2024 (d)		49		44

5.50%, 1/15/2028 (d)		60		52

Targa Resources Partners LP

5.25%, 5/1/2023		25		25

4.25%, 11/15/2023		100		96

5.88%, 4/15/2026		560		553

6.50%, 7/15/2027		127		127

5.00%, 1/15/2028		50		47

6.88%, 1/15/2029		85		89

TerraForm Power Operating LLC 5.00%, 1/31/2028 (d)		85		89

Whiting Petroleum Corp.

5.75%, 3/15/2021 (j)		20		4

6.63%, 1/15/2026 (j)		215		38

WPX Energy, Inc.

5.75%, 6/1/2026		204		198

5.25%, 10/15/2027		95		89


				6,733


Personal Products — 0.0% (b)

Prestige Brands, Inc.

6.38%, 3/1/2024 (d)		95		98

5.13%, 1/15/2028 (d)		80		79


				177


Pharmaceuticals — 0.3%

Bausch Health Americas, Inc.

9.25%, 4/1/2026 (d)		324		351

8.50%, 1/31/2027 (d)		238		253

Bausch Health Cos., Inc.

5.50%, 3/1/2023 (d)		4		4

5.88%, 5/15/2023 (d)		11		11

7.00%, 3/15/2024 (d)		151		157

6.13%, 4/15/2025 (d)		267		271

5.50%, 11/1/2025 (d)		301		308

9.00%, 12/15/2025 (d)		475		511

5.75%, 8/15/2027 (d)		54		57

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued

Pharmaceuticals — continued

7.00%, 1/15/2028 (d)		151		156

5.00%, 1/30/2028 (d)		564		530

7.25%, 5/30/2029 (d)		31		33

5.25%, 1/30/2030 (d)		64		61

Elanco Animal Health, Inc. 5.65%, 8/28/2028 (i)		65		72

Par Pharmaceutical, Inc. 7.50%, 4/1/2027 (d)		410		421


				3,196


Professional Services — 0.0% (b)

Dun & Bradstreet Corp. (The) 6.88%, 8/15/2026 (d)		85		90


Real Estate Management & Development — 0.0% (b)

Kennedy-Wilson, Inc. 5.88%, 4/1/2024		39		39


Road & Rail — 0.1%

AerCap Global Aviation Trust (Ireland) (ICE LIBOR USD 3 Month + 4.30%), 6.50%, 6/15/2045 (d) (g)		200		149

Ashtead Capital, Inc. (United Kingdom) 4.00%, 5/1/2028 (d)		200		199

Avis Budget Car Rental LLC

6.38%, 4/1/2024 (d)		165		135

5.25%, 3/15/2025 (d)		97		78

5.75%, 7/15/2027 (d)		46		35

Hertz Corp. (The)

7.63%, 6/1/2022 (d) (j)		55		41

5.50%, 10/15/2024 (d) (j)		252		79

7.13%, 8/1/2026 (d) (j)		160		50


				766


Semiconductors & Semiconductor Equipment — 0.1%

MagnaChip Semiconductor Corp. (South Korea) 6.63%, 7/15/2021 (i)		75		74

Qorvo, Inc. 5.50%, 7/15/2026		145		151

Sensata Technologies UK Financing Co. plc 6.25%, 2/15/2026 (d)		400		415


				640


Software — 0.1%

CDK Global, Inc.

5.88%, 6/15/2026		35		36

5.25%, 5/15/2029 (d)		156		162

Open Text Corp. (Canada) 5.88%, 6/1/2026 (d)		120		125

Solera LLC 10.50%, 3/1/2024 (d)		54		55

SS&C Technologies, Inc. 5.50%, 9/30/2027 (d)		223		227


				605


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)


Specialty Retail — 0.2%

Gap, Inc. (The) 8.38%, 5/15/2023 (d)		200		218

L Brands, Inc.

5.63%, 2/15/2022		220		215

6.88%, 11/1/2035		195		162

Penske Automotive Group, Inc.

5.50%, 5/15/2026		251		250

PetSmart, Inc.

7.13%, 3/15/2023 (d)		275		271

5.88%, 6/1/2025 (d)		567		569

8.88%, 6/1/2025 (d)		40		40

Staples, Inc.

7.50%, 4/15/2026 (d)		335		263

10.75%, 4/15/2027 (d)		175		107


				2,095


Technology Hardware, Storage & Peripherals — 0.1%

Dell International LLC 7.13%, 6/15/2024 (d)		165		171

NCR Corp.

5.75%, 9/1/2027 (d)		225		225

6.13%, 9/1/2029 (d)		295		296

Western Digital Corp. 4.75%, 2/15/2026		191		198

Xerox Corp. 4.12%, 3/15/2023 (i)		64		64


				954


Thrifts & Mortgage Finance — 0.0% (b)

Ladder Capital Finance Holdings LLLP REIT, 5.25%, 10/1/2025 (d)		55		47

Nationstar Mortgage Holdings, Inc. 8.13%, 7/15/2023 (d)		111		114

Quicken Loans LLC 5.25%, 1/15/2028 (d)		170		177


				338


Trading Companies & Distributors — 0.2%

Ahern Rentals, Inc. 7.38%, 5/15/2023 (d)		145		70

H&E Equipment Services, Inc. 5.63%, 9/1/2025		120		121

Herc Holdings, Inc. 5.50%, 7/15/2027 (d)		330		331

United Rentals North America, Inc.

4.63%, 10/15/2025		350		352

5.88%, 9/15/2026		80		84

6.50%, 12/15/2026		438		459

5.50%, 5/15/2027		90		93

3.88%, 11/15/2027		75		75

4.88%, 1/15/2028		85		87

WESCO Distribution, Inc.

7.13%, 6/15/2025 (d)		120		126

7.25%, 6/15/2028 (d)		120		127


				1,925

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	33

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Corporate Bonds — continued

Wireless Telecommunication Services — 0.5%

Hughes Satellite Systems Corp.

5.25%, 8/1/2026		190		197

6.63%, 8/1/2026		35		36

Sprint Corp.

7.25%, 9/15/2021		86		90

7.88%, 9/15/2023		220		248

7.13%, 6/15/2024		254		287

7.63%, 2/15/2025		550		634

7.63%, 3/1/2026		248		293

T-Mobile USA, Inc.

3.50%, 4/15/2025 (d)		95		104

6.50%, 1/15/2026		309		323

4.50%, 2/1/2026		208		210

3.75%, 4/15/2027 (d)		95		105

4.75%, 2/1/2028		740		782

3.88%, 4/15/2030 (d)		95		106


				3,415


Total Corporate Bonds (Cost $86,761)				82,996

Asset-Backed Securities — 5.1%

ABFC Trust Series 2003-OPT1, Class M1, 1.22%, 2/25/2033 ‡ (m)		617		607

ACC Trust

Series 2019-1, Class A, 3.75%, 5/20/2022 (d)		219		220

Series 2019-1, Class B, 4.47%, 10/20/2022 (d)		445		429

Series 2019-1, Class C, 6.41%, 2/20/2024 (d)		500		453

ACE Securities Corp. Home Equity Loan Trust

Series 2004-OP1, Class M3, 2.06%, 4/25/2034 (m)		239		228

Series 2004-HE3, Class M3, 1.26%, 11/25/2034 ‡ (m)		67		68

American Credit Acceptance Receivables Trust

Series 2019-2, Class B, 3.05%, 5/12/2023 (d)		20		20

Series 2017-2, Class E, 5.52%, 3/12/2024 (d)		130		132

Series 2018-1, Class D, 3.93%, 4/10/2024 (d)		805		820

Series 2018-4, Class C, 3.97%, 1/13/2025 (d)		855		868

Series 2019-1, Class C, 3.50%, 4/14/2025 (d)		1,085		1,102


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)


Series 2019-1, Class D, 3.81%, 4/14/2025 (d)		960		971

Series 2019-1, Class E, 4.84%, 4/14/2025 (d)		445		449

Series 2019-3, Class E, 3.80%, 9/12/2025 (d)		400		390

AmeriCredit Automobile Receivables Trust

Series 2019-1, Class C, 3.36%, 2/18/2025		165		171

Series 2019-1, Class D, 3.62%, 3/18/2025		210		216

Ameriquest Mortgage Securities, Inc. Asset-Backed Pass-Through Certificates Series 2002-2, Class M3, 2.84%, 8/25/2032 ‡ (m)		209		207

Ameriquest Mortgage Securities, Inc. Asset-Backed Securities Series 2004-R1, Class M1, 0.98%, 2/25/2034 ‡ (m)		176		166

Argent Securities, Inc. Asset-Backed Pass-Through Certificates

Series 2004-W3, Class A3, 1.00%, 2/25/2034 ‡ (m)		71		66

Series 2004-W7, Class M9, 4.10%, 5/25/2034 ‡ (d) (m)		143		149

Bear Stearns Asset-Backed Securities Trust Series 2004-2, Class M1, 1.38%, 8/25/2034 ‡ (m)		264		256

CDC Mortgage Capital Trust

Series 2003-HE1, Class M1, 1.53%, 8/25/2033 (m)		159		158

Series 2003-HE3, Class M2, 2.81%, 11/25/2033 ‡ (m)		2		2

Chase Funding Loan Acquisition Trust Series 2004-OPT1, Class M2, 1.67%, 6/25/2034 ‡ (m)		99		96

CHEC Loan Trust Series 2004-2, Class M3, 1.43%, 4/25/2034 ‡ (m)		205		199

CIG Auto Receivables Trust

Series 2019-1A, Class B, 3.59%, 8/15/2024 (d)		935		963

Series 2019-1A, Class C, 3.82%, 8/15/2024 (d)		225		230

Citifinancial Mortgage Securities, Inc. Series 2004-1, Class AF4, 5.07%, 4/25/2034 ‡ (i)		970		1,007

Conn’s Receivables Funding LLC

Series 2018-A, Class C, 6.02%, 1/15/2023 ‡ (d)		118		116

Series 2019-A, Class B, 4.36%, 10/16/2023 ‡ (d)		235		230

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued

Series 2019-A, Class C, 5.29%, 10/16/2023 (d)		541		509

Countrywide Asset-Backed Certificates

Series 2003-BC6, Class M2, 1.91%, 10/25/2033 ‡ (m)		13		13

Series 2005-12, Class M2, 0.67%, 2/25/2036 ‡ (m)		637		632

Credit Acceptance Auto Loan Trust Series 2019-1A, Class B, 3.75%, 4/17/2028 (d)		534		550

Credit-Based Asset Servicing and Securitization LLC

Series 2003-CB5, Class M2, 2.66%, 11/25/2033 ‡ (m)		67		67

Series 2004-CB6, Class M3, 2.28%, 12/25/2033 ‡ (m)		154		149

Series 2004-CB4, Class A5, 6.78%, 5/25/2035 (i)		522		539

CWABS, Inc. Asset-Backed Certificates Trust

Series 2004-5, Class M3, 1.91%, 7/25/2034 ‡ (m)		258		255

Series 2004-6, Class M2, 1.16%, 10/25/2034 ‡ (m)		209		201

Drive Auto Receivables Trust

Series 2019-1, Class D, 4.09%, 6/15/2026		310		316

Series 2019-2, Class D, 3.69%, 8/17/2026		1,105		1,123

Series 2019-3, Class D, 3.18%, 10/15/2026		980		995

Driven Brands Funding LLC Series 2019-1A, Class A2, 4.64%, 4/20/2049 (d)		365		387

DT Auto Owner Trust

Series 2017-1A, Class D, 3.55%, 11/15/2022 (d)		30		31

Series 2017-2A, Class E, 6.03%, 1/15/2024 (d)		480		495

Series 2017-4A, Class E, 5.15%, 11/15/2024 (d)		220		226

Series 2019-1A, Class E, 4.94%, 2/17/2026 (d)		425		428

Equity One Mortgage Pass-Through Trust Series 2003-1, Class M1, 4.86%, 8/25/2033 ‡ (m)		548		561

Exeter Automobile Receivables Trust Series 2018-1A, Class D, 3.53%, 11/15/2023 (d)		635		641

First Franklin Mortgage Loan Trust Series 2006-FF8, Class IIA3, 0.33%, 7/25/2036 ‡ (m)		45		44


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)


FREED ABS Trust

Series 2018-2, Class B, 4.61%, 10/20/2025 ‡ (d)		305		303

Series 2019-1, Class A, 3.42%, 6/18/2026 (d)		72		72

GLS Auto Receivables Issuer Trust

Series 2019-2A, Class B, 3.32%, 3/15/2024 (d)		1,300		1,323

Series 2019-2A, Class D, 4.52%, 2/17/2026 (d)		550		544

GLS Auto Receivables Trust Series 2018-1A, Class B, 3.52%, 8/15/2023 (d)		350		354

GSAMP Trust

Series 2004-NC2, Class B2, 3.56%, 10/25/2034 ‡ (d) (m)		527		377

Home Equity Asset Trust

Series 2002-1, Class M2, 2.08%, 11/25/2032 ‡ (m)		308		277

Series 2004-3, Class M1, 1.04%, 8/25/2034 ‡ (m)		268		262

Series 2004-6, Class M2, 1.08%, 12/25/2034 ‡ (m)		91		88

Home Equity Mortgage Loan Asset-Backed Trust Series 2004-B, Class M3, 1.38%, 11/25/2034 ‡ (m)		176		173

Long Beach Mortgage Loan Trust

Series 2001-2, Class M1, 0.74%, 7/25/2031 ‡ (m)		172		170

Series 2003-4, Class M2, 2.81%, 8/25/2033 ‡ (m)		22		23

Marlette Funding Trust Series 2019-4A, Class A, 2.39%, 12/17/2029 (d)		236		237

MASTR Asset-Backed Securities Trust Series 2004-OPT1, Class M2, 1.83%, 2/25/2034 ‡ (m)		52		52

Merrill Lynch Mortgage Investors Trust

Series 2003-OPT1, Class M1, 1.16%, 7/25/2034 (m)		61		59

Series 2004-HE1, Class M2, 2.43%, 4/25/2035 ‡ (m)		233		209

Series 2005-NC1, Class M2, 1.26%, 10/25/2035 ‡ (m)		313		305

Series 2005-FM1, Class M1, 0.90%, 5/25/2036 (m)		220		212

MFA LLC Series 2018-NPL1, Class A1, 3.88%, 5/25/2048 ‡ (d) (i)		241		239

Morgan Stanley ABS Capital I, Inc. Trust

Series 2003-NC8, Class M1, 1.23%, 9/25/2033 ‡ (m)		1,110		1,077

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	35

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued

Series 2004-NC2, Class M2, 1.98%, 12/25/2033 ‡ (m)		4		4

Series 2005-HE1, Class M3, 0.96%, 12/25/2034 ‡ (m)		271		240

Series 2005-HE1, Class M4, 1.26%, 12/25/2034 ‡ (m)		165		150

New Century Home Equity Loan Trust

Series 2003-5, Class M1, 5.04%, 11/25/2033 (i)		172		176

Series 2004-4, Class M1, 0.95%, 2/25/2035 ‡ (m)		457		435

Series 2005-1, Class M1, 0.86%, 3/25/2035 ‡ (m)		166		162

NovaStar Mortgage Funding Trust

Series 2003-2, Class M2, 2.96%, 9/25/2033 ‡ (m)		372		376

Series 2003-3, Class M1, 1.31%, 12/25/2033 ‡ (m)		62		61

OneMain Financial Issuance Trust Series 2018-2A, Class A, 3.57%, 3/14/2033 (d)		1,190		1,232

Option One Mortgage Acceptance Corp. Asset-Backed Certificates Series 2003-4, Class M1, 1.20%, 7/25/2033 ‡ (m)		483		475

Option One Mortgage Loan Trust Series 2004-2, Class M2, 1.76%, 5/25/2034 ‡ (m)		493		480

Park Place Securities, Inc. Asset-Backed Pass-Through Certificates

Series 2004-WWF1, Class M4, 1.83%, 12/25/2034 ‡ (m)		864		871

Series 2005-WCH1, Class M4, 1.43%, 1/25/2036 ‡ (m)		487		484

PNMAC FMSR Issuer Trust Series 2018-FT1, Class A, 2.53%, 4/25/2023 (d) (m)		100		96

PNMAC GMSR Issuer Trust

Series 2018-GT1, Class A, 3.03%, 2/25/2023 (d) (m)		380		372

Prestige Auto Receivables Trust Series 2017-1A, Class D, 3.61%, 10/16/2023 (d)		230		234

Pretium Mortgage Credit Partners I LLC

Series 2019-NPL2, Class A1, 3.84%, 12/27/2058 ‡ (d) (i)		560		556

Series 2019-NPL2, Class A2, 5.93%, 12/27/2058 ‡ (d) (i)		500		457

Prosper Marketplace Issuance Trust Series 2019-2A, Class B, 3.69%, 9/15/2025 ‡ (d)		100		100

PRPM LLC Series 2019-2A, Class A1, 3.97%, 4/25/2024 ‡ (d) (i)		403		406


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)


RAMP Trust

Series 2005-RS6, Class M4, 1.16%, 6/25/2035 ‡ (m)		500		491

Series 2006-RZ3, Class M1, 0.53%, 8/25/2036 ‡ (m)		1,000		946

Renaissance Home Equity Loan Trust Series 2003-2, Class M1, 1.42%, 8/25/2033 ‡ (m)		1,056		1,016

Santander Drive Auto Receivables Trust Series 2019-1, Class C, 3.42%, 4/15/2025		374		381

Santander Revolving Auto Loan Trust

Series 2019-A, Class C, 3.00%, 1/26/2032 (d)		310		316

Series 2019-A, Class D, 3.45%, 1/26/2032 (d)		420		424

Saxon Asset Securities Trust

Series 2000-2, Class MF2, 8.66%, 7/25/2030 ‡ (i)		59		51

Series 2003-2, Class M2, 2.81%, 6/25/2033 ‡ (m)		120		115

Series 2003-3, Class M1, 1.16%, 12/25/2033 ‡ (m)		376		359

Series 2004-2, Class MV2, 1.98%, 8/25/2035 ‡ (m)		224		222

Specialty Underwriting & Residential Finance Trust Series 2003-BC4, Class M1, 1.08%, 11/25/2034 ‡ (m)		239		234

Stanwich Mortgage Loan Trust Series 2019-NPB2, Class A1, 3.48%, 11/16/2024 (d) (i)		1,316		1,321

Structured Asset Investment Loan Trust

Series 2003-BC11, Class M1, 1.16%, 10/25/2033 ‡ (m)		147		146

Series 2004-7, Class M1, 1.23%, 8/25/2034 ‡ (m)		40		40

Series 2004-7, Class M2, 1.31%, 8/25/2034 ‡ (m)		50		49

Series 2004-8, Class M2, 1.11%, 9/25/2034 ‡ (m)		214		205

Structured Asset Securities Corp. Trust Series 2005-SC1, Class 1A1, 0.45%, 5/25/2031 ‡ (d) (m)		100		71

Vericrest Opportunity Loan Trust

Series 2019-NPL2, Class A1, 3.97%, 2/25/2049 ‡ (d) (i)		855		859

Series 2019-NPL7, Class A1A, 3.18%, 10/25/2049 ‡ (d) (i)		1,362		1,349

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Asset-Backed Securities — continued

Wells Fargo Home Equity Asset-Backed Securities Trust Series 2004-2, Class M8A, 4.68%, 10/25/2034 ‡ (d) (m)		194		170

Westlake Automobile Receivables Trust

Series 2018-3A, Class D, 4.00%, 10/16/2023 (d)		1,710		1,745

Series 2019-1A, Class D, 3.67%, 3/15/2024 (d)		2,025		2,085

Series 2019-2A, Class C, 2.84%, 7/15/2024 (d)		120		122

Series 2019-1A, Class E, 4.49%, 7/15/2024 (d)		505		521

Series 2018-3A, Class F, 6.02%, 2/18/2025 (d)		1,000		973


Total Asset-Backed Securities (Cost $46,434)				47,085

Convertible Bonds — 3.9%

Aerospace & Defense — 0.0% (b)

MTU Aero Engines AG (Germany) 0.13%, 5/17/2023 (c)	EUR	200		285


Airlines — 0.0% (b)

Southwest Airlines Co. 1.25%, 5/1/2025		233		280


Banks — 0.2%

Barclays Bank plc (United Kingdom)

Zero Coupon, 2/4/2025		474		550

Series VUN, Zero Coupon, 2/18/2025		569		577

BofA Finance LLC 0.25%, 5/1/2023		556		538


				1,665


Beverages — 0.1%

Remy Cointreau SA (France)

0.13%, 9/7/2026 (c)	EUR	384 Units		585


Biotechnology — 0.1%

BioMarin Pharmaceutical, Inc. 0.60%, 8/1/2024		309		377

Exact Sciences Corp. 1.00%, 1/15/2025		227		310


				687


Capital Markets — 0.1%

Archer Obligations SA (France)

Series KER, Zero Coupon, 3/31/2023 (c)	EUR	600		849


Chemicals — 0.1%

Sika AG (Switzerland)

3.75%, 1/30/2022 (c)	CHF	400		577

0.15%, 6/5/2025 (c)	CHF	180		222

Symrise AG (Germany)

Series SY1G, 0.24%, 6/20/2024 (c)	EUR	400		560


				1,359


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)


Commercial Services & Supplies — 0.1%

China Conch Venture Holdings International Ltd. (China) Zero Coupon, 9/5/2023 (c)	HKD	4,000		557


Diversified Consumer Services — 0.0% (b)

Chegg, Inc.

0.13%, 3/15/2025		286		404


Diversified Telecommunication Services — 0.1%

Cellnex Telecom SA (Spain) 1.50%, 1/16/2026 (c)	EUR	400		760


Entertainment — 0.1%

Live Nation Entertainment, Inc.

2.50%, 3/15/2023		612		621

Sea Ltd. (Taiwan)

1.00%, 12/1/2024 (d)		119		256


				877


Health Care Equipment & Supplies — 0.2%

DexCom, Inc.

0.75%, 12/1/2023		311		772

0.25%, 11/15/2025 (d)		197		202

Insulet Corp. 0.38%, 9/1/2026 (d)		451		492


				1,466


Health Care Providers & Services — 0.0% (b)

Orpea (France) 0.38%, 5/17/2027 (c)	EUR	242 Units		384


Household Durables — 0.1%

Sony Corp. (Japan) Series 6, Zero Coupon, 9/30/2022	JPY	55,000		752


Interactive Media & Services — 0.1%

Snap, Inc.

0.75%, 8/1/2026 (d)		554		693

Zillow Group, Inc.

1.38%, 9/1/2026 (d)		332		479


				1,172


Internet & Direct Marketing Retail — 0.3%

Baozun, Inc. (China) 1.63%, 5/1/2024		190		183

Booking Holdings, Inc. 0.75%, 5/1/2025 (d)		551		681

IAC FinanceCo, Inc. 0.88%, 10/1/2022 (d)		250		533

MercadoLibre, Inc. (Argentina) 2.00%, 8/15/2028		412		943

Ocado Group plc (United Kingdom) 0.88%, 12/9/2025 (c)	GBP	300		486


				2,826

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	37

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Convertible Bonds — continued

IT Services — 0.4%

Akamai Technologies, Inc. 0.13%, 5/1/2025		399		497

Amadeus IT Group SA (Spain) 1.50%, 4/9/2025 (c)	EUR	600		814

Atos SE (France) Zero Coupon, 11/6/2024 (c)	EUR	300		445

MongoDB, Inc. 0.25%, 1/15/2026 (d)		300		378

Okta, Inc. 0.13%, 9/1/2025 (d)		460		569

Square, Inc. 0.50%, 5/15/2023		409		608

Twilio, Inc. 0.25%, 6/1/2023		201		624


				3,935


Life Sciences Tools & Services — 0.1%

Illumina, Inc. 0.50%, 6/15/2021		356		530

Repligen Corp. 0.38%, 7/15/2024		505		632


				1,162


Media — 0.1%

DISH Network Corp. 3.38%, 8/15/2026		70		64

Liberty Interactive LLC 1.75%, 9/30/2046 (d)		299		452

Liberty Media Corp. 1.38%, 10/15/2023		268		281


				797


Oil, Gas & Consumable Fuels — 0.0% (b)

Oasis Petroleum, Inc. 2.63%, 9/15/2023		20		3


Real Estate Management & Development — 0.0% (b)

Smart Insight International Ltd. (China) 4.50%, 12/5/2023 (c)	HKD	2,000		290


Semiconductors & Semiconductor Equipment — 0.4%

Advanced Micro Devices, Inc. 2.13%, 9/1/2026		67		437

Inphi Corp. 0.75%, 4/15/2025 (d)		322		386

Microchip Technology, Inc. 1.63%, 2/15/2027		1,014		1,496

ON Semiconductor Corp. 1.63%, 10/15/2023		324		393

Silicon Laboratories, Inc. 1.38%, 3/1/2022		209		252

STMicroelectronics NV (Switzerland) Series A, Zero Coupon, 7/3/2022 (c)		400		539


				3,503


Software — 1.0%

Atlassian, Inc. 0.63%, 5/1/2023		460		1,024

Cloudflare, Inc. 0.75%, 5/15/2025 (d)		183		221

Coupa Software, Inc. 0.13%, 6/15/2025		710		1,290

Datadog, Inc. 0.13%, 6/15/2025 (d)		175		207

DocuSign, Inc. 0.50%, 9/15/2023		361		878

Envestnet, Inc. 1.75%, 6/1/2023		352		433

Five9, Inc.

0.13%, 5/1/2023		153		411

0.50%, 6/1/2025 (d)		192		206


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)


Software — continued

Palo Alto Networks, Inc. 0.75%, 7/1/2023		321		343

Proofpoint, Inc. 0.25%, 8/15/2024 (d)		211		207

RealPage, Inc. 1.50%, 5/15/2025		264		284

RingCentral, Inc. Zero Coupon, 3/1/2025 (d)		382		409

ServiceNow, Inc. Zero Coupon, 6/1/2022		396		1,186

Slack Technologies, Inc. 0.50%, 4/15/2025 (d)		200		246

Splunk, Inc. 0.50%, 9/15/2023		347		499

Workday, Inc. 0.25%, 10/1/2022		362		498

Xero Investments Ltd. (New Zealand) 2.38%, 10/4/2023 (c)		474		692


				9,034


Specialty Retail — 0.1%

Zhongsheng Group Holdings Ltd. (China) Zero Coupon, 5/23/2023 (c)	HKD	3,000		572


Textiles, Apparel & Luxury Goods — 0.1%

adidas AG (Germany) Series ADS, 0.05%, 9/12/2023 (c)	EUR	200		250

LVMH Moet Hennessy Louis Vuitton SE (France) Series MCFP, Zero Coupon, 2/16/2021 (c)		387 Units		734


				984


Wireless Telecommunication Services — 0.1%

Vodafone Group plc (United Kingdom) 1.50%, 3/12/2022 (c)	GBP	400		520


Total Convertible Bonds (Cost $29,904)				35,708

Collateralized Mortgage Obligations — 3.6%

Alternative Loan Trust

Series 2005-20CB, Class 4A1, 5.25%, 7/25/2020		8		8

Series 2004-27CB, Class A1, 6.00%, 12/25/2034		252		248

Series 2005-3CB, Class 1A4, 5.25%, 3/25/2035		9		9

American Home Mortgage Investment Trust Series 2006-3, Class 22A1, 2.27%, 12/25/2036 (m)		1,481		1,292

Angel Oak Mortgage Trust

Series 2019-5, Class A3, 2.92%, 10/25/2049 (d) (m)		1,671		1,673

Series 2020-1, Class M1, 3.16%, 12/25/2059 ‡ (d) (m)		897		844

Banc of America Alternative Loan Trust

Series 2004-6, Class 4A1, 5.00%, 7/25/2019		10		10

Series 2006-5, Class 3A1, 6.00%, 6/25/2046		31		30

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Collateralized Mortgage Obligations — continued

Bear Stearns ALT-A Trust

Series 2005-4, Class 23A2, 3.77%, 5/25/2035 (m)		235		229

Series 2005-7, Class 12A3, 0.86%, 8/25/2035 (m)		18		17

Bellemeade Re Ltd. (Bermuda) Series 2019-1A, Class M1A, 1.48%, 3/25/2029 ‡ (d) (m)		82		82

CHL Mortgage Pass-Through Trust

Series 2005-HYB3, Class 2A1A, 3.48%, 6/20/2035 (m)		313		310

Series 2006-HYB1, Class 2A2C, 3.31%, 3/20/2036 (m)		487		452

Series 2006-HYB2, Class 2A1B, 3.53%, 4/20/2036 (m)		450		400

Series 2006-21, Class A14, 6.00%, 2/25/2037		71		56

CIM Trust

Series 2019-INV1, Class A2, 1.18%, 2/25/2049 (d) (m)		793		792

Series 2019-INV3, Class A11, 1.12%, 8/25/2049 (d) (m)		684		682

Citigroup Mortgage Loan Trust Series 2005-11, Class A2A, 4.38%, 10/25/2035 (m)		102		99

Connecticut Avenue Securities Trust

Series 2019-R01, Class 2M2, 2.63%, 7/25/2031 (d) (m)		548		535

Series 2019-R05, Class 1B1, 4.28%, 7/25/2039 (d) (m)		500		446

Deephaven Residential Mortgage Trust

Series 2018-3A, Class B2, 5.91%, 8/25/2058 ‡ (d) (m)		300		289

Series 2019-4A, Class M1, 3.48%, 10/25/2059 ‡ (d) (m)		1,457		1,432

Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AF1, Class A4, 0.48%, 4/25/2036 (m)		498		464

Deutsche Alt-A Securities, Inc. Mortgage Loan Trust Series 2006-AR1, Class 1A3, 0.51%, 2/25/2036 (m)		1,323		1,233

Eagle RE Ltd. (Bermuda)

Series 2019-1, Class M1B, 1.98%, 4/25/2029 ‡ (d) (m)		90		89

Series 2019-1, Class M2, 3.48%, 4/25/2029 ‡ (d) (m)		350		334

FHLMC Structured Agency Credit Risk Debt Notes

Series 2016-HQA2, Class M3, 5.33%, 11/25/2028 (m)		329		344

Series 2017-HQA1, Class M2, 3.73%, 8/25/2029 (m)		217		220


INVESTMENTS	PRINCIPAL AMOUNT (000)			VALUE (000)


FHLMC, REMIC Series 3077, Class TO, PO, 4/15/2035		—	(a)		—	(a)

FHLMC, Structured Pass-Through Certificates, Whole Loan Series T-54, Class 2A, 6.50%, 2/25/2043		—	(a)		—	(a)

FNMA, Connecticut Avenue Securities

Series 2018-C02, Class 2M2, 2.38%, 8/25/2030 (m)		1,168			1,141

Series 2018-C04, Class 2M2, 2.73%, 12/25/2030 (m)		295			290

Series 2018-C05, Class 1M2, 2.53%, 1/25/2031 (m)		637			623

Series 2018-C06, Class 1M2, 2.18%, 3/25/2031 (m)		435			418

FNMA, REMIC

Series 1990-106, Class J, 8.50%, 9/25/2020		—	(a)		—	(a)

Series 2008-65, Class CD, 4.50%, 8/25/2023		—	(a)		—	(a)

Series 2009-86, Class OT, PO, 10/25/2037		—	(a)		—	(a)

Series 2013-25, Class DC, 2.50%, 6/25/2039		251			260

Series 2009-37, Class KI, IF, IO, 5.82%, 6/25/2039 (m)		—	(a)		—	(a)

Series 2010-35, Class SB, IF, IO, 6.24%, 4/25/2040 (m)		—	(a)		—	(a)

Fremont Home Loan Trust Series 2004-A, Class M1, 1.01%, 1/25/2034 ‡ (m)		757			735

GCAT Trust Series 2019-NQM2, Class M1, 3.31%, 9/25/2059 ‡ (d) (m)		2,000			1,916

GSR Mortgage Loan Trust Series 2004-8F, Class 2A3, 6.00%, 9/25/2034		4			4

Homeward Opportunities Fund I Trust

Series 2019-1, Class M1, 3.95%, 1/25/2059 ‡ (d) (m)		250			241

Series 2019-1, Class B1, 4.80%, 1/25/2059 ‡ (d) (m)		250			243

Impac CMB Trust

Series 2004-9, Class 1A1, 0.94%, 1/25/2035 (m)		341			335

Series 2005-5, Class A4, 0.94%, 8/25/2035 (m)		285			255

Series 2005-8, Class 1AM, 0.88%, 2/25/2036 (m)		592			553

Series 2007-A, Class M3, 2.43%, 5/25/2037 ‡ (d) (m)		535			502

LHOME Mortgage Trust Series 2019-RTL1, Class A1, 4.58%, 10/25/2023 (d) (i)		510			508

MASTR Adjustable Rate Mortgages Trust Series 2004-3, Class 3A2, 3.67%, 4/25/2034 (m)		124			118

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	39

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT (000)			VALUE (000)
Collateralized Mortgage Obligations — continued

MASTR Alternative Loan Trust

Series 2004-6, Class 8A1, 5.50%, 7/25/2034		119			122

Series 2005-6, Class 1A2, 5.50%, 12/25/2035		257			231

Merrill Lynch Mortgage Investors Trust Series 2005-A5, Class A9, 3.51%, 6/25/2035 (m)		78			76

New Residential Mortgage Loan Trust Series 2019-NQM4, Class B2, 5.04%, 9/25/2059 ‡ (d) (m)		688			632

PHH Mortgage Trust Series 2008-CIM2, Class 5A1, 6.00%, 7/25/2038		1			1

PRPM LLC Series 2019-1A, Class A1, 4.50%, 1/25/2024 (d) (i)		625			628

RALI Trust Series 2004-QS3, Class CB, 5.00%, 3/25/2019		—	(a)		—	(a)

Residential Asset Securitization Trust

Series 2004-A6, Class A1, 5.00%, 8/25/2019		4			4

Series 2006-A8, Class 3A1, 6.00%, 8/25/2036		388			281

SACO I, Inc. Series 1997-2, Class 1A5, 7.00%, 8/25/2036 (d)		27			27

Sequoia Mortgage Trust Series 2007-3, Class 1A1, 0.39%, 7/20/2036 (m)		205			192

STACR Trust Series 2018-DNA2, Class M2, 2.33%, 12/25/2030 ‡ (d) (m)		1,500			1,442

Starwood Mortgage Residential Trust Series 2019-INV1, Class M1, 3.06%, 9/27/2049 ‡ (d) (m)		1,721			1,557

Structured Asset Mortgage Investments II Trust

Series 2005-AR2, Class 2A1, 0.64%, 5/25/2045 (m)		90			84

Series 2007-AR7, Class 1A1, 1.03%, 5/25/2047 (m)		494			364

Toorak Mortgage Corp. Ltd. Series 2019-1, Class A1, 4.46%, 3/25/2022 (d) (i)		1,300			1,303

Verus Securitization Trust

Series 2019-4, Class B1, 3.86%, 11/25/2059 ‡ (d) (m)		1,100			980

Series 2019-INV1, Class M1, 4.03%, 12/25/2059 ‡ (d) (m)		100			96

Series 2019-INV1, Class B1, 4.99%, 12/25/2059 ‡ (d)		100			89

WaMu Mortgage Pass-Through Certificates Series 2005-AR8, Class 2AB2, 1.02%, 7/25/2045 (m)		1,057			958

WaMu Mortgage Pass-Through Certificates Trust

Series 2005-AR3, Class A1, 3.62%, 3/25/2035 (m)		204			196


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)

Series 2005-AR10, Class 1A3, 4.12%, 9/25/2035 (m)		1,738		1,789

Series 2005-AR10, Class 1A4, 4.12%, 9/25/2035 (m)		239		247

Series 2007-HY3, Class 3A3, 3.58%, 3/25/2037 (m)		327		301

Series 2006-AR17, Class 1A1A, 2.50%, 12/25/2046 (m)		428		385


Total Collateralized Mortgage Obligations (Cost $33,792)				32,746

U.S. Treasury Obligations — 3.2%

U.S. Treasury Bonds 2.75%, 8/15/2042		1,900		2,435

U.S. Treasury Notes

2.50%, 1/31/2021 (n)		20,015		20,287

2.13%, 12/31/2021		1,500		1,544

0.25%, 5/31/2025		4,000		3,995

2.88%, 8/15/2028		1,000		1,184


Total U.S. Treasury Obligations (Cost $28,501)				29,445

Commercial Mortgage-Backed Securities — 1.3%

BANK

Series 2019-BN21, Class XA, IO, 1.00%, 10/17/2052 (m)		5,618		345

Series 2019-BN20, Class XA, IO, 0.96%, 9/15/2062 (m)		1		—	(a)

Series 2020-BN25, Class XA, IO, 0.89%, 1/15/2063 (m)		7,054		458

BX Commercial Mortgage Trust Series 2018-BIOA, Class D, 1.51%, 3/15/2037 ‡ (d) (m)		500		477

Commercial Mortgage Trust Series 2020-CBM, Class F, 3.75%, 2/10/2037 (d) (m)		270		212

DBGS Mortgage Trust Series 2018-5BP, Class B, 1.01%, 6/15/2033 ‡ (d) (m)		750		715

FHLMC, Multi-Family Structured Pass-Through Certificates

Series KC04, Class X1, IO, 1.41%, 12/25/2026 (m)		3,360		197

Series K075, Class X3, IO, 2.20%, 5/25/2028 (m)		2,250		300

Series K086, Class X1, IO, 0.39%, 11/25/2028 (m)		12,341		248

Series K090, Class X1, IO, 0.85%, 2/25/2029 (m)		10,571		578

Series K090, Class X3, IO, 2.39%, 10/25/2029 (m)		3,390		545

Series K068, Class X3, IO, 2.13%, 10/25/2044 (m)		5,100		617

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Commercial Mortgage-Backed Securities — continued

Series K729, Class X3, IO, 2.04%, 11/25/2044 (m)		4,530		336

Series K730, Class X3, IO, 2.10%, 2/25/2045 (m)		3,830		303

Series K072, Class X3, IO, 2.21%, 12/25/2045 (m)		5,070		656

Series K089, Class X3, IO, 2.37%, 1/25/2046 (m)		3,132		492

Series K088, Class X3, IO, 2.42%, 2/25/2047 (m)		3,610		583

Series K092, Class X3, IO, 2.32%, 5/25/2047 (m)		570		90

FNMA ACES Series 2016-M4, Class X2, IO, 2.71%, 1/25/2039 (m)		3,032		209

FREMF Mortgage Trust

Series 2019-K736, Class C, 3.88%, 7/25/2026 (d) (m)		165		168

Series 2017-KF40, Class B, 2.88%, 11/25/2027 (d) (m)		410		389

GNMA

Series 2012-44, IO, 0.23%, 3/16/2049 (m)		2,102		12

Series 2013-80, IO, 0.90%, 3/16/2052 (m)		3,015		90

Series 2015-86, IO, 0.69%, 5/16/2052 (m)		2,123		82

Series 2014-186, IO, 0.70%, 8/16/2054 (m)		3,231		117

Series 2015-33, IO, 0.72%, 2/16/2056 (m)		3,291		135

Series 2015-59, IO, 0.93%, 6/16/2056 (m)		500		23

Series 2017-173, IO, 1.36%, 9/16/2057 (m)		1,204		97

Series 2016-71, Class QI, IO, 0.96%, 11/16/2057 (m)		5,951		356

Series 2017-86, IO, 0.78%, 5/16/2059 (m)		987		56

Series 2017-148, IO, 0.65%, 7/16/2059 (m)		1,164		57

Series 2017-171, IO, 0.69%, 9/16/2059 (m)		742		43

LB Commercial Mortgage Trust Series 2007-C3, Class AJ, 6.11%, 7/15/2044 (m)		29		29

LB-UBS Commercial Mortgage Trust Series 2007-C6, Class AJ, 6.46%, 7/15/2040 (m)		133		128

Velocity Commercial Capital Loan Trust

Series 2019-1, Class A, 3.76%, 3/25/2049 (d) (m)		1,793		1,803

Series 2019-1, Class M1, 3.94%, 3/25/2049 ‡ (d) (m)		815		808

Series 2019-3, Class A, 3.03%, 10/25/2049 (d) (m)		489		484


Total Commercial Mortgage-Backed Securities (Cost $13,118)				12,238


INVESTMENTS	SHARES			VALUE (000)
Convertible Preferred Stocks — 0.4%

Banks — 0.1%

Bank of America Corp. Series L, 7.25% ($1,000 par value)		—	(a)		285

Wells Fargo & Co. Series L, 7.50% ($1,000 par value)		—	(a)		489


					774


Chemicals — 0.0% (b)

International Flavors & Fragrances, Inc. 6.00%, 9/15/2021 ($50 par value)		6			276


Electric Utilities — 0.1%

NextEra Energy, Inc. 4.87%, 9/1/2022 ($50 par value)		15			707


Food Products — 0.0% (b)

Bunge Ltd. 4.88% ($100 par value)		4			394


Health Care Equipment & Supplies — 0.0% (b)

Danaher Corp. Series B, 5.00%, 4/15/2023 ($1,000 par value)		—	(a)		207


Machinery — 0.0% (b)

Stanley Black & Decker, Inc. Series C, 5.00%, 5/15/2021 ($1,000 par value)		—	(a)		403


Multi-Utilities — 0.0% (b)

Sempra Energy Series B, 6.75%, 7/15/2021 ($100 par value)		4			386


Semiconductors & Semiconductor Equipment — 0.2%

Broadcom, Inc. Series A, 8.00%, 9/30/2022 ($1,000 par value)		1			805


Total Convertible Preferred Stocks (Cost $4,062)					3,952


	PRINCIPAL AMOUNT (000)
Loan Assignments — 0.1% (o)

Auto Components — 0.0% (b)

American Axle & Manufacturing, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.25%), 3.00%, 4/6/2024 (g)		5			5


Chemicals — 0.0% (b)

Axalta Coating Systems US Holdings, Inc., Term Loan B (ICE LIBOR USD 3 Month + 1.75%), 2.06%, 6/1/2024 (g)		51			49


Communications Equipment — 0.0% (b)

Avaya, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 4.25%), 4.43%, 12/15/2024 (g)		179			165

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	41

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

(Amounts in U.S. Dollars, unless otherwise noted)


INVESTMENTS	PRINCIPAL AMOUNT (000)		VALUE (000)
Loan Assignments — continued

Food & Staples Retailing — 0.0% (b)

Moran Foods LLC, 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 7.00%), 7.00%, 4/1/2024 ‡ (g)		44		44

Moran Foods LLC, 1st Lien Term Loan B2 (ICE LIBOR USD 3 Month + 10.75%), 11.75%, 4/1/2025 ‡ (g)		58		45


				89


Health Care Providers & Services — 0.1%

MultiPlan, Inc., 1st Lien Term Loan B (ICE LIBOR USD 3 Month + 2.75%), 3.75%, 6/7/2023 (g)		195		185


Hotels, Restaurants & Leisure — 0.0% (b)

Golden Nugget, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 2.50%; ICE LIBOR USD 2 Month + 2.50%), 3.25%, 10/4/2023 (g)		70		55

UFC Holdings LLC, 1st Lien Term Loan (ICE LIBOR USD 3 Month + 3.25%), 4.25%, 4/29/2026 (g)		53		51


				106


Machinery — 0.0% (b)

Navistar, Inc., 1st Lien Term Loan B

(ICE LIBOR USD 1 Month + 3.50%), 3.70%, 11/6/2024 (g)		61		58


Multiline Retail — 0.0% (b)

Neiman Marcus Group Ltd., Term Loan

(3-MONTH PRIME + 7.50%), 10.75%, 10/25/2023 (g)		40		8


Oil, Gas & Consumable Fuels — 0.0% (b)

California Resources Corp., Senior Secured First Out (ICE LIBOR USD 3 Month + 4.75%), 5.75%, 12/31/2022 (g)		320		109

Gulf Finance LLC, 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 5.25%), 6.25%, 8/25/2023 (g)		52		33


				142


Pharmaceuticals — 0.0% (b)

Valeant Pharmaceuticals International, Inc., 1st Lien Term Loan B (ICE LIBOR USD 1 Month + 3.00%), 3.19%, 6/2/2025 (g)		150		145


Total Loan Assignments (Cost $1,226)				952


	SHARES (000)
Preferred Stocks — 0.1%

Health Care Equipment & Supplies — 0.0% (b)

Becton Dickinson and Co.

Series B, 6.00%, 6/1/2023 ($50 par value)		4		202


INVESTMENTS	SHARES (000)			VALUE (000)


Internet & Direct Marketing Retail — 0.0% (b)

MYT Holding Co.

10.00%, 6/7/2029 (d)		75			55


Multi-Utilities — 0.1%

Dominion Energy, Inc.

Series A, 7.25%, 6/1/2022 ($100 par value)		2			220


Total Preferred Stocks (Cost $489)					477


	PRINCIPAL AMOUNT (000)
Mortgage-Backed Securities — 0.0% (b)

FNMA, Other Pool # AN5182, 3.39%, 4/1/2027		344			389

GNMA I, 30 Year Pool # 323423, 8.50%, 6/15/2022		—	(a)		—	(a)


Total Mortgage-Backed Securities (Cost $347)					389


	SHARES (000)
Exchange-Traded Funds — 0.0% (b)

International Equity — 0.0% (b)

iShares MSCI EAFE ETF(Cost $64)		1			65


	NO. OF WARRANTS (000)
Warrants — 0.0% (b)

Wireless Telecommunication Services — 0.0% (b)

iHeartMedia Capital I LLC expiring 5/2/2039, price 1.00 USD * ‡ (Cost $52)		3			22


	NO. OF RIGHTS (000)
Rights — 0.0% (b)

Construction & Engineering — 0.0% (b)

ACS Actividades de Construccion y Servicios SA, expiring 7/7/2020 (Spain) *		1			1


Diversified Telecommunication Services — 0.0% (b)

Telefonica SA, expiring 7/1/2020 (Spain) *		16			4


Hotels, Restaurants & Leisure — 0.0% (b)

Minor International PCL, expiring 7/23/2020 (Thailand) *		6			—	(a)


Media — 0.0% (b)

Media General, Inc., CVR * ‡		23			—	(a)

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN FUNDS	JUNE 30, 2020


INVESTMENTS	NO. OF RIGHTS (000)		VALUE (000)
Rights — continued

Oil, Gas & Consumable Fuels — 0.0% (b)

Repsol SA, expiring 7/6/2020 (Spain) *		5		3


Wireless Telecommunication Services — 0.0% (b)

T-Mobile US, Inc., expiring 7/27/2020 *		2		—	(a)


Total Rights (Cost $19)				8


	SHARES (000)
Short-Term Investments — 7.1%

Investment Companies — 7.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (e) (p)		64,326		64,384

JPMorgan Prime Money Market Fund Class Institutional Shares, 0.40% (e) (p)		627		627


Total Investment Companies (Cost $64,996)				65,011

Total Investments — 98.3% (Cost $783,661)				902,935
Other Assets Less Liabilities — 1.7%				15,790

NET ASSETS — 100.0%				918,725

Percentages indicated are based on net assets.


PORTFOLIO COMPOSITION BY COUNTRY**

United States	68.7	%

China	2.8

Japan	2.7

France	2.5

United Kingdom	2.2

Switzerland	1.8

Germany	1.5

Taiwan	1.3

India	1.1

Netherlands	1.0

Others (each less than 1.0%)	7.2

Short-Term Investments	7.2

** Percentages indicated are based upon total investments as of June 30, 2020.

Abbreviations


ABS		Asset-backed securities
ACES		Alternative Credit Enhancement Securities
ADR		American Depositary Receipt
CHDI		Clearing House Electronic Subregister System (CHESS) Depository Interest
CHF		Swiss Franc


CVA		Dutch Certification
CVR		Contingent Value Rights
EAFE		Europe, Australasia and Far East
ETF		Exchange-Traded Fund
EUR		Euro
FDR		Fiduciary Depository Receipt
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GBP		British Pound
GDR		Global Depositary Receipt
GNMA		Government National Mortgage Association
HKD		Hong Kong Dollar
ICE		Intercontinental Exchange
IF		Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index or have an interest rate that adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the rate in effect as of June 30, 2020. The rate may be subject to a cap and floor.
IO		Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
JPY		Japanese Yen
JSC		Joint Stock Company
LIBOR		London Interbank Offered Rate
NYRS		New York Registry Shares
OYJ		Public Limited Company
PJSC		Public Joint Stock Company
PO		Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
Preference		A special type of equity investment that shares in the earnings of the company, has limited voting rights, and may have a dividend preference. Preference shares may also have liquidation preference.
PT		Limited liability company
REIT		Real Estate Investment Trust
REMIC		Real Estate Mortgage Investment Conduit
RTS		Russian Trading System
SCA		Limited partnership with share capital
SGPS		Holding company
UMBS		Uniform Mortgage-Backed Securities
USD		United States Dollar

(a)		Amount rounds to less than one thousand.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		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.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	43

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


(d)		Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.
(e)		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.
(f)		Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of June 30, 2020.
(g)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of June 30, 2020.
(h)		Security is an interest bearing note with preferred security characteristics.
(i)		Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of June 30, 2020.
(j)		Defaulted security.
(k)		Security has the ability to pay in kind (“PIK”) or pay income in cash. When applicable, separate rates of such payments are disclosed.


(l)		All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.
(m)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of June 30, 2020.
(n)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(o)		Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.
(p)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.


Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):
DESCRIPTION	NUMBER OF CONTRACTS		EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT ($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION) ($)

Long Contracts

DJ US Real Estate Index		762		09/2020		USD		23,592			(411	)

EURO STOXX 50 Index		388		09/2020		EUR		14,089			623

MSCI EAFE E-Mini Index		40		09/2020		USD		3,557			73

MSCI Emerging Markets E-Mini Index		270		09/2020		USD		13,289			375

Russell 2000 E-Mini Index		239		09/2020		USD		17,164			662

S&P 500 E-Mini Index		290		09/2020		USD		44,722			794

TOPIX Index		11		09/2020		JPY		1,586			(76	)

U.S. Treasury 10 Year Note		457		09/2020		USD		63,587			274

U.S. Treasury Ultra Bond		98		09/2020		USD		21,373			70


											2,384


Short Contracts

Euro-Bund		(304)		09/2020		EUR		(60,170	)		(461	)

FTSE 100 Index		(120)		09/2020		GBP		(9,127	)		(164	)


											(625	)


											1,759

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
JPY		Japanese Yen
MSCI		Morgan Stanley Capital International
TOPIX		Tokyo Stock Price Index
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN FUNDS	JUNE 30, 2020


Forward foreign currency exchange contracts outstanding as of June 30, 2020 (amounts in thousands):
CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
CHF	92		USD	95	Standard Chartered Bank		7/2/2020		1
EUR	280		USD	313	Barclays Bank plc		7/2/2020		2
USD	225		EUR	199	Citibank, NA		7/2/2020		2
USD	648		JPY	69,721	Citibank, NA		7/2/2020		2
AUD	14,159		NZD	15,008	Citibank, NA		7/22/2020		87
CAD	675		AUD	719	Goldman Sachs International		7/22/2020		1
CAD	2,944		EUR	1,923	BNP Paribas		7/22/2020		7
CAD	1,913		EUR	1,247	Citibank, NA		7/22/2020		8
CAD	446		EUR	291	State Street Corp.		7/22/2020		2
CAD	660		GBP	391	Goldman Sachs International		7/22/2020		2
CHF	15,882		SEK	152,678	Goldman Sachs International		7/22/2020		385
CHF	635		USD	662	Goldman Sachs International		7/22/2020		9
COP	4,117,052		USD	1,091	Barclays Bank plc^**		7/22/2020		3
CZK	25,195		EUR	938	BNP Paribas		7/22/2020		8
CZK	23,882		USD	1,005	BNP Paribas		7/22/2020		2
CZK	24,581		USD	1,033	Goldman Sachs International		7/22/2020		4
EUR	14,868		AUD	24,209	Citibank, NA		7/22/2020		4
EUR	1,955		CZK	51,997	BNP Paribas		7/22/2020		5
EUR	8,615		GBP	7,689	Citibank, NA		7/22/2020		154
EUR	2,932		JPY	352,272	BNP Paribas		7/22/2020		32
GBP	881		EUR	971	BNP Paribas		7/22/2020		1
ILS	11,268		USD	3,251	Citibank, NA		7/22/2020		4
INR	87,477		USD	1,155	Barclays Bank plc^**		7/22/2020		1
INR	167,941		USD	2,198	Goldman Sachs International^**		7/22/2020		20
KRW	1,294,458		USD	1,072	Citibank, NA^**		7/22/2020		7
NZD	497		JPY	34,260	Merrill Lynch International		7/22/2020		3
NZD	743		JPY	51,252	Standard Chartered Bank		7/22/2020		5
NZD	17,067		USD	10,993	BNP Paribas		7/22/2020		21
PHP	55,426		USD	1,104	Barclays Bank plc^**		7/22/2020		9
PHP	55,426		USD	1,105	Goldman Sachs International^**		7/22/2020		8
SEK	151,510		EUR	14,353	Barclays Bank plc		7/22/2020		130
SEK	10,330		EUR	977	BNP Paribas		7/22/2020		11
SEK	20,655		EUR	1,954	Citibank, NA		7/22/2020		21
SEK	4,295		GBP	367	Goldman Sachs International		7/22/2020		6
SEK	9,526		JPY	109,728	BNP Paribas		7/22/2020		6
THB	157,330		USD	5,088	Citibank, NA		7/22/2020		2
TRY	7,445		USD	1,076	BNP Paribas		7/22/2020		5
TRY	8,825		USD	1,275	Goldman Sachs International		7/22/2020		7
USD	1,125		BRL	5,635	Barclays Bank plc^**		7/22/2020		90
USD	751		BRL	3,775	Goldman Sachs International^**		7/22/2020		58
USD	9,871		CAD	13,394	Goldman Sachs International		7/22/2020		5
USD	2,171		CLP	1,714,344	Citibank, NA^**		7/22/2020		83
USD	5,843		COP	21,918,276	Barclays Bank plc^**		7/22/2020		21
USD	552		COP	2,049,094	Goldman Sachs International^**		7/22/2020		7
USD	357		EUR	314	BNP Paribas		7/22/2020		4
USD	10,029		EUR	8,817	Goldman Sachs International		7/22/2020		119
USD	1,017		EUR	898	Royal Bank of Canada		7/22/2020		7
USD	1,815		GBP	1,436	Barclays Bank plc		7/22/2020		35
USD	7,682		GBP	6,095	HSBC Bank, NA		7/22/2020		128
USD	1,122		HUF	346,202	BNP Paribas		7/22/2020		24
USD	1,079		HUF	339,525	Goldman Sachs International		7/22/2020		2
USD	839		IDR	12,040,125	Goldman Sachs International^**		7/22/2020		13
USD	1,057		ILS	3,640	Goldman Sachs International		7/22/2020		6

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	45

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	935		JPY	99,970	BNP Paribas		7/22/2020		9
USD	1,086		MXN	24,864	Barclays Bank plc		7/22/2020		7
USD	2,179		MXN	49,250	BNP Paribas		7/22/2020		42
USD	1,116		MXN	24,291	Goldman Sachs International		7/22/2020		62
USD	2,187		RUB	152,802	Barclays Bank plc^**		7/22/2020		45
USD	1,062		SEK	9,862	BNP Paribas		7/22/2020		3
USD	359		SEK	3,330	Credit Suisse International		7/22/2020		2
USD	140		SGD	194	Goldman Sachs International		7/22/2020		—	(a)
USD	1,076		ZAR	18,600	Goldman Sachs International		7/22/2020		7
USD	4,932		ZAR	84,350	HSBC Bank, NA		7/22/2020		82
ZAR	23,285		USD	1,335	Barclays Bank plc		7/22/2020		4
AUD	2,555		USD	1,628	Merrill Lynch International		7/29/2020		135
CAD	3,572		USD	2,544	BNP Paribas		7/29/2020		88
CHF	242		USD	249	BNP Paribas		7/29/2020		7
CHF	185		USD	191	Citibank, NA		7/29/2020		4
CHF	287		USD	302	Merrill Lynch International		7/29/2020		2
CHF	1,164		USD	1,208	State Street Corp.		7/29/2020		22
DKK	1,983		USD	297	Merrill Lynch International		7/29/2020		2
DKK	2,371		USD	354	State Street Corp.		7/29/2020		4
EUR	145		USD	160	BNP Paribas		7/29/2020		3
EUR	54		USD	60	Merrill Lynch International		7/29/2020		—	(a)
EUR	86		USD	96	State Street Corp.		7/29/2020		—	(a)
GBP	1,078		USD	1,331	Merrill Lynch International		7/29/2020		5
GBP	52		USD	64	State Street Corp.		7/29/2020		1
HKD	8,407		USD	1,083	Goldman Sachs International		7/29/2020		1
NOK	1,513		USD	142	Merrill Lynch International		7/29/2020		15
SEK	843		USD	90	BNP Paribas		7/29/2020		—	(a)
SEK	11,088		USD	1,102	Merrill Lynch International		7/29/2020		88
SGD	384		USD	269	Goldman Sachs International		7/29/2020		6
USD	222		DKK	1,459	State Street Corp.		7/29/2020		1
USD	183		DKK	1,200	TD Bank Financial Group		7/29/2020		2
USD	1,625		EUR	1,441	Goldman Sachs International		7/29/2020		5
USD	742		EUR	654	State Street Corp.		7/29/2020		7
USD	611		GBP	489	BNP Paribas		7/29/2020		6
USD	30		GBP	24	Merrill Lynch International		7/29/2020		—	(a)
USD	133		JPY	14,248	BNP Paribas		7/29/2020		1
USD	1,132		JPY	120,859	Goldman Sachs International		7/29/2020		12
USD	111		JPY	11,904	Merrill Lynch International		7/29/2020		1
USD	471		JPY	50,433	State Street Corp.		7/29/2020		4
USD	51		SEK	472	BNP Paribas		7/29/2020		—	(a)
USD	13		SEK	117	Citibank, NA		7/29/2020		—	(a)
USD	19		SEK	172	Merrill Lynch International		7/29/2020		—	(a)
USD	161		SEK	1,488	State Street Corp.		7/29/2020		1
USD	600		CHF	567	Citibank, NA		8/3/2020		1
USD	4,920		EUR	4,357	Citibank, NA		8/3/2020		22
USD	991		GBP	793	Citibank, NA		8/3/2020		8
USD	1,397		HKD	10,831	TD Bank Financial Group		8/3/2020		—	(a)
USD	655		JPY	69,721	Citibank, NA		8/3/2020		9

Total unrealized appreciation									2,315

CHF	567		USD	600	Citibank, NA		7/2/2020		(1	)
EUR	4,357		USD	4,917	Citibank, NA		7/2/2020		(22	)
GBP	793		USD	991	Citibank, NA		7/2/2020		(8	)
HKD	10,831		USD	1,397	TD Bank Financial Group		7/2/2020		—	(a)
JPY	69,721		USD	654	Citibank, NA		7/2/2020		(9	)

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN FUNDS	JUNE 30, 2020


CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
USD	681		CHF	658	Citibank, NA		7/2/2020		(14	)
USD	4,256		EUR	3,882	Citibank, NA		7/2/2020		(106	)
USD	487		EUR	444	Merrill Lynch International		7/2/2020		(11	)
USD	122		EUR	112	State Street Corp.		7/2/2020		(4	)
USD	976		GBP	793	Citibank, NA		7/2/2020		(7	)
USD	1,205		HKD	9,345	Citibank, NA		7/2/2020		(1	)
USD	191		HKD	1,486	TD Bank Financial Group		7/2/2020		—	(a)
AUD	9,510		CAD	8,921	Citibank, NA		7/22/2020		(7	)
AUD	23,941		EUR	14,737	Citibank, NA		7/22/2020		(40	)
AUD	9,444		USD	6,565	Citibank, NA		7/22/2020		(46	)
AUD	650		USD	449	State Street Corp.		7/22/2020		—	(a)
BRL	17,633		USD	3,403	Barclays Bank plc^**		7/22/2020		(164	)
BRL	2,248		USD	419	Citibank, NA^**		7/22/2020		(6	)
BRL	5,587		USD	1,142	Goldman Sachs International^**		7/22/2020		(116	)
CAD	3,341		NZD	3,814	BNP Paribas		7/22/2020		(1	)
CAD	13,424		USD	9,958	Goldman Sachs International		7/22/2020		(69	)
CAD	9,042		USD	6,747	TD Bank Financial Group		7/22/2020		(87	)
CHF	1,033		SEK	10,197	BNP Paribas		7/22/2020		(4	)
CHF	4,177		USD	4,419	Barclays Bank plc		7/22/2020		(7	)
CLP	2,214,617		USD	2,710	Barclays Bank plc^**		7/22/2020		(13	)
CLP	1,278,463		USD	1,567	Goldman Sachs International^**		7/22/2020		(10	)
COP	3,653,412		USD	978	Goldman Sachs International^**		7/22/2020		(7	)
CZK	106,348		USD	4,504	HSBC Bank, NA		7/22/2020		(21	)
EUR	14,868		CHF	15,981	Goldman Sachs International		7/22/2020		(166	)
EUR	292		NZD	511	Merrill Lynch International		7/22/2020		(1	)
EUR	14,353		NZD	25,113	TD Bank Financial Group		7/22/2020		(73	)
EUR	1,923		SEK	20,161	BNP Paribas		7/22/2020		(3	)
EUR	2,203		USD	2,485	BNP Paribas		7/22/2020		(9	)
EUR	14,137		USD	16,002	Goldman Sachs International		7/22/2020		(112	)
EUR	988		USD	1,118	HSBC Bank, NA		7/22/2020		(8	)
GBP	850		CHF	1,003	Credit Suisse International		7/22/2020		(6	)
GBP	7,925		EUR	8,795	Barclays Bank plc		7/22/2020		(64	)
GBP	7,739		EUR	8,612	Citibank, NA		7/22/2020		(89	)
GBP	8,564		USD	10,831	Barclays Bank plc		7/22/2020		(218	)
GBP	7,928		USD	9,859	Goldman Sachs International		7/22/2020		(33	)
HUF	2,039,192		USD	6,657	State Street Corp.		7/22/2020		(188	)
IDR	23,539,381		USD	1,639	Goldman Sachs International^**		7/22/2020		(23	)
ILS	3,550		USD	1,025	BNP Paribas		7/22/2020		—	(a)
JPY	116,588		AUD	1,587	Citibank, NA		7/22/2020		(15	)
JPY	34,440		AUD	467	Royal Bank of Canada		7/22/2020		(3	)
JPY	1,038,481		CAD	13,242	TD Bank Financial Group		7/22/2020		(134	)
JPY	335,769		CHF	2,958	Barclays Bank plc		7/22/2020		(14	)
JPY	114,032		SEK	9,846	Goldman Sachs International		7/22/2020		(1	)
JPY	47,656		USD	445	BNP Paribas		7/22/2020		(3	)
JPY	45,862		USD	428	Citibank, NA		7/22/2020		(3	)
JPY	2,410,747		USD	22,477	Merrill Lynch International		7/22/2020		(144	)
MXN	33,426		USD	1,491	Barclays Bank plc		7/22/2020		(41	)
MXN	132,816		USD	5,888	Goldman Sachs International		7/22/2020		(126	)
NZD	10,183		EUR	5,852	Citibank, NA		7/22/2020		(6	)
PLN	6,560		USD	1,667	BNP Paribas		7/22/2020		(9	)
PLN	3,976		USD	1,012	Citibank, NA		7/22/2020		(7	)
RON	28,641		USD	6,677	Goldman Sachs International		7/22/2020		(33	)
RUB	71,764		USD	1,006	Barclays Bank plc^**		7/22/2020		—	(a)
RUB	209,771		USD	3,001	Goldman Sachs International^**		7/22/2020		(62	)

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	47

JPMorgan Diversified Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


CURRENCY PURCHASED		CURRENCY SOLD			COUNTERPARTY	SETTLEMENT DATE		UNREALIZED APPRECIATION (DEPRECIATION) ($)
TRY	7,230		USD	1,051	Goldman Sachs International		7/22/2020		(1	)
USD	3,681		AUD	5,353	BNP Paribas		7/22/2020		(13	)
USD	3,300		CAD	4,484	BNP Paribas		7/22/2020		(3	)
USD	856		CAD	1,163	Citibank, NA		7/22/2020		(1	)
USD	16,143		CAD	22,068	TD Bank Financial Group		7/22/2020		(113	)
USD	1,116		CHF	1,059	BNP Paribas		7/22/2020		(3	)
USD	366		CHF	347	Goldman Sachs International		7/22/2020		—	(a)
USD	9,462		GBP	7,676	Barclays Bank plc		7/22/2020		(51	)
USD	6,590		INR	501,753	Citibank, NA^**		7/22/2020		(36	)
USD	18,809		JPY	2,060,343	Goldman Sachs International		7/22/2020		(278	)
USD	2,178		KRW	2,618,550	Goldman Sachs International^**		7/22/2020		(5	)
USD	1,051		MXN	24,250	Goldman Sachs International		7/22/2020		(2	)
USD	965		PHP	48,570	Barclays Bank plc^**		7/22/2020		(11	)
USD	5,523		PHP	277,680	Citibank, NA^**		7/22/2020		(54	)
USD	738		PLN	2,928	BNP Paribas		7/22/2020		(2	)
USD	2,247		RON	9,724	BNP Paribas		7/22/2020		(9	)
USD	1,119		THB	34,657	Barclays Bank plc		7/22/2020		(3	)
USD	3,117		THB	96,374	BNP Paribas		7/22/2020		(1	)
USD	1,120		THB	34,657	Goldman Sachs International		7/22/2020		(1	)
USD	1,534		TRY	10,634	Goldman Sachs International		7/22/2020		(10	)
USD	1,029		TWD	30,307	Citibank, NA^**		7/22/2020		(5	)
USD	4,373		TWD	128,747	Goldman Sachs International^**		7/22/2020		(22	)
ZAR	18,661		USD	1,101	Barclays Bank plc		7/22/2020		(28	)
EUR	1,262		USD	1,418	State Street Corp.		7/29/2020		—	(a)
GBP	329		USD	409	Goldman Sachs International		7/29/2020		(2	)
GBP	39		USD	48	Merrill Lynch International		7/29/2020		—	(a)
GBP	52		USD	65	State Street Corp.		7/29/2020		(1	)
JPY	22,189		USD	207	BNP Paribas		7/29/2020		(1	)
JPY	13,813		USD	129	Citibank, NA		7/29/2020		(1	)
JPY	538,915		USD	5,017	Merrill Lynch International		7/29/2020		(24	)
JPY	232,770		USD	2,170	State Street Corp.		7/29/2020		(13	)
USD	143		CHF	139	Citibank, NA		7/29/2020		(4	)
USD	321		CHF	312	Goldman Sachs International		7/29/2020		(9	)
USD	19		CHF	19	Merrill Lynch International		7/29/2020		—	(a)
USD	134		DKK	891	BNP Paribas		7/29/2020		—	(a)
USD	699		DKK	4,816	Goldman Sachs International		7/29/2020		(28	)
USD	46		DKK	312	Merrill Lynch International		7/29/2020		—	(a)
USD	217		DKK	1,471	State Street Corp.		7/29/2020		(5	)
USD	359		EUR	332	BNP Paribas		7/29/2020		(14	)
USD	53		EUR	48	Goldman Sachs International		7/29/2020		(2	)
USD	1,738		EUR	1,605	Merrill Lynch International		7/29/2020		(66	)
USD	1,430		EUR	1,312	State Street Corp.		7/29/2020		(46	)
USD	89		GBP	73	BNP Paribas		7/29/2020		(1	)
USD	735		GBP	598	Merrill Lynch International		7/29/2020		(6	)
USD	47		GBP	38	State Street Corp.		7/29/2020		—	(a)
USD	722		SEK	6,797	State Street Corp.		7/29/2020		(7	)
USD	209		CHF	199	Merrill Lynch International		8/3/2020		—	(a)

Total unrealized depreciation									(3,257	)

Net unrealized depreciation									(942	)

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN FUNDS	JUNE 30, 2020

Abbreviations


AUD		Australian Dollar
BRL		Brazilian Real
CAD		Canadian Dollar
CHF		Swiss Franc
CLP		Chile Peso
COP		Colombian Peso
CZK		Czech Republic Koruna
DKK		Danish Krone
EUR		Euro
GBP		British Pound
HKD		Hong Kong Dollar
HUF		Hungarian Forint
IDR		Indonesian Rupiah
ILS		Israeli Shekel
INR		Indian Rupee
JPY		Japanese Yen
KRW		Korean Republic Won


MXN		Mexican Peso
NOK		Norwegian Krone
NZD		New Zealand Dollar
PHP		Philippines Peso
PLN		Polish Zloty
RON		Romanian Leu
RUB		Russian Ruble
SEK		Swedish Krona
SGD		Singapore Dollar
THB		Thai Baht
TRY		Turkish Lira
TWD		Taiwan Dollar
USD		United States Dollar
ZAR		South African Rand

(a)		Amount rounds to less than one thousand.
**		Non-deliverable forward.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	49

STATEMENT OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020

(Amounts in thousands, except per share amounts)


	JPMorgan Diversified Fund
ASSETS:
Investments in non-affiliates, at value	$	733,293
Investments in affiliates, at value		169,642
Cash		3,318
Foreign currency, at value		339
Deposits at broker for futures contracts		383
Receivables:
Investment securities sold		13,571
Fund shares sold		2,799
Interest and dividends from non-affiliates		2,416
Dividends from affiliates		1
Tax reclaims		430
Variation margin on futures contracts		1,380
Unrealized appreciation on forward foreign currency exchange contracts		2,315

Total Assets		929,887


LIABILITIES:
Payables:
Distributions		47
Investment securities purchased		6,352
Investment securities purchased—delayed delivery securities		425
Fund shares redeemed		396
Unrealized depreciation on forward foreign currency exchange contracts		3,257
Accrued liabilities:
Investment advisory fees		310
Administration fees		47
Distribution fees		31
Service fees		20
Custodian and accounting fees		170
Other		107

Total Liabilities		11,162

Net Assets	$	918,725

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN FUNDS	JUNE 30, 2020


	JPMorgan Diversified Fund
NET ASSETS:
Paid-in-Capital	$	795,625
Total distributable earnings (loss)		123,100

Total Net Assets	$	918,725


Net Assets:
Class A	$	103,204
Class C		15,569
Class I		60,064
Class L		148,144
Class R6		591,744

Total	$	918,725


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		6,645
Class C		1,011
Class I		3,841
Class L		9,494
Class R6		37,930

Net Asset Value (a):
Class A — Redemption price per share	$	15.53
Class C — Offering price per share (b)		15.40
Class I — Offering and redemption price per share		15.64
Class L — Offering and redemption price per share		15.60
Class R6 — Offering and redemption price per share		15.60
Class A maximum sales charge		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	16.26


Cost of investments in non-affiliates	$	617,553
Cost of investments in affiliates		166,108
Cost of foreign currency		259

(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.



JUNE 30, 2020	J.P. MORGAN FUNDS	51

STATEMENT OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020

(Amounts in thousands)


	JPMorgan Diversified Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	12,339
Interest income from affiliates		16
Dividend income from non-affiliates		12,480
Dividend income from affiliates		2,949
Foreign taxes withheld (net)		(445	)

Total investment income		27,339


EXPENSES:
Investment advisory fees		5,217
Administration fees		775
Distribution fees:
Class A		273
Class C		127
Service fees:
Class A		273
Class C		43
Class I		167
Class L		175
Custodian and accounting fees		585
Interest expense to affiliates		9
Professional fees		139
Trustees’ and Chief Compliance Officer’s fees		29
Printing and mailing costs		29
Registration and filing fees		77
Transfer agency fees (See Note 2.L.)		76
Other		75

Total expenses		8,069

Less fees waived		(1,569	)

Net expenses		6,500

Net investment income (loss)		20,839


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		48,651	(a)
Investments in affiliates		(12,325	)
Futures contracts		10,272
Foreign currency transactions		(343	)
Forward foreign currency exchange contracts		(96	)

Net realized gain (loss)		46,159

Distributions of capital gains received from investment company affiliates		27
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(40,434	)(b)
Investments in affiliates		174
Futures contracts		(1,478	)
Foreign currency translations		1
Forward foreign currency exchange contracts		(839	)

Change in net unrealized appreciation/depreciation		(42,576	)

Net realized/unrealized gains (losses)		3,610

Change in net assets resulting from operations	$	24,449

(a)	Net of foreign capital gains tax of approximately $(4,000).

(b)	Net of change in foreign capital gains tax of approximately $140,000.

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN FUNDS	JUNE 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Diversified Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	20,839		$	27,519
Net realized gain (loss)		46,159			41,343
Distributions of capital gains received from investment company affiliates		27			2,242
Change in net unrealized appreciation/depreciation		(42,576	)		(10,319	)

Change in net assets resulting from operations		24,449			60,785


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(9,645	)		(11,181	)
Class C		(1,453	)		(1,844	)
Class I		(5,796	)		(7,050	)
Class L		(14,454	)		(23,464	)
Class R6		(60,531	)		(67,911	)

Total distributions to shareholders		(91,879	)		(111,450	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(122,455	)		(102,806	)


NET ASSETS:
Change in net assets		(189,885	)		(153,471	)
Beginning of period		1,108,610			1,262,081

End of period	$	918,725		$	1,108,610


CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	3,791		$	6,323
Distributions reinvested		9,497			10,785
Cost of shares redeemed		(18,329	)		(23,742	)

Change in net assets resulting from Class A capital transactions	$	(5,041	)	$	(6,634	)

Class C
Proceeds from shares issued	$	2,121		$	1,807
Distributions reinvested		1,389			1,713
Cost of shares redeemed		(5,433	)		(6,535	)

Change in net assets resulting from Class C capital transactions	$	(1,923	)	$	(3,015	)

Class I
Proceeds from shares issued	$	6,783		$	6,618
Distributions reinvested		5,683			6,913
Cost of shares redeemed		(25,285	)		(14,000	)

Change in net assets resulting from Class I capital transactions	$	(12,819	)	$	(469	)

Class L
Proceeds from shares issued	$	12,238		$	17,768
Distributions reinvested		13,903			22,306
Cost of shares redeemed		(92,122	)		(85,697	)

Change in net assets resulting from Class L capital transactions	$	(65,981	)	$	(45,623	)

Class R6
Proceeds from shares issued	$	33,820		$	112,416
Distributions reinvested		60,531			67,911
Cost of shares redeemed		(131,042	)		(227,392	)

Change in net assets resulting from Class R6 capital transactions	$	(36,691	)	$	(47,065	)

Total change in net assets resulting from capital transactions	$	(122,455	)	$	(102,806	)

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	53

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Diversified Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		239			390
Reinvested		595			710
Redeemed		(1,167	)		(1,466	)

Change in Class A Shares		(333	)		(366	)

Class C
Issued		131			111
Reinvested		87			114
Redeemed		(348	)		(409	)

Change in Class C Shares		(130	)		(184	)

Class I
Issued		421			410
Reinvested		354			452
Redeemed		(1,565	)		(842	)

Change in Class I Shares		(790	)		20

Class L
Issued		763			1,070
Reinvested		866			1,457
Redeemed		(5,617	)		(5,262	)

Change in Class L Shares		(3,988	)		(2,735	)

Class R6
Issued		2,054			6,528
Reinvested		3,778			4,435
Redeemed		(8,442	)		(13,877	)

Change in Class R6 Shares		(2,610	)		(2,914	)

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN FUNDS	JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



JUNE 30, 2020	J.P. MORGAN FUNDS	55

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Diversified Fund
Class A
Year Ended June 30, 2020	$	16.54	$	0.27	$	0.16		$	0.43		$	(0.27	)	$	(1.17	)	$	(1.44	)
Year Ended June 30, 2019		17.24		0.33		0.55			0.88			(0.30	)		(1.28	)		(1.58	)
Year Ended June 30, 2018		17.31		0.29		0.85			1.14			(0.33	)		(0.88	)		(1.21	)
Year Ended June 30, 2017		15.68		0.26		1.71			1.97			(0.29	)		(0.05	)		(0.34	)
Year Ended June 30, 2016		16.63		0.24		(0.54	)		(0.30	)		(0.23	)		(0.42	)		(0.65	)

Class C
Year Ended June 30, 2020		16.41		0.19		0.16			0.35			(0.19	)		(1.17	)		(1.36	)
Year Ended June 30, 2019		17.12		0.24		0.55			0.79			(0.22	)		(1.28	)		(1.50	)
Year Ended June 30, 2018		17.19		0.19		0.86			1.05			(0.24	)		(0.88	)		(1.12	)
Year Ended June 30, 2017		15.57		0.18		1.69			1.87			(0.20	)		(0.05	)		(0.25	)
Year Ended June 30, 2016		16.52		0.16		(0.54	)		(0.38	)		(0.15	)		(0.42	)		(0.57	)

Class I
Year Ended June 30, 2020		16.64		0.31		0.17			0.48			(0.31	)		(1.17	)		(1.48	)
Year Ended June 30, 2019		17.34		0.37		0.55			0.92			(0.34	)		(1.28	)		(1.62	)
Year Ended June 30, 2018		17.40		0.33		0.86			1.19			(0.37	)		(0.88	)		(1.25	)
Year Ended June 30, 2017		15.76		0.31		1.71			2.02			(0.33	)		(0.05	)		(0.38	)
Year Ended June 30, 2016		16.71		0.28		(0.54	)		(0.26	)		(0.27	)		(0.42	)		(0.69	)

Class L
Year Ended June 30, 2020		16.61		0.32		0.16			0.48			(0.32	)		(1.17	)		(1.49	)
Year Ended June 30, 2019		17.31		0.40		0.55			0.95			(0.37	)		(1.28	)		(1.65	)
Year Ended June 30, 2018		17.37		0.33		0.90			1.23			(0.41	)		(0.88	)		(1.29	)
Year Ended June 30, 2017		15.73		0.35		1.71			2.06			(0.37	)		(0.05	)		(0.42	)
Year Ended June 30, 2016		16.69		0.32		(0.55	)		(0.23	)		(0.31	)		(0.42	)		(0.73	)

Class R6
Year Ended June 30, 2020		16.61		0.33		0.16			0.49			(0.33	)		(1.17	)		(1.50	)
Year Ended June 30, 2019		17.31		0.41		0.56			0.97			(0.39	)		(1.28	)		(1.67	)
November 1, 2017 (h) through June 30, 2018		18.37		0.27		(0.13	)		0.14			(0.32	)		(0.88	)		(1.20	)

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

(b)	Net investment income (loss) is affected by timing of distributions from Underlying Funds.

(c)	Calculated based upon average shares outstanding.

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

(e)

(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)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period (000’s)		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (f)			Portfolio turnover rate (d)


$	15.53		2.47	%	$	103,204		0.94	%		1.70	%		1.23	%		82	%
	16.54		6.15			115,421		1.00			1.98			1.25			86
	17.24		6.53			126,634		1.00			1.61			1.27			93
	17.31		12.72			121,832		1.00			1.61			1.30			72
	15.68		(1.70	)		136,865		1.01			1.52			1.31			57


	15.40		1.96			15,569		1.45			1.20			1.69			82
	16.41		5.60			18,733		1.50			1.47			1.72			86
	17.12		6.02			22,682		1.51			1.07			1.71			93
	17.19		12.16			31,241		1.51			1.10			1.75			72
	15.57		(2.22	)		34,731		1.52			1.01			1.77			57


	15.64		2.77			60,064		0.69			1.96			0.93			82
	16.64		6.37			77,085		0.75			2.24			0.97			86
	17.34		6.81			79,957		0.75			1.86			0.96			93
	17.40		13.00			78,033		0.75			1.87			0.99			72
	15.76		(1.45	)		83,684		0.76			1.78			1.00			57


	15.60		2.78			148,144		0.62			2.02			0.78			82
	16.61		6.57			223,985		0.57			2.39			0.81			86
	17.31		7.01			280,711		0.54			1.86			0.80			93
	17.37		13.30			1,178,005		0.51			2.11			0.81			72
	15.73		(1.27	)		1,104,613		0.52			2.02			0.81			57


	15.60		2.86			591,744		0.55			2.10			0.67			82
	16.61		6.65			673,386		0.50			2.47			0.71			86
	17.31		0.71			752,097		0.49			2.34			0.69			93

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN FUNDS	57

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020

1. Organization

The following is a separate fund of the Trust (the “Fund”) covered by this report:


	Classes Offered	Diversification Classification
JPMorgan Diversified Fund	Class A, Class C, Class I, Class L and Class R6	Diversified

The investment objective of the Fund is to seek to provide a high total return from a diversified portfolio of equity and fixed income investments.

Effective as of the close of business on December 1, 2016, Class L Shares of the Fund are publicly offered only on a limited basis. Investors are not eligible to purchase Class L Shares of the Fund unless they meet certain requirements as described in the Fund’s 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 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Fund’s prospectus. Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

2. Significant Accounting Policies

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

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

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Board with the oversight and monitoring of the valuation of the Fund’s investments. The Administrator implements the valuation policies of the Fund’s investments, as directed by the Board. The AVC oversees and carries out the policies for the valuation of investments held in the Fund. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis, with the AVC and the Board.

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

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Fund are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with foreign equity reference obligations are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post -closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies, excluding exchange-traded funds (“ETFs”) (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.



58	J.P. MORGAN FUNDS	JUNE 30, 2020

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Futures contracts are generally valued on the basis of available market quotations. Forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

See the table on “Quantitative Information about Level 3 Fair Value Measurements” for information on the valuation techniques and inputs used to value level 3 securities held by the Fund at June 30, 2020.

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

•

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

•

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

The following table represents each valuation input as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Asset-Backed Securities	$	—	$	26,859	$	20,226	$	47,085
Collateralized Mortgage Obligations		—		21,243		11,503		32,746
Commercial Mortgage-Backed Securities		—		10,238		2,000		12,238
Common Stocks
Aerospace & Defense		2,267		2,652		—		4,919
Air Freight & Logistics		—		279		—		279
Airlines		381		41		—		422
Auto Components		—		553		—		553
Automobiles		3,553		3,555		—		7,108
Banks		21,716		12,261		—		33,977
Beverages		5,134		5,935		—		11,069
Biotechnology		10,235		570		—		10,805
Building Products		3,027		1,328		—		4,355
Capital Markets		13,977		3,724		—		17,701
Chemicals		2,184		5,322		—		7,506
Commercial Services & Supplies		2,754		271		—		3,025
Communications Equipment		1,287		216		—		1,503
Construction & Engineering		252		1,327		—		1,579
Construction Materials		856		1,420		—		2,276
Consumer Finance		2,413		37		—		2,450
Containers & Packaging		4,387		26		—		4,413
Distributors		1,149		3		—		1,152
Diversified Consumer Services		610		5		—		615
Diversified Financial Services		1,558		799		—		2,357
Diversified Telecommunication Services		2,741		2,284		—		5,025
Electric Utilities		9,234		2,403		—		11,637
Electrical Equipment		3,209		4,588		—		7,797
Electronic Equipment, Instruments & Components		2,380		3,628		—		6,008



JUNE 30, 2020	J.P. MORGAN FUNDS	59

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Energy Equipment & Services	$	—	$	57	$	—		$	57
Entertainment		5,469		592		—			6,061
Equity Real Estate Investment Trusts (REITs)		9,223		626		—			9,849
Food & Staples Retailing		3,039		2,198		3			5,240
Food Products		1,092		6,111		—			7,203
Gas Utilities		319		442		—			761
Health Care Equipment & Supplies		8,972		2,276		—			11,248
Health Care Providers & Services		11,198		387		—	(a)		11,585
Health Care Technology		729		64		—			793
Hotels, Restaurants & Leisure		4,000		1,814		—			5,814
Household Durables		1,344		3,621		—			4,965
Household Products		1,904		784		—			2,688
Independent Power and Renewable Electricity Producers		—		210		—			210
Industrial Conglomerates		2,173		1,223		—			3,396
Insurance		8,960		14,043		—			23,003
Interactive Media & Services		9,680		6,821		—			16,501
Internet & Direct Marketing Retail		22,546		756		—			23,302
IT Services		14,106		4,321		—			18,427
Leisure Products		517		107		—			624
Life Sciences Tools & Services		3,239		901		—			4,140
Machinery		8,629		8,160		—			16,789
Marine		—		80		—			80
Media		6,723		199		—			6,922
Metals & Mining		457		5,284		—			5,741
Multiline Retail		947		208		—			1,155
Multi-Utilities		260		460		—			720
Oil, Gas & Consumable Fuels		8,512		5,017		—			13,529
Paper & Forest Products		—		166		—			166
Personal Products		179		3,998		—			4,177
Pharmaceuticals		10,604		11,341		—			21,945
Professional Services		2,611		1,844		—			4,455
Real Estate Management & Development		976		2,210		—			3,186
Road & Rail		5,706		476		—			6,182
Semiconductors & Semiconductor Equipment		19,081		7,762		—			26,843
Software		26,097		2,182		—			28,279
Specialty Retail		12,572		1,488		—			14,060
Technology Hardware, Storage & Peripherals		9,540		4,622		—			14,162
Textiles, Apparel & Luxury Goods		1,344		6,112		—			7,456
Thrifts & Mortgage Finance		—		1,670		—			1,670
Tobacco		698		1,060		—			1,758
Trading Companies & Distributors		14		1,217		—			1,231
Transportation Infrastructure		82		291		—			373
Water Utilities		—		51		—			51
Wireless Telecommunication Services		695		1,187		—			1,882

Total Common Stocks		319,541		167,666		3			487,210

Convertible Bonds		—		35,708		—			35,708
Convertible Preferred Stocks
Banks		774		—		—			774
Chemicals		276		—		—			276
Electric Utilities		707		—		—			707
Food Products		394		—		—			394
Health Care Equipment & Supplies		—		207		—			207
Machinery		403		—		—			403



60	J.P. MORGAN FUNDS	JUNE 30, 2020


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs			Total
Multi-Utilities	$	386		$	—		$	—		$	386
Semiconductors & Semiconductor Equipment		805			—			—			805

Total Convertible Preferred Stocks		3,745			207			—			3,952

Corporate Bonds		—			82,996			—			82,996
Exchange-Traded Funds		65			—			—			65
Investment Companies		104,631			—			—			104,631
Loan Assignments
Auto Components		—			5			—			5
Chemicals		—			49			—			49
Communications Equipment		—			165			—			165
Food & Staples Retailing		—			—			89			89
Health Care Providers & Services		—			185			—			185
Hotels, Restaurants & Leisure		—			106			—			106
Machinery		—			58			—			58
Multiline Retail		—			8			—			8
Oil, Gas & Consumable Fuels		—			142			—			142
Pharmaceuticals		—			145			—			145

Total Loan Assignments		—			863			89			952

Mortgage-Backed Securities		—			389			—			389
Preferred Stocks
Health Care Equipment & Supplies		202			—			—			202
Internet & Direct Marketing Retail		—			55			—			55
Multi-Utilities		220			—			—			220

Total Preferred Stocks		422			55			—			477

Rights
Construction & Engineering		1			—			—			1
Diversified Telecommunication Services		4			—			—			4
Hotels, Restaurants & Leisure		—			—	(b)		—			—	(b)
Media		—			—			—	(b)		—	(b)
Oil, Gas & Consumable Fuels		3			—			—			3
Wireless Telecommunication Services		—	(b)		—			—			—	(b)

Total Rights		8			—	(b)		—	(b)		8

U.S. Treasury Obligations		—			29,445			—			29,445
Warrants		—			—			22			22
Short-Term Investments
Investment Companies		65,011			—			—			65,011

Total Investments in Securities	$	493,423		$	375,669		$	33,843		$	902,935

Appreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	2,315		$	—		$	2,315
Futures Contracts		2,248			623			—			2,871

Total Appreciation in Other Financial Instruments	$	2,248		$	2,938		$	—		$	5,186

Depreciation in Other Financial Instruments
Forward Foreign Currency Exchange Contracts	$	—		$	(3,257	)	$	—		$	(3,257	)
Futures Contracts		(948	)		(164	)		—			(1,112	)

Total Depreciation in Other Financial Instruments	$	(948	)	$	(3,421	)	$	—		$	(4,369	)

(a)	Value is zero.

(b)	Amount rounds to less than one thousand.



JUNE 30, 2020	J.P. MORGAN FUNDS	61

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value (amounts in thousands):


	Balance as of June 30, 2019			Realized gain (loss)			Change in net unrealized appreciation (depreciation)			Net accretion (amortization)			Purchases¹			Sales²			Transfers into Level 3		Transfers out of Level 3			Balance as of June 30, 2020
Investments in Securities
Asset-Backed Securities	$	26,405		$	(5	)	$	(808	)	$	64		$	4,080		$	(9,289	)	$	101	$	(322	)	$	20,226
Collateralized Mortgage Obligations		5,186			(5	)		(713	)		6			9,682			(2,653	)		—		—			11,503
Commercial Mortgage-Backed Securities		3,220			(30	)		(76	)		(1	)		—	(a)		(1,113	)		—		—			2,000
Common Stocks — Food & Staples Retailing		—			—			1			—			2			—			—		—			3
Common Stocks — Health Care Providers & Services		—			—			(14	)		—			2			—			12		—			—	(b)
Corporate Bonds — Media		—	(b)		—			—			—			—			—			—		—			—
Corporate Bonds — Wireless Telecommunication Services		—	(a)		14			—	(a)		—			—			(14	)		—		—			—
Loan Assignments — Food & Staples Retailing		—			—			26			2			61			—			—		—			89
Rights — Media		—	(a)		—			—			—			—			—			—		—			—	(a)
Warrants — Wireless Telecommunication Services		45			—			(23	)		—			—			—			—		—			22

Total	$	34,856		$	(26	)	$	(1,607	)	$	71		$	13,827		$	(13,069	)	$	113	$	(322	)	$	33,843

¹	Purchases include all purchases of securities and securities received in corporate actions.

²	Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

(a)	Amount rounds to less than one thousand.

(b)	Value is zero.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at June 30, 2020, which were valued using significant unobservable inputs (level 3) amounted to approximately $(1,520,000). This amount is included in Change in net unrealized appreciation/ depreciation of investments in non-affiliates on the Statement of Operations.



62	J.P. MORGAN FUNDS	JUNE 30, 2020

There were no significant transfers into or out of level 3 for the year ended June 30, 2020.

Quantitative Information about Level 3 Fair Value Measurements #

(Amounts in thousands)


	Fair Value at June 30, 2020		Valuation Technique(s)	Unobservable Input	Range (Weighted Average) (b)
	$	20,226	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 20.00% (8.46%)
				Constant Default Rate		0.00% - 6.80% (2.32%)
				Yield (Discount Rate of Cash Flows)		1.35% - 17.31% (3.57%)

Asset-Backed Securities		20,226

		2,000	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 100.00% (40.39%)
				Constant Default Rate		0.00% - 2.00% (0.81%)
				Yield (Discount Rate of Cash Flows)		2.28% - 4.23% (3.18%)

Commercial Mortgage-Backed Securities		2,000

		10,871	Discounted Cash Flow	Constant Prepayment Rate		0.00% - 25.00% (17.60%)
				Constant Default Rate		0.00% - 5.60% (0.56%)
				Yield (Discount Rate of Cash Flows)		2.03% - 6.56% (4.12%)

Collateralized Mortgage Obligations		10,871

		3	Market Comparable Companies	EBITDA Multiple (a)		6.0x (6.0x)

Common Stocks		3

		—(c)	Pending Distribution Amount	Expected Recovery		0.00% (0.00%)

Rights		—(c)

		44	Terms of Exchange Offer	Expected Recovery		100.00% (100.00%)
		45	Market Comparable Companies	EBITDA Multiple (a)		6.0x (6.0x)

Loan Assignments		89

Total	$	33,189

The table above does not include certain Level 3 investments that are valued by brokers and pricing services. At June 30, 2020, the value of these investments was approximately $654,000. The inputs for these investments are not readily available or cannot be reasonably estimated and generally are those inputs described in Note 2.A.

(a)	Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments.

(b)	Unobservable inputs were weighted by the relative fair value of the instruments.

(c)	Amount rounds to less than one thousand.

The significant unobservable inputs used in the fair value measurement of the Fund’s investments are listed above. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in the yield and default rate may decrease (increase) the fair value measurement. A significant change in the prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

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



JUNE 30, 2020	J.P. MORGAN FUNDS	63

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

As of June 30, 2020, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

C. Loan Assignments — The Fund may invest in debt instruments that are interests in amounts owed to lenders or lending syndicates (a “Lender”) by corporate, governmental, or other borrowers (a “Borrower”). A loan is often administered by a bank or other financial institution (the “Agent”) that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The Fund invests in loan assignments of all or a portion of the loans. When the Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan, provided, however, the Fund’s rights may be more limited than the Lender from which it acquired the assignment and the Fund may be able to enforce its rights only through the Agent. As a result, the Fund assumes the credit risk of the Borrower as well as any other persons interpositioned between the Fund and the Borrower (“Intermediate Participants”). The Fund may incur certain costs and delays in realizing payment on a loan assignment or suffer a loss of principal and/or interest if assets or interests held by the Agent or other Intermediate Participants are determined to be subject to the claims of the Agent’s or other Intermediate Participant’s creditors. In addition, it is unclear whether loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loan assignments are secured by collateral, the Fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower. Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid, when purchased, may become illiquid and they may be difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, the Fund may not receive the proceeds from a sale of such investments for a period after the sale.

D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments — The Fund purchased when-issued securities, including To Be Announced (“TBA”) securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Fund may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

The Fund had delayed delivery securities outstanding as of June 30, 2020, which are shown as a Payable for Investment securities purchased — delayed delivery securities on the Statement of Assets and Liabilities.

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

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

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

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

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security.



64	J.P. MORGAN FUNDS	JUNE 30, 2020

The Fund did not lend out any securities during the year ended June 30, 2020.

F. Investment Transactions with Affiliates — The Fund invested in Underlying Funds and ETFs which are advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the table below to be affiliated issuers. Underlying Funds’ and ETFs’ distributions may be reinvested into the Underlying Funds and ETFs.

Reinvestment amounts are included in the purchase cost amounts in the table below. Amounts in the table below are in thousands.


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF Shares(a)	$	—	$	30,424	$	22,238	$	(8,186	)	$	—		$	—		—	$	287	$	27
JPMorgan Chase & Co. Shares(b)		750		—		762		83			(71	)		—		—		—		—
JPMorgan Core Bond Fund Class R6 Shares(a)		—		4,000		—		—			—			4,000		323		—		—
JPMorgan Core Plus Bond Fund Class R6 Shares(a)		25,525		69		25,595		1,418			(1,417	)		—		—		71		—
JPMorgan Corporate Bond Fund Class R6 Shares(a)		—		95,278		—		—			3,518			98,796		9,242		425		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares(a)		24,979		17,029		35,165		(5,319	)		(626	)		898		118		1,042		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares(a)		—		—		—		—			—			—		—		—		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares(a)		19,282		552		17,324		(330	)		(1,243	)		937		123		552		—
JPMorgan High Yield Fund Class R6 Shares(a)		—		—		—		—			—			—		—		—		—
JPMorgan Prime Money Market Fund Class IM Shares, 0.47%(a)(c)		28,226		723,541		687,404		8			13			64,384		64,326		555		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 0.40%(a)(c)		1,043		22,772		23,189		1			—			627		627		17		—

Total	$	99,805	$	893,665	$	811,677	$	(12,325	)	$	174		$	169,642			$	2,949	$	27

(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)	Investment in affiliate. This security is included in an index in which the Fund tracks.

(c)	The rate shown is the current yield as of June 30, 2020.

G. Foreign Currency Translation — The books and records of the Fund are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Fund does not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments on the Statement of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statement of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at period end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statement of Operations.

H. Futures Contracts — The Fund used treasury, index and other financial futures contracts to gain or reduce exposure to the stock and bond markets, or maintain liquidity or minimize transactions costs. The Fund also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.



JUNE 30, 2020	J.P. MORGAN FUNDS	65

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Fund is required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Fund periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on the Statement of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statement of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOI, while cash deposited, which is considered restricted, is recorded on the Statement of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statement of Assets and Liabilities.

The use of futures contracts exposes the Fund to equity price risk, foreign exchange risk and interest rate risk. The Fund may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Fund to risk of loss in excess of the amounts shown on the Statement of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Fund to unlimited risk of loss. The Fund may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Fund’s credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions. The table below discloses the volume of the Fund’s futures contracts activity during the year ended June 30, 2020 (amounts in thousands):


Futures Contracts — Equity:
Average Notional Balance Long	$	78,701
Average Notional Balance Short		72,219
Ending Notional Balance Long		117,999
Ending Notional Balance Short		9,127

Futures Contracts — Interest Rate:
Average Notional Balance Long		184,269
Average Notional Balance Short		74,530
Ending Notional Balance Long		84,960
Ending Notional Balance Short		60,170

The Fund’s future 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).

I. Forward Foreign Currency Exchange Contracts — The Fund is exposed to foreign currency risks associated with some or all of the portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of the investment strategy. The Fund also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollar without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Fund records a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Fund also records a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Fund’s forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Fund may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

The table below discloses the volume of the Fund’s forward foreign currency exchange contracts activity during the year ended June 30, 2020 (amounts in thousands):


Forward Foreign Currency Exchange Contracts:
Average Settlement Value Purchased			402,170
Average Settlement Value Sold			235,743
Ending Settlement Value Purchased			393,064
Ending Settlement Value Sold			175,518



66	J.P. MORGAN FUNDS	JUNE 30, 2020

J. Summary of Derivatives Information — The following table presents the value of derivatives held as of June 30, 2020 by their primary underlying risk exposure and respective location on the Statement of Assets and Liabilities (amounts in thousands):


Derivative Contracts	Statement of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,527		$	—		$	2,527
Foreign exchange contracts	Receivables		—			2,315			2,315
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		344			—			344

Total		$	2,871		$	2,315		$	5,186

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(651	)	$	—		$	(651	)
Foreign exchange contracts	Payables		—			(3,257	)		(3,257	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(461	)		—			(461	)

Total		$	(1,112	)	$	(3,257	)	$	(4,369	)

(a)	This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOI. The Statement of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The Fund is party to various derivative contracts governed by International Swaps and Derivatives Association master agreements (“ISDA agreements”). The Fund’s ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Fund in the event the Fund’s net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Fund to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty’s credit rating below a specified level). Such rights for both a counterparty and the Fund often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Fund. The ISDA agreements give the Fund and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

The following tables present the effect of derivatives on the Statement of Operations for the year ended June 30, 2020 by primary underlying risk exposure (amounts in thousands):


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	(2,708	)	$	—		$	(2,708	)
Foreign exchange contracts		—			(96	)		(96	)
Interest rate contracts		12,980			—			12,980

Total	$	10,272		$	(96	)	$	10,176


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statement of Operations
Derivative Contracts	Futures Contracts			Forward Foreign Currency Exchange Contracts			Total
Equity contracts	$	1,776		$	—		$	1,776
Foreign exchange contracts		—			(839	)		(839	)
Interest rate contracts		(3,254	)		—			(3,254	)

Total	$	(1,478	)	$	(839	)	$	(2,317	)

The Fund’s derivatives contracts held at June 30, 2020 are not accounted for as hedging instruments under GAAP.

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 is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, and distributions of net investment income and realized capital gains from the Underlying Funds, if any, are recorded on the ex-dividend date or when the Fund first learns of the dividend. Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Fund. These amounts are included in Interest Income from non-affiliates on the Statement of Operations.



JUNE 30, 2020	J.P. MORGAN FUNDS	67

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

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

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

Transfer agency fees are class-specific. The amount of the transfer agency fees charged to each share class of the Fund for the year ended June 30, 2020 are as follows (amounts in thousands):


	Class A		Class C		Class I		Class L		Class R6		Total
Transfer agency fees	$	60	$	3	$	5	$	3	$	5	$	76

The Fund invested in Underlying Funds and, as a result, bear a portion of the expenses incurred by these Underlying Funds. These expenses are not reflected in the expenses shown on the Statement of Operations and are not included in the ratios to average net assets shown on the Financial Highlights. Certain expenses of Underlying Funds are waived as described in Note 3.F.

M. Federal Income Taxes — The Fund is treated as a separate taxable entity for Federal income tax purposes. The Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Fund’s tax positions for all open tax years and has determined that as of June 30, 2020, no liability for Federal income tax is required in the Fund’s financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. The Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

N. Foreign Taxes — The Fund may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Fund will accrue such taxes and recoveries as applicable, based upon its current interpretation of tax rules and regulations that exist in the markets in which it invests. When a capital gain tax is determined to apply, the Fund records an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

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

The following amounts were reclassified within the capital accounts (amounts in thousands):


Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
$	210	$	(329	)	$	119

The reclassifications for the Fund relate primarily to foreign currency gains or losses.

P. Recent Accounting Pronouncement — In March 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-08 (“ASU 2017-08”) Premium Amortization on Purchased Callable Debt Securities, which shortens the amortization period for certain callable debt securities held at a premium. Specifically, it required the premium to be amortized to the earliest call date. The Fund has adopted and applied ASU 2017-08 on a modified retrospective basis through a cumulative-effect adjustment as of the beginning of the period of adoption. As a result of the adoption of ASU 2017-08, as of July 1, 2019, the amortized cost basis of investments was reduced by approximately $210,000 and unrealized appreciation of investments was increased by approximately $210,000. The adoption of ASU 2017-08 had no impact on beginning net assets, the current period results from operations, or any prior period information presented in the financial statements.



68	J.P. MORGAN FUNDS	JUNE 30, 2020

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.48% of the Fund’s average daily net assets. Prior to November 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.55% of the Fund’s average daily net assets.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to the Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of the Fund’s average daily net assets, plus 0.050% of the Fund’s average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund’s average daily net assets between $20 billion and $25 billion, plus 0.01% of the Fund’s average daily net assets in excess of $25 billion. For the year ended June 30, 2020, the effective annualized rate was 0.08% of the Fund’s average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

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

JPMorgan Chase Bank, N.A. (“JPMCB”), a wholly-owned subsidiary of JPMorgan, serves as the Fund’s sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as the Fund’s principal underwriter and promotes and arranges for the sale of the Fund’s shares. The Board has adopted a Distribution Plan (the “Distribution Plan”) for Class A and Class C Shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. The Class I, Class L and Class R6 Shares of the Fund do not charge a distribution fee. The Distribution Plan provides that the Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of 0.25% and 0.75% of the average daily net assets of Class A and Class C Shares, respectively.

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 year ended June 30, 2020, JPMDS retained the following (amounts in thousands):


Front-End Sales Charge		CDSC
$	5	$	—	(a)

(a)	Amount rounds to less than one thousand.

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


Class A			Class C			Class I			Class L
	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 Fund. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

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

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

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

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

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as



JUNE 30, 2020	J.P. MORGAN FUNDS	69

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Fund’s respective average daily net assets as shown in the table below:


Class A			Class C			Class I			Class L			Class R6
	0.96	%⁽¹⁾		1.46	%⁽¹⁾		0.71	%⁽¹⁾		0.65	%		0.58	%

⁽¹⁾	Prior to August 1, 2019, the contractual expense limitations were 1.08%, 1.58% and 0.83% for Class A, Class C and Class I Shares, respectively.

To the extent that the Fund invests in an affiliated Underlying Fund, then the fee limitation amount will include, as applicable, (i) an amount sufficient to offset the respective net advisory, net administration and net shareholder servicing fees of that affiliated fund, or (ii) the management fee paid to the adviser pursuant to the Underlying Fund’s management agreement.

The expense limitation agreements are in place until at least October 31, 2020.

For the year ended June 30, 2020, the Fund’s service providers waived fees and/or reimbursed expenses for the Fund as follows (amounts in thousands). None of these parties expect the Fund to repay any such waived fees and reimbursed expenses in future years.


Contractual Waivers
Investment Advisory Fees		Administration Fees		Service Fees		Total
$	1,074	$	114	$	332	$	1,520

Additionally, the Fund may invest in Underlying Funds advised by the Adviser. 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 Underlying Fund on the Fund’s investment in such affiliated Underlying Fund. None of these parties expects the Fund to repay any such waived fees and reimbursed expenses in future years.

The amount of waivers resulting from investments in these affiliated Underlying Funds for the year ended June 30, 2020, was approximately $49,000.

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the Independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the year ended June 30, 2020, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Securities and Exchange Commission (“SEC”) has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities, Inc., an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended June 30, 2020, purchases and sales of investments (excluding short-term investments) were as follows (amounts in thousands):


Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
$	714,425	$	938,337	$	77,299	$	76,607

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2020 were as follows (amounts in thousands):


Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
$	797,178	$	145,361	$	38,787	$	106,574



70	J.P. MORGAN FUNDS	JUNE 30, 2020

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of futures contracts, mark to market of forward foreign currency contracts and wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2020 was as follows (amounts in thousands):


Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	22,604	$	69,275	$	91,879

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):


Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
$	34,134	$	77,316	$	111,450

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

As of June 30, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):


Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
$	1,787	$	38,037	$	87,284

The cumulative timing differences primarily consist of post-October capital loss deferrals, mark to market of futures contracts, mark to market of forward foreign currency contracts, specified late year ordinary loss deferrals, wash sale loss deferrals and straddle loss deferrals.

As of June 30, 2020, the Fund did not have any net capital loss carryforwards

Net capital losses and specified ordinary losses incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year. For the year ended June 30, 2020, the Fund deferred to July 1, 2020 the following net capital losses and specified ordinary losses of (amounts in thousands):


Net Capital Losses				Specified
Short-Term		Long-Term		Ordinary Losses
$	2,817	$	—	$	1,091

6. Borrowings

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

The Fund had no borrowings outstanding from another fund during the year ended June 30, 2020.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Fund. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to the Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until November 2, 2020.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2020.



JUNE 30, 2020	J.P. MORGAN FUNDS	71

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25,000,000 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 $25,000,000 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.

The Fund did not utilize the Credit Facility during the year ended June 30, 2020.

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of June 30, 2020, the Fund had one individual shareholder and/or affiliated omnibus account and two individual shareholder and/or non-affiliated omnibus accounts which owned 16.1% and 37.9% of the Fund’s outstanding shares, respectively.

Significant shareholder transactions by these shareholders may impact the Fund’s performance and liquidity.

Because of the Fund’s investments in the Underlying Funds, the Fund indirectly pays a portion of the expenses incurred by the Underlying Funds. As a result, the cost of investing in the Fund may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Fund is also subject to certain risks related to the Underlying Funds’ 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, and real estate securities. These securities are subject to risks specific to their structure, sector or market.

In addition, the Underlying Funds may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities.

Specific risks and concentrations present in the affiliated Underlying Funds are disclosed within their individual financial statements and registration statements, as appropriate.

The Fund is subject to interest rate and credit risk. The value of debt securities may decline as interest rates increase. The Fund could lose money if the issuer of a fixed income security is unable to pay interest or repay principal when it is due. The Fund invests in floating rate loans and other floating rate debt securities. Although these investments are generally less sensitive to interest rate changes than other fixed rate instruments, the value of floating rate loans and other floating rate investments may decline if their interest rates do not rise as quickly, or as much, as general interest rates. Many factors can cause interest rates to rise. Some examples include central bank monetary policy, rising inflation rates and general economic conditions. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. During periods when interest rates are low or there are negative interest rates, the Fund’s yield (and total return) also may be low or the Fund may be unable to maintain positive returns. The ability of the issuers of debt to meet their obligations may be affected by economic and political developments in a specific industry or region. The value of a Fund’s investment may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality.

The Fund is subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, prepayments, delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates.

The Fund may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of countries or regions, which may vary throughout the year depending on the Fund. Such concentrations may subject the Fund to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.



72	J.P. MORGAN FUNDS	JUNE 30, 2020

The Fund invests in preferred securities. These securities are typically issued by corporations, generally in the form of interest bearing notes with preferred security characteristics and may include provisions that permit the issuer, in its discretion, to defer or omit distributions for a certain period of 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. The regulatory authority that oversees financial services firms and financial markets in the U.K. has announced that, after the end of 2021, it would no longer persuade or compel contributing banks to make rate submissions for purposes of determining the LIBOR rate. As a result, it is possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of the Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of 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 or unavailability, which may affect the value or liquidity or return on certain investments of the Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Fund is subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, 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 exchange trading suspensions and closures may continue to have a significant negative impact on the performance of the Fund’s investments, increase the Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Fund and negatively impact broad segments of businesses and populations. The Fund’s operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations may take actions in response to the pandemic that affect the instruments in which the Fund invests, or the issuers of such instruments, in ways that could also have a significant negative impact on the Fund’s investment performance. The full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Subsequent Event

On August 11, 2020, the contractual expense limitations for Class A, Class C, Class I, Class L and Class R6 Shares were extended until at least October 31, 2021.



JUNE 30, 2020	J.P. MORGAN FUNDS	73

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Diversified Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Diversified Fund (one of the funds constituting JPMorgan Trust I, referred to hereafter as the “Fund”) as of June 30, 2020, the related statement of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of June 30, 2020, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended June 30, 2020 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2020 by correspondence with the custodian, transfer agent, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2020

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.



74	J.P. MORGAN FUNDS	JUNE 30, 2020

TRUSTEES

(Unaudited)

The Fund’s Statement of Additional Information includes additional information about the Fund’s Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com.


Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Chairman since 2020; Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	126	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher (1958); Trustee of Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	126	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None

Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None



JUNE 30, 2020	J.P. MORGAN FUNDS	75

TRUSTEES

(Unaudited) (continued)


Name (Year of Birth); Positions With the Fund (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None

Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None

Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None

Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



76	J.P. MORGAN FUNDS	JUNE 30, 2020

(1)	The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2)

A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (126 funds).

Two family members of Mr. Harrington are partner and managing director, respectively, of the Fund’s independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Fund’s financial statements and do not provide other services to the Fund. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

**	A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

***

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.



JUNE 30, 2020	J.P. MORGAN FUNDS	77

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trust (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.

Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Anthony Geron (1971), Assistant Secretary (2018)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.

Carmine Lekstutis (1980), Assistant Secretary (2011)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Keri E. Riemer (1976), Assistant Secretary (2019)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.

Shannon Gaines (1977), Assistant Treasurer (2018)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

*	The contact address for the officer is 4 New York Plaza, New York, NY 10004.

**	The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.



78	J.P. MORGAN FUNDS	JUNE 30, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Fund, 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 Fund (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, January 1, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.

Actual Expenses

For each Class of the Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund 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.


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Diversified Fund
Class A
Actual	$	1,000.00	$	969.80	$	4.55		0.93	%
Hypothetical		1,000.00		1,020.24		4.67		0.93
Class C
Actual		1,000.00		967.50		7.00		1.43
Hypothetical		1,000.00		1,017.75		7.17		1.43
Class I
Actual		1,000.00		971.30		3.33		0.68
Hypothetical		1,000.00		1,021.48		3.42		0.68
Class L
Actual		1,000.00		971.50		3.04		0.62
Hypothetical		1,000.00		1,021.78		3.12		0.62
Class R6
Actual		1,000.00		971.90		2.70		0.55
Hypothetical		1,000.00		1,022.13		2.77		0.55

*	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).



JUNE 30, 2020	J.P. MORGAN FUNDS	79

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

The Fund has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review the Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a J.P. Morgan Fund and any material changes to the Program.

The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). On February 11, 2020, the Board of Trustees reviewed the Program Administrator’s initial written report (the “Report”) concerning the operation of the Program for the period from December 1, 2018 through December 31, 2019 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a J.P. Morgan Fund’s HLIM. There were no material changes to the Program during the Program Reporting Period.

The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to the Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review the Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the Fund’s investments into one of four liquidity categories that reflect an estimate of their liquidity under current market conditions; (3) whether the Fund invested primarily in “Highly Liquid Investments” (as defined under the Liquidity Rule), whether an HLIM should be established for the Fund (and, for J.P. Morgan Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether the Fund has invested below its HLIM) and the procedures for monitoring for this limit; (4) whether the Fund invested more than 15% of its assets in “Illiquid Investments” (as defined under the Liquidity Rule) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period, including the impact on Fund liquidity caused by extended non-U.S. market closures.

Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage the Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to the Fund during the Program Reporting Period.



80	J.P. MORGAN FUNDS	JUNE 30, 2020

TAX LETTER

(Unaudited)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended June 30, 2020. 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, 2020. The information necessary to complete your income tax returns for the calendar year ending December 31, 2020 will be provided under separate cover.

Dividends Received Deduction (DRD)

The Fund had 26.55% or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2020.

Long Term Capital Gain

The Fund distributed approximately $69,275,000, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2020.

Qualified Dividend Income (QDI)

The Fund had approximately $10,908,000, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2020.



JUNE 30, 2020	J.P. MORGAN FUNDS	81

LOGO

Rev. January 2011



FACTS		WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?


Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.



Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share



Questions?		Call 1-800-480-4111 or go to www.jpmorganfunds.com

LOGO



Page 2



Who we are
Who is providing this notice?		J.P. Morgan Funds



What we do
How does J.P. Morgan Funds protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?		We collect your personal information, for example, when you: ◾ open an account or provide contact information ◾ give us your account information or pay us by check ◾ make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?		Federal law gives you the right to limit only ◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾ affiliates from using your information to market to you ◾ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.



Definitions
Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing		A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾ J.P. Morgan Funds doesn’t jointly market.

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.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2020. All rights reserved. June 2020.		AN-DIV-620

Annual Report

J.P. Morgan Large Cap Funds

June 30, 2020

JPMorgan Equity Focus Fund

JPMorgan Equity Income Fund

JPMorgan Equity Premium Income Fund

JPMorgan Growth and Income Fund

JPMorgan Hedged Equity Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan U.S. Equity Fund

JPMorgan U.S. Large Cap Core Plus Fund

JPMorgan U.S. Research Enhanced Equity Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

LOGO

CONTENTS


Letter to Shareholders			1

Market Overview			2

Fund Commentaries:

JPMorgan Equity Focus Fund			3

JPMorgan Equity Income Fund			5

JPMorgan Equity Premium Income Fund			7

JPMorgan Growth and Income Fund			10

JPMorgan Hedged Equity Fund			12

JPMorgan Large Cap Growth Fund			15

JPMorgan Large Cap Value Fund			17

JPMorgan U.S. Equity Fund.			19

JPMorgan U.S. Large Cap Core Plus Fund			21

JPMorgan U.S. Research Enhanced Equity Fund			24

Schedules of Portfolio Investments			26

Financial Statements			58

Financial Highlights			84

Notes to Financial Statements			104

Report of Independent Registered Public Accounting Firm			123

Trustees			124

Officers			127

Schedule of Shareholder Expenses			128

Liquidity Risk Management Program			133

Tax Letter			134

Privacy Policy — Located at the back of this Annual Report

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	1

J.P. Morgan Large Cap Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)



2	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

JPMorgan Equity Focus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		6.12%
S&P 500 Index		7.51%

Net Assets as of 6/30/2020 (In Thousands)	$	85,054

INVESTMENT OBJECTIVE**

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

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares underperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s overweight position and security selection in the financials sector and its security selection in the real estate sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection and overweight position in the consumer discretionary sector and its security selection in the health care sector were leading contributors to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Loews Inc., Delta Air Lines Inc. and Capital One Financial Corp. Shares of Loews, a holding company operating in the energy, insurance and hotels sectors, fell after the company reported a loss for the first quarter of 2020. Shares of Delta Air Lines, a passenger airline, fell as global air travel was restricted in response to the COVID-19 pandemic. Shares of Capital One Financial, a credit card and financial services company, fell after the company reported a loss and lower-than-expected revenue for the first quarter of 2020.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark position in Tesla, Inc. and its overweight positions in DexCom Inc. and Microsoft Corp. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose amid a faster-than-expected schedule for production of its Model Y vehicles and efficient production output from its Shanghai factory. Shares of DexCom, a medical device manufacturer, rose after the company reported better-than-expected earnings and revenue for several consecutive quarters. Shares of Microsoft, an information technology company, rose amid general investor demand for large cap technology stocks during the reporting period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers employed a bottom-up fundamental approach to stock selection. As a result of this approach to stock selection, the Fund’s largest positions were in the information technology and financials sectors and the Fund’s

smallest positions were in the consumer staples and utilities sectors.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	6.7	%
	2.	Amazon.com, Inc.	5.8
	3.	Apple, Inc	4.7
	4.	Loews Corp.	3.8
	5.	Berkshire Hathaway, Inc., Class B	3.5
	6.	UnitedHealth Group, Inc.	3.5
	7.	Home Depot, Inc. (The)	3.5
	8.	Alphabet, Inc., Class C	3.5
	9.	Bank of America Corp.	3.3
	10.	Mastercard, Inc., Class A	2.9


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	24.7	%
Financials	19.4
Consumer Discretionary	15.4
Health Care	12.3
Materials	5.5
Communication Services	5.0
Real Estate	4.0
Energy	3.1
Industrials	3.0
Utilities	2.1
Consumer Staples	1.7
Short-Term Investments	3.8

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	3

JPMorgan Equity Focus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	July 29, 2011
With Sales Charge*			0.31	%		9.00	%		11.39	%
Without Sales Charge			5.87			10.18			12.06
CLASS C SHARES	July 29, 2011
With CDSC**			4.30			9.63			11.50
Without CDSC			5.30			9.63			11.50
CLASS I SHARES	July 29, 2011		6.12			10.46			12.34
CLASS R6 SHARES	October 1, 2018		6.39			10.56			12.40

Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (7/29/11 TO 6/30/20)

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

The Fund commenced operations on July 29, 2011.

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Focus Fund and the S&P 500 Index from July 29, 2011 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain

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

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

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

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



4	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

JPMorgan Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(6.06)%
Russell 1000 Value Index		(8.84)%

Net Assets as of 6/30/2020 (In Thousands)	$	29,554,937

INVESTMENT OBJECTIVE**

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

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares outperformed the Russell 1000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection and overweight position in the information technology and energy sectors were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the real estate and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Apple Inc. and Microsoft Corp. and its overweight position in BlackRock Inc. Shares of Apple and Microsoft, both of which are information technology companies, rose amid general investor demand for large cap technology stocks during the reporting period. Shares of BlackRock, a financial services provider, rose after the company reported better-than-expected revenue for the first quarter of 2020.

Leading individual detractors from relative performance included the Fund’s overweight positions in Discover Financial Services, Simon Property Group Inc. and Prudential Financial Inc. Shares of Discover Financial Services, a banking and credit card company, fell amid a sharp decline in consumer spending in response to the COVID-19 pandemic. Shares of Simon Property Group, a real estate investment trust operating in the retail property sector, fell as retail businesses closed in response to the COVID-19 pandemic. Shares of Prudential Financial, a financial services provider, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2020.

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 have the greatest potential to outperform in the long term. As the Fund aimed to purchase stocks with above average dividend yields, the research process was designed to identify companies with predictable and durable

business models deemed capable of generating sustainable free cash flow.


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	2.5	%
	2.	Bristol-Myers Squibb Co	2.5
	3.	Johnson & Johnson	2.4
	4.	Comcast Corp., Class A	2.4
	5.	Microsoft Corp.	2.4
	6.	BlackRock, Inc.	2.3
	7.	Texas Instruments, Inc.	2.2
	8.	CME Group, Inc.	2.2
	9.	Home Depot, Inc. (The)	2.1
	10.	UnitedHealth Group, Inc.	1.9


PORTFOLIO COMPOSITION BY SECTOR***
Financials	22.6	%
Health Care	15.0
Industrials	12.6
Information Technology	11.9
Consumer Staples	9.6
Consumer Discretionary	6.1
Utilities	5.5
Communication Services	4.3
Energy	4.0
Materials	2.8
Real Estate	2.6
Short-Term Investments	3.0

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	5

JPMorgan Equity Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			(11.28	)%		5.31	%		11.01	%
Without Sales Charge			(6.36	)		6.45			11.60
CLASS C SHARES	November 4, 1997
With CDSC**			(7.83	)		5.93			11.05
Without CDSC			(6.83	)		5.93			11.05
CLASS I SHARES	July 2, 1987		(6.06	)		6.73			11.88
CLASS R2 SHARES	February 28, 2011		(6.57	)		6.18			11.32
CLASS R3 SHARES	September 9, 2016		(6.29	)		6.46			11.61
CLASS R4 SHARES	September 9, 2016		(6.07	)		6.73			11.88
CLASS R5 SHARES	February 28, 2011		(5.98	)		6.91			12.07
CLASS R6 SHARES	January 31, 2012		(5.83	)		7.00			12.14

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

Returns for Class R2, Class R4, and Class R5 Shares prior to their inception dates are based on the performance of Class I Shares. With respect to Class R2 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes. 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. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class I Shares.

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Income Fund and the Russell 1000 Value Index from June 30, 2010 to June 30, 2020. 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.



6	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*			(3.50)%
S&P 500 Index			7.51%
ICE BofAML 3-Month U.S. Treasury Bill Index			1.63%

Net Assets as of 6/30/2020 (In Thousands)			$191,730

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 underperformed both the S&P 500 Index (the “Benchmark”) and the ICE BofAML 3-Month U.S. Treasury Bill Index for the twelve months ended June 30, 2020. The Fund’s underweight position and security selection in the information technology sector and its overweight position in the utilities sector were leading detractors from performance relative to the Benchmark, while the Fund’s security selection and underweight position in the energy sector and its security selection in the health care sector were leading contributors to relative performance.

Leading individual detractors from performance relative to the Benchmark included the Fund’s underweight positions in Apple Inc. and Amazon.com Inc. and its overweight position in Automatic Data Processing Inc. Shares of Apple, a maker of mobile devices, computers, software and relative services, rose amid better-than-expected earnings growth and positive investor sentiment over the company’s planned launch of new products and upgrades. Shares of Amazon.com, a provider of online retail products and services, rose amid investor expectations that the company would benefit from at-home quarantines in

response to the COVID-19 pandemic, as well as investor demand for large cap technology sector stocks. Shares of Automatic Data Processing, a provider of payroll and other business services, fell amid significant disruption in the U.S. labor market in response to the COVID-19 pandemic.

Leading individual contributors to the Fund’s performance included its overweight position in Eli Lilly Inc. and its underweight positions in Cisco Systems Inc. and Boeing Co. Shares of Eli Lilly, a pharmaceutical manufacturer, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2020. Shares of Cisco Systems, a provider of internet networking products and services that was not held in the Fund, fell in the first half of the reporting period following two consecutive quarters of weaker-than-expected revenue growth. Shares of Boeing, an aircraft and aerospace manufacturer, fell amid investor concerns about the future of its 737 Max aircraft as well as a sharp decline in airline traffic in response to the COVID-19 pandemic.

HOW WAS THE FUND POSITIONED?

The Fund seeks to generate income through a combination of selling options and 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.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	7

JPMorgan Equity Premium Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Barclays Bank plc, ELN, 68.00%, 7/17/2020, (linked to S&P 500 Index)	4.0	%
	2.	BNP Paribas, ELN, 72.67%, 7/31/2020, (linked to S&P 500 Index)	3.4
	3.	BMO Capital Markets Corp., ELN, 70.97%, 7/10/2020, (linked to S&P 500 Index)	3.0
	4.	Toronto-Dominion Bank (The), ELN, 78.20%, 8/7/2020, (linked to S&P 500 Index)	2.7
	5.	Royal Bank of Canada, ELN, 81.10%, 7/24/2020, (linked to S&P 500 Index)	2.4
	6.	Amazon.com, Inc.	1.5
	7.	Microsoft Corp.	1.5
	8.	Accenture plc, Class A	1.5
	9.	AbbVie, Inc.	1.4
	10.	Eli Lilly and Co.	1.4


PORTFOLIO COMPOSITION BY SECTOR***
Equity-Linked Notes	15.5	%
Information Technology	12.5
Health Care	11.6
Consumer Staples	11.5
Financials	9.3
Industrials	8.6
Utilities	7.5
Consumer Discretionary	7.1
Communication Services	6.9
Materials	2.6
Real Estate	2.2
Exchange-Traded Fund	1.0
Energy	0.7
Short-Term Investments	3.0

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



8	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020



	INCEPTION DATE OF CLASS	1 YEAR			SINCE INCEPTION
CLASS A SHARES	August 31, 2018
With Sales Charge*			(8.84	)%		(1.83	)%
Without Sales Charge			(3.77	)		1.10
CLASS C SHARES	August 31, 2018
With CDSC**			(5.26	)		0.55
Without CDSC			(4.26	)		0.55
CLASS I SHARES	August 31, 2018		(3.50	)		1.32
CLASS R5 SHARES	August 31, 2018		(3.35	)		1.48
CLASS R6 SHARES	August 31, 2018		(3.33	)		1.53

Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (8/31/18 to 6/30/20)

LOGO

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 U.S. Treasury Bill Index from August 31, 2018 to June 30, 2020. 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 U.S. 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 U.S. 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 U.S. 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.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	9

JPMorgan Growth and Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		(5.10)%
Russell 1000 Value Index		(8.84)%

Net Assets as of 6/30/2020 (In Thousands)	$	726,854

INVESTMENT OBJECTIVE**

The JPMorgan Growth and Income Fund (the “Fund”) seeks to provide capital growth over the long term and to earn income from dividends.

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 1000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection and overweight position in the information technology 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 consumer staples and real estate and sectors was a leading detractor from relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Discover Financial Services, Ventas Inc. and Simon Property Group Inc. Shares of Discover Financial Services, a banking and credit card company, fell amid a sharp decline in consumer spending in response to the COVID-19 pandemic. Shares of Ventas, a real estate investment trust operating in the senior housing and health care sector, fell amid investor concerns about the impact of the COVID-19 pandemic on the company’s line of business. Shares of Simon Property Group, a real estate investment trust operating in the retail sector, fell as consumers moved to online shopping in response to the COVID-19 pandemic.

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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	3.1	%
	2.	Bank of America Corp.	2.6
	3.	BlackRock, Inc.	2.4
	4.	Morgan Stanley	2.4
	5.	Bristol-Myers Squibb Co.	2.3
	6.	Johnson & Johnson	2.1
	7.	Home Depot, Inc. (The)	2.0
	8.	Texas Instruments, Inc.	2.0
	9.	Alphabet, Inc., Class C	2.0
	10.	Berkshire Hathaway, Inc., Class B	2.0


PORTFOLIO COMPOSITION BY SECTOR***
Financials	24.6	%
Health Care	15.6
Industrials	12.5
Information Technology	11.2
Consumer Discretionary	8.3
Communication Services	6.2
Consumer Staples	5.9
Energy	4.6
Utilities	4.4
Materials	1.8
Real Estate	1.4
Short-Term Investments	3.5

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



10	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 23, 1987
With Sales Charge*			(10.08	)%		4.78	%		10.80	%
Without Sales Charge			(5.10	)		5.91			11.40
CLASS C SHARES	January 2, 1998
With CDSC**			(6.57	)		5.39			10.84
Without CDSC			(5.57	)		5.39			10.84
CLASS I SHARES	January 25, 1996		(4.85	)		6.18			11.69
CLASS R2 SHARES	November 2, 2015		(5.32	)		5.67			11.28
CLASS R3 SHARES	July 31, 2017		(5.10	)		5.92			11.41
CLASS R4 SHARES	July 31, 2017		(4.88	)		6.18			11.69
CLASS R5 SHARES	November 2, 2015		(4.72	)		6.35			11.78
CLASS R6 SHARES	November 2, 2015		(4.62	)		6.43			11.82

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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 Growth and Income Fund and the Russell 1000 Value Index from June 30, 2010 to June 30, 2020. 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.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	11

JPMorgan Hedged Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		9.30%
S&P 500 Index		7.51%

Net Assets as of 6/30/2020 (In Thousands)	$	8,741,592

INVESTMENT OBJECTIVE**

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

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares outperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s options hedge allowed the Fund to generally perform as designed, delivering returns with less volatility than the Benchmark during the reporting period. The Fund captured 120% of the Benchmark’s total return with about 50% of the Benchmark’s volatility during the twelve month reporting period.

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

Leading individual contributors to relative performance included the Fund’s overweight position in PayPal Inc. and its underweight positions in Disney Co. and Boeing Co. Shares of PayPal, a provider of digital payment services, rose amid investor expectations the company’s businesses would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Disney, a media and entertainment provider, fell as the company closed its resorts and withheld the release of new films in response to the COVID-19 pandemic. Shares of Boeing, an aircraft and aerospace manufacturer, fell amid

investor concerns about the future of its 737 Max aircraft as well as a sharp decline in airline traffic in response to the COVID-19 pandemic.

Leading individual detractors from relative performance included the Fund’s overweight positions in Discovery Inc., Automatic Data Processing Inc. and Analog Devices Inc.

Shares of Discovery, a media company, fell after the company reported lower-than-expected earnings for the first quarter of 2020. Shares of Automatic Data Processing, a provider of payroll and other business services, fell amid significant disruption in the U.S. labor market in response to the COVID-19 pandemic. Shares of Analog Devices, an integrated circuits manufacturer, fell after the company withdrew its earnings forecast amid uncertainty about the impact of the COVID-19 pandemic.

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 option 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.



12	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


TOP TEN EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	6.5	%
	2.	Apple, Inc.	5.9
	3.	Amazon.com, Inc.	4.6
	4.	S&P 500 Index 9/30/2020 at USD 2,930.00, European Style	3.3
	5.	Facebook, Inc., Class A	1.9
	6.	Mastercard, Inc., Class A	1.7
	7.	Alphabet, Inc., Class A	1.7
	8.	Alphabet, Inc., Class C	1.5
	9.	Procter & Gamble Co. (The)	1.4
	10.	Berkshire Hathaway, Inc., Class B	1.4


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	25.8	%
Health Care	13.4
Consumer Discretionary	10.9
Communication Services	10.1
Financials	9.5
Industrials	7.1
Consumer Staples	5.6
Put Options Purchased	3.3
Utilities	2.8
Energy	2.6
Materials	2.2
Real Estate	1.7
Short-Term Investments	5.0

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	13

JPMorgan Hedged Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	December 13, 2013
With Sales Charge*			3.31	%		5.71	%		6.13	%
Without Sales Charge			9.03			6.85			7.01
CLASS C SHARES	December 13, 2013
With CDSC**			7.44			6.32			6.47
Without CDSC			8.44			6.32			6.47
CLASS I SHARES	December 13, 2013		9.30			7.13			7.27
CLASS R5 SHARES	December 13, 2013		9.44			7.31			7.47
CLASS R6 SHARES	December 13, 2013		9.60			7.39			7.54

Sales Charge for Class A Shares is 5.25%.

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

LIFE OF FUND PERFORMANCE (12/13/13 TO 6/30/20)

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 U.S. Treasury Bill Index from December 13, 2013 to June 30, 2020. 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 U.S. 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 U.S. Treasury Bill Index is comprised of a single issue purchased at the

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.



14	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		30.40%
Russell 1000 Growth Index		23.28%

Net Assets as of 6/30/2020 (In Thousands)	$	23,265,166

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 twelve months ended June 30, 2020. The Fund’s security selection and overweight position in the consumer discretionary sector and its security selection in the health care sectors were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the industrials sector was the sole sector detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla, Inc., DexCom Inc. and its out-of-Benchmark position in Shopify Inc. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose amid a faster-than-expected schedule for production of its Model Y vehicles and efficient production output from its Shanghai factory. Shares of DexCom, a medical device manufacturer, rose after the company reported better-than-expected earnings and revenue for several consecutive quarters and the company was included in the S&P 500 Index in May 2020. Shares of Shopify, an electronic commerce platform provider not held in the Benchmark, rose after the company reported better-than-expected earnings for the first quarter of 2020 and formed a sales partnership with Walmart Inc.

Leading individual detractors from relative performance included the Fund’s underweight positions in Apple Inc. and Amazon.com Inc., and its underweight position in Exact Sciences Inc. Shares of Apple, a maker of mobile devices, computers, software and relative services, rose amid better-than-expected earnings growth and positive investor sentiment over the company’s planned launch of new products and upgrades. Shares of Amazon.com, a provider of online retail products and services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic, as well as investor demand for large cap technology sector stocks. Shares of Exact Sciences, a medical diagnostics provider, fell after the company reported lower-than-expected sales of its colon cancer screening test.

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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Apple, Inc.	6.6	%
	2.	Microsoft Corp.	5.7
	3.	Tesla, Inc.	5.4
	4.	Amazon.com, Inc.	5.0
	5.	Alphabet, Inc., Class C	3.2
	6.	PayPal Holdings, Inc.	2.7
	7.	Facebook, Inc., Class A	2.5
	8.	NVIDIA Corp.	2.5
	9.	Mastercard, Inc., Class A	2.3
	10.	DexCom, Inc.	2.3


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	32.6	%
Consumer Discretionary	21.0
Health Care	13.8
Communication Services	8.6
Financials	5.3
Industrials	4.5
Materials	2.0
Consumer Staples	1.6
Real Estate	1.0
Energy	0.3
Short-Term Investments	9.3

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	15

JPMorgan Large Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 22, 1994
With Sales Charge*			23.26	%		16.51	%		17.68	%
Without Sales Charge			30.09			17.77			18.31
CLASS C SHARES	November 4, 1997
With CDSC**			28.42			17.18			17.71
Without CDSC			29.42			17.18			17.71
CLASS I SHARES	February 28, 1992		30.40			18.01			18.53
CLASS R2 SHARES	November 3, 2008		29.76			17.46			18.01
CLASS R3 SHARES	September 9, 2016		30.09			17.73			18.29
CLASS R4 SHARES	September 9, 2016		30.40			18.01			18.53
CLASS R5 SHARES	April 14, 2009		30.59			18.21			18.76
CLASS R6 SHARES	November 30, 2010		30.75			18.33			18.85

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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 for Class R4 Shares would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund and the Russell 1000 Growth Index from June 30, 2010 to June 30, 2020. 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.



16	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

JPMorgan Large Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


Reporting Period Return:
Fund (Class I Shares)*		(8.35)%
Russell 1000 Value Index		(8.84)%

Net Assets as of 6/30/2020 (In Thousands)	$	1,259,997

INVESTMENT OBJECTIVE**

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

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class I Shares outperformed the Russell 1000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection in the retail sector and its security selection and overweight position in the basic materials sector were leading contributors to performance relative to the Benchmark, while the Fund’s overweight position and security selection in the consumer cyclical and real estate investment trusts sectors were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Morgan Stanley and FMC Corp. and its out-of-Benchmark position in Lowe’s Cos. Shares of Morgan Stanley, a financial services provider, rose amid investor expectations that it would maintain dividend payments to shareholders. Shares of FMC, a diversified chemicals manufacturer, rose after the company reported better-than-expected earnings for the first quarter of 2020 and raised its forecast for 2020. Shares of Lowe’s, a retailer of home improvement products, rose amid increased consumer spending on home improvement during at-home quarantines.

Leading individual detractors from relative performance included the Fund’s overweight positions in Wells Fargo & Co., Norwegian Cruise Line Holdings Ltd. and Ventas Inc. Shares of Wells Fargo, a banking and financial services company, fell amid investor expectations that it would cut its dividends and report lower-than-expected earnings in 2020. Shares of Norwegian Cruise Lines Holdings, an operator of cruise ships, fell as its business shut down in response to the COVID-19 pandemic. Shares of Ventas, a real estate investment trust operating in the senior housing and health care sector, fell amid investor concerns about the impact of the COVID-19 pandemic on the company’s line of business.

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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Comcast Corp., Class A	3.8	%
	2.	FMC Corp.	3.8
	3.	Citigroup, Inc.	3.2
	4.	Wells Fargo & Co.	2.9
	5.	Bank of America Corp.	2.7
	6.	Morgan Stanley	2.7
	7.	ON Semiconductor Corp.	2.5
	8.	General Motors Co.	2.5
	9.	Lamb Weston Holdings, Inc.	2.4
	10.	Bristol-Myers Squibb Co.	2.4


PORTFOLIO COMPOSITION BY SECTOR***
Financials	17.5	%
Health Care	13.6
Industrials	12.5
Consumer Discretionary	10.7
Materials	9.9
Real Estate	7.1
Energy	6.3
Information Technology	5.8
Consumer Staples	5.7
Communication Services	4.9
Utilities	0.5
Short-Term Investments	5.5

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	17

JPMorgan Large Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			(13.45	)%		3.14	%		9.43	%
Without Sales Charge			(8.66	)		4.25			10.02
CLASS C SHARES	March 22, 1999
With CDSC**			(10.04	)		3.73			9.47
Without CDSC			(9.04	)		3.73			9.47
CLASS I SHARES	March 1, 1991		(8.35	)		4.48			10.22
CLASS R2 SHARES	November 3, 2008		(8.83	)		3.98			9.75
CLASS R3 SHARES	October 1, 2018		(8.59	)		4.26			10.03
CLASS R4 SHARES	October 1, 2018		(8.34	)		4.48			10.22
CLASS R5 SHARES	May 15, 2006		(8.26	)		4.64			10.43
CLASS R6 SHARES	November 30, 2010		(8.14	)		4.73			10.49

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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.

Returns for Class R6 Shares prior to their inception date are based on the per- formance 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 Large Cap Value Fund and the Russell 1000

Value Index from June 30, 2010 to June 30, 2020. 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.



18	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

JPMorgan U.S. Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		13.03%
S&P 500 Index		7.51%

Net Assets as of 6/30/2020 (In Thousands)	$	14,938,762

INVESTMENT OBJECTIVE**

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

WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?

The Fund’s Class L Shares outperformed the S&P 500 Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection in the industrial cyclical sector and its security selection and overweight position in the media sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the retail and consumer cyclical sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Prologis Inc. and Charter Communications Inc. and its underweight position in Cisco Systems Inc. Shares of Prologis, a real estate investment trust operating in the warehousing and logistics sector, rose amid increase demand for inventory storage and after the company reported better-than-expected earnings for the first quarter of 2020. Shares of Charter Communications, a provider of broadband communications, rose on the consumer trend toward non-cable TV content, which accelerated with at-home quarantines in response to the COVID-19. Shares of Cisco Systems, a provider of internet networking products and services that was not held in the Fund, fell in the first half of the reporting period following two consecutive quarters of weaker-than-expected revenue growth.

Leading individual detractors from relative performance included the Fund’s overweight positions in Royal Caribbean Cruises Ltd., Boston Scientific Corp. and Analog Devices Inc. Shares of Royal Caribbean Cruises, a cruise ship operator, fell as its business shut down in response to the COVID-19 pandemic. Shares of Boston Scientific, a medical devices manufacturer, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2020. Shares of Analog Devices, a manufacturer of integrated circuits, fell after the company reported lower-than-expected earnings and revenue for its fiscal fourth quarter of 2019.

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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	7.5	%
	2.	Amazon.com, Inc.	5.9
	3.	Alphabet, Inc., Class A	4.6
	4.	Apple, Inc.	4.4
	5.	Mastercard, Inc., Class A	4.3
	6.	Verizon Communications, Inc.	2.8
	7.	Prologis, Inc.	2.7
	8.	AbbVie, Inc.	2.7
	9.	Norfolk Southern Corp.	2.5
	10.	Eaton Corp. plc	2.4


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	31.3	%
Health Care	15.1
Consumer Discretionary	11.9
Communication Services	11.5
Financials	8.1
Industrials	8.0
Utilities	3.7
Consumer Staples	3.6
Real Estate	2.7
Materials	2.4
Energy	1.3
Short-Term Investments	0.4

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	19

JPMorgan U.S. Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 10, 2001
With Sales Charge*			6.67	%		9.33	%		13.28	%
Without Sales Charge			12.59			10.52			13.90
CLASS C SHARES	September 10, 2001
With CDSC**			11.01			9.96			13.32
Without CDSC			12.01			9.96			13.32
CLASS I SHARES	September 10, 2001		12.82			10.74			14.11
CLASS L SHARES	September 17, 1993		13.03			10.91			14.28
CLASS R2 SHARES	November 3, 2008		12.29			10.22			13.60
CLASS R3 SHARES	September 9, 2016		12.57			10.49			13.88
CLASS R4 SHARES	September 9, 2016		12.84			10.74			14.11
CLASS R5 SHARES	May 15, 2006		13.04			10.94			14.33
CLASS R6 SHARES	November 30, 2010		13.13			11.02			14.41

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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 similar to those shown because Class R3 Shares have similar expenses to Class A Shares.

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Equity Fund and the S&P 500 Index from

June 30, 2010 to June 30, 2020. 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.



20	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		11.93%
S&P 500 Index		7.51%

Net Assets as of 6/30/2020 (In Thousands)	$	3,050,306

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 twelve months ended June 30, 2020. The Fund’s security selection in the media sector and the semiconductors & hardware sector was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the consumer stable and basic materials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight position in PayPal Inc. and its underweight positions in Cisco Systems Inc. and Disney Co. Shares of PayPal, a provider of digital payment services, rose amid investor expectations the company’s businesses would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Cisco Systems, a provider of internet networking products and services that was not held in the Fund, fell in the first half of the reporting period following two consecutive quarters of weaker-than-expected revenue growth. Shares of Disney, a media and entertainment provider, fell as the company closed its resorts and withheld the release of new films in response to the COVID-19 pandemic.

Leading individual detractors from relative performance included the Fund’s overweight position in DuPont Inc. and Diamondback Energy Inc. and its underweight position in Apple

Inc. Shares of DuPont, a chemicals and materials manufacturer, fell after the company reported a decline in profit and sales for the third and fourth quarters of 2019 and forecast lower-than-expected results for 2020. Shares of Diamondback Energy, a petroleum and natural gas producer operating in U.S. shale formations, fell as global oil prices fell sharply in the second half of the reporting period. Shares of Apple, a maker of mobile devices, computers, software and relative services, rose amid better-than-expected earnings growth and positive investor sentiment over the company’s planned launch of new products and upgrades.

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 129% to 29%.

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



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	21

JPMorgan U.S. Large Cap Core Plus Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


TOP TEN LONG POSITIONS OF THE PORTFOLIO*
	1.	Microsoft Corp.	5.8	%
	2.	Amazon.com, Inc.	4.8
	3.	Apple, Inc.	4.8
	4.	PayPal Holdings, Inc.	2.2
	5.	Mastercard, Inc., Class A	2.0
	6.	Alphabet, Inc., Class A	2.0
	7.	AbbVie, Inc.	1.6
	8.	Procter & Gamble Co. (The)	1.4
	9.	NextEra Energy, Inc.	1.4
	10.	ASML Holding NV (Registered), NYRS (Netherlands)	1.4


TOP TEN SHORT POSITIONS OF THE PORTFOLIO**
	1.	Cisco Systems, Inc.	2.7	%
	2.	Clorox Co. (The)	2.5
	3.	Spotify Technology SA	2.5
	4.	Juniper Networks, Inc.	1.8
	5.	Walt Disney Co. (The)	1.8
	6.	NetApp, Inc.	1.8
	7.	Gilead Sciences, Inc.	1.7
	8.	Kroger Co. (The)	1.7
	9.	Western Union Co. (The)	1.6
	10.	3M Co.	1.6


LONG POSITION PORTFOLIO COMPOSITION BY SECTOR*
Information Technology	29.8	%
Health Care	13.4
Consumer Discretionary	12.6
Communication Services	9.3
Industrials	9.2
Financials	7.1
Consumer Staples	4.5
Real Estate	3.5
Energy	3.4
Materials	3.3
Utilities	3.0
Short-Term Investments	0.9


SHORT POSITION PORTFOLIO COMPOSITION BY SECTOR**
Information Technology	16.0	%
Industrials	15.8
Communication Services	11.9
Health Care	10.3
Energy	8.7
Financials	8.5
Real Estate	7.6
Consumer Staples	6.9
Materials	5.8
Consumer Discretionary	4.6
Utilities	3.9

Percentages indicated are based on total long investments as of June 30, 2020 The Fund’s portfolio composition is subject to change.

Percentages indicated are based on total short investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



22	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2005
With Sales Charge*			5.82	%		8.24	%		12.65	%
Without Sales Charge			11.66			9.41			13.27
CLASS C SHARES	November 1, 2005
With CDSC**			10.11			8.87			12.70
Without CDSC			11.11			8.87			12.70
CLASS I SHARES	November 1, 2005		11.93			9.69			13.55
CLASS R2 SHARES	November 3, 2008		11.32			9.09			12.95
CLASS R5 SHARES	May 15, 2006		12.04			9.82			13.74
CLASS R6 SHARES	November 1, 2017		12.10			9.88			13.76

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan U.S. Large Cap Core Plus Fund and the S&P 500 Index from June 30, 2010 to June 30, 2020. 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 directly invest in an index.

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



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	23

JPMorgan U.S. Research Enhanced Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		9.32%
S&P 500 Index		7.51%

Net Assets as of 6/30/2020 (In Thousands)	$	4,364,764

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 L Shares outperformed the Benchmark for the twelve months ended June 30, 2020. The Fund’s security selection in the technology and pharmaceutical/medical technology sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the insurance and basic materials sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight position in PayPal Holdings Inc. and its underweight positions in Disney Co. and Boeing Co. Shares of PayPal, a provider of digital payment services, rose amid investor expectations the company’s businesses would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Disney, a media and entertainment provider, fell as the company closed its resorts and withheld the release of new films in response to the COVID-19 pandemic. Shares of Boeing, an aircraft and aerospace manufacturer, fell amid investor concerns about the future of its 737 Max aircraft as well as a sharp decline in airline traffic in response to the COVID-19 pandemic

Leading individual detractors from relative performance included the Fund’s overweight positions in Discovery Inc., Automatic Data Processing Inc. and Analog Devices Inc. Shares of Discovery, a media company, fell after the company reported lower-than-expected earnings for the first quarter of 2020. Shares of Automatic Data Processing, a provider of payroll and other business services, fell amid significant disruption in the U.S. labor market in response to the COVID-19 pandemic. Shares of Analog Devices, an integrated circuits manufacturer, fell after the company withdrew its earnings forecast amid uncertainty about the impact of the COVID-19 pandemic.

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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	6.9	%
	2.	Apple, Inc.	6.3
	3.	Amazon.com, Inc.	4.9
	4.	Facebook, Inc., Class A	2.1
	5.	Mastercard, Inc., Class A	1.8
	6.	Alphabet, Inc., Class A	1.8
	7.	Alphabet, Inc., Class C	1.6
	8.	Procter & Gamble Co. (The)	1.5
	9.	Berkshire Hathaway, Inc., Class	1.5
	10.	PayPal Holdings, Inc.	1.4


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	27.4	%
Health Care	14.2
Consumer Discretionary	11.6
Communication Services	10.8
Financials	10.1
Industrials	7.5
Consumer Staples	5.9
Utilities	2.9
Energy	2.8
Materials	2.4
Real Estate	1.9
Short-Term Investments	2.5

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

***

Percentages indicated are based on total investments as of June 30, 2020 The Fund’s portfolio composition is subject to change.



24	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 28, 2001
With Sales Charge*			3.34	%		7.68	%		12.72	%
Without Sales Charge			9.08			8.85			13.33
CLASS I SHARES	September 10, 2001		9.38			9.13			13.61
CLASS L SHARES	January 3, 1997		9.32			9.15			13.71
CLASS R6 SHARES	March 24, 2003		9.47			9.27			13.83

Sales Charge for Class A Shares is 5.25%.

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

LOGO

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan U.S. Research Enhanced Equity Fund and the S&P 500 Index from June 30, 2010 to June 30, 2020. 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.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	25

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.3%

Airlines — 1.3%

Southwest Airlines Co.		32		1,084


Automobiles — 2.6%

Tesla, Inc. *		2		2,170


Banks — 3.3%

Bank of America Corp.		119		2,829


Biotechnology — 6.2%

AbbVie, Inc.		22		2,124

Amgen, Inc.		9		2,170

Regeneron Pharmaceuticals, Inc. *		2		998


				5,292


Capital Markets — 6.3%

Charles Schwab Corp. (The)		62		2,087

S&P Global, Inc.		4		1,347

T. Rowe Price Group, Inc.		16		1,940


				5,374


Construction Materials — 2.7%

Martin Marietta Materials, Inc.		11		2,306


Consumer Finance — 2.4%

Capital One Financial Corp.		33		2,073


Containers & Packaging — 2.8%

Ball Corp.		12		818

Packaging Corp. of America		15		1,527


				2,345


Diversified Financial Services — 3.5%

Berkshire Hathaway, Inc., Class B *		17		3,015


Electric Utilities — 2.1%

Xcel Energy, Inc.		29		1,815


Electronic Equipment, Instruments & Components — 1.2%

Zebra Technologies Corp., Class A *		4		1,007


Equity Real Estate Investment Trusts (REITs) — 4.0%

Federal Realty Investment Trust		19		1,594

Public Storage		9		1,770


				3,364


Food & Staples Retailing — 1.7%

Walgreens Boots Alliance, Inc.		35		1,477


Health Care Equipment & Supplies — 2.5%

DexCom, Inc. *		2		885

Intuitive Surgical, Inc. *		2		1,256


				2,141


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Providers & Services — 3.5%

UnitedHealth Group, Inc.		10		3,012


Insurance — 3.8%

Loews Corp.		95		3,262


Interactive Media & Services — 3.5%

Alphabet, Inc., Class C *		2		2,950


Internet & Direct Marketing Retail — 7.5%

Amazon.com, Inc. *		2		4,919

Booking Holdings, Inc. *		1		1,438


				6,357


IT Services — 6.5%

Global Payments, Inc.		7		1,247

Mastercard, Inc., Class A		8		2,457

PayPal Holdings, Inc. *		10		1,797


				5,501


Machinery — 1.7%

Stanley Black & Decker, Inc.		11		1,488


Media — 1.6%

DISH Network Corp., Class A *		39		1,341


Oil, Gas & Consumable Fuels — 3.1%

Kinder Morgan, Inc.		96		1,451

Marathon Petroleum Corp.		31		1,145


				2,596


Semiconductors & Semiconductor Equipment — 3.7%

Advanced Micro Devices, Inc. *		26		1,390

QUALCOMM, Inc.		20		1,790


				3,180


Software — 8.7%

Microsoft Corp.		28		5,701

Synopsys, Inc. *		8		1,621


				7,322


Specialty Retail — 5.4%

AutoZone, Inc. *		1		1,594

Home Depot, Inc. (The)		12		2,983


				4,577


Technology Hardware, Storage & Peripherals — 4.7%

Apple, Inc.		11		4,011


Total Common Stocks (Cost $58,592)				81,889

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.8%

Investment Companies — 3.8%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b) (Cost $3,215)		3,213		3,216

Total Investments — 100.1% (Cost $61,807)				85,105
Liabilities in Excess of Other Assets — (0.1)%				(51	)

NET ASSETS — 100.0%				85,054

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	27

JPMorgan Equity Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.0%

Aerospace & Defense — 3.0%

General Dynamics Corp.		3,265		488,023

Raytheon Technologies Corp.		6,440		396,848


				884,871


Banks — 6.6%

Bank of America Corp.		31,161		740,063

Cullen/Frost Bankers, Inc.		1,134		84,705

M&T Bank Corp.		484		50,278

PNC Financial Services Group, Inc. (The)		5,201		547,221

Truist Financial Corp.		7,301		274,163

US Bancorp		7,069		260,268


				1,956,698


Beverages — 2.0%

Coca-Cola Co. (The)		4,068		181,764

PepsiCo, Inc.		3,020		399,457


				581,221


Biotechnology — 0.6%

Amgen, Inc.		748		176,428


Building Products — 0.4%

Trane Technologies plc		1,388		123,510


Capital Markets — 7.8%

BlackRock, Inc.		1,240		674,539

Charles Schwab Corp. (The)		3,157		106,513

CME Group, Inc.		3,948		641,660

Morgan Stanley		10,549		509,503

Northern Trust Corp.		1,794		142,354

T. Rowe Price Group, Inc.		2,186		270,032


				2,344,601


Chemicals — 2.8%

Air Products and Chemicals, Inc.		1,930		465,921

PPG Industries, Inc.		3,503		371,545


				837,466


Commercial Services & Supplies — 0.8%

Republic Services, Inc.		2,904		238,296


Consumer Finance — 1.8%

American Express Co.		3,629		345,472

Capital One Financial Corp.		2,827		176,927


				522,399


Diversified Telecommunication Services — 1.9%

Verizon Communications, Inc.		9,945		548,282


Electric Utilities — 3.7%

Entergy Corp.		1,824		171,113


INVESTMENTS	SHARES (000)		VALUE ($000)


Electric Utilities — continued

NextEra Energy, Inc.		2,249		540,038

Xcel Energy, Inc.		5,973		373,301


				1,084,452


Electrical Equipment — 1.2%

Eaton Corp. plc		4,154		363,355


Equity Real Estate Investment Trusts (REITs) — 2.6%

Alexandria Real Estate Equities, Inc.		734		119,026

AvalonBay Communities, Inc.		1,335		206,473

Boston Properties, Inc.		1,006		90,881

Prologis, Inc.		659		61,544

Realty Income Corp.		931		55,400

Simon Property Group, Inc.		420		28,695

Ventas, Inc.		2,578		94,394

Vornado Realty Trust		3,013		115,113


				771,526


Food & Staples Retailing — 1.8%

Sysco Corp.		2,349		128,371

Walmart, Inc.		3,365		403,035


				531,406


Food Products — 1.6%

Mondelez International, Inc., Class A		9,246		472,756


Health Care Equipment & Supplies — 3.2%

Abbott Laboratories		710		64,919

Becton Dickinson and Co.		1,394		333,589

Medtronic plc		5,820		533,681


				932,189


Health Care Providers & Services — 3.5%

AmerisourceBergen Corp.		2,181		219,770

CVS Health Corp.		3,747		243,438

UnitedHealth Group, Inc.		1,930		569,373


				1,032,581


Hotels, Restaurants & Leisure — 1.8%

McDonald’s Corp.		2,486		458,635

Starbucks Corp.		1,058		77,856


				536,491


Household Products — 1.7%

Procter & Gamble Co. (The)		4,268		510,348


Industrial Conglomerates — 0.6%

Honeywell International, Inc.		1,218		176,109


Insurance — 6.3%

Arthur J Gallagher & Co.		2,934		286,021

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Insurance — continued

Chubb Ltd.		1,881		238,229

Hartford Financial Services Group, Inc. (The)		5,701		219,758

Marsh & McLennan Cos., Inc.		2,236		240,081

MetLife, Inc.		6,797		248,235

Progressive Corp. (The)		3,506		280,904

Prudential Financial, Inc.		2,780		169,278

Travelers Cos., Inc. (The)		1,479		168,625


				1,851,131


IT Services — 3.8%

Accenture plc, Class A		988		212,127

Automatic Data Processing, Inc.		1,864		277,577

Fidelity National Information Services, Inc.		3,007		403,271

International Business Machines Corp.		1,926		232,573


				1,125,548


Leisure Products — 0.8%

Hasbro, Inc.		3,021		226,411


Machinery — 5.4%

Deere & Co.		2,123		333,668

Dover Corp.		5,119		494,326

Illinois Tool Works, Inc.		772		135,067

Otis Worldwide Corp.		1,492		84,828

Parker-Hannifin Corp.		2,178		399,138

Stanley Black & Decker, Inc.		1,097		152,918


				1,599,945


Media — 2.4%

Comcast Corp., Class A		18,311		713,777


Multi-Utilities — 1.8%

CMS Energy Corp.		5,011		292,756

DTE Energy Co.		585		62,927

Public Service Enterprise Group, Inc.		3,703		182,048


				537,731


Oil, Gas & Consumable Fuels — 4.0%

Chevron Corp.		6,375		568,885

ConocoPhillips		11,798		495,748

Valero Energy Corp.		2,055		120,867


				1,185,500


Pharmaceuticals — 7.7%

Bristol-Myers Squibb Co.		12,551		737,972

Eli Lilly and Co.		2,122		348,468

Johnson & Johnson		5,125		720,689

Merck & Co., Inc.		3,456		267,220

Pfizer, Inc.		6,748		220,648


				2,294,997


INVESTMENTS	SHARES (000)		VALUE ($000)


Road & Rail — 1.2%

Norfolk Southern Corp.		1,945		341,526


Semiconductors & Semiconductor Equipment — 4.1%

Analog Devices, Inc.		4,634		568,308

Texas Instruments, Inc.		5,155		654,512


				1,222,820


Software — 2.4%

Microsoft Corp.		3,470		706,236


Specialty Retail — 3.1%

Best Buy Co., Inc.		1,210		105,636

Home Depot, Inc. (The)		2,482		621,784

TJX Cos., Inc. (The)		3,557		179,831


				907,251


Technology Hardware, Storage & Peripherals — 1.6%

Apple, Inc.		1,267		462,101


Textiles, Apparel & Luxury Goods — 0.5%

VF Corp.		2,459		149,850


Tobacco — 2.5%

Altria Group, Inc.		6,477		254,216

Philip Morris International, Inc.		6,815		477,445


				731,661


Total Common Stocks (Cost $24,776,423)				28,681,470

Short-Term Investments — 3.0%

Investment Companies — 3.0%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b) (Cost $882,345)		882,220		883,014

Total Investments — 100.0% (Cost $25,658,768)				29,564,484
Liabilities in Excess of Other Assets — 0.0% (c)				(9,547	)

NET ASSETS — 100.0%				29,554,937

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of June 30, 2020.
(c)		Amount rounds to less than 0.1% of net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	29

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 81.7%

Aerospace & Defense — 2.1%

General Dynamics Corp.		6		867

Northrop Grumman Corp.		7		2,300

Raytheon Technologies Corp.		14		835


				4,002


Beverages — 2.6%

Coca-Cola Co. (The)		34		1,512

Constellation Brands, Inc., Class A		5		830

PepsiCo, Inc.		20		2,580


				4,922


Biotechnology — 2.6%

AbbVie, Inc.		29		2,803

Alexion Pharmaceuticals, Inc. *		8		914

Regeneron Pharmaceuticals, Inc. *		2		1,204


				4,921


Building Products — 0.8%

Trane Technologies plc		18		1,570


Capital Markets — 3.0%

BlackRock, Inc.		1		704

CME Group, Inc.		12		2,001

Intercontinental Exchange, Inc.		25		2,267

S&P Global, Inc.		2		771


				5,743


Chemicals — 1.1%

Air Products and Chemicals, Inc.		3		829

Linde plc (United Kingdom)		6		1,244


				2,073


Commercial Services & Supplies — 0.9%

Waste Management, Inc.		16		1,691


Consumer Finance — 0.4%

American Express Co.		8		748


Containers & Packaging — 1.2%

Silgan Holdings, Inc.		74		2,388


Diversified Financial Services — 1.1%

Berkshire Hathaway, Inc., Class B *		12		2,133


Diversified Telecommunication Services — 1.2%

Verizon Communications, Inc.		41		2,237


Electric Utilities — 5.4%

American Electric Power Co., Inc.		18		1,407

Duke Energy Corp.		18		1,445

Entergy Corp.		21		2,000

Evergy, Inc.		12		718


INVESTMENTS	SHARES (000)		VALUE ($000)


Electric Utilities — continued

NextEra Energy, Inc.		10		2,448

Xcel Energy, Inc.		40		2,505


				10,523


Electrical Equipment — 0.6%

Eaton Corp. plc		13		1,163


Entertainment — 0.8%

Netflix, Inc. *		3		1,545


Equity Real Estate Investment Trusts (REITs) — 2.2%

Equinix, Inc.		3		2,058

Equity LifeStyle Properties, Inc.		9		534

Prologis, Inc.		9		809

Sun Communities, Inc.		6		810


				4,211


Food & Staples Retailing — 2.3%

Costco Wholesale Corp.		8		2,358

Kroger Co. (The)		23		789

Walmart, Inc.		11		1,337


				4,484


Food Products — 2.9%

Conagra Brands, Inc.		26		923

General Mills, Inc.		15		954

Hershey Co. (The)		9		1,160

Mondelez International, Inc., Class A		49		2,506


				5,543


Health Care Equipment & Supplies — 1.3%

Baxter International, Inc.		21		1,801

Medtronic plc		7		652


				2,453


Health Care Providers & Services — 0.8%

McKesson Corp.		4		611

UnitedHealth Group, Inc.		3		964


				1,575


Hotels, Restaurants & Leisure — 0.5%

McDonald’s Corp.		5		1,005


Household Products — 2.6%

Kimberly-Clark Corp.		17		2,378

Procter & Gamble Co. (The)		21		2,517


				4,895


Industrial Conglomerates — 1.4%

Honeywell International, Inc.		18		2,614

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Insurance — 4.8%

Allstate Corp. (The)		24		2,320

Aon plc, Class A		9		1,647

Chubb Ltd.		16		2,053

Marsh & McLennan Cos., Inc.		6		591

Progressive Corp. (The)		31		2,448

RenaissanceRe Holdings Ltd. (Bermuda)		2		411


				9,470


Interactive Media & Services — 2.2%

Alphabet, Inc., Class A *		2		2,688

Facebook, Inc., Class A *		7		1,515


				4,203


Internet & Direct Marketing Retail — 1.5%

Amazon.com, Inc. *		1		2,908


IT Services — 7.0%

Accenture plc, Class A		13		2,895

Automatic Data Processing, Inc.		11		1,594

Jack Henry & Associates, Inc.		14		2,578

Leidos Holdings, Inc.		16		1,454

Mastercard, Inc., Class A		9		2,516

PayPal Holdings, Inc. *		7		1,133

Visa, Inc., Class A		7		1,350


				13,520


Life Sciences Tools & Services — 0.9%

Thermo Fisher Scientific, Inc.		5		1,639


Machinery — 1.6%

Cummins, Inc.		6		982

Deere & Co.		3		433

PACCAR, Inc.		22		1,679


				3,094


Media — 2.0%

Charter Communications, Inc., Class A *		5		2,394

Comcast Corp., Class A		36		1,413


				3,807


Metals & Mining — 0.3%

Newmont Corp.		9		572


Multiline Retail — 1.9%

Dollar Tree, Inc. *		15		1,385

Target Corp.		19		2,279


				3,664


INVESTMENTS	SHARES (000)		VALUE ($000)


Multi-Utilities — 2.1%

CMS Energy Corp.		40		2,364

Sempra Energy		14		1,622


				3,986



Oil, Gas & Consumable Fuels — 0.7%

Chevron Corp.		7		590

Kinder Morgan, Inc.		49		748


				1,338


Pharmaceuticals — 6.2%

Bristol-Myers Squibb Co.		41		2,436

Eli Lilly and Co.		16		2,695

Johnson & Johnson		17		2,421

Merck & Co., Inc.		31		2,383

Pfizer, Inc.		64		2,082


				12,017


Road & Rail — 1.4%

Norfolk Southern Corp.		6		1,037

Old Dominion Freight Line, Inc.		10		1,622


				2,659


Semiconductors & Semiconductor Equipment — 0.8%

Texas Instruments, Inc.		11		1,450


Software — 3.5%

Intuit, Inc.		8		2,460

Microsoft Corp.		14		2,900

salesforce.com, Inc. *		7		1,341


				6,701


Specialty Retail — 2.8%

AutoZone, Inc. *		2		1,863

Home Depot, Inc. (The)		7		1,821

Ross Stores, Inc.		5		401

TJX Cos., Inc. (The)		25		1,277


				5,362


Technology Hardware, Storage & Peripherals — 1.4%

Apple, Inc.		7		2,692


Textiles, Apparel & Luxury Goods — 0.5%

NIKE, Inc., Class B		10		980


Tobacco — 1.4%

Altria Group, Inc.		31		1,211

Philip Morris International, Inc.		20		1,410


				2,621

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	31

JPMorgan Equity Premium Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Wireless Telecommunication Services — 0.9%

T-Mobile US, Inc. *		16		1,642


Total Common Stocks (Cost $149,125)				156,764


	PRINCIPAL AMOUNT ($000)
Equity Linked Notes — 15.8%

Barclays Bank plc, ELN, 68.00%, 7/17/2020, (linked to S&P 500 Index) (a)		2		7,849

BMO Capital Markets Corp., ELN, 70.97%, 7/10/2020, (linked to S&P 500 Index) (a)		2		5,924

BNP Paribas, ELN, 72.67%, 7/31/2020, (linked to S&P 500 Index) (a)		2		6,578

Royal Bank of Canada, ELN, 81.10%, 7/24/2020, (linked to S&P 500 Index) (a)		1		4,701

Toronto-Dominion Bank (The), ELN, 78.20%, 8/7/2020, (linked to S&P 500 Index) (a)		2		5,199


Total Equity Linked Notes (Cost $30,098)				30,251


	SHARES (000)
Exchange-Traded Funds — 1.0%

International Equity — 1.0%

iShares Edge MSCI Min Vol USA ETF (Cost $1,844)		31		1,866


	NO. OF RIGHTS (000)
Rights — 0.0% (b)

Wireless Telecommunication Services — 0.0% (b)

T-Mobile US, Inc., expiring 7/27/2020 * (Cost $74)		15		3


	SHARES (000)
Short-Term Investments — 3.1%

Investment Companies — 3.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d) (Cost $5,899)		5,893		5,899

Total Investments — 101.6% (Cost $187,040)				194,783
Liabilities in Excess of Other Assets — (1.6)%				(3,053	)

NET ASSETS — 100.0%				191,730

Percentages indicated are based on net assets.

Abbreviations


ELN		Equity-Linked Note
ETF		Exchange-Traded Fund

(a)		Securities exempt from registration under Rule 144A or Section 4 (a)(2), of the Securities Act of 1933, as amended.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.4%

Aerospace & Defense — 3.3%

General Dynamics Corp.		61		9,087

Northrop Grumman Corp.		16		4,981

Raytheon Technologies Corp.		157		9,649


				23,717


Banks — 8.7%

Bank of America Corp.		800		19,002

Citigroup, Inc.		164		8,363

Citizens Financial Group, Inc.		137		3,468

Cullen/Frost Bankers, Inc.		38		2,817

M&T Bank Corp.		38		3,972

PNC Financial Services Group, Inc. (The)		74		7,743

Truist Financial Corp.		322		12,105

US Bancorp		149		5,482


				62,952


Beverages — 0.7%

PepsiCo, Inc.		37		4,867


Biotechnology — 2.1%

AbbVie, Inc.		112		11,026

Amgen, Inc.		18		4,245


				15,271


Building Products — 0.6%

Trane Technologies plc		51		4,574


Capital Markets — 8.3%

BlackRock, Inc.		33		17,791

Charles Schwab Corp. (The)		118		3,968

Goldman Sachs Group, Inc. (The)		46		9,110

Morgan Stanley		363		17,533

T. Rowe Price Group, Inc.		94		11,584


				59,986


Chemicals — 1.4%

Air Products and Chemicals, Inc.		27		6,544

Axalta Coating Systems Ltd. *		176		3,964


				10,508


Commercial Services & Supplies — 0.6%

Republic Services, Inc.		55		4,472


Consumer Finance — 1.6%

American Express Co.		71		6,740

Capital One Financial Corp.		75		4,701


				11,441


Containers & Packaging — 0.4%

Ball Corp.		42		2,905


INVESTMENTS	SHARES (000)		VALUE ($000)


Diversified Financial Services — 2.0%

Berkshire Hathaway, Inc., Class B *		81		14,441


Diversified Telecommunication Services — 1.1%

Verizon Communications, Inc.		151		8,304


Electric Utilities — 2.4%

Entergy Corp.		46		4,306

NextEra Energy, Inc.		31		7,325

Xcel Energy, Inc.		90		5,606


				17,237


Electrical Equipment — 0.9%

Eaton Corp. plc		78		6,788


Entertainment — 0.7%

Walt Disney Co. (The)		46		5,129


Equity Real Estate Investment Trusts (REITs) — 1.4%

AvalonBay Communities, Inc.		25		3,866

Ventas, Inc.		91		3,329

Vornado Realty Trust		81		3,099


				10,294


Food & Staples Retailing — 1.0%

Walmart, Inc.		63		7,522


Food Products — 1.1%

Mondelez International, Inc., Class A		150		7,675


Health Care Equipment & Supplies — 2.7%

Becton Dickinson and Co.		39		9,403

Medtronic plc		114		10,454


				19,857


Health Care Providers & Services — 3.8%

Anthem, Inc.		14		3,603

Cigna Corp.		44		8,304

Humana, Inc.		11		4,071

UnitedHealth Group, Inc.		41		12,004


				27,982


Hotels, Restaurants & Leisure — 1.0%

McDonald’s Corp.		39		7,176


Household Durables — 0.5%

Newell Brands, Inc.		213		3,375


Household Products — 1.3%

Colgate-Palmolive Co.		129		9,473


Industrial Conglomerates — 0.7%

Honeywell International, Inc.		37		5,408

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	33

JPMorgan Growth and Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Insurance — 4.2%

Chubb Ltd.		61		7,732

Hartford Financial Services Group, Inc. (The)		187		7,213

Loews Corp.		84		2,880

Marsh & McLennan Cos., Inc.		41		4,424

MetLife, Inc.		138		5,051

Prudential Financial, Inc.		49		2,978


				30,278


Interactive Media & Services — 2.0%

Alphabet, Inc., Class C *		10		14,601


Internet & Direct Marketing Retail — 0.6%

Booking Holdings, Inc. *		1		2,070

Expedia Group, Inc.		30		2,433


				4,503


IT Services — 1.8%

Fidelity National Information Services, Inc.		55		7,415

International Business Machines Corp.		47		5,616


				13,031


Machinery — 4.4%

Dover Corp.		106		10,204

IDEX Corp.		26		4,093

Otis Worldwide Corp.		53		3,028

Parker-Hannifin Corp.		61		11,199

Stanley Black & Decker, Inc.		25		3,526


				32,050


Media — 2.3%

Comcast Corp., Class A		352		13,702

Discovery, Inc., Class A *		153		3,226


				16,928


Multi-Utilities — 2.0%

CMS Energy Corp.		199		11,632

Public Service Enterprise Group, Inc.		59		2,920


				14,552


Oil, Gas & Consumable Fuels — 4.6%

Chevron Corp.		138		12,270

ConocoPhillips		198		8,306

EOG Resources, Inc.		107		5,408

Phillips 66		28		1,999

Pioneer Natural Resources Co.		15		1,485

Valero Energy Corp.		62		3,664


				33,132


INVESTMENTS	SHARES (000)		VALUE ($000)


Pharmaceuticals — 6.9%

Bristol-Myers Squibb Co.		289		16,988

Eli Lilly and Co.		35		5,739

Johnson & Johnson		110		15,455

Merck & Co., Inc.		83		6,385

Pfizer, Inc.		166		5,441


				50,008


Road & Rail — 1.5%

CSX Corp.		54		3,766

Kansas City Southern		47		7,046


				10,812


Semiconductors & Semiconductor Equipment — 4.4%

Analog Devices, Inc.		107		13,098

NXP Semiconductors NV (Netherlands)		37		4,185

Texas Instruments, Inc.		115		14,614


				31,897


Software — 3.1%

Microsoft Corp.		112		22,875


Specialty Retail — 5.1%

AutoZone, Inc. *		8		8,923

Home Depot, Inc. (The)		59		14,731

Lowe’s Cos., Inc.		52		6,972

TJX Cos., Inc. (The)		124		6,259


				36,885


Technology Hardware, Storage & Peripherals — 1.8%

Apple, Inc.		36		13,297


Textiles, Apparel & Luxury Goods — 1.2%

NIKE, Inc., Class B		89		8,707


Tobacco — 1.8%

Altria Group, Inc.		102		3,996

Philip Morris International, Inc.		129		9,051


				13,047


Trading Companies & Distributors — 0.4%

Watsco, Inc.		18		3,234


Total Common Stocks (Cost $534,823)				701,191

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 3.5%

Investment Companies — 3.5%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b) (Cost $25,216)		25,211		25,234

Total Investments — 99.9% (Cost $560,039)				726,425
Other Assets Less Liabilities — 0.1%				429

NET ASSETS — 100.0%				726,854

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	35

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 95.4%

Aerospace & Defense — 1.2%

General Dynamics Corp. (a)		171		25,527

Northrop Grumman Corp.		116		35,692

Raytheon Technologies Corp.		727		44,787


				106,006


Airlines — 0.3%

Delta Air Lines, Inc.		309		8,665

Southwest Airlines Co.		400		13,686


				22,351


Auto Components — 0.1%

Magna International, Inc. (Canada)		293		13,064


Automobiles — 0.2%

General Motors Co.		568		14,359


Banks — 3.0%

Bank of America Corp. (a)		1,895		45,002

Citigroup, Inc.		1,933		98,771

Citizens Financial Group, Inc.		705		17,798

KeyCorp		2,414		29,400

Regions Financial Corp.		1,862		20,711

Truist Financial Corp.		161		6,044

Wells Fargo & Co.		1,881		48,154


				265,880


Beverages — 1.1%

Coca-Cola Co. (The) (a)		1,272		56,821

Constellation Brands, Inc., Class A		246		43,016


				99,837


Biotechnology — 2.8%

AbbVie, Inc.		1,072		105,254

Alexion Pharmaceuticals, Inc. *		237		26,619

Amgen, Inc. (a)		64		15,004

Biogen, Inc. * (a)		88		23,576

Gilead Sciences, Inc.		41		3,120

Regeneron Pharmaceuticals, Inc. *		62		38,611

Vertex Pharmaceuticals, Inc. *		111		32,124


				244,308


Building Products — 0.8%

Carrier Global Corp.		829		18,425

Masco Corp.		557		27,955

Trane Technologies plc		251		22,315


				68,695


Capital Markets — 2.9%

BlackRock, Inc.		64		34,897

Charles Schwab Corp. (The)		459		15,502


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — continued

CME Group, Inc.		124		20,148

Goldman Sachs Group, Inc. (The)		107		21,091

MarketAxess Holdings, Inc.		25		12,418

Morgan Stanley		1,126		54,383

MSCI, Inc.		36		11,876

S&P Global, Inc.		166		54,569

State Street Corp.		347		22,058

T. Rowe Price Group, Inc.		66		8,156


				255,098


Chemicals — 1.6%

Air Products and Chemicals, Inc.		70		17,021

Celanese Corp.		223		19,249

Dow, Inc.		431		17,561

DuPont de Nemours, Inc.		254		13,492

Eastman Chemical Co.		481		33,470

Linde plc (United Kingdom)		123		26,028

LyondellBasell Industries NV, Class A		163		10,704


				137,525


Commercial Services & Supplies — 0.1%

Cintas Corp. (a)		34		9,092


Communications Equipment — 0.4%

Cisco Systems, Inc.		603		28,131

Motorola Solutions, Inc.		32		4,462


				32,593


Consumer Finance — 0.6%

American Express Co. (a)		320		30,468

Capital One Financial Corp.		293		18,354


				48,822


Containers & Packaging — 0.5%

Avery Dennison Corp.		160		18,297

Crown Holdings, Inc. * (a)		234		15,250

Packaging Corp. of America		64		6,395

Westrock Co.		284		8,021


				47,963


Diversified Consumer Services — 0.0% (b)

H&R Block, Inc.		128		1,822


Diversified Financial Services — 1.5%

Berkshire Hathaway, Inc., Class B * (a)		706		126,061

Voya Financial, Inc.		31		1,455


				127,516


Diversified Telecommunication Services — 1.1%

Verizon Communications, Inc. (a)		1,813		99,925

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Electric Utilities — 2.3%

Duke Energy Corp.		230		18,345

Entergy Corp.		482		45,228

FirstEnergy Corp.		542		21,024

NextEra Energy, Inc. (a)		355		85,268

Southern Co. (The)		278		14,423

Xcel Energy, Inc. (a)		239		14,950


				199,238


Electrical Equipment — 0.9%

Eaton Corp. plc		637		55,725

Emerson Electric Co.		342		21,238


				76,963


Electronic Equipment, Instruments & Components — 0.1%

TE Connectivity Ltd.		112		9,159


Entertainment — 1.2%

Electronic Arts, Inc. *		57		7,518

Netflix, Inc. * (a)		217		98,767


				106,285


Equity Real Estate Investment Trusts (REITs) — 1.8%

Equinix, Inc.		65		45,367

Equity LifeStyle Properties, Inc.		134		8,371

Equity Residential		355		20,875

Mid-America Apartment Communities, Inc.		144		16,490

Prologis, Inc.		483		45,046

Realty Income Corp.		69		4,085

Sun Communities, Inc.		44		5,973

UDR, Inc.		95		3,566

Ventas, Inc.		253		9,268


				159,041


Food & Staples Retailing — 0.8%

Costco Wholesale Corp.		202		61,183

Kroger Co. (The)		374		12,670


				73,853


Food Products — 0.7%

Conagra Brands, Inc.		161		5,648

Mondelez International, Inc., Class A (a)		1,029		52,635


				58,283


Health Care Equipment & Supplies — 2.8%

ABIOMED, Inc. *		14		3,498

Baxter International, Inc.		509		43,796

Becton Dickinson and Co.		20		4,734

Boston Scientific Corp. * (a)		688		24,143


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Equipment & Supplies — continued

DexCom, Inc. *		22		9,083

Edwards Lifesciences Corp. *		142		9,825

Intuitive Surgical, Inc. * (a)		26		14,671

Medtronic plc (a)		939		86,074

Zimmer Biomet Holdings, Inc. (a)		423		50,477


				246,301


Health Care Providers & Services — 2.9%

Anthem, Inc. (a)		114		30,030

Cigna Corp. (a)		252		47,319

DaVita, Inc. *		122		9,685

McKesson Corp.		319		49,011

UnitedHealth Group, Inc. (a)		385		113,508


				249,553


Hotels, Restaurants & Leisure — 0.5%

Hilton Worldwide Holdings, Inc.		247		18,113

Yum! Brands, Inc.		280		24,358


				42,471


Household Durables — 0.3%

Lennar Corp., Class A		483		29,781


Household Products — 1.9%

Kimberly-Clark Corp.		274		38,746

Procter & Gamble Co. (The) (a)		1,059		126,608


				165,354


Industrial Conglomerates — 1.0%

Honeywell International, Inc. (a)		617		89,206


Insurance — 1.9%

Allstate Corp. (The) (a)		497		48,197

American International Group, Inc.		282		8,794

Aon plc, Class A		141		27,070

Arch Capital Group Ltd. *		141		4,041

Everest Re Group Ltd.		14		2,932

Hartford Financial Services Group, Inc. (The)		253		9,736

Marsh & McLennan Cos., Inc.		166		17,783

MetLife, Inc.		103		3,771

Progressive Corp. (The)		523		41,930


				164,254


Interactive Media & Services — 5.4%

Alphabet, Inc., Class A * (a)		109		154,685

Alphabet, Inc., Class C * (a)		97		137,530

Facebook, Inc., Class A * (a)		780		177,002


				469,217

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	37

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Internet & Direct Marketing Retail — 5.2%

Amazon.com, Inc. * (a)		153		421,496

Booking Holdings, Inc. * (a)		22		35,366


				456,862


IT Services — 6.3%

Accenture plc, Class A		285		61,137

Automatic Data Processing, Inc. (a)		298		44,325

FleetCor Technologies, Inc. *		28		7,020

International Business Machines Corp.		430		51,889

Leidos Holdings, Inc.		309		28,978

Mastercard, Inc., Class A (a)		526		155,545

PayPal Holdings, Inc. * (a)		690		120,174

Visa, Inc., Class A (a)		404		78,072


				547,140


Life Sciences Tools & Services — 1.3%

Illumina, Inc. *		47		17,567

Thermo Fisher Scientific, Inc. (a)		270		97,994


				115,561


Machinery — 1.7%

Cummins, Inc. (a)		230		39,774

Deere & Co.		140		22,074

Parker-Hannifin Corp.		217		39,683

Snap-on, Inc.		75		10,436

Stanley Black & Decker, Inc.		238		33,129


				145,096


Media — 2.2%

Altice USA, Inc., Class A * (a)		340		7,655

Charter Communications, Inc., Class A * (a)		168		85,877

Comcast Corp., Class A (a)		1,867		72,765

Discovery, Inc., Class A *		694		14,634

Discovery, Inc., Class C *		757		14,588


				195,519


Metals & Mining — 0.2%

Newmont Corp.		257		15,880


Multiline Retail — 0.7%

Dollar Tree, Inc. *		187		17,311

Target Corp.		363		43,498


				60,809


Multi-Utilities — 0.6%

CenterPoint Energy, Inc.		362		6,756

CMS Energy Corp.		363		21,201

DTE Energy Co.		128		13,769

Sempra Energy		90		10,499


				52,225


INVESTMENTS	SHARES (000)		VALUE ($000)


Oil, Gas & Consumable Fuels — 2.8%

Cabot Oil & Gas Corp.		154		2,654

Cheniere Energy, Inc. *		197		9,528

Chevron Corp. (a)		836		74,552

Diamondback Energy, Inc.		279		11,658

EOG Resources, Inc. (a)		755		38,258

Exxon Mobil Corp. (a)		381		17,043

Marathon Petroleum Corp. (a)		265		9,921

ONEOK, Inc.		370		12,284

Phillips 66		319		22,969

Pioneer Natural Resources Co. (a)		351		34,296

Williams Cos., Inc. (The)		393		7,472


				240,635


Pharmaceuticals — 4.1%

Bristol-Myers Squibb Co. (a)		1,431		84,161

Eli Lilly and Co. (a)		491		80,661

Johnson & Johnson (a)		563		79,180

Merck & Co., Inc. (a)		1,321		102,127

Pfizer, Inc.		474		15,491


				361,620


Professional Services — 0.1%

Verisk Analytics, Inc.		53		9,010


Road & Rail — 1.3%

CSX Corp.		458		31,921

Kansas City Southern		43		6,348

Lyft, Inc., Class A *		148		4,896

Norfolk Southern Corp. (a)		359		63,011

Union Pacific Corp. (a)		64		10,844


				117,020


Semiconductors & Semiconductor Equipment — 4.9%

Advanced Micro Devices, Inc. * (a)		357		18,792

Analog Devices, Inc. (a)		531		65,137

Applied Materials, Inc.		220		13,271

Intel Corp.		317		18,980

Lam Research Corp.		142		46,091

Microchip Technology, Inc.		174		18,277

Micron Technology, Inc. *		473		24,394

NVIDIA Corp. (a)		166		62,897

NXP Semiconductors NV (Netherlands)		323		36,834

Qorvo, Inc. *		194		21,406

QUALCOMM, Inc.		202		18,400

Texas Instruments, Inc. (a)		668		84,822


				429,301

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Software — 8.8%

Fortinet, Inc. *		46		6,349

Intuit, Inc.		229		67,956

Microsoft Corp. (a)		2,901		590,359

salesforce.com, Inc. * (a)		481		90,108

Workday, Inc., Class A *		73		13,613


				768,385


Specialty Retail — 3.5%

AutoZone, Inc. * (a)		35		39,763

Best Buy Co., Inc. (a)		535		46,718

Home Depot, Inc. (The) (a)		367		91,973

Lowe’s Cos., Inc. (a)		543		73,413

Ross Stores, Inc. (a)		255		21,718

TJX Cos., Inc. (The)		691		34,960


				308,545


Technology Hardware, Storage & Peripherals — 6.4%

Apple, Inc. (a)		1,474		537,797

HP, Inc.		1,088		18,960


				556,757


Textiles, Apparel & Luxury Goods — 0.7%

Carter’s, Inc.		51		4,082

NIKE, Inc., Class B		495		48,486

Ralph Lauren Corp.		115		8,343


				60,911


Tobacco — 1.3%

Altria Group, Inc. (a)		1,266		49,704

Philip Morris International, Inc.		888		62,185


				111,889


Wireless Telecommunication Services — 0.6%

T-Mobile US, Inc. *		501		52,176


Total Common Stocks (Cost $6,836,961)				8,339,156


INVESTMENTS	NO. OF CONTRACTS		VALUE ($000)
Options Purchased — 3.4%

Put Options Purchased — 3.4%

Index Funds — 3.4%

S&P 500 Index 9/30/2020 at USD 2,930.00, European Style Notional Amount: USD 8,539,749 Exchange-Traded *		27,545		298,312


Total Options Purchased (Cost $309,275)				298,312


	NO. OF RIGHTS (000)
Rights — 0.0% (b)

Wireless Telecommunication Services — 0.0% (b)

T-Mobile US, Inc., expiring 7/27/2020 * (Cost $2,307)		481		81


	SHARES (000)
Short-Term Investments — 5.2%

Investment Companies — 5.2%

JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.06% (c) (d) (Cost $456,381)		456,381		456,381

Total Investments — 104.0% (Cost $7,604,924)				9,093,930
Liabilities in Excess of Other Assets — (4.0)%				(352,338	)

NET ASSETS — 100.0%				8,741,592

Percentages indicated are based on net assets.

Abbreviations


USD		United States Dollar

(a)		All or a portion of the security is segregated for options written.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

1,049

09/2020

USD

161,769

1,680

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	39

JPMorgan Hedged Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)

Written Call Options Contracts as of June 30, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT

EXERCISE
PRICE

EXPIRATION
DATE

VALUE
($)

S&P 500 Index

Exchange-Traded

27,545

USD 8,539,749

USD 3,230.00

9/30/2020

(219,672

)

Written Put Options Contracts as of June 30, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

COUNTERPARTY

NUMBER OF
CONTRACTS

NOTIONAL
AMOUNT

EXERCISE
PRICE

EXPIRATION
DATE

VALUE
($)

S&P 500 Index

Exchange-Traded

27,545

USD 8,539,749

USD 2,465.00

9/30/2020

(85,527

)

Total Written Options Contracts (Premiums Received $300,626)

(305,199

)

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 95.2%

Aerospace & Defense — 0.2%

TransDigm Group, Inc.		94		41,641


Automobiles — 5.7%

Tesla, Inc. * (a)		1,222		1,319,852


Beverages — 1.2%

Monster Beverage Corp. *		4,118		285,477


Biotechnology — 7.9%

Alnylam Pharmaceuticals, Inc. * (a)		483		71,493

Amgen, Inc.		1,415		333,671

Biogen, Inc. *		309		82,673

BioMarin Pharmaceutical, Inc.*		1,784		220,032

Exact Sciences Corp. * (a)		1,610		139,991

Moderna, Inc. * (a)		1,107		71,106

Regeneron Pharmaceuticals, Inc.*		636		396,578

Sarepta Therapeutics, Inc. * (a)		962		154,279

Seattle Genetics, Inc. * (a)		2,230		378,939


				1,848,762


Capital Markets — 5.6%

Blackstone Group, Inc. (The), Class A (a)		3,179		180,094

Charles Schwab Corp. (The)		4,975		167,847

MarketAxess Holdings, Inc.		979		490,149

Morgan Stanley (a)		1,483		71,605

MSCI, Inc.		313		104,386

S&P Global, Inc. (a)		873		287,702


				1,301,783


Chemicals — 2.1%

Air Products and Chemicals, Inc.		1,115		269,131

Sherwin-Williams Co. (The)		389		224,495


				493,626


Communications Equipment — 0.3%

Arista Networks, Inc. * (a)		285		59,796


Electrical Equipment — 1.7%

Rockwell Automation, Inc. (a)		1,852		394,519


Electronic Equipment, Instruments & Components — 0.6%

Amphenol Corp., Class A		1,401		134,230


Entertainment — 1.3%

Netflix, Inc. *		670		304,786


Equity Real Estate Investment Trusts (REITs) — 1.0%

Equinix, Inc. (a)		327		229,757


Health Care Equipment & Supplies — 3.8%

ABIOMED, Inc. *		343		82,807


INVESTMENTS	SHARES (000)		VALUE ($000)



Health Care Equipment & Supplies — continued

DexCom, Inc. * (a)		1,357		550,087

Intuitive Surgical, Inc. *		459		261,367


				894,261


Health Care Providers & Services — 0.5%

McKesson Corp.		685		105,139


Health Care Technology — 0.7%

Veeva Systems, Inc., Class A*		687		161,000


Hotels, Restaurants & Leisure — 3.4%

Chipotle Mexican Grill, Inc. * (a)		470		494,399

Las Vegas Sands Corp.		1,995		90,852

Starbucks Corp. (a)		2,809		206,736


				791,987


Industrial Conglomerates — 0.9%

Roper Technologies, Inc. (a)		525		203,875


Interactive Media & Services — 7.7%

Alphabet, Inc., Class C *		548		774,746

Facebook, Inc., Class A *		2,732		620,429

Match Group, Inc. * (a)		2,297		245,926

Snap, Inc., Class A * (a)		5,862		137,694

Twitter, Inc. *		376		11,213


				1,790,008


Internet & Direct Marketing Retail — 9.9%

Alibaba Group Holding Ltd., ADR (China) *		992		213,888

Amazon.com, Inc. *		443		1,222,448

Booking Holdings, Inc. *		165		263,373

Grubhub, Inc. * (a)		1,101		77,414

MercadoLibre, Inc. (Argentina) *		451		444,587

Wayfair, Inc., Class A * (a)		411		81,277


				2,302,987


IT Services — 6.7%

FleetCor Technologies, Inc. *		316		79,383

Mastercard, Inc., Class A		1,939		573,362

PayPal Holdings, Inc. *		3,844		669,714

Shopify, Inc., Class A (Canada) *		172		163,073

Square, Inc., Class A * (a)		723		75,840


				1,561,372


Life Sciences Tools & Services — 1.5%

Illumina, Inc. *		320		118,429

Thermo Fisher Scientific, Inc.		640		231,847


				350,276

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	41

JPMorgan Large Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Oil, Gas & Consumable Fuels — 0.3%

Phillips 66		1,052		75,610


Personal Products — 0.4%

Estee Lauder Cos., Inc. (The), Class A		499		94,076


Professional Services — 0.7%

CoStar Group, Inc. *		215		152,865


Road & Rail — 1.3%

Lyft, Inc., Class A * (a)		3,470		114,553

Norfolk Southern Corp.		1,122		196,972


				311,525


Semiconductors & Semiconductor Equipment — 9.2%

Advanced Micro Devices, Inc. *		8,849		465,556

ASML Holding NV (Registered), NYRS (Netherlands) (a)		985		362,399

Lam Research Corp.		640		207,111

NVIDIA Corp.		1,601		608,224

QUALCOMM, Inc.		1,684		153,607

Texas Instruments, Inc.		2,743		348,253


				2,145,150


Software — 10.6%

Atlassian Corp. plc, Class A *		862		155,411

Microsoft Corp.		6,845		1,393,005

ServiceNow, Inc. *		594		240,464

SS&C Technologies Holdings, Inc.		1,988		112,254

Synopsys, Inc. *		1,865		363,596

Trade Desk, Inc. (The), Class A * (a)		474		192,681


				2,457,411


Specialty Retail — 1.9%

Home Depot, Inc. (The)		1,458		365,153

Ross Stores, Inc.		835		71,182


				436,335


Technology Hardware, Storage & Peripherals — 6.9%

Apple, Inc. (a)		4,406		1,607,205


Textiles, Apparel & Luxury Goods — 1.2%

Lululemon Athletica, Inc. *		921		287,330


Total Common Stocks (Cost $11,896,273)				22,142,641

Short-Term Investments — 9.8%

Investment Companies — 4.7%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) (Cost $1,083,765)		1,083,387		1,084,362


INVESTMENTS	SHARES (000)		VALUE ($000)


Investment of Cash Collateral from Securities Loaned — 5.1%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c)		1,102,458		1,102,899

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c)		96,805		96,805


Total Investment of Cash Collateral from Securities Loaned (Cost $1,199,665)				1,199,704


Total Short-Term Investments (Cost $2,283,430)				2,284,066

Total Investments — 105.0% (Cost $14,179,703)				24,426,707
Liabilities in Excess of Other Assets — (5.0)%				(1,161,541	)

NET ASSETS — 100.0%				23,265,166

Percentages indicated are based on net assets.

Abbreviations


ADR		American Depositary Receipt
NYRS		New York Registry Shares

(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $1,215,560,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%

Aerospace & Defense — 3.1%

General Dynamics Corp.		82		12,316

Howmet Aerospace, Inc.		549		8,700

Raytheon Technologies Corp.		175		10,777

Spirit AeroSystems Holdings, Inc., Class A (a)		321		7,685


				39,478


Airlines — 0.5%

Southwest Airlines Co.		203		6,928


Auto Components — 1.9%

Aptiv plc		66		5,135

Autoliv, Inc. (Sweden) (a)		298		19,224


				24,359


Automobiles — 3.0%

Ford Motor Co.		806		4,903

General Motors Co.		1,288		32,597


				37,500


Banks — 10.8%

Bank of America Corp.		1,508		35,813

Citigroup, Inc.		829		42,375

Citizens Financial Group, Inc. (a)		279		7,029

East West Bancorp, Inc.		153		5,548

Regions Financial Corp. (a)		571		6,351

Wells Fargo & Co.		1,492		38,200


				135,316


Biotechnology — 2.5%

AbbVie, Inc.		65		6,382

Alexion Pharmaceuticals, Inc. *		159		17,879

Biogen, Inc. *		28		7,545


				31,806


Building Products — 4.0%

Carrier Global Corp.		419		9,312

Owens Corning		453		25,277

Trane Technologies plc		176		15,678


				50,267


Capital Markets — 3.2%

Invesco Ltd.		466		5,012

Morgan Stanley		735		35,476


				40,488


Chemicals — 9.6%

Celanese Corp.		209		18,002

CF Industries Holdings, Inc.		296		8,327

DuPont de Nemours, Inc.		424		22,543


INVESTMENTS	SHARES (000)		VALUE ($000)


Chemicals — continued

Eastman Chemical Co.		223		15,551

FMC Corp.		503		50,060

Westlake Chemical Corp. (a)		120		6,443


				120,926


Containers & Packaging — 0.5%

International Paper Co. (a)		177		6,232


Electric Utilities — 0.5%

Entergy Corp.		72		6,736


Electrical Equipment — 0.5%

Sensata Technologies Holding plc *		168		6,243


Equity Real Estate Investment Trusts (REITs) — 5.8%

Realty Income Corp.		230		13,709

Ventas, Inc.		704		25,784

VEREIT, Inc.		1,206		7,751

Weingarten Realty Investors		697		13,196

Welltower, Inc.		246		12,715


				73,155


Food & Staples Retailing — 2.5%

US Foods Holding Corp. *		1,582		31,205


Food Products — 2.6%

Lamb Weston Holdings, Inc. (a)		505		32,265


Health Care Equipment & Supplies — 1.4%

Zimmer Biomet Holdings, Inc.		148		17,618


Health Care Providers & Services — 5.8%

Anthem, Inc.		64		16,778

Cigna Corp.		137		25,689

CVS Health Corp.		179		11,630

McKesson Corp.		121		18,579


				72,676


Hotels, Restaurants & Leisure — 2.2%

Darden Restaurants, Inc. (a)		260		19,715

InterContinental Hotels Group plc, ADR (United Kingdom) (a)		172		7,608


				27,323


Household Durables — 0.8%

Whirlpool Corp. (a)		82		10,634


Insurance — 4.3%

American International Group, Inc.		432		13,454

Chubb Ltd.		117		14,803

Hartford Financial Services Group, Inc. (The)		236		9,082

MetLife, Inc.		225		8,224

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	43

JPMorgan Large Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Insurance — continued

Prudential Financial, Inc.		143		8,678


				54,241


Internet & Direct Marketing Retail — 0.4%

Booking Holdings, Inc. *		3		5,095


IT Services — 1.8%

WEX, Inc. *		137		22,672


Machinery — 2.5%

AGCO Corp.		234		12,995

Snap-on, Inc. (a)		54		7,493

Stanley Black & Decker, Inc.		77		10,704


				31,192


Media — 4.4%

Comcast Corp., Class A		1,289		50,238

Discovery, Inc., Class A * (a)		232		4,895


				55,133


Metals & Mining — 0.3%

Alcoa Corp. * (a)		284		3,192


Oil, Gas & Consumable Fuels — 6.6%

Chevron Corp.		69		6,157

Diamondback Energy, Inc.		322		13,458

EOG Resources, Inc.		476		24,093

Parsley Energy, Inc., Class A		1,611		17,209

Pioneer Natural Resources Co.		232		22,637


				83,554


Pharmaceuticals — 4.4%

Bristol-Myers Squibb Co.		534		31,423

Elanco Animal Health, Inc. * (a)		267		5,727

Merck & Co., Inc.		239		18,513


				55,663


Real Estate Management & Development — 1.6%

CBRE Group, Inc., Class A *		167		7,565

Cushman & Wakefield plc * (a)		1,002		12,481


				20,046


Road & Rail — 2.4%

Lyft, Inc., Class A * (a)		348		11,478

Norfolk Southern Corp.		106		18,592


				30,070


Semiconductors & Semiconductor Equipment — 4.3%

Microchip Technology, Inc. (a)		134		14,080

NXP Semiconductors NV (Netherlands)		63		7,139

ON Semiconductor Corp. * (a)		1,673		33,163


				54,382


INVESTMENTS	SHARES (000)		VALUE ($000)



Specialty Retail — 2.7%

AutoNation, Inc. * (a)		296		11,116

Best Buy Co., Inc. (a)		189		16,520

Lowe’s Cos., Inc.		48		6,432


				34,068


Textiles, Apparel & Luxury Goods — 0.1%

Levi Strauss & Co., Class A (a)		138		1,848


Tobacco — 0.9%

Philip Morris International, Inc.		169		11,812


Wireless Telecommunication Services — 0.8%

T-Mobile US, Inc. *		96		9,946


Total Common Stocks (Cost $1,244,175)				1,244,069


	NO. OF RIGHTS (000)
Rights — 0.1%

Pharmaceuticals — 0.1%

Bristol-Myers Squibb Co., CVR, expiring 12/31/2020 *		214		767


Wireless Telecommunication Services — 0.0% (b)

T-Mobile US, Inc., expiring 7/27/2020 *		96		16


Total Rights (Cost $915)				783


	SHARES (000)
Short-Term Investments — 5.8%

Investment Companies — 1.0%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d) (Cost $12,570)		12,558		12,570


Investment of Cash Collateral from Securities Loaned — 4.8%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (c) (d)		51,684		51,705

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d)		8,693		8,692


Total Investment of Cash Collateral from Securities Loaned (Cost $60,398)				60,397


Total Short-Term Investments (Cost $72,968)				72,967

Total Investments — 104.6% (Cost $1,318,058)				1,317,819
Liabilities in Excess of Other Assets — (4.6)%				(57,822	)

NET ASSETS — 100.0%				1,259,997

Percentages indicated are based on net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

Abbreviations


ADR		American Depositary Receipt
CVR		Contingent Value Rights

(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $59,241,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	45

JPMorgan U.S. Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 100.0%

Aerospace & Defense — 2.3%

Northrop Grumman Corp.		1,104		339,268


Banks — 4.1%

Huntington Bancshares, Inc.		11,284		101,951

KeyCorp		9,110		110,966

SVB Financial Group *		643		138,481

Truist Financial Corp.		7,102		266,685


				618,083


Beverages — 3.6%

Coca-Cola Co. (The)		4,107		183,511

Constellation Brands, Inc., Class A		2,003		350,479


				533,990


Biotechnology — 3.1%

AbbVie, Inc.		4,178		410,194

Biogen, Inc. *		206		55,001


				465,195


Capital Markets — 2.0%

Ameriprise Financial, Inc.		975		146,226

Morgan Stanley		3,268		157,865


				304,091


Chemicals — 1.2%

Eastman Chemical Co.		2,505		174,443


Containers & Packaging — 1.3%

Crown Holdings, Inc. *		2,966		193,179


Diversified Telecommunication Services — 2.8%

Verizon Communications, Inc.		7,626		420,396


Electric Utilities — 3.7%

NextEra Energy, Inc.		1,479		355,091

Xcel Energy, Inc. (a)		3,184		199,021


				554,112


Electrical Equipment — 2.5%

Eaton Corp. plc		4,197		367,131


Entertainment — 1.8%

Netflix, Inc. *		590		268,620


Equity Real Estate Investment Trusts (REITs) — 2.7%

Prologis, Inc.		4,401		410,725


Health Care Equipment & Supplies — 4.2%

Baxter International, Inc.		2,038		175,500

Boston Scientific Corp. *		9,456		332,013

Intuitive Surgical, Inc. * (a)		212		120,801


				628,314


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Providers & Services — 4.9%

Cigna Corp.		1,519		284,989

Quest Diagnostics, Inc.		1,481		168,810

UnitedHealth Group, Inc.		954		281,244


				735,043


Hotels, Restaurants & Leisure — 3.1%

McDonald’s Corp.		1,652		304,747

Yum! Brands, Inc.		1,891		164,317


				469,064


Insurance — 1.9%

Chubb Ltd.		1,182		149,641

Progressive Corp. (The)		1,722		137,984


				287,625


Interactive Media & Services — 5.4%

Alphabet, Inc., Class A *		484		686,454

Facebook, Inc., Class A *		561		127,403


				813,857


Internet & Direct Marketing Retail — 5.9%

Amazon.com, Inc. *		322		887,187


IT Services — 7.9%

Booz Allen Hamilton Holding Corp. (a)		1,028		79,947

FleetCor Technologies, Inc. *		812		204,362

Leidos Holdings, Inc.		2,604		243,924

Mastercard, Inc., Class A		2,182		645,343


				1,173,576


Machinery — 0.8%

Stanley Black & Decker, Inc. (a)		822		114,595


Media — 1.5%

Altice USA, Inc., Class A *		4,306		97,064

Charter Communications, Inc., Class A * (a)		246		125,645


				222,709


Oil, Gas & Consumable Fuels — 1.3%

Diamondback Energy, Inc.		1,206		50,456

Pioneer Natural Resources Co. (a)		1,499		146,467


				196,923


Pharmaceuticals — 2.9%

Bristol-Myers Squibb Co.		3,670		215,812

Eli Lilly and Co.		1,324		217,343


				433,155


Road & Rail — 2.5%

Norfolk Southern Corp.		2,157		378,751

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Semiconductors & Semiconductor Equipment — 9.3%

Advanced Micro Devices, Inc. *		1,488		78,272

Analog Devices, Inc.		1,985		243,446

ASML Holding NV (Registered), NYRS (Netherlands)		754		277,467

NXP Semiconductors NV (Netherlands)		1,571		179,176

Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		5,058		287,146

Texas Instruments, Inc.		2,423		307,619


				1,373,126


Software — 10.0%

Microsoft Corp.		5,542		1,127,756

salesforce.com, Inc. *		1,901		356,199


				1,483,955


Specialty Retail — 2.9%

O’Reilly Automotive, Inc. *		732		308,813

Ross Stores, Inc.		1,420		121,082


				429,895


Technology Hardware, Storage & Peripherals — 4.4%

Apple, Inc.		1,821		664,203


Total Common Stocks (Cost $10,549,672)				14,941,211

Short-Term Investments — 0.4%

Investment Companies — 0.3%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c)(Cost $41,341)		41,304		41,341


Investment of Cash Collateral from Securities Loaned — 0.1%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c)		1,073		1,074

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c)		12,605		12,605


Total Investment of Cash Collateral from Securities Loaned (Cost $13,679)				13,679


Total Short-Term Investments (Cost $55,020)				55,020

Total Investments — 100.4% (Cost $10,604,692)				14,996,231
Liabilities in Excess of Other Assets — (0.4)%				(57,469	)

NET ASSETS — 100.0%				14,938,762

Percentages indicated are based on net assets.

Abbreviations


ADR		American Depositary Receipt
NYRS		New York Registry Shares

(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $13,372,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	47

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — 129.5%
Common Stocks — 128.3%

Aerospace & Defense — 2.3%

Northrop Grumman Corp. (a)		131		40,267

Raytheon Technologies Corp.		490		30,211


				70,478


Auto Components — 0.6%

Aptiv plc		56		4,340

BorgWarner, Inc.		150		5,302

Magna International, Inc. (Canada)		189		8,416


				18,058


Banks — 3.4%

Bank of America Corp. (a)		1,210		28,736

Citigroup, Inc.		873		44,598

First Republic Bank		122		12,958

SVB Financial Group *		59		12,616

Truist Financial Corp.		127		4,779


				103,687


Beverages — 1.8%

Coca-Cola Co. (The) (a)		628		28,037

PepsiCo, Inc. (a)		203		26,893


				54,930


Biotechnology — 4.0%

AbbVie, Inc.		641		62,946

Alexion Pharmaceuticals, Inc. *		114		12,812

Amgen, Inc.		35		8,371

Biogen, Inc. *		48		12,862

Regeneron Pharmaceuticals, Inc. *		18		11,219

Vertex Pharmaceuticals, Inc. *		53		15,282


				123,492


Building Products — 1.7%

Carrier Global Corp.		317		7,034

Masco Corp.		259		12,982

Trane Technologies plc		368		32,705

				52,721


Capital Markets — 3.1%

BlackRock, Inc. (a)		52		28,262

Morgan Stanley (a)		1,037		50,109

State Street Corp.		239		15,201


				93,572


Chemicals — 4.3%

Air Products and Chemicals, Inc.		141		34,038

Celanese Corp.		169		14,565

DuPont de Nemours, Inc.		58		3,071


INVESTMENTS	SHARES (000)		VALUE ($000)


Chemicals — continued

Eastman Chemical Co.		145		10,085

FMC Corp.		248		24,738

Linde plc (United Kingdom)		207		43,812


				130,309


Commercial Services & Supplies — 0.2%

Waste Management, Inc.		59		6,280


Consumer Finance — 0.8%

American Express Co.		257		24,452


Diversified Financial Services — 0.4%

Voya Financial, Inc.		281		13,093


Diversified Telecommunication Services — 0.5%

Verizon Communications, Inc.		293		16,163


Electric Utilities — 3.7%

Entergy Corp.		180		16,870

Evergy, Inc.		175		10,403

FirstEnergy Corp.		130		5,026

NextEra Energy, Inc. (a)		228		54,652

Xcel Energy, Inc.		416		26,015


				112,966


Electrical Equipment — 0.9%

AMETEK, Inc.		77		6,864

Eaton Corp. plc		210		18,381

Sensata Technologies Holding plc *		75		2,776


				28,021


Electronic Equipment, Instruments & Components — 0.2%

TE Connectivity Ltd.		67		5,451


Energy Equipment & Services — 0.2%

Baker Hughes Co.		327		5,029


Entertainment — 2.0%

Electronic Arts, Inc. *		86		11,422

Netflix, Inc. * (a)		87		39,789

Warner Music Group Corp., Class A *		334		9,862


				61,073


Equity Real Estate Investment Trusts (REITs) — 4.6%

Brixmor Property Group, Inc.		485		6,224

Equinix, Inc.		31		22,022

Equity LifeStyle Properties, Inc.		193		12,042

JBG SMITH Properties		68		2,010

Prologis, Inc.		404		37,715

Realty Income Corp.		129		7,669

SBA Communications Corp.		81		24,085

Ventas, Inc.		582		21,310

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — continued

WP Carey, Inc.		89		6,007


				139,084


Food & Staples Retailing — 0.6%

Albertsons Cos., Inc., Class A *		457		7,199

Costco Wholesale Corp.		37		11,232


				18,431


Food Products — 0.7%

Conagra Brands, Inc.		139		4,902

Mondelez International, Inc., Class A (a)		335		17,135


				22,037


Health Care Equipment & Supplies — 3.4%

Baxter International, Inc.		256		22,025

Boston Scientific Corp. * (a)		936		32,880

Medtronic plc		108		9,946

Zimmer Biomet Holdings, Inc. (a)		326		38,947


				103,798


Health Care Providers & Services — 4.0%

Cigna Corp. (a)		281		52,702

HCA Healthcare, Inc.		32		3,125

McKesson Corp.		168		25,844

UnitedHealth Group, Inc. (a)		140		41,421


				123,092


Hotels, Restaurants & Leisure — 1.7%

Las Vegas Sands Corp.		311		14,150

McDonald’s Corp.		56		10,280

Yum! Brands, Inc.		330		28,710


				53,140


Household Durables — 0.5%

Lennar Corp., Class A		271		16,674


Household Products — 1.9%

Kimberly-Clark Corp.		22		3,097

Procter & Gamble Co. (The)		469		56,088


				59,185


Industrial Conglomerates — 1.3%

Honeywell International, Inc. (a)		279		40,341


Insurance — 1.4%

Arthur J Gallagher & Co.		121		11,795

Chubb Ltd.		134		17,005

Progressive Corp. (The)		189		15,166


				43,966


INVESTMENTS	SHARES (000)		VALUE ($000)


Interactive Media & Services — 5.7%

Alphabet, Inc., Class A * (a)		56		79,970

Alphabet, Inc., Class C * (a)		29		40,613

Facebook, Inc., Class A * (a)		235		53,376


				173,959


Internet & Direct Marketing Retail — 6.8%

Amazon.com, Inc. * (a)		69		190,557

Booking Holdings, Inc. *		10		15,984


				206,541


IT Services — 11.1%

Automatic Data Processing, Inc. (a)		177		26,425

Booz Allen Hamilton Holding Corp.		75		5,850

Fidelity National Information Services, Inc.		326		43,671

Fiserv, Inc. * (a)		284		27,757

Leidos Holdings, Inc.		363		34,005

Mastercard, Inc., Class A (a)		273		80,638

PayPal Holdings, Inc. *		498		86,813

WEX, Inc. *		202		33,278


				338,437


Life Sciences Tools & Services — 1.7%

Thermo Fisher Scientific, Inc.		146		52,851


Machinery — 1.9%

Parker-Hannifin Corp.		129		23,623

Snap-on, Inc.		36		4,955

Stanley Black & Decker, Inc.		218		30,319


				58,897


Media — 2.7%

Charter Communications, Inc., Class A * (a)		62		31,674

Comcast Corp., Class A (a)		773		30,141

Discovery, Inc., Class A *		819		17,277

Discovery, Inc., Class C *		227		4,376


				83,468


Multiline Retail — 0.5%

Dollar Tree, Inc. *		149		13,796


Multi-Utilities — 0.2%

CenterPoint Energy, Inc.		252		4,706


Oil, Gas & Consumable Fuels — 4.3%

Cheniere Energy, Inc. *		104		5,005

Chevron Corp.		222		19,805

ConocoPhillips		409		17,190

Diamondback Energy, Inc.		572		23,938

Marathon Petroleum Corp. (a)		221		8,243

Parsley Energy, Inc., Class A		509		5,432

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	49

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Long Positions — continued
Common Stocks — continued

Oil, Gas & Consumable Fuels — continued

Phillips 66		101		7,294

Pioneer Natural Resources Co. (a)		214		20,935

TC Energy Corp. (Canada)		207		8,887

Williams Cos., Inc. (The)		745		14,174


				130,903


Pharmaceuticals — 4.1%

Bristol-Myers Squibb Co. (a)		693		40,720

Elanco Animal Health, Inc. *		135		2,890

Eli Lilly and Co.		243		39,973

Johnson & Johnson		114		15,968

Merck & Co., Inc.		323		24,963


				124,514


Road & Rail — 3.5%

CSX Corp.		228		15,915

Kansas City Southern		21		3,073

Lyft, Inc., Class A *		508		16,778

Norfolk Southern Corp. (a)		280		49,171

Union Pacific Corp. (a)		123		20,722


				105,659


Semiconductors & Semiconductor Equipment — 9.4%

Advanced Micro Devices, Inc. *		126		6,619

Analog Devices, Inc. (a)		274		33,602

ASML Holding NV (Registered), NYRS (Netherlands)		148		54,448

KLA Corp.		36		7,094

Lam Research Corp.		81		26,079

Micron Technology, Inc. *		147		7,595

NVIDIA Corp. (a)		74		27,947

NXP Semiconductors NV (Netherlands)		344		39,240

ON Semiconductor Corp. *		258		5,122

Qorvo, Inc. *		69		7,634

Skyworks Solutions, Inc.		16		2,105

Taiwan Semiconductor Manufacturing Co. Ltd., ADR (Taiwan)		528		29,953

Texas Instruments, Inc. (a)		279		35,442

Xilinx, Inc.		39		3,867


				286,747


Software — 11.8%

Ceridian HCM Holding, Inc. *		169		13,405

Intuit, Inc.		40		11,919

Microsoft Corp. (a)		1,124		228,802

Paylocity Holding Corp. *		146		21,295

salesforce.com, Inc. * (a)		259		48,471


INVESTMENTS	SHARES (000)			VALUE ($000)


Software — continued

ServiceNow, Inc. *		31			12,365

Workday, Inc., Class A *		109			20,441


					356,698


Specialty Retail — 5.9%

AutoZone, Inc. * (a)		13			14,535

Best Buy Co., Inc.		195			17,004

Home Depot, Inc. (The) (a)		171			42,888

Lowe’s Cos., Inc.		364			49,165

O’Reilly Automotive, Inc. *		100			42,068

TJX Cos., Inc. (The)		265			13,410


					179,070


Technology Hardware, Storage & Peripherals — 6.2%

Apple, Inc. (a)		517			188,420


Textiles, Apparel & Luxury Goods — 0.4%

NIKE, Inc., Class B		128			12,501


Tobacco — 0.8%

Altria Group, Inc.		310			12,166

Philip Morris International, Inc.		159			11,165


					23,331


Wireless Telecommunication Services — 1.1%

T-Mobile US, Inc. *		325			33,895


Total Common Stocks (Cost $2,450,302)					3,913,916


	NO. OF RIGHTS (000)
Rights — 0.0% (b)

Wireless Telecommunication Services — 0.0% (b)

T-Mobile US, Inc., expiring 7/27/2020 * (Cost $1)		—	(c)		—	(c)


	SHARES (000)
Short-Term Investments — 1.2%

Investment Companies — 1.2%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (d) (e) (Cost $35,657)		35,630			35,661


Total Long Positions (Cost $2,485,960)					3,949,577

Short Positions — (29.3)%
Common Stocks — (29.3)%

Aerospace & Defense — (0.7)%

Boeing Co. (The)		(30	)		(5,545	)

HEICO Corp.		(50	)		(4,963	)

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued

Aerospace & Defense — continued

Huntington Ingalls Industries, Inc.		(18	)		(3,195	)

Lockheed Martin Corp.		(12	)		(4,337	)

TransDigm Group, Inc.		(8	)		(3,421	)


					(21,461	)


Air Freight & Logistics — (0.5)%

CH Robinson Worldwide, Inc.		(117	)		(9,247	)

Expeditors International of Washington, Inc.		(78	)		(5,946	)


					(15,193	)


Automobiles — (0.2)%

Ford Motor Co.		(964	)		(5,860	)


Banks — (1.0)%

BancorpSouth Bank		(139	)		(3,170	)

Bank of Hawaii Corp.		(62	)		(3,834	)

Commerce Bancshares, Inc.		(165	)		(9,818	)

M&T Bank Corp.		(61	)		(6,357	)

Old National Bancorp		(174	)		(2,399	)

People’s United Financial, Inc.		(407	)		(4,705	)


					(30,283	)


Biotechnology — (0.5)%

Gilead Sciences, Inc.		(203	)		(15,589	)


Building Products — (0.5)%

Fortune Brands Home & Security, Inc.		(74	)		(4,711	)

Johnson Controls International plc		(208	)		(7,086	)

Lennox International, Inc.		(16	)		(3,616	)


					(15,413	)


Capital Markets — (0.7)%

Franklin Resources, Inc.		(256	)		(5,360	)

Nasdaq, Inc.		(73	)		(8,705	)

Northern Trust Corp.		(85	)		(6,765	)


					(20,830	)


Chemicals — (0.4)%

Albemarle Corp.		(148	)		(11,389	)

RPM International, Inc.		(20	)		(1,479	)


					(12,868	)


Commercial Services & Supplies — (0.1)%

Republic Services, Inc.		(35	)		(2,883	)


Communications Equipment — (1.3)%

Cisco Systems, Inc.		(518	)		(24,180	)

Juniper Networks, Inc.		(700	)		(16,004	)


					(40,184	)


INVESTMENTS	SHARES (000)			VALUE ($000)


Construction Materials — (0.3)%

Martin Marietta Materials, Inc.		(14	)		(2,848	)

Vulcan Materials Co.		(50	)		(5,747	)


					(8,595	)


Consumer Finance — (0.1)%

Capital One Financial Corp.		(48	)		(2,979	)


Containers & Packaging — (1.0)%

AptarGroup, Inc.		(27	)		(2,971	)

Avery Dennison Corp.		(53	)		(6,037	)

Ball Corp.		(55	)		(3,788	)

International Paper Co.		(257	)		(9,050	)

Sealed Air Corp.		(39	)		(1,270	)

Sonoco Products Co.		(144	)		(7,532	)


					(30,648	)


Diversified Telecommunication Services — (0.6)%

AT&T, Inc.		(465	)		(14,062	)

CenturyLink, Inc.		(432	)		(4,332	)


					(18,394	)


Electric Utilities — (0.5)%

Exelon Corp.		(163	)		(5,927	)

Southern Co. (The)		(190	)		(9,827	)


					(15,754	)


Electrical Equipment — (0.4)%

Acuity Brands, Inc.		(77	)		(7,419	)

Hubbell, Inc.		(29	)		(3,586	)


					(11,005	)


Electronic Equipment, Instruments & Components — (0.2)%

Cognex Corp.		(106	)		(6,326	)


Energy Equipment & Services — (0.6)%

Halliburton Co.		(845	)		(10,967	)

Schlumberger Ltd.		(390	)		(7,165	)


					(18,132	)


Entertainment — (1.7)%

Activision Blizzard, Inc.		(76	)		(5,754	)

Spotify Technology SA *		(87	)		(22,388	)

Take-Two Interactive Software, Inc. *		(52	)		(7,220	)

Walt Disney Co. (The)		(143	)		(15,991	)


					(51,353	)


Equity Real Estate Investment Trusts (REITs) — (2.2)%

Crown Castle International Corp.		(38	)		(6,291	)

Digital Realty Trust, Inc.		(62	)		(8,770	)

Duke Realty Corp.		(85	)		(3,025	)

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	51

JPMorgan U.S. Large Cap Core Plus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — continued

Equity Residential		(46	)		(2,693	)

Extra Space Storage, Inc.		(89	)		(8,258	)

Iron Mountain, Inc.		(379	)		(9,894	)

National Retail Properties, Inc.		(158	)		(5,604	)

Public Storage		(31	)		(5,880	)

Simon Property Group, Inc.		(187	)		(12,815	)

Vornado Realty Trust		(135	)		(5,155	)


					(68,385	)


Food & Staples Retailing — (0.6)%

Kroger Co. (The)		(436	)		(14,773	)

Sysco Corp.		(51	)		(2,813	)


					(17,586	)


Food Products — (0.7)%

Campbell Soup Co.		(206	)		(10,203	)

General Mills, Inc.		(68	)		(4,180	)

Hershey Co. (The)		(23	)		(2,996	)

Kellogg Co.		(40	)		(2,627	)


					(20,006	)


Health Care Equipment & Supplies — (0.7)%

Abbott Laboratories		(118	)		(10,764	)

Dentsply Sirona, Inc.		(33	)		(1,457	)

Stryker Corp.		(40	)		(7,180	)

Varian Medical Systems, Inc. *		(24	)		(2,974	)


					(22,375	)


Health Care Providers & Services — (0.7)%

AmerisourceBergen Corp.		(74	)		(7,478	)

Cardinal Health, Inc.		(56	)		(2,935	)

Henry Schein, Inc. *		(175	)		(10,200	)


					(20,613	)


Health Care Technology — (0.3)%

Cerner Corp.		(129	)		(8,843	)


Hotels, Restaurants & Leisure — (0.5)%

Chipotle Mexican Grill, Inc. *		(5	)		(4,978	)

Starbucks Corp.		(145	)		(10,688	)


					(15,666	)


Household Products — (0.7)%

Clorox Co. (The)		(102	)		(22,483	)


Industrial Conglomerates — (0.7)%

3M Co.		(91	)		(14,130	)

General Electric Co.		(1,176	)		(8,030	)


					(22,160	)


INVESTMENTS	SHARES (000)			VALUE ($000)


Insurance — (0.7)%

Allstate Corp. (The)		(84	)		(8,186	)

Aon plc, Class A		(25	)		(4,725	)

Axis Capital Holdings Ltd.		(41	)		(1,668	)

Globe Life, Inc.		(12	)		(918	)

Principal Financial Group, Inc.		(75	)		(3,114	)

Travelers Cos., Inc. (The)		(32	)		(3,612	)


					(22,223	)


Interactive Media & Services — (0.3)%

Twitter, Inc. *		(329	)		(9,793	)


IT Services — (1.3)%

Accenture plc, Class A		(15	)		(3,128	)

Alliance Data Systems Corp.		(39	)		(1,740	)

Jack Henry & Associates, Inc.		(43	)		(7,943	)

Paychex, Inc.		(145	)		(10,996	)

Western Union Co. (The)		(676	)		(14,607	)


					(38,414	)


Life Sciences Tools & Services — (0.7)%

Agilent Technologies, Inc.		(102	)		(9,013	)

Mettler-Toledo International, Inc. *		(4	)		(3,576	)

Waters Corp. *		(50	)		(9,088	)


					(21,677	)


Machinery — (0.9)%

Caterpillar, Inc.		(79	)		(9,999	)

Donaldson Co., Inc.		(63	)		(2,928	)

Illinois Tool Works, Inc.		(70	)		(12,313	)

PACCAR, Inc.		(42	)		(3,156	)


					(28,396	)


Media — (0.9)%

AMC Networks, Inc., Class A *		(58	)		(1,352	)

Fox Corp., Class A		(104	)		(2,777	)

Interpublic Group of Cos., Inc. (The)		(158	)		(2,715	)

Omnicom Group, Inc.		(168	)		(9,187	)

Sirius XM Holdings, Inc.		(1,554	)		(9,125	)

ViacomCBS, Inc.		(92	)		(2,145	)


					(27,301	)


Multiline Retail — (0.4)%

Kohl’s Corp.		(192	)		(3,978	)

Macy’s, Inc.		(880	)		(6,055	)

Nordstrom, Inc.		(196	)		(3,038	)


					(13,071	)


Multi-Utilities — (0.6)%

Consolidated Edison, Inc.		(162	)		(11,689	)

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)			VALUE ($000)
Short Positions — continued
Common Stocks — continued

Multi-Utilities — continued

NiSource, Inc.		(131	)		(2,974	)

Public Service Enterprise Group, Inc.		(65	)		(3,210	)


					(17,873	)


Oil, Gas & Consumable Fuels — (2.0)%

Apache Corp.		(317	)		(4,280	)

Devon Energy Corp.		(198	)		(2,245	)

Enbridge, Inc. (Canada)		(305	)		(9,284	)

Exxon Mobil Corp.		(222	)		(9,929	)

Hess Corp.		(163	)		(8,469	)

HollyFrontier Corp.		(142	)		(4,144	)

Marathon Oil Corp.		(666	)		(4,078	)

Noble Energy, Inc.		(246	)		(2,204	)

Occidental Petroleum Corp.		(730	)		(13,354	)

Valero Energy Corp.		(36	)		(2,105	)


					(60,092	)


Personal Products — 0.0% (b)

Coty, Inc., Class A		(301	)		(1,345	)


Pharmaceuticals — (0.1)%

Pfizer, Inc.		(92	)		(3,021	)


Professional Services — (0.4)%

Robert Half International, Inc.		(226	)		(11,942	)


Road & Rail — (0.3)%

JB Hunt Transport Services, Inc.		(67	)		(8,063	)

Werner Enterprises, Inc.		(35	)		(1,533	)


					(9,596	)


Semiconductors & Semiconductor Equipment — (0.3)%

Broadcom, Inc.		(11	)		(3,340	)

Intel Corp.		(95	)		(5,660	)


					(9,000	)


Software — (0.5)%

Adobe, Inc. *		(15	)		(6,733	)

Splunk, Inc. *		(39	)		(7,831	)


					(14,564	)


INVESTMENTS	SHARES (000)			VALUE ($000)


Specialty Retail — (0.1)%

Bed Bath & Beyond, Inc.		(186	)		(1,971	)


Technology Hardware, Storage & Peripherals — (1.1)%

Hewlett Packard Enterprise Co.		(156	)		(1,518	)

HP, Inc.		(268	)		(4,668	)

NetApp, Inc.		(354	)		(15,702	)

Seagate Technology plc		(108	)		(5,208	)

Western Digital Corp.		(119	)		(5,261	)

Xerox Holdings Corp.		(157	)		(2,403	)


					(34,760	)


Textiles, Apparel & Luxury Goods — (0.2)%

Hanesbrands, Inc.		(431	)		(4,868	)


Trading Companies & Distributors — (0.1)%

Fastenal Co.		(81	)		(3,454	)


Total Common Stocks (Proceeds $(963,436))					(895,228	)


Total Short Positions (Proceeds $(963,436))					(895,228	)

Total Investments — 100.2% (Cost $1,522,524)					3,054,349
Liabilities in Excess of Other Assets — (0.2)%					(4,043	)

NET ASSETS — 100.0%					3,050,306

Percentages indicated are based on net assets.

Abbreviations


ADR		American Depositary Receipt
NYRS		New York Registry Shares

(a)		All or a portion of this security is segregated as collateral for short sales. The total value of securities segregated as collateral is approximately $1,215,707,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Amount rounds to less than one thousand.
(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 June 30, 2020.
*		Non-income producing security.

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

09/2020

USD

2,159

(24

)

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	53

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.8%

Aerospace & Defense — 1.3%

General Dynamics Corp.		88		13,193

Northrop Grumman Corp.		60		18,446

Raytheon Technologies Corp.		376		23,146


				54,785


Airlines — 0.3%

Delta Air Lines, Inc.		160		4,478

Southwest Airlines Co.		207		7,073


				11,551


Auto Components — 0.2%

Magna International, Inc. (Canada)		152		6,752


Automobiles — 0.2%

General Motors Co.		293		7,421


Banks — 3.1%

Bank of America Corp.		979		23,257

Citigroup, Inc.		999		51,047

Citizens Financial Group, Inc.		364		9,198

KeyCorp		1,247		15,194

Regions Financial Corp.		963		10,703

Truist Financial Corp.		83		3,124

Wells Fargo & Co.		972		24,886


				137,409


Beverages — 1.2%

Coca-Cola Co. (The)		657		29,365

Constellation Brands, Inc., Class A		127		22,231


				51,596


Biotechnology — 2.9%

AbbVie, Inc.		554		54,396

Alexion Pharmaceuticals, Inc. *		123		13,757

Amgen, Inc.		33		7,754

Biogen, Inc. *		46		12,184

Gilead Sciences, Inc.		21		1,613

Regeneron Pharmaceuticals, Inc. *		32		19,954

Vertex Pharmaceuticals, Inc. *		57		16,602


				126,260


Building Products — 0.8%

Carrier Global Corp.		429		9,522

Masco Corp.		288		14,447

Trane Technologies plc		130		11,533


				35,502


Capital Markets — 3.0%

BlackRock, Inc.		33		18,035

Charles Schwab Corp. (The)		237		8,012


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — continued

CME Group, Inc.		64		10,412

Goldman Sachs Group, Inc. (The)		55		10,900

MarketAxess Holdings, Inc.		13		6,418

Morgan Stanley		582		28,106

MSCI, Inc.		18		6,137

S&P Global, Inc.		86		28,202

State Street Corp.		179		11,400

T. Rowe Price Group, Inc.		34		4,215


				131,837


Chemicals — 1.6%

Air Products and Chemicals, Inc.		36		8,797

Celanese Corp.		115		9,948

Dow, Inc.		223		9,075

DuPont de Nemours, Inc.		131		6,973

Eastman Chemical Co.		248		17,298

Linde plc (United Kingdom)		63		13,451

LyondellBasell Industries NV, Class A		84		5,532


				71,074


Commercial Services & Supplies — 0.1%

Cintas Corp.		18		4,699


Communications Equipment — 0.4%

Cisco Systems, Inc.		312		14,538

Motorola Solutions, Inc.		16		2,306


				16,844


Consumer Finance — 0.6%

American Express Co.		165		15,746

Capital One Financial Corp.		152		9,486


				25,232


Containers & Packaging — 0.6%

Avery Dennison Corp.		83		9,457

Crown Holdings, Inc. *		121		7,881

Packaging Corp. of America		33		3,305

Westrock Co.		147		4,145


				24,788


Diversified Consumer Services — 0.0% (a)

H&R Block, Inc.		66		942


Diversified Financial Services — 1.5%

Berkshire Hathaway, Inc., Class B *		365		65,149

Voya Financial, Inc.		16		752


				65,901


Diversified Telecommunication Services — 1.2%

Verizon Communications, Inc.		937		51,642

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Electric Utilities — 2.4%

Duke Energy Corp.		119		9,481

Entergy Corp.		249		23,374

FirstEnergy Corp.		276		10,706

NextEra Energy, Inc.		183		44,067

Southern Co. (The)		144		7,454

Xcel Energy, Inc.		124		7,726


				102,808


Electrical Equipment — 0.9%

Eaton Corp. plc		329		28,799

Emerson Electric Co.		177		10,976


				39,775


Electronic Equipment, Instruments & Components — 0.1%

TE Connectivity Ltd.		58		4,733


Entertainment — 1.3%

Electronic Arts, Inc. *		29		3,885

Netflix, Inc. *		112		51,044


				54,929


Equity Real Estate Investment Trusts (REITs) — 1.9%

Equinix, Inc.		33		23,447

Equity LifeStyle Properties, Inc.		69		4,326

Equity Residential		183		10,788

Mid-America Apartment Communities, Inc.		74		8,522

Prologis, Inc.		249		23,280

Realty Income Corp.		35		2,111

Sun Communities, Inc.		23		3,087

UDR, Inc.		49		1,843

Ventas, Inc.		131		4,790


				82,194


Food & Staples Retailing — 0.9%

Costco Wholesale Corp.		104		31,620

Kroger Co. (The)		193		6,548


				38,168


Food Products — 0.7%

Conagra Brands, Inc.		83		2,919

Mondelez International, Inc., Class A		532		27,202


				30,121


Health Care Equipment & Supplies — 2.9%

ABIOMED, Inc. *		7		1,808

Baxter International, Inc.		263		22,634

Becton Dickinson and Co.		10		2,447

Boston Scientific Corp. *		355		12,477

DexCom, Inc. *		12		4,695


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Equipment & Supplies — continued

Edwards Lifesciences Corp. *		73		5,078

Intuitive Surgical, Inc. *		13		7,582

Medtronic plc		485		44,482

Zimmer Biomet Holdings, Inc.		219		26,087


				127,290


Health Care Providers & Services — 3.0%

Anthem, Inc.		59		15,520

Cigna Corp.		130		24,455

DaVita, Inc. *		63		5,005

McKesson Corp.		165		25,329

UnitedHealth Group, Inc.		199		58,662


				128,971


Hotels, Restaurants & Leisure — 0.5%

Hilton Worldwide Holdings, Inc.		127		9,361

Yum! Brands, Inc.		145		12,589


				21,950


Household Durables — 0.4%

Lennar Corp., Class A		250		15,391


Household Products — 2.0%

Kimberly-Clark Corp.		142		20,024

Procter & Gamble Co. (The)		547		65,432


				85,456


Industrial Conglomerates — 1.1%

Honeywell International, Inc.		319		46,102


Insurance — 1.9%

Allstate Corp. (The)		257		24,908

American International Group, Inc.		146		4,545

Aon plc, Class A		73		13,990

Arch Capital Group Ltd. *		73		2,089

Everest Re Group Ltd.		7		1,515

Hartford Financial Services Group, Inc. (The)		131		5,032

Marsh & McLennan Cos., Inc.		86		9,190

MetLife, Inc.		53		1,949

Progressive Corp. (The)		270		21,669


				84,887


Interactive Media & Services — 5.6%

Alphabet, Inc., Class A *		56		79,943

Alphabet, Inc., Class C *		50		71,076

Facebook, Inc., Class A *		403		91,475


				242,494

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	55

JPMorgan U.S. Research Enhanced Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Internet & Direct Marketing Retail — 5.4%

Amazon.com, Inc. *		79		217,834

Booking Holdings, Inc. *		11		18,277


				236,111


IT Services — 6.4%

Accenture plc, Class A		147		31,596

Automatic Data Processing, Inc.		154		22,907

FleetCor Technologies, Inc. *		14		3,628

International Business Machines Corp.		222		26,816

Leidos Holdings, Inc.		160		14,976

Mastercard, Inc., Class A		272		80,388

PayPal Holdings, Inc. *		356		62,107

Visa, Inc., Class A		209		40,348


				282,766


Life Sciences Tools & Services — 1.4%

Illumina, Inc. *		25		9,079

Thermo Fisher Scientific, Inc.		140		50,644


				59,723


Machinery — 1.7%

Cummins, Inc.		119		20,557

Deere & Co.		73		11,408

Parker-Hannifin Corp.		112		20,508

Snap-on, Inc.		39		5,393

Stanley Black & Decker, Inc.		123		17,121


				74,987


Media — 2.3%

Altice USA, Inc., Class A *		176		3,956

Charter Communications, Inc., Class A *		87		44,383

Comcast Corp., Class A		965		37,605

Discovery, Inc., Class A *		358		7,563

Discovery, Inc., Class C *		391		7,539


				101,046


Metals & Mining — 0.2%

Newmont Corp.		133		8,207


Multiline Retail — 0.7%

Dollar Tree, Inc. *		97		8,946

Target Corp.		187		22,480


				31,426


Multi-Utilities — 0.6%

CenterPoint Energy, Inc.		187		3,491

CMS Energy Corp.		188		10,957

DTE Energy Co.		66		7,116

Sempra Energy		46		5,426


				26,990


INVESTMENTS	SHARES (000)		VALUE ($000)


Oil, Gas & Consumable Fuels — 2.8%

Cabot Oil & Gas Corp.		80		1,372

Cheniere Energy, Inc. *		102		4,924

Chevron Corp.		432		38,530

Diamondback Energy, Inc.		144		6,025

EOG Resources, Inc.		390		19,772

Exxon Mobil Corp.		197		8,808

Marathon Petroleum Corp.		137		5,127

ONEOK, Inc.		191		6,348

Phillips 66		165		11,870

Pioneer Natural Resources Co.		181		17,724

Williams Cos., Inc. (The)		203		3,862


				124,362


Pharmaceuticals — 4.3%

Bristol-Myers Squibb Co.		740		43,495

Eli Lilly and Co.		254		41,686

Johnson & Johnson		291		40,921

Merck & Co., Inc.		683		52,780

Pfizer, Inc.		245		8,006


				186,888


Professional Services — 0.1%

Verisk Analytics, Inc.		27		4,656


Road & Rail — 1.4%

CSX Corp.		237		16,498

Kansas City Southern		22		3,280

Lyft, Inc., Class A *		77		2,530

Norfolk Southern Corp.		185		32,565

Union Pacific Corp.		33		5,604


				60,477


Semiconductors & Semiconductor Equipment — 5.1%

Advanced Micro Devices, Inc. *		185		9,712

Analog Devices, Inc.		274		33,664

Applied Materials, Inc.		113		6,859

Intel Corp.		164		9,809

Lam Research Corp.		74		23,821

Microchip Technology, Inc.		90		9,445

Micron Technology, Inc. *		245		12,607

NVIDIA Corp.		86		32,505

NXP Semiconductors NV (Netherlands)		167		19,036

Qorvo, Inc. *		100		11,063

QUALCOMM, Inc.		104		9,509

Texas Instruments, Inc.		345		43,836


				221,866

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Software — 9.0%

Fortinet, Inc. *		24		3,281

Intuit, Inc.		119		35,120

Microsoft Corp.		1,499		305,101

salesforce.com, Inc. *		249		46,569

Workday, Inc., Class A *		38		7,035


				397,106


Specialty Retail — 3.7%

AutoZone, Inc. *		18		20,550

Best Buy Co., Inc.		277		24,144

Home Depot, Inc. (The)		190		47,534

Lowe’s Cos., Inc.		281		37,940

Ross Stores, Inc.		132		11,224

TJX Cos., Inc. (The)		357		18,067


				159,459


Technology Hardware, Storage & Peripherals — 6.5%

Apple, Inc.		762		277,937

HP, Inc.		562		9,798


				287,735


Textiles, Apparel & Luxury Goods — 0.7%

Carter’s, Inc.		26		2,109

NIKE, Inc., Class B		256		25,058

Ralph Lauren Corp.		59		4,312


				31,479


Tobacco — 1.3%

Altria Group, Inc.		654		25,687

Philip Morris International, Inc.		459		32,138


				57,825


INVESTMENTS	SHARES (000)		VALUE ($000)


Wireless Telecommunication Services — 0.6%

T-Mobile US, Inc. *		259		26,967


Total Common Stocks (Cost $2,976,403)				4,309,580


	NO. OF RIGHTS (000)
Rights — 0.0% (a)

Wireless Telecommunication Services — 0.0% (a)

T-Mobile US, Inc., expiring 7/27/2020 * (Cost $1,115)		232		39


	SHARES (000)
Short-Term Investments — 2.5%

Investment Companies — 2.5%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) (Cost $110,137)		110,045		110,144

Total Investments — 101.3% (Cost $3,087,655)				4,419,763
Liabilities in Excess of Other Assets — (1.3)%				(54,999	)

NET ASSETS — 100.0%				4,364,764

Percentages indicated are based on net assets.


(a)		Amount rounds to less than 0.1% of net assets.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

S&P 500 E-Mini Index

328

09/2020

USD

50,582

992

Abbreviations


USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	57

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020

(Amounts in thousands, except per share amounts)


	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund		JPMorgan Equity Premium Income Fund
ASSETS:
Investments in non-affiliates, at value	$	81,889		$	28,681,470	$	188,884
Investments in affiliates, at value		3,216			883,014		5,899
Cash		1			361		2
Receivables:
Investment securities sold		—			—		10,701
Fund shares sold		40			42,691		193
Interest and dividends from non-affiliates		44			51,541		1,298
Dividends from affiliates		—	(a)		11		—	(a)
Securities lending income (See Note 2.B.)		—	(a)		—		—
Other assets		—			168		—

Total Assets		85,190			29,659,256		206,977


LIABILITIES:
Payables:
Distributions		—			—		10
Investment securities purchased		—			50,059		14,200
Fund shares redeemed		10			37,478		906
Accrued liabilities:
Investment advisory fees		8			9,709		9
Administration fees		—			1,242		—
Distribution fees		3			1,597		5
Service fees		12			3,357		37
Custodian and accounting fees		9			173		12
Trustees’ and Chief Compliance Officer’s fees		—	(a)		2		—	(a)
Audit fees		27			27		45
Printing and mailing costs		52			569		4
Registration fees		9			—		16
Other		6			106		3

Total Liabilities		136			104,319		15,247

Net Assets	$	85,054		$	29,554,937	$	191,730

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund
NET ASSETS:
Paid-in-Capital	$	55,297		$	26,551,129		$	216,611
Total distributable earnings (loss)		29,757			3,003,808			(24,881	)

Total Net Assets	$	85,054		$	29,554,937		$	191,730


Net Assets:
Class A	$	5,723		$	3,234,850		$	12,904
Class C		3,147			1,350,402			4,710
Class I		52,303			10,727,252			173,409
Class R2		—			72,182			—
Class R3		—			170,246			—
Class R4		—			106,277			—
Class R5		—			1,230,147			21
Class R6		23,881			12,663,581			686

Total	$	85,054		$	29,554,937		$	191,730


Outstanding units of beneficial interest (shares) ($0.0001 par value; unlimited number of shares authorized):
Class A		213			199,425			996
Class C		123			85,030			363
Class I		1,910			649,396			13,378
Class R2		—			4,472			—
Class R3		—			10,504			—
Class R4		—			6,438			—
Class R5		—			74,412			2
Class R6		877			766,658			53

Net Asset Value (a):
Class A — Redemption price per share	$	26.88		$	16.22		$	12.96
Class C — Offering price per share (b)		25.63			15.88			12.96
Class I — Offering and redemption price per share		27.38			16.52			12.96
Class R2 — Offering and redemption price per share		—			16.14			—
Class R3 — Offering and redemption price per share		—			16.21			—
Class R4 — Offering and redemption price per share		—			16.51			—
Class R5 — Offering and redemption price per share		—			16.53			12.96
Class R6 — Offering and redemption price per share		27.25			16.52			12.96
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% – maximum sales charge)]	$	28.37		$	17.12		$	13.68


Cost of investments in non-affiliates	$	58,592		$	24,776,423		$	181,141
Cost of investments in affiliates		3,215			882,345			5,899

(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.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	59

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (continued)

(Amounts in thousands, except per share amounts)


	JPMorgan Growth and Income Fund			JPMorgan Hedged Equity Fund			JPMorgan Large Cap Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	701,191		$	8,339,237		$	22,142,641
Investments in affiliates, at value		25,234			456,381			1,084,362
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		—			—			1,199,704
Options purchased, at value		—			298,312			—
Cash		10			125			389
Deposits at broker for futures contracts		—			21,442			—
Receivables:
Investment securities sold		—			1,438,064			36,470
Fund shares sold		458			357,447			40,303
Dividends from non-affiliates		893			9,461			2,875
Dividends from affiliates		—	(a)		13			14
Securities lending income (See Note 2.B.)		—			—			2,105
Variation margin on futures contracts		—			3,458			—
Other assets		—			31			138

Total Assets		727,786			10,923,971			24,509,001


LIABILITIES:
Payables:
Investment securities purchased		—			1,867,528			—
Collateral received on securities loaned (See Note 2.B.)		—			—			1,199,704
Fund shares redeemed		337			5,598			32,745
Outstanding options written, at fair value		—			305,199			—
Accrued liabilities:
Investment advisory fees		207			1,587			7,064
Administration fees		25			472			411
Distribution fees		121			246			1,146
Service fees		109			1,457			2,278
Custodian and accounting fees		17			139			103
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		1
Audit fees		26			42			28
Printing and mailing costs		18			90			286
Registration fees		32			—			—
Other		40			21			69

Total Liabilities		932			2,182,379			1,243,835

Net Assets	$	726,854		$	8,741,592		$	23,265,166

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


	JPMorgan Growth and Income Fund			JPMorgan Hedged Equity Fund			JPMorgan Large Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	561,690		$	7,976,458		$	12,152,998
Total distributable earnings (loss)		165,164			765,134			11,112,168

Total Net Assets	$	726,854		$	8,741,592		$	23,265,166


Net Assets:
Class A	$	497,399		$	473,314		$	3,280,463
Class C		26,487			246,741			701,820
Class I		135,234			7,167,488			7,058,308
Class R2		1,126			—			118,628
Class R3		398			—			90,107
Class R4		1,159			—			64,792
Class R5		83			2,964			781,380
Class R6		64,968			851,085			11,169,668

Total	$	726,854		$	8,741,592		$	23,265,166


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		10,903			21,684			68,286
Class C		652			11,372			19,807
Class I		2,798			327,324			144,303
Class R2		24			—			2,584
Class R3		8			—			1,864
Class R4		24			—			1,326
Class R5		2			135			15,564
Class R6		1,334			38,781			220,494

Net Asset Value (a):
Class A — Redemption price per share	$	45.62		$	21.83		$	48.04
Class C — Offering price per share (b)		40.63			21.70			35.43
Class I — Offering and redemption price per share		48.34			21.90			48.91
Class R2 — Offering and redemption price per share		45.72			—			45.90
Class R3 — Offering and redemption price per share		48.25			—			48.34
Class R4 — Offering and redemption price per share		48.31			—			48.84
Class R5 — Offering and redemption price per share		48.69			21.93			50.20
Class R6 — Offering and redemption price per share		48.70			21.95			50.66
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	48.15		$	23.04		$	50.70


Cost of investments in non-affiliates	$	534,823		$	6,839,268		$	11,896,273
Cost of investments in affiliates		25,216			456,381			1,083,765
Cost of options purchased		—			309,275			—
Investment securities on loan, at value (See Note 2.B.)		—			—			1,215,560
Cost of investment of cash collateral (See Note 2.B.)		—			—			1,199,665
Premiums received from options written		—			300,626			—

(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.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	61

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (continued)

(Amounts in thousands, except per share amounts)


	JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund		JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	1,244,852		$	14,941,211	$	3,913,916		$	4,309,619
Investments in affiliates, at value		12,570			41,341		35,661			110,144
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		60,397			13,679		—			—
Cash		6			47		23			44
Deposits at broker for futures contracts		—			—		368			9,236
Receivables:
Investment securities sold		2,020			65,587		39,484			10,105
Fund shares sold		676			12,528		697			3,431
Interest and dividends from non-affiliates		2,084			11,462		3,941			4,541
Dividends from affiliates		—	(a)		1		—	(a)		1
Tax reclaims		—			—		6			6
Securities lending income (See Note 2.B.)		26			24		—			—
Variation margin on futures contracts		—			—		26			871

Total Assets		1,322,631			15,085,880		3,994,122			4,447,998


LIABILITIES:
Payables:
Securities sold short, at value		—			—		895,228			—
Dividend expense to non-affiliates on securities sold short		—			—		1,071			—
Investment securities purchased		239			90,961		42,579			76,348
Collateral received on securities loaned (See Note 2.B.)		60,397			13,679		—			—
Fund shares redeemed		1,254			34,853		2,343			5,629
Accrued liabilities:
Investment advisory fees		375			4,634		1,570			714
Administration fees		48			658		146			155
Distribution fees		66			665		117			37
Service fees		78			881		308			62
Custodian and accounting fees		19			122		109			37
Trustees’ and Chief Compliance Officer’s fees		—	(a)		1		—	(a)		1
Audit fees		27			28		38			29
Printing and mailing costs		78			536		172			154
Registration fees		35			28		96			38
Other		18			72		39			30

Total Liabilities		62,634			147,118		943,816			83,234

Net Assets	$	1,259,997		$	14,938,762	$	3,050,306		$	4,364,764

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


	JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund
NET ASSETS:
Paid-in-Capital	$	1,337,326		$	10,151,899		$	1,092,254		$	3,003,808
Total distributable earnings (loss)		(77,329	)		4,786,863			1,958,052			1,360,956

Total Net Assets	$	1,259,997		$	14,938,762		$	3,050,306		$	4,364,764


Net Assets:
Class A	$	119,402		$	1,869,111		$	267,701		$	183,005
Class C		33,769			274,741			59,105			—
Class I		262,414			1,038,998			2,189,079			204,193
Class L		—			1,309,531			—			391,894
Class R2		17,777			216,689			4,560			—
Class R3		18			117,991			—			—
Class R4		11,823			21,651			—			—
Class R5		18,535			817,671			38,447			—
Class R6		796,259			9,272,379			491,414			3,585,672

Total	$	1,259,997		$	14,938,762		$	3,050,306		$	4,364,764


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		9,384			115,270			10,891			6,893
Class C		2,775			17,611			2,607			—
Class I		21,012			63,841			87,406			7,606
Class L		—			80,324			—			14,625
Class R2		1,410			13,508			194			—
Class R3		1			7,305			—			—
Class R4		929			1,332			—			—
Class R5		1,469			50,136			1,526			—
Class R6		63,531			567,326			19,515			133,743

Net Asset Value (a):
Class A — Redemption price per share	$	12.72		$	16.22		$	24.58		$	26.55
Class C — Offering price per share (b)		12.17			15.60			22.67			—
Class I — Offering and redemption price per share		12.49			16.27			25.04			26.85
Class L — Offering and redemption price per share		—			16.30			—			26.80
Class R2 — Offering and redemption price per share		12.61			16.04			23.54			—
Class R3 — Offering and redemption price per share		12.48			16.15			—			—
Class R4 — Offering and redemption price per share		12.73			16.25			—			—
Class R5 — Offering and redemption price per share		12.62			16.31			25.20			—
Class R6 — Offering and redemption price per share		12.53			16.34			25.18			26.81
Class A maximum sales charge		5.25	%		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	13.42		$	17.12		$	25.94		$	28.02


Cost of investments in non-affiliates	$	1,245,090		$	10,549,672		$	2,450,303		$	2,977,518
Cost of investments in affiliates		12,570			41,341			35,657			110,137
Investment securities on loan, at value (See Note 2.B.)		59,241			13,372			—			—
Cost of investment of cash collateral (See Note 2.B.)		60,398			13,679			—			—
Proceeds from securities sold short		—			—			963,436			—

(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.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	63

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020

(Amounts in thousands)


	JPMorgan Equity Focus Fund			JPMorgan Equity Income Fund			JPMorgan Equity Premium Income Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	9		$	11,943
Interest income from affiliates		—	(a)		—			—
Dividend income from non-affiliates		1,544			779,142			2,277
Dividend income from affiliates		35			15,227			25
Income from securities lending (net) (See Note 2.B.)		—	(a)		—			—

Total investment income		1,579			794,378			14,245


EXPENSES:
Investment advisory fees		491			112,524			293
Administration fees		72			14,360			88
Distribution fees:
Class A		14			8,521			15
Class C		24			10,928			17
Class R2		—			433			—
Class R3		—			407			—
Service fees:
Class A		14			8,521			15
Class C		8			3,643			6
Class I		155			25,616			271
Class R2		—			216			—
Class R3		—			407			—
Class R4		—			231			—
Class R5		—			1,423			—	(a)
Custodian and accounting fees		23			738			45
Interest expense to affiliates		—	(a)		1			2
Professional fees		55			347			97
Trustees’ and Chief Compliance Officer’s fees		26			126			26
Printing and mailing costs		40			1,631			22
Registration and filing fees		76			1,005			176
Transfer agency fees (See Note 2.J.)		5			864			2
Offering costs (See Note 2.H.)		—			—			5
Other		9			359			10

Total expenses		1,012			192,301			1,090

Less fees waived		(223	)		(1,353	)		(299	)
Less expense reimbursements		—			—			(58	)

Net expenses		789			190,948			733

Net investment income (loss)		790			603,430			13,512


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		11,965			(525,415	)		(29,238	)
Investments in affiliates		(2	)		164			—	(a)

Net realized gain (loss)		11,963			(525,251	)		(29,238	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(8,471	)		(2,031,491	)		4,460
Investments in affiliates		1			588			—	(a)

Change in net unrealized appreciation/depreciation		(8,470	)		(2,030,903	)		4,460

Net realized/unrealized gains (losses)		3,493			(2,556,154	)		(24,778	)

Change in net assets resulting from operations	$	4,283		$	(1,952,724	)	$	(11,266	)

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


	JPMorgan Growth and Income Fund			JPMorgan Hedged Equity Fund			JPMorgan Large Cap Growth Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—	(a)	$	58		$	12
Interest income from affiliates		—	(a)		—			—	(a)
Dividend income from non-affiliates		17,415			131,924			143,212
Dividend income from affiliates		287			1,628			8,356
Non-cash dividend income from non-affiliates		—			9,811			—
Income from securities lending (net) (See Note 2.B.)		—	(a)		—			9,815

Total investment income		17,702			143,421			161,395


EXPENSES:
Investment advisory fees		2,780			16,376			80,645
Administration fees		521			4,913			11,495
Distribution fees:
Class A		1,278			1,037			6,695
Class C		207			1,468			4,137
Class R2		3			—			604
Class R3		—	(a)		—			165
Service fees:
Class A		1,278			1,037			6,695
Class C		69			489			1,379
Class I		258			13,347			12,683
Class R2		1			—			302
Class R3		—	(a)		—			165
Class R4		1			—			68
Class R5		—	(a)		2			713
Custodian and accounting fees		41			354			442
Interest expense to affiliates		—			7			4
Professional fees		60			147			240
Trustees’ and Chief Compliance Officer’s fees		28			48			88
Printing and mailing costs		51			391			709
Registration and filing fees		125			471			577
Transfer agency fees (See Note 2.J.)		193			125			524
Other		21			103			230

Total expenses		6,915			40,315			128,560

Less fees waived		(780	)		(366	)		(17,465	)
Less expense reimbursements		(8	)		(7	)		(17	)

Net expenses		6,127			39,942			111,078

Net investment income (loss)		11,575			103,479			50,317


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,993			(329,388	)		1,883,710
Investments in affiliates		(1	)		—			125
Options purchased		—			401,900			—
Futures contracts		—			14,045			—
Options written		—			(556,447	)		—

Net realized gain (loss)		1,992			(469,890	)		1,883,835

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(46,648	)		914,381			3,286,356
Investments in affiliates		17			—			592
Options purchased		—			(9,352	)		—
Futures contracts		—			441			—
Options written		—			(3,226	)		—

Change in net unrealized appreciation/depreciation		(46,631	)		902,244			3,286,948

Net realized/unrealized gains (losses)		(44,639	)		432,354			5,170,783

Change in net assets resulting from operations	$	(33,064	)	$	535,833		$	5,221,100

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	65

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020 (continued)

(Amounts in thousands)


	JPMorgan Large Cap Value Fund			JPMorgan U.S. Equity Fund			JPMorgan U.S. Large Cap Core Plus Fund			JPMorgan U.S. Research Enhanced Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	1		$	43		$	32		$	29
Interest income from affiliates		—			—	(a)		2			—	(a)
Dividend income from non-affiliates		32,140			237,219			86,340			86,166
Dividend income from affiliates		480			2,292			988			793
Non-cash dividend income from non-affiliates		—			—			—			4,720
Income from securities lending (net) (See Note 2.B.)		105			201			—			—

Total investment income		32,726			239,755			87,362			91,708


EXPENSES:
Investment advisory fees		5,752			58,661			27,650			11,230
Administration fees		1,079			9,861			3,159			3,369
Distribution fees:
Class A		551			4,221			1,161			472
Class C		340			2,074			629			—
Class R2		100			1,136			25			—
Class R3		—	(a)		283			—			—
Service fees:
Class A		551			4,221			1,161			472
Class C		113			691			210			—
Class I		662			2,555			7,354			526
Class L		—			1,423			—			401
Class R2		50			568			12			—
Class R3		—	(a)		283			—			—
Class R4		32			55			—			—
Class R5		26			812			83			—
Custodian and accounting fees		56			428			268			142
Interest expense to affiliates		—			2			7			—	(a)
Professional fees		68			217			120			112
Trustees’ and Chief Compliance Officer’s fees		31			79			42			43
Printing and mailing costs		103			466			112			52
Registration and filing fees		166			280			191			96
Transfer agency fees (See Note 2.J.)		110			388			109			75
Dividend expense to non-affiliates on securities sold short		—			—			28,761			—
Interest expense to non-affiliates on securities sold short		—			—			5,979			—
Other		25			214			71			77

Total expenses		9,815			88,918			77,104			17,067

Less fees waived		(1,106	)		(6,033	)		(5,804	)		(4,578	)
Less expense reimbursements		(18	)		(86	)		(3	)		(34	)

Net expenses		8,691			82,799			71,297			12,455

Net investment income (loss)		24,035			156,956			16,065			79,253


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(22,839	)		1,059,829			1,393,660			808,278
Investments in affiliates		17			(3	)		26			(11	)
Futures contracts		—			14,270			(11,552	)		878
Securities sold short		—			—			79,467			—

Net realized gain (loss)		(22,822	)		1,074,096			1,461,601			809,145

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(109,303	)		589,057			(1,035,662	)		(499,924	)
Investments in affiliates		(2	)		(10	)		2			3
Futures contracts		—			(142	)		132			356
Securities sold short		—			—			(9,577	)		—

Change in net unrealized appreciation/depreciation		(109,305	)		588,905			(1,045,105	)		(499,565	)

Net realized/unrealized gains (losses)		(132,127	)		1,663,001			416,496			309,580

Change in net assets resulting from operations	$	(108,092	)	$	1,819,957		$	432,561		$	388,833

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	790		$	1,021		$	603,430		$	417,629
Net realized gain (loss)		11,963			25,683			(525,251	)		261,966
Change in net unrealized appreciation/depreciation		(8,470	)		(16,976	)		(2,030,903	)		1,549,963

Change in net assets resulting from operations		4,283			9,728			(1,952,724	)		2,229,558


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(962	)		(681	)		(100,496	)		(140,305	)
Class C		(540	)		(399	)		(36,790	)		(57,794	)
Class I		(10,258	)		(14,230	)		(324,790	)		(356,669	)
Class R2		—			—			(2,344	)		(3,859	)
Class R3		—			—			(4,859	)		(5,148	)
Class R4		—			—			(2,895	)		(1,500	)
Class R5		—			—			(46,903	)		(59,529	)
Class R6 (a)		(4,735	)		(2	)		(394,174	)		(310,524	)

Total distributions to shareholders		(16,495	)		(15,312	)		(913,251	)		(935,328	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(9,562	)		(140,958	)		8,758,465			5,113,722


NET ASSETS:
Change in net assets		(21,774	)		(146,542	)		5,892,490			6,407,952
Beginning of period		106,828			253,370			23,662,447			17,254,495

End of period	$	85,054		$	106,828		$	29,554,937		$	23,662,447

(a)	Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Equity Focus Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	67

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Equity Premium Income Fund						JPMorgan Growth and Income Fund
	Year Ended June 30, 2020			Period Ended June 30, 2019 (a)			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	13,512		$	3,239		$	11,575		$	11,130
Net realized gain (loss)		(29,238	)		(3,432	)		1,992			16,767
Change in net unrealized appreciation/depreciation		4,460			3,283			(46,631	)		12,931

Change in net assets resulting from operations		(11,266	)		3,090			(33,064	)		40,828


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(857	)		(2	)		(19,342	)		(28,923	)
Class C		(258	)		(1	)		(1,019	)		(1,489	)
Class I		(12,367	)		(3,249	)		(3,705	)		(5,085	)
Class R2		—			—			(16	)		(6	)
Class R3		—			—			(2	)		(1	)
Class R4		—			—			(12	)		(1	)
Class R5		(2	)		(1	)		(3	)		(3	)
Class R6		(39	)		(1	)		(2,189	)		(2,303	)

Total distributions to shareholders		(13,523	)		(3,254	)		(26,288	)		(37,811	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		162,286			54,397			133,703			38,723


NET ASSETS:
Change in net assets		137,497			54,233			74,351			41,740
Beginning of period		54,233			—			652,503			610,763

End of period	$	191,730		$	54,233		$	726,854		$	652,503

(a)	Commencement of operations was August 31, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


	JPMorgan Hedged Equity Fund						JPMorgan Large Cap Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	103,479		$	44,889		$	50,317		$	9,977
Net realized gain (loss)		(469,890	)		(199,259	)		1,883,835			2,059,616
Change in net unrealized appreciation/depreciation		902,244			377,249			3,286,948			(142,274	)

Change in net assets resulting from operations		535,833			222,879			5,221,100			1,927,319


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(3,986	)		(2,575	)		(307,305	)		(290,662	)
Class C		(836	)		(707	)		(82,111	)		(80,926	)
Class I		(62,588	)		(36,679	)		(568,389	)		(537,464	)
Class R2		—			—			(16,104	)		(19,576	)
Class R3		—			—			(7,619	)		(2,356	)
Class R4		—			—			(2,550	)		(823	)
Class R5		(32	)		(7	)		(83,447	)		(94,352	)
Class R6		(8,633	)		(3,472	)		(964,234	)		(744,597	)

Total distributions to shareholders		(76,075	)		(43,440	)		(2,031,759	)		(1,770,756	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		3,226,028			2,447,975			4,163,215			1,405,460


NET ASSETS:
Change in net assets		3,685,786			2,627,414			7,352,556			1,562,023
Beginning of period		5,055,806			2,428,392			15,912,610			14,350,587

End of period	$	8,741,592		$	5,055,806		$	23,265,166		$	15,912,610

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	69

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	24,035		$	24,256		$	156,956		$	163,804
Net realized gain (loss)		(22,822	)		(38,069	)		1,074,096			1,320,157
Change in net unrealized appreciation/depreciation		(109,305	)		29,360			588,905			(180,336	)

Change in net assets resulting from operations		(108,092	)		15,547			1,819,957			1,303,625


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(2,660	)		(14,350	)		(161,648	)		(145,610	)
Class C		(354	)		(4,699	)		(26,242	)		(34,523	)
Class I		(4,022	)		(26,304	)		(97,817	)		(176,401	)
Class L		—			—			(142,043	)		(197,302	)
Class R2		(207	)		(1,479	)		(21,799	)		(28,317	)
Class R3 (a)		—	(b)		(1	)		(11,145	)		(10,133	)
Class R4 (a)		(193	)		(93	)		(2,149	)		(1,931	)
Class R5		(425	)		(2,258	)		(80,738	)		(104,750	)
Class R6		(15,475	)		(70,128	)		(925,117	)		(936,749	)

Total distributions to shareholders		(23,336	)		(119,312	)		(1,468,698	)		(1,635,716	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(19,703	)		(137,459	)		286,006			(424,509	)


NET ASSETS:
Change in net assets		(151,131	)		(241,224	)		637,265			(756,600	)
Beginning of period		1,411,128			1,652,352			14,301,497			15,058,097

End of period	$	1,259,997		$	1,411,128		$	14,938,762		$	14,301,497

(a)	Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Large Cap Value Fund.

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


	JPMorgan U.S. Large Cap Core Plus Fund						JPMorgan U.S. Research Enhanced Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	16,065		$	33,620		$	79,253		$	100,475
Net realized gain (loss)		1,461,601			962,925			809,145			517,266
Change in net unrealized appreciation/depreciation		(1,045,105	)		(561,494	)		(499,565	)		(24,892	)

Change in net assets resulting from operations		432,561			435,051			388,833			592,849


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(110,686	)		(96,383	)		(21,842	)		(27,920	)
Class C		(22,436	)		(20,837	)		—			—
Class I		(858,499	)		(784,212	)		(23,849	)		(27,285	)
Class L		—			—			(45,099	)		(51,150	)
Class R2		(1,126	)		(839	)		—			—
Class R5		(20,316	)		(16,031	)		—			—
Class R6		(161,893	)		(193,852	)		(463,809	)		(633,551	)

Total distributions to shareholders		(1,174,956	)		(1,112,154	)		(554,599	)		(739,906	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(2,626,307	)		(1,932,512	)		(1,284,816	)		(774,687	)


NET ASSETS:
Change in net assets		(3,368,702	)		(2,609,615	)		(1,450,582	)		(921,744	)
Beginning of period		6,419,008			9,028,623			5,815,346			6,737,090

End of period	$	3,050,306		$	6,419,008		$	4,364,764		$	5,815,346

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	71

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	2,181		$	2,435		$	1,164,544		$	755,202
Distributions reinvested		962			681			95,360			133,800
Cost of shares redeemed		(2,204	)		(1,458	)		(977,172	)		(824,132	)

Change in net assets resulting from Class A capital transactions	$	939		$	1,658		$	282,732		$	64,870

Class C
Proceeds from shares issued	$	409		$	529		$	366,152		$	284,340
Distributions reinvested		540			399			32,079			51,095
Cost of shares redeemed		(490	)		(688	)		(334,932	)		(286,413	)

Change in net assets resulting from Class C capital transactions	$	459		$	240		$	63,299		$	49,022

Class I
Proceeds from shares issued	$	4,205		$	23,367		$	5,501,467		$	3,482,287
Distributions reinvested		10,183			14,130			291,290			318,091
Cost of shares redeemed		(30,218	)		(198,184	)		(3,044,873	)		(1,602,290	)

Change in net assets resulting from Class I capital transactions	$	(15,830	)	$	(160,687	)	$	2,747,884		$	2,198,088

Class R2
Proceeds from shares issued	$	—		$	—		$	23,230		$	30,350
Distributions reinvested		—			—			2,243			3,484
Cost of shares redeemed		—			—			(40,287	)		(25,985	)

Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(14,814	)	$	7,849

Class R3
Proceeds from shares issued	$	—		$	—		$	92,006		$	64,756
Distributions reinvested		—			—			4,162			4,644
Cost of shares redeemed		—			—			(46,297	)		(30,072	)

Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	49,871		$	39,328

Class R4
Proceeds from shares issued	$	—		$	—		$	71,534		$	57,970
Distributions reinvested		—			—			2,895			1,500
Cost of shares redeemed		—			—			(23,816	)		(20,302	)

Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	50,613		$	39,168

Class R5
Proceeds from shares issued	$	—		$	—		$	478,990		$	460,008
Distributions reinvested		—			—			44,948			55,745
Cost of shares redeemed		—			—			(593,726	)		(273,526	)

Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(69,788	)	$	242,227

Class R6 (a)
Proceeds from shares issued	$	7,519		$	40,177		$	7,465,340		$	3,362,596
Subscriptions in-kind (See Note 9)		—			—			48,418			—
Distributions reinvested		4,735			2			377,452			292,441
Cost of shares redeemed		(7,384	)		(22,348	)		(2,242,542	)		(1,127,173	)
Redemptions in-kind (See Note 8)		—			—			—			(54,694	)

Change in net assets resulting from Class R6 capital transactions	$	4,870		$	17,831		$	5,648,668		$	2,473,170

Total change in net assets resulting from capital transactions	$	(9,562	)	$	(140,958	)	$	8,758,465		$	5,113,722

(a)	Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Equity Focus Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


	JPMorgan Equity Focus Fund						JPMorgan Equity Income Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		79			81			67,608			44,333
Reinvested		35			25			5,373			8,045
Redeemed		(84	)		(51	)		(57,395	)		(48,297	)

Change in Class A Shares		30			55			15,586			4,081

Class C
Issued		17			18			21,351			17,076
Reinvested		21			15			1,838			3,143
Redeemed		(21	)		(25	)		(20,307	)		(17,081	)

Change in Class C Shares		17			8			2,882			3,138

Class I
Issued		143			726			317,929			201,387
Reinvested		366			511			16,183			18,776
Redeemed		(1,079	)		(6,421	)		(181,493	)		(93,029	)

Change in Class I Shares		(570	)		(5,184	)		152,619			127,134

Class R2
Issued		—			—			1,382			1,779
Reinvested		—			—			126			211
Redeemed		—			—			(2,304	)		(1,521	)

Change in Class R2 Shares		—			—			(796	)		469

Class R3
Issued		—			—			5,236			3,784
Reinvested		—			—			235			280
Redeemed		—			—			(2,666	)		(1,796	)

Change in Class R3 Shares		—			—			2,805			2,268

Class R4
Issued		—			—			3,947			3,364
Reinvested		—			—			162			88
Redeemed		—			—			(1,344	)		(1,151	)

Change in Class R4 Shares		—			—			2,765			2,301

Class R5
Issued		—			—			26,787			26,643
Reinvested		—			—			2,489			3,283
Redeemed		—			—			(33,212	)		(15,716	)

Change in Class R5 Shares		—			—			(3,936	)		14,210

Class R6 (a)
Issued		264			1,490			418,476			192,820
Subscriptions in-kind (See Note 9)		—			—			2,637			—
Reinvested		170			—	(b)		21,032			17,229
Redeemed		(290	)		(757	)		(128,412	)		(64,768	)
Redemptions in-kind (See Note 8)		—			—			—			(3,151	)

Change in Class R6 Shares		144			733			313,733			142,130

(a)	Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Equity Focus Fund.

(b)	Amount rounds to less than one thousand

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	73

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Equity Premium Income Fund						JPMorgan Growth and Income Fund
	Year Ended June 30, 2020			Period Ended June 30, 2019 (a)			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	25,022		$	123		$	103,634		$	48,540
Distributions reinvested		852			2			18,821			28,106
Cost of shares redeemed		(11,252	)		—	(b)		(69,860	)		(63,999	)

Change in net assets resulting from Class A capital transactions	$	14,622		$	125		$	52,595		$	12,647

Class C
Proceeds from shares issued	$	5,247		$	20		$	9,193		$	8,554
Distributions reinvested		254			1			848			1,282
Cost of shares redeemed		(238	)		—			(6,721	)		(6,924	)

Change in net assets resulting from Class C capital transactions	$	5,263		$	21		$	3,320		$	2,912

Class I
Proceeds from shares issued	$	165,512		$	51,120		$	75,806		$	37,640
Distributions reinvested		12,358			3,248			3,345			4,589
Cost of shares redeemed		(36,261	)		(159	)		(33,791	)		(26,157	)

Change in net assets resulting from Class I capital transactions	$	141,609		$	54,209		$	45,360		$	16,072

Class R2
Proceeds from shares issued	$	—		$	—		$	1,202		$	66
Distributions reinvested		—			—			16			6
Cost of shares redeemed		—			—			(111	)		(3	)

Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	1,107		$	69

Class R3
Proceeds from shares issued	$	—		$	—		$	400		$	—
Distributions reinvested		—			—			2			1
Cost of shares redeemed		—			—			—	(b)		—

Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	402		$	1

Class R4
Proceeds from shares issued	$	—		$	—		$	1,340		$	—
Distributions reinvested		—			—			12			1
Cost of shares redeemed		—			—			(38	)		—

Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	1,314		$	1

Class R5
Proceeds from shares issued	$	—		$	20		$	71		$	30
Distributions reinvested		2			1			3			3
Cost of shares redeemed		—			—			(55	)		(3	)

Change in net assets resulting from Class R5 capital transactions	$	2		$	21		$	19		$	30

Class R6
Proceeds from shares issued	$	939		$	20		$	48,377		$	12,212
Distributions reinvested		25			1			2,097			2,197
Cost of shares redeemed		(174	)		—			(20,888	)		(7,418	)

Change in net assets resulting from Class R6 capital transactions	$	790		$	21		$	29,586		$	6,991

Total change in net assets resulting from capital transactions	$	162,286		$	54,397		$	133,703		$	38,723

(a)	Commencement of operations was August 31, 2018.

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


	JPMorgan Equity Premium Income Fund						JPMorgan Growth and Income Fund
	Year Ended June 30, 2020			Period Ended June 30, 2019 (a)			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		1,779			8			2,118			987
Reinvested		66			—	(b)		373			606
Redeemed		(857	)		—	(b)		(1,432	)		(1,316	)

Change in Class A Shares		988			8			1,059			277

Class C
Issued		362			1			209			198
Reinvested		19			—	(b)		19			31
Redeemed		(19	)		—			(160	)		(158	)

Change in Class C Shares		362			1			68			71

Class I
Issued		11,688			3,410			1,616			736
Reinvested		917			225			64			93
Redeemed		(2,849	)		(11	)		(675	)		(519	)

Change in Class I Shares		9,756			3,624			1,005			310

Class R2
Issued		—			—			24			1
Reinvested		—			—			—	(b)		—	(b)
Redeemed		—			—			(2	)		—	(b)

Change in Class R2 Shares		—			—			22			1

Class R3
Issued		—			—			7			—
Reinvested		—			—			—	(b)		1
Redeemed		—			—			—	(b)		—

Change in Class R3 Shares		—			—			7			1

Class R4
Issued		—			—			24			—
Reinvested		—			—			—	(b)		1
Redeemed		—			—			(1	)		—

Change in Class R4 Shares		—			—			23			1

Class R5
Issued		—			1			2			—	(b)
Reinvested		1			—	(b)		—	(b)		—	(b)
Redeemed		—			—			(1	)		—	(b)

Change in Class R5 Shares		1			1			1			—	(b)

Class R6
Issued		64			1			915			235
Reinvested		2			—	(b)		39			44
Redeemed		(14	)		—			(395	)		(144	)

Change in Class R6 Shares		52			1			559			135

(a)	Commencement of operations was August 31, 2018.

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	75

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Hedged Equity Fund						JPMorgan Large Cap Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	495,566		$	200,515		$	1,093,424		$	565,602
Distributions reinvested		3,972			2,559			290,772			268,247
Cost of shares redeemed		(348,671	)		(196,149	)		(1,019,134	)		(848,901	)

Change in net assets resulting from Class A capital transactions	$	150,867		$	6,925		$	365,062		$	(15,052	)

Class C
Proceeds from shares issued	$	128,940		$	98,773		$	194,307		$	101,496
Distributions reinvested		835			705			64,738			64,190
Cost of shares redeemed		(56,070	)		(27,734	)		(147,910	)		(162,510	)

Change in net assets resulting from Class C capital transactions	$	73,705		$	71,744		$	111,135		$	3,176

Class I
Proceeds from shares issued	$	5,474,198		$	3,264,704		$	2,721,471		$	1,278,824
Distributions reinvested		59,927			34,623			522,530			499,924
Cost of shares redeemed		(2,956,713	)		(1,180,493	)		(1,843,411	)		(1,526,803	)

Change in net assets resulting from Class I capital transactions	$	2,577,412		$	2,118,834		$	1,400,590		$	251,945

Class R2
Proceeds from shares issued	$	—		$	—		$	36,135		$	52,974
Distributions reinvested		—			—			13,984			15,016
Cost of shares redeemed		—			—			(83,183	)		(85,360	)

Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	(33,064	)	$	(17,370	)

Class R3
Proceeds from shares issued	$	—		$	—		$	51,615		$	41,442
Distributions reinvested		—			—			4,020			1,370
Cost of shares redeemed		—			—			(23,556	)		(5,767	)

Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	32,079		$	37,045

Class R4
Proceeds from shares issued	$	—		$	—		$	49,115		$	5,495
Distributions reinvested		—			—			2,550			823
Cost of shares redeemed		—			—			(6,458	)		(1,898	)

Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	45,207		$	4,420

Class R5
Proceeds from shares issued	$	1,405		$	1,826		$	172,183		$	171,763
Distributions reinvested		32			7			78,312			89,822
Cost of shares redeemed		(550	)		(105	)		(278,117	)		(351,362	)

Change in net assets resulting from Class R5 capital transactions	$	887		$	1,728		$	(27,622	)	$	(89,777	)

Class R6
Proceeds from shares issued	$	755,421		$	295,474		$	3,367,122		$	1,840,965
Distributions reinvested		3,351			978			931,375			723,675
Cost of shares redeemed		(335,615	)		(47,708	)		(2,028,669	)		(1,333,567	)

Change in net assets resulting from Class R6 capital transactions	$	423,157		$	248,744		$	2,269,828		$	1,231,073

Total change in net assets resulting from capital transactions	$	3,226,028		$	2,447,975		$	4,163,215		$	1,405,460

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


	JPMorgan Hedged Equity Fund						JPMorgan Large Cap Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		23,862			10,234			26,425			14,213
Reinvested		190			131			7,477			7,726
Redeemed		(17,011	)		(10,028	)		(24,532	)		(21,501	)

Change in Class A Shares		7,041			337			9,370			438

Class C
Issued		6,200			5,092			6,347			3,322
Reinvested		40			37			2,250			2,388
Redeemed		(2,757	)		(1,432	)		(4,817	)		(5,303	)

Change in Class C Shares		3,483			3,697			3,780			407

Class I
Issued		261,714			166,589			64,836			31,957
Reinvested		2,858			1,758			13,208			14,219
Redeemed		(145,069	)		(60,565	)		(44,234	)		(38,672	)

Change in Class I Shares		119,503			107,782			33,810			7,504

Class R2
Issued		—			—			906			1,393
Reinvested		—			—			376			449
Redeemed		—			—			(2,121	)		(2,227	)

Change in Class R2 Shares		—			—			(839	)		(385	)

Class R3
Issued		—			—			1,251			1,026
Reinvested		—			—			103			39
Redeemed		—			—			(568	)		(148	)

Change in Class R3 Shares		—			—			786			917

Class R4
Issued		—			—			1,166			139
Reinvested		—			—			64			23
Redeemed		—			—			(157	)		(47	)

Change in Class R4 Shares		—			—			1,073			115

Class R5
Issued		66			92			3,989			4,109
Reinvested		2			—	(a)		1,927			2,499
Redeemed		(26	)		(5	)		(6,525	)		(8,504	)

Change in Class R5 Shares		42			87			(609	)		(1,896	)

Class R6
Issued		36,462			15,045			77,205			44,475
Reinvested		159			49			22,702			19,983
Redeemed		(16,768	)		(2,420	)		(47,053	)		(32,490	)

Change in Class R6 Shares		19,853			12,674			52,854			31,968

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	77

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	138,275		$	38,199		$	715,588		$	668,701
Distributions reinvested		2,618			13,929			154,154			132,720
Cost of shares redeemed		(156,095	)		(120,946	)		(605,447	)		(561,909	)

Change in net assets resulting from Class A capital transactions	$	(15,202	)	$	(68,818	)	$	264,295		$	239,512

Class C
Proceeds from shares issued	$	3,402		$	12,245		$	40,488		$	47,501
Distributions reinvested		344			4,589			24,891			32,837
Cost of shares redeemed		(20,436	)		(26,332	)		(84,646	)		(81,416	)

Change in net assets resulting from Class C capital transactions	$	(16,690	)	$	(9,498	)	$	(19,267	)	$	(1,078	)

Class I
Proceeds from shares issued	$	187,035		$	180,351		$	295,219		$	408,617
Distributions reinvested		4,008			26,175			94,363			171,208
Cost of shares redeemed		(206,607	)		(258,184	)		(492,924	)		(922,817	)

Change in net assets resulting from Class I capital transactions	$	(15,564	)	$	(51,658	)	$	(103,342	)	$	(342,992	)

Class L
Proceeds from shares issued	$	—		$	—		$	269,061		$	340,083
Distributions reinvested		—			—			124,874			166,869
Cost of shares redeemed		—			—			(663,087	)		(575,141	)

Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(269,152	)	$	(68,189	)

Class R2
Proceeds from shares issued	$	4,111		$	9,456		$	28,578		$	31,183
Distributions reinvested		196			1,316			21,162			26,663
Cost of shares redeemed		(6,217	)		(4,971	)		(82,008	)		(72,348	)

Change in net assets resulting from Class R2 capital transactions	$	(1,910	)	$	5,801		$	(32,268	)	$	(14,502	)

Class R3 (a)
Proceeds from shares issued	$	—	(b)	$	20		$	27,510		$	53,558
Distributions reinvested		—	(b)		1			10,063			9,047
Cost of shares redeemed		—	(b)		—			(33,612	)		(9,993	)

Change in net assets resulting from Class R3 capital transactions	$	—	(b)	$	21		$	3,961		$	52,612

Class R4 (a)
Proceeds from shares issued	$	1,815		$	13,825		$	4,496		$	17,146
Distributions reinvested		192			93			2,149			1,931
Cost of shares redeemed		(3,474	)		(1,201	)		(8,139	)		(6,325	)

Change in net assets resulting from Class R4 capital transactions	$	(1,467	)	$	12,717		$	(1,494	)	$	12,752

Class R5
Proceeds from shares issued	$	7,109		$	20,278		$	78,859		$	73,209
Distributions reinvested		420			2,241			73,591			94,444
Cost of shares redeemed		(17,058	)		(13,694	)		(194,808	)		(236,756	)

Change in net assets resulting from Class R5 capital transactions	$	(9,529	)	$	8,825		$	(42,358	)	$	(69,103	)

Class R6
Proceeds from shares issued	$	166,602		$	325,810		$	1,785,782		$	1,335,233
Subscriptions in-kind (See Note 9)		—			—			45,414			—
Distributions reinvested		15,432			69,882			919,240			934,866
Cost of shares redeemed		(141,375	)		(430,541	)		(2,264,805	)		(2,503,620	)

Change in net assets resulting from Class R6 capital transactions	$	40,659		$	(34,849	)	$	485,631		$	(233,521	)

Total change in net assets resulting from capital transactions	$	(19,703	)	$	(137,459	)	$	286,006		$	(424,509	)

(a)	Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Large Cap Value Fund.

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


	JPMorgan Large Cap Value Fund						JPMorgan U.S. Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		10,104			2,636			46,733			43,450
Reinvested		196			1,057			9,829			9,250
Redeemed		(11,819	)		(8,443	)		(39,445	)		(35,922	)

Change in Class A Shares		(1,519	)		(4,750	)		17,117			16,778

Class C
Issued		262			893			2,740			3,118
Reinvested		26			365			1,647			2,381
Redeemed		(1,590	)		(1,966	)		(5,697	)		(5,483	)

Change in Class C Shares		(1,302	)		(708	)		(1,310	)		16

Class I
Issued		14,482			12,677			18,972			26,279
Reinvested		306			2,016			5,999			11,895
Redeemed		(15,555	)		(18,372	)		(31,630	)		(59,810	)

Change in Class I Shares		(767	)		(3,679	)		(6,659	)		(21,636	)

Class L
Issued		—			—			17,663			21,487
Reinvested		—			—			7,922			11,566
Redeemed		—			—			(42,694	)		(37,224	)

Change in Class L Shares		—			—			(17,109	)		(4,171	)

Class R2
Issued		326			652			1,874			2,018
Reinvested		15			101			1,363			1,883
Redeemed		(468	)		(353	)		(5,292	)		(4,597	)

Change in Class R2 Shares		(127	)		400			(2,055	)		(696	)

Class R3 (a)
Issued		—	(b)		1			1,723			3,354
Reinvested		—	(b)		—	(b)		644			633
Redeemed		—	(b)		—			(2,144	)		(643	)

Change in Class R3 Shares		—	(b)		1			223			3,344

Class R4 (a)
Issued		134			1,113			290			1,067
Reinvested		14			7			137			134
Redeemed		(250	)		(89	)		(534	)		(400	)

Change in Class R4 Shares		(102	)		1,031			(107	)		801

Class R5
Issued		542			1,415			5,056			4,699
Reinvested		32			170			4,669			6,538
Redeemed		(1,286	)		(950	)		(12,468	)		(15,115	)

Change in Class R5 Shares		(712	)		635			(2,743	)		(3,878	)

Class R6
Issued		12,775			22,094			113,479			85,926
Subscriptions in-kind (See Note 9)		—			—			2,771			—
Reinvested		1,189			5,350			58,213			64,491
Redeemed		(10,425	)		(29,764	)		(143,075	)		(154,015	)

Change in Class R6 Shares		3,539			(2,320	)		31,388			(3,598	)

(a)	Commencement of offering of class of shares effective October 1, 2018 for JPMorgan Large Cap Value Fund.

(b)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	79

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan U.S. Large Cap Core Plus Fund						JPMorgan U.S. Research Enhanced Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	82,531		$	135,379		$	56,324		$	34,397
Distributions reinvested		107,818			94,468			21,732			27,797
Cost of shares redeemed		(536,310	)		(275,160	)		(97,073	)		(123,985	)

Change in net assets resulting from Class A capital transactions	$	(345,961	)	$	(45,313	)	$	(19,017	)	$	(61,791	)

Class C
Proceeds from shares issued	$	7,465		$	12,993		$	—		$	—
Distributions reinvested		19,111			17,995			—			—
Cost of shares redeemed		(60,945	)		(67,277	)		—			—

Change in net assets resulting from Class C capital transactions	$	(34,369	)	$	(36,289	)	$	—		$	—

Class I
Proceeds from shares issued	$	542,564		$	888,442		$	49,261		$	56,824
Distributions reinvested		811,087			739,627			23,349			26,614
Cost of shares redeemed		(3,344,154	)		(2,590,860	)		(94,822	)		(115,409	)

Change in net assets resulting from Class I capital transactions	$	(1,990,503	)	$	(962,791	)	$	(22,212	)	$	(31,971	)

Class L
Proceeds from shares issued	$	—		$	—		$	76,268		$	60,334
Distributions reinvested		—			—			26,507			32,173
Cost of shares redeemed		—			—			(125,628	)		(138,095	)

Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(22,853	)	$	(45,588	)

Class R2
Proceeds from shares issued	$	1,116		$	946		$	—		$	—
Distributions reinvested		808			532			—			—
Cost of shares redeemed		(1,967	)		(2,235	)		—			—

Change in net assets resulting from Class R2 capital transactions	$	(43	)	$	(757	)	$	—		$	—

Class R5
Proceeds from shares issued	$	15,058		$	22,201		$	—		$	—
Distributions reinvested		20,259			15,977			—			—
Cost of shares redeemed		(84,259	)		(57,731	)		—			—

Change in net assets resulting from Class R5 capital transactions	$	(48,942	)	$	(19,553	)	$	—		$	—

Class R6
Proceeds from shares issued	$	91,207		$	38,738		$	898,953		$	253,929
Distributions reinvested		113,531			166,828			462,987			633,410
Cost of shares redeemed		(411,227	)		(1,073,375	)		(1,245,965	)		(1,522,676	)
Redemptions in-kind (See Note 8)		—			—			(1,336,709	)		—

Change in net assets resulting from Class R6 capital transactions	$	(206,489	)	$	(867,809	)	$	(1,220,734	)	$	(635,337	)

Total change in net assets resulting from capital transactions	$	(2,626,307	)	$	(1,932,512	)	$	(1,284,816	)	$	(774,687	)

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


	JPMorgan U.S. Large Cap Core Plus Fund						JPMorgan U.S. Research Enhanced Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		3,532			4,895			2,164			1,253
Reinvested		4,576			3,825			890			1,116
Redeemed		(21,865	)		(9,740	)		(3,751	)		(4,605	)

Change in Class A Shares		(13,757	)		(1,020	)		(697	)		(2,236	)

Class C
Issued		340			506			—			—
Reinvested		873			773			—			—
Redeemed		(2,792	)		(2,631	)		—			—

Change in Class C Shares		(1,579	)		(1,352	)		—			—

Class I
Issued		22,659			31,989			1,907			2,021
Reinvested		33,851			29,468			945			1,056
Redeemed		(138,788	)		(93,992	)		(3,638	)		(4,084	)

Change in Class I Shares		(82,278	)		(32,535	)		(786	)		(1,007	)

Class L
Issued		—			—			3,031			2,291
Reinvested		—			—			1,075			1,280
Redeemed		—			—			(4,779	)		(4,963	)

Change in Class L Shares		—			—			(673	)		(1,392	)

Class R2
Issued		49			36			—			—
Reinvested		36			22			—			—
Redeemed		(90	)		(82	)		—			—

Change in Class R2 Shares		(5	)		(24	)		—			—

Class R5
Issued		639			840			—			—
Reinvested		840			633			—			—
Redeemed		(3,482	)		(2,058	)		—			—

Change in Class R5 Shares		(2,003	)		(585	)		—			—

Class R6
Issued		3,578			1,425			35,010			9,239
Reinvested		4,714			6,614			18,774			25,157
Redeemed		(16,836	)		(38,577	)		(46,532	)		(54,997	)
Redemptions in-kind (See Note 8)		—			—			(52,834	)		—

Change in Class R6 Shares		(8,544	)		(30,538	)		(45,582	)		(20,601	)

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	81

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED JUNE 30, 2020

(Amounts in thousands)


	JPMorgan U.S. Large Cap Core Plus Fund
INCREASE (DECREASE) IN CASH
Cash flows provided (used) by operating activities:
Net increase in net assets resulting from operations	$	432,561

Adjustments to reconcile net increase/decrease in net assets resulting from
operations to net cash provided (used) by operating activities:
Purchases of investment securities		(4,437,015	)
Proceeds from disposition of investment securities		8,696,129
Covers of investment securities sold short		(2,603,850	)
Proceeds from investment securities sold short		2,100,141
Purchases of short-term investments — affiliates, net		42,453
Change in unrealized (appreciation)/depreciation on investments in non-affiliates		1,035,662
Change in unrealized (appreciation)/depreciation on investments in affiliates		(2	)
Change in unrealized (appreciation)/depreciation on investment securities sold short		9,577
Net realized (gain)/loss on investments in non-affiliates		(1,393,660	)
Net realized (gain)/loss on investments in affiliates		(26	)
Net realized (gain)/loss on securities sold short		(79,467	)
Decrease in interest and dividends receivable from non-affiliates		5,040
Decrease in dividends receivable from affiliates		5
Increase in tax reclaims receivable		(6	)
Decrease in variation margin receivable		143
Decrease in dividend expense to non-affiliates on securities sold short		(1,782	)
Decrease in interest expense to non-affiliates on securities sold short		(674	)
Decrease in investment advisory fees payable		(1,904	)
Decrease in administration fees payable		(79	)
Decrease in distribution fees payable		(92	)
Decrease in service fees payable		(385	)
Decrease in custodian and accounting fees payable		(26	)
Increase in audit fees payable		5
Decrease in printing and mailing cost payable		(61	)
Increase in registration fees payable		96
Decrease in other accrued expenses payable		(68	)

Net cash provided (used) by operating activities		3,802,715


Cash flows provided (used) by financing activities:
Proceeds from shares issued		742,052
Payment for shares redeemed		(4,444,274	)
Cash distributions paid to shareholders (net of reinvestments of approximately $1,072,614,000)		(102,342	)

Net cash provided (used) by financing activities		(3,804,564	)


Cash:
Net increase (decrease) in unrestricted and restricted cash and deposits at broker		(1,849	)
Restricted and unrestricted cash and deposits at broker at beginning of period		2,240

Restricted and unrestricted cash and deposits at broker at end of period	$	391

Supplemental disclosure of cash flow information:

For the year ended June 30, 2020 the Fund paid approximately $6,660,000 in interest expense for securities sold short.

For purposes of reporting the Statement of Cash Flows, the Fund considers all cash accounts that are not subject to withdrawal restrictions or penalties to be cash equivalents.

Reconciliation of restricted and unrestricted cash and foreign currency at the end of period to the Statement of Assets and Liabilities:


	June 30, 2019		June 30, 2020
Cash	$	408	$	23
Deposits at broker:
Futures contracts		1,832		368

	$	2,240	$	391

SEE NOTES TO FINANCIAL STATEMENTS.



82	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	83

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Equity Focus Fund
Class A
Year Ended June 30, 2020	$	30.15	$	0.15		$	1.68		$	1.83		$	(0.12	)	$	(4.98	)	$	(5.10	)
Year Ended June 30, 2019		31.83		0.13			2.32			2.45			(0.41	)		(3.72	)		(4.13	)
Year Ended June 30, 2018		29.09		0.08			4.23			4.31			(0.01	)		(1.56	)		(1.57	)
Year Ended June 30, 2017		23.73		(0.01	)		5.70			5.69			(0.01	)		(0.32	)		(0.33	)
Year Ended June 30, 2016		24.78		(0.01	)		(0.38	)		(0.39	)		—	(f)		(0.66	)		(0.66	)

Class C
Year Ended June 30, 2020		29.01		0.01			1.60			1.61			(0.01	)		(4.98	)		(4.99	)
Year Ended June 30, 2019		30.75		(0.03	)		2.25			2.22			(0.24	)		(3.72	)		(3.96	)
Year Ended June 30, 2018		28.28		(0.08	)		4.11			4.03			—			(1.56	)		(1.56	)
Year Ended June 30, 2017		23.18		(0.14	)		5.56			5.42			—			(0.32	)		(0.32	)
Year Ended June 30, 2016		24.34		(0.13	)		(0.37	)		(0.50	)		—			(0.66	)		(0.66	)

Class I
Year Ended June 30, 2020		30.60		0.23			1.70			1.93			(0.17	)		(4.98	)		(5.15	)
Year Ended June 30, 2019		32.13		0.18			2.38			2.56			(0.37	)		(3.72	)		(4.09	)
Year Ended June 30, 2018		29.34		0.16			4.27			4.43			(0.08	)		(1.56	)		(1.64	)
Year Ended June 30, 2017		23.92		0.06			5.75			5.81			(0.07	)		(0.32	)		(0.39	)
Year Ended June 30, 2016		24.95		0.06			(0.39	)		(0.33	)		(0.04	)		(0.66	)		(0.70	)

Class R6
Year Ended June 30, 2020		30.48		0.30			1.69			1.99			(0.24	)		(4.98	)		(5.22	)
October 1, 2018 (g) through June 30, 2019		34.55		0.23			(0.05	)		0.18			(0.53	)		(3.72	)		(4.25	)

(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)

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

(f)	Amount rounds to less than $0.005.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



84	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	26.88		5.87	%	$	5,723		1.10	%		0.55	%		1.34	%		44	%
	30.15		9.22			5,511		1.09			0.42			1.41			45
	31.83		15.02			4,077		1.11			0.26			1.31			34
	29.09		24.09			3,362		1.17			(0.02	)		1.37			84
	23.73		(1.60	)		1,937		1.24			(0.03	)		1.55			45


	25.63		5.30			3,147		1.60			0.05			1.84			44
	29.01		8.67			3,084		1.59			(0.09	)		1.89			45
	30.75		14.45			3,017		1.61			(0.26	)		1.80			34
	28.28		23.49			3,331		1.66			(0.51	)		1.86			84
	23.18		(2.10	)		1,268		1.74			(0.54	)		1.96			45


	27.38		6.12			52,303		0.85			0.79			1.08			44
	30.60		9.50			75,887		0.84			0.57			1.08			45
	32.13		15.31			246,276		0.86			0.52			1.03			34
	29.34		24.43			180,151		0.92			0.23			1.10			84
	23.92		(1.37	)		136,284		0.99			0.24			1.11			45


	27.25		6.39			23,881		0.60			1.06			0.83			44
	30.48		2.03			22,346		0.59			1.08			0.95			45

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	85

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Equity Income Fund
Class A
Year Ended June 30, 2020	$	17.83	$	0.32	$	(1.42	)	$	(1.10)		$	(0.32	)	$	(0.19	)	$	(0.51	)
Year Ended June 30, 2019		16.82		0.32		1.48			1.80			(0.33	)		(0.46	)		(0.79	)
Year Ended June 30, 2018		15.67		0.26		1.29			1.55			(0.25	)		(0.15	)		(0.40	)
Year Ended June 30, 2017		14.01		0.24		1.75			1.99			(0.24	)		(0.09	)		(0.33	)
Year Ended June 30, 2016		13.77		0.25		0.35			0.60			(0.25	)		(0.11	)		(0.36	)

Class C
Year Ended June 30, 2020		17.47		0.23		(1.39	)		(1.16	)		(0.24	)		(0.19	)		(0.43	)
Year Ended June 30, 2019		16.50		0.23		1.46			1.69			(0.26	)		(0.46	)		(0.72	)
Year Ended June 30, 2018		15.41		0.17		1.26			1.43			(0.19	)		(0.15	)		(0.34	)
Year Ended June 30, 2017		13.80		0.16		1.72			1.88			(0.18	)		(0.09	)		(0.27	)
Year Ended June 30, 2016		13.58		0.18		0.35			0.53			(0.20	)		(0.11	)		(0.31	)

Class I
Year Ended June 30, 2020		18.14		0.37		(1.43	)		(1.06	)		(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2019		17.10		0.37		1.51			1.88			(0.38	)		(0.46	)		(0.84	)
Year Ended June 30, 2018		15.92		0.31		1.31			1.62			(0.29	)		(0.15	)		(0.44	)
Year Ended June 30, 2017		14.23		0.28		1.77			2.05			(0.27	)		(0.09	)		(0.36	)
Year Ended June 30, 2016		13.97		0.28		0.37			0.65			(0.28	)		(0.11	)		(0.39	)

Class R2
Year Ended June 30, 2020		17.74		0.27		(1.40	)		(1.13	)		(0.28	)		(0.19	)		(0.47	)
Year Ended June 30, 2019		16.74		0.28		1.47			1.75			(0.29	)		(0.46	)		(0.75	)
Year Ended June 30, 2018		15.62		0.21		1.28			1.49			(0.22	)		(0.15	)		(0.37	)
Year Ended June 30, 2017		13.97		0.20		1.75			1.95			(0.21	)		(0.09	)		(0.30	)
Year Ended June 30, 2016		13.74		0.21		0.35			0.56			(0.22	)		(0.11	)		(0.33	)

Class R3
Year Ended June 30, 2020		17.81		0.32		(1.41	)		(1.09	)		(0.32	)		(0.19	)		(0.51	)
Year Ended June 30, 2019		16.80		0.32		1.49			1.81			(0.34	)		(0.46	)		(0.80	)
Year Ended June 30, 2018		15.66		0.27		1.27			1.54			(0.25	)		(0.15	)		(0.40	)
September 9, 2016 (f) through June 30, 2017		14.06		0.19		1.71			1.90			(0.21	)		(0.09	)		(0.30	)

Class R4
Year Ended June 30, 2020		18.13		0.37		(1.43	)		(1.06	)		(0.37	)		(0.19	)		(0.56	)
Year Ended June 30, 2019		17.09		0.36		1.52			1.88			(0.38	)		(0.46	)		(0.84	)
Year Ended June 30, 2018		15.92		0.32		1.29			1.61			(0.29	)		(0.15	)		(0.44	)
September 9, 2016 (f) through June 30, 2017		14.28		0.29		1.67			1.96			(0.23	)		(0.09	)		(0.32	)

Class R5
Year Ended June 30, 2020		18.16		0.40		(1.45	)		(1.05	)		(0.39	)		(0.19	)		(0.58	)
Year Ended June 30, 2019		17.11		0.40		1.51			1.91			(0.40	)		(0.46	)		(0.86	)
Year Ended June 30, 2018		15.93		0.34		1.30			1.64			(0.31	)		(0.15	)		(0.46	)
Year Ended June 30, 2017		14.23		0.31		1.78			2.09			(0.30	)		(0.09	)		(0.39	)
Year Ended June 30, 2016		13.98		0.31		0.35			0.66			(0.30	)		(0.11	)		(0.41	)

Class R6
Year Ended June 30, 2020		18.14		0.42		(1.44	)		(1.02	)		(0.41	)		(0.19	)		(0.60	)
Year Ended June 30, 2019		17.10		0.42		1.50			1.92			(0.42	)		(0.46	)		(0.88	)
Year Ended June 30, 2018		15.92		0.35		1.31			1.66			(0.33	)		(0.15	)		(0.48	)
Year Ended June 30, 2017		14.22		0.32		1.78			2.10			(0.31	)		(0.09	)		(0.40	)
Year Ended June 30, 2016		13.97		0.33		0.34			0.67			(0.31	)		(0.11	)		(0.42	)

(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)

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

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



86	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	16.22		(6.36	)%	$	3,234,850		0.98	%		1.83	%		0.98	%		22	%
	17.83		11.17			3,277,249		0.99			1.90			1.00			23
	16.82		9.94			3,022,879		1.00			1.55			1.01			20
	15.67		14.34			3,176,361		1.04			1.59			1.08			14
	14.01		4.45			3,370,383		1.04			1.83			1.11			20


	15.88		(6.83	)		1,350,402		1.47			1.34			1.47			22
	17.47		10.66			1,434,793		1.48			1.39			1.49			23
	16.50		9.35			1,303,731		1.50			1.05			1.50			20
	15.41		13.74			1,385,115		1.54			1.09			1.55			14
	13.80		4.01			1,304,007		1.54			1.33			1.58			20


	16.52		(6.06	)		10,727,252		0.71			2.11			0.72			22
	18.14		11.45			9,013,293		0.73			2.12			0.74			23
	17.10		10.22			6,320,979		0.74			1.81			0.75			20
	15.92		14.57			6,542,906		0.78			1.84			0.79			14
	14.23		4.75			4,679,200		0.79			2.07			0.81			20


	16.14		(6.57	)		72,182		1.23			1.56			1.23			22
	17.74		10.90			93,453		1.24			1.64			1.25			23
	16.74		9.59			80,330		1.26			1.29			1.26			20
	15.62		14.08			87,437		1.29			1.34			1.39			14
	13.97		4.20			77,230		1.29			1.59			1.45			20


	16.21		(6.29	)		170,246		0.97			1.86			0.97			22
	17.81		11.20			137,142		0.98			1.87			0.99			23
	16.80		9.90			91,267		0.99			1.61			0.99			20
	15.66		13.62			25,209		1.03			1.55			1.05			14


	16.51		(6.07	)		106,277		0.72			2.12			0.72			22
	18.13		11.46			66,602		0.73			2.08			0.74			23
	17.09		10.18			23,451		0.74			1.90			0.75			20
	15.92		13.85			1,340		0.78			2.28			0.83			14


	16.53		(5.98	)		1,230,147		0.56			2.24			0.57			22
	18.16		11.67			1,422,483		0.58			2.29			0.59			23
	17.11		10.38			1,097,476		0.59			1.98			0.60			20
	15.93		14.84			912,746		0.58			2.05			0.63			14
	14.23		4.89			722,424		0.59			2.28			0.64			20


	16.52		(5.83	)		12,663,581		0.46			2.38			0.47			22
	18.14		11.72			8,217,432		0.48			2.38			0.49			23
	17.10		10.49			5,314,382		0.49			2.08			0.50			20
	15.92		14.95			2,821,798		0.50			2.13			0.50			14
	14.22		4.98			1,913,077		0.50			2.43			0.50			20

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	87

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Equity Premium Income Fund
Class A
Year Ended June 30, 2020	$	14.92	$	1.88	$	(2.42	)	$	(0.54	)	$	(1.42	)
August 31, 2018 (f) through June 30, 2019		15.00		0.95		(0.11	)		0.84			(0.92	)

Class C
Year Ended June 30, 2020		14.92		1.61		(2.22	)		(0.61	)		(1.35	)
August 31, 2018 (f) through June 30, 2019		15.00		0.85		(0.07	)		0.78			(0.86	)

Class I
Year Ended June 30, 2020		14.92		1.59		(2.10	)		(0.51	)		(1.45	)
August 31, 2018 (f) through June 30, 2019		15.00		0.94		(0.07	)		0.87			(0.95	)

Class R5
Year Ended June 30, 2020		14.92		1.48		(1.96	)		(0.48	)		(1.48	)
August 31, 2018 (f) through June 30, 2019		15.00		0.96		(0.08	)		0.88			(0.96	)

Class R6
Year Ended June 30, 2020		14.92		1.83		(2.30	)		(0.47	)		(1.49	)
August 31, 2018 (f) through June 30, 2019		15.00		0.97		(0.07	)		0.90			(0.98	)

(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)

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

(f)	Commencement of operations.

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

SEE NOTES TO FINANCIAL STATEMENTS.



88	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	12.96		(3.78	)%	$	12,904		0.85	%		14.21	%		1.11	%		236	%
	14.92		5.95			125		0.85	(g)		7.90	(g)		1.80	(g)		43


	12.96		(4.26	)		4,710		1.35			11.77			1.61			236
	14.92		5.50			21		1.35	(g)		7.14	(g)		2.26	(g)		43


	12.96		(3.57	)		173,409		0.60			11.40			0.91			236
	14.92		6.15			54,045		0.60	(g)		7.89	(g)		1.13	(g)		43


	12.96		(3.43	)		21		0.45			10.37			0.83			236
	14.92		6.28			21		0.45	(g)		8.04	(g)		1.36	(g)		43


	12.96		(3.33	)		686		0.35			13.60			0.59			236
	14.92		6.37			21		0.35	(g)		8.14	(g)		1.26	(g)		43

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	89

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Growth and Income Fund
Class A
Year Ended June 30, 2020	$	49.84	$	0.79	$	(3.18	)	$	(2.39	)	$	(0.76	)	$	(1.07	)	$	(1.83	)
Year Ended June 30, 2019		49.77		0.85		2.21			3.06			(0.85	)		(2.14	)		(2.99	)
Year Ended June 30, 2018		46.85		0.64		4.98			5.62			(0.62	)		(2.08	)		(2.70	)
Year Ended June 30, 2017		42.75		0.57		6.31			6.88			(0.57	)		(2.21	)		(2.78	)
Year Ended June 30, 2016		45.46		0.59		(0.27	)		0.32			(0.55	)		(2.48	)		(3.03	)

Class C
Year Ended June 30, 2020		44.59		0.48		(2.81	)		(2.33	)		(0.56	)		(1.07	)		(1.63	)
Year Ended June 30, 2019		44.91		0.53		1.98			2.51			(0.69	)		(2.14	)		(2.83	)
Year Ended June 30, 2018		42.54		0.35		4.51			4.86			(0.41	)		(2.08	)		(2.49	)
Year Ended June 30, 2017		39.07		0.31		5.76			6.07			(0.39	)		(2.21	)		(2.60	)
Year Ended June 30, 2016		41.83		0.35		(0.25	)		0.10			(0.38	)		(2.48	)		(2.86	)

Class I
Year Ended June 30, 2020		52.69		0.96		(3.36	)		(2.40	)		(0.88	)		(1.07	)		(1.95	)
Year Ended June 30, 2019		52.41		1.00		2.36			3.36			(0.94	)		(2.14	)		(3.08	)
Year Ended June 30, 2018		49.21		0.81		5.21			6.02			(0.74	)		(2.08	)		(2.82	)
Year Ended June 30, 2017		44.77		0.72		6.62			7.34			(0.69	)		(2.21	)		(2.90	)
Year Ended June 30, 2016		47.45		0.73		(0.27	)		0.46			(0.66	)		(2.48	)		(3.14	)

Class R2
Year Ended June 30, 2020		50.01		0.69		(3.19	)		(2.50	)		(0.72	)		(1.07	)		(1.79	)
Year Ended June 30, 2019		49.98		0.63		2.31			2.94			(0.77	)		(2.14	)		(2.91	)
Year Ended June 30, 2018		47.06		0.53		4.99			5.52			(0.52	)		(2.08	)		(2.60	)
Year Ended June 30, 2017		42.94		0.46		6.33			6.79			(0.46	)		(2.21	)		(2.67	)
November 2, 2015 (f) through June 30, 2016		45.92		0.40		(0.70	)		(0.30	)		(0.20	)		(2.48	)		(2.68	)

Class R3
Year Ended June 30, 2020		52.66		0.75		(3.29	)		(2.54	)		(0.80	)		(1.07	)		(1.87	)
Year Ended June 30, 2019		52.41		0.89		2.33			3.22			(0.83	)		(2.14	)		(2.97	)
July 31, 2017 (f) through June 30, 2018		49.99		0.68		4.46			5.14			(0.64	)		(2.08	)		(2.72	)

Class R4
Year Ended June 30, 2020		52.69		1.04		(3.46	)		(2.42	)		(0.89	)		(1.07	)		(1.96	)
Year Ended June 30, 2019		52.41		1.02		2.34			3.36			(0.94	)		(2.14	)		(3.08	)
July 31, 2017 (f) through June 30, 2018		49.99		0.79		4.46			5.25			(0.75	)		(2.08	)		(2.83	)

Class R5
Year Ended June 30, 2020		53.06		1.04		(3.39	)		(2.35	)		(0.95	)		(1.07	)		(2.02	)
Year Ended June 30, 2019		52.74		1.09		2.38			3.47			(1.01	)		(2.14	)		(3.15	)
Year Ended June 30, 2018		49.50		0.91		5.23			6.14			(0.82	)		(2.08	)		(2.90	)
Year Ended June 30, 2017		45.01		0.83		6.65			7.48			(0.78	)		(2.21	)		(2.99	)
November 2, 2015 (f) through June 30, 2016		47.95		0.62		(0.73	)		(0.11	)		(0.35	)		(2.48	)		(2.83	)

Class R6
Year Ended June 30, 2020		53.08		1.11		(3.42	)		(2.31	)		(1.00	)		(1.07	)		(2.07	)
Year Ended June 30, 2019		52.75		1.16		2.36			3.52			(1.05	)		(2.14	)		(3.19	)
Year Ended June 30, 2018		49.50		1.04		5.16			6.20			(0.87	)		(2.08	)		(2.95	)
Year Ended June 30, 2017		45.01		0.81		6.69			7.50			(0.80	)		(2.21	)		(3.01	)
November 2, 2015 (f) through June 30, 2016		47.95		0.63		(0.72	)		(0.09	)		(0.37	)		(2.48	)		(2.85	)

(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)

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

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



90	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	45.62		(5.11	)%	$	497,399		0.94	%		1.61	%		1.06	%		22	%
	49.84		6.68			490,597		0.93			1.73			1.06			26
	49.77		12.04			476,090		0.97			1.29			1.08			32
	46.85		16.34			445,078		1.03			1.26			1.10			28
	42.75		1.02			422,151		1.06			1.38			1.13			39


	40.63		(5.57	)		26,487		1.44			1.11			1.53			22
	44.59		6.15			26,032		1.43			1.21			1.54			26
	44.91		11.45			23,034		1.47			0.77			1.55			32
	42.54		15.76			28,290		1.53			0.76			1.59			28
	39.07		0.54			25,541		1.56			0.89			1.62			39


	48.34		(4.85	)		135,234		0.69			1.88			0.78			22
	52.69		6.94			94,500		0.68			1.93			0.79			26
	52.41		12.29			77,737		0.72			1.55			0.79			32
	49.21		16.64			64,148		0.78			1.50			0.83			28
	44.77		1.28			40,068		0.81			1.64			0.86			39


	45.72		(5.34	)		1,126		1.19			1.46			1.98			22
	50.01		6.41			108		1.18			1.30			2.77			26
	49.98		11.76			41		1.21			1.06			1.49			32
	47.06		16.04			23		1.28			1.01			2.06			28
	42.94		(0.40	)		20		1.28			1.44			3.72			39


	48.25		(5.10	)		398		0.94			1.50			1.03			22
	52.66		6.66			24		0.93			1.73			1.84			26
	52.41		10.33			22		0.94			1.42			1.12			32


	48.31		(4.88	)		1,159		0.69			2.15			0.77			22
	52.69		6.94			24		0.68			1.98			1.60			26
	52.41		10.56			22		0.71			1.64			0.87			32


	48.69		(4.72	)		83		0.54			2.02			5.20			22
	53.06		7.10			74		0.53			2.10			1.01			26
	52.74		12.48			43		0.55			1.72			0.80			32
	49.50		16.88			37		0.59			1.72			1.23			28
	45.01		0.05			20		0.59			2.14			3.02			39


	48.70		(4.64	)		64,968		0.44			2.14			0.53			22
	53.08		7.21			41,144		0.43			2.22			0.53			26
	52.75		12.59			33,774		0.44			1.95			0.52			32
	49.50		16.94			2,129		0.53			1.66			0.55			28
	45.01		0.08			20		0.53			2.19			2.96			39

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	91

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income
JPMorgan Hedged Equity Fund
Class A
Year Ended June 30, 2020	$	20.23	$	0.28	$	1.51		$	1.79		$	(0.19	)
Year Ended June 30, 2019		19.43		0.20		0.79			0.99			(0.19	)
Year Ended June 30, 2018		18.24		0.18		1.15			1.33			(0.14	)
Year Ended June 30, 2017		16.23		0.19		2.01			2.20			(0.19	)
Year Ended June 30, 2016		16.47		0.20		(0.28	)		(0.08	)		(0.16	)

Class C
Year Ended June 30, 2020		20.10		0.17		1.52			1.69			(0.09	)
Year Ended June 30, 2019		19.33		0.11		0.77			0.88			(0.11	)
Year Ended June 30, 2018		18.16		0.08		1.15			1.23			(0.06	)
Year Ended June 30, 2017		16.17		0.10		2.01			2.11			(0.12	)
Year Ended June 30, 2016		16.43		0.13		(0.29	)		(0.16	)		(0.10	)

Class I
Year Ended June 30, 2020		20.28		0.33		1.53			1.86			(0.24	)
Year Ended June 30, 2019		19.47		0.26		0.78			1.04			(0.23	)
Year Ended June 30, 2018		18.27		0.23		1.16			1.39			(0.19	)
Year Ended June 30, 2017		16.26		0.23		2.01			2.24			(0.23	)
Year Ended June 30, 2016		16.50		0.25		(0.28	)		(0.03	)		(0.21	)

Class R5
Year Ended June 30, 2020		20.32		0.36		1.52			1.88			(0.27	)
Year Ended June 30, 2019		19.50		0.29		0.79			1.08			(0.26	)
Year Ended June 30, 2018		18.30		0.26		1.16			1.42			(0.22	)
Year Ended June 30, 2017		16.28		0.26		2.02			2.28			(0.26	)
Year Ended June 30, 2016		16.51		0.24		(0.24	)		—	(d)		(0.23	)

Class R6
Year Ended June 30, 2020		20.32		0.39		1.53			1.92			(0.29	)
Year Ended June 30, 2019		19.49		0.31		0.79			1.10			(0.27	)
Year Ended June 30, 2018		18.29		0.27		1.16			1.43			(0.23	)
Year Ended June 30, 2017		16.28		0.25		2.03			2.28			(0.27	)
Year Ended June 30, 2016		16.52		0.27		(0.27	)		—	(d)		(0.24	)

(a)	Calculated based upon average shares outstanding.

(b)

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

(d)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



92	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate


$	21.83		8.89	%	$	473,314		0.85	%		1.35	%		0.86	%		68	%
	20.23		5.12			296,242		0.85			1.02			0.87			48
	19.43		7.33			277,898		0.84			0.92			0.87			44
	18.24		13.60			133,789		0.84			1.06			1.05			31
	16.23		(0.43	)		71,417		0.85			1.27			1.11			57


	21.70		8.40			246,741		1.35			0.84			1.36			68
	20.10		4.60			158,602		1.35			0.55			1.37			48
	19.33		6.79			81,030		1.34			0.42			1.38			44
	18.16		13.07			29,168		1.34			0.55			1.45			31
	16.17		(0.95	)		9,867		1.35			0.80			1.52			57


	21.90		9.21			7,167,488		0.59			1.59			0.60			68
	20.28		5.39			4,214,453		0.60			1.30			0.61			48
	19.47		7.63			1,947,444		0.59			1.17			0.62			44
	18.27		13.86			597,013		0.59			1.30			0.69			31
	16.26		(0.17	)		158,820		0.60			1.54			0.74			57


	21.93		9.30			2,964		0.45			1.74			0.59			68
	20.32		5.57			1,893		0.45			1.46			0.95			48
	19.50		7.81			123		0.39			1.37			0.67			44
	18.30		14.10			37		0.40			1.51			1.08			31
	16.28		0.07			25		0.40			1.49			2.16			57


	21.95		9.50			851,085		0.35			1.87			0.35			68
	20.32		5.69			384,616		0.35			1.56			0.37			48
	19.49		7.87			121,897		0.34			1.42			0.42			44
	18.29		14.09			3,289		0.34			1.41			0.42			31
	16.28		0.07			74		0.35			1.66			1.40			57

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	93

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Large Cap Growth Fund
Class A
Year Ended June 30, 2020	$	41.87	$	(0.01	)	$	11.39		$	11.38		$	—		$	(5.21	)	$	(5.21	)
Year Ended June 30, 2019		42.44		(0.09	)		4.80			4.71			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.23		(0.10	)		9.92			9.82			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.93		(0.07	)		8.51			8.44			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.82		(0.06	)		(2.23	)		(2.29	)		—			(1.60	)		(1.60	)

Class C
Year Ended June 30, 2020		32.33		(0.17	)		8.48			8.31			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		34.20		(0.23	)		3.64			3.41			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		31.95		(0.25	)		8.11			7.86			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		28.15		(0.20	)		7.14			6.94			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		31.86		(0.20	)		(1.91	)		(2.11	)		—			(1.60	)		(1.60	)

Class I
Year Ended June 30, 2020		42.46		0.09			11.59			11.68			(0.02	)		(5.21	)		(5.23	)
Year Ended June 30, 2019		42.86		0.01			4.87			4.88			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		(0.01	)		10.01			10.00			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.08		(0.02	)		8.55			8.53			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.92		(0.01	)		(2.23	)		(2.24	)		—			(1.60	)		(1.60	)

Class R2
Year Ended June 30, 2020		40.32		(0.11	)		10.90			10.79			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		41.17		(0.18	)		4.61			4.43			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		37.33		(0.20	)		9.65			9.45			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		32.31		(0.16	)		8.32			8.16			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		36.24		(0.15	)		(2.18	)		(2.33	)		—			(1.60	)		(1.60	)

Class R3
Year Ended June 30, 2020		42.10		(0.01	)		11.46			11.45			—			(5.21	)		(5.21	)
Year Ended June 30, 2019		42.64		(0.08	)		4.82			4.74			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.39		(0.08	)		9.94			9.86			—			(5.61	)		(5.61	)
September 9, 2016 (f) through June 30, 2017		33.97		(0.06	)		7.62			7.56			—			(3.14	)		(3.14	)

Class R4
Year Ended June 30, 2020		42.45		0.08			11.58			11.66			(0.06	)		(5.21	)		(5.27	)
Year Ended June 30, 2019		42.85		0.01			4.87			4.88			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		38.47		0.01			9.98			9.99			—			(5.61	)		(5.61	)
September 9, 2016 (f) through June 30, 2017		33.97		0.04			7.60			7.64			—			(3.14	)		(3.14	)

Class R5
Year Ended June 30, 2020		43.44		0.16			11.88			12.04			(0.07	)		(5.21	)		(5.28	)
Year Ended June 30, 2019		43.65		0.07			5.00			5.07			—			(5.28	)		(5.28	)
Year Ended June 30, 2018		39.04		0.06			10.16			10.22			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.46		0.05			8.67			8.72			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.25		0.06			(2.25	)		(2.19	)		—			(1.60	)		(1.60	)

Class R6
Year Ended June 30, 2020		43.78		0.21			11.99			12.20			(0.11	)		(5.21	)		(5.32	)
Year Ended June 30, 2019		43.95		0.11			5.03			5.14			(0.03	)		(5.28	)		(5.31	)
Year Ended June 30, 2018		39.23		0.10			10.23			10.33			—			(5.61	)		(5.61	)
Year Ended June 30, 2017		33.58		0.09			8.70			8.79			—			(3.14	)		(3.14	)
Year Ended June 30, 2016		37.34		0.10			(2.26	)		(2.16	)		—			(1.60	)		(1.60	)

(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)

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

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



94	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	48.04		30.09	%	$	3,280,463		0.94	%		(0.03	)%		1.04	%		47	%
	41.87		13.67			2,466,910		0.93			(0.23	)		1.10			50
	42.44		28.45			2,481,816		0.97			(0.25	)		1.11			24
	38.23		27.50			2,462,957		1.05			(0.19	)		1.25			22
	32.93		(6.45	)		4,251,242		1.04			(0.17	)		1.27			43


	35.43		29.42			701,820		1.44			(0.53	)		1.54			47
	32.33		13.11			518,116		1.43			(0.73	)		1.59			50
	34.20		27.83			534,199		1.47			(0.75	)		1.60			24
	31.95		26.79			487,702		1.55			(0.69	)		1.67			22
	28.15		(6.90	)		559,238		1.55			(0.67	)		1.69			43


	48.91		30.40			7,058,308		0.69			0.22			0.78			47
	42.46		13.95			4,691,515		0.68			0.02			0.84			50
	42.86		28.77			4,413,908		0.74			(0.03	)		0.85			24
	38.47		27.65			4,771,428		0.89			(0.05	)		0.90			22
	33.08		(6.29	)		4,161,010		0.89			(0.04	)		0.93			43


	45.90		29.76			118,628		1.19			(0.27	)		1.29			47
	40.32		13.39			138,030		1.18			(0.47	)		1.34			50
	41.17		28.11			156,775		1.24			(0.52	)		1.35			24
	37.33		27.14			147,902		1.31			(0.46	)		1.47			22
	32.31		(6.67	)		192,560		1.30			(0.43	)		1.55			43


	48.34		30.09			90,107		0.94			(0.02	)		1.03			47
	42.10		13.68			45,376		0.93			(0.21	)		1.08			50
	42.64		28.43			6,865		0.96			(0.21	)		1.10			24
	38.39		24.05			992		1.12			(0.20	)		1.20			22


	48.84		30.40			64,792		0.69			0.19			0.78			47
	42.45		13.96			10,740		0.68			0.02			0.83			50
	42.85		28.74			5,930		0.73			0.02			0.85			24
	38.47		24.31			440		0.89			0.12			1.07			22


	50.20		30.59			781,380		0.54			0.38			0.63			47
	43.44		14.15			702,536		0.53			0.17			0.69			50
	43.65		28.93			788,766		0.59			0.14			0.70			24
	39.04		27.92			799,190		0.70			0.15			0.72			22
	33.46		(6.10	)		1,209,521		0.69			0.17			0.73			43


	50.66		30.75			11,169,668		0.44			0.47			0.53			47
	43.78		14.23			7,339,387		0.43			0.27			0.58			50
	43.95		29.08			5,962,328		0.48			0.24			0.60			24
	39.23		28.03			3,606,093		0.60			0.25			0.60			22
	33.58		(6.00	)		3,330,565		0.60			0.28			0.60			43

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	95

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Large Cap Value Fund
Class A
Year Ended June 30, 2020	$	14.11	$	0.18	$	(1.40	)	$	(1.22	)	$	(0.17	)	$	—		$	(0.17	)
Year Ended June 30, 2019		15.11		0.17		(0.09	)		0.08			(0.17	)		(0.91	)		(1.08	)
Year Ended June 30, 2018		15.48		0.15		0.89			1.04			(0.13	)		(1.28	)		(1.41	)
Year Ended June 30, 2017		12.71		0.15		3.42			3.57			(0.14	)		(0.66	)		(0.80	)
Year Ended June 30, 2016		15.02		0.17		(0.59	)		(0.42	)		(0.16	)		(1.73	)		(1.89	)

Class C
Year Ended June 30, 2020		13.49		0.11		(1.32	)		(1.21	)		(0.11	)		—			(0.11	)
Year Ended June 30, 2019		14.51		0.10		(0.10	)		—	(f)		(0.11	)		(0.91	)		(1.02	)
Year Ended June 30, 2018		14.93		0.06		0.86			0.92			(0.06	)		(1.28	)		(1.34	)
Year Ended June 30, 2017		12.30		0.07		3.30			3.37			(0.08	)		(0.66	)		(0.74	)
Year Ended June 30, 2016		14.60		0.10		(0.58	)		(0.48	)		(0.09	)		(1.73	)		(1.82	)

Class I
Year Ended June 30, 2020		13.85		0.21		(1.36	)		(1.15	)		(0.21	)		—			(0.21	)
Year Ended June 30, 2019		14.85		0.20		(0.09	)		0.11			(0.20	)		(0.91	)		(1.11	)
Year Ended June 30, 2018		15.24		0.18		0.87			1.05			(0.16	)		(1.28	)		(1.44	)
Year Ended June 30, 2017		12.53		0.17		3.37			3.54			(0.17	)		(0.66	)		(0.83	)
Year Ended June 30, 2016		14.79		0.15		(0.54	)		(0.39	)		(0.14	)		(1.73	)		(1.87	)

Class R2
Year Ended June 30, 2020		13.98		0.15		(1.38	)		(1.23	)		(0.14	)		—			(0.14	)
Year Ended June 30, 2019		14.99		0.14		(0.10	)		0.04			(0.14	)		(0.91	)		(1.05	)
Year Ended June 30, 2018		15.39		0.11		0.86			0.97			(0.09	)		(1.28	)		(1.37	)
Year Ended June 30, 2017		12.64		0.10		3.41			3.51			(0.10	)		(0.66	)		(0.76	)
Year Ended June 30, 2016		14.96		0.14		(0.60	)		(0.46	)		(0.13	)		(1.73	)		(1.86	)

Class R3
Year Ended June 30, 2020		13.84		0.18		(1.36	)		(1.18	)		(0.18	)		—			(0.18	)
October 1, 2018 (g) through June 30, 2019		15.63		0.13		(0.88	)		(0.75	)		(0.13	)		(0.91	)		(1.04	)

Class R4
Year Ended June 30, 2020		14.11		0.22		(1.39	)		(1.17	)		(0.21	)		—			(0.21	)
October 1, 2018 (g) through June 30, 2019		15.90		0.16		(0.89	)		(0.73	)		(0.15	)		(0.91	)		(1.06	)

Class R5
Year Ended June 30, 2020		14.00		0.24		(1.39	)		(1.15	)		(0.23	)		—			(0.23	)
Year Ended June 30, 2019		14.99		0.23		(0.09	)		0.14			(0.22	)		(0.91	)		(1.13	)
Year Ended June 30, 2018		15.37		0.21		0.88			1.09			(0.19	)		(1.28	)		(1.47	)
Year Ended June 30, 2017		12.63		0.20		3.39			3.59			(0.19	)		(0.66	)		(0.85	)
Year Ended June 30, 2016		14.93		0.21		(0.58	)		(0.37	)		(0.20	)		(1.73	)		(1.93	)

Class R6
Year Ended June 30, 2020		13.90		0.25		(1.37	)		(1.12	)		(0.25	)		—			(0.25	)
Year Ended June 30, 2019		14.90		0.24		(0.10	)		0.14			(0.23	)		(0.91	)		(1.14	)
Year Ended June 30, 2018		15.28		0.22		0.88			1.10			(0.20	)		(1.28	)		(1.48	)
Year Ended June 30, 2017		12.56		0.20		3.38			3.58			(0.20	)		(0.66	)		(0.86	)
Year Ended June 30, 2016		14.86		0.24		(0.60	)		(0.36	)		(0.21	)		(1.73	)		(1.94	)

(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)

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

(f)	Amount rounds to less than $0.005.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



96	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	12.72		(8.66	)%	$	119,402		0.93	%		1.33	%		1.04	%		177	%
	14.11		1.07			153,809		0.93			1.19			1.04			162
	15.11		6.52			236,470		0.93			0.92			1.04			130
	15.48		28.47			215,017		0.92			1.01			1.08			145
	12.71		(2.51	)		96,373		0.93			1.27			1.12			219


	12.17		(9.04	)		33,769		1.44			0.81			1.52			177
	13.49		0.57			55,009		1.44			0.70			1.52			162
	14.51		5.94			69,445		1.44			0.42			1.52			130
	14.93		27.72			48,028		1.44			0.50			1.57			145
	12.30		(2.98	)		17,041		1.45			0.75			1.62			219


	12.49		(8.35	)		262,414		0.69			1.57			0.76			177
	13.85		1.31			301,663		0.69			1.44			0.77			162
	14.85		6.74			378,058		0.70			1.19			0.77			130
	15.24		28.61			161,494		0.79			1.15			0.80			145
	12.53		(2.34	)		23,373		0.77			1.07			0.77			219


	12.61		(8.83	)		17,777		1.19			1.09			1.28			177
	13.98		0.83			21,489		1.19			0.97			1.29			162
	14.99		6.14			17,046		1.21			0.68			1.30			130
	15.39		28.11			6,775		1.23			0.71			1.43			145
	12.64		(2.78	)		3,462		1.20			1.05			1.57			219


	12.48		(8.59	)		18		0.94			1.36			2.24			177
	13.84		(4.25	)		19		0.94			1.28			1.17			162


	12.73		(8.34	)		11,823		0.69			1.60			0.76			177
	14.11		(4.05	)		14,545		0.68			1.51			0.77			162


	12.62		(8.26	)		18,535		0.54			1.72			0.62			177
	14.00		1.50			30,522		0.54			1.61			0.63			162
	14.99		6.90			23,166		0.55			1.33			0.63			130
	15.37		28.82			10,218		0.59			1.35			0.62			145
	12.63		(2.15	)		4,155		0.59			1.52			0.60			219


	12.53		(8.14	)		796,259		0.44			1.86			0.51			177
	13.90		1.52			834,072		0.44			1.70			0.52			162
	14.90		7.04			928,167		0.46			1.41			0.52			130
	15.28		28.90			610,732		0.51			1.43			0.52			145
	12.56		(2.06	)		565,542		0.51			1.90			0.52			219

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	97

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Equity Fund
Class A
Year Ended June 30, 2020	$	15.86	$	0.11	$	1.82		$	1.93		$	(0.11	)	$	(1.46	)	$	(1.57	)
Year Ended June 30, 2019		16.48		0.12		1.17			1.29			(0.12	)		(1.79	)		(1.91	)
Year Ended June 30, 2018		15.80		0.11		1.94			2.05			(0.11	)		(1.26	)		(1.37	)
Year Ended June 30, 2017		13.76		0.11		2.57			2.68			(0.11	)		(0.53	)		(0.64	)
Year Ended June 30, 2016		14.75		0.12		(0.30	)		(0.18	)		(0.11	)		(0.70	)		(0.81	)

Class C
Year Ended June 30, 2020		15.31		0.03		1.75			1.78			(0.03	)		(1.46	)		(1.49	)
Year Ended June 30, 2019		15.99		0.04		1.13			1.17			(0.06	)		(1.79	)		(1.85	)
Year Ended June 30, 2018		15.37		0.03		1.89			1.92			(0.04	)		(1.26	)		(1.30	)
Year Ended June 30, 2017		13.41		0.04		2.49			2.53			(0.04	)		(0.53	)		(0.57	)
Year Ended June 30, 2016		14.40		0.05		(0.30	)		(0.25	)		(0.04	)		(0.70	)		(0.74	)

Class I
Year Ended June 30, 2020		15.91		0.15		1.82			1.97			(0.15	)		(1.46	)		(1.61	)
Year Ended June 30, 2019		16.51		0.16		1.18			1.34			(0.15	)		(1.79	)		(1.94	)
Year Ended June 30, 2018		15.83		0.15		1.94			2.09			(0.15	)		(1.26	)		(1.41	)
Year Ended June 30, 2017		13.79		0.14		2.57			2.71			(0.14	)		(0.53	)		(0.67	)
Year Ended June 30, 2016		14.78		0.13		(0.29	)		(0.16	)		(0.13	)		(0.70	)		(0.83	)

Class L
Year Ended June 30, 2020		15.93		0.17		1.83			2.00			(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.53		0.18		1.18			1.36			(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.17		1.94			2.11			(0.17	)		(1.26	)		(1.43	)
Year Ended June 30, 2017		13.80		0.16		2.58			2.74			(0.16	)		(0.53	)		(0.69	)
Year Ended June 30, 2016		14.79		0.16		(0.30	)		(0.14	)		(0.15	)		(0.70	)		(0.85	)

Class R2
Year Ended June 30, 2020		15.70		0.07		1.80			1.87			(0.07	)		(1.46	)		(1.53	)
Year Ended June 30, 2019		16.34		0.08		1.16			1.24			(0.09	)		(1.79	)		(1.88	)
Year Ended June 30, 2018		15.68		0.07		1.92			1.99			(0.07	)		(1.26	)		(1.33	)
Year Ended June 30, 2017		13.66		0.07		2.55			2.62			(0.07	)		(0.53	)		(0.60	)
Year Ended June 30, 2016		14.66		0.08		(0.31	)		(0.23	)		(0.07	)		(0.70	)		(0.77	)

Class R3
Year Ended June 30, 2020		15.80		0.11		1.81			1.92			(0.11	)		(1.46	)		(1.57	)
Year Ended June 30, 2019		16.43		0.12		1.16			1.28			(0.12	)		(1.79	)		(1.91	)
Year Ended June 30, 2018		15.76		0.11		1.93			2.04			(0.11	)		(1.26	)		(1.37	)
September 9, 2016 (f) through June 30, 2017		14.11		0.08		2.24			2.32			(0.14	)		(0.53	)		(0.67	)

Class R4
Year Ended June 30, 2020		15.89		0.15		1.82			1.97			(0.15	)		(1.46	)		(1.61	)
Year Ended June 30, 2019		16.50		0.17		1.16			1.33			(0.15	)		(1.79	)		(1.94	)
Year Ended June 30, 2018		15.82		0.16		1.93			2.09			(0.15	)		(1.26	)		(1.41	)
September 9, 2016 (f) through June 30, 2017		14.15		0.13		2.22			2.35			(0.15	)		(0.53	)		(0.68	)

Class R5
Year Ended June 30, 2020		15.94		0.17		1.83			2.00			(0.17	)		(1.46	)		(1.63	)
Year Ended June 30, 2019		16.54		0.19		1.17			1.36			(0.17	)		(1.79	)		(1.96	)
Year Ended June 30, 2018		15.85		0.18		1.95			2.13			(0.18	)		(1.26	)		(1.44	)
Year Ended June 30, 2017		13.81		0.17		2.57			2.74			(0.17	)		(0.53	)		(0.70	)
Year Ended June 30, 2016		14.80		0.18		(0.31	)		(0.13	)		(0.16	)		(0.70	)		(0.86	)

Class R6
Year Ended June 30, 2020		15.97		0.19		1.83			2.02			(0.19	)		(1.46	)		(1.65	)
Year Ended June 30, 2019		16.56		0.20		1.19			1.39			(0.19	)		(1.79	)		(1.98	)
Year Ended June 30, 2018		15.87		0.19		1.95			2.14			(0.19	)		(1.26	)		(1.45	)
Year Ended June 30, 2017		13.82		0.18		2.58			2.76			(0.18	)		(0.53	)		(0.71	)
Year Ended June 30, 2016		14.82		0.18		(0.31	)		(0.13	)		(0.17	)		(0.70	)		(0.87	)

(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)

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

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



98	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	16.22		12.59	%	$	1,869,111		0.94	%		0.70	%		0.99	%		84	%
	15.86		9.18			1,556,392		0.94			0.76			0.99			91
	16.48		13.20			1,340,858		0.94			0.69			1.01			97
	15.80		19.86			1,371,821		0.94			0.75			1.10			86
	13.76		(1.15	)		1,446,878		0.94			0.85			1.14			83


	15.60		12.01			274,741		1.44			0.19			1.49			84
	15.31		8.63			289,675		1.44			0.27			1.49			91
	15.99		12.66			302,297		1.44			0.19			1.50			97
	15.37		19.23			318,369		1.44			0.25			1.55			86
	13.41		(1.66	)		294,744		1.44			0.35			1.59			83


	16.27		12.82			1,038,998		0.69			0.94			0.73			84
	15.91		9.47			1,121,609		0.69			1.03			0.74			91
	16.51		13.44			1,521,535		0.71			0.92			0.75			97
	15.83		20.05			1,287,300		0.76			0.93			0.81			86
	13.79		(1.00	)		1,066,145		0.76			0.94			0.81			83


	16.30		13.03			1,309,531		0.55			1.08			0.59			84
	15.93		9.60			1,552,520		0.55			1.16			0.60			91
	16.53		13.56			1,679,995		0.57			1.05			0.60			97
	15.85		20.27			3,391,256		0.61			1.07			0.67			86
	13.80		(0.83	)		3,704,104		0.61			1.18			0.68			83


	16.04		12.29			216,689		1.19			0.44			1.23			84
	15.70		8.89			244,356		1.19			0.52			1.24			91
	16.34		12.88			265,675		1.21			0.42			1.25			97
	15.68		19.58			260,589		1.20			0.48			1.40			86
	13.66		(1.47	)		205,224		1.19			0.60			1.48			83


	16.15		12.57			117,991		0.94			0.70			0.98			84
	15.80		9.14			111,902		0.94			0.79			0.99			91
	16.43		13.18			61,413		0.95			0.69			1.00			97
	15.76		16.83			25,050		1.00			0.67			1.03			86


	16.25		12.84			21,651		0.69			0.95			0.73			84
	15.89		9.44			22,870		0.69			1.08			0.75			91
	16.50		13.48			10,531		0.70			0.94			0.75			97
	15.82		16.99			1,030		0.75			1.03			0.81			86


	16.31		13.04			817,671		0.54			1.09			0.58			84
	15.94		9.60			842,888		0.54			1.17			0.59			91
	16.54		13.66			938,744		0.54			1.08			0.60			97
	15.85		20.24			890,105		0.56			1.12			0.62			86
	13.81		(0.77	)		910,033		0.56			1.27			0.63			83


	16.34		13.13			9,272,379		0.44			1.20			0.48			84
	15.97		9.74			8,559,285		0.44			1.27			0.49			91
	16.56		13.75			8,937,049		0.46			1.17			0.50			97
	15.87		20.37			6,751,473		0.50			1.19			0.50			86
	13.82		(0.78	)		4,755,359		0.50			1.33			0.50			83

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	99

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Large Cap Core Plus Fund
Class A
Year Ended June 30, 2020	$	27.51	$	0.04		$	2.65		$	2.69		$	(0.03	)	$	(5.59	)	$	(5.62	)
Year Ended June 30, 2019		30.10		0.05			1.53			1.58			(0.05	)		(4.12	)		(4.17	)
Year Ended June 30, 2018		30.35		—	(g)		3.87			3.87			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		26.06		—	(g)		5.54			5.54			(0.01	)		(1.24	)		(1.25	)
Year Ended June 30, 2016		29.81		0.04			(1.37	)		(1.33	)		—	(g)		(2.42	)		(2.42	)

Class C
Year Ended June 30, 2020		25.88		(0.08	)		2.46			2.38			—			(5.59	)		(5.59	)
Year Ended June 30, 2019		28.65		(0.08	)		1.43			1.35			—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.21		(0.15	)		3.71			3.56			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.23		(0.14	)		5.36			5.22			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.07		(0.10	)		(1.32	)		(1.42	)		—			(2.42	)		(2.42	)

Class I
Year Ended June 30, 2020		27.94		0.10			2.69			2.79			(0.10	)		(5.59	)		(5.69	)
Year Ended June 30, 2019		30.51		0.13			1.54			1.67			(0.12	)		(4.12	)		(4.24	)
Year Ended June 30, 2018		30.66		0.08			3.92			4.00			(0.03	)		(4.12	)		(4.15	)
Year Ended June 30, 2017		26.32		0.08			5.59			5.67			(0.09	)		(1.24	)		(1.33	)
Year Ended June 30, 2016		30.07		0.10			(1.37	)		(1.27	)		(0.06	)		(2.42	)		(2.48	)

Class R2
Year Ended June 30, 2020		26.62		(0.04	)		2.55			2.51			—			(5.59	)		(5.59	)
Year Ended June 30, 2019		29.31		(0.04	)		1.47			1.43			—			(4.12	)		(4.12	)
Year Ended June 30, 2018		29.74		(0.09	)		3.78			3.69			—			(4.12	)		(4.12	)
Year Ended June 30, 2017		25.61		(0.07	)		5.44			5.37			—			(1.24	)		(1.24	)
Year Ended June 30, 2016		29.40		(0.03	)		(1.34	)		(1.37	)		—			(2.42	)		(2.42	)

Class R5
Year Ended June 30, 2020		28.08		0.11			2.71			2.82			(0.11	)		(5.59	)		(5.70	)
Year Ended June 30, 2019		30.65		0.14			1.55			1.69			(0.14	)		(4.12	)		(4.26	)
Year Ended June 30, 2018		30.81		0.11			3.93			4.04			(0.08	)		(4.12	)		(4.20	)
Year Ended June 30, 2017		26.44		0.13			5.62			5.75			(0.14	)		(1.24	)		(1.38	)
Year Ended June 30, 2016		30.21		0.18			(1.40	)		(1.22	)		(0.13	)		(2.42	)		(2.55	)

Class R6
Year Ended June 30, 2020		28.07		0.14			2.70			2.84			(0.14	)		(5.59	)		(5.73	)
Year Ended June 30, 2019		30.63		0.17			1.56			1.73			(0.17	)		(4.12	)		(4.29	)
November 1, 2017 (i) through June 30, 2018		32.99		0.09			1.79			1.88			(0.12	)		(4.12	)		(4.24	)

(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)

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

(f)

The net expenses and expenses without waivers, reimbursements and earnings credits (excluding dividend and interest expense for securities sold short) for Class A are 1.10% and 1.26% for the year ended June 30, 2020, 1.09% and 1.34% for the year ended June 30, 2019, 1.15% and 1.40% for the year ended June 30, 2018, 1.25% and 1.43% for the year ended June 30, 2017 and 1.26% and 1.49% for the year ended June 30, 2016; for Class C are 1.60% and 1.76% for the year ended June 30, 2020, 1.60% and 1.85% for the year ended June 30, 2019, 1.65% and 1.90% for the year ended June 30, 2018, 1.75% and 1.94% for the year ended June 30, 2017 and 1.76% and 2.00% for the year ended June 30, 2016; for Class I are 0.85% and 1.01% for the year ended June 30, 2020, 0.85% and 1.09% for the year ended June 30, 2019, 0.90% and 1.15% for the year ended June 30, 2018, 0.98% and 1.16% for the year ended June 30, 2017 and 1.00% and 1.21% for the year ended June 30, 2016; for Class R2 are 1.45% and 1.52% for the year ended June 30, 2020, 1.45% and 1.63% for the year ended June 30, 2019, 1.47% and 1.67% for the year ended June 30, 2018, 1.50% and 1.76% for the year ended June 30, 2017 and 1.51% and 1.84% for the year ended June 30, 2016; for Class R5 are 0.80% and 0.85% for the year ended June 30, 2020, 0.80% and 0.94% for the year ended June 30, 2019, 0.79% and 1.00% for the year ended June 30, 2018, 0.80% and 0.96% for the year ended June 30, 2017 and 0.80% and 0.97% for the year ended June 30, 2016; for Class R6 are 0.70% and 0.75% for the year ended June 30, 2020, 0.70% and 0.85% for the year ended June 30, 2019 and 0.70% and 0.90% for the period ended June 30, 2018, respectively.

(g)	Amount rounds to less than $0.005.

(h)	Amount rounds to less than 0.005%.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



100	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (including dividend and interest expense for securities sold short) (e)(f)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits (including dividend and interest expense for securities sold short) (f)			Portfolio turnover rate (excluding securities sold short) (c)			Portfolio turnover rate (including securities sold short) (c)


$	24.58		11.66	%	$	267,701		1.92	%		0.19	%		2.08	%		85	%		134	%
	27.51		6.84			678,071		1.91			0.22			2.16			98			148
	30.10		13.16			772,656		2.01			0.01			2.26			110			161
	30.35		21.64			791,067		2.20			0.00	(h)		2.39			94			131
	26.06		(4.52	)		890,217		2.21			0.14			2.44			88			127


	22.67		11.11			59,105		2.42			(0.32	)		2.58			85			134
	25.88		6.31			108,332		2.42			(0.29	)		2.67			98			148
	28.65		12.58			158,677		2.50			(0.50	)		2.75			110			161
	29.21		21.05			201,031		2.70			(0.50	)		2.89			94			131
	25.23		(4.98	)		212,879		2.71			(0.37	)		2.95			88			127


	25.04		11.93			2,189,079		1.67			0.40			1.83			85			134
	27.94		7.11			4,740,691		1.67			0.46			1.91			98			148
	30.51		13.46			6,169,553		1.75			0.27			2.00			110			161
	30.66		21.95			8,075,047		1.94			0.27			2.12			94			131
	26.32		(4.28	)		8,175,603		1.95			0.38			2.16			88			127


	23.54		11.32			4,560		2.27			(0.13	)		2.34			85			134
	26.62		6.45			5,304		2.27			(0.14	)		2.45			98			148
	29.31		12.81			6,528		2.31			(0.30	)		2.52			110			161
	29.74		21.33			6,207		2.45			(0.24	)		2.71			94			131
	25.61		(4.74	)		5,987		2.46			(0.11	)		2.79			88			127


	25.20		11.99			38,447		1.62			0.46			1.67			85			134
	28.08		7.14			99,113		1.62			0.51			1.76			98			148
	30.65		13.57			126,084		1.65			0.37			1.85			110			161
	30.81		22.18			168,526		1.76			0.47			1.92			94			131
	26.44		(4.07	)		591,379		1.75			0.73			1.92			88			127


	25.18		12.10			491,414		1.52			0.58			1.57			85			134
	28.07		7.30			787,497		1.52			0.59			1.67			98			148
	30.63		6.10			1,795,125		1.54			0.44			1.74			110			161

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	101

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)		Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Return of capital			Total distributions
JPMorgan U.S. Research Enhanced Equity Fund
Class A
Year Ended June 30, 2020	$	27.38	$	0.38	$	1.80		$	2.18		$	(0.31	)	$	(2.70	)	$	—		$	(3.01	)
Year Ended June 30, 2019		28.37		0.34		1.96			2.30			(0.36	)		(2.93	)		—			(3.29	)
Year Ended June 30, 2018		25.40		0.31		2.96			3.27			(0.30	)		—			—			(0.30	)
Year Ended June 30, 2017		21.74		0.28		3.72			4.00			(0.32	)		—			(0.02	)		(0.34	)
Year Ended June 30, 2016		23.99		0.26		(1.32	)		(1.06	)		(0.22	)		(0.97	)		—			(1.19	)

Class I
Year Ended June 30, 2020		27.65		0.45		1.83			2.28			(0.38	)		(2.70	)		—			(3.08	)
Year Ended June 30, 2019		28.61		0.41		1.98			2.39			(0.42	)		(2.93	)		—			(3.35	)
Year Ended June 30, 2018		25.62		0.39		2.98			3.37			(0.38	)		—			—			(0.38	)
Year Ended June 30, 2017		21.92		0.35		3.76			4.11			(0.39	)		—			(0.02	)		(0.41	)
Year Ended June 30, 2016		24.18		0.32		(1.34	)		(1.02	)		(0.27	)		(0.97	)		—			(1.24	)

Class L
Year Ended June 30, 2020		27.61		0.45		1.82			2.27			(0.38	)		(2.70	)		—			(3.08	)
Year Ended June 30, 2019		28.57		0.41		1.97			2.38			(0.41	)		(2.93	)		—			(3.34	)
Year Ended June 30, 2018		25.58		0.38		2.98			3.36			(0.37	)		—			—			(0.37	)
Year Ended June 30, 2017		21.89		0.35		3.75			4.10			(0.39	)		—			(0.02	)		(0.41	)
Year Ended June 30, 2016		24.15		0.35		(1.33	)		(0.98	)		(0.31	)		(0.97	)		—			(1.28	)

Class R6
Year Ended June 30, 2020		27.62		0.48		1.81			2.29			(0.40	)		(2.70	)		—			(3.10	)
Year Ended June 30, 2019		28.57		0.44		1.98			2.42			(0.44	)		(2.93	)		—			(3.37	)
Year Ended June 30, 2018		25.59		0.41		2.97			3.38			(0.40	)		—			—			(0.40	)
Year Ended June 30, 2017		21.90		0.38		3.75			4.13			(0.42	)		—			(0.02	)		(0.44	)
Year Ended June 30, 2016		24.16		0.37		(1.33	)		(0.96	)		(0.33	)		(0.97	)		—			(1.30	)

(a)	Calculated based upon average shares outstanding.

(b)

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

SEE NOTES TO FINANCIAL STATEMENTS.



102	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate


$	26.55		9.08	%	$	183,005		0.60	%		1.45	%		0.85	%		59	%
	27.38		9.39			207,809		0.60			1.24			0.85			42
	28.37		12.92			278,766		0.60			1.13			0.85			45
	25.40		18.52			422,719		0.69			1.19			0.96			40
	21.74		(4.30	)		497,934		0.85			1.20			1.02			122


	26.85		9.38			204,193		0.35			1.70			0.59			59
	27.65		9.65			232,077		0.35			1.50			0.59			42
	28.61		13.19			268,898		0.35			1.39			0.60			45
	25.62		18.85			285,141		0.43			1.45			0.69			40
	21.92		(4.08	)		260,494		0.60			1.45			0.69			122


	26.80		9.36			391,894		0.35			1.70			0.44			59
	27.61		9.66			422,351		0.35			1.50			0.44			42
	28.57		13.20			476,809		0.35			1.38			0.44			45
	25.58		18.86			835,535		0.40			1.47			0.49			40
	21.89		(3.94	)		824,559		0.45			1.59			0.50			122


	26.81		9.47			3,585,672		0.25			1.79			0.34			59
	27.62		9.78			4,953,109		0.25			1.60			0.34			42
	28.57		13.28			5,712,617		0.25			1.50			0.34			45
	25.59		19.00			5,863,138		0.28			1.60			0.34			40
	21.90		(3.83	)		6,638,591		0.34			1.69			0.35			122

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	103

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020

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 10 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:


	Classes Offered	Trust	Diversification Classification
JPMorgan Equity Focus Fund	Class A, Class C, Class I and Class R6⁽¹⁾	JPM I	Diversified⁽⁵⁾
JPMorgan Equity Income Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Equity Premium Income Fund⁽²⁾	Class A, Class C, Class I, Class R5 and Class R6	JPM IV	Diversified
JPMorgan Growth and Income Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Hedged Equity Fund	Class A, Class C, Class I, Class R5 and Class R6	JPM I	Diversified
JPMorgan Large Cap Growth Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Large Cap Value Fund	Class A, Class C, Class I, Class R2, Class R3⁽³⁾, Class R4⁽³⁾, Class R5 and Class R6	JPM II	Diversified
JPMorgan U.S. Equity Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, 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⁽⁴⁾, Class I, Class L⁽⁶⁾ and Class R6	JPM I	Diversified

⁽¹⁾	Class R6 commenced operations on October 1, 2018 for JPMorgan Equity Focus Fund.

⁽²⁾	Equity Premium Income Fund commenced operations on August 31, 2018.

⁽³⁾	Class R3 and Class R4 commenced operations on October 1, 2018 for JPMorgan Large Cap Value Fund.

⁽⁴⁾	Class A Shares are publicly offered on a limited basis for JPMorgan U.S. Research Enhanced Equity Fund.

⁽⁵⁾	Effective February 12, 2020, JPMorgan Equity Focus Fund is classified as a diversified fund.

⁽⁶⁾	On July 6, 2020, the Funds’ Class L Shares will be converted into Class I Shares. Additionally, on July 6, 2020, the Class L Shares were no longer offered.

The investment objective of JPMorgan Equity Focus Fund (“Equity Focus Fund”) and JPMorgan Large Cap Growth Fund (“Large Cap Growth Fund”) is to seek long-term capital appreciation.

The investment objective of JPMorgan Equity Income Fund (“Equity Income Fund”) is to seek capital appreciation and current income.

The investment objective of JPMorgan Equity Premium Income Fund (“Equity Premium Income Fund”) is to seek current income while maintaining prospects for capital appreciation.

The investment objective of JPMorgan Growth and Income Fund (“Growth and Income Fund”) is to seek to provide capital growth over the long-term and to earn income from dividends.

The investment objective of JPMorgan Hedged Equity Fund (“Hedged Equity Fund”) is to seek to provide capital appreciation.

The investment objective of JPMorgan Large Cap Value Fund (“Large Cap Value Fund”) is to seek capital appreciation with the incidental goal of achieving current income by investing primarily in equity securities.

The investment objective of JPMorgan U.S. Equity Fund (“U.S. Equity Fund”) is to seek to provide high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. Large Cap Core Plus Fund (“U.S. Large Cap Core Plus Fund”) is to seek to provide a high total return from a portfolio of selected equity securities.

The investment objective of JPMorgan U.S. Research Enhanced Equity Fund (“U.S. Research Enhanced Equity Fund”) is to seek to provide a consistently high total return from a broadly diversified portfolio of equity securities with risk characteristics similar to the Standard and Poor’s 500 Composite Stock Price Index.



104	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

Class L Shares for U.S. Equity Fund and Class A and Class L Shares for 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 Funds’ 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’ prospectuses. Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights 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.

Class A Shares for the U.S. Research Enhanced Equity Fund are publicly 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 prospectus.

2. Significant Accounting Policies

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

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

The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds’ investments. The Administrator implements the valuation policies of the Funds’ investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and at least on a quarterly basis, with the AVC and the Boards.

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.

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.

•



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	105

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):


Equity Focus Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	85,105		$	—	$	—	$	85,105


Equity Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	29,564,484		$	—	$	—	$	29,564,484


Equity Premium Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Common Stocks	$	156,764		$	—	$	—	$	156,764
Equity Linked Notes		—			30,251		—		30,251
Exchange-Traded Funds		1,866			—		—		1,866
Rights		3			—		—		3
Short-Term Investments
Investment Companies		5,899			—		—		5,899

Total Investments in Securities	$	164,532		$	30,251	$	—	$	194,783


Growth and Income Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	726,425		$	—	$	—	$	726,425


Hedged Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	9,093,930		$	—	$	—	$	9,093,930

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	1,680		$	—	$	—	$	1,680

Depreciation in Other Financial Instruments
Options Written
Call Options Written	$	(219,672	)	$	—	$	—	$	(219,672	)
Put Options Written		(85,527	)		—		—		(85,527	)

Total Depreciation in Other Financial Instruments	$	(305,199	)	$	—	$	—	$	(305,199	)


Large Cap Growth Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	24,426,707		$	—	$	—	$	24,426,707



106	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


Large Cap Value Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,317,819		$	—	$	—	$	1,317,819


U.S. Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	14,996,231		$	—	$	—	$	14,996,231


U.S. Large Cap Core Plus Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	3,949,577		$	—	$	—	$	3,949,577

Total Liabilities for Securities Sold Short (a)	$	(895,228	)	$	—	$	—	$	(895,228	)

Depreciation in Other Financial Instruments
Futures Contracts (a)	$	(24	)	$	—	$	—	$	(24	)


U.S. Research Enhanced Equity Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	4,419,763		$	—	$	—	$	4,419,763

Appreciation in Other Financial Instruments
Futures Contracts (a)	$	992		$	—	$	—	$	992

(a)	Please refer to the SOIs for specifics of portfolio holdings.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	107

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)


	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Large Cap Growth Fund	$	1,215,560	$	(1,199,704	)**	$	15,856
Large Cap Value Fund		59,241		(59,241	)		—
U.S. Equity Fund		13,372		(13,372	)		—

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

**	Subsequent to June 30, 2020, additional collateral was received from borrowers.

JPMIM voluntarily waived management fees 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 0.15% to 0.06%. For the year ended June 30, 2020, JPMIM waived fees associated with the Funds’ investment in the JPMorgan U.S. Government Money Market Fund as follows (amounts in thousands):


Equity Focus Fund	$	—	(a)
Growth and Income Fund		—	(a)
Large Cap Growth Fund		65
Large Cap Value Fund		4
U.S. Equity Fund		8

(a)	Amount rounds to less than one thousand.

Equity Focus Fund and Growth and Income Fund did not have any securities out on loan at June 30, 2020. Equity Income Fund, Equity Premium Income Fund, Hedged Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Research Enhanced Equity Fund did not lend out any securities during the year ended June 30, 2020.

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. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.



Equity Focus Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	2,779	$	32,183	$	31,745	$	(2	)	$	1	$	3,216		3,213	$	35		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		—		18,414		18,414		—			—		—		—		1	*		—

Total	$	2,779	$	50,597	$	50,159	$	(2	)	$	1	$	3,216			$	36		$	—



108	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


Equity Income Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	1,052,315	$	11,186,437	$	11,356,490	$	164		$	588		$	883,014		882,220	$	15,227		$	—


Equity Premium Income Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	—	$	235,098	$	229,199	$	—	(c)	$	—	(c)	$	5,899		5,893	$	25		$	—


Growth and Income Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	20,398	$	188,034	$	183,214	$	(1	)	$	17		$	25,234		25,211	$	287		$	—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		—		5,048		5,048		—			—			—		—		—	*(c)		—

Total	$	20,398	$	193,082	$	188,262	$	(1	)	$	17		$	25,234			$	287		$	—


Hedged Equity Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class Institutional Shares, 0.06% (a)(b)	$	232,451	$	4,012,643	$	3,788,713	$	—		$	—		$	456,381		456,381	$	1,628		$	—



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	109

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)


Large Cap Growth Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	177,684	$	7,186,540	$	6,280,577	$	125		$	590		$	1,084,362		1,083,387	$	8,356		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		406,108		4,166,500		3,469,999		288	*		2			1,102,899		1,102,458		8,541	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		96,965		2,481,334		2,481,494		—			—			96,805		96,805		1,063	*		—

Total	$	680,757	$	13,834,374	$	12,232,070	$	413		$	592		$	2,284,066			$	17,960		$	—


Large Cap Value Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	11,520	$	965,730	$	964,695	$	17		$	(2	)	$	12,570		12,558	$	480		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		—		270,200		218,500		5	*		—			51,705		51,684		166	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		—		266,260		257,568		—			—			8,692		8,693		77	*		—

Total	$	11,520	$	1,502,190	$	1,440,763	$	22		$	(2	)	$	72,967			$	723		$	—


U.S. Equity Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	88,792	$	6,761,851	$	6,809,290	$	(3	)	$	(9	)	$	41,341		41,304	$	2,292		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		13,017		1,194,300		1,206,299		57	*		(1	)		1,074		1,073		658	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		3,902		574,106		565,403		—			—			12,605		12,605		142	*		—

Total	$	105,711	$	8,530,257	$	8,580,992	$	54		$	(10	)	$	55,020			$	3,092		$	—



110	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020



U.S. Large Cap Core Plus Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	78,086	$	3,523,730	$	3,566,183	$	26		$	2	$	35,661		35,630	$	988	$	—


U.S. Research Enhanced Equity Fund
For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	39,677	$	1,462,388	$	1,391,913	$	(11	)	$	3	$	110,144		110,045	$	793	$	—

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

(b)	The rate shown is the current yield as of June 30, 2020.

(c)	Amount rounds to less than one thousand.

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

D. Futures Contracts — Hedged Equity Fund, U.S. Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Research Enhanced Equity Fund used index futures contracts to gain or reduce exposure to the stock market, 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 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 table below discloses the volume of the Funds’ futures contracts activity during the year ended June 30, 2020 (amounts in thousands):


	Hedged Equity Fund		U.S. Equity Fund			U.S. Large Cap Core Plus Fund		U.S. Research Enhanced Equity Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	109,146	$	43,267	(a)	$	17,019	$	50,779
Ending Notional Balance Long		161,769		—			2,159		50,582

(a)	For the period July 1, 2019 through May 31, 2020.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	111

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

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).

E. Options — Hedged Equity Fund purchased and sold (“wrote”) put and call options on indices to manage and hedge equity risk within its portfolio. 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 Fund 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 Fund will lose the entire premium it paid and record a loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will 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 Fund 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 of 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 Fund records 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 Fund 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 Fund pledges collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOI.

Written uncovered call options subject the Fund 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 Fund to risk of loss if the value of the security declines below the exercise price minus the put premium.

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Fund’s 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).

The Fund may be required to post or receive collateral for over-the-counter options. Cash collateral posted by the Fund is considered restricted.

The table below discloses the volume of the Fund’s options contracts activity during the year ended June 30, 2020:


Exchange-Traded Options:
Average Number of Contracts Purchased			22,110
Average Number of Contracts Written			44,220
Ending Number of Contracts Purchased			27,545
Ending Number of Contracts Written			55,090

F. Equity-Linked Notes — The 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 June 30, 2020, the Fund had outstanding ELNs as listed on the SOI.

G. Short Sales — The U.S. Large Cap Core Plus Fund engages in short sales as part of its normal investment activities. In a short sale, the Fund sells securities it does not own in anticipation of a decline in the market value of those securities. In order to deliver securities to the purchaser, the Fund borrows securities from a broker. To close out a short position, the Fund delivers the same securities to the broker.

The Fund is required to pledge cash or securities to the broker as collateral for the securities sold short. Collateral requirements are calculated daily based on the current market value of the short positions. Cash collateral deposited with the broker is recorded as Deposits at broker for securities sold short, while cash collateral deposited at the Fund’s custodian for the benefit of the broker is recorded as Restricted cash for securities sold short on the Statements of Assets and Liabilities. Securities segregated as collateral are denoted on the SOI. The Fund may receive or pay the net of the following amounts: (i) a portion of the income from the investment of cash collateral; (ii) the broker’s fee on the borrowed securities (calculated daily based upon the market value of each borrowed security and a variable rate that is dependent on availability of the security); and (iii) a



112	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

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. Liabilities for securities sold short are reported at market value on the Statements of Assets and Liabilities and the change in market value is recorded as Change in net unrealized appreciation (depreciation) on the Statements of Operations. Short sale transactions may result in unlimited losses as the security’s price increases and the short position loses value. There is no upward limit on the price a borrowed security could attain. The Fund is also subject to risk of loss if the broker were to fail to perform its obligations under the contractual terms.

The Fund will record a realized loss if the price of the borrowed security increases between the date of the short sale and the date on which the Fund replaces the borrowed security. The Fund will record a realized gain if the price of the borrowed security declines between those dates.

As of June 30, 2020, the Fund had outstanding short sales as listed on the SOI.

H. Offering and Organizational Costs — Total offering costs of approximately $27,000 incurred in connection with the offering of shares of the Equity Premium Income Fund are amortized on a straight line basis over 12 months from the date the Fund commenced operations. Costs paid in connection with the organization of the Fund, if any, are recorded as an expense at the time the Fund commenced operations. For the year ended June 30, 2020, total offering costs amortized were approximately $5,000.

I. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

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


	Class A		Class C			Class I		Class L		Class R2		Class R3			Class R4			Class R5			Class R6			Total
Equity Focus Fund
Transfer agency fees	$	1	$	—	(a)	$	3		n/a		n/a		n/a			n/a			n/a		$	1		$	5
Equity Income Fund
Transfer agency fees		424		79			129		n/a	$	11	$	5		$	3		$	26			187			864
Equity Premium Income Fund
Transfer agency fees		1		—	(a)		1		n/a		n/a		n/a			n/a			—	(a)		—	(a)		2
Growth and Income Fund
Transfer agency fees		176		2			6		n/a		4		—	(a)		—	(a)		4			1			193
Hedged Equity Fund
Transfer agency fees		34		13			58		n/a		n/a		n/a			n/a			3			17			125
Large Cap Growth Fund
Transfer agency fees		312		22			73		n/a		8		2			1			14			92			524
Large Cap Value Fund
Transfer agency fees		68		3			7		n/a		4		—	(a)		—	(a)		2			26			110
U.S. Equity Fund
Transfer agency fees		98		13			33	$	139		6		3			—	(a)		10			86			388
U.S. Large Cap Core Plus Fund
Transfer agency fees		41		7			55		n/a		1		n/a			n/a			—	(a)		5			109
U.S. Research Enhanced Equity Fund
Transfer agency fees		21		n/a			6		14		n/a		n/a			n/a			n/a			34			75

(a)	Amount rounds to less than one thousand.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	113

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

K. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2020, no liability for Federal income tax is required in the Funds’ financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund’s Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

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

The following amounts were reclassified within the capital accounts (amounts in thousands):


	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Equity Focus Fund	$	1,688		$	(41	)	$	(1,647	)
Equity Income Fund		(1,369	)		(366	)		1,735
Equity Premium Income Fund		(57	)		(7	)		64
Growth and Income Fund		—			(46	)		46
Hedged Equity Fund		—			(2,562	)		2,562
Large Cap Growth Fund		133,929			(4,345	)		(129,584	)
Large Cap Value Fund		—			(552	)		552
U.S. Equity Fund		85,025			(5,849	)		(79,176	)
U.S. Large Cap Core Plus Fund		237,550			(370	)		(237,180	)
U.S. Research Enhanced Equity Fund		529,741			(2,676	)		(527,065	)

The reclassifications for the Funds relate primarily to non-taxable dividends, redemptions in-kind and tax equalization.

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 based on each Fund’s average daily net assets. The annual rate for each Fund is as follows:


Equity Focus Fund	0.50	%⁽¹⁾
Equity Income Fund	0.40
Equity Premium Income Fund	0.25
Growth and Income Fund	0.40
Hedged Equity Fund	0.25
Large Cap Growth Fund	0.45	⁽¹⁾
Large Cap Value Fund	0.40
U.S. Equity Fund	0.40
U.S. Large Cap Core Plus Fund	0.65	⁽¹⁾
U.S. Research Enhanced Equity Fund	0.25

⁽¹⁾	Prior to August 1, 2019, the investment advisory fee for Equity Focus Fund, Large Cap Growth Fund and U.S. Large Cap Core Plus Fund was accrued daily and paid monthly at an annual rate of 0.60%, 0.50% and 0.70%, respectively, of each Fund’s daily net assets.

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



114	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

$20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the year ended June 30, 2020, the effective annualized rate for Equity Focus Fund, Equity Income Fund, Equity Premium Income Fund, Growth and Income Fund, Hedged Equity Fund, Large Cap Growth Fund, Large Cap Value Fund, U.S. Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Research Enhanced Equity Fund was 0.08%, 0.05%, 0.08%, 0.08%, 0.08%, 0.06%, 0.08%, 0.07%, 0.08% and 0.08%, 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.

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


	Class A			Class C			Class R2			Class R3
Equity Focus Fund		0.25	%		0.75	%		n/a			n/a
Equity Income Fund		0.25			0.75			0.50	%		0.25	%
Equity Premium Income Fund		0.25			0.75			n/a			n/a
Growth and Income Fund		0.25			0.75			0.50			0.25
Hedged Equity Fund		0.25			0.75			n/a			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. Equity Fund		0.25			0.75			0.50			0.25
U.S. Large Cap Core Plus Fund		0.25			0.75			0.50			n/a
U.S. Research Enhanced Equity Fund		0.25			n/a			n/a			n/a


	Front-End Sales Charge			CDSC
Equity Focus Fund	$	3		$	—
Equity Income Fund		831			9
Equity Premium Income Fund		9			—
Growth and Income Fund		20			—	(a)
Hedged Equity Fund		224			6
Large Cap Growth Fund		584			1
Large Cap Value Fund		6			—	(a)
U.S. Equity Fund		86			1
U.S. Large Cap Core Plus Fund		10			—
U.S. Research Enhanced Equity Fund		—	(a)		—	(a)

(a)	Amount rounds to less than one thousand.

D. Service Fees — The Trusts, on behalf of the Funds, have entered into Shareholder Servicing Agreements 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 for



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	115

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:


	Class A			Class C			Class I			Class L			Class R2			Class R3			Class R4			Class R5
Equity Focus Fund		0.25	%		0.25	%		0.25	%		n/a			n/a			n/a			n/a			n/a
Equity Income Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		0.25	%		0.10	%
Equity Premium Income Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Growth and Income Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Hedged Equity Fund		0.25			0.25			0.25			n/a			n/a			n/a			n/a			0.10
Large Cap Growth Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
Large Cap Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
U.S. Equity Fund		0.25			0.25			0.25			0.10	%		0.25			0.25			0.25			0.10
U.S. Large Cap Core Plus Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
U.S. Research Enhanced Equity Fund		0.25			n/a			0.25			0.10			n/a			n/a			n/a			n/a

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

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
Equity Focus Fund		1.10	%		1.60	%		0.85	%		n/a			n/a			n/a			n/a			n/a			0.60	%
Equity Income Fund		n/a	⁽¹⁾		n/a	⁽¹⁾		n/a	⁽¹⁾		n/a			n/a	⁽¹⁾		n/a	⁽¹⁾		n/a	⁽¹⁾		n/a	⁽¹⁾		n/a	⁽¹⁾
Equity Premium Income Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45	%		0.35
Growth and Income Fund		0.94			1.44			0.69			n/a			1.19	%		0.94	%		0.69	%		0.54			0.44
Hedged Equity Fund		0.85			1.35			0.60			n/a			n/a			n/a			n/a			0.45			0.35
Large Cap Growth Fund		0.94			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44
Large Cap Value Fund		0.93			1.44			0.69			n/a			1.19			0.94			0.69			0.54			0.44
U.S. Equity Fund		0.94			1.44			0.69			0.61	%		1.19			0.94			0.69			0.54			0.44
U.S. Large Cap Core Plus Fund		1.10			1.60			0.85			n/a			1.45			n/a			n/a			0.80			0.70
U.S. Research Enhanced Equity Fund		0.60			n/a			0.35			n/a	⁽²⁾		n/a			n/a			n/a			n/a			0.25

⁽¹⁾

Effective November 1, 2019, the contractual expense limitation for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 1.04%, 1.54%, 0.79%, 1.29%, 1.04%, 0.79%, 0.59% and 0.54% for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively.

⁽²⁾	Effective November 1, 2019, the contractual expense limitation for Class L Shares expired. Prior to November 1, 2019, the contractual expense limitation was 0.45% for Class L Shares.

Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2020.



116	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Equity Focus Fund	$	144	$	72	$	4	$	220	$	—
Equity Income Fund		26		—		—		26		—
Equity Premium Income Fund		207		86		2		295		58
Growth and Income Fund		342		228		184		754		8
Hedged Equity Fund		34		23		38		95		7
Large Cap Growth Fund		9,855		6,561		349		16,765		17
Large Cap Value Fund		580		386		100		1,066		18
U.S. Equity Fund		3,402		2,262		163		5,827		86
U.S. Large Cap Core Plus Fund		1,285		856		3,583		5,724		3
U.S. Research Enhanced Equity Fund		2,331		1,553		627		4,511		34

(a)	Amount rounds to less than one thousand.

The amounts of waivers resulting from investments in these money market funds for the year ended June 30, 2020 were as follows (amounts in thousands):


Equity Focus Fund	$	3
Equity Income Fund		1,327
Equity Premium Income Fund		4
Growth and Income Fund		26
Hedged Equity Fund		271
Large Cap Growth Fund		700
Large Cap Value Fund		40
U.S. Equity Fund		206
U.S. Large Cap Core Plus Fund		80
U.S. Research Enhanced Equity Fund		67

During the year ended June 30, 2020, the Equity Focus Fund, Hedged Equity Fund, Large Cap Value Fund, U.S. Equity Fund, U.S. Large Cap Core Plus Fund and U.S. Research Enhanced Equity Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	117

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

4. Investment Transactions

During the year ended June 30, 2020, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Securities Sold Short		Covers on Securities Sold Short
Equity Focus Fund	$	40,702	$	66,276	$	—	$	—
Equity Income Fund		14,541,363		5,952,474		—		—
Equity Premium Income Fund		391,071		243,402		—		—
Growth and Income Fund		256,073		147,831		—		—
Hedged Equity Fund		7,197,964		4,440,015		—		—
Large Cap Growth Fund		9,150,109		8,029,538		—		—
Large Cap Value Fund		2,467,558		2,480,523		—		—
U.S. Equity Fund		12,158,581		13,148,030		—		—
U.S. Large Cap Core Plus Fund		4,437,561		8,676,822		2,085,919		2,568,414
U.S. Research Enhanced Equity Fund		2,620,610		3,083,207		—		—

During the year ended June 30, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2020 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	63,787	$	23,839	$	2,521	$	21,318
Equity Income Fund		25,738,640		5,105,328		1,279,484		3,825,844
Equity Premium Income Fund		190,402		9,560		5,179		4,381
Growth and Income Fund		563,252		186,206		23,033		163,173
Hedged Equity Fund		7,681,671		1,342,625		233,885		1,108,740
Large Cap Growth Fund		14,247,264		10,312,516		133,073		10,179,443
Large Cap Value Fund		1,336,577		96,559		115,317		(18,758	)
U.S. Equity Fund		10,890,347		4,265,729		159,845		4,105,884
U.S. Large Cap Core Plus Fund*		1,665,830		1,498,392		109,897		1,388,495
U.S. Research Enhanced Equity Fund		3,129,584		1,405,463		114,292		1,291,171

*	The tax cost includes the proceeds from short sales which may result in a net negative cost.

For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, mark to market of options contracts and non-taxable dividends.

The tax character of distributions paid during the year ended June 30, 2020 was as follows (amounts in thousands):


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Equity Focus Fund	$	1,840	$	14,655	$	16,495
Equity Income Fund		604,025		309,226		913,251
Equity Premium Income Fund		13,523		—		13,523
Growth and Income Fund		12,810		13,478		26,288
Hedged Equity Fund		76,075		—		76,075
Large Cap Growth Fund		25,755		2,006,004		2,031,759
Large Cap Value Fund		23,336		—		23,336
U.S. Equity Fund		156,829		1,311,869		1,468,698
U.S. Large Cap Core Plus Fund		20,011		1,154,945		1,174,956
U.S. Research Enhanced Equity Fund		70,897		483,702		554,599

*	Short-term gain distributions are treated as ordinary income for income tax purposes.



118	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Equity Focus Fund	$	1,517	$	13,795	$	15,312
Equity Income Fund		429,818		505,510		935,328
Equity Premium Income Fund		3,254		—		3,254
Growth and Income Fund		12,960		24,851		37,811
Hedged Equity Fund		43,440		—		43,440
Large Cap Growth Fund		5,415		1,765,341		1,770,756
Large Cap Value Fund		69,943		49,369		119,312
U.S. Equity Fund		493,090		1,142,626		1,635,716
U.S. Large Cap Core Plus Fund		34,942		1,077,212		1,112,154
U.S. Research Enhanced Equity Fund		99,784		640,122		739,906

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

As of June 30, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Equity Focus Fund	$	1,000	$	7,466		$	21,318
Equity Income Fund		—		—			3,825,844
Equity Premium Income Fund		—		(4,187	)		4,381
Growth and Income Fund		793		7,677			163,173
Hedged Equity Fund		26,480		(272,280	)		1,108,740
Large Cap Growth Fund		25,426		976,336			10,179,443
Large Cap Value Fund		1,422		(24,093	)		(18,758	)
U.S. Equity Fund		26,301		654,859			4,105,884
U.S. Large Cap Core Plus Fund		48,650		521,841			1,387,712
U.S. Research Enhanced Equity Fund		12,968		91,777			1,291,171

For the Funds, the cumulative timing differences primarily consist of mark to market of options contracts, post-October capital loss deferrals, non-taxable dividends and wash sale loss deferrals.

As of June 30, 2020, the following Funds had net capital loss carryforwards (amounts in thousands):


	Capital Loss Carryforward Character
	Short-Term		Long-Term
Equity Premium Income Fund	$	4,187	$	—
Hedged Equity Fund		114,389		157,891
Large Cap Value Fund		24,093		—

Net capital 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, 2020, the following Funds deferred to July 1, 2020 the following net capital losses of (amounts in thousands):


	Net Capital Losses (Gains)
	Short-Term		Long-Term
Equity Income Fund	$	491,217	$	330,688
Equity Premium Income Fund		25,154		(102	)
Growth and Income Fund		6,424		—
Hedged Equity Fund		57,540		40,233
Large Cap Growth Fund		68,836		—
Large Cap Value Fund		49,514		(13,663	)
U.S. Research Enhanced Equity Fund		34,878		—



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	119

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

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 during the year ended June 30, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2020.

The Funds had no borrowings outstanding from the Credit Facility at June 30, 2020. Average borrowings from the Credit Facility during the year ended June 30, 2020 were as follows (amounts in thousands, except number of days outstanding):


	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
Hedged Equity Fund	$	94,500		1.95	%		2	$	10

7. Risks, Concentrations and Indemnifications



120	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

As of June 30, 2020, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:


	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Equity Focus Fund		1		64.5	%		1		21.1	%
Equity Income Fund		1		10.3			2		25.9
Equity Premium Income Fund		1		19.1			3		54.1
Growth and Income Fund		1		15.7			1		17.9
Hedged Equity Fund		—		—			2		29.3
Large Cap Growth Fund		—		—			1		19.7
Large Cap Value Fund		2		30.4			1		10.4
U.S. Equity Fund		—		—			1		14.4
U.S. Large Cap Core Plus Fund		1		23.1			1		32.1
U.S. Research Enhanced Equity Fund		1		10.3			1		14.7

As of June 30, 2020, J.P. Morgan Investor Funds and JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the following Funds:


	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Large Cap Value Fund		42.5	%		n/a
U.S. Equity Fund		n/a			28.0	%
U.S. Research Enhanced Equity Fund		14.9			38.9

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

The Equity Premium Income Fund’s investments in ELNs entail varying degrees of risks. The Equity Premium Income 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 Equity Premium Income 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 funds 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.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	121

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

8. Redemptions in-kind

On February 28, 2019, certain shareholders sold Class R6 Shares of Equity Income Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):


	Value			Realized Gains (Losses)		Type
Equity Income Fund	$	54,694	*	$	27,965		Redemption in-kind

*	This amount includes cash of approximately $2,919,000 associated with the redemption in-kind.

On October 18, 2019, certain shareholders sold Class R6 Shares of U.S. Research Enhanced Equity Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):


	Value			Realized Gains (Losses)		Type
U.S. Research Enhanced Equity Fund	$	1,336,709	*	$	545,813		Redemption in-kind

*	This amount includes cash of approximately $17,300,000 associated with the redemption in-kind.

9. Subscription in-kind

On July 29, 2019, certain shareholders purchased Class R6 Shares of U.S. Equity Fund. The portfolio securities were received primarily by means of a subscription in-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):


	Value		Type
U.S. Equity Fund	$	45,414		Subscription in-kind

On February 26, 2020, certain shareholders purchased Class R6 Shares of Equity Income Fund. The portfolio securities were received primarily by means of a subscription in-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):


	Value	Type
Equity Income Fund	$48,418*		Subscription in-kind

*	This amount includes cash of approximately $230,000 associated with the subscription in-kind.

10. Subsequent Events

On August 11, 2020 the Board of Trustees of JPM I approved the following changes for the Growth and Income Fund, which are expected to become effective on or about November 1, 2020: (i) a change to the Fund’s name to JPMorgan U.S. Value Fund; (ii) a change to the Fund’s investment objective so the new objective will be “the Fund seeks to provide capital growth over the long-term”; and (iii) a change to the Fund’s 80% investment policy so that, under normal circumstances, at least 80% of the Fund’s Assets (net assets plus the amount of any borrowings for investment purposes) will be invested in common stocks issued by U.S companies.

On August 11, 2020, the contractual expense limitations for all share classes of the Funds, excluding Equity Income Fund and Class L Shares of the U.S. Equity Fund, were extended until at least October 31, 2021.



122	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan Equity Focus Fund, JPMorgan Equity Income Fund, JPMorgan Equity Premium Income Fund, JPMorgan Growth and Income Fund, JPMorgan Hedged Equity Fund, JPMorgan Large Cap Growth Fund, JPMorgan Large Cap Value Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. Large Cap Core Plus Fund and JPMorgan U.S. Research Enhanced Equity Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Equity Focus Fund, JPMorgan Growth and Income Fund, JPMorgan Hedged Equity Fund, JPMorgan U.S. Equity Fund, JPMorgan U.S. Research Enhanced Equity Fund and JPMorgan U.S. Large Cap Core Plus Fund (six of the funds constituting JPMorgan Trust I), JPMorgan Equity Income Fund, JPMorgan Large Cap Growth Fund and JPMorgan Large Cap Value Fund (three of the funds constituting JPMorgan Trust II) and JPMorgan Equity Premium Income Fund (one of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations and the statement of cash flows for JPMorgan U.S. Large Cap Core Plus Fund for the year ended June 30, 2020 and the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations and its cash flows for JPMorgan U.S. Large Cap Core Plus Fund for the year then ended and the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

JPMorgan Equity Focus Fund

JPMorgan Growth and Income Fund

JPMorgan Hedged Equity Fund

JPMorgan U.S. Equity Fund

JPMorgan U.S. Research Enhanced Equity Fund

JPMorgan Equity Income Fund

JPMorgan Large Cap Growth Fund

JPMorgan Large Cap Value Fund

JPMorgan U.S. Large Cap Core Plus Fund

Statements of changes in net assets for each of the two years in the period ended June 30, 2020 and the financial highlights for each of the periods indicated therein

JPMorgan Equity Premium Income Fund

Statement of changes in net assets for the year ended June 30, 2020, and the period August 31, 2018 (commencement of operations) through June 30, 2019 and the financial highlights for the year ended June 30, 2020, and the period August 31, 2018 (commencement of operations) through June 30, 2019

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2020

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	123

TRUSTEES

(Unaudited)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Chairman since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	126	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	126	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None

Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None



124	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None

Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None

Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None

Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	125

TRUSTEES

(Unaudited) (continued)

(1)	The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

(2)

**	A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

***

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.



126	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trusts (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.

Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Anthony Geron (1971), Assistant Secretary (2018)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.

Carmine Lekstutis (1980), Assistant Secretary (2011)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Keri E. Riemer (1976), Assistant Secretary (2019)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.

Shannon Gaines (1977), Assistant Treasurer (2018)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

*	The contact address for the officer is 4 New York Plaza, New York, NY 10004.

**	The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	127

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund 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. 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.


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Equity Focus Fund
Class A
Actual	$	1,000.00	$	968.60	$	5.38		1.10	%
Hypothetical		1,000.00		1,019.39		5.52		1.10
Class C
Actual		1,000.00		966.10		7.82		1.60
Hypothetical		1,000.00		1,016.91		8.02		1.60
Class I
Actual		1,000.00		969.50		4.16		0.85
Hypothetical		1,000.00		1,020.64		4.27		0.85
Class R6
Actual		1,000.00		971.10		2.94		0.60
Hypothetical		1,000.00		1,021.88		3.02		0.60

JPMorgan Equity Income Fund
Class A
Actual		1,000.00		858.00		4.48		0.97
Hypothetical		1,000.00		1,020.04		4.87		0.97
Class C
Actual		1,000.00		856.00		6.78		1.47
Hypothetical		1,000.00		1,017.55		7.37		1.47
Class I
Actual		1,000.00		859.00		3.28		0.71
Hypothetical		1,000.00		1,021.33		3.57		0.71
Class R2
Actual		1,000.00		857.20		5.63		1.22
Hypothetical		1,000.00		1,018.80		6.12		1.22
Class R3
Actual		1,000.00		858.40		4.48		0.97
Hypothetical		1,000.00		1,020.04		4.87		0.97



128	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Equity Income Fund (continued)
Class R4
Actual	$	1,000.00	$	859.40	$	3.28		0.71	%
Hypothetical		1,000.00		1,021.33		3.57		0.71
Class R5
Actual		1,000.00		859.70		2.59		0.56
Hypothetical		1,000.00		1,022.08		2.82		0.56
Class R6
Actual		1,000.00		860.10		2.13		0.46
Hypothetical		1,000.00		1,022.58		2.31		0.46

JPMorgan Equity Premium Income Fund
Class A
Actual		1,000.00		908.30		4.03		0.85
Hypothetical		1,000.00		1,020.64		4.27		0.85
Class C
Actual		1,000.00		906.10		6.40		1.35
Hypothetical		1,000.00		1,018.15		6.77		1.35
Class I
Actual		1,000.00		909.40		2.85		0.60
Hypothetical		1,000.00		1,021.88		3.02		0.60
Class R5
Actual		1,000.00		910.10		2.14		0.45
Hypothetical		1,000.00		1,022.63		2.26		0.45
Class R6
Actual		1,000.00		910.50		1.66		0.35
Hypothetical		1,000.00		1,023.12		1.76		0.35

JPMorgan Growth and Income Fund
Class A
Actual		1,000.00		854.70		4.33		0.94
Hypothetical		1,000.00		1,020.19		4.72		0.94
Class C
Actual		1,000.00		852.70		6.63		1.44
Hypothetical		1,000.00		1,017.70		7.22		1.44
Class I
Actual		1,000.00		855.90		3.18		0.69
Hypothetical		1,000.00		1,021.43		3.47		0.69
Class R2
Actual		1,000.00		853.80		5.48		1.19
Hypothetical		1,000.00		1,018.95		5.97		1.19
Class R3
Actual		1,000.00		854.80		4.33		0.94
Hypothetical		1,000.00		1,020.19		4.72		0.94
Class R4
Actual		1,000.00		855.80		3.18		0.69
Hypothetical		1,000.00		1,021.43		3.47		0.69
Class R5
Actual		1,000.00		856.50		2.49		0.54
Hypothetical		1,000.00		1,022.18		2.72		0.54
Class R6
Actual		1,000.00		856.90		2.03		0.44
Hypothetical		1,000.00		1,022.68		2.21		0.44

JPMorgan Hedged Equity Fund
Class A
Actual		1,000.00		1,034.30		4.30		0.85
Hypothetical		1,000.00		1,020.64		4.27		0.85



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	129

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Hedged Equity Fund (continued)
Class C
Actual	$	1,000.00	$	1,031.90	$	6.82		1.35	%
Hypothetical		1,000.00		1,018.15		6.77		1.35
Class I
Actual		1,000.00		1,035.90		2.99		0.59
Hypothetical		1,000.00		1,021.93		2.97		0.59
Class R5
Actual		1,000.00		1,036.20		2.28		0.45
Hypothetical		1,000.00		1,022.63		2.26		0.45
Class R6
Actual		1,000.00		1,037.60		1.77		0.35
Hypothetical		1,000.00		1,023.12		1.76		0.35

JPMorgan Large Cap Growth Fund
Class A
Actual		1,000.00		1,202.20		5.09		0.93
Hypothetical		1,000.00		1,020.24		4.67		0.93
Class C
Actual		1,000.00		1,199.00		7.82		1.43
Hypothetical		1,000.00		1,017.75		7.17		1.43
Class I
Actual		1,000.00		1,203.80		3.73		0.68
Hypothetical		1,000.00		1,021.48		3.42		0.68
Class R2
Actual		1,000.00		1,200.60		6.46		1.18
Hypothetical		1,000.00		1,019.00		5.92		1.18
Class R3
Actual		1,000.00		1,202.20		5.09		0.93
Hypothetical		1,000.00		1,020.24		4.67		0.93
Class R4
Actual		1,000.00		1,203.50		3.73		0.68
Hypothetical		1,000.00		1,021.48		3.42		0.68
Class R5
Actual		1,000.00		1,204.70		2.91		0.53
Hypothetical		1,000.00		1,022.23		2.66		0.53
Class R6
Actual		1,000.00		1,205.30		2.36		0.43
Hypothetical		1,000.00		1,022.73		2.16		0.43

JPMorgan Large Cap Value Fund
Class A
Actual		1,000.00		825.90		4.22		0.93
Hypothetical		1,000.00		1,020.24		4.67		0.93
Class C
Actual		1,000.00		824.20		6.53		1.44
Hypothetical		1,000.00		1,017.70		7.22		1.44
Class I
Actual		1,000.00		827.30		3.13		0.69
Hypothetical		1,000.00		1,021.43		3.47		0.69
Class R2
Actual		1,000.00		825.20		5.40		1.19
Hypothetical		1,000.00		1,018.95		5.97		1.19
Class R3
Actual		1,000.00		826.00		4.27		0.94
Hypothetical		1,000.00		1,020.19		4.72		0.94



130	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Large Cap Value Fund (continued)
Class R4
Actual	$	1,000.00	$	827.20	$	3.13		0.69	%
Hypothetical		1,000.00		1,021.43		3.47		0.69
Class R5
Actual		1,000.00		827.80		2.45		0.54
Hypothetical		1,000.00		1,022.18		2.72		0.54
Class R6
Actual		1,000.00		827.80		2.00		0.44
Hypothetical		1,000.00		1,022.68		2.21		0.44

JPMorgan U.S. Equity Fund
Class A
Actual		1,000.00		1,014.20		4.71		0.94
Hypothetical		1,000.00		1,020.19		4.72		0.94
Class C
Actual		1,000.00		1,011.40		7.20		1.44
Hypothetical		1,000.00		1,017.70		7.22		1.44
Class I
Actual		1,000.00		1,014.90		3.46		0.69
Hypothetical		1,000.00		1,021.43		3.47		0.69
Class L
Actual		1,000.00		1,015.60		2.76		0.55
Hypothetical		1,000.00		1,022.13		2.77		0.55
Class R2
Actual		1,000.00		1,013.00		5.96		1.19
Hypothetical		1,000.00		1,018.95		5.97		1.19
Class R3
Actual		1,000.00		1,013.60		4.71		0.94
Hypothetical		1,000.00		1,020.19		4.72		0.94
Class R4
Actual		1,000.00		1,015.50		3.46		0.69
Hypothetical		1,000.00		1,021.43		3.47		0.69
Class R5
Actual		1,000.00		1,016.30		2.71		0.54
Hypothetical		1,000.00		1,022.18		2.72		0.54
Class R6
Actual		1,000.00		1,016.20		2.21		0.44
Hypothetical		1,000.00		1,022.68		2.21		0.44

JPMorgan U.S. Large Cap Core Plus Fund
Class A
Actual		1,000.00		1,012.80		9.97		1.99
Hypothetical		1,000.00		1,014.95		9.98		1.99
Class C
Actual		1,000.00		1,010.30		12.46		2.49
Hypothetical		1,000.00		1,012.47		12.47		2.49
Class I
Actual		1,000.00		1,013.80		8.68		1.73
Hypothetical		1,000.00		1,016.25		8.69		1.73
Class R2
Actual		1,000.00		1,011.20		11.71		2.34
Hypothetical		1,000.00		1,013.21		11.73		2.34
Class R5
Actual		1,000.00		1,014.10		8.48		1.69
Hypothetical		1,000.00		1,016.45		8.49		1.69



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	131

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Large Cap Core Plus Fund (continued)
Class R6
Actual	$	1,000.00	$	1,014.90	$	7.98		1.59	%
Hypothetical		1,000.00		1,016.94		7.99		1.59

JPMorgan U.S. Research Enhanced Equity Fund
Class A
Actual		1,000.00		981.50		2.96		0.60
Hypothetical		1,000.00		1,021.88		3.02		0.60
Class I
Actual		1,000.00		983.00		1.73		0.35
Hypothetical		1,000.00		1,023.12		1.76		0.35
Class L
Actual		1,000.00		983.00		1.73		0.35
Hypothetical		1,000.00		1,023.12		1.76		0.35
Class R6
Actual		1,000.00		983.20		1.23		0.25
Hypothetical		1,000.00		1,023.62		1.26		0.25

*	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).



132	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Boards of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.

The Report summarized the operation of the Program and the information and factors considered by the Program



JUNE 30, 2020	J.P. MORGAN LARGE CAP FUNDS	133

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2020:


	Dividends Received Deduction
JPMorgan Equity Focus Fund		72.59	%
JPMorgan Equity Income Fund		100.00
JPMorgan Equity Premium Income Fund		13.70
JPMorgan Growth and Income Fund		100.00
JPMorgan Hedged Equity Fund		100.00
JPMorgan Large Cap Growth Fund		100.00
JPMorgan Large Cap Value Fund		100.00
JPMorgan U.S. Equity Fund		100.00
JPMorgan U.S. Large Cap Core Plus Fund		100.00
JPMorgan U.S. Research Enhanced Equity Fund		100.00

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2020 (amounts in thousands):


	Long-Term Capital Gain Distribution
JPMorgan Equity Focus Fund	$	16,179
JPMorgan Equity Income Fund		309,226
JPMorgan Growth and Income Fund		13,478
JPMorgan Large Cap Growth Fund		2,139,934
JPMorgan U.S. Equity Fund		1,385,904
JPMorgan U.S. Large Cap Core Plus Fund		1,386,459
JPMorgan U.S. Research Enhanced Equity Fund		483,702

Qualified Dividend Income (QDI)


	Qualified Dividend Income
JPMorgan Equity Focus Fund	$	1,339
JPMorgan Equity Income Fund		604,025
JPMorgan Equity Premium Income Fund		1,990
JPMorgan Growth and Income Fund		12,810
JPMorgan Hedged Equity Fund		76,075
JPMorgan Large Cap Growth Fund		25,755
JPMorgan Large Cap Value Fund		23,336
JPMorgan U.S. Equity Fund		156,829
JPMorgan U.S. Large Cap Core Plus Fund		20,011
JPMorgan U.S. Research Enhanced Equity Fund		70,897

Section 199A Income

The Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as 199A dividends for the fiscal year ended June 30, 2020.


JPMorgan Equity Focus Fund		$	145



134	J.P. MORGAN LARGE CAP FUNDS	JUNE 30, 2020

LOGO

Rev. January 2011



FACTS		WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?


Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.



Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share



Questions?		Call 1-800-480-4111 or go to www.jpmorganfunds.com

LOGO



Page 2



Who we are
Who is providing this notice?		J.P. Morgan Funds



What we do
How does J.P. Morgan Funds protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?		We collect your personal information, for example, when you: ◾ open an account or provide contact information ◾ give us your account information or pay us by check ◾ make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?		Federal law gives you the right to limit only ◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾ affiliates from using your information to market to you ◾ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.



Definitions
Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing		A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾ J.P. Morgan Funds doesn’t jointly market.

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.

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.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2020. All rights reserved. June 2020.		AN-LCE-620

Annual Report

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

June 30, 2020

JPMorgan Growth Advantage Fund

JPMorgan Mid Cap Equity Fund

JPMorgan Mid Cap Growth Fund

JPMorgan Mid Cap Value Fund

JPMorgan Value Advantage Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

LOGO

CONTENTS


Letter to Shareholders			1

Market Overview			2

Fund Commentaries:

JPMorgan Growth Advantage Fund			3

JPMorgan Mid Cap Equity Fund			5

JPMorgan Mid Cap Growth Fund			7

JPMorgan Mid Cap Value Fund			9

JPMorgan Value Advantage Fund			11

Schedules of Portfolio Investments			13

Financial Statements			28

Financial Highlights			44

Notes to Financial Statements			54

Report of Independent Registered Public Accounting Firm			66

Trustees			67

Officers			70

Schedule of Shareholder Expenses			71

Liquidity Risk Management Program			74

Tax Letter			75

Privacy Policy — Located at the back of this Annual Report

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	1

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

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)



2	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

JPMorgan Growth Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		27.87%
Russell 3000 Growth Index		21.94%

Net Assets as of 6/30/2020 (In Thousands)	$	10,810,205

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, outperformed the Russell 3000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s overweight position and security selection in the consumer discretionary sector and its security selection in the information technology sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection and overweight position in the energy sector and its overweight position in the financials sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Tesla, Inc. and Teladoc Health Inc. and its underweight position in Boeing Co. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose amid a faster-than-expected schedule for production of its Model Y vehicles and efficient production output from its Shanghai factory. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Boeing, an aircraft and aerospace manufacturer, fell amid investor concerns about the future of its 737 Max aircraft as well as a sharp decline in airline traffic in response to the COVID-19 pandemic.

Leading individual detractors from relative performance included the Fund’s underweight position in Apple Inc., its out-of-Benchmark position in EOG Resources Inc. and its overweight position in Charles Schwab Corp. Shares of Apple, a maker of mobile devices, computers, software and relative services, rose amid better-than-expected earnings growth and positive investor sentiment over the company’s planned launch of new products and upgrades. Shares of EOG Resources, a petroleum and natural gas producer, fell amid a sharp decline in global oil prices in the second half of the reporting period. Shares of Charles Schwab, a financial services provider, fell amid investor concerns about the impact of lower interest rates and a weakening economy on the financial sector.

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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Microsoft Corp.	7.6	%
	2.	Amazon.com, Inc.	7.1
	3.	Apple, Inc.	5.5
	4.	Alphabet, Inc., Class C	3.9
	5.	Tesla, Inc.	2.7
	6.	UnitedHealth Group, Inc.	2.5
	7.	Mastercard, Inc., Class A	2.3
	8.	PayPal Holdings, Inc.	2.1
	9.	Home Depot, Inc. (The)	2.0
	10.	NVIDIA Corp.	2.0


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	37.4	%
Consumer Discretionary	20.3
Health Care	14.7
Industrials	8.8
Communication Services	8.5
Financials	5.5
Materials	0.9
Short-Term Investments	3.9

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	3

JPMorgan Growth Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	October 29, 1999
With Sales Charge*			21.14	%		14.65	%		17.60	%
Without Sales Charge			27.87			15.89			18.23
CLASS C SHARES	May 1, 2006
With CDSC**			26.20			15.31			17.63
Without CDSC			27.20			15.31			17.63
CLASS I SHARES	May 1, 2006		28.15			16.16			18.48
CLASS R2 SHARES	July 31, 2017		27.48			15.59			17.93
CLASS R3 SHARES	May 31, 2017		27.80			15.89			18.23
CLASS R4 SHARES	May 31, 2017		28.15			16.18			18.52
CLASS R5 SHARES	January 8, 2009		28.32			16.33			18.69
CLASS R6 SHARES	December 23, 2013		28.49			16.47			18.77

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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 to 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 from January 8, 2009 to December 22, 2013 and Class I Shares prior to January 8, 2009. 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 June 30, 2010 to June 30, 2020. 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.



4	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		2.48%
Russell Midcap Index		(2.24)%

Net Assets as of 6/30/2020 (In Thousands)	$	1,637,182

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 outperformed the Russell Midcap Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection and overweight position in the information technology 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 real estate and consumer staples sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Teladoc Health Inc. and Advanced Micro Devices Inc. and its out-of-Benchmark position in Tesla, Inc. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Advanced Micro Devices, a semiconductor manufacturer, rose on growth in revenue and market share during the first half of the reporting period. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose amid a faster-than-expected schedule for production of its Model Y vehicles and efficient production output from its Shanghai factory.

Leading individual detractors from relative performance included the Fund’s overweight positions in Diamondback Energy Inc. and Loews Inc. and its underweight position in Newmont Corp. Shares of Diamondback Energy, a petroleum and natural gas producer operating in U.S. shale formations, fell as global oil prices fell sharply in the second half of the reporting period. Shares of Loews, a holding company operating in the energy, insurance and hotels sectors, fell after the company reported a loss for the first quarter of 2020. Shares of Newmont, a gold mining and processing company not held in the Fund, rose due to increased investor demand for commodity gold amid financial market volatility in response to the COVID-19 pandemic.

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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Synopsys, Inc.	1.4	%
	2.	Ball Corp.	1.2
	3.	O’Reilly Automotive, Inc.	1.2
	4.	Amphenol Corp., Class A	1.1
	5.	Splunk, Inc.	1.0
	6.	Keysight Technologies, Inc.	1.0
	7.	AMETEK, Inc.	1.0
	8.	Tractor Supply Co.	1.0
	9.	Spotify Technology SA	1.0
	10.	Xcel Energy, Inc.	0.9


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	19.5	%
Industrials	14.0
Financials	13.5
Health Care	13.5
Consumer Discretionary	13.0
Real Estate	6.4
Utilities	5.0
Communication Services	4.2
Materials	3.8
Consumer Staples	2.5
Energy	2.1
Short-Term Investments	2.5

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	5

JPMorgan Mid Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 2, 2009
With Sales Charge*			(3.16	)%		5.98	%		12.23	%
Without Sales Charge			2.20			7.13			12.83
CLASS C SHARES	November 2, 2009
With CDSC**			0.71			6.59			12.28
Without CDSC			1.71			6.59			12.28
CLASS I SHARES	January 1, 1997		2.48			7.45			13.20
CLASS R2 SHARES	March 14, 2014		1.96			6.86			12.66
CLASS R5 SHARES	March 14, 2014		2.62			7.58			13.29
CLASS R6 SHARES	March 14, 2014		2.72			7.66			13.34

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares from December 31, 2009 to March 13, 2014. 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 dates are based on the performance of Class I Shares. The actual returns of Class R5 and Class R6 Shares would have been different 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 June 30, 2010 to June 30, 2020. 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.



6	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		20.70%
Russell Midcap Growth Index		11.91%

Net Assets as of 6/30/2020 (In Thousands)	$	5,481,067

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 outperformed the Russell Midcap Growth Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection in the information technology sector and its security selection and underweight position in the communications services sector were leading contributors to performance relative to the Benchmark, while the Fund’s overweight position in the materials sector and its security selection in the real estate sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Teladoc Health Inc. and DexCom Inc. and its out-of-Benchmark position in Tesla, Inc. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of DexCom, a medical device manufacturer, rose after the company reported better-than-expected earnings and revenue for several consecutive quarters. Shares of Tesla, a producer of electric vehicles and energy storage systems, rose amid a faster-than-expected schedule for production of its Model Y vehicles and efficient production output from its Shanghai factory.

Leading individual detractors from relative performance included the Fund’s underweight positions in DocuSign Inc. and Wayfair Inc., and its out-of-Benchmark position in Concho Resources Inc. Shares of DocuSign, a provider of electronic document services, rose amid increased demand for its services as businesses adopted work-from-home policies in response to the COVID-19 pandemic. Shares of Wayfair, an online retailer of home furnishings, rose after the company reported better-than-expected results for the first quarter of 2020 as consumers increased online purchases during at-home quarantines in response to the COVID-19 pandemic. Shares of Concho Resources, a petroleum and gas producer operating in U.S. shale formations, fell amid a sharp decline in global oil prices during the second half of the reporting 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 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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	O’Reilly Automotive, Inc.	2.3	%
	2.	Splunk, Inc.	1.9
	3.	Tractor Supply Co.	1.9
	4.	Spotify Technology SA	1.9
	5.	Synopsys, Inc.	1.7
	6.	Trade Desk, Inc. (The), Class A	1.7
	7.	ResMed, Inc.	1.7
	8.	Lululemon Athletica, Inc.	1.5
	9.	Teladoc Health, Inc.	1.3
	10.	Ball Corp.	1.3


PORTFOLIO COMPOSITION BY SECTOR***
Information Technology	30.3	%
Health Care	18.7
Industrials	16.3
Consumer Discretionary	15.8
Financials	6.8
Communication Services	4.7
Materials	1.9
Real Estate	0.5
Short-Term Investments	5.0

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	7

JPMorgan Mid Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 18, 1992
With Sales Charge*			13.97	%		10.79	%		15.22	%
Without Sales Charge			20.30			11.99			15.84
CLASS C SHARES	November 4, 1997
With CDSC**			18.72			11.44			15.26
Without CDSC			19.72			11.44			15.26
CLASS I SHARES	March 2, 1989		20.70			12.35			16.20
CLASS R2 SHARES	June 19, 2009		20.00			11.75			15.63
CLASS R3 SHARES	September 9, 2016		20.30			11.99			15.84
CLASS R4 SHARES	September 9, 2016		20.63			12.28			16.13
CLASS R5 SHARES	November 1, 2011		20.86			12.50			16.34
CLASS R6 SHARES	November 1, 2011		20.91			12.56			16.40

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

Returns for the Class R3, Class R4, Class R5 and Class R6 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 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 Class I Shares of the JPMorgan Mid Cap Growth Fund and the Russell Midcap Growth Index from June 30, 2010 to June 30, 2020. 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 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.



8	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(13.71)%
Russell Midcap Value Index		(11.81)%

Net Assets as of 6/30/2020 (In Thousands)	$	12,714,587

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 underperformed the Russell Midcap Value Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection in the real estate and industrials sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the utilities and information technology sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Newmont Corp. and its overweight positions in Middleby Corp. and Loews Corp.

Shares of Newmont, a gold mining and processing company not held in the Fund, rose due to increased investor demand for commodity gold amid financial market volatility in response to the COVID-19 pandemic. Shares of Middleby, a food service equipment manufacturer, fell amid investor concerns about the business impact of the COVID-19 pandemic as well as lower-than-expected sales for the third quarter of 2019. Shares of Loews, a holding company operating in the energy, insurance and hotels sectors, fell after the company reported a loss for the first quarter of 2020.

Leading individual contributors to relative performance included the Fund’s overweight positions in T. Rowe Price Group Inc., Tiffany & Co. and Synopsys Inc. Shares of T. Rowe Price Group, a provider of mutual funds and other investment services, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2020. Shares of Tiffany, a luxury retailer, rose after the company agreed to a $16.2 billion acquisition by LVMH Moet Hennessey Louis Vuitton SE. Shares of Synopsys, a provider of software and consulting to the semiconductor industry, rose after the company reported better-than-expected earnings and revenue for its fiscal second quarter.

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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Xcel Energy, Inc.	1.9	%
	2.	CMS Energy Corp.	1.8
	3.	WEC Energy Group, Inc.	1.7
	4.	T. Rowe Price Group, Inc.	1.7
	5.	Ameriprise Financial, Inc.	1.7
	6.	AutoZone, Inc.	1.6
	7.	Loews Corp.	1.6
	8.	M&T Bank Corp.	1.5
	9.	Zimmer Biomet Holdings, Inc.	1.5
	10.	Best Buy Co., Inc.	1.5


PORTFOLIO COMPOSITION BY SECTOR***
Financials	20.2	%
Real Estate	12.5
Industrials	11.1
Utilities	10.0
Consumer Discretionary	9.7
Health Care	7.7
Information Technology	7.6
Materials	5.6
Consumer Staples	5.0
Energy	4.3
Communication Services	3.5
Short-Term Investments	2.8

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	9

JPMorgan Mid Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	April 30, 2001
With Sales Charge*			(18.64	)%		0.85	%		9.13	%
Without Sales Charge			(14.13	)		1.94			9.73
CLASS C SHARES	April 30, 2001
With CDSC**			(15.55	)		1.43			9.17
Without CDSC			(14.55	)		1.43			9.17
CLASS I SHARES	October 31, 2001		(13.90	)		2.20			10.00
CLASS L SHARES	November 13, 1997		(13.71	)		2.44			10.27
CLASS R2 SHARES	November 3, 2008		(14.36	)		1.68			9.44
CLASS R3 SHARES	September 9, 2016		(14.13	)		1.94			9.73
CLASS R4 SHARES	September 9, 2016		(13.93	)		2.19			10.00
CLASS R5 SHARES	September 9, 2016		(13.79	)		2.37			10.23
CLASS R6 SHARES	September 9, 2016		(13.70	)		2.45			10.27

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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 dates 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 similar to those shown because Class R6 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 Mid Cap Value Fund and the Russell Midcap

Value Index from June 30, 2010 to June 30, 2020. 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 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.



10	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

JPMorgan Value Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(13.26)%
Russell 3000 Value Index		(9.42)%

Net Assets as of 6/30/2020 (In Thousands) . .	$	8,699,919

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 twelve months ended June 30, 2020. The Fund’s security selection and underweight positions in the financials and consumer staples sectors were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the energy and utilities sectors was a leading contributor to leading relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Delta Air Lines Inc., Loews Inc. and Entercom Communications Corp. Shares of Delta Air Lines, a passenger airline, fell as global air travel was restricted in response to the COVID-19 pandemic. Shares of Loews, a holding company operating in the energy, insurance and hotels sectors, fell after the company reported a loss for the first quarter of 2020. Shares of Entercom Communications, a media and entertainment provider, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2020 as its live events business was shuttered in response to the COVID-19 pandemic.

Leading individual contributors to performance relative to the Benchmark included the Fund’s overweight positions in T. Rowe Price Group Inc., Tiffany & Co. and Morgan Stanley. Shares of T. Rowe Price Group, provider of mutual funds and other investment services, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2020. Shares of Tiffany, a luxury retailer, rose after the company agreed to a $16.2 billion acquisition by LVMH Moet Hennessey Louis Vuitton SE. Shares of Morgan Stanley, a financial services provider, rose amid investor expectations that it would maintain dividend payments to shareholders.

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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Bank of America Corp.	3.6	%
	2.	Berkshire Hathaway, Inc., Class B	2.1
	3.	Bristol-Myers Squibb Co.	2.0
	4.	PNC Financial Services Group, Inc. (The)	1.9
	5.	Loews Corp.	1.9
	6.	Verizon Communications, Inc.	1.8
	7.	Johnson & Johnson	1.8
	8.	Procter & Gamble Co. (The)	1.6
	9.	Travelers Cos., Inc. (The)	1.6
	10.	Wells Fargo & Co.	1.6


PORTFOLIO COMPOSITION BY SECTOR***
Financials	30.1	%
Health Care	11.4
Energy	7.6
Industrials	7.1
Real Estate	6.9
Consumer Discretionary	6.8
Communication Services	6.0
Utilities	5.6
Consumer Staples	5.3
Information Technology	5.2
Materials	4.0
Short-Term Investments	4.0

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	11

JPMorgan Value Advantage Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	February 28, 2005
With Sales Charge*			(18.12	)%		1.64	%		8.91	%
Without Sales Charge			(13.60	)		2.74			9.49
CLASS C SHARES	February 28, 2005
With CDSC**			(15.04	)		2.22			8.95
Without CDSC			(14.04	)		2.22			8.95
CLASS I SHARES	February 28, 2005		(13.39	)		3.00			9.76
CLASS L SHARES	February 28, 2005		(13.26	)		3.19			10.01
CLASS R2 SHARES	July 31, 2017		(13.82	)		2.48			9.22
CLASS R3 SHARES	September 9, 2016		(13.60	)		2.73			9.49
CLASS R4 SHARES	September 9, 2016		(13.40	)		2.99			9.76
CLASS R5 SHARES	September 9, 2016		(13.25	)		3.17			10.00
CLASS R6 SHARES	September 9, 2016		(13.18	)		3.25			10.04

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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 dates are based on the performance of Class L Shares. The actual returns for Class R5 and Class R6 Shares would have been different to 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 June 30, 2010 to June 30, 2020. 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.



12	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.9%

Automobiles — 3.5%

Tesla, Inc. * (a)		281		303,639

Thor Industries, Inc. (a)		705		75,085


				378,724


Banks — 1.0%

East West Bancorp, Inc.		866		31,384

First Republic Bank		767		81,243


				112,627


Biotechnology — 5.0%

Alnylam Pharmaceuticals, Inc. *		370		54,781

Amgen, Inc.		872		205,600

Exact Sciences Corp. * (a)		839		72,979

Exelixis, Inc. *		3,059		72,621

Intercept Pharmaceuticals, Inc. * (a)		323		15,473

Regeneron Pharmaceuticals, Inc. *		199		124,042


				545,496


Building Products — 1.2%

Fortune Brands Home & Security, Inc.		1,149		73,474

Trane Technologies plc		601		53,448


				126,922


Capital Markets — 3.6%

BlackRock, Inc.		166		90,556

Blackstone Group, Inc. (The), Class A		776		43,993

Charles Schwab Corp. (The)		2,561		86,407

Nasdaq, Inc.		641		76,580

S&P Global, Inc.		293		96,585


				394,121


Commercial Services & Supplies — 1.5%

Copart, Inc. *		774		64,481

Waste Connections, Inc.		996		93,376


				157,857


Communications Equipment — 0.5%

Arista Networks, Inc. * (a)		234		49,238


Containers & Packaging — 0.9%

Ball Corp.		1,354		94,055


Electrical Equipment — 1.7%

AMETEK, Inc.		778		69,497

Generac Holdings, Inc. *		925		112,836


				182,333


Electronic Equipment, Instruments & Components — 2.1%

Amphenol Corp., Class A		622		59,594

Keysight Technologies, Inc. *		709		71,463


INVESTMENTS	SHARES (000)		VALUE ($000)


Electronic Equipment, Instruments & Components — continued

Zebra Technologies Corp., Class A *		384		98,197


				229,254


Entertainment — 2.7%

Netflix, Inc. *		289		131,341

Spotify Technology SA * (a)		337		86,937

Take-Two Interactive Software, Inc. *		509		71,024


				289,302


Health Care Equipment & Supplies — 1.8%

DexCom, Inc. *		248		100,365

Intuitive Surgical, Inc. * (a)		165		93,936


				194,301


Health Care Providers & Services — 3.1%

McKesson Corp.		400		61,387

UnitedHealth Group, Inc.		931		274,554


				335,941


Health Care Technology — 0.9%

Teladoc Health, Inc. * (a)		533		101,767


Hotels, Restaurants & Leisure — 0.6%

Las Vegas Sands Corp.		1,398		63,680


Household Durables — 1.2%

Garmin Ltd. (a)		1,355		132,108


Insurance — 1.0%

Progressive Corp. (The)		1,304		104,449


Interactive Media & Services — 5.4%

Alphabet, Inc., Class C *		306		432,464

Facebook, Inc., Class A *		668		151,592


				584,056


Internet & Direct Marketing Retail — 8.4%

Amazon.com, Inc. *		287		792,397

Booking Holdings, Inc. *		70		112,137


				904,534


IT Services — 7.3%

Booz Allen Hamilton Holding Corp. (a)		1,149		89,350

Global Payments, Inc.		806		136,747

Mastercard, Inc., Class A		875		258,688

MongoDB, Inc. * (a)		297		67,170

PayPal Holdings, Inc. *		1,338		233,185


				785,140


Life Sciences Tools & Services — 2.3%

Illumina, Inc. *		215		79,676

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	13

JPMorgan Growth Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Life Sciences Tools & Services — continued

Mettler-Toledo International, Inc. *		79		64,000

Thermo Fisher Scientific, Inc.		290		105,087


				248,763


Machinery — 2.0%

Ingersoll Rand, Inc. * (a)		1,405		39,502

Nordson Corp. (a)		411		77,883

Stanley Black & Decker, Inc.		733		102,206


				219,591


Media — 0.6%

New York Times Co. (The), Class A (a)		1,608		67,581


Pharmaceuticals — 2.0%

Catalent, Inc. *		1,158		84,875

Jazz Pharmaceuticals plc *		488		53,835

Royalty Pharma plc, Class A *		1,554		75,440


				214,150


Professional Services — 1.4%

FTI Consulting, Inc. * (a)		806		92,383

IHS Markit Ltd.		840		63,444


				155,827


Road & Rail — 1.2%

Lyft, Inc., Class A * (a)		1,355		44,735

Old Dominion Freight Line, Inc.		521		88,383


				133,118


Semiconductors & Semiconductor Equipment — 7.9%

Advanced Micro Devices, Inc. *		2,616		137,610

Enphase Energy, Inc. * (a)		1,820		86,567

Entegris, Inc. (a)		1,234		72,896

Lam Research Corp.		337		108,890

Microchip Technology, Inc. (a)		513		54,055

NVIDIA Corp.		574		218,206

QUALCOMM, Inc.		1,914		174,541


				852,765


Software — 15.3%

Cadence Design Systems, Inc. *		697		66,921

Crowdstrike Holdings, Inc., Class A *		765		76,715

Intuit, Inc.		354		104,939

Medallia, Inc. * (a)		1,097		27,679

Microsoft Corp.		4,183		851,325

ServiceNow, Inc. *		248		100,523

Splunk, Inc. * (a)		543		107,944

Synopsys, Inc. *		476		92,783

Trade Desk, Inc. (The), Class A * (a)		301		122,491


INVESTMENTS	SHARES (000)		VALUE ($000)


Software — continued

Zscaler, Inc. * (a)		814		89,082


				1,640,402


Specialty Retail — 6.7%

CarMax, Inc. * (a)		853		76,343

Home Depot, Inc. (The)		898		225,018

National Vision Holdings, Inc. *		1,154		35,233

O’Reilly Automotive, Inc. *		253		106,777

Ross Stores, Inc.		932		79,466

Tractor Supply Co.		1,263		166,497

Ulta Beauty, Inc. *		195		39,667


				729,001


Technology Hardware, Storage & Peripherals — 5.6%

Apple, Inc.		1,665		607,485


Textiles, Apparel & Luxury Goods — 0.5%

Lululemon Athletica, Inc. *		179		55,825


Total Common Stocks (Cost $5,882,056)				10,690,413

Short-Term Investments — 4.1%

Investment Companies — 1.0%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) (Cost $105,359)		105,321		105,416

Investment of Cash Collateral from Securities Loaned — 3.1%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c)		302,408		302,529

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c)		31,490		31,490


Total Investment of Cash Collateral from Securities Loaned (Cost $334,021)				334,019


Total Short-Term Investments (Cost $439,380)				439,435

Total Investments — 103.0% (Cost $6,321,436)				11,129,848
Liabilities in Excess of Other Assets — (3.0)%				(319,643	)

NET ASSETS — 100.0%				10,810,205

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $331,253,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.5%

Aerospace & Defense — 0.3%

HEICO Corp., Class A		69		5,608


Airlines — 0.4%

Southwest Airlines Co.		174		5,936


Auto Components — 0.4%

BorgWarner, Inc.		170		5,986


Automobiles — 0.7%

Tesla, Inc. *		5		5,399

Thor Industries, Inc.		59		6,285


				11,684


Banks — 4.2%

Citizens Financial Group, Inc.		331		8,358

East West Bancorp, Inc.		63		2,300

Fifth Third Bancorp		524		10,102

First Republic Bank		129		13,704

Huntington Bancshares, Inc.		573		5,176

M&T Bank Corp.		118		12,225

Regions Financial Corp.		613		6,822

TCF Financial Corp.		198		5,821

Zions Bancorp NA		131		4,447


				68,955


Beverages — 0.8%

Constellation Brands, Inc., Class A		48		8,329

Keurig Dr Pepper, Inc.		165		4,673


				13,002


Biotechnology — 2.6%

Agios Pharmaceuticals, Inc. *		79		4,217

Alnylam Pharmaceuticals, Inc. *		57		8,387

BioMarin Pharmaceutical, Inc. *		34		4,199

Exact Sciences Corp. *		96		8,388

Exelixis, Inc. *		258		6,130

Intercept Pharmaceuticals, Inc. *		26		1,243

Neurocrine Biosciences, Inc. *		51		6,198

Seattle Genetics, Inc. *		25		4,180


				42,942


Building Products — 1.8%

AZEK Co., Inc. (The) *		94		3,001

Fortune Brands Home & Security, Inc.		227		14,509

Trane Technologies plc		65		5,767

Trex Co., Inc. *		48		6,269


				29,546


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — 5.2%

Ameriprise Financial, Inc.		90		13,454

Blackstone Group, Inc. (The), Class A		57		3,207

Charles Schwab Corp. (The)		109		3,684

Evercore, Inc., Class A		54		3,199

MarketAxess Holdings, Inc.		18		9,167

MSCI, Inc.		28		9,368

Nasdaq, Inc.		40		4,737

Northern Trust Corp.		118		9,362

Raymond James Financial, Inc.		135		9,307

S&P Global, Inc.		14		4,459

T. Rowe Price Group, Inc.		107		13,249

TD Ameritrade Holding Corp.		77		2,790


				85,983


Chemicals — 0.6%

Sherwin-Williams Co. (The)		17		9,807


Commercial Services & Supplies — 1.0%

Copart, Inc. *		112		9,367

Waste Connections, Inc.		79		7,448


				16,815


Communications Equipment — 0.7%

Arista Networks, Inc. *		30		6,270

CommScope Holding Co., Inc. *		263		2,190

Motorola Solutions, Inc.		26		3,704


				12,164


Construction Materials — 0.5%

Martin Marietta Materials, Inc.		42		8,591


Consumer Finance — 0.3%

Discover Financial Services		85		4,257


Containers & Packaging — 2.6%

Avery Dennison Corp.		46		5,208

Ball Corp.		280		19,428

Packaging Corp. of America		50		5,022

Silgan Holdings, Inc.		246		7,956

Westrock Co.		203		5,744


				43,358


Distributors — 0.4%

Genuine Parts Co.		67		5,822


Electric Utilities — 2.1%

Edison International		181		9,822

Entergy Corp.		100		9,377

Xcel Energy, Inc.		242		15,097


				34,296

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	15

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Electrical Equipment — 2.4%

Acuity Brands, Inc.		75		7,205

AMETEK, Inc.		178		15,896

Generac Holdings, Inc. *		77		9,338

Hubbell, Inc.		59		7,372


				39,811


Electronic Equipment, Instruments & Components — 3.9%

Amphenol Corp., Class A		196		18,821

CDW Corp.		76		8,787

Keysight Technologies, Inc. *		161		16,243

SYNNEX Corp.		75		9,005

Zebra Technologies Corp., Class A *		41		10,400


				63,256


Entertainment — 1.5%

Spotify Technology SA *		61		15,732

Take-Two Interactive Software, Inc. *		67		9,293


				25,025


Equity Real Estate Investment Trusts (REITs) — 5.4%

American Campus Communities, Inc.		96		3,359

American Homes 4 Rent, Class A		250		6,738

AvalonBay Communities, Inc.		63		9,733

Boston Properties, Inc.		103		9,331

Brixmor Property Group, Inc.		393		5,041

Essex Property Trust, Inc.		25		5,685

Federal Realty Investment Trust		66		5,666

Host Hotels & Resorts, Inc.		222		2,396

JBG SMITH Properties		114		3,360

Kimco Realty Corp.		379		4,866

Outfront Media, Inc.		235		3,332

Rayonier, Inc.		264		6,541

Regency Centers Corp.		89		4,101

Ventas, Inc.		83		3,028

Vornado Realty Trust		151		5,768

Weyerhaeuser Co.		267		6,003

WP Carey, Inc.		64		4,299


				89,247


Food & Staples Retailing — 0.7%

Kroger Co. (The)		252		8,539

US Foods Holding Corp. *		142		2,797


				11,336


Food Products — 0.5%

Post Holdings, Inc. *		88		7,752


INVESTMENTS	SHARES (000)		VALUE ($000)


Gas Utilities — 0.5%

National Fuel Gas Co.		194		8,142


Health Care Equipment & Supplies — 2.7%

Cooper Cos., Inc. (The)		16		4,453

DexCom, Inc. *		16		6,390

Insulet Corp. *		39		7,659

ResMed, Inc.		73		14,024

Zimmer Biomet Holdings, Inc.		101		12,109


				44,635


Health Care Providers & Services — 4.5%

Acadia Healthcare Co., Inc. *		94		2,354

Amedisys, Inc. *		27		5,361

AmerisourceBergen Corp.		106		10,714

Centene Corp. *		83		5,249

Cigna Corp.		45		8,512

Henry Schein, Inc. *		106		6,188

Humana, Inc.		14		5,392

Laboratory Corp. of America Holdings *		70		11,692

McKesson Corp.		64		9,788

Universal Health Services, Inc., Class B		88		8,147


				73,397


Health Care Technology — 1.4%

Teladoc Health, Inc. *		58		11,153

Veeva Systems, Inc., Class A *		47		10,965


				22,118


Hotels, Restaurants & Leisure — 1.1%

Chipotle Mexican Grill, Inc. *		10		10,990

Darden Restaurants, Inc.		22		1,634

Las Vegas Sands Corp.		101		4,609


				17,233


Household Durables — 2.2%

Garmin Ltd.		103		10,083

Helen of Troy Ltd. *		22		4,167

Mohawk Industries, Inc. *		78		7,904

Newell Brands, Inc.		486		7,722

NVR, Inc. *		2		5,406


				35,282


Household Products — 0.5%

Energizer Holdings, Inc.		161		7,641


Industrial Conglomerates — 0.9%

Carlisle Cos., Inc.		125		14,912

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Insurance — 3.8%

Alleghany Corp.		10		5,094

Hartford Financial Services Group, Inc. (The)		236		9,095

Lincoln National Corp.		110		4,047

Loews Corp.		386		13,251

Marsh & McLennan Cos., Inc.		79		8,510

Progressive Corp. (The)		175		14,013

Selectquote, Inc. *		107		2,718

WR Berkley Corp.		100		5,750


				62,478


Interactive Media & Services — 0.5%

Match Group, Inc. *		76		8,179


Internet & Direct Marketing Retail — 0.6%

Booking Holdings, Inc. *		4		5,892

Expedia Group, Inc.		43		3,551


				9,443


IT Services — 3.5%

Booz Allen Hamilton Holding Corp.		141		10,995

FleetCor Technologies, Inc. *		32		8,049

Global Payments, Inc.		51		8,685

Jack Henry & Associates, Inc.		37		6,870

MongoDB, Inc. *		33		7,379

Okta, Inc. *		52		10,315

Square, Inc., Class A *		44		4,586


				56,879


Leisure Products — 0.3%

Brunswick Corp.		72		4,634


Life Sciences Tools & Services — 0.8%

Illumina, Inc. *		11		4,072

Mettler-Toledo International, Inc. *		10		8,298


				12,370


Machinery — 4.2%

IDEX Corp.		55		8,647

Ingersoll Rand, Inc. *		150		4,221

ITT, Inc.		240		14,077

Lincoln Electric Holdings, Inc.		102		8,623

Middleby Corp. (The) *		102		8,073

Nordson Corp.		43		8,072

Snap-on, Inc.		67		9,270

Stanley Black & Decker, Inc.		58		8,117


				69,100


Media — 2.2%

Discovery, Inc., Class C *		396		7,635


INVESTMENTS	SHARES (000)		VALUE ($000)


Media — continued

DISH Network Corp., Class A *		84		2,909

Liberty Broadband Corp., Class C *		61		7,537

Liberty Media Corp.-Liberty SiriusXM, Class C *		303		10,440

New York Times Co. (The), Class A		159		6,689


				35,210


Multiline Retail — 0.3%

Kohl’s Corp.		141		2,937

Nordstrom, Inc.		115		1,789


				4,726


Multi-Utilities — 2.4%

CMS Energy Corp.		244		14,273

Sempra Energy		92		10,818

WEC Energy Group, Inc.		158		13,855


				38,946


Oil, Gas & Consumable Fuels — 2.1%

Cabot Oil & Gas Corp.		379		6,519

Diamondback Energy, Inc.		263		11,016

EQT Corp.		374		4,452

Equitrans Midstream Corp.		377		3,129

Williams Cos., Inc. (The)		512		9,737


				34,853


Personal Products — 0.1%

Coty, Inc., Class A		293		1,311


Pharmaceuticals — 1.6%

Catalent, Inc. *		89		6,498

Horizon Therapeutics plc *		141		7,848

Jazz Pharmaceuticals plc *		51		5,582

Royalty Pharma plc, Class A *		118		5,705


				25,633


Professional Services — 2.2%

CoStar Group, Inc. *		13		9,094

Equifax, Inc.		50		8,560

FTI Consulting, Inc. *		65		7,498

IHS Markit Ltd.		135		10,211


				35,363


Real Estate Management & Development — 1.0%

CBRE Group, Inc., Class A *		299		13,509

Cushman & Wakefield plc *		200		2,487


				15,996


Road & Rail — 0.8%

Lyft, Inc., Class A *		105		3,464

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	17

JPMorgan Mid Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Road & Rail — continued

Old Dominion Freight Line, Inc.		55		9,260


				12,724


Semiconductors & Semiconductor Equipment — 4.1%

Advanced Micro Devices, Inc. *		137		7,205

Analog Devices, Inc.		56		6,874

Cree, Inc. *		41		2,409

Enphase Energy, Inc. *		186		8,824

Entegris, Inc.		127		7,511

KLA Corp.		49		9,596

Lam Research Corp.		18		5,903

Microchip Technology, Inc.		87		9,122

Xilinx, Inc.		100		9,860


				67,304


Software — 7.2%

Cadence Design Systems, Inc. *		115		11,026

Coupa Software, Inc. *		21		5,679

Crowdstrike Holdings, Inc., Class A *		91		9,078

HubSpot, Inc. *		29		6,551

Intuit, Inc.		16		4,865

Medallia, Inc. *		86		2,168

RingCentral, Inc., Class A *		38		10,856

ServiceNow, Inc. *		11		4,366

Slack Technologies, Inc., Class A *		121		3,759

Splunk, Inc. *		82		16,357

Synopsys, Inc. *		117		22,851

Trade Desk, Inc. (The), Class A *		35		14,347

Zscaler, Inc. *		68		7,485


				119,388


Specialty Retail — 5.6%

AutoZone, Inc. *		12		13,187

Best Buy Co., Inc.		137		11,945

Burlington Stores, Inc. *		34		6,628

CarMax, Inc. *		75		6,716

Gap, Inc. (The)		379		4,789

National Vision Holdings, Inc. *		145		4,423

O’Reilly Automotive, Inc. *		46		19,353

Ross Stores, Inc.		58		4,903

Tractor Supply Co.		120		15,761

Ulta Beauty, Inc. *		30		6,184


				93,889


Textiles, Apparel & Luxury Goods — 1.4%

Carter’s, Inc.		41		3,281

Lululemon Athletica, Inc. *		40		12,365


INVESTMENTS	SHARES (000)		VALUE ($000)


Textiles, Apparel & Luxury Goods — continued

PVH Corp.		34		1,649

Ralph Lauren Corp.		87		6,315


				23,610


Total Common Stocks (Cost $1,113,790)				1,596,575

Short-Term Investments — 2.5%

Investment Companies — 2.5%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a) (b) (Cost $40,601)		40,575		40,612

Total Investments — 100.0% (Cost $1,154,391)				1,637,187
Liabilities in Excess of Other Assets — 0.0% (c)				(5	)

NET ASSETS — 100.0%				1,637,182

Percentages indicated are based on net assets.


(a)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(b)		The rate shown is the current yield as of June 30, 2020.
(c)		Amount rounds to less than 0.1% of net assets.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.2%

Aerospace & Defense — 0.7%

HEICO Corp., Class A		466		37,832


Automobiles — 1.4%

Tesla, Inc. *		34		36,282

Thor Industries, Inc. (a)		398		42,417


				78,699


Banks — 1.0%

East West Bancorp, Inc.		428		15,509

First Republic Bank		388		41,113


				56,622


Biotechnology — 5.3%

Agios Pharmaceuticals, Inc. * (a)		532		28,451

Alnylam Pharmaceuticals, Inc. *		382		56,534

BioMarin Pharmaceutical, Inc. *		229		28,282

Exact Sciences Corp. * (a)		651		56,582

Exelixis, Inc. *		1,742		41,350

Intercept Pharmaceuticals, Inc. * (a)		175		8,373

Neurocrine Biosciences, Inc. *		343		41,809

Seattle Genetics, Inc. *		166		28,190


				289,571


Building Products — 2.6%

AZEK Co., Inc. (The) *		635		20,241

Fortune Brands Home & Security, Inc.		644		41,190

Trane Technologies plc		437		38,884

Trex Co., Inc. * (a)		325		42,292


				142,607


Capital Markets — 5.0%

Blackstone Group, Inc. (The), Class A		382		21,644

Charles Schwab Corp. (The)		737		24,860

Evercore, Inc., Class A (a)		367		21,594

MarketAxess Holdings, Inc.		123		61,713

MSCI, Inc.		190		63,260

Nasdaq, Inc. (a)		268		31,970

S&P Global, Inc.		92		30,157

TD Ameritrade Holding Corp.		517		18,824


				274,022


Commercial Services & Supplies — 2.1%

Copart, Inc. *		759		63,185

Waste Connections, Inc.		535		50,205


				113,390


Communications Equipment — 0.8%

Arista Networks, Inc. *		201		42,283


INVESTMENTS	SHARES (000)		VALUE ($000)


Containers & Packaging — 2.0%

Avery Dennison Corp.		308		35,117

Ball Corp. (a)		1,075		74,670


				109,787


Electrical Equipment — 2.0%

AMETEK, Inc.		497		44,435

Generac Holdings, Inc. *		517		62,977


				107,412


Electronic Equipment, Instruments & Components — 3.6%

Amphenol Corp., Class A		658		63,037

Keysight Technologies, Inc. *		645		64,993

Zebra Technologies Corp., Class A *		274		70,105


				198,135


Entertainment — 3.1%

Spotify Technology SA *		411		106,013

Take-Two Interactive Software, Inc. *		449		62,639


				168,652


Health Care Equipment & Supplies — 4.0%

Cooper Cos., Inc. (The) (a)		106		30,037

DexCom, Inc. *		107		43,216

Insulet Corp. *		266		51,634

ResMed, Inc.		493		94,618


				219,505


Health Care Providers & Services — 2.8%

Acadia Healthcare Co., Inc. * (a)		632		15,887

Amedisys, Inc. *		182		36,174

Centene Corp. *		557		35,417

McKesson Corp.		431		66,047


				153,525


Health Care Technology — 2.7%

Teladoc Health, Inc. * (a)		394		75,234

Veeva Systems, Inc., Class A *		316		73,972


				149,206


Hotels, Restaurants & Leisure — 1.9%

Chipotle Mexican Grill, Inc. * (a)		71		74,192

Las Vegas Sands Corp.		682		31,076


				105,268


Household Durables — 2.4%

Garmin Ltd.		698		68,029

Helen of Troy Ltd. *		149		28,152

NVR, Inc. *		11		36,172


				132,353

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	19

JPMorgan Mid Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Industrial Conglomerates — 0.7%

Carlisle Cos., Inc.		314		37,624


Insurance — 1.1%

Progressive Corp. (The)		535		42,827

Selectquote, Inc. *		724		18,329


				61,156


Interactive Media & Services — 1.0%

Match Group, Inc. * (a)		516		55,184


Internet & Direct Marketing Retail — 0.7%

Booking Holdings, Inc. *		25		39,649


IT Services — 6.2%

Booz Allen Hamilton Holding Corp. (a)		953		74,165

FleetCor Technologies, Inc. *		216		54,305

Global Payments, Inc.		346		58,604

MongoDB, Inc. * (a)		220		49,727

Okta, Inc. *		347		69,560

Square, Inc., Class A * (a)		295		30,905


				337,266


Leisure Products — 0.6%

Brunswick Corp. (a)		488		31,262


Life Sciences Tools & Services — 1.5%

Illumina, Inc. *		74		27,582

Mettler-Toledo International, Inc. *		69		55,744


				83,326


Machinery — 3.1%

Ingersoll Rand, Inc. * (a)		1,012		28,464

ITT, Inc.		566		33,259

Nordson Corp. (a)		287		54,485

Stanley Black & Decker, Inc.		393		54,761


				170,969


Media — 0.8%

New York Times Co. (The), Class A (a)		1,073		45,115


Pharmaceuticals — 3.1%

Catalent, Inc. *		598		43,833

Horizon Therapeutics plc *		952		52,934

Jazz Pharmaceuticals plc *		341		37,656

Royalty Pharma plc, Class A *		787		38,209


				172,632


Professional Services — 4.4%

CoStar Group, Inc. *		86		61,260

Equifax, Inc. (a)		336		57,769

FTI Consulting, Inc. * (a)		441		50,551


INVESTMENTS	SHARES (000)		VALUE ($000)


Professional Services — continued

IHS Markit Ltd.		912		68,856


				238,436


Real Estate Management & Development — 0.5%

CBRE Group, Inc., Class A *		572		25,881


Road & Rail — 1.6%

Lyft, Inc., Class A * (a)		708		23,358

Old Dominion Freight Line, Inc.		368		62,401


				85,759


Semiconductors & Semiconductor Equipment — 7.4%

Advanced Micro Devices, Inc. *		924		48,612

Cree, Inc. * (a)		275		16,265

Enphase Energy, Inc. * (a)		1,251		59,510

Entegris, Inc. (a)		858		50,671

KLA Corp.		333		64,723

Lam Research Corp.		123		39,912

Microchip Technology, Inc. (a)		584		61,512

Xilinx, Inc.		676		66,481


				407,686


Software — 13.7%

Cadence Design Systems, Inc. *		775		74,359

Coupa Software, Inc. * (a)		138		38,259

Crowdstrike Holdings, Inc., Class A *		610		61,217

HubSpot, Inc. *		197		44,107

Intuit, Inc.		111		32,877

Medallia, Inc. * (a)		580		14,632

RingCentral, Inc., Class A * (a)		257		73,276

ServiceNow, Inc. *		73		29,437

Slack Technologies, Inc., Class A * (a)		815		25,348

Splunk, Inc. * (a)		555		110,345

Synopsys, Inc. *		498		97,032

Trade Desk, Inc. (The), Class A * (a)		238		96,666

Zscaler, Inc. * (a)		461		50,458


				748,013


Specialty Retail — 7.9%

Burlington Stores, Inc. * (a)		227		44,762

CarMax, Inc. * (a)		506		45,312

National Vision Holdings, Inc. *		977		29,827

O’Reilly Automotive, Inc. *		310		130,508

Ross Stores, Inc.		388		33,038

Tractor Supply Co.		806		106,275

Ulta Beauty, Inc. *		205		41,660


				431,382

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Textiles, Apparel & Luxury Goods — 1.5%

Lululemon Athletica, Inc. *		267		83,400


Total Common Stocks (Cost $3,814,083)				5,433,609

Short-Term Investments — 5.2%

Investment Companies — 0.9%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) (Cost $51,532)		51,514		51,560


Investment of Cash Collateral from Securities Loaned — 4.3%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c)		211,004		211,088

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c)		24,377		24,377


Total Investment of Cash Collateral from Securities Loaned (Cost $235,466)				235,465


Total Short-Term Investments (Cost $286,998)				287,025

Total Investments — 104.4% (Cost $4,101,081)				5,720,634
Liabilities in Excess of Other Assets — (4.4)%				(239,567	)

NET ASSETS — 100.0%				5,481,067

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $231,676,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	21

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.6%

Airlines — 0.7%

Southwest Airlines Co. (a)		2,689		91,910


Auto Components — 0.8%

BorgWarner, Inc. (a)		2,753		97,171


Banks — 7.6%

Citizens Financial Group, Inc. (a)		5,267		132,928

Fifth Third Bancorp		8,296		159,941

First Republic Bank		1,136		120,452

Huntington Bancshares, Inc.		9,304		84,063

M&T Bank Corp.		1,911		198,692

Regions Financial Corp. (a)		9,757		108,496

TCF Financial Corp.		3,143		92,458

Zions Bancorp NA (a)		2,066		70,231


				967,261


Beverages — 1.6%

Constellation Brands, Inc., Class A		753		131,822

Keurig Dr Pepper, Inc. (a)		2,601		73,863


				205,685


Building Products — 1.0%

Fortune Brands Home & Security, Inc.		2,080		132,979


Capital Markets — 5.7%

Ameriprise Financial, Inc. (a)		1,420		213,086

Northern Trust Corp. (a)		1,868		148,222

Raymond James Financial, Inc.		2,141		147,351

T. Rowe Price Group, Inc.		1,741		215,066


				723,725


Chemicals — 1.2%

Sherwin-Williams Co. (The)		271		156,695


Communications Equipment — 0.7%

CommScope Holding Co., Inc. *		4,142		34,505

Motorola Solutions, Inc.		409		57,353


				91,858


Construction Materials — 1.1%

Martin Marietta Materials, Inc.		658		135,965


Consumer Finance — 0.5%

Discover Financial Services (a)		1,324		66,302


Containers & Packaging — 3.4%

Ball Corp. (a)		1,917		133,240

Packaging Corp. of America (a)		784		78,206

Silgan Holdings, Inc.		3,889		125,958

Westrock Co. (a)		3,214		90,831


				428,235


INVESTMENTS	SHARES (000)		VALUE ($000)


Distributors — 0.7%

Genuine Parts Co. (a)		1,059		92,051


Electric Utilities — 4.3%

Edison International		2,864		155,547

Entergy Corp.		1,583		148,497

Xcel Energy, Inc. (a)		3,827		239,186


				543,230


Electrical Equipment — 2.9%

Acuity Brands, Inc. (a)		1,165		111,559

AMETEK, Inc.		1,650		147,417

Hubbell, Inc.		911		114,259


				373,235


Electronic Equipment, Instruments & Components — 4.2%

Amphenol Corp., Class A		1,566		150,058

CDW Corp.		1,197		139,095

Keysight Technologies, Inc. * (a)		1,037		104,483

SYNNEX Corp.		1,171		140,242


				533,878


Equity Real Estate Investment Trusts (REITs) — 11.1%

American Campus Communities, Inc. (a)		1,516		52,986

American Homes 4 Rent, Class A		4,020		108,141

AvalonBay Communities, Inc. (a)		1,010		156,210

Boston Properties, Inc.		1,634		147,694

Brixmor Property Group, Inc.		6,165		79,036

Essex Property Trust, Inc. (a)		398		91,246

Federal Realty Investment Trust (a)		1,055		89,861

Host Hotels & Resorts, Inc. (a)		3,437		37,090

JBG SMITH Properties		1,794		53,039

Kimco Realty Corp.		5,985		76,843

Outfront Media, Inc.		3,711		52,578

Rayonier, Inc. (a)		4,174		103,469

Regency Centers Corp.		1,411		64,746

Ventas, Inc. (a)		1,303		47,707

Vornado Realty Trust (a)		2,423		92,583

Weyerhaeuser Co.		4,225		94,902

WP Carey, Inc. (a)		1,032		69,791


				1,417,922


Food & Staples Retailing — 1.4%

Kroger Co. (The)		4,068		137,710

US Foods Holding Corp. *		2,209		43,564


				181,274


Food Products — 1.0%

Post Holdings, Inc. *		1,400		122,707

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Gas Utilities — 1.0%

National Fuel Gas Co. (a)		3,074		128,888


Health Care Equipment & Supplies — 1.5%

Zimmer Biomet Holdings, Inc.		1,607		191,792


Health Care Providers & Services — 6.3%

AmerisourceBergen Corp.		1,701		171,364

Cigna Corp.		718		134,755

Henry Schein, Inc. *		1,693		98,848

Humana, Inc.		215		83,434

Laboratory Corp. of America Holdings * (a)		1,115		185,183

Universal Health Services, Inc., Class B		1,389		128,979


				802,563


Hotels, Restaurants & Leisure — 0.2%

Darden Restaurants, Inc.		336		25,454


Household Durables — 1.9%

Mohawk Industries, Inc. *		1,229		125,027

Newell Brands, Inc. (a)		7,693		122,158


				247,185


Household Products — 1.0%

Energizer Holdings, Inc. (a)		2,546		120,916


Industrial Conglomerates — 1.1%

Carlisle Cos., Inc.		1,214		145,321


Insurance — 6.6%

Alleghany Corp.		165		80,524

Hartford Financial Services Group, Inc. (The)		3,735		143,979

Lincoln National Corp. (a)		1,738		63,925

Loews Corp.		6,121		209,893

Marsh & McLennan Cos., Inc. (a)		1,255		134,730

Progressive Corp. (The)		1,490		119,338

WR Berkley Corp.		1,574		90,186


				842,575


Internet & Direct Marketing Retail — 0.5%

Expedia Group, Inc.		700		57,518


IT Services — 0.9%

Jack Henry & Associates, Inc.		594		109,342


Machinery — 5.4%

IDEX Corp.		866		136,907

ITT, Inc.		2,465		144,810

Lincoln Electric Holdings, Inc. (a)		1,620		136,488

Middleby Corp. (The) * (a)		1,618		127,721

Snap-on, Inc. (a)		1,060		146,755


				692,681


INVESTMENTS	SHARES (000)		VALUE ($000)


Media — 3.6%

Discovery, Inc., Class C *		6,275		120,850

DISH Network Corp., Class A *		1,361		46,975

Liberty Broadband Corp., Class C *		962		119,302

Liberty Media Corp.-Liberty SiriusXM, Class C *		4,809		165,671


				452,798


Mortgage Real Estate Investment Trusts (REITs) — 0.0% (b)

Starwood Property Trust, Inc.		339		5,077


Multiline Retail — 0.6%

Kohl’s Corp.		2,229		46,305

Nordstrom, Inc. (a)		1,817		28,144


				74,449


Multi-Utilities — 4.9%

CMS Energy Corp.		3,870		226,109

Sempra Energy		1,465		171,690

WEC Energy Group, Inc.		2,504		219,500


				617,299


Oil, Gas & Consumable Fuels — 4.3%

Cabot Oil & Gas Corp. (a)		6,006		103,177

Diamondback Energy, Inc. (a)		4,172		174,459

EQT Corp. (a)		5,914		70,380

Equitrans Midstream Corp.		5,941		49,370

Williams Cos., Inc. (The)		7,970		151,586


				548,972


Personal Products — 0.2%

Coty, Inc., Class A		4,579		20,469


Real Estate Management & Development — 1.5%

CBRE Group, Inc., Class A * (a)		3,386		153,093

Cushman & Wakefield plc *		3,204		39,923


				193,016


Semiconductors & Semiconductor Equipment — 0.9%

Analog Devices, Inc.		887		108,743


Software — 1.1%

Synopsys, Inc. *		686		133,762


Specialty Retail — 3.8%

AutoZone, Inc. *		187		210,425

Best Buy Co., Inc. (a)		2,168		189,187

Gap, Inc. (The) (a)		6,147		77,570


				477,182


Textiles, Apparel & Luxury Goods — 1.4%

Carter’s, Inc.		642		51,783

PVH Corp. (a)		535		25,683

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	23

JPMorgan Mid Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Textiles, Apparel & Luxury Goods — continued

Ralph Lauren Corp. (a)		1,378		99,896


				177,362


Total Common Stocks (Cost $9,603,853)				12,535,447

Short-Term Investments — 2.8%

Investment Companies — 1.3%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d) (Cost $170,132)		170,149		170,302


Investment of Cash Collateral from Securities Loaned — 1.5%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (c) (d)		168,007		168,074

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d)		23,472		23,472


Total Investment of Cash Collateral from Securities Loaned (Cost $191,547)				191,546


Total Short-Term Investments (Cost $361,679)				361,848

Total Investments — 101.4% (Cost $9,965,532)				12,897,295
Liabilities in Excess of Other Assets — (1.4)%				(182,708	)

NET ASSETS — 100.0%				12,714,587

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $188,161,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.8%

Aerospace & Defense — 1.6%

General Dynamics Corp.		354		52,909

Raytheon Technologies Corp.		1,342		82,686


				135,595


Airlines — 0.5%

Southwest Airlines Co.		1,319		45,090


Banks — 13.4%

Bank of America Corp.		13,126		311,737

Citigroup, Inc.		2,005		102,432

Citizens Financial Group, Inc.		3,277		82,699

Fifth Third Bancorp		2,059		39,691

First Republic Bank		371		39,287

M&T Bank Corp.		952		98,971

PNC Financial Services Group, Inc. (The)		1,612		169,595

Truist Financial Corp.		2,868		107,680

US Bancorp		2,176		80,106

Wells Fargo & Co.		5,503		140,866


				1,173,064


Beverages — 0.5%

Keurig Dr Pepper, Inc.		1,533		43,525


Biotechnology — 2.1%

AbbVie, Inc.		1,420		139,415

Amgen, Inc.		184		43,327


				182,742


Building Products — 0.4%

Trane Technologies plc		345		30,716


Capital Markets — 4.8%

Charles Schwab Corp. (The)		2,690		90,754

Invesco Ltd. (a)		1,945		20,931

Morgan Stanley		2,809		135,686

Northern Trust Corp.		735		58,295

T. Rowe Price Group, Inc.		879		108,524


				414,190


Chemicals — 0.0% (b)

AdvanSix, Inc. *		261		3,059


Communications Equipment — 1.3%

Cisco Systems, Inc.		1,553		72,455

CommScope Holding Co., Inc. *		4,845		40,359


				112,814


Construction Materials — 1.2%

Martin Marietta Materials, Inc.		498		102,867


INVESTMENTS	SHARES (000)		VALUE ($000)


Consumer Finance — 2.5%

American Express Co. (a)		932		88,764

Capital One Financial Corp.		2,115		132,403


				221,167


Containers & Packaging — 2.8%

Ball Corp.		809		56,201

Graphic Packaging Holding Co.		4,516		63,178

Packaging Corp. of America		742		74,012

Westrock Co.		1,802		50,918


				244,309


Diversified Financial Services — 2.1%

Berkshire Hathaway, Inc., Class B *		1,033		184,312


Diversified Telecommunication Services — 1.8%

Verizon Communications, Inc.		2,895		159,622


Electric Utilities — 5.7%

American Electric Power Co., Inc.		1,498		119,326

Duke Energy Corp.		694		55,442

Edison International		834		45,268

Entergy Corp.		482		45,207

NextEra Energy, Inc.		479		114,943

Xcel Energy, Inc. (a)		1,809		113,041


				493,227


Electronic Equipment, Instruments & Components — 0.5%

Arrow Electronics, Inc. *		664		45,632


Equity Real Estate Investment Trusts (REITs) — 6.2%

American Homes 4 Rent, Class A		2,193		58,996

Boston Properties, Inc.		257		23,255

Brixmor Property Group, Inc.		3,687		47,268

EastGroup Properties, Inc.		280		33,210

Federal Realty Investment Trust		481		40,977

Kimco Realty Corp.		2,706		34,751

Mid-America Apartment Communities, Inc.		660		75,722

Outfront Media, Inc.		1,765		25,013

Public Storage (a)		454		87,080

Rayonier, Inc.		2,481		61,509

Weyerhaeuser Co.		2,171		48,761


				536,542


Food & Staples Retailing — 1.1%

Sysco Corp.		360		19,656

Walgreens Boots Alliance, Inc.		1,872		79,333


				98,989


Food Products — 0.9%

Post Holdings, Inc. *		862		75,490

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	25

JPMorgan Value Advantage Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Health Care Equipment & Supplies — 0.9%

Medtronic plc		859		78,786


Health Care Providers & Services — 2.3%

AmerisourceBergen Corp.		669		67,405

HCA Healthcare, Inc.		318		30,840

UnitedHealth Group, Inc.		351		103,420


				201,665


Hotels, Restaurants & Leisure — 0.4%

Las Vegas Sands Corp.		757		34,492


Household Durables — 0.6%

Newell Brands, Inc.		3,053		48,477


Household Products — 2.6%

Energizer Holdings, Inc. (a)		1,691		80,294

Procter & Gamble Co. (The)		1,187		141,898


				222,192


Industrial Conglomerates — 1.6%

Carlisle Cos., Inc.		375		44,818

Honeywell International, Inc.		642		92,786


				137,604


Insurance — 7.5%

Alleghany Corp.		78		38,298

American International Group, Inc.		1,399		43,618

Chubb Ltd.		596		75,497

CNA Financial Corp.		331		10,642

Fairfax Financial Holdings Ltd. (Canada)		160		49,268

Hartford Financial Services Group, Inc. (The)		1,556		59,994

Loews Corp.		4,815		165,089

Marsh & McLennan Cos., Inc.		599		64,362

Travelers Cos., Inc. (The)		1,243		141,772


				648,540


Internet & Direct Marketing Retail — 0.8%

Booking Holdings, Inc. *		43		67,834


Machinery — 3.1%

Dover Corp.		1,054		101,804

Illinois Tool Works, Inc. (a)		327		57,207

ITT, Inc.		703		41,268

Middleby Corp. (The) *		564		44,491

Otis Worldwide Corp.		446		25,347


				270,117


Media — 3.5%

Charter Communications, Inc., Class A * (a)		164		83,641

Discovery, Inc., Class C *		2,185		42,079

DISH Network Corp., Class A *		1,862		64,255


INVESTMENTS	SHARES (000)		VALUE ($000)


Media — continued

Nexstar Media Group, Inc., Class A (a)		774		64,746

ViacomCBS, Inc. (a)		2,030		47,341


				302,062


Multiline Retail — 0.7%

Kohl’s Corp. (a)		1,701		35,319

Nordstrom, Inc. (a)		1,930		29,896


				65,215


Oil, Gas & Consumable Fuels — 7.7%

Cabot Oil & Gas Corp.		1,881		32,322

Chevron Corp. (a)		1,487		132,675

ConocoPhillips		2,427		102,002

Diamondback Energy, Inc.		731		30,575

EQT Corp. (a)		2,839		33,782

Equitrans Midstream Corp.		5,187		43,105

Kinder Morgan, Inc.		4,716		71,542

Marathon Petroleum Corp. (a)		1,681		62,847

PBF Energy, Inc., Class A		476		4,870

Phillips 66		952		68,455

Williams Cos., Inc. (The)		4,637		88,198


				670,373


Personal Products — 0.2%

Coty, Inc., Class A		4,781		21,372


Pharmaceuticals — 6.1%

Bristol-Myers Squibb Co.		2,958		173,942

Johnson & Johnson		1,132		159,224

Merck & Co., Inc.		1,065		82,391

Pfizer, Inc.		3,648		119,277


				534,834


Real Estate Management & Development — 0.8%

CBRE Group, Inc., Class A *		1,565		70,751


Semiconductors & Semiconductor Equipment — 2.7%

Analog Devices, Inc.		803		98,480

QUALCOMM, Inc.		265		24,192

Texas Instruments, Inc.		856		108,745


				231,417


Software — 0.8%

Microsoft Corp.		344		70,032


Specialty Retail — 3.4%

AutoZone, Inc. *		92		104,074

Best Buy Co., Inc. (a)		775		67,667

Home Depot, Inc. (The)		284		71,250

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Specialty Retail — continued

Murphy USA, Inc. *		438		49,305


				292,296


Textiles, Apparel & Luxury Goods — 1.0%

Columbia Sportswear Co. (a)		641		51,647

Ralph Lauren Corp.		458		33,192


				84,839


Wireless Telecommunication Services — 0.7%

T-Mobile US, Inc. *		602		62,667


Total Common Stocks (Cost $7,159,860)				8,418,517


	NO. OF RIGHTS (000)

Rights — 0.0% (b)

Media — 0.0% (b)

Media General, Inc., CVR * ‡		2,982		—	(c)


Wireless Telecommunication Services — 0.0% (b)

T-Mobile US, Inc., expiring 7/27/2020 *		279		47


Total Rights (Cost $1,337)				47


	SHARES (000)
Short-Term Investments — 4.0%

Investment Companies — 2.2%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (d) (e) (Cost $193,831)		193,652		193,827


Investment of Cash Collateral from Securities Loaned — 1.8%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (d) (e)		139,070		139,126

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (d) (e)		15,136		15,136


Total Investment of Cash Collateral from Securities Loaned (Cost $154,262)				154,262


Total Short-Term Investments (Cost $348,093)				348,089

Total Investments — 100.8% (Cost $7,509,290)				8,766,653
Liabilities in Excess of Other Assets — (0.8)%				(66,734	)

NET ASSETS — 100.0%				8,699,919

Percentages indicated are based on net assets.

Abbreviations


CVR		Contingent Value Rights

(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $150,467,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Amount rounds to less than one thousand.
(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 June 30, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	27

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020

(Amounts in thousands, except per share amounts)


	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	10,690,413		$	1,596,575		$	5,433,609
Investments in affiliates, at value		105,416			40,612			51,560
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		334,019			—			235,465
Cash		52			15			22
Receivables:
Due from custodian		89,144			879			13,663
Investment securities sold		47,918			3,343			—
Fund shares sold		12,783			2,381			7,275
Dividends from non-affiliates		937			1,686			940
Dividends from affiliates		1			1			1
Securities lending income (See Note 2.B.)		149			5			430

Total Assets		11,280,832			1,645,497			5,742,965


LIABILITIES:
Payables:
Investment securities purchased		89,144			5,314			16,828
Collateral received on securities loaned (See Note 2.B.)		334,019			—			235,465
Fund shares redeemed		39,626			1,785			5,533
Accrued liabilities:
Investment advisory fees		4,762			779			2,837
Administration fees		652			38			314
Distribution fees		1,002			107			307
Service fees		1,103			152			452
Custodian and accounting fees		73			26			38
Trustees’ and Chief Compliance Officer’s fees		—	(a)		—	(a)		—	(a)
Other		246			114			124

Total Liabilities		470,627			8,315			261,898

Net Assets	$	10,810,205		$	1,637,182		$	5,481,067

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
NET ASSETS:
Paid-in-Capital	$	5,190,760		$	1,029,894		$	3,371,965
Total distributable earnings (loss)		5,619,445			607,288			2,109,102

Total Net Assets	$	10,810,205		$	1,637,182		$	5,481,067


Net Assets:
Class A	$	2,032,870		$	405,857		$	1,141,467
Class C		942,512			20,753			86,046
Class I		2,827,894			341,317			1,205,433
Class R2		239			623			39,404
Class R3		1,076			—			42,573
Class R4		17,739			—			11,194
Class R5		133,780			871			519,097
Class R6		4,854,095			867,761			2,435,853

Total	$	10,810,205		$	1,637,182		$	5,481,067


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		80,461			8,598			31,330
Class C		44,002			462			3,169
Class I		107,559			7,100			27,962
Class R2		10			13			988
Class R3		43			—			1,001
Class R4		675			—			260
Class R5		4,967			18			11,848
Class R6		178,744			18,026			55,269

Net Asset Value (a):
Class A — Redemption price per share	$	25.27		$	47.20		$	36.43
Class C — Offering price per share (b)		21.42			44.95			27.15
Class I — Offering and redemption price per share		26.29			48.07			43.11
Class R2 — Offering and redemption price per share		25.05			46.64			39.90
Class R3 — Offering and redemption price per share		25.27			—			42.53
Class R4 — Offering and redemption price per share		26.29			—			43.00
Class R5 — Offering and redemption price per share		26.93			48.11			43.81
Class R6 — Offering and redemption price per share		27.16			48.14			44.07
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	26.67		$	49.82		$	38.45


Cost of investments in non-affiliates	$	5,882,056		$	1,113,790		$	3,814,083
Cost of investments in affiliates		105,359			40,601			51,532
Investment securities on loan, at value (See Note 2.B.)		331,253			—			231,676
Cost of investment of cash collateral (See Note 2.B.)		334,021			—			235,466

(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.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	29

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (continued)

(Amounts in thousands, except per share amounts)


	JPMorgan Mid Cap Value Fund		JPMorgan Value Advantage Fund
ASSETS:
Investments in non-affiliates, at value	$	12,535,447	$	8,418,564
Investments in affiliates, at value		170,302		193,827
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		191,546		154,262
Cash		—		86
Receivables:
Investment securities sold		66,614		65,136
Fund shares sold		16,937		87,939
Dividends from non-affiliates		24,741		8,458
Dividends from affiliates		2		2
Securities lending income (See Note 2.B.)		62		44

Total Assets		13,005,651		8,928,318


LIABILITIES:
Payables:
Due to custodian		1,064		—
Investment securities purchased		53,270		57,956
Collateral received on securities loaned (See Note 2.B.)		191,546		154,262
Fund shares redeemed		35,493		9,941
Accrued liabilities:
Investment advisory fees		6,807		3,966
Administration fees		672		528
Distribution fees		343		399
Service fees		853		781
Custodian and accounting fees		130		98
Trustees’ and Chief Compliance Officer’s fees		1		—	(a)
Other		885		468

Total Liabilities		291,064		228,399

Net Assets	$	12,714,587	$	8,699,919

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
NET ASSETS:
Paid-in-Capital	$	8,959,744		$	7,359,222
Total distributable earnings (loss)		3,754,843			1,340,697

Total Net Assets	$	12,714,587		$	8,699,919


Net Assets:
Class A	$	1,171,139		$	736,715
Class C		84,827			332,229
Class I		2,164,300			2,047,640
Class L		5,976,033			1,593,954
Class R2		59,200			182
Class R3		63,836			1,519
Class R4		24,576			32,555
Class R5		69,110			5,529
Class R6		3,101,566			3,949,596

Total	$	12,714,587		$	8,699,919


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		37,636			24,951
Class C		2,849			11,307
Class I		68,676			68,927
Class L		187,008			53,606
Class R2		1,995			6
Class R3		2,071			52
Class R4		784			1,101
Class R5		2,166			186
Class R6		97,106			132,936

Net Asset Value (a):
Class A — Redemption price per share	$	31.12		$	29.53
Class C — Offering price per share (b)		29.77			29.38
Class I — Offering and redemption price per share		31.51			29.71
Class L — Offering and redemption price per share		31.96			29.73
Class R2 — Offering and redemption price per share		29.67			29.31
Class R3 — Offering and redemption price per share		30.83			29.21
Class R4 — Offering and redemption price per share		31.34			29.56
Class R5 — Offering and redemption price per share		31.90			29.67
Class R6 — Offering and redemption price per share		31.94			29.71
Class A maximum sales charge		5.25	%		5.25	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	32.84		$	31.17


Cost of investments in non-affiliates	$	9,603,853		$	7,161,197
Cost of investments in affiliates		170,132			193,831
Investment securities on loan, at value (See Note 2.B.)		188,161			150,467
Cost of investment of cash collateral (See Note 2.B.)		191,547			154,262

(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.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	31

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020

(Amounts in thousands)


	JPMorgan Growth Advantage Fund			JPMorgan Mid Cap Equity Fund			JPMorgan Mid Cap Growth Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	2		$	—	(a)	$	1
Interest income from affiliates		1			2			—	(a)
Dividend income from non-affiliates		68,437			25,839			26,119
Dividend income from affiliates		3,057			1,079			1,973
Income from securities lending (net) (See Note 2.B.)		975			169			1,417

Total investment income		72,472			27,089			29,510


EXPENSES:
Investment advisory fees		52,077			12,606			30,824
Administration fees		6,991			1,455			3,557
Distribution fees:
Class A		4,752			1,140			2,525
Class C		6,118			164			605
Class R2		—	(a)		3			192
Class R3		2			—			91
Service fees:
Class A		4,752			1,140			2,525
Class C		2,039			55			202
Class I		5,535			695			2,683
Class R2		—	(a)		1			96
Class R3		2			—			91
Class R4		42			—			24
Class R5		118			4			472
Custodian and accounting fees		260			74			137
Interest expense to affiliates		—			—	(a)		—
Professional fees		155			78			106
Trustees’ and Chief Compliance Officer’s fees		59			34			43
Printing and mailing costs		483			191			276
Registration and filing fees		312			125			181
Transfer agency fees (See Note 2.E.)		310			57			391
Other		199			38			69

Total expenses		84,206			17,860			45,090

Less fees waived		(1,374	)		(2,334	)		(1,495	)
Less expense reimbursements		(7	)		—	(a)		(38	)

Net expenses		82,825			15,526			43,557

Net investment income (loss)		(10,353	)		11,563			(14,047	)


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		1,432,143			457,269			659,083
Investments in affiliates		72			20			14

Net realized gain (loss)		1,432,215			457,289			659,097

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		972,027			(437,744	)		281,307
Investments in affiliates		20			(3	)		2

Change in net unrealized appreciation/depreciation		972,047			(437,747	)		281,309

Net realized/unrealized gains (losses)		2,404,262			19,542			940,406

Change in net assets resulting from operations	$	2,393,909		$	31,105		$	926,359

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


	JPMorgan Mid Cap Value Fund			JPMorgan Value Advantage Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	1		$	2
Interest income from affiliates		—			—	(a)
Dividend income from non-affiliates		324,601			262,978
Dividend income from affiliates		6,799			4,895
Income from securities lending (net) (See Note 2.B.)		962			838

Total investment income		332,363			268,713


EXPENSES:
Investment advisory fees		99,765			58,076
Administration fees		10,119			7,592
Distribution fees:
Class A		3,624			2,774
Class C		952			3,429
Class R2		337			1
Class R3		178			4
Service fees:
Class A		3,624			2,774
Class C		317			1,143
Class I		6,118			5,698
Class L		7,702			2,235
Class R2		169			—	(a)
Class R3		177			5
Class R4		66			68
Class R5		85			7
Custodian and accounting fees		450			315
Interest expense to affiliates		—			—	(a)
Professional fees		234			173
Trustees’ and Chief Compliance Officer’s fees		83			64
Printing and mailing costs		1,099			529
Registration and filing fees		291			326
Transfer agency fees (See Note 2.E.)		692			241
Other		323			145

Total expenses		136,405			85,599

Less fees waived		(7,606	)		(1,510	)
Less expense reimbursements		(32	)		(23	)

Net expenses		128,767			84,066

Net investment income (loss)		203,596			184,647


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		860,635			159,216
Investments in affiliates		216			151

Net realized gain (loss)		860,851			159,367

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(3,168,290	)		(1,858,448	)
Investments in affiliates		75			(37	)

Change in net unrealized appreciation/depreciation		(3,168,215	)		(1,858,485	)

Net realized/unrealized gains (losses)		(2,307,364	)		(1,699,118	)

Change in net assets resulting from operations	$	(2,103,768	)	$	(1,514,471	)

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	33

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(10,353	)	$	(10,145	)	$	11,563		$	20,621
Net realized gain (loss)		1,432,215			629,057			457,289			205,661
Change in net unrealized appreciation/depreciation		972,047			213,962			(437,747	)		42,746

Change in net assets resulting from operations		2,393,909			832,874			31,105			269,028


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(176,120	)		(137,182	)		(38,917	)		(41,313	)
Class C		(88,186	)		(69,324	)		(1,879	)		(2,590	)
Class I		(199,341	)		(147,315	)		(23,411	)		(31,866	)
Class R2		(12	)		(5	)		(49	)		(47	)
Class R3		(61	)		(27	)		—			—
Class R4		(1,510	)		(957	)		—			—
Class R5		(10,297	)		(8,804	)		(518	)		(621	)
Class R6		(359,755	)		(334,548	)		(159,341	)		(209,503	)

Total distributions to shareholders		(835,282	)		(698,162	)		(224,115	)		(285,940	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(137,511	)		562,790			(961,205	)		74,601


NET ASSETS:
Change in net assets		1,421,116			697,502			(1,154,215	)		57,689
Beginning of period		9,389,089			8,691,587			2,791,397			2,733,708

End of period	$	10,810,205		$	9,389,089		$	1,637,182		$	2,791,397

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	(14,047	)	$	(10,571	)	$	203,596		$	262,116
Net realized gain (loss)		659,097			269,037			860,851			854,560
Change in net unrealized appreciation/depreciation		281,309			351,539			(3,168,215	)		(449,626	)

Change in net assets resulting from operations		926,359			610,005			(2,103,768	)		667,050


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(82,704	)		(64,068	)		(76,720	)		(113,824	)
Class C		(8,737	)		(6,859	)		(6,335	)		(11,787	)
Class I		(75,633	)		(66,577	)		(133,060	)		(180,706	)
Class L		—			—			(443,822	)		(790,206	)
Class R2		(2,939	)		(2,466	)		(3,525	)		(5,220	)
Class R3		(2,669	)		(1,655	)		(3,809	)		(4,506	)
Class R4		(679	)		(921	)		(1,419	)		(1,721	)
Class R5		(33,403	)		(18,376	)		(4,996	)		(5,681	)
Class R6		(138,679	)		(90,888	)		(181,586	)		(86,808	)

Total distributions to shareholders		(345,443	)		(251,810	)		(855,272	)		(1,200,459	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		341,659			283,053			(1,341,858	)		(734,957	)


NET ASSETS:
Change in net assets		922,575			641,248			(4,300,898	)		(1,268,366	)
Beginning of period		4,558,492			3,917,244			17,015,485			18,283,851

End of period	$	5,481,067		$	4,558,492		$	12,714,587		$	17,015,485

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	35

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Value Advantage Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	184,647		$	207,703
Net realized gain (loss)		159,367			344,698
Change in net unrealized appreciation/depreciation		(1,858,485	)		219,801

Change in net assets resulting from operations		(1,514,471	)		772,202


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(44,981	)		(75,407	)
Class C		(16,494	)		(31,120	)
Class I		(99,554	)		(161,614	)
Class L		(100,871	)		(175,343	)
Class R2		(3	)		(3	)
Class R3		(70	)		(123	)
Class R4		(1,174	)		(1,103	)
Class R5		(334	)		(451	)
Class R6		(204,414	)		(263,786	)

Total distributions to shareholders		(467,895	)		(708,950	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(143,475	)		(621,729	)


NET ASSETS:
Change in net assets		(2,125,841	)		(558,477	)
Beginning of period		10,825,760			11,384,237

End of period	$	8,699,919		$	10,825,760

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	424,450		$	403,155		$	123,140		$	104,599
Distributions reinvested		171,962			134,593			38,873			41,253
Cost of shares redeemed		(690,381	)		(459,409	)		(176,855	)		(96,097	)

Change in net assets resulting from Class A capital transactions	$	(93,969	)	$	78,339		$	(14,842	)	$	49,755

Class C
Proceeds from shares issued	$	152,886		$	156,438		$	2,246		$	2,104
Distributions reinvested		83,431			66,057			1,879			2,589
Cost of shares redeemed		(200,570	)		(164,414	)		(5,867	)		(7,756	)

Change in net assets resulting from Class C capital transactions	$	35,747		$	58,081		$	(1,742	)	$	(3,063	)

Class I
Proceeds from shares issued	$	971,337		$	749,623		$	147,037		$	49,175
Distributions reinvested		183,814			135,181			23,288			31,662
Cost of shares redeemed		(804,519	)		(558,012	)		(114,553	)		(100,951	)

Change in net assets resulting from Class I capital transactions	$	350,632		$	326,792		$	55,772		$	(20,114	)

Class R2
Proceeds from shares issued	$	157		$	44		$	391		$	65
Distributions reinvested		12			5			42			40
Cost of shares redeemed		(52	)		(5	)		(313	)		(21	)

Change in net assets resulting from Class R2 capital transactions	$	117		$	44		$	120		$	84

Class R3
Proceeds from shares issued	$	501		$	184		$	—		$	—
Distributions reinvested		61			27			—			—
Cost of shares redeemed		(126	)		(41	)		—			—

Change in net assets resulting from Class R3 capital transactions	$	436		$	170		$	—		$	—

Class R4
Proceeds from shares issued	$	2,017		$	4,852		$	—		$	—
Distributions reinvested		1,510			957			—			—
Cost of shares redeemed		(4,951	)		(2,115	)		—			—

Change in net assets resulting from Class R4 capital transactions	$	(1,424	)	$	3,694		$	—		$	—

Class R5
Proceeds from shares issued	$	23,475		$	21,008		$	674		$	62
Distributions reinvested		10,290			8,803			517			621
Cost of shares redeemed		(37,782	)		(26,114	)		(6,310	)		(1,088	)

Change in net assets resulting from Class R5 capital transactions	$	(4,017	)	$	3,697		$	(5,119	)	$	(405	)

Class R6
Proceeds from shares issued	$	1,257,140		$	705,912		$	348,033		$	259,016
Distributions reinvested		358,754			333,918			159,315			209,472
Cost of shares redeemed		(2,040,927	)		(947,857	)		(302,027	)		(420,144	)
Redemptions in-kind (See Note 8)		—			—			(1,200,715	)		—

Change in net assets resulting from Class R6 capital transactions	$	(425,033	)	$	91,973		$	(995,394	)	$	48,344

Total change in net assets resulting from capital transactions	$	(137,511	)	$	562,790		$	(961,205	)	$	74,601

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	37

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Growth Advantage Fund						JPMorgan Mid Cap Equity Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		19,559			19,276			2,661			2,159
Reinvested		8,088			7,186			853			952
Redeemed		(30,991	)		(22,010	)		(3,845	)		(1,995	)

Change in Class A Shares		(3,344	)		4,452			(331	)		1,116

Class C
Issued		8,221			8,466			54			45
Reinvested		4,615			4,060			43			63
Redeemed		(10,900	)		(9,125	)		(133	)		(167	)

Change in Class C Shares		1,936			3,401			(36	)		(59	)

Class I
Issued		42,055			34,535			3,117			996
Reinvested		8,317			6,986			501			719
Redeemed		(36,324	)		(26,418	)		(2,381	)		(2,083	)

Change in Class I Shares		14,048			15,103			1,237			(368	)

Class R2
Issued		8			2			7			1
Reinvested		1			—	(a)		1			1
Redeemed		(3	)		—	(a)		(6	)		—	(a)

Change in Class R2 Shares		6			2			2			2

Class R3
Issued		26			9			—			—
Reinvested		3			1			—			—
Redeemed		(6	)		(2	)		—			—

Change in Class R3 Shares		23			8			—			—

Class R4
Issued		90			238			—			—
Reinvested		68			50			—			—
Redeemed		(212	)		(96	)		—			—

Change in Class R4 Shares		(54	)		192			—			—

Class R5
Issued		992			934			14			2
Reinvested		455			446			11			14
Redeemed		(1,630	)		(1,188	)		(125	)		(22	)

Change in Class R5 Shares		(183	)		192			(100	)		(6	)

Class R6
Issued		53,895			31,785			7,401			5,236
Reinvested		15,742			16,814			3,444			4,754
Redeemed		(86,443	)		(43,117	)		(6,434	)		(8,527	)
Redemptions in-kind (See Note 8)		—			—			(25,455	)		—

Change in Class R6 Shares		(16,806	)		5,482			(21,044	)		1,463

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	143,119		$	114,825		$	209,763		$	232,702
Distributions reinvested		80,011			61,839			69,743			101,729
Cost of shares redeemed		(203,777	)		(170,138	)		(484,932	)		(588,500	)

Change in net assets resulting from Class A capital transactions	$	19,353		$	6,526		$	(205,426	)	$	(254,069	)

Class C
Proceeds from shares issued	$	11,326		$	14,313		$	12,682		$	18,374
Distributions reinvested		8,149			6,348			5,516			10,374
Cost of shares redeemed		(22,446	)		(24,318	)		(56,184	)		(86,785	)

Change in net assets resulting from Class C capital transactions	$	(2,971	)	$	(3,657	)	$	(37,986	)	$	(58,037	)

Class I
Proceeds from shares issued	$	306,997		$	238,900		$	900,902		$	746,983
Distributions reinvested		71,080			63,129			123,076			166,354
Cost of shares redeemed		(382,936	)		(444,249	)		(1,051,200	)		(1,161,145	)

Change in net assets resulting from Class I capital transactions	$	(4,859	)	$	(142,220	)	$	(27,222	)	$	(247,808	)

Class L
Proceeds from shares issued	$	—		$	—		$	1,165,380		$	1,602,921
Distributions reinvested		—			—			394,599			713,339
Cost of shares redeemed		—			—			(3,139,666	)		(4,636,220	)

Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(1,579,687	)	$	(2,319,960	)

Class R2
Proceeds from shares issued	$	11,105		$	15,230		$	15,289		$	14,477
Distributions reinvested		2,875			2,347			3,405			4,936
Cost of shares redeemed		(22,776	)		(14,882	)		(20,258	)		(24,713	)

Change in net assets resulting from Class R2 capital transactions	$	(8,796	)	$	2,695		$	(1,564	)	$	(5,300	)

Class R3
Proceeds from shares issued	$	17,057		$	8,791		$	15,417		$	25,594
Distributions reinvested		2,669			1,655			3,652			4,297
Cost of shares redeemed		(11,619	)		(9,229	)		(14,432	)		(17,703	)

Change in net assets resulting from Class R3 capital transactions	$	8,107		$	1,217		$	4,637		$	12,188

Class R4
Proceeds from shares issued	$	3,625		$	4,725		$	11,128		$	11,792
Distributions reinvested		679			921			1,419			1,720
Cost of shares redeemed		(3,668	)		(11,309	)		(10,446	)		(3,466	)

Change in net assets resulting from Class R4 capital transactions	$	636		$	(5,663	)	$	2,101		$	10,046

Class R5
Proceeds from shares issued	$	143,113		$	199,729		$	14,343		$	26,423
Distributions reinvested		31,744			17,215			4,992			5,681
Cost of shares redeemed		(169,555	)		(109,050	)		(29,341	)		(19,629	)

Change in net assets resulting from Class R5 capital transactions	$	5,302		$	107,894		$	(10,006	)	$	12,475

Class R6
Proceeds from shares issued	$	776,302		$	565,276		$	1,587,348		$	2,480,879
Distributions reinvested		137,892			90,442			174,996			82,670
Cost of shares redeemed		(589,307	)		(339,457	)		(1,249,049	)		(448,041	)

Change in net assets resulting from Class R6 capital transactions	$	324,887		$	316,261		$	513,295		$	2,115,508

Total change in net assets resulting from capital transactions	$	341,659		$	283,053		$	(1,341,858	)	$	(734,957	)

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	39

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Mid Cap Growth Fund						JPMorgan Mid Cap Value Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		4,392			3,765			6,133			6,269
Reinvested		2,499			2,301			1,812			2,966
Redeemed		(6,309	)		(5,639	)		(14,044	)		(15,628	)

Change in Class A Shares		582			427			(6,099	)		(6,393	)

Class C
Issued		461			610			374			538
Reinvested		341			306			150			315
Redeemed		(930	)		(1,023	)		(1,787	)		(2,429	)

Change in Class C Shares		(128	)		(107	)		(1,263	)		(1,576	)

Class I
Issued		8,021			6,807			28,169			20,189
Reinvested		1,879			2,019			3,157			4,798
Redeemed		(10,235	)		(12,716	)		(31,853	)		(30,988	)

Change in Class I Shares		(335	)		(3,890	)		(527	)		(6,001	)

Class L
Issued		—			—			34,257			41,784
Reinvested		—			—			9,979			20,337
Redeemed		—			—			(87,974	)		(124,718	)

Change in Class L Shares		—			—			(43,738	)		(62,597	)

Class R2
Issued		313			460			458			404
Reinvested		82			80			93			150
Redeemed		(645	)		(451	)		(599	)		(692	)

Change in Class R2 Shares		(250	)		89			(48	)		(138	)

Class R3
Issued		447			248			452			680
Reinvested		71			53			96			127
Redeemed		(307	)		(267	)		(421	)		(469	)

Change in Class R3 Shares		211			34			127			338

Class R4
Issued		94			134			308			313
Reinvested		18			30			37			50
Redeemed		(96	)		(325	)		(284	)		(92	)

Change in Class R4 Shares		16			(161	)		61			271

Class R5
Issued		3,638			5,532			392			697
Reinvested		826			544			126			162
Redeemed		(4,377	)		(3,055	)		(798	)		(517	)

Change in Class R5 Shares		87			3,021			(280	)		342

Class R6
Issued		19,998			15,732			44,485			66,731
Reinvested		3,570			2,842			4,428			2,355
Redeemed		(15,241	)		(9,571	)		(35,794	)		(11,820	)

Change in Class R6 Shares		8,327			9,003			13,119			57,266

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


	JPMorgan Value Advantage Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	225,893		$	232,481
Distributions reinvested		42,378			70,886
Cost of shares redeemed		(562,591	)		(426,883	)

Change in net assets resulting from Class A capital transactions	$	(294,320	)	$	(123,516	)

Class C
Proceeds from shares issued	$	31,902		$	49,965
Distributions reinvested		14,740			28,077
Cost of shares redeemed		(152,885	)		(149,047	)

Change in net assets resulting from Class C capital transactions	$	(106,243	)	$	(71,005	)

Class I
Proceeds from shares issued	$	873,832		$	990,121
Distributions reinvested		87,746			145,394
Cost of shares redeemed		(965,662	)		(990,428	)

Change in net assets resulting from Class I capital transactions	$	(4,084	)	$	145,087

Class L
Proceeds from shares issued	$	566,706		$	682,284
Distributions reinvested		96,694			161,936
Cost of shares redeemed		(1,203,324	)		(1,552,416	)

Change in net assets resulting from Class L capital transactions	$	(539,924	)	$	(708,196	)

Class R2
Proceeds from shares issued	$	128		$	33
Distributions reinvested		2			2
Cost of shares redeemed		(23	)		(6	)

Change in net assets resulting from Class R2 capital transactions	$	107		$	29

Class R3
Proceeds from shares issued	$	359		$	1,084
Distributions reinvested		69			109
Cost of shares redeemed		(887	)		(69	)

Change in net assets resulting from Class R3 capital transactions	$	(459	)	$	1,124

Class R4
Proceeds from shares issued	$	23,194		$	4,132
Distributions reinvested		1,174			1,103
Cost of shares redeemed		(8,710	)		(2,174	)

Change in net assets resulting from Class R4 capital transactions	$	15,658		$	3,061

Class R5
Proceeds from shares issued	$	2,112		$	2,695
Distributions reinvested		334			451
Cost of shares redeemed		(3,498	)		(1,340	)

Change in net assets resulting from Class R5 capital transactions	$	(1,052	)	$	1,806

Class R6
Proceeds from shares issued	$	2,406,252		$	581,176
Distributions reinvested		203,530			263,676
Cost of shares redeemed		(1,822,940	)		(714,971	)

Change in net assets resulting from Class R6 capital transactions	$	786,842		$	129,881

Total change in net assets resulting from capital transactions	$	(143,475	)	$	(621,729	)

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	41

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Value Advantage Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		7,038			6,752
Reinvested		1,145			2,205
Redeemed		(17,957	)		(12,282	)

Change in Class A Shares		(9,774	)		(3,325	)

Class C
Issued		966			1,459
Reinvested		401			875
Redeemed		(4,876	)		(4,326	)

Change in Class C Shares		(3,509	)		(1,992	)

Class I
Issued		28,338			28,239
Reinvested		2,357			4,502
Redeemed		(30,342	)		(28,665	)

Change in Class I Shares		353			4,076

Class L
Issued		17,778			19,446
Reinvested		2,596			5,015
Redeemed		(38,762	)		(43,889	)

Change in Class L Shares		(18,388	)		(19,428	)

Class R2
Issued		5			1
Reinvested		—	(a)		—	(a)
Redeemed		(1	)		—	(a)

Change in Class R2 Shares		4			1

Class R3
Issued		11			31
Reinvested		2			3
Redeemed		(25	)		(2	)

Change in Class R3 Shares		(12	)		32

Class R4
Issued		741			120
Reinvested		32			34
Redeemed		(250	)		(62	)

Change in Class R4 Shares		523			92

Class R5
Issued		62			77
Reinvested		9			14
Redeemed		(110	)		(38	)

Change in Class R5 Shares		(39	)		53

Class R6
Issued		70,239			16,654
Reinvested		5,469			8,179
Redeemed		(55,634	)		(20,665	)

Change in Class R6 Shares		20,074			4,168

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	43

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Growth Advantage Fund
Class A
Year Ended June 30, 2020	$	21.78	$	(0.08	)	$	5.74		$	5.66		$	(2.17	)
Year Ended June 30, 2019		21.73		(0.08	)		1.89			1.81			(1.76	)
Year Ended June 30, 2018		17.95		(0.12	)		4.74			4.62			(0.84	)
Year Ended June 30, 2017		14.42		(0.09	)		3.62			3.53			—
Year Ended June 30, 2016		15.74		(0.08	)		(0.71	)		(0.79	)		(0.53	)

Class C
Year Ended June 30, 2020		18.86		(0.16	)		4.89			4.73			(2.17	)
Year Ended June 30, 2019		19.16		(0.16	)		1.62			1.46			(1.76	)
Year Ended June 30, 2018		15.99		(0.19	)		4.20			4.01			(0.84	)
Year Ended June 30, 2017		12.91		(0.15	)		3.23			3.08			—
Year Ended June 30, 2016		14.22		(0.14	)		(0.64	)		(0.78	)		(0.53	)

Class I
Year Ended June 30, 2020		22.53		(0.02	)		5.95			5.93			(2.17	)
Year Ended June 30, 2019		22.36		(0.03	)		1.96			1.93			(1.76	)
Year Ended June 30, 2018		18.40		(0.07	)		4.87			4.80			(0.84	)
Year Ended June 30, 2017		14.75		(0.05	)		3.70			3.65			—
Year Ended June 30, 2016		16.06		(0.06	)		(0.72	)		(0.78	)		(0.53	)

Class R2
Year Ended June 30, 2020		21.67		(0.13	)		5.68			5.55			(2.17	)
Year Ended June 30, 2019		21.68		(0.13	)		1.88			1.75			(1.76	)
July 31, 2017 (f) through June 30, 2018		18.47		(0.14	)		4.19			4.05			(0.84	)

Class R3
Year Ended June 30, 2020		21.79		(0.08	)		5.73			5.65			(2.17	)
Year Ended June 30, 2019		21.74		(0.07	)		1.88			1.81			(1.76	)
Year Ended June 30, 2018		17.96		(0.11	)		4.73			4.62			(0.84	)
May 31, 2017 (f) through June 30, 2017		17.85		(0.01	)		0.12			0.11			—

Class R4
Year Ended June 30, 2020		22.53		(0.02	)		5.95			5.93			(2.17	)
Year Ended June 30, 2019		22.36		(0.03	)		1.96			1.93			(1.76	)
Year Ended June 30, 2018		18.40		(0.03	)		4.83			4.80			(0.84	)
May 31, 2017 (f) through June 30, 2017		18.29		—	(g)		0.11			0.11			—

Class R5
Year Ended June 30, 2020		23.00		0.01			6.09			6.10			(2.17	)
Year Ended June 30, 2019		22.76		0.01			1.99			2.00			(1.76	)
Year Ended June 30, 2018		18.69		(0.04	)		4.95			4.91			(0.84	)
Year Ended June 30, 2017		14.96		(0.03	)		3.76			3.73			—
Year Ended June 30, 2016		16.25		(0.03	)		(0.73	)		(0.76	)		(0.53	)

Class R6
Year Ended June 30, 2020		23.15		0.03			6.15			6.18			(2.17	)
Year Ended June 30, 2019		22.87		0.03			2.01			2.04			(1.76	)
Year Ended June 30, 2018		18.76		(0.02	)		4.97			4.95			(0.84	)
Year Ended June 30, 2017		15.00		(0.01	)		3.77			3.76			—
Year Ended June 30, 2016		16.27		(0.01	)		(0.73	)		(0.74	)		(0.53	)

(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)

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

(f)	Commencement of offering of class of shares.

(g)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	25.27		27.87	%	$	2,032,870		1.14	%		(0.36	)%		1.16	%		47	%
	21.78		9.63			1,825,607		1.14			(0.38	)		1.25			40
	21.73		26.22			1,724,681		1.16			(0.57	)		1.25			31
	17.95		24.48			1,550,092		1.24			(0.56	)		1.32			34
	14.42		(5.07	)		1,643,136		1.25			(0.55	)		1.35			46


	21.42		27.20			942,512		1.64			(0.86	)		1.66			47
	18.86		9.06			793,489		1.64			(0.88	)		1.75			40
	19.16		25.60			740,817		1.66			(1.07	)		1.76			31
	15.99		23.86			605,999		1.74			(1.06	)		1.82			34
	12.91		(5.55	)		594,190		1.75			(1.04	)		1.85			46


	26.29		28.15			2,827,894		0.89			(0.11	)		0.90			47
	22.53		9.91			2,107,041		0.89			(0.12	)		1.00			40
	22.36		26.56			1,753,505		0.92			(0.32	)		1.00			31
	18.40		24.75			1,691,899		1.00			(0.31	)		1.04			34
	14.75		(4.91	)		922,981		1.08			(0.41	)		1.09			46


	25.05		27.48			239		1.39			(0.59	)		1.88			47
	21.67		9.36			88		1.39			(0.61	)		2.24			40
	21.68		22.39			43		1.41			(0.77	)		1.59			31


	25.27		27.80			1,076		1.14			(0.36	)		1.24			47
	21.79		9.63			448		1.14			(0.36	)		1.40			40
	21.74		26.20			266		1.15			(0.53	)		1.28			31
	17.96		0.62			20		1.25			(0.55	)		1.25			34


	26.29		28.15			17,739		0.89			(0.11	)		0.90			47
	22.53		9.91			16,423		0.89			(0.12	)		1.00			40
	22.36		26.56			12,005		0.88			(0.16	)		1.00			31
	18.40		0.60			20		0.99			(0.29	)		1.00			34


	26.93		28.32			133,780		0.74			0.04			0.76			47
	23.00		10.05			118,449		0.74			0.02			0.85			40
	22.76		26.74			112,830		0.77			(0.18	)		0.85			31
	18.69		24.93			95,952		0.85			(0.17	)		0.88			34
	14.96		(4.72	)		82,358		0.89			(0.20	)		0.90			46


	27.16		28.49			4,854,095		0.64			0.14			0.65			47
	23.15		10.18			4,527,544		0.64			0.12			0.75			40
	22.87		26.86			4,347,440		0.67			(0.07	)		0.75			31
	18.76		25.07			3,153,928		0.74			(0.06	)		0.75			34
	15.00		(4.59	)		2,720,935		0.76			(0.07	)		0.76			46

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	45

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (a)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Equity Fund
Class A
Year Ended June 30, 2020	$	50.52	$	0.13		$	0.78		$	0.91		$	(0.30	)	$	(3.93	)	$	(4.23	)
Year Ended June 30, 2019		51.57		0.18			4.04			4.22			(0.13	)		(5.14	)		(5.27	)
Year Ended June 30, 2018		48.53		—	(d)		5.89			5.89			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		42.95		(0.02	)		7.02			7.00			(0.05	)		(1.37	)		(1.42	)
Year Ended June 30, 2016		47.12		(0.01	)		(2.02	)		(2.03	)		(0.03	)		(2.11	)		(2.14	)

Class C
Year Ended June 30, 2020		48.32		(0.10	)		0.71			0.61			(0.05	)		(3.93	)		(3.98	)
Year Ended June 30, 2019		49.66		(0.04	)		3.84			3.80			—			(5.14	)		(5.14	)
Year Ended June 30, 2018		47.05		(0.24	)		5.70			5.46			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		41.85		(0.25	)		6.82			6.57			—			(1.37	)		(1.37	)
Year Ended June 30, 2016		46.16		(0.23	)		(1.97	)		(2.20	)		—			(2.11	)		(2.11	)

Class I
Year Ended June 30, 2020		51.35		0.25			0.80			1.05			(0.40	)		(3.93	)		(4.33	)
Year Ended June 30, 2019		52.32		0.33			4.07			4.40			(0.23	)		(5.14	)		(5.37	)
Year Ended June 30, 2018		49.13		0.14			5.97			6.11			(0.07	)		(2.85	)		(2.92	)
Year Ended June 30, 2017		43.41		0.14			7.09			7.23			(0.14	)		(1.37	)		(1.51	)
Year Ended June 30, 2016		47.47		0.11			(1.99	)		(1.88	)		(0.07	)		(2.11	)		(2.18	)

Class R2
Year Ended June 30, 2020		49.96		0.01			0.76			0.77			(0.16	)		(3.93	)		(4.09	)
Year Ended June 30, 2019		51.08		0.05			4.00			4.05			(0.03	)		(5.14	)		(5.17	)
Year Ended June 30, 2018		48.21		(0.14	)		5.86			5.72			—			(2.85	)		(2.85	)
Year Ended June 30, 2017		42.75		(0.14	)		6.98			6.84			(0.01	)		(1.37	)		(1.38	)
Year Ended June 30, 2016		46.98		(0.13	)		(1.99	)		(2.12	)		—			(2.11	)		(2.11	)

Class R5
Year Ended June 30, 2020		51.37		0.30			0.83			1.13			(0.46	)		(3.93	)		(4.39	)
Year Ended June 30, 2019		52.35		0.41			4.06			4.47			(0.31	)		(5.14	)		(5.45	)
Year Ended June 30, 2018		49.17		0.24			5.94			6.18			(0.15	)		(2.85	)		(3.00	)
Year Ended June 30, 2017		43.43		0.18			7.11			7.29			(0.18	)		(1.37	)		(1.55	)
Year Ended June 30, 2016		47.49		0.18			(2.03	)		(1.85	)		(0.10	)		(2.11	)		(2.21	)

Class R6
Year Ended June 30, 2020		51.41		0.37			0.81			1.18			(0.52	)		(3.93	)		(4.45	)
Year Ended June 30, 2019		52.39		0.43			4.09			4.52			(0.36	)		(5.14	)		(5.50	)
Year Ended June 30, 2018		49.18		0.27			5.96			6.23			(0.17	)		(2.85	)		(3.02	)
Year Ended June 30, 2017		43.44		0.21			7.09			7.30			(0.19	)		(1.37	)		(1.56	)
Year Ended June 30, 2016		47.49		0.20			(2.02	)		(1.82	)		(0.12	)		(2.11	)		(2.23	)

(a)	Calculated based upon average shares outstanding.

(b)

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

(d)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets
Net asset value, end of period		Total return (excludes sales charge) (b)			Net assets, end of period (000’s)		Net expenses (c)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate


$	47.20		2.20	%	$	405,857		1.14	%		0.28	%		1.26	%		49	%
	50.52		9.92			451,118		1.13			0.37			1.26			34
	51.57		12.37			402,897		1.17			0.01			1.25			31
	48.53		16.61			378,055		1.24			(0.05	)		1.37			38
	42.95		(4.17	)		335,424		1.25			(0.03	)		1.43			39


	44.95		1.69			20,753		1.64			(0.23	)		1.76			49
	48.32		9.37			24,071		1.63			(0.09	)		1.76			34
	49.66		11.83			27,666		1.67			(0.50	)		1.76			31
	47.05		16.01			30,596		1.74			(0.56	)		1.92			38
	41.85		(4.64	)		32,045		1.75			(0.54	)		1.96			39


	48.07		2.46			341,317		0.89			0.53			1.01			49
	51.35		10.20			301,071		0.88			0.65			1.00			34
	52.32		12.68			326,026		0.89			0.26			1.00			31
	49.13		17.01			778,378		0.89			0.30			1.08			38
	43.41		(3.81	)		622,440		0.90			0.25			1.20			39


	46.64		1.96			623		1.39			0.03			1.55			49
	49.96		9.63			524		1.38			0.10			1.57			34
	51.08		12.09			443		1.43			(0.28	)		1.57			31
	48.21		16.30			600		1.49			(0.31	)		1.69			38
	42.75		(4.38	)		688		1.50			(0.30	)		1.81			39


	48.11		2.62			871		0.74			0.61			0.86			49
	51.37		10.37			6,073		0.73			0.81			0.86			34
	52.35		12.83			6,499		0.75			0.47			0.85			31
	49.17		17.14			1,804		0.79			0.40			0.87			38
	43.43		(3.73	)		2,840		0.80			0.42			0.91			39


	48.14		2.72			867,761		0.64			0.75			0.76			49
	51.41		10.48			2,008,540		0.63			0.87			0.75			34
	52.39		12.93			1,970,177		0.67			0.51			0.75			31
	49.18		17.18			1,619,045		0.74			0.45			0.75			38
	43.44		(3.66	)		1,370,912		0.74			0.46			0.77			39

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	47

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net realized gain
JPMorgan Mid Cap Growth Fund
Class A
Year Ended June 30, 2020	$	32.94	$	(0.20	)	$	6.50		$	6.30		$	(2.81	)
Year Ended June 30, 2019		30.84		(0.17	)		4.42			4.25			(2.15	)
Year Ended June 30, 2018		27.99		(0.19	)		5.18			4.99			(2.14	)
Year Ended June 30, 2017		23.43		(0.14	)		4.71			4.57			(0.01	)
Year Ended June 30, 2016		27.71		(0.15	)		(2.67	)		(2.82	)		(1.46	)

Class C
Year Ended June 30, 2020		25.34		(0.28	)		4.90			4.62			(2.81	)
Year Ended June 30, 2019		24.37		(0.25	)		3.37			3.12			(2.15	)
Year Ended June 30, 2018		22.64		(0.27	)		4.14			3.87			(2.14	)
Year Ended June 30, 2017		19.05		(0.22	)		3.82			3.60			(0.01	)
Year Ended June 30, 2016		22.93		(0.22	)		(2.20	)		(2.42	)		(1.46	)

Class I
Year Ended June 30, 2020		38.37		(0.12	)		7.67			7.55			(2.81	)
Year Ended June 30, 2019		35.44		(0.09	)		5.17			5.08			(2.15	)
Year Ended June 30, 2018		31.79		(0.10	)		5.89			5.79			(2.14	)
Year Ended June 30, 2017		26.52		(0.07	)		5.35			5.28			(0.01	)
Year Ended June 30, 2016		31.06		(0.09	)		(2.99	)		(3.08	)		(1.46	)

Class R2
Year Ended June 30, 2020		35.91		(0.31	)		7.11			6.80			(2.81	)
Year Ended June 30, 2019		33.49		(0.27	)		4.84			4.57			(2.15	)
Year Ended June 30, 2018		30.31		(0.28	)		5.60			5.32			(2.14	)
Year Ended June 30, 2017		25.41		(0.21	)		5.12			4.91			(0.01	)
Year Ended June 30, 2016		29.96		(0.18	)		(2.91	)		(3.09	)		(1.46	)

Class R3
Year Ended June 30, 2020		38.01		(0.23	)		7.56			7.33			(2.81	)
Year Ended June 30, 2019		35.23		(0.20	)		5.13			4.93			(2.15	)
Year Ended June 30, 2018		31.71		(0.19	)		5.85			5.66			(2.14	)
September 9, 2016 (f) through June 30, 2017		27.06		(0.13	)		4.79			4.66			(0.01	)

Class R4
Year Ended June 30, 2020		38.30		(0.14	)		7.65			7.51			(2.81	)
Year Ended June 30, 2019		35.40		(0.11	)		5.16			5.05			(2.15	)
Year Ended June 30, 2018		31.77		(0.12	)		5.89			5.77			(2.14	)
September 9, 2016 (f) through June 30, 2017		27.06		(0.06	)		4.78			4.72			(0.01	)

Class R5
Year Ended June 30, 2020		38.90		(0.06	)		7.78			7.72			(2.81	)
Year Ended June 30, 2019		35.85		(0.04	)		5.24			5.20			(2.15	)
Year Ended June 30, 2018		32.09		(0.06	)		5.96			5.90			(2.14	)
Year Ended June 30, 2017		26.74		(0.03	)		5.39			5.36			(0.01	)
Year Ended June 30, 2016		31.26		(0.03	)		(3.03	)		(3.06	)		(1.46	)

Class R6
Year Ended June 30, 2020		39.09		(0.04	)		7.83			7.79			(2.81	)
Year Ended June 30, 2019		36.00		(0.02	)		5.26			5.24			(2.15	)
Year Ended June 30, 2018		32.20		(0.04	)		5.98			5.94			(2.14	)
Year Ended June 30, 2017		26.82		(0.02	)		5.41			5.39			(0.01	)
Year Ended June 30, 2016		31.33		(0.02	)		(3.03	)		(3.05	)		(1.46	)

(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)

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

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	36.43		20.30	%	$	1,141,467		1.24	%		(0.62	)%		1.27	%		63	%
	32.94		15.37			1,012,686		1.23			(0.56	)		1.28			54
	30.84		18.39			934,982		1.23			(0.62	)		1.30			56
	27.99		19.52			915,226		1.23			(0.56	)		1.36			41
	23.43		(10.29	)		949,148		1.24			(0.59	)		1.40			56


	27.15		19.72			86,046		1.74			(1.12	)		1.75			63
	25.34		14.78			83,558		1.73			(1.06	)		1.75			54
	24.37		17.76			82,939		1.73			(1.12	)		1.76			56
	22.64		18.92			90,640		1.73			(1.06	)		1.85			41
	19.05		(10.70	)		96,729		1.74			(1.08	)		1.90			56


	43.11		20.70			1,205,433		0.93			(0.31	)		1.00			63
	38.37		15.73			1,085,728		0.92			(0.25	)		1.00			54
	35.44		18.72			1,140,704		0.92			(0.30	)		1.00			56
	31.79		19.92			1,050,151		0.92			(0.25	)		1.08			41
	26.52		(10.01	)		929,489		0.93			(0.31	)		1.13			56


	39.90		20.00			39,404		1.49			(0.87	)		1.55			63
	35.91		15.10			44,453		1.48			(0.81	)		1.55			54
	33.49		18.06			38,486		1.48			(0.87	)		1.57			56
	30.31		19.34			35,242		1.42			(0.74	)		1.69			41
	25.41		(10.42	)		32,092		1.40			(0.71	)		1.71			56


	42.53		20.30			42,573		1.24			(0.61	)		1.25			63
	38.01		15.38			30,023		1.23			(0.56	)		1.25			54
	35.23		18.34			26,638		1.23			(0.54	)		1.26			56
	31.71		17.24			152		1.23			(0.54	)		1.42			41


	43.00		20.63			11,194		0.99			(0.37	)		1.00			63
	38.30		15.66			9,343		0.98			(0.31	)		1.00			54
	35.40		18.66			14,320		0.98			(0.33	)		1.01			56
	31.77		17.46			129		0.98			(0.23	)		1.10			41


	43.81		20.86			519,097		0.79			(0.17	)		0.85			63
	38.90		15.89			457,513		0.78			(0.11	)		0.85			54
	35.85		18.89			313,336		0.78			(0.16	)		0.85			56
	32.09		20.06			247,068		0.78			(0.10	)		0.89			41
	26.74		(9.87	)		224,498		0.79			(0.13	)		0.91			56


	44.07		20.94			2,435,853		0.74			(0.11	)		0.75			63
	39.09		15.94			1,835,188		0.73			(0.05	)		0.75			54
	36.00		18.95			1,365,839		0.73			(0.11	)		0.76			56
	32.20		20.11			749,670		0.73			(0.06	)		0.76			41
	26.82		(9.82	)		619,527		0.73			(0.06	)		0.77			56

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	49

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Mid Cap Value Fund
Class A
Year Ended June 30, 2020	$	38.02	$	0.33		$	(5.35	)	$	(5.02	)	$	(0.33	)	$	(1.55	)	$	(1.88	)
Year Ended June 30, 2019		39.24		0.45			0.87			1.32			(0.38	)		(2.16	)		(2.54	)
Year Ended June 30, 2018		37.80		0.20			2.14			2.34			(0.18	)		(0.72	)		(0.90	)
Year Ended June 30, 2017		35.41		0.17			4.60			4.77			(0.14	)		(2.24	)		(2.38	)
Year Ended June 30, 2016		36.98		0.19			0.33			0.52			(0.14	)		(1.95	)		(2.09	)

Class C
Year Ended June 30, 2020		36.44		0.14			(5.14	)		(5.00	)		(0.12	)		(1.55	)		(1.67	)
Year Ended June 30, 2019		37.68		0.26			0.83			1.09			(0.17	)		(2.16	)		(2.33	)
Year Ended June 30, 2018		36.35		(0.02	)		2.07			2.05			—			(0.72	)		(0.72	)
Year Ended June 30, 2017		34.17		(0.02	)		4.44			4.42			—			(2.24	)		(2.24	)
Year Ended June 30, 2016		35.79		0.01			0.32			0.33			—			(1.95	)		(1.95	)

Class I
Year Ended June 30, 2020		38.48		0.43			(5.42	)		(4.99	)		(0.43	)		(1.55	)		(1.98	)
Year Ended June 30, 2019		39.70		0.54			0.88			1.42			(0.48	)		(2.16	)		(2.64	)
Year Ended June 30, 2018		38.24		0.30			2.16			2.46			(0.28	)		(0.72	)		(1.00	)
Year Ended June 30, 2017		35.79		0.27			4.66			4.93			(0.24	)		(2.24	)		(2.48	)
Year Ended June 30, 2016		37.36		0.28			0.33			0.61			(0.23	)		(1.95	)		(2.18	)

Class L
Year Ended June 30, 2020		38.99		0.52			(5.48	)		(4.96	)		(0.52	)		(1.55	)		(2.07	)
Year Ended June 30, 2019		40.21		0.62			0.90			1.52			(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.70		0.40			2.20			2.60			(0.37	)		(0.72	)		(1.09	)
Year Ended June 30, 2017		36.19		0.36			4.71			5.07			(0.32	)		(2.24	)		(2.56	)
Year Ended June 30, 2016		37.76		0.37			0.33			0.70			(0.32	)		(1.95	)		(2.27	)

Class R2
Year Ended June 30, 2020		36.35		0.23			(5.11	)		(4.88	)		(0.25	)		(1.55	)		(1.80	)
Year Ended June 30, 2019		37.64		0.31			0.86			1.17			(0.30	)		(2.16	)		(2.46	)
Year Ended June 30, 2018		36.33		0.10			2.05			2.15			(0.12	)		(0.72	)		(0.84	)
Year Ended June 30, 2017		34.14		0.07			4.43			4.50			(0.07	)		(2.24	)		(2.31	)
Year Ended June 30, 2016		35.73		0.10			0.32			0.42			(0.06	)		(1.95	)		(2.01	)

Class R3
Year Ended June 30, 2020		37.70		0.33			(5.30	)		(4.97	)		(0.35	)		(1.55	)		(1.90	)
Year Ended June 30, 2019		38.97		0.39			0.91			1.30			(0.41	)		(2.16	)		(2.57	)
Year Ended June 30, 2018		37.67		0.21			2.11			2.32			(0.30	)		(0.72	)		(1.02	)
September 9, 2016 (f) through June 30, 2017		35.78		0.26			4.15			4.41			(0.28	)		(2.24	)		(2.52	)

Class R4
Year Ended June 30, 2020		38.29		0.43			(5.40	)		(4.97	)		(0.43	)		(1.55	)		(1.98	)
Year Ended June 30, 2019		39.56		0.50			0.90			1.40			(0.51	)		(2.16	)		(2.67	)
Year Ended June 30, 2018		38.16		0.33			2.13			2.46			(0.34	)		(0.72	)		(1.06	)
September 9, 2016 (f) through June 30, 2017		36.18		0.38			4.15			4.53			(0.31	)		(2.24	)		(2.55	)

Class R5
Year Ended June 30, 2020		38.93		0.49			(5.48	)		(4.99	)		(0.49	)		(1.55	)		(2.04	)
Year Ended June 30, 2019		40.15		0.58			0.90			1.48			(0.54	)		(2.16	)		(2.70	)
Year Ended June 30, 2018		38.67		0.38			2.17			2.55			(0.35	)		(0.72	)		(1.07	)
September 9, 2016 (f) through June 30, 2017		36.60		0.36			4.28			4.64			(0.33	)		(2.24	)		(2.57	)

Class R6
Year Ended June 30, 2020		38.97		0.52			(5.47	)		(4.95	)		(0.53	)		(1.55	)		(2.08	)
Year Ended June 30, 2019		40.19		0.58			0.94			1.52			(0.58	)		(2.16	)		(2.74	)
Year Ended June 30, 2018		38.69		0.43			2.16			2.59			(0.37	)		(0.72	)		(1.09	)
September 9, 2016 (f) through June 30, 2017		36.60		0.32			4.34			4.66			(0.33	)		(2.24	)		(2.57	)

(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)

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

(f)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	31.12		(14.13	)%	$	1,171,139		1.24	%		0.93	%		1.24	%		18	%
	38.02		4.12			1,662,841		1.23			1.20			1.25			11
	39.24		6.20			1,967,162		1.23			0.51			1.26			13
	37.80		13.83			2,149,689		1.23			0.45			1.36			23
	35.41		1.85			2,302,567		1.24			0.54			1.41			20


	29.77		(14.58	)		84,827		1.73			0.42			1.74			18
	36.44		3.59			149,839		1.73			0.72			1.74			11
	37.68		5.65			214,331		1.74			(0.06	)		1.75			13
	36.35		13.27			452,351		1.74			(0.06	)		1.80			23
	34.17		1.35			549,619		1.75			0.03			1.83			20


	31.51		(13.93	)		2,164,300		0.98			1.20			0.99			18
	38.48		4.38			2,662,983		0.98			1.41			0.99			11
	39.70		6.44			2,985,882		0.98			0.77			1.00			13
	38.24		14.15			2,902,646		0.98			0.72			1.07			23
	35.79		2.11			2,332,160		0.99			0.80			1.11			20


	31.96		(13.71	)		5,976,033		0.75			1.41			0.84			18
	38.99		4.63			8,996,364		0.74			1.61			0.85			11
	40.21		6.73			11,795,588		0.74			1.00			0.86			13
	38.70		14.39			12,478,637		0.74			0.96			0.91			23
	36.19		2.35			10,313,629		0.75			1.04			0.94			20


	29.67		(14.36	)		59,200		1.49			0.69			1.50			18
	36.35		3.86			74,236		1.49			0.87			1.50			11
	37.64		5.93			82,108		1.49			0.26			1.51			13
	36.33		13.53			85,287		1.49			0.21			1.65			23
	34.14		1.61			66,167		1.50			0.29			1.75			20


	30.83		(14.13	)		63,836		1.23			0.96			1.24			18
	37.70		4.12			73,299		1.24			1.04			1.25			11
	38.97		6.17			62,576		1.24			0.55			1.25			13
	37.67		12.70			19,262		1.24			0.87			1.35			23


	31.34		(13.93	)		24,576		0.98			1.21			0.99			18
	38.29		4.38			27,681		0.98			1.32			0.99			11
	39.56		6.45			17,859		0.99			0.83			1.00			13
	38.16		12.89			3,537		0.99			1.26			1.10			23


	31.90		(13.79	)		69,110		0.83			1.34			0.83			18
	38.93		4.52			95,243		0.83			1.50			0.84			11
	40.15		6.61			84,457		0.84			0.96			0.85			13
	38.67		13.06			30,334		0.84			1.18			1.02			23


	31.94		(13.70	)		3,101,566		0.73			1.46			0.74			18
	38.97		4.63			3,272,999		0.73			1.52			0.74			11
	40.19		6.71			1,073,888		0.74			1.08			0.75			13
	38.69		13.13			281,269		0.74			1.05			0.75			23

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	51

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Value Advantage Fund
Class A
Year Ended June 30, 2020	$	35.46	$	0.49		$	(5.04	)	$	(4.55	)	$	(0.45	)	$	(0.93	)	$	(1.38	)
Year Ended June 30, 2019		35.38		0.55			1.68			2.23			(0.46	)		(1.69	)		(2.15	)
Year Ended June 30, 2018		33.40		0.35	(f)		2.26			2.61			(0.28	)		(0.35	)		(0.63	)
Year Ended June 30, 2017		28.66		0.27			4.77			5.04			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		29.84		0.27			(0.99	)		(0.72	)		(0.17	)		(0.29	)		(0.46	)

Class C
Year Ended June 30, 2020		35.29		0.32			(5.04	)		(4.72	)		(0.26	)		(0.93	)		(1.19	)
Year Ended June 30, 2019		35.20		0.38			1.68			2.06			(0.28	)		(1.69	)		(1.97	)
Year Ended June 30, 2018		33.20		0.18	(f)		2.24			2.42			(0.07	)		(0.35	)		(0.42	)
Year Ended June 30, 2017		28.52		0.11			4.74			4.85			(0.17	)		—			(0.17	)
Year Ended June 30, 2016		29.72		0.14			(0.99	)		(0.85	)		(0.06	)		(0.29	)		(0.35	)

Class I
Year Ended June 30, 2020		35.67		0.57			(5.06	)		(4.49	)		(0.54	)		(0.93	)		(1.47	)
Year Ended June 30, 2019		35.60		0.62			1.70			2.32			(0.56	)		(1.69	)		(2.25	)
Year Ended June 30, 2018		33.62		0.44	(f)		2.28			2.72			(0.39	)		(0.35	)		(0.74	)
Year Ended June 30, 2017		28.86		0.35			4.80			5.15			(0.39	)		—			(0.39	)
Year Ended June 30, 2016		29.99		0.33			(0.98	)		(0.65	)		(0.19	)		(0.29	)		(0.48	)

Class L
Year Ended June 30, 2020		35.69		0.63			(5.07	)		(4.44	)		(0.59	)		(0.93	)		(1.52	)
Year Ended June 30, 2019		35.62		0.72			1.64			2.36			(0.60	)		(1.69	)		(2.29	)
Year Ended June 30, 2018		33.63		0.50	(f)		2.29			2.79			(0.45	)		(0.35	)		(0.80	)
Year Ended June 30, 2017		28.86		0.41			4.82			5.23			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		30.06		0.43			(1.02	)		(0.59	)		(0.32	)		(0.29	)		(0.61	)

Class R2
Year Ended June 30, 2020		35.24		0.40			(5.01	)		(4.61	)		(0.39	)		(0.93	)		(1.32	)
Year Ended June 30, 2019		35.22		0.48			1.65			2.13			(0.42	)		(1.69	)		(2.11	)
July 31, 2017 (g) through June 30, 2018		34.04		0.25	(f)		1.64			1.89			(0.36	)		(0.35	)		(0.71	)

Class R3
Year Ended June 30, 2020		35.08		0.48			(4.98	)		(4.50	)		(0.44	)		(0.93	)		(1.37	)
Year Ended June 30, 2019		35.11		0.49			1.71			2.20			(0.54	)		(1.69	)		(2.23	)
Year Ended June 30, 2018		33.24		0.35	(f)		2.26			2.61			(0.39	)		(0.35	)		(0.74	)
September 9, 2016 (g) through June 30, 2017		29.33		0.29			4.06			4.35			(0.44	)		—			(0.44	)

Class R4
Year Ended June 30, 2020		35.52		0.57			(5.04	)		(4.47	)		(0.56	)		(0.93	)		(1.49	)
Year Ended June 30, 2019		35.47		0.62			1.69			2.31			(0.57	)		(1.69	)		(2.26	)
Year Ended June 30, 2018		33.55		0.51	(f)		2.20			2.71			(0.44	)		(0.35	)		(0.79	)
September 9, 2016 (g) through June 30, 2017		29.56		0.27			4.18			4.45			(0.46	)		—			(0.46	)

Class R5
Year Ended June 30, 2020		35.62		0.63			(5.05	)		(4.42	)		(0.60	)		(0.93	)		(1.53	)
Year Ended June 30, 2019		35.57		0.65			1.71			2.36			(0.62	)		(1.69	)		(2.31	)
Year Ended June 30, 2018		33.59		0.50	(f)		2.28			2.78			(0.45	)		(0.35	)		(0.80	)
September 9, 2016 (g) through June 30, 2017		29.57		0.30			4.20			4.50			(0.48	)		—			(0.48	)

Class R6
Year Ended June 30, 2020		35.67		0.66			(5.06	)		(4.40	)		(0.63	)		(0.93	)		(1.56	)
Year Ended June 30, 2019		35.60		0.71			1.70			2.41			(0.65	)		(1.69	)		(2.34	)
Year Ended June 30, 2018		33.61		0.54	(f)		2.26			2.80			(0.46	)		(0.35	)		(0.81	)
September 9, 2016 (g) through June 30, 2017		29.57		0.36			4.17			4.53			(0.49	)		—			(0.49	)

(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)

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

(f)	Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	29.53		(13.60	)%	$	736,715		1.14	%		1.45	%		1.16	%		29	%
	35.46		7.00			1,231,325		1.14			1.59			1.25			15
	35.38		7.81			1,346,080		1.17			1.01	(f)		1.25			23
	33.40		17.60			1,432,370		1.24			0.85			1.36			24
	28.66		(2.34	)		2,045,698		1.24			0.98			1.43			26


	29.38		(14.04	)		332,229		1.64			0.94			1.66			29
	35.29		6.45			522,878		1.64			1.08			1.75			15
	35.20		7.27			591,602		1.67			0.51	(f)		1.75			23
	33.20		17.02			746,521		1.74			0.34			1.81			24
	28.52		(2.82	)		728,800		1.74			0.49			1.85			26


	29.71		(13.39	)		2,047,640		0.89			1.70			0.90			29
	35.67		7.28			2,445,747		0.89			1.76			0.99			15
	35.60		8.07			2,296,056		0.92			1.26	(f)		1.00			23
	33.62		17.89			2,165,577		0.99			1.09			1.04			24
	28.86		(2.10	)		1,414,635		0.99			1.16			1.05			26


	29.73		(13.26	)		1,593,954		0.74			1.85			0.75			29
	35.69		7.41			2,569,596		0.74			2.04			0.84			15
	35.62		8.29			3,255,993		0.74			1.42	(f)		0.85			23
	33.63		18.17			3,643,327		0.75			1.32			0.87			24
	28.86		(1.87	)		5,901,818		0.74			1.50			0.88			26


	29.31		(13.82	)		182		1.39			1.27			1.55			29
	35.24		6.72			69		1.39			1.40			2.14			15
	35.22		5.54			38		1.41			0.78	(f)		1.61			23


	29.21		(13.60	)		1,519		1.14			1.43			1.18			29
	35.08		7.00			2,241		1.14			1.44			1.26			15
	35.11		7.82			1,132		1.15			1.01	(f)		1.28			23
	33.24		14.87			385		1.24			1.09			1.36			24


	29.56		(13.40	)		32,555		0.88			1.74			0.90			29
	35.52		7.27			20,538		0.89			1.79			0.99			15
	35.47		8.07			17,231		0.89			1.43	(f)		1.00			23
	33.55		15.10			34		1.00			1.05			1.08			24


	29.67		(13.25	)		5,529		0.74			1.85			0.75			29
	35.62		7.41			8,018		0.74			1.85			0.84			15
	35.57		8.25			6,114		0.76			1.41	(f)		0.88			23
	33.59		15.27			422		0.83			1.14			0.89			24


	29.71		(13.18	)		3,949,596		0.64			1.96			0.65			29
	35.67		7.57			4,025,348		0.64			2.02			0.74			15
	35.60		8.31			3,869,991		0.67			1.52	(f)		0.75			23
	33.61		15.35			3,069,390		0.74			1.39			0.75			24

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	53

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020

1. Organization

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

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

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


	Classes Offered	Trust	Diversification Classification
JPMorgan Growth Advantage Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	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	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Mid Cap Value Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPMFMFG	Diversified
JPMorgan Value Advantage Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	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 the Mid Cap Value Fund and the Value Advantage Fund are publicly offered only on a limited basis. Investors are not eligible to purchase Class L Shares of these Funds unless they meet certain requirements as described in the Funds’ 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’ prospectuses. Class C Shares automatically convert to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

2. Significant Accounting Policies

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.



54	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

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 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.

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

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.

•

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Growth Advantage Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	11,129,848	$	—	$	—	$	11,129,848


Mid Cap Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	1,637,187	$	—	$	—	$	1,637,187


Mid Cap Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	5,720,634	$	—	$	—	$	5,720,634


Mid Cap Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	12,897,295	$	—	$	—	$	12,897,295



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	55

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)



Value Advantage Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	8,418,517	$	—	$	—		$	8,418,517
Rights
Media		—		—		—	(b)		—	(b)
Wireless Telecommunication Services		47		—		—			47

Total Rights		47		—		—	(b)		47

Short-Term Investments
Investment Companies		193,827		—		—			193,827
Investment of cash collateral from securities loaned		154,262		—		—			154,262

Total Short-Term Investments		348,089		—		—			348,089

Total Investments in Securities	$	8,766,653	$	—	$	—	(b)	$	8,766,653

(a)	Please refer to the SOIs for specifics of portfolio holdings.

(b)	Amount rounds to less than one thousand.


	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Growth Advantage Fund	$	331,253	$	(331,253	)	$	—
Mid Cap Growth Fund		231,676		(231,676	)		—
Mid Cap Value Fund		188,161		(188,161	)		—
Value Advantage Fund		150,467		(150,467	)		—

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



56	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


Growth Advantage Fund	$	27
Mid Cap Equity Fund		8
Mid Cap Growth Fund		24
Mid Cap Value Fund		34
Value Advantage Fund		29

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).

Mid Cap Equity Fund did not have any securities out on loan at June 30, 2020.

Growth Advantage Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	214,350	$	3,435,887	$	3,544,930	$	72		$	37		$	105,416		105,321	$	3,057		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		157,046		2,064,501		1,919,000		(1	)*		(17	)		302,529		302,408		3,039	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		36,180		1,350,989		1,355,679		—			—			31,490		31,490		441	*		—

Total	$	407,576	$	6,851,377	$	6,819,609	$	71		$	20		$	439,435			$	6,537		$	—

Mid Cap Equity Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	97,782	$	795,812	$	853,004	$	20		$	2		$	40,612		40,575	$	1,079		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares (a)		69,023		198,000		267,019		1	*		(5	)		—		—		489	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares (a)		15,260		256,338		271,598		—			—			—		—		141	*		—

Total	$	182,065	$	1,250,150	$	1,391,621	$	21		$	(3	)	$	40,612			$	1,709		$	—



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	57

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

Mid Cap Growth Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	113,766	$	1,417,961	$	1,480,197	$	14		$	16		$	51,560		51,514	$	1,973		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		168,065		1,180,999		1,138,002		40	*		(14	)		211,088		211,004		2,689	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		30,123		839,294		845,040		—			—			24,377		24,377		402	*		—

Total	$	311,954	$	3,438,254	$	3,463,239	$	54		$	2		$	287,025			$	5,064		$	—

Mid Cap Value Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	715,289	$	2,490,470	$	3,035,774	$	216		$	101		$	170,302		170,149	$	6,799		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		296,060		1,446,000		1,574,000		40	*		(26	)		168,074		168,007		4,175	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		58,776		962,073		997,377		—			—			23,472		23,472		605	*		—

Total	$	1,070,125	$	4,898,543	$	5,607,151	$	256		$	75		$	361,848			$	11,579		$	—

Value Advantage Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	181,870	$	3,171,347	$	3,159,521	$	151		$	(20	)	$	193,827		193,652	$	4,895		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		215,041		1,454,000		1,530,000		102	*		(17	)		139,126		139,070		3,080	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		42,795		892,790		920,449		—			—			15,136		15,136		471	*		—

Total	$	439,706	$	5,518,137	$	5,609,970	$	253		$	(37	)	$	348,089			$	8,446		$	—

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

(b)	The rate shown is the current yield as of June 30, 2020.

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



58	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

D. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income, net of foreign taxes withheld, if any, and dividend expense on securities sold short, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

E. 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.


	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	$	142	$	57	$	47		n/a	$	1		$	1		$	—	(a)	$	7		$	55	$	310
Mid Cap Equity Fund
Transfer agency fees		33		2		7		n/a		—	(a)		n/a			n/a			—	(a)		15		57
Mid Cap Growth Fund
Transfer agency fees		255		7		29		n/a		20			2			—	(a)		12			66		391
Mid Cap Value Fund
Transfer agency fees		105		7		38	$	486		7			—	(a)		1			1			47		692
Value Advantage Fund
Transfer agency fees		85		41		35		36		—	(a)		1			—	(a)		—	(a)		43		241

(a)	Amount rounds to less than one thousand.

F. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2020, 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.

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

The following amounts were reclassified within the capital accounts (amounts in thousands):


	Paid-in-Capital		Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
JPMorgan Growth Advantage Fund	$	103,783	$	2,926		$	(106,709	)
JPMorgan Mid Cap Equity Fund		248,867		(303	)		(248,564	)
JPMorgan Mid Cap Growth Fund		—		1,198			(1,198	)
JPMorgan Value Advantage Fund		—		(4,076	)		4,076

The reclassifications for the Funds relate primarily to redemptions in-kind and tax equalization.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	59

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, 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 based on each Fund’s respective average daily net assets. The annual rate for each Fund is as follows:


Growth Advantage Fund	0.55	%⁽¹⁾
Mid Cap Equity Fund	0.65
Mid Cap Growth Fund	0.65
Mid Cap Value Fund	0.65
Value Advantage Fund	0.55	⁽¹⁾

⁽¹⁾	Prior to August 1, 2019, the investment advisory fee was accrued daily and paid monthly at an annual rate of 0.65% on each Fund’s respective average daily net assets.

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

B. Administration Fee — Pursuant to Administration Agreements, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the year ended June 30, 2020, the effective rate for Growth Advantage Fund, Mid Cap Equity Fund, Mid Cap Growth Fund, Mid Cap Value Fund and Value Advantage Fund was 0.08%, 0.08%, 0.08%, 0.07% and 0.07%, 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.

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

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


	Class A			Class C			Class R2			Class R3
Growth Advantage Fund		0.25	%		0.75	%		0.50	%		0.25	%
Mid Cap Equity Fund		0.25			0.75			0.50			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


	Front-End Sales Charge		CDSC
Growth Advantage Fund	$	434	$	5
Mid Cap Equity Fund		114		—
Mid Cap Growth Fund		103		1
Mid Cap Value Fund		63		—	(a)
Value Advantage Fund		131		1

(a)	Amount rounds to less than one thousand.



60	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

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	%		n/a			0.25	%		0.25	%		0.25	%		0.10	%
Mid Cap Equity Fund		0.25			0.25			0.25			n/a			0.25			n/a			n/a			0.10
Mid Cap Growth Fund		0.25			0.25			0.25			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 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		1.14	%		1.64	%		0.89	%		n/a			1.39	%		1.14	%		n/a	⁽¹⁾		n/a	⁽¹⁾		n/a	⁽¹⁾
Mid Cap Equity Fund		1.14			1.64			0.89			n/a			1.39			n/a			n/a			0.74	%		0.64	%
Mid Cap Growth Fund		1.24			n/a	⁽²⁾		0.93			n/a			1.49			n/a	⁽²⁾		0.99	%		0.79			0.74
Mid Cap Value Fund		1.24			1.75			0.99			0.75	%		1.50			1.25			1.00			0.85			0.73
Value Advantage Fund		1.14			1.64			0.89			0.75			1.39			1.14			0.89			0.74			0.64

⁽¹⁾	Effective November 1, 2019, the contractual expense limitation for Class R4, Class R5 and Class R6 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 0.89%, 0.74% and 0.64% for Class R4, Class R5 and Class R6 Shares, respectively.

⁽²⁾	Effective November 1, 2019, the contractual expense limitation for Class C and Class R3 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 1.74% and 1.24% for Class C and Class R3 Shares, respectively.

The expense limitation agreements were in effect for the year ended June 30, 2020 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2020.


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Growth Advantage Fund	$	522	$	348	$	254	$	1,124	$	7
Mid Cap Equity Fund		1,328		886		31		2,245		—	(a)
Mid Cap Growth Fund		104		65		1,160		1,329		38
Mid Cap Value Fund		262		163		6,600		7,025		32
Value Advantage Fund		596		396		111		1,103		23

(a)	Amount rounds to less than one thousand.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	61

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

The amount of waivers resulting from investments in these money market funds for the year ended June 30, 2020 was as follows (amounts in thousands):


Growth Advantage Fund	$	250
Mid Cap Equity Fund		89
Mid Cap Growth Fund		166
Mid Cap Value Fund		581
Value Advantage Fund		407

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.

During the year ended June 30, 2020, the Funds 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 year ended June 30, 2020, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Growth Advantage Fund	$	4,274,522	$	5,219,165
Mid Cap Equity Fund		962,224		927,634
Mid Cap Growth Fund		2,985,297		2,950,253
Mid Cap Value Fund		2,626,179		4,009,322
Value Advantage Fund		2,865,591		3,393,186

During the year ended June 30, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2020 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	6,399,734	$	4,798,998	$	68,884	$	4,730,114
Mid Cap Equity Fund		1,185,039		508,588		56,440		452,148
Mid Cap Growth Fund		4,141,185		1,652,724		73,275		1,579,449
Mid Cap Value Fund		10,015,650		4,123,961		1,242,316		2,881,645
Value Advantage Fund		7,618,053		1,831,644		683,044		1,148,600

For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals, investments in passive foreign investment companies (“PFICs”) and non-taxable dividends.



62	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

The tax character of distributions paid during the year ended June 30, 2020 was as follows (amounts in thousands):


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Growth Advantage Fund	$	—	$	835,282	$	835,282
Mid Cap Equity Fund		18,575		205,540		224,115
Mid Cap Growth Fund		—		345,443		345,443
Mid Cap Value Fund		207,560		647,712		855,272
Value Advantage Fund		180,428		287,467		467,895

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Growth Advantage Fund	$	35,076	$	663,086	$	698,162
Mid Cap Equity Fund		43,984		241,956		285,940
Mid Cap Growth Fund		24,869		226,941		251,810
Mid Cap Value Fund		264,620		935,839		1,200,459
Value Advantage Fund		234,470		474,480		708,950

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

As of June 30, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
Growth Advantage Fund	$	73,501	$	819,396	$	4,730,114
Mid Cap Equity Fund		13,965		141,232		452,148
Mid Cap Growth Fund		31,577		504,597		1,579,449
Mid Cap Value Fund		93,059		780,462		2,881,645
Value Advantage Fund		87,294		209,615		1,148,600

For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals, investments in PFICs, non-taxable dividends, late year ordinary loss deferrals and post-October capital loss deferrals.

Late year ordinary losses incurred after December 31 as well as net capital 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, 2020, the following Funds deferred to July 1, 2020 late year ordinary losses and post-October capital losses of (amounts in thousands):


	Net Capital Losses				Late Year Ordinary Loss Deferral
	Short-Term		Long-Term		Late Year Ordinary Loss Deferral
Growth Advantage Fund	$	—	$	—	$	3,489
Mid Cap Growth Fund		—		—		6,406
Value Advantage Fund		104,712		—		—

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 during the year ended June 30, 2020.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	63

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2020.

The Funds did not utilize the Credit Facility during the year ended June 30, 2020.

7. Risks, Concentrations and Indemnifications

As of June 30, 2020, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:


	Number of individual shareholder and/or Affiliated Omnibus Accounts		% of the Fund			Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Growth Advantage Fund		1		12.3	%		1		20.7	%
Mid Cap Equity Fund		—		—			1		54.7
Mid Cap Growth Fund		—		—			1		17.0
Mid Cap Value Fund		—		—			2		34.7
Value Advantage Fund		—		—			3		36.4

As of June 30, 2020, the JPMorgan SmartRetirement Funds, which are affiliated funds of funds, owned in the aggregate, shares representing more than 10% of the net assets of the following Funds:


	JPMorgan SmartRetirement Funds
Growth Advantage Fund		19.9	%
Value Advantage Fund		24.5

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



64	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

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 or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

8. Redemptions in-Kind

On October 11, 2019, certain shareholders sold Class R6 Shares of Mid Cap Equity Fund. The portfolio securities were delivered primarily by means of a redemption in-kind in exchange for shares of the Fund. Cash and portfolio securities were transferred as detailed below (amounts in thousands):

Value

Realized

Gains (Losses)

Type

Mid Cap Equity Fund

1,200,715

234,072

Redemption in-kind

*	This amount includes cash of approximately $42,541,000 associated with the redemption in-kind.

9. Subsequent Event

On August 11, 2020, the contractual expense limitations for Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares of the Funds were extended until at least October 31, 2021.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	65

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of J.P. Morgan Mutual Fund Investment Trust, J.P. Morgan Fleming Mutual Fund Group, Inc., JPMorgan Trust I and JPMorgan Trust II and Shareholders of JPMorgan Growth Advantage Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Mid Cap Growth Fund, JPMorgan Mid Cap Value Fund and JPMorgan Value Advantage Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Growth Advantage Fund (constituting J.P. Morgan Mutual Fund Investment Trust), JPMorgan Mid Cap Value Fund (constituting J.P. Morgan Fleming Mutual Fund Group, Inc.), JPMorgan Mid Cap Equity Fund and JPMorgan Value Advantage Fund (two of the funds constituting JPMorgan Trust I) and JPMorgan Mid Cap Growth Fund (one of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2020 and each of the financial highlightsfor each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2020

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.



66	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

TRUSTEES

(Unaudited)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Chairman since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	126	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	126	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None

Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	67

TRUSTEES

(Unaudited) (continued)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None

Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None

Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None

Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



68	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

(1)	The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

(2)

**	A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

***

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	69

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trusts (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.

Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Anthony Geron (1971), Assistant Secretary (2018)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.

Carmine Lekstutis (1980), Assistant Secretary (2011)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Keri E. Riemer (1976), Assistant Secretary (2019)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.

Shannon Gaines (1977), Assistant Treasurer (2018)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

*	The contact address for the officer is 4 New York Plaza, New York, NY 10004.

**	The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.



70	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Fund 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. 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.


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Growth Advantage Fund
Class A
Actual	$	1,000.00	$	1,159.20	$	6.12		1.14	%
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class C
Actual		1,000.00		1,156.00		8.79		1.64
Hypothetical		1,000.00		1,016.71		8.22		1.64
Class I
Actual		1,000.00		1,160.20		4.78		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89
Class R2
Actual		1,000.00		1,157.60		7.46		1.39
Hypothetical		1,000.00		1,017.95		6.97		1.39
Class R3
Actual		1,000.00		1,158.60		6.12		1.14
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class R4
Actual		1,000.00		1,160.20		4.78		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89
Class R5
Actual		1,000.00		1,160.80		4.03		0.75
Hypothetical		1,000.00		1,021.13		3.77		0.75
Class R6
Actual		1,000.00		1,161.70		3.44		0.64
Hypothetical		1,000.00		1,021.68		3.22		0.64



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	71

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Equity Fund
Class A
Actual	$	1,000.00	$	952.40	$	5.53		1.14	%
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class C
Actual		1,000.00		949.90		7.95		1.64
Hypothetical		1,000.00		1,016.71		8.22		1.64
Class I
Actual		1,000.00		953.40		4.32		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89
Class R2
Actual		1,000.00		951.30		6.74		1.39
Hypothetical		1,000.00		1,017.95		6.97		1.39
Class R5
Actual		1,000.00		954.20		3.60		0.74
Hypothetical		1,000.00		1,021.18		3.72		0.74
Class R6
Actual		1,000.00		954.80		3.11		0.64
Hypothetical		1,000.00		1,021.68		3.22		0.64

JPMorgan Mid Cap Growth Fund
Class A
Actual		1,000.00		1,116.10		6.52		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class C
Actual		1,000.00		1,113.20		9.14		1.74
Hypothetical		1,000.00		1,016.21		8.72		1.74
Class I
Actual		1,000.00		1,118.00		4.90		0.93
Hypothetical		1,000.00		1,020.24		4.67		0.93
Class R2
Actual		1,000.00		1,114.80		7.83		1.49
Hypothetical		1,000.00		1,017.45		7.47		1.49
Class R3
Actual		1,000.00		1,116.00		6.52		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class R4
Actual		1,000.00		1,117.80		5.21		0.99
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class R5
Actual		1,000.00		1,118.50		4.16		0.79
Hypothetical		1,000.00		1,020.93		3.97		0.79
Class R6
Actual		1,000.00		1,118.80		3.90		0.74
Hypothetical		1,000.00		1,021.18		3.72		0.74

JPMorgan Mid Cap Value Fund
Class A
Actual		1,000.00		803.70		5.52		1.23
Hypothetical		1,000.00		1,018.75		6.17		1.23
Class C
Actual		1,000.00		801.60		7.75		1.73
Hypothetical		1,000.00		1,016.26		8.67		1.73
Class I
Actual		1,000.00		804.40		4.40		0.98
Hypothetical		1,000.00		1,019.99		4.92		0.98



72	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Mid Cap Value Fund (continued)
Class L
Actual	$	1,000.00	$	805.60	$	3.37		0.75	%
Hypothetical		1,000.00		1,021.13		3.77		0.75
Class R2
Actual		1,000.00		802.50		6.68		1.49
Hypothetical		1,000.00		1,017.45		7.47		1.49
Class R3
Actual		1,000.00		803.70		5.52		1.23
Hypothetical		1,000.00		1,018.75		6.17		1.23
Class R4
Actual		1,000.00		804.40		4.40		0.98
Hypothetical		1,000.00		1,019.99		4.92		0.98
Class R5
Actual		1,000.00		805.10		3.73		0.83
Hypothetical		1,000.00		1,020.74		4.17		0.83
Class R6
Actual		1,000.00		805.50		3.28		0.73
Hypothetical		1,000.00		1,021.23		3.67		0.73

JPMorgan Value Advantage Fund
Class A
Actual		1,000.00		795.10		5.09		1.14
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class C
Actual		1,000.00		793.00		7.31		1.64
Hypothetical		1,000.00		1,016.71		8.22		1.64
Class I
Actual		1,000.00		796.10		3.93		0.88
Hypothetical		1,000.00		1,020.49		4.42		0.88
Class L
Actual		1,000.00		796.60		3.26		0.73
Hypothetical		1,000.00		1,021.23		3.67		0.73
Class R2
Actual		1,000.00		794.10		6.20		1.39
Hypothetical		1,000.00		1,017.95		6.97		1.39
Class R3
Actual		1,000.00		795.30		5.09		1.14
Hypothetical		1,000.00		1,019.19		5.72		1.14
Class R4
Actual		1,000.00		795.90		3.93		0.88
Hypothetical		1,000.00		1,020.49		4.42		0.88
Class R5
Actual		1,000.00		796.50		3.26		0.73
Hypothetical		1,000.00		1,021.23		3.67		0.73
Class R6
Actual		1,000.00		796.90		2.81		0.63
Hypothetical		1,000.00		1,021.73		3.17		0.63

*	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	73

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Boards of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.



74	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	JUNE 30, 2020

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)


	Dividends Received Deduction
JPMorgan Mid Cap Equity Fund		100.00	%
JPMorgan Mid Cap Value Fund		100.00
JPMorgan Value Advantage Fund		100.00

Long-Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2020 (amounts in thousands):


	Long-Term Capital Gain Distribution
JPMorgan Growth Advantage Fund	$	933,356
JPMorgan Mid Cap Equity Fund		223,957
JPMorgan Mid Cap Growth Fund		345,443
JPMorgan Mid Cap Value Fund		647,712
JPMorgan Value Advantage Fund		287,467

Qualified Dividend Income (QDI)


	Qualified Dividend Income
JPMorgan Mid Cap Equity Fund	$	18,575
JPMorgan Mid Cap Value Fund		207,560
JPMorgan Value Advantage Fund		180,428



JUNE 30, 2020	J.P. MORGAN MID CAP/MULTI-CAP FUNDS	75

LOGO

Rev. January 2011



FACTS		WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?


Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.



Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share



Questions?		Call 1-800-480-4111 or go to www.jpmorganfunds.com

LOGO



Page 2



Who we are
Who is providing this notice?		J.P. Morgan Funds



What we do
How does J.P. Morgan Funds protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?		We collect your personal information, for example, when you: ◾ open an account or provide contact information ◾ give us your account information or pay us by check ◾ make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?		Federal law gives you the right to limit only ◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾ affiliates from using your information to market to you ◾ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.



Definitions
Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing		A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾ J.P. Morgan Funds doesn’t jointly market.

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.

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.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2020. All rights reserved. June 2020.		AN-MC-620

Annual Report

J.P. Morgan Small Cap Funds

June 30, 2020

JPMorgan Small Cap Blend Fund

JPMorgan Small Cap Core Fund

JPMorgan Small Cap Equity Fund

JPMorgan Small Cap Growth Fund

JPMorgan Small Cap Value Fund

JPMorgan U.S. Small Company Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

LOGO

CONTENTS


Letter to Shareholders			1

Market Overview			2

Fund Commentaries:

JPMorgan Small Cap Blend Fund			3

JPMorgan Small Cap Core Fund			5

JPMorgan Small Cap Equity Fund			7

JPMorgan Small Cap Growth Fund			9

JPMorgan Small Cap Value Fund			11

JPMorgan U.S. Small Company Fund			13

Schedules of Portfolio Investments			15

Financial Statements			48

Financial Highlights			64

Notes to Financial Statements			82

Report of Independent Registered Public Accounting Firm			96

Trustees			97

Officers			100

Schedule of Shareholder Expenses			101

Liquidity Risk Management Program			105

Tax Letter			106

Privacy Policy — Located at the back of this Annual Report

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	1

J.P. Morgan Small Cap Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

While the S&P 500 reached six new closing highs in February – the last one on February 19 – the final weeks of the month were marked by a broad sell-off of assets and a sharp rise in financial market volatility in reaction to the spread of COVID-19 and the expected economic damage to follow. In early March 2020, the World Health Organization declared COVID-19 a pandemic and as businesses, schools and other institutions across the country began to close, U.S. weekly unemployment claims reached record highs. By the end of the first quarter of 2020, the S&P 500 had declined by 20%.

A U.S. government stimulus package, valued at 10% of U.S. gross domestic product, and the Fed’s decision to slash interest rates further and restart its quantitative easing asset purchasing program -- along with a range of other stimulus programs -- provided support for U.S. and global equity markets in the following months. As economies in Asia and Europe, as well as parts of the U.S., began to reopen in the second quarter of 2020, global prices both for equity and fixed income assets rose. Within U.S. equity markets, large cap stocks generally outperformed mid cap and small cap stocks and growth stocks outperformed value stocks during the reporting period.



2	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*			(0.24)%
Russell 2000 Index			(6.63)%

Net Assets as of 6/30/2020 (In Thousands)			$472,859

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?

The Fund’s Class A Shares, without a sales charge, outperformed the Russell 2000 Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection and overweight position in the information technology sector and its security selection in the industrials sector were leading contributors to performance relative to the Benchmark, while the Fund’s security selection in the consumer discretionary sector was the sole sector detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Teladoc Health Inc. and Inphi Corp. and its out-of-Benchmark position in Horizon Therapeutics PLC. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Inphi, a semiconductor components manufacturer, rose amid investor expectations that it would benefit from the global transition to 5G telecommunications networks. Shares of Horizon Therapeutics, a pharmaceuticals company, rose after an advisory committee of the U.S. Food and Drug Administration recommended approval of the company’s drug for thyroid eye disease.

Leading individual detractors from relative performance included the Fund’s underweight position in Quidel Corp., its out-of-Benchmark position in Sage Therapeutics Inc. and its overweight position in Cinemark Holdings Inc. Shares of Quidel, a medical diagnostics testing manufacturer, rose amid investor expectations for increased demand for COVID-19 testing kits. Shares of Sage Therapeutics, a drug development company, fell after its treatment for depressive disorder failed in a Phase 3 clinical trial. Shares of Cinemark Holdings, a cinema chain operator, fell after the company closed movie theaters in response to at-home quarantines due to the COVID-19 pandemic.

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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Independent Bank Corp.	1.1	%
	2.	ITT, Inc.	1.0
	3.	Simpson Manufacturing Co., Inc.	0.9
	4.	Lithia Motors, Inc., Class A	0.9
	5.	Applied Industrial Technologies, Inc.	0.9
	6.	Texas Roadhouse, Inc.	0.9
	7.	Littelfuse, Inc.	0.8
	8.	Helen of Troy Ltd.	0.8
	9.	Inphi Corp.	0.7
	10.	Terreno Realty Corp.	0.7


PORTFOLIO COMPOSITION BY SECTOR***
Industrials	16.7	%
Information Technology	16.7
Financials	14.1
Health Care	13.7
Consumer Discretionary	10.8
Real Estate	6.3
Utilities	3.1
Consumer Staples	2.2
Materials	2.2
Communication Services	2.1
Energy	2.0
Short-Term Investments	10.1

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	3

JPMorgan Small Cap Blend Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020



	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 19, 1997
With Sales Charge*			(5.50	)%		8.31	%		13.28	%
Without Sales Charge			(0.24	)		9.48			13.89
CLASS C SHARES	January 7, 1998
With CDSC**			(1.75	)		8.93			13.31
Without CDSC			(0.75	)		8.93			13.31
CLASS I SHARES	April 5, 1999		0.02			9.75			14.21
CLASS R6 SHARES	July 2, 2018		0.27			10.03			14.54

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

Returns for Class R6 Shares prior to their inception dates 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 June 30, 2010 to June 30, 2020. 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 Effective Date”), 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.



4	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

JPMorgan Small Cap Core Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class R5 Shares)* .		(12.04)%
Russell 2000 Index		(6.63)%

Net Assets as of 6/30/2020 (In Thousands)	$	349,861

INVESTMENT OBJECTIVE**

The JPMorgan Small Cap Core 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 underperformed the Russell 2000 Index (the “Benchmark”) for the twelve months ended June 30, 2020.

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 materials and consumer discretionary sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s underweight position in Teladoc Health Inc. and its overweight positions in Tivity Health Inc. and MRC Global Inc. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Tivity Health, a provider of weight loss and fitness products, fell after the company reported lower-than-expected earnings and revenue for the fourth quarter of 2019. Shares of MRC Global, a supplier of hardware to the petroleum and natural industries, fell amid a sharp decline in global demand for oil and natural gas during the reporting period.

Leading individual contributors to relative performance included the Fund’s overweight positions in Stamps.com Inc. and Aircastle Ltd. and its out-of-Benchmark position in Horizon Therapeutics PLC. Shares of Stamps.com, an internet provider of postal services, rose after the company reported better-than-expected earnings for the fourth quarter of 2019 and issued an upbeat earnings forecast for 2020. Shares of Aircastle, an aircraft leasing company, rose ahead of its acquisition by Marubeni Corp. for $2.4 billion. Shares of Horizon Therapeutics, a pharmaceuticals company, rose after an advisory committee of the U.S. Food and Drug Administration recommended approval of the company’s drug for thyroid eye disease.

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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Deckers Outdoor Corp.	1.1	%
	2.	Magellan Health, Inc.	1.0
	3.	Horizon Therapeutics plc	0.8
	4.	Argan, Inc.	0.8
	5.	ArcBest Corp.	0.8
	6.	Hub Group, Inc., Class A	0.8
	7.	Sanmina Corp.	0.8
	8.	STAG Industrial, Inc.	0.7
	9.	Cornerstone OnDemand, Inc.	0.7
	10.	Commercial Metals Co.	0.7


PORTFOLIO COMPOSITION BY SECTOR***
Health Care	19.3	%
Financials	15.0
Industrials	14.4
Information Technology	11.7
Consumer Discretionary	9.9
Real Estate	6.1
Materials	4.4
Utilities	3.1
Consumer Staples	2.6
Communication Services	2.5
Energy	1.9
Short-Term Investments	9.1

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	5

JPMorgan Small Cap Core Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020



	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 31, 2016
With Sales Charge*			(17.00	)%		1.31	%		9.71	%
Without Sales Charge			(12.40	)		2.41			10.30
CLASS C SHARES	May 31, 2016
With CDSC**			(13.86	)		1.99			10.08
Without CDSC			(12.86	)		1.99			10.08
CLASS I SHARES	January 3, 2017		(12.20	)		2.64			10.42
CLASS R2 SHARES	July 31, 2017		(12.63	)		2.06			9.73
CLASS R3 SHARES	July 31, 2017		(12.42	)		2.32			10.01
CLASS R4 SHARES	July 31, 2017		(12.19	)		2.58			10.28
CLASS R5 SHARES	January 1, 1997		(12.04	)		2.78			10.50
CLASS R6 SHARES	May 31, 2016		(11.97	)		2.83			10.53

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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 Core Fund and the Russell 2000 Index from June 30, 2010 to June 30, 2020. 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.



6	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*			(4.11)%
Russell 2000 Index			(6.63)%

Net Assets as of 6/30/2020 (In Thousands)			$6,595,486

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 twelve months ended June 30, 2020. The Fund’s security selection and underweight position in the consumer discretionary sector and its security selection in the industrials sector were leading contributors to performance relative to the Benchmark, while the Fund’s underweight position and security selection in the health care sector and its security selection in the real estate sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s out-of-Benchmark positions in Pool Corp. and West Pharmaceutical Services Inc. and its overweight position in Kinsale Capital Group Inc. Shares of Pool, a distributor or swimming pool supplies, rose amid investor expectations for increased demand for its products during at-home quarantines in response to the COVID-19 pandemic and after the company increased its quarter dividend by 22% and increased its share repurchase program by $200 million. Shares of West Pharmaceutical Services, a manufacturer of drugs, vaccines and consumer health care products, rose amid investor expectations that the company will benefit from demand for testing and treatments during the COVID-19 pandemic. Shares of Kinsale Capital Group, a provider of property and casualty insurance, rose amid consecutive quarters of better-than-expected earnings growth.

Leading individual detractors from relative performance included the Fund’s overweight positions in Cinemark Holdings Inc. and Patterson-UTI Energy Inc. and its out-of-Benchmark position in Core Laboratories NV. Shares of Cinemark Holdings, a cinema chain operator, fell after the company closed movie theaters due to the COVID-19 pandemic. Shares of Patterson-UTI Energy, a provider of oil field services to the energy sector, fell amid a sharp decline in global prices for petroleum during the reporting period. Shares of Core Laboratories, a provider of oilfield services to the energy sector, fell amid a sharp decline in global prices for petroleum during the reporting period.

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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Pool Corp.	2.7	%
	2.	AptarGroup, Inc.	2.3
	3.	Toro Co. (The)	2.3
	4.	Catalent, Inc.	2.2
	5.	Molina Healthcare, Inc.	1.7
	6.	West Pharmaceutical Services, Inc.	1.7
	7.	BJ’s Wholesale Club Holdings, Inc.	1.6
	8.	LCI Industries	1.5
	9.	Brunswick Corp.	1.5
	10.	Performance Food Group Co.	1.5


PORTFOLIO COMPOSITION BY SECTOR***
Industrials	19.4	%
Financials	16.5
Information Technology	12.5
Health Care	12.4
Consumer Discretionary	11.4
Materials	6.1
Real Estate	5.7
Consumer Staples	4.7
Utilities	2.2
Others (each less than 1.0%)	0.9
Short-Term Investments	8.2

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	7

JPMorgan Small Cap Equity Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020



	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	December 20, 1994
With Sales Charge*			(9.14	)%		5.34	%		11.71	%
Without Sales Charge			(4.11	)		6.48			12.31
CLASS C SHARES	February 19, 2005
With CDSC**			(5.56	)		5.97			11.76
Without CDSC			(4.56	)		5.97			11.76
CLASS I SHARES	May 7, 1996		(3.83	)		6.78			12.63
CLASS R2 SHARES	November 3, 2008		(4.32	)		6.22			12.03
CLASS R3 SHARES	September 9, 2016		(4.08	)		6.50			12.32
CLASS R4 SHARES	September 9, 2016		(3.83	)		6.78			12.63
CLASS R5 SHARES	May 15, 2006		(3.65	)		6.99			12.86
CLASS R6 SHARES	May 31, 2016		(3.60	)		7.04			12.88

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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 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

June 30, 2010 to June 30, 2020. 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.



8	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class A Shares, without a sales charge)*		16.99%
Russell 2000 Growth Index		3.48%

Net Assets as of 6/30/2020 (In Thousands)	$	3,960,153

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, outperformed the Russell 2000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2020. The Fund’s security selection and overweight position in the information technology sector and its security selection in the health care sector were leading contributors to performance relative to the Benchmark. While there were no sector detractors from relative performance, the utilities sector, in which the Fund had no holdings, and the Fund’s security selection in the consumer discretionary sector were the smallest contributors to relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Teladoc Health Inc. and Inphi Inc., and its out-of-Benchmark position in Horizon Therapeutics PLC. Shares of Teladoc Health, a provider of online health care services, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic. Shares of Inphi, a semiconductor components manufacturer, rose amid investor expectations that it would benefit from the global transition to so-called 5G telecommunications networks. Shares of Horizon Therapeutics, a pharmaceuticals company, rose after an advisory committee of the U.S. Food and Drug Administration recommended approval of the company’s drug for thyroid eye disease.

Leading individual detractors from relative performance included the Fund’s underweight position in Quidel Corp., its overweight position in Hudson Ltd. and its out-of-Benchmark position in Sage Therapeutics Inc. Shares of Quidel, a medical diagnostics testing manufacturer that was not held in the Fund, rose amid investor expectations for increased demand for COVID-19 testing kits. Shares of Hudson, a retailer of travel products, fell as passenger traffic fell sharply in response to the COVID-19 pandemic. Shares of Sage Therapeutics, a drug development company, fell after its treatment for depressive disorder failed in a Phase 3 clinical trial.

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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Inphi Corp.	1.6	%
	2.	Natera, Inc.	1.5
	3.	Advanced Drainage Systems, Inc.	1.5
	4.	National Vision Holdings, Inc.	1.3
	5.	John Bean Technologies Corp.	1.3
	6.	Halozyme Therapeutics, Inc.	1.3
	7.	Lithia Motors, Inc., Class A	1.3
	8.	Horizon Therapeutics plc	1.3
	9.	MKS Instruments, Inc.	1.3
	10.	Envestnet, Inc.	1.3


PORTFOLIO COMPOSITION BY SECTOR***
Health Care	26.5	%
Information Technology	23.3
Industrials	15.3
Consumer Discretionary	14.1
Financials	3.4
Consumer Staples	3.1
Real Estate	2.1
Communication Services	2.0
Short-Term Investments	10.2

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	9

JPMorgan Small Cap Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020



	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 1, 1991
With Sales Charge*			10.85	%		12.66	%		15.66	%
Without Sales Charge			16.99			13.87			16.29
CLASS C SHARES	November 4, 1997
With CDSC**			15.42			13.30			15.70
Without CDSC			16.42			13.30			15.70
CLASS I SHARES	March 26, 1996		17.31			14.16			16.58
CLASS L SHARES	February 19, 2005		17.46			14.33			16.75
CLASS R2 SHARES	November 3, 2008		16.71			13.59			15.99
CLASS R3 SHARES	July 31, 2017		16.93			13.86			16.28
CLASS R4 SHARES	July 31, 2017		17.32			14.16			16.58
CLASS R5 SHARES	September 9, 2016		17.49			14.33			16.75
CLASS R6 SHARES	November 30, 2010		17.60			14.45			16.86

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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 and Class R6 Shares prior to their inception dates 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 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 June 30, 2010 to June 30, 2020. 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.



10	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

JPMorgan Small Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class I Shares)*		(16.52)%
Russell 2000 Value Index . . .		(17.48)%

Net Assets as of 6/30/2020 (In Thousands)	$	955,573

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 twelve months ended June 30, 2020. The Fund’s security selection in the consumer discretionary and utilities sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the real estate sector and its underweight position and security selection in the consumer staples sector were leading detractors from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Stamps.com Inc., FTI Consulting Inc. and Clearway Energy Inc. Shares of Stamps.com, an internet provider of postal services, rose after the company reported better-than-expected earnings for the fourth quarter of 2019 and issued an upbeat earnings forecast for 2020. Shares of FTI Consulting, a provider of business and regulatory advisory services, rose in late 2019 after the company reported better-than-expected earnings for its third quarter of 2019 and after the company unveiled a restructuring plan late in the reporting period. Shares of Clearway, an energy utility, rose after the company reported better-than-expected revenue for the first quarter of 2020.

Leading individual detractors from relative performance included the Fund’s overweight positions in Allscripts Healthcare Solutions Inc., Sinclair Broadcast Group Inc. and MRC Global Inc. Shares of Allscripts Healthcare Solutions, a health care information technology provider, fell after consecutive quarters of lower-than-expected earnings during the reporting period. Shares of Sinclair Broadcast Group, a television broadcaster, fell amid investor expectations for declining advertising revenue in response to the COVID-19 pandemic. Shares of MRC Global, a supplier of hardware to the petroleum and natural gas industries, fell amid a sharp decline in global demand for oil and natural gas during the reporting period.

HOW WAS THE FUND POSITIONED?

In accordance 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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	Xperi Holding Corp.	1.1	%
	2.	United Bankshares, Inc.	1.0
	3.	Washington Federal, Inc.	0.9
	4.	Builders FirstSource, Inc.	0.9
	5.	Trustmark Corp.	0.9
	6.	TRI Pointe Group, Inc.	0.8
	7.	EMCOR Group, Inc.	0.8
	8.	ABM Industries, Inc.	0.8
	9.	Wabash National Corp.	0.8
	10.	ArcBest Corp.	0.8


PORTFOLIO COMPOSITION BY SECTOR***
Financials	25.4	%
Industrials	16.7
Consumer Discretionary	9.0
Real Estate	8.6
Information Technology	7.9
Health Care	6.4
Materials	5.3
Utilities	4.6
Energy	3.4
Communication Services	2.6
Consumer Staples	1.9
Short-Term Investments	8.2

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	11

JPMorgan Small Cap Value Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020



	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	January 27, 1995
With Sales Charge*			(21.14	)%		(1.66	)%		6.58	%
Without Sales Charge			(16.78	)		(0.59	)		7.16
CLASS C SHARES	March 22, 1999
With CDSC**			(18.14	)		(1.13	)		6.55
Without CDSC			(17.14	)		(1.13	)		6.55
CLASS I SHARES	January 27, 1995		(16.52	)		(0.34	)		7.43
CLASS R2 SHARES	November 3, 2008		(16.92	)		(0.84	)		6.89
CLASS R3 SHARES	September 9, 2016		(16.73	)		(0.59	)		7.15
CLASS R4 SHARES	September 9, 2016		(16.52	)		(0.35	)		7.42
CLASS R5 SHARES	May 15, 2006		(16.44	)		(0.21	)		7.54
CLASS R6 SHARES	February 22, 2005		(16.33	)		(0.10	)		7.64

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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 June 30, 2010 to June 30, 2020. 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.



12	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


REPORTING PERIOD RETURN:
Fund (Class L Shares)*		(6.37)%
Russell 2000 Index		(6.63)%

Net Assets as of 6/30/2020 (In Thousands)	$	900,036

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 twelve months ended June 30, 2020. The Fund’s security selection in the consumer discretionary and financials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the health care and information technology sectors was a leading detractor from relative performance.

Leading individual contributors to relative performance included the Fund’s overweight positions in Stamps.com Inc., Forty Seven Inc. and Mersana Therapeutics Inc. Shares of Stamps.com, an internet provider of postal services, rose after the company reported better-than-expected earnings for the fourth quarter of 2019 and issued an upbeat earnings forecast for 2020. Shares of Forty Seven, a drug development company, rose ahead of its March 2020 acquisition by Gilead Sciences Inc. Shares of Mersana Therapeutics, a cancer treatment development company, rose on better-than-expected earnings for the first quarter of 2020 and positive results from trials of its treatment for ovarian cancer.

Leading individual detractors from relative performance included the Fund’s overweight positions in Allscripts Healthcare Solutions Inc. and Varex Imaging Corp., and its underweight position in Teladoc Health Inc. Shares of Allscripts Healthcare Solutions, a health care information technology provider, fell after consecutive quarters of lower-than-expected earnings during the reporting period. Shares of Varex Imaging, a manufacturer of x-ray imaging components, fell after the company reported lower-than-expected earnings and revenue for its fiscal second quarter. Shares of Teladoc Health, a provider of online health care services that was not held in the Fund, rose amid investor expectations that the company would benefit from at-home quarantines in response to the COVID-19 pandemic.

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 EQUITY HOLDINGS OF THE PORTFOLIO***
	1.	TRI Pointe Group, Inc.	1.1	%
	2.	EMCOR Group, Inc.	1.0
	3.	Xperi Holding Corp.	1.0
	4.	Avaya Holdings Corp.	1.0
	5.	Wabash National Corp.	0.8
	6.	Trustmark Corp.	0.8
	7.	Allscripts Healthcare Solutions, Inc.	0.8
	8.	Rambus, Inc.	0.8
	9.	Washington Federal, Inc.	0.8
	10.	Perficient, Inc.	0.8


PORTFOLIO COMPOSITION BY SECTOR***
Health Care	19.2	%
Industrials	14.6
Financials	13.9
Information Technology	12.6
Consumer Discretionary	10.2
Real Estate	5.5
Materials	3.9
Consumer Staples	2.7
Utilities	2.7
Communication Services	2.4
Energy	1.6
Short-Term Investments	10.7

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

***

Percentages indicated are based on total investments as of June 30, 2020. The Fund’s portfolio composition is subject to change.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	13

JPMorgan U.S. Small Company Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020



	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	November 1, 2007
With Sales Charge*			(11.63	)%		0.79	%		9.21	%
Without Sales Charge			(6.76	)		1.88			9.80
CLASS C SHARES	November 1, 2007
With CDSC**			(8.25	)		1.36			9.25
Without CDSC			(7.25	)		1.36			9.25
CLASS I SHARES	September 10, 2001		(6.51	)		2.15			10.09
CLASS L SHARES	November 4, 1993		(6.37	)		2.30			10.27
CLASS R2 SHARES	November 1, 2011		(7.01	)		1.63			9.57
CLASS R3 SHARES	September 9, 2016		(6.78	)		1.88			9.80
CLASS R4 SHARES	September 9, 2016		(6.55	)		2.13			10.08
CLASS R5 SHARES	September 9, 2016		(6.36	)		2.29			10.27
CLASS R6 SHARES	November 1, 2011		(6.27	)		2.41			10.36

Sales Charge for Class A Shares is 5.25%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

Returns for Class R2 and Class R3 shares prior to their inception dates are based on the performance of the 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. 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 R5 and Class R6 Shares prior to their inception dates 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 actual returns of Class R6 Shares would have been different than these shown because Class R6 Shares have different expenses than 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 June 30, 2010 to June 30, 2020. 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.



14	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 96.4%

Aerospace & Defense — 0.7%

Curtiss-Wright Corp.		24		2,159

National Presto Industries, Inc.		15		1,301


				3,460


Auto Components — 0.7%

Fox Factory Holding Corp. *		27		2,202

LCI Industries (a)		11		1,229


				3,431


Automobiles — 0.5%

Winnebago Industries, Inc. (a)		38		2,531


Banks — 9.8%

BancFirst Corp.		67		2,720

Camden National Corp.		92		3,189

City Holding Co.		25		1,603

Columbia Banking System, Inc.		115		3,271

Community Trust Bancorp, Inc.		57		1,861

Cullen/Frost Bankers, Inc. (a)		20		1,481

First Busey Corp.		155		2,890

First Commonwealth Financial Corp.		243		2,016

First Financial Bancorp		132		1,838

First Financial Bankshares, Inc.		48		1,388

First Hawaiian, Inc.		85		1,465

First Merchants Corp.		97		2,667

Great Western Bancorp, Inc.		147		2,023

Heritage Commerce Corp.		270		2,030

Heritage Financial Corp.		33		661

Independent Bank Corp.		167		2,481

Independent Bank Corp.		49		3,298

Lakeland Bancorp, Inc.		240		2,739

S&T Bancorp, Inc.		39		903

Signature Bank		8		828

Simmons First National Corp., Class A		162		2,772

Trustmark Corp.		61		1,507


				45,631


Biotechnology — 8.5%

ACADIA Pharmaceuticals, Inc. * (a)		32		1,570

ADC Therapeutics SA (Switzerland) * (a)		40		1,877

Alector, Inc. *		32		772

Allogene Therapeutics, Inc. * (a)		21		880

Amicus Therapeutics, Inc. *		171		2,580

Atara Biotherapeutics, Inc. *		97		1,407

Avrobio, Inc. *		66		1,148

Biohaven Pharmaceutical Holding Co. Ltd. *		35		2,575

Blueprint Medicines Corp. *		27		2,069


INVESTMENTS	SHARES (000)		VALUE ($000)


Biotechnology — continued

Bridgebio Pharma, Inc. * (a)		30		979

Coherus Biosciences, Inc. * (a)		106		1,899

FibroGen, Inc. *		43		1,731

G1 Therapeutics, Inc. *		51		1,232

Generation Bio Co. *		16		343

Global Blood Therapeutics, Inc. * (a)		20		1,232

Halozyme Therapeutics, Inc. *		114		3,055

Heron Therapeutics, Inc. * (a)		86		1,267

Homology Medicines, Inc. *		57		862

Immunomedics, Inc. *		25		878

Intercept Pharmaceuticals, Inc. * (a)		20		941

Natera, Inc. *		70		3,489

Orchard Therapeutics plc, ADR (United Kingdom) *		44		261

REGENXBIO, Inc. * (a)		30		1,090

REVOLUTION Medicines, Inc. *		24		758

Rubius Therapeutics, Inc. * (a)		68		408

Sage Therapeutics, Inc. * (a)		25		1,056

Twist Bioscience Corp. * (a)		62		2,828

Viela Bio, Inc. * (a)		28		1,226


				40,413


Building Products — 3.8%

Advanced Drainage Systems, Inc.		69		3,388

AZEK Co., Inc. (The) *		26		839

CSW Industrials, Inc.		35		2,431

Fortune Brands Home & Security, Inc.		17		1,118

Simpson Manufacturing Co., Inc.		57		4,780

Trex Co., Inc. * (a)		19		2,520

UFP Industries, Inc.		56		2,754


				17,830


Capital Markets — 1.3%

Evercore, Inc., Class A		29		1,730

Focus Financial Partners, Inc., Class A *		41		1,365

LPL Financial Holdings, Inc.		41		3,180


				6,275


Chemicals — 1.6%

Innospec, Inc.		32		2,462

Stepan Co.		23		2,221

Valvoline, Inc.		137		2,656


				7,339


Commercial Services & Supplies — 2.5%

Brady Corp., Class A		53		2,463

Brink’s Co. (The)		25		1,160

Cimpress plc (Ireland) *		23		1,756

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	15

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Commercial Services & Supplies — continued

Deluxe Corp.		51		1,205

Kimball International, Inc., Class B		126		1,462

MSA Safety, Inc.		20		2,289

UniFirst Corp.		8		1,470


				11,805


Communications Equipment — 1.2%

Ciena Corp. *		34		1,868

EchoStar Corp., Class A *		69		1,937

Viavi Solutions, Inc. * (a)		133		1,693


				5,498


Construction & Engineering — 0.5%

Comfort Systems USA, Inc.		64		2,598


Containers & Packaging — 0.7%

Graphic Packaging Holding Co.		154		2,153

Silgan Holdings, Inc.		43		1,390


				3,543


Distributors — 0.5%

Pool Corp.		9		2,380


Diversified Consumer Services — 0.3%

Bright Horizons Family Solutions, Inc. *		9		1,077

OneSpaWorld Holdings Ltd. (Bahamas) (a)		44		212


				1,289


Diversified Telecommunication Services — 0.7%

Bandwidth, Inc., Class A * (a)		14		1,757

Liberty Latin America Ltd., Class C (Chile) *		187		1,768


				3,525


Electric Utilities — 0.3%

Portland General Electric Co.		37		1,548


Electrical Equipment — 0.7%

Generac Holdings, Inc. *		18		2,246

nVent Electric plc		55		1,030


				3,276


Electronic Equipment, Instruments & Components — 3.2%

CTS Corp. (a)		93		1,873

ePlus, Inc. *		24		1,694

Fabrinet (Thailand) *		40		2,470

Littelfuse, Inc.		24		4,171

Plexus Corp. * (a)		29		2,018

SYNNEX Corp.		23		2,811


				15,037


INVESTMENTS	SHARES (000)		VALUE ($000)


Equity Real Estate Investment Trusts (REITs) — 6.8%

American Campus Communities, Inc.		65		2,279

American Homes 4 Rent, Class A		120		3,238

Brixmor Property Group, Inc.		166		2,126

CubeSmart		38		1,020

EastGroup Properties, Inc.		13		1,518

Equity Commonwealth		78		2,519

Highwoods Properties, Inc.		54		2,024

JBG SMITH Properties		68		2,011

National Health Investors, Inc.		15		913

Rayonier, Inc.		82		2,041

Rexford Industrial Realty, Inc.		73		3,024

RLJ Lodging Trust		167		1,578

Sunstone Hotel Investors, Inc.		290		2,364

Terreno Realty Corp. (a)		69		3,648

Washington		78		1,741


				32,044


Food & Staples Retailing — 0.9%

Grocery Outlet Holding Corp. *		51		2,071

Performance Food Group Co. *		74		2,147


				4,218


Food Products — 1.1%

Flowers Foods, Inc.		100		2,243

Freshpet, Inc. *		35		2,901


				5,144


Gas Utilities — 1.6%

Chesapeake Utilities Corp.		21		1,774

ONE Gas, Inc.		42		3,254

Southwest Gas Holdings, Inc. (a)		39		2,690


				7,718


Health Care Equipment & Supplies — 1.9%

iRhythm Technologies, Inc. *		21		2,407

Nevro Corp. *		22		2,660

Shockwave Medical, Inc. *		40		1,884

Utah Medical Products, Inc.		21		1,825


				8,776


Health Care Providers & Services — 2.1%

Acadia Healthcare Co., Inc. * (a)		45		1,131

Amedisys, Inc. *		13		2,590

Encompass Health Corp.		41		2,533

Ensign Group, Inc. (The)		44		1,835

Providence Service Corp. (The) *		22		1,735


				9,824

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Health Care Technology — 0.1%

Evolent Health, Inc., Class A * (a)		97		690


Hotels, Restaurants & Leisure — 2.2%

Boyd Gaming Corp.		84		1,764

Cheesecake Factory, Inc. (The) (a)		38		860

Cracker Barrel Old Country Store, Inc.		14		1,553

Planet Fitness, Inc., Class A *		30		1,802

Texas Roadhouse, Inc.		83		4,345


				10,324


Household Durables — 1.4%

Helen of Troy Ltd. *		22		4,080

La-Z-Boy, Inc.		36		964

TRI Pointe Group, Inc. *		96		1,414


				6,458


Industrial Conglomerates — 0.2%

Carlisle Cos., Inc.		10		1,172


Insurance — 2.4%

Argo Group International Holdings Ltd.		10		366

eHealth, Inc. *		16		1,532

James River Group Holdings Ltd.		24		1,088

Old Republic International Corp.		116		1,891

Safety Insurance Group, Inc.		23		1,768

Selective Insurance Group, Inc. (a)		44		2,322

Selectquote, Inc. *		42		1,061

Third Point Reinsurance Ltd. (Bermuda) *		180		1,348


				11,376


Interactive Media & Services — 0.2%

Cars.com, Inc. *		139		801


Internet & Direct Marketing Retail — 0.5%

Farfetch Ltd., Class A (United Kingdom) *		79		1,371

RealReal, Inc. (The) * (a)		76		968


				2,339


IT Services — 1.7%

CSG Systems International, Inc.		57		2,349

I3 Verticals, Inc., Class A *		40		1,224

ManTech International Corp., Class A		37		2,528

Science Applications International Corp.		26		2,022


				8,123


Leisure Products — 0.3%

Callaway Golf Co. (a)		88		1,541


Life Sciences Tools & Services — 0.4%

10X Genomics, Inc., Class A *		9		759


INVESTMENTS	SHARES (000)		VALUE ($000)


Life Sciences Tools & Services — continued

Adaptive Biotechnologies Corp. *		12		595

Personalis, Inc. *		45		579


				1,933


Machinery — 6.0%

Alamo Group, Inc. (a)		23		2,330

Allison Transmission Holdings, Inc.		54		1,981

Blue Bird Corp. *		181		2,719

Graco, Inc.		32		1,550

Hillenbrand, Inc.		86		2,338

ITT, Inc.		84		4,953

John Bean Technologies Corp.		36		3,070

Kadant, Inc.		25		2,520

Lincoln Electric Holdings, Inc.		33		2,762

Mueller Industries, Inc.		75		2,006

Watts Water Technologies, Inc., Class A		27		2,226


				28,455


Marine — 0.2%

Kirby Corp. *		14		761


Media — 1.4%

Hemisphere Media Group, Inc. *		156		1,535

New York Times Co. (The), Class A (a)		68		2,840

Nexstar Media Group, Inc., Class A (a)		25		2,111


				6,486


Multiline Retail — 0.5%

Ollie’s Bargain Outlet Holdings, Inc. * (a)		23		2,259


Multi-Utilities — 0.4%

Unitil Corp.		43		1,922


Oil, Gas & Consumable Fuels — 2.2%

CNX Resources Corp. * (a)		183		1,583

Delek US Holdings, Inc. (a)		72		1,252

EQT Corp. (a)		134		1,596

Equitrans Midstream Corp.		174		1,446

Matador Resources Co. * (a)		257		2,185

PDC Energy, Inc. *		175		2,177


				10,239


Personal Products — 0.3%

Inter Parfums, Inc.		34		1,640


Pharmaceuticals — 1.6%

Arvinas, Inc. * (a)		13		440

Horizon Therapeutics plc *		53		2,957

MyoKardia, Inc. *		6		563

Revance Therapeutics, Inc. *		90		2,188

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	17

JPMorgan Small Cap Blend Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Pharmaceuticals — continued

TherapeuticsMD, Inc. *		307		384

Tricida, Inc. * (a)		42		1,146


				7,678


Professional Services — 0.3%

FTI Consulting, Inc. *		14		1,568


Road & Rail — 1.0%

Marten Transport Ltd.		89		2,236

Saia, Inc. * (a)		24		2,673


				4,909


Semiconductors & Semiconductor Equipment — 4.5%

Cabot Microelectronics Corp.		17		2,345

Cree, Inc. * (a)		26		1,556

Enphase Energy, Inc. *		41		1,963

Entegris, Inc.		47		2,799

FormFactor, Inc. *		34		1,001

Inphi Corp. * (a)		31		3,683

MKS Instruments, Inc.		26		2,937

Monolithic Power Systems, Inc.		7		1,711

Semtech Corp. *		38		1,964

SolarEdge Technologies, Inc. * (a)		11		1,495


				21,454


Software — 7.3%

Anaplan, Inc. *		40		1,810

Avalara, Inc. *		15		2,051

Bill.Com Holdings, Inc. *		18		1,615

Blackline, Inc. *		21		1,740

CyberArk Software Ltd. *		17		1,722

Dynatrace, Inc. *		20		801

Elastic NV *		27		2,531

Envestnet, Inc. *		40		2,917

Everbridge, Inc. *		13		1,767

Globant SA (Argentina) * (a)		12		1,848

HubSpot, Inc. *		12		2,800

Medallia, Inc. * (a)		46		1,152

Nuance Communications, Inc. * (a)		120		3,033

Progress Software Corp.		22		853

Proofpoint, Inc. *		15		1,637

Smartsheet, Inc., Class A *		48		2,441

Upland Software, Inc. * (a)		63		2,178

Zendesk, Inc. *		19		1,666


				34,562


Specialty Retail — 2.8%

Aaron’s, Inc.		14		638


INVESTMENTS	SHARES (000)		VALUE ($000)


Specialty Retail — continued

Floor & Decor Holdings, Inc., Class A *		23		1,318

Hudson Ltd., Class A *		118		573

Lithia Motors, Inc., Class A		32		4,777

National Vision Holdings, Inc. *		102		3,113

Vroom, Inc. *		19		996

Williams-Sonoma, Inc. (a)		21		1,713


				13,128


Textiles, Apparel & Luxury Goods — 2.0%

Carter’s, Inc.		32		2,572

Columbia Sportswear Co. (a)		20		1,595

Kontoor Brands, Inc.		77		1,380

Oxford Industries, Inc. (a)		44		1,916

Steven Madden Ltd. (a)		73		1,802


				9,265


Thrifts & Mortgage Finance — 1.8%

Premier Financial Corp.		187		3,301

Radian Group, Inc.		112		1,737

WSFS Financial Corp.		113		3,249


				8,287


Trading Companies & Distributors — 1.9%

Applied Industrial Technologies, Inc.		70		4,370

Rush Enterprises, Inc., Class A		42		1,752

SiteOne Landscape Supply, Inc. * (a)		25		2,853


				8,975


Water Utilities — 0.9%

American States Water Co.		24		1,902

Middlesex Water Co.		35		2,364


				4,266


Total Common Stocks (Cost $407,786)				455,744


	NO. OF RIGHTS (000)
Rights — 0.0% (b)

Biotechnology — 0.0% (b)

Clementia Pharmaceuticals, Inc. (Canada) * ‡ (Cost $—)		51		—	(c)

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 10.9%

Investment Companies — 3.6%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (d) (e) (Cost $17,247)		17,239		17,254


Investment of Cash Collateral from Securities Loaned — 7.3%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (d) (e)		28,004		28,015

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (d) (e)		6,247		6,247


Total Investment of Cash Collateral from Securities Loaned (Cost $34,260)				34,262


Total Short-Term Investments (Cost $51,507)				51,516

Total Investments — 107.3% (Cost $459,293)				507,260
Liabilities in Excess of Other Assets — (7.3)%				(34,401	)

NET ASSETS — 100.0%				472,859

Percentages indicated are based on net assets.

Abbreviations


ADR		American Depositary Receipt

(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $33,465,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Amount rounds to less than one thousand.
(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 June 30, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	19

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.6%

Aerospace & Defense — 0.8%

AAR Corp.		46		951

Aerojet Rocketdyne Holdings, Inc. *		5		202

Moog, Inc., Class A		5		257

Park Aerospace Corp.		47		527

Vectrus, Inc. *		21		1,013


				2,950


Air Freight & Logistics — 0.9%

Echo Global Logistics, Inc. *		10		221

Hub Group, Inc., Class A *		61		2,909


				3,130


Airlines — 0.3%

Hawaiian Holdings, Inc.		78		1,101


Auto Components — 1.2%

Adient plc *		85		1,401

American Axle & Manufacturing Holdings, Inc. *		55		420

Cooper Tire & Rubber Co.		29		790

Dana, Inc.		111		1,349

Goodyear Tire & Rubber Co. (The)		39		349

Modine Manufacturing Co. *		8		42


				4,351


Banks — 7.9%

Ameris Bancorp		16		367

Associated Banc-Corp.		24		327

Bancorp, Inc. (The) *		67		661

Bank of NT Butterfield & Son Ltd. (The) (Bermuda)		66		1,602

Bar Harbor Bankshares		18		407

Business First Bancshares, Inc.		14		210

California Bancorp, Inc. *		4		64

Capital Bancorp, Inc. *		5		56

Capstar Financial Holdings, Inc.		12		138

Cathay General Bancorp		11		298

CB Financial Services, Inc.		3		61

Central Valley Community Bancorp		4		68

Citizens Holding Co.		3		65

Community Trust Bancorp, Inc.		2		62

ConnectOne Bancorp, Inc.		110		1,765

Customers Bancorp, Inc. *		50		604

Enterprise Financial Services Corp.		2		65

Financial Institutions, Inc.		26		477

First BanCorp (Puerto Rico)		251		1,401

First Bank		6		41

First Business Financial Services, Inc.		6		106

First Choice Bancorp		2		31


INVESTMENTS	SHARES (000)		VALUE ($000)


Banks — continued

First Community Bankshares, Inc.		5		109

First Hawaiian, Inc.		12		203

First Horizon National Corp.		186		1,851

First Internet Bancorp		8		136

Great Southern Bancorp, Inc.		9		379

Hancock Whitney Corp.		34		719

Hanmi Financial Corp.		48		461

Hilltop Holdings, Inc.		38		708

IBERIABANK Corp.		22		999

Investar Holding Corp.		13		184

Investors Bancorp, Inc.		305		2,592

Macatawa Bank Corp.		13		102

Meridian Corp. *		4		65

Metropolitan Bank Holding Corp. *		5		167

Mid Penn Bancorp, Inc. (a)		4		81

Northeast Bank		6		99

OceanFirst Financial Corp.		116		2,049

PacWest Bancorp		34		678

Popular, Inc. (Puerto Rico)		43		1,610

RBB Bancorp		7		91

Select Bancorp, Inc. *		51		419

Shore Bancshares, Inc.		9		97

Sierra Bancorp		4		79

Signature Bank		4		380

Sterling Bancorp		36		421

Synovus Financial Corp.		32		651

Umpqua Holdings Corp.		111		1,179

United Community Banks, Inc.		25		502

Wintrust Financial Corp.		11		492

Zions Bancorp NA		43		1,459


				27,838


Biotechnology — 8.8%

Aduro Biotech, Inc. *		248		572

Akebia Therapeutics, Inc. *		46		623

Alector, Inc. *		39		941

Allogene Therapeutics, Inc. *		37		1,584

Amicus Therapeutics, Inc. *		77		1,166

AnaptysBio, Inc. *		66		1,471

Arrowhead Pharmaceuticals, Inc. * (a)		41		1,758

Assembly Biosciences, Inc. *		35		821

Atara Biotherapeutics, Inc. *		7		101

Bluebird Bio, Inc. *		6		337

Blueprint Medicines Corp. *		16		1,279

Bridgebio Pharma, Inc. * (a)		19		634

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Biotechnology — continued

Catalyst Pharmaceuticals, Inc. *		162		749

Coherus Biosciences, Inc. * (a)		50		890

Concert Pharmaceuticals, Inc. * (a)		25		253

Dicerna Pharmaceuticals, Inc. * (a)		58		1,466

Esperion Therapeutics, Inc. * (a)		19		983

FibroGen, Inc. *		16		667

Gritstone Oncology, Inc. *		11		74

Heron Therapeutics, Inc. * (a)		82		1,205

Homology Medicines, Inc. *		30		454

Immunomedics, Inc. *		64		2,258

Insmed, Inc. * (a)		35		967

Jounce Therapeutics, Inc. *		31		216

Kura Oncology, Inc. *		5		79

MeiraGTx Holdings plc * (a)		27		336

Mustang Bio, Inc. *		466		1,483

Principia Biopharma, Inc. *		1		78

Radius Health, Inc. *		4		57

REVOLUTION Medicines, Inc. *		12		366

Rhythm Pharmaceuticals, Inc. *		20		439

Sage Therapeutics, Inc. *		16		682

Sarepta Therapeutics, Inc. *		7		1,170

Sutro Biopharma, Inc. * (a)		9		72

Syros Pharmaceuticals, Inc. *		189		2,015

TCR2 Therapeutics, Inc. * (a)		19		288

Viela Bio, Inc. * (a)		24		1,027

Vir Biotechnology, Inc. * (a)		26		1,053

Xencor, Inc. *		15		481

Y-mAbs Therapeutics, Inc. *		3		126


				31,221


Building Products — 1.1%

Builders FirstSource, Inc. *		35		717

Caesarstone Ltd.		45		537

Cornerstone Building Brands, Inc. *		34		207

JELD-WEN Holding, Inc. *		12		190

Masonite International Corp. *		14		1,073

PGT Innovations, Inc. *		10		160

Quanex Building Products Corp.		34		476

UFP Industries, Inc.		7		323


				3,683


Capital Markets — 1.7%

Blucora, Inc. *		58		660

Cowen, Inc., Class A (a)		79		1,273

Federated Hermes, Inc., Class B		70		1,656

Focus Financial Partners, Inc., Class A *		5		175


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — continued

Houlihan Lokey, Inc.		9		477

Piper Sandler Cos.		4		231

Stifel Financial Corp.		19		887

Virtus Investment Partners, Inc.		6		709


				6,068


Chemicals — 1.7%

FutureFuel Corp.		25		305

Koppers Holdings, Inc. *		54		1,019

Kraton Corp. *		29		509

Minerals Technologies, Inc.		10		479

Orion Engineered Carbons SA (Luxembourg)		70		740

PolyOne Corp.		51		1,343

Trinseo SA		33		726

Tronox Holdings plc, Class A (a)		105		758


				5,879


Commercial Services & Supplies — 2.4%

ABM Industries, Inc.		34		1,227

ACCO Brands Corp.		183		1,298

Brink’s Co. (The)		13		610

Herman Miller, Inc.		23		539

HNI Corp.		42		1,283

KAR Auction Services, Inc.		23		315

Kimball International, Inc., Class B		68		791

Knoll, Inc.		84		1,022

Quad/Graphics, Inc.		91		297

Steelcase, Inc., Class A		82		993


				8,375


Communications Equipment — 0.8%

Cambium Networks Corp. *		93		682

Ciena Corp. *		9		460

Extreme Networks, Inc. *		203		881

KVH Industries, Inc. *		42		373

PCTEL, Inc. *		53		352


				2,748


Construction & Engineering — 3.1%

Argan, Inc.		66		3,114

Comfort Systems USA, Inc.		19		779

EMCOR Group, Inc.		22		1,443

Great Lakes Dredge & Dock Corp. *		109		1,009

MasTec, Inc. *		50		2,231

Primoris Services Corp.		50		892

Sterling Construction Co., Inc. *		68		712

Tutor Perini Corp. *		46		557


				10,737

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	21

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Construction Materials — 0.2%

US Concrete, Inc. * (a)		25		625


Consumer Finance — 0.4%

Enova International, Inc. *		16		244

Nelnet, Inc., Class A		14		688

Oportun Financial Corp. * (a)		25		341


				1,273


Containers & Packaging — 0.2%

Myers Industries, Inc.		17		249

O-I Glass, Inc.		32		288


				537


Distributors — 0.4%

Core-Mark Holding Co., Inc.		52		1,300


Diversified Consumer Services — 0.7%

American Public Education, Inc. *		11		329

Houghton Mifflin Harcourt Co. *		689		1,247

Strategic Education, Inc. (a)		3		507

WW International, Inc. *		15		383


				2,466


Diversified Telecommunication Services — 0.9%

ATN International, Inc.		4		260

IDT Corp., Class B *		174		1,135

Liberty Latin America Ltd., Class A (Chile) *		76		739

Liberty Latin America Ltd., Class C (Chile) *		37		352

Ooma, Inc. * (a)		43		711


				3,197


Electric Utilities — 0.8%

Genie Energy Ltd., Class B		10		73

IDACORP, Inc.		8		695

Portland General Electric Co.		32		1,338

Spark Energy, Inc., Class A (a)		119		845


				2,951


Electrical Equipment — 0.7%

Atkore International Group, Inc. *		76		2,087

Powell Industries, Inc.		7		200


				2,287


Electronic Equipment, Instruments & Components — 2.9%

Benchmark Electronics, Inc.		60		1,288

Fabrinet (Thailand) *		11		707

Itron, Inc. * (a)		6		378

Kimball Electronics, Inc. *		9		121

Methode Electronics, Inc.		66		2,074


INVESTMENTS	SHARES (000)		VALUE ($000)


Electronic Equipment, Instruments & Components — continued

Sanmina Corp. *		115		2,876

ScanSource, Inc. *		35		841

Vishay Intertechnology, Inc. (a)		59		899

Vishay Precision Group, Inc. *		41		1,003


				10,187


Energy Equipment & Services — 0.4%

NexTier Oilfield Solutions, Inc. *		86		209

Select Energy Services, Inc., Class A *		162		797

Solaris Oilfield Infrastructure, Inc., Class A (a)		70		517


				1,523


Entertainment — 0.1%

Cinemark Holdings, Inc.		26		296


Equity Real Estate Investment Trusts (REITs) — 6.0%

Acadia Realty Trust		17		214

Alexander & Baldwin, Inc.		11		137

Alexander’s, Inc.		1		265

American Assets Trust, Inc.		9		245

American Finance Trust, Inc.		50		398

Armada Hoffler Properties, Inc.		97		962

BRT Apartments Corp.		7		76

CatchMark Timber Trust, Inc., Class A		66		584

Chatham Lodging Trust		13		79

City Office REIT, Inc.		102		1,021

Columbia Property Trust, Inc.		23		297

Community Healthcare Trust, Inc.		3		139

CorEnergy Infrastructure Trust, Inc. (a)		10		87

CorePoint Lodging, Inc.		9		37

Cousins Properties, Inc.		26		763

DiamondRock Hospitality Co.		80		441

EastGroup Properties, Inc.		2		225

Essential Properties Realty Trust, Inc. (a)		15		220

First Industrial Realty Trust, Inc.		45		1,730

Getty Realty Corp.		5		151

Gladstone Commercial Corp.		47		878

Global Medical REIT, Inc.		6		68

Global Net Lease, Inc.		103		1,723

Highwoods Properties, Inc.		4		147

Hudson Pacific Properties, Inc.		15		374

Investors Real Estate Trust		2		134

Monmouth Real Estate Investment Corp.		43		617

New Senior Investment Group, Inc.		67		244

One Liberty Properties, Inc.		3		49

Physicians Realty Trust		38		671

PotlatchDeltic Corp.		26		985

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Equity Real Estate Investment Trusts (REITs) — continued

Retail Properties of America, Inc., Class A		127		929

Retail Value, Inc.		16		193

Rexford Industrial Realty, Inc.		7		289

Ryman Hospitality Properties, Inc.		1		38

Sabra Health Care REIT, Inc.		22		320

STAG Industrial, Inc. (a)		90		2,644

Sunstone Hotel Investors, Inc.		139		1,131

Urban Edge Properties		37		433

Xenia Hotels & Resorts, Inc.		123		1,144


				21,082


Food & Staples Retailing — 1.4%

BJ’s Wholesale Club Holdings, Inc. *		23		857

Performance Food Group Co. *		53		1,536

PriceSmart, Inc.		28		1,689

Rite Aid Corp. * (a)		39		672


				4,754


Food Products — 0.6%

Sanderson Farms, Inc.		17		1,918

TreeHouse Foods, Inc. *		4		160


				2,078


Gas Utilities — 1.0%

Chesapeake Utilities Corp.		8		697

New Jersey Resources Corp.		16		534

Southwest Gas Holdings, Inc.		18		1,233

Spire, Inc.		14		907


				3,371


Health Care Equipment & Supplies — 3.3%

Accuray, Inc. * (a)		254		516

Alphatec Holdings, Inc. * (a)		102		478

Apyx Medical Corp. *		105		581

Axogen, Inc. *		32		293

CONMED Corp. (a)		5		351

Cutera, Inc. *		75		916

Inogen, Inc. * (a)		16		561

Integer Holdings Corp. *		6		431

Invacare Corp.		116		739

Natus Medical, Inc. *		36		792

NuVasive, Inc. *		16		896

OraSure Technologies, Inc. *		62		725

Orthofix Medical, Inc. *		64		2,062

SI-BONE, Inc. *		49		775

Sientra, Inc. * (a)		71		275

Utah Medical Products, Inc.		6		496


INVESTMENTS	SHARES (000)		VALUE ($000)


Health Care Equipment & Supplies — continued

ViewRay, Inc. * (a)		280		628


				11,515


Health Care Providers & Services — 4.4%

American Renal Associates Holdings, Inc. * (a)		69		451

AMN Healthcare Services, Inc. *		45		2,031

Apollo Medical Holdings, Inc. *		10		170

Cross Country Healthcare, Inc. *		122		750

Hanger, Inc. *		36		596

Magellan Health, Inc. *		50		3,614

MEDNAX, Inc. * (a)		96		1,648

National HealthCare Corp.		18		1,155

Owens & Minor, Inc. (a)		156		1,191

Select Medical Holdings Corp. *		93		1,374

Surgery Partners, Inc. *		114		1,324

Tenet Healthcare Corp. *		67		1,219


				15,523


Health Care Technology — 0.3%

NextGen Healthcare, Inc. *		57		622

Omnicell, Inc. *		5		367


				989


Hotels, Restaurants & Leisure — 1.0%

Bloomin’ Brands, Inc. (a)		68		729

Boyd Gaming Corp.		12		253

Brinker International, Inc.		22		538

Dine Brands Global, Inc. (a)		15		648

International Game Technology plc		73		650

Penn National Gaming, Inc. * (a)		21		631


				3,449


Household Durables — 2.7%

Cavco Industries, Inc. *		2		424

Hamilton Beach Brands Holding Co., Class A		5		59

Helen of Troy Ltd. *		7		1,298

KB Home		45		1,377

Lifetime Brands, Inc.		12		81

Meritage Homes Corp. *		32		2,429

Sonos, Inc. *		128		1,865

Taylor Morrison Home Corp. *		25		484

Universal Electronics, Inc. *		28		1,297


				9,314


Household Products — 0.2%

Central Garden & Pet Co. *		10		360

Central Garden & Pet Co., Class A *		14		465


				825

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	23

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Independent Power and Renewable Electricity Producers — 1.3%

Atlantic Power Corp. *		65		130

Clearway Energy, Inc.		63		1,329

Clearway Energy, Inc., Class C		57		1,308

TerraForm Power, Inc., Class A		82		1,518

Vistra Energy Corp.		13		251


				4,536


Insurance — 1.0%

Ambac Financial Group, Inc. *		20		292

American Equity Investment Life Holding Co.		25		623

Argo Group International Holdings Ltd.		6		199

CNO Financial Group, Inc.		40		626

FedNat Holding Co.		45		498

National General Holdings Corp.		22		474

ProSight Global, Inc. *		28		251

Selective Insurance Group, Inc.		5		289

Stewart Information Services Corp.		2		68

Third Point Reinsurance Ltd. (Bermuda) *		13		100

United Insurance Holdings Corp.		8		63

Watford Holdings Ltd. (Bermuda) *		4		65


				3,548


Interactive Media & Services — 0.4%

Cars.com, Inc. *		126		725

Yelp, Inc. *		25		578


				1,303


Internet & Direct Marketing Retail — 0.3%

Groupon, Inc. * (a)		24		431

Quotient Technology, Inc. *		88		647


				1,078


IT Services — 2.0%

KBR, Inc.		92		2,073

NIC, Inc.		36		827

Perspecta, Inc.		14		330

Science Applications International Corp.		19		1,468

StarTek, Inc. *		209		1,063

Unisys Corp. * (a)		104		1,130


				6,891


Leisure Products — 0.3%

Acushnet Holdings Corp. (a)		31		1,078


Life Sciences Tools & Services — 0.5%

Adaptive Biotechnologies Corp. *		14		653

Personalis, Inc. *		72		935


				1,588


INVESTMENTS	SHARES (000)		VALUE ($000)


Machinery — 1.3%

Altra Industrial Motion Corp.		12		392

Columbus McKinnon Corp.		27		899

Gencor Industries, Inc. *		8		101

Meritor, Inc. *		38		751

Mueller Industries, Inc.		11		292

Park-Ohio Holdings Corp.		6		92

Terex Corp.		95		1,790

TriMas Corp. *		14		326


				4,643


Marine — 0.2%

Costamare, Inc. (Monaco)		125		697


Media — 1.2%

AMC Networks, Inc., Class A * (a)		23		538

Fluent, Inc. *		99		177

Gray Television, Inc. *		54		749

Meredith Corp. (a)		58		850

Nexstar Media Group, Inc., Class A (a)		12		975

Sinclair Broadcast Group, Inc., Class A (a)		41		751


				4,040


Metals & Mining — 1.2%

Commercial Metals Co.		127		2,594

Ryerson Holding Corp. *		20		110

SunCoke Energy, Inc.		66		194

Warrior Met Coal, Inc. (a)		61		932

Worthington Industries, Inc.		12		459


				4,289


Mortgage Real Estate Investment Trusts (REITs) — 1.3%

Apollo Commercial Real Estate Finance, Inc.		57		560

ARMOUR Residential REIT, Inc.		11		102

Capstead Mortgage Corp.		38		207

Colony Credit Real Estate, Inc.		16		110

Dynex Capital, Inc. (a)		13		180

Ellington Financial, Inc.		3		35

Great Ajax Corp.		4		35

Ladder Capital Corp.		42		343

PennyMac Mortgage Investment Trust		98		1,719

Redwood Trust, Inc. (a)		129		905

TPG RE Finance Trust, Inc. (a)		13		108

Two Harbors Investment Corp.		19		97


				4,401


Multiline Retail — 0.4%

Big Lots, Inc.		20		852

Dillard’s, Inc., Class A (a)		9		235

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Multiline Retail — continued

Macy’s, Inc.		48		332


				1,419


Multi-Utilities — 0.2%

Black Hills Corp.		11		622


Oil, Gas & Consumable Fuels — 1.6%

Arch Resources, Inc. (a)		13		365

Berry Corp.		111		534

CVR Energy, Inc.		29		578

Delek US Holdings, Inc. (a)		62		1,079

Dorian LPG Ltd. *		55		426

Falcon Minerals Corp. (a)		44		142

Magnolia Oil & Gas Corp., Class A *		30		182

Par Pacific Holdings, Inc. * (a)		42		376

PDC Energy, Inc. *		13		165

Renewable Energy Group, Inc. * (a)		72		1,778

REX American Resources Corp. *		1		53


				5,678


Paper & Forest Products — 1.5%

Boise Cascade Co.		45		1,692

Louisiana-Pacific Corp.		28		726

PH Glatfelter Co.		9		144

Schweitzer-Mauduit International, Inc. (a)		72		2,414

Verso Corp., Class A		30		355


				5,331


Personal Products — 0.5%

Edgewell Personal Care Co. *		51		1,595


Pharmaceuticals — 3.4%

AMAG Pharmaceuticals, Inc. * (a)		9		72

Arvinas, Inc. * (a)		1		32

Cara Therapeutics, Inc. * (a)		22		384

Endo International plc *		379		1,300

Horizon Therapeutics plc *		56		3,125

Intersect ENT, Inc. *		73		991

Lannett Co., Inc. * (a)		232		1,684

Menlo Therapeutics, Inc. * (a)		70		121

NGM Biopharmaceuticals, Inc. * (a)		51		1,009

Phibro Animal Health Corp., Class A		14		355

Revance Therapeutics, Inc. *		7		163

TherapeuticsMD, Inc. * (a)		131		164

WaVe Life Sciences Ltd. * (a)		126		1,314

Zogenix, Inc. *		31		840

Zynerba Pharmaceuticals, Inc. * (a)		56		187


				11,741


INVESTMENTS	SHARES (000)		VALUE ($000)


Professional Services — 2.5%

Barrett Business Services, Inc.		36		1,904

CBIZ, Inc. * (a)		46		1,100

Heidrick & Struggles International, Inc.		32		697

ICF International, Inc.		13		869

Insperity, Inc.		3		201

Kelly Services, Inc., Class A		16		260

Korn Ferry (a)		58		1,789

TriNet Group, Inc. *		22		1,328

TrueBlue, Inc. *		39		595


				8,743


Real Estate Management & Development — 0.5%

Jones Lang LaSalle, Inc.		2		230

Realogy Holdings Corp.		177		1,312

RMR Group, Inc. (The), Class A		5		141


				1,683


Road & Rail — 0.9%

ArcBest Corp.		116		3,081


Semiconductors & Semiconductor Equipment — 2.5%

Advanced Energy Industries, Inc. *		18		1,233

Alpha & Omega Semiconductor Ltd. *		66		721

GSI Technology, Inc. *		64		461

Ichor Holdings Ltd. *		29		781

NVE Corp.		7		427

Onto Innovation, Inc. * (a)		22		749

PDF Solutions, Inc. *		20		397

Photronics, Inc. *		164		1,820

Rambus, Inc. * (a)		16		242

SMART Global Holdings, Inc. * (a)		43		1,174

Ultra Clean Holdings, Inc. *		39		885


				8,890


Software — 4.1%

ACI Worldwide, Inc. *		6		172

American Software, Inc., Class A		39		618

Avaya Holdings Corp. * (a)		97		1,197

Cornerstone OnDemand, Inc. *		68		2,625

Domo, Inc., Class B *		27		875

eGain Corp. *		161		1,792

Envestnet, Inc. *		7		500

j2 Global, Inc. *		21		1,308

Majesco *		57		451

MicroStrategy, Inc., Class A *		11		1,283

Model N, Inc. *		7		254

Rimini Street, Inc. *		88		453

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	25

JPMorgan Small Cap Core Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Software — continued

Rosetta Stone, Inc. *		17		288

SVMK, Inc. *		23		543

Verint Systems, Inc. *		30		1,351

Zuora, Inc., Class A *		62		789


				14,499


Specialty Retail — 2.3%

Bed Bath & Beyond, Inc. (a)		70		745

Genesco, Inc. *		25		537

Guess?, Inc.		68		658

Hibbett Sports, Inc. * (a)		54		1,133

Office Depot, Inc.		387		910

Rent-A-Center, Inc.		84		2,333

Signet Jewelers Ltd. (a)		13		136

Zumiez, Inc. *		55		1,514


				7,966


Technology Hardware, Storage & Peripherals — 0.2%

Diebold Nixdorf, Inc. * (a)		123		743


Textiles, Apparel & Luxury Goods — 1.4%

Deckers Outdoor Corp. *		21		4,065

Wolverine World Wide, Inc.		32		769


				4,834


Thrifts & Mortgage Finance — 3.7%

ESSA Bancorp, Inc.		4		49

Essent Group Ltd.		62		2,262

Flagstar Bancorp, Inc.		64		1,871

FS Bancorp, Inc.		2		86

HomeStreet, Inc.		13		330

Luther Burbank Corp.		17		174

MGIC Investment Corp.		92		753

MMA Capital Holdings, Inc. *		2		51

Mr Cooper Group, Inc. *		137		1,702

NMI Holdings, Inc., Class A *		22		354

OP Bancorp		19		132

PennyMac Financial Services, Inc.		19		804

Provident Bancorp, Inc.		36		286

Provident Financial Services, Inc.		111		1,600

Radian Group, Inc.		76		1,171

Standard AVB Financial Corp.		3		65

Walker & Dunlop, Inc.		26		1,328


				13,018


Tobacco — 0.1%

Vector Group Ltd.		44		442


INVESTMENTS	SHARES (000)		VALUE ($000)


Trading Companies & Distributors — 1.3%

Beacon Roofing Supply, Inc. *		25		651

BMC Stock Holdings, Inc. *		81		2,042

GMS, Inc. *		58		1,424

Triton International Ltd. (Bermuda)		10		290

Veritiv Corp. * (a)		18		302


				4,709


Water Utilities — 0.0% (b)

Consolidated Water Co. Ltd. (Cayman Islands)		3		48


Wireless Telecommunication Services — 0.2%

Spok Holdings, Inc.		68		633


Total Common Stocks (Cost $326,363)				341,390

Short-Term Investments — 9.7%

Investment Companies — 2.6%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d)(Cost $9,176)		9,169		9,177


Investment of Cash Collateral from Securities Loaned — 7.1%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (c) (d)		20,998		21,006

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d)		3,876		3,876


Total Investment of Cash Collateral from Securities Loaned (Cost $24,876)				24,882


Total Short-Term Investments (Cost $34,052)				34,059

Total Investments — 107.3% (Cost $360,415)				375,449
Liabilities in Excess of Other Assets — (7.3)%				(25,588	)

NET ASSETS — 100.0%				349,861

Percentages indicated are based on net assets.

Abbreviations


REIT		Real Estate Investment Trust

(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $23,895,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Russell 2000 E-Mini Index

09/2020

USD

4,524


Abbreviations
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	27

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 94.8%

Auto Components — 1.6%

LCI Industries (a)		920		105,785


Automobiles — 0.9%

Thor Industries, Inc. (a)		574		61,183


Banks — 8.2%

BankUnited, Inc.		2,554		51,714

Commerce Bancshares, Inc. (a)		1,244		74,003

Cullen/Frost Bankers, Inc. (a)		666		49,790

First Financial Bancorp		2,778		38,590

First Hawaiian, Inc.		3,288		56,687

First Horizon National Corp. (a)		5,131		51,105

IBERIABANK Corp.		750		34,139

Signature Bank		533		56,997

Western Alliance Bancorp		1,835		69,483

Wintrust Financial Corp. (a)		1,227		53,508


				536,016


Beverages — 0.9%

Primo Water Corp. (a)		4,181		57,495


Building Products — 1.0%

Fortune Brands Home & Security, Inc.		1,057		67,555


Capital Markets — 5.9%

Assetmark Financial Holdings, Inc. * (a)		811		22,130

Eaton Vance Corp.		1,333		51,463

FactSet Research Systems, Inc. (a)		184		60,313

Focus Financial Partners, Inc., Class A *		1,925		63,636

Lazard Ltd., Class A		2,157		61,747

Moelis & Co., Class A (a)		1,875		58,439

Morningstar, Inc.		513		72,323


				390,051


Chemicals — 2.9%

GCP Applied Technologies, Inc. *		2,632		48,896

PQ Group Holdings, Inc. *		3,534		46,791

Quaker Chemical Corp. (a)		520		96,490


				192,177


Commercial Services & Supplies — 3.7%

Brady Corp., Class A		1,502		70,340

BrightView Holdings, Inc. * (a)		152		1,702

Casella Waste Systems, Inc., Class A *		31		1,616

IAA, Inc. * (a)		1,889		72,875

KAR Auction Services, Inc.		500		6,875

MSA Safety, Inc. (a)		813		93,017


				246,425


INVESTMENTS	SHARES (000)		VALUE ($000)


Construction & Engineering — 0.9%

WillScot Corp. * (a)		5,043		61,983


Containers & Packaging — 3.4%

AptarGroup, Inc.		1,437		160,870

Crown Holdings, Inc. *		978		63,679


				224,549


Distributors — 2.8%

Pool Corp. (a)		691		187,958


Diversified Consumer Services — 0.7%

Bright Horizons Family Solutions, Inc. *		394		46,126


Electric Utilities — 1.1%

Portland General Electric Co.		1,751		73,200


Electrical Equipment — 1.2%

Generac Holdings, Inc. *		631		76,932


Electronic Equipment, Instruments & Components — 1.1%

nLight, Inc. * (a)		2,119		47,158

Novanta, Inc. *		260		27,770


				74,928


Equity Real Estate Investment Trusts (REITs) — 5.1%

American Campus Communities, Inc. (a)		581		20,304

CubeSmart		2,962		79,936

EastGroup Properties, Inc.		853		101,183

National Retail Properties, Inc.		2,016		71,522

Outfront Media, Inc.		2,365		33,515

RLJ Lodging Trust		1,078		10,172

Ryman Hospitality Properties, Inc.		500		17,300


				333,932


Food & Staples Retailing — 4.0%

BJ’s Wholesale Club Holdings, Inc. * (a)		3,033		113,051

Casey’s General Stores, Inc.		307		45,860

Performance Food Group Co. * (a)		3,573		104,110


				263,021


Health Care Equipment & Supplies — 3.3%

Envista Holdings Corp. * (a)		1,552		32,734

ICU Medical, Inc. * (a)		380		69,972

West Pharmaceutical Services, Inc.		507		115,098


				217,804


Health Care Providers & Services — 5.6%

Chemed Corp.		100		45,278

Encompass Health Corp. (a)		1,676		103,795

HealthEquity, Inc. * (a)		823		48,264

Molina Healthcare, Inc. *		663		117,982

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Health Care Providers & Services — continued

Premier, Inc., Class A * (a)		1,635		56,039


				371,358


Health Care Technology — 0.2%

HMS Holdings Corp. *		432		13,979


Hotels, Restaurants & Leisure — 2.1%

Dunkin’ Brands Group, Inc.		524		34,151

Monarch Casino & Resort, Inc. * (a)		509		17,364

Planet Fitness, Inc., Class A * (a)		671		40,665

Wendy’s Co. (The)		2,270		49,438


				141,618


Insurance — 3.2%

Kinsale Capital Group, Inc. (a)		633		98,174

RLI Corp. (a)		1,168		95,893

Selectquote, Inc. *		564		14,282


				208,349


IT Services — 1.0%

WEX, Inc. * (a)		409		67,512


Leisure Products — 2.5%

Acushnet Holdings Corp. (a)		1,675		58,290

Brunswick Corp.		1,646		105,346


				163,636


Life Sciences Tools & Services — 1.1%

Syneos Health, Inc. * (a)		1,219		71,003


Machinery — 9.4%

Altra Industrial Motion Corp. (a)		1,740		55,449

Douglas Dynamics, Inc.		996		34,975

Gates Industrial Corp. plc * (a)		3,260		33,510

Lincoln Electric Holdings, Inc. (a)		1,205		101,545

Nordson Corp.		266		50,470

RBC Bearings, Inc. *		672		90,138

Toro Co. (The)		2,348		155,754

Welbilt, Inc. *		3,055		18,604

Woodward, Inc. (a)		969		75,156


				615,601


Media — 0.2%

EW Scripps Co. (The), Class A (a)		1,452		12,702


Multi-Utilities — 1.2%

NorthWestern Corp.		1,401		76,402


Pharmaceuticals — 2.7%

Catalent, Inc. *		2,057		150,807

Prestige Consumer Healthcare, Inc. * (a)		692		26,002


				176,809


INVESTMENTS	SHARES (000)		VALUE ($000)


Professional Services — 1.0%

CoreLogic, Inc. (a)		1,004		67,516


Real Estate Management & Development — 0.9%

Cushman & Wakefield plc * (a)		4,819		60,046


Road & Rail — 2.0%

Knight-Swift Transportation Holdings, Inc. (a)		1,605		66,932

Landstar System, Inc. (a)		576		64,647


				131,579


Semiconductors & Semiconductor Equipment — 3.2%

Cabot Microelectronics Corp.		702		97,955

Monolithic Power Systems, Inc.		164		38,981

Power Integrations, Inc.		601		71,037


				207,973


Software — 7.7%

Aspen Technology, Inc. * (a)		743		76,934

Bill.Com Holdings, Inc. *		640		57,745

Envestnet, Inc. *		735		54,053

Guidewire Software, Inc. * (a)		659		73,002

Medallia, Inc. * (a)		1,594		40,232

Q2 Holdings, Inc. * (a)		1,084		93,033

RealPage, Inc. * (a)		733		47,637

Tyler Technologies, Inc. *		189		65,550


				508,186


Specialty Retail — 0.4%

National Vision Holdings, Inc. *		921		28,099


Textiles, Apparel & Luxury Goods — 0.7%

Carter’s, Inc.		607		49,019


Trading Companies & Distributors — 1.0%

Applied Industrial Technologies, Inc. (a)		1,016		63,402


Total Common Stocks (Cost $4,549,256)				6,251,909

Exchange-Traded Funds — 0.7%

U.S. Equity — 0.7%

iShares Russell 2000 ETF (a) (Cost $48,119)		338		48,342

Short-Term Investments — 8.5%

Investment Companies — 4.2%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) (Cost $276,293)		276,154		276,403


Investment of Cash Collateral from Securities Loaned — 4.3%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c)		252,994		253,095

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	29

JPMorgan Small Cap Equity Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — continued

Investment of Cash Collateral from Securities Loaned — continued

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c)		32,048		32,048


Total Investment of Cash Collateral from Securities Loaned (cost $285,143)				285,143


Total Short-Term Investments (Cost $561,436)				561,546

Total Investments — 104.0% (Cost $5,158,811)				6,861,797
Liabilities in Excess of Other Assets — (4.0)%				(266,311	)

NET ASSETS — 100.0%				6,595,486

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund

(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $281,563,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 97.3%

Auto Components — 1.0%

Fox Factory Holding Corp. * (a)		494		40,826


Automobiles — 1.2%

Winnebago Industries, Inc. (a)		705		46,937


Banks — 1.0%

First Financial Bankshares, Inc.		891		25,744

Signature Bank		144		15,368


				41,112


Biotechnology — 19.0%

ACADIA Pharmaceuticals, Inc. * (a)		601		29,126

ADC Therapeutics SA (Switzerland) * (a)		740		34,624

Alector, Inc. * (a)		586		14,327

Allogene Therapeutics, Inc. * (a)		381		16,325

Amicus Therapeutics, Inc. *		3,173		47,855

Atara Biotherapeutics, Inc. *		1,791		26,092

Avrobio, Inc. * (a)		1,220		21,298

Biohaven Pharmaceutical Holding Co. Ltd. * (a)		653		47,754

Blueprint Medicines Corp. *		492		38,373

Bridgebio Pharma, Inc. * (a)		557		18,166

Coherus Biosciences, Inc. * (a)		1,973		35,229

FibroGen, Inc. * (a)		792		32,109

G1 Therapeutics, Inc. *		942		22,844

Generation Bio Co. *		303		6,364

Global Blood Therapeutics, Inc. * (a)		362		22,856

Halozyme Therapeutics, Inc. *		2,113		56,637

Heron Therapeutics, Inc. * (a)		1,598		23,507

Homology Medicines, Inc. *		1,052		15,985

Immunomedics, Inc. * (a)		459		16,261

Intercept Pharmaceuticals, Inc. * (a)		364		17,447

Natera, Inc. *		1,298		64,699

Orchard Therapeutics plc, ADR (United Kingdom) *		808		4,851

REGENXBIO, Inc. * (a)		549		20,214

REVOLUTION Medicines, Inc. * (a)		446		14,069

Rubius Therapeutics, Inc. * (a)		1,266		7,568

Sage Therapeutics, Inc. * (a)		471		19,582

Twist Bioscience Corp. * (a)		1,158		52,453

Viela Bio, Inc. * (a)		525		22,737


				749,352


Building Products — 5.0%

Advanced Drainage Systems, Inc.		1,272		62,838

AZEK Co., Inc. (The) *		488		15,563

Fortune Brands Home & Security, Inc.		324		20,706

Simpson Manufacturing Co., Inc. (a)		616		51,927

Trex Co., Inc. * (a)		359		46,708


				197,742


INVESTMENTS	SHARES (000)		VALUE ($000)


Capital Markets — 1.4%

Evercore, Inc., Class A		545		32,087

Focus Financial Partners, Inc., Class A *		766		25,325


				57,412


Commercial Services & Supplies — 1.6%

Brink’s Co. (The)		473		21,508

MSA Safety, Inc.		371		42,461


				63,969


Communications Equipment — 0.9%

Ciena Corp. *		639		34,595


Distributors — 1.1%

Pool Corp.		162		44,072


Diversified Consumer Services — 0.6%

Bright Horizons Family Solutions, Inc.*		170		19,982

OneSpaWorld Holdings Ltd. (Bahamas) (a)		825		3,937


				23,919


Diversified Telecommunication Services — 0.8%

Bandwidth, Inc., Class A * (a)		257		32,587


Electrical Equipment — 1.1%

Generac Holdings, Inc. *		342		41,645


Electronic Equipment, Instruments & Components — 0.8%

Littelfuse, Inc.		178		30,394


Equity Real Estate Investment Trusts (REITs) — 2.3%

CubeSmart		701		18,925

EastGroup Properties, Inc.		237		28,152

National Health Investors, Inc.		279		16,941

Terreno Realty Corp. (a)		525		27,653


				91,671


Food & Staples Retailing — 2.0%

Grocery Outlet Holding Corp. * (a)		941		38,404

Performance Food Group Co. * (a)		1,367		39,831


				78,235


Food Products — 1.4%

Freshpet, Inc. *		643		53,815


Health Care Equipment & Supplies — 3.3%

iRhythm Technologies, Inc. * (a)		384		44,448

Nevro Corp. * (a)		413		49,345

Shockwave Medical, Inc. *		738		34,938


				128,731


Health Care Providers & Services — 1.7%

Acadia Healthcare Co., Inc. * (a)		835		20,975

Amedisys, Inc. *		242		48,006


				68,981

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	31

JPMorgan Small Cap Growth Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Health Care Technology — 0.3%

Evolent Health, Inc., Class A * (a)		1,797		12,792


Hotels, Restaurants & Leisure — 3.0%

Boyd Gaming Corp.		1,565		32,714

Planet Fitness, Inc., Class A *		552		33,429

Texas Roadhouse, Inc. (a)		1,023		53,801


				119,944


Household Durables — 1.6%

Helen of Troy Ltd. *		197		37,209

TRI Pointe Group, Inc. *		1,785		26,225


				63,434


Industrial Conglomerates — 0.5%

Carlisle Cos., Inc.		182		21,736


Insurance — 1.2%

eHealth, Inc. * (a)		289		28,407

Selectquote, Inc. *		777		19,674


				48,081


Internet & Direct Marketing Retail — 1.1%

Farfetch Ltd., Class A (United Kingdom) * (a)		1,472		25,421

RealReal, Inc. (The) * (a)		1,404		17,961


				43,382


IT Services — 1.8%

I3 Verticals, Inc., Class A * (a)		751		22,708

ManTech International Corp., Class A		685		46,883


				69,591


Life Sciences Tools & Services — 0.9%

10X Genomics, Inc., Class A *		158		14,073

Adaptive Biotechnologies Corp. * (a)		228		11,041

Personalis, Inc. *		828		10,733


				35,847


Machinery — 3.0%

Graco, Inc.		599		28,743

ITT, Inc.		590		34,672

John Bean Technologies Corp.		662		56,943


				120,358


Marine — 0.4%

Kirby Corp. *		264		14,122


Media — 1.3%

New York Times Co. (The), Class A (a)		1,253		52,663


Multiline Retail — 1.1%

Ollie’s Bargain Outlet Holdings, Inc. * (a)		429		41,891


INVESTMENTS	SHARES (000)		VALUE ($000)


Pharmaceuticals — 3.6%

Arvinas, Inc. * (a)		244		8,167

Horizon Therapeutics plc * (a)		986		54,793

MyoKardia, Inc. *		108		10,453

Revance Therapeutics, Inc. * (a)		1,662		40,583

TherapeuticsMD, Inc. *		5,698		7,122

Tricida, Inc. * (a)		774		21,259


				142,377


Professional Services — 0.7%

FTI Consulting, Inc. *		254		29,091


Road & Rail — 1.3%

Saia, Inc. * (a)		446		49,560


Semiconductors & Semiconductor Equipment — 8.5%

Cree, Inc. * (a)		488		28,867

Enphase Energy, Inc. *		765		36,402

Entegris, Inc. (a)		879		51,915

Inphi Corp. *		581		68,308

MKS Instruments, Inc. (a)		481		54,469

Monolithic Power Systems, Inc.		134		31,680

Semtech Corp. * (a)		698		36,424

SolarEdge Technologies, Inc. * (a)		200		27,720


				335,785


Software — 13.4%

Anaplan, Inc. *		741		33,566

Avalara, Inc. * (a)		286		38,038

Bill.Com Holdings, Inc. * (a)		332		29,949

Blackline, Inc. * (a)		389		32,281

CyberArk Software Ltd. *		322		31,943

Dynatrace, Inc. *		365		14,839

Elastic NV * (a)		509		46,944

Envestnet, Inc. *		736		54,109

Everbridge, Inc. * (a)		237		32,777

Globant SA (Argentina) * (a)		229		34,277

HubSpot, Inc. *		231		51,848

Medallia, Inc. * (a)		847		21,375

Proofpoint, Inc.*		273		30,366

Smartsheet, Inc., Class A * (a)		889		45,266

Zendesk, Inc. * (a)		349		30,857


				528,435


Specialty Retail — 4.5%

Aaron’s, Inc.		261		11,842

Floor & Decor Holdings, Inc., Class A *		424		24,446

Hudson Ltd., Class A *		2,182		10,628

Lithia Motors, Inc., Class A (a)		373		56,465

SEE NOTES TO FINANCIAL STATEMENTS.



32	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Specialty Retail — continued

National Vision Holdings, Inc. *		1,892		57,742

Vroom, Inc. *		354		18,468


				179,591


Trading Companies & Distributors — 2.9%

Applied Industrial Technologies, Inc.		489		30,494

Rush Enterprises, Inc., Class A		784		32,491

SiteOne Landscape Supply, Inc. * (a)		464		52,922


				115,907


Total Common Stocks (Cost $2,885,532)				3,850,582

	NO. OF RIGHTS (000)
Rights — 0.0% (b)

Biotechnology — 0.0% (b)

Clementia Pharmaceuticals, Inc. (Canada) * ‡ (Cost $ — )		927		—	(c)

	SHARES (000)
Short-Term Investments — 11.1%

Investment Companies — 3.1%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (d) (e) (Cost $123,393)		123,317		123,428


INVESTMENTS	SHARES (000)		VALUE ($000)


Investment of Cash Collateral from Securities Loaned — 8.0%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (d) (e)		283,992		284,105

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (d) (e)		32,903		32,903


Total Investment of Cash Collateral from Securities Loaned (cost $317,005)				317,008


Total Short-Term Investments (Cost $440,398)				440,436

Total Investments — 108.4% (Cost $3,325,930)				4,291,018
Liabilities in Excess of Other Assets — (8.4)%				(330,865	)

NET ASSETS — 100.0%				3,960,153

Percentages indicated are based on net assets.

Abbreviations


ADR		American Depositary Receipt

(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $305,026,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Amount rounds to less than one thousand.
(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 June 30, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	33

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 99.1%

Aerospace & Defense — 0.6%

AAR Corp.		70		1,449

Maxar Technologies, Inc. (a)		142		2,545

Moog, Inc., Class A		27		1,446


				5,440


Air Freight & Logistics — 1.1%

Echo Global Logistics, Inc. *		261		5,639

Hub Group, Inc., Class A *		99		4,757


				10,396


Airlines — 0.4%

Hawaiian Holdings, Inc.		108		1,514

SkyWest, Inc.		57		1,862


				3,376


Auto Components — 1.4%

Adient plc *		188		3,085

American Axle & Manufacturing Holdings, Inc. *		62		474

Cooper Tire & Rubber Co.		62		1,709

Cooper-Standard Holdings, Inc. * (a)		6		73

Gentherm, Inc. *		90		3,481

Goodyear Tire & Rubber Co. (The)		320		2,862

Stoneridge, Inc. *		82		1,686


				13,370


Banks — 16.4%

1st Source Corp.		76		2,718

American National Bankshares, Inc.		5		113

Atlantic Capital Bancshares, Inc. *		54		658

Atlantic Union Bankshares Corp.		6		137

BancFirst Corp.		89		3,611

BancorpSouth Bank		55		1,251

BankFinancial Corp.		159		1,337

Bankwell Financial Group, Inc.		17		269

Banner Corp.		30		1,132

Brookline Bancorp, Inc.		164		1,651

Bryn Mawr Bank Corp.		22		603

Cadence BanCorp		326		2,890

Cathay General Bancorp		146		3,837

Central Pacific Financial Corp.		317		5,078

Central Valley Community Bancorp		17		265

Century Bancorp, Inc., Class A (a)		3		218

CIT Group, Inc.		230		4,768

Citizens & Northern Corp.		10		200

City Holding Co. (a)		45		2,959

Codorus Valley Bancorp, Inc.		12		163

Columbia Banking System, Inc.		141		3,982


INVESTMENTS	SHARES (000)		VALUE ($000)


Banks — continued

Community Bank System, Inc.		89		5,092

Community Trust Bancorp, Inc.		86		2,829

Customers Bancorp, Inc. *		80		957

East West Bancorp, Inc.		9		317

Enterprise Financial Services Corp.		150		4,665

Equity Bancshares, Inc., Class A *		69		1,202

Farmers National Banc Corp.		78		927

Financial Institutions, Inc.		49		914

First Bancorp		22		539

First BanCorp (Puerto Rico)		857		4,788

First Citizens BancShares, Inc., Class A (a)		6		2,349

First Commonwealth Financial Corp.		682		5,644

First Community Bankshares, Inc. (a)		43		959

First Financial Corp.		15		538

First Hawaiian, Inc.		67		1,153

First Interstate BancSystem, Inc., Class A		25		770

First Midwest Bancorp, Inc.		129		1,725

First Northwest Bancorp		16		195

Flushing Financial Corp.		103		1,191

Glacier Bancorp, Inc. (a)		42		1,475

Great Southern Bancorp, Inc.		26		1,049

Great Western Bancorp, Inc.		275		3,780

Hancock Whitney Corp.		18		386

Hilltop Holdings, Inc.		170		3,129

Home BancShares, Inc.		272		4,185

HomeTrust Bancshares, Inc.		80		1,278

Hope Bancorp, Inc.		607		5,598

Independent Bank Corp.		39		576

Investors Bancorp, Inc.		688		5,851

Mackinac Financial Corp.		17		176

Mercantile Bank Corp.		14		307

OFG Bancorp (Puerto Rico)		74		985

Pacific Premier Bancorp, Inc.		72		1,552

People’s United Financial, Inc.		60		692

Preferred Bank (a)		12		531

Renasant Corp.		10		256

Republic Bancorp, Inc., Class A		14		451

S&T Bancorp, Inc.		16		380

Select Bancorp, Inc. *		152		1,240

South State Corp.		117		5,569

Tompkins Financial Corp.		16		1,030

TriState Capital Holdings, Inc. *		18		283

Trustmark Corp. (a)		366		8,965

UMB Financial Corp.		158		8,124

Umpqua Holdings Corp.		417		4,440

United Bankshares, Inc.		371		10,249

SEE NOTES TO FINANCIAL STATEMENTS.



34	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Banks — continued

Valley National Bancorp		32		254

Washington Trust Bancorp, Inc.		27		874

Webster Financial Corp.		79		2,257

West BanCorp, Inc.		9		162

Westamerica BanCorp (a)		116		6,678


				157,356


Biotechnology — 2.5%

89bio, Inc. * (a)		95		1,897

Arcus Biosciences, Inc. * (a)		192		4,746

Enanta Pharmaceuticals, Inc. * (a)		20		1,019

Epizyme, Inc. *		136		2,189

Fate Therapeutics, Inc. * (a)		101		3,452

Five Prime Therapeutics, Inc. *		93		569

Iovance Biotherapeutics, Inc. * (a)		138		3,796

Myriad Genetics, Inc. *		57		641

Protagonist Therapeutics, Inc. *		330		5,832


				24,141


Building Products — 1.3%

Builders FirstSource, Inc. *		434		8,990

Caesarstone Ltd.		43		507

Masonite International Corp. *		6		482

Quanex Building Products Corp.		119		1,654

Resideo Technologies, Inc. *		23		265

UFP Industries, Inc.		9		446


				12,344


Capital Markets — 1.5%

Blucora, Inc. *		96		1,091

Cowen, Inc., Class A (a)		157		2,537

Donnelley Financial Solutions, Inc. * (a)		128		1,073

Oppenheimer Holdings, Inc., Class A		10		224

Piper Sandler Cos.		20		1,207

Stifel Financial Corp.		153		7,270

Virtus Investment Partners, Inc.		12		1,349


				14,751


Chemicals — 1.4%

FutureFuel Corp.		156		1,868

HB Fuller Co.		7		312

Koppers Holdings, Inc. *		34		646

Kraton Corp. *		64		1,097

Minerals Technologies, Inc.		87		4,070

PolyOne Corp.		80		2,098

Trinseo SA		104		2,302

Tronox Holdings plc, Class A (a)		122		883


				13,276


INVESTMENTS	SHARES (000)		VALUE ($000)


Commercial Services & Supplies — 2.3%

ABM Industries, Inc.		232		8,429

ACCO Brands Corp.		796		5,654

Deluxe Corp. (a)		82		1,928

Ennis, Inc.		59		1,070

HNI Corp.		46		1,418

Pitney Bowes, Inc. (a)		156		405

Quad/Graphics, Inc.		473		1,537

Steelcase, Inc., Class A		154		1,860


				22,301


Communications Equipment — 0.9%

ADTRAN, Inc.		233		2,551

Cambium Networks Corp. *		99		726

Comtech Telecommunications Corp. (a)		25		424

Infinera Corp. * (a)		518		3,064

NetScout Systems, Inc. *		88		2,239


				9,004


Construction & Engineering — 3.8%

Aegion Corp. *		31		498

Arcosa, Inc.		124		5,224

Argan, Inc.		77		3,668

Dycom Industries, Inc. *		25		1,035

EMCOR Group, Inc. (a)		129		8,512

Fluor Corp.		96		1,160

MasTec, Inc. * (a)		115		5,169

MYR Group, Inc. *		123		3,909

Tutor Perini Corp. *		574		6,989


				36,164


Consumer Finance — 0.6%

EZCORP, Inc., Class A * (a)		147		928

Navient Corp.		309		2,172

Nelnet, Inc., Class A		64		3,064


				6,164


Containers & Packaging — 0.1%

Myers Industries, Inc.		39		562


Distributors — 0.4%

Core-Mark Holding Co., Inc. (a)		153		3,818


Diversified Consumer Services — 0.8%

American Public Education, Inc. *		75		2,229

Houghton Mifflin Harcourt Co. *		388		702

K12, Inc. * (a)		163		4,451


				7,382

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	35

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Diversified Financial Services — 0.1%

Banco Latinoamericano de Comercio Exterior SA, Class E (Panama)		79		903

Marlin Business Services Corp.		23		192


				1,095


Diversified Telecommunication Services — 0.7%

Consolidated Communications Holdings, Inc. * (a)		550		3,726

Liberty Latin America Ltd., Class A (Chile) * (a)		137		1,327

Liberty Latin America Ltd., Class C (Chile) *		178		1,677


				6,730


Electric Utilities — 0.9%

IDACORP, Inc.		11		961

Portland General Electric Co.		183		7,643

Spark Energy, Inc., Class A (a)		66		469


				9,073


Electrical Equipment — 0.3%

Bloom Energy Corp., Class A * (a)		10		106

LSI Industries, Inc.		41		268

Powell Industries, Inc.		105		2,873


				3,247


Electronic Equipment, Instruments & Components — 2.4%

Bel Fuse, Inc., Class B		167		1,796

Benchmark Electronics, Inc.		313		6,762

OSI Systems, Inc. * (a)		8		597

Sanmina Corp. *		145		3,621

ScanSource, Inc. *		253		6,083

TTM Technologies, Inc. * (a)		349		4,136


				22,995


Energy Equipment & Services — 1.1%

Bristow Group, Inc. *		20		274

Dril-Quip, Inc. * (a)		29		876

Matrix Service Co. *		404		3,922

NexTier Oilfield Solutions, Inc. * (a)		1,105		2,708

Patterson-UTI Energy, Inc.		67		232

SEACOR Holdings, Inc. *		82		2,331

Select Energy Services, Inc., Class A *		74		363


				10,706


Entertainment — 0.6%

Cinemark Holdings, Inc. (a)		175		2,020

Eros International plc (India) * (a)		1,068		3,374


				5,394


INVESTMENTS	SHARES (000)		VALUE ($000)


Equity Real Estate Investment Trusts (REITs) — 9.1%

Acadia Realty Trust (a)		118		1,536

Agree Realty Corp. (a)		31		2,030

Alexander & Baldwin, Inc.		141		1,716

American Assets Trust, Inc.		163		4,524

American Finance Trust, Inc. (a)		122		971

City Office REIT, Inc.		125		1,260

CoreCivic, Inc.		55		519

CorEnergy Infrastructure Trust, Inc. (a)		29		264

CoreSite Realty Corp.		20		2,445

DiamondRock Hospitality Co.		772		4,271

Easterly Government Properties, Inc. (a)		165		3,822

Essential Properties Realty Trust, Inc.		64		947

First Industrial Realty Trust, Inc.		105		4,025

Franklin Street Properties Corp.		42		213

GEO Group, Inc. (The)		84		991

Getty Realty Corp.		145		4,314

Gladstone Commercial Corp.		162		3,034

Hersha Hospitality Trust		18		105

Highwoods Properties, Inc.		21		788

Kite Realty Group Trust		63		729

Lexington Realty Trust (a)		326		3,435

Mack-Cali Realty Corp.		188		2,875

Monmouth Real Estate Investment Corp.		16		227

New Senior Investment Group, Inc.		136		494

Pebblebrook Hotel Trust		75		1,024

Physicians Realty Trust		216		3,783

Piedmont Office Realty Trust, Inc., Class A		188		3,126

PotlatchDeltic Corp.		138		5,228

PS Business Parks, Inc.		17		2,224

Retail Opportunity Investments Corp.		261		2,957

Retail Properties of America, Inc., Class A (a)		179		1,310

RLJ Lodging Trust		154		1,452

Saul Centers, Inc.		8		271

Service Properties Trust		22		159

SITE Centers Corp.		174		1,412

STAG Industrial, Inc.		152		4,451

Summit Hotel Properties, Inc.		51		300

Sunstone Hotel Investors, Inc.		943		7,685

Terreno Realty Corp. (a)		27		1,400

UMH Properties, Inc.		25		318

Urban Edge Properties		58		687

Urstadt Biddle Properties, Inc., Class A		55		651

Xenia Hotels & Resorts, Inc.		275		2,567


				86,540

SEE NOTES TO FINANCIAL STATEMENTS.



36	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Food & Staples Retailing — 0.6%

Rite Aid Corp. * (a)		41		705

SpartanNash Co.		222		4,707


				5,412


Food Products — 1.0%

Darling Ingredients, Inc. *		75		1,844

Farmer Bros Co. *		105		768

Fresh Del Monte Produce, Inc.		126		3,092

Sanderson Farms, Inc. (a)		31		3,628


				9,332


Gas Utilities — 1.7%

Northwest Natural Holding Co.		22		1,227

ONE Gas, Inc. (a)		70		5,417

Southwest Gas Holdings, Inc.		106		7,334

Spire, Inc.		36		2,352


				16,330


Health Care Equipment & Supplies — 0.3%

Invacare Corp.		183		1,168

LivaNova plc *		20		953

Varex Imaging Corp. * (a)		80		1,206


				3,327


Health Care Providers & Services — 1.8%

Community Health Systems, Inc. * (a)		422		1,270

Cross Country Healthcare, Inc. *		268		1,648

Magellan Health, Inc. *		62		4,517

Owens & Minor, Inc. (a)		554		4,219

Patterson Cos., Inc. (a)		50		1,109

Tenet Healthcare Corp. *		134		2,427

Tivity Health, Inc. * (a)		187		2,120


				17,310


Health Care Technology — 0.8%

Allscripts Healthcare Solutions, Inc. * (a)		1,060		7,176

Computer Programs and Systems, Inc. (a)		22		495


				7,671


Hotels, Restaurants & Leisure — 0.6%

Boyd Gaming Corp.		61		1,281

Brinker International, Inc.		66		1,574

International Game Technology plc		99		884

Marriott Vacations Worldwide Corp.		23		1,908


				5,647


Household Durables — 2.2%

Helen of Troy Ltd. *		5		924

KB Home		79		2,418


INVESTMENTS	SHARES (000)		VALUE ($000)


Household Durables — continued

Meritage Homes Corp. *		44		3,357

Purple Innovation, Inc. *		233		4,192

Sonos, Inc. *		35		505

Taylor Morrison Home Corp. *		32		617

TRI Pointe Group, Inc. *		584		8,582


				20,595


Household Products — 0.3%

Central Garden & Pet Co., Class A *		75		2,517


Independent Power and Renewable Electricity Producers — 1.1%

Atlantic Power Corp. *		1,458		2,915

Clearway Energy, Inc.		182		3,817

Clearway Energy, Inc., Class C		181		4,183


				10,915


Insurance — 2.2%

Ambac Financial Group, Inc. *		118		1,683

American Equity Investment Life Holding Co.		221		5,456

AMERISAFE, Inc.		4		245

Argo Group International Holdings Ltd.		26		889

CNO Financial Group, Inc.		508		7,905

FedNat Holding Co.		16		176

Heritage Insurance Holdings, Inc.		71		923

Horace Mann Educators Corp.		8		309

MBIA, Inc. * (a)		174		1,262

National General Holdings Corp.		32		692

ProSight Global, Inc. *		31		279

Third Point Reinsurance Ltd. (Bermuda) *		91		685

United Insurance Holdings Corp.		80		627


				21,131


Interactive Media & Services — 0.4%

Cars.com, Inc. *		451		2,596

Yelp, Inc. *		63		1,462


				4,058


IT Services — 1.0%

KBR, Inc. (a)		168		3,777

Perficient, Inc. *		9		318

Perspecta, Inc.		166		3,854

Unisys Corp. * (a)		121		1,318


				9,267


Machinery — 2.5%

AGCO Corp.		67		3,727

Astec Industries, Inc. (a)		95		4,390

CIRCOR International, Inc. *		21		540

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	37

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Machinery — continued

Douglas Dynamics, Inc.		29		1,033

EnPro Industries, Inc.		5		261

Graham Corp.		18		229

Hurco Cos., Inc.		12		330

LB Foster Co., Class A *		24		300

Manitowoc Co., Inc. (The) *		35		378

Meritor, Inc. *		61		1,202

Navistar International Corp. *		17		485

Terex Corp.		120		2,252

Wabash National Corp.		784		8,327


				23,454


Media — 1.0%

AMC Networks, Inc., Class A *		2		37

comScore, Inc. *		828		2,568

Gannett Co., Inc. (a)		651		898

Hemisphere Media Group, Inc. *		212		2,084

Sinclair Broadcast Group, Inc., Class A (a)		133		2,450

WideOpenWest, Inc. *		283		1,493


				9,530


Metals & Mining — 2.1%

Arconic Corp. *		24		329

Century Aluminum Co. *		229		1,634

Commercial Metals Co.		248		5,057

Kaiser Aluminum Corp.		23		1,679

SunCoke Energy, Inc.		50		148

Warrior Met Coal, Inc.		232		3,577

Worthington Industries, Inc.		213		7,937


				20,361


Mortgage Real Estate Investment Trusts (REITs) — 2.5%

ARMOUR Residential REIT, Inc.		168		1,573

Blackstone Mortgage Trust, Inc., Class A (a)		282		6,791

Cherry Hill Mortgage Investment Corp.		20		183

Dynex Capital, Inc. (a)		24		342

Ellington Financial, Inc.		26		310

Invesco Mortgage Capital, Inc. (a)		117		436

KKR Real Estate Finance Trust, Inc. (a)		139		2,296

Ladder Capital Corp.		325		2,636

PennyMac Mortgage Investment Trust		163		2,850

Redwood Trust, Inc. (a)		239		1,674

TPG RE Finance Trust, Inc. (a)		176		1,516

Two Harbors Investment Corp. (a)		563		2,835


				23,442


INVESTMENTS	SHARES (000)		VALUE ($000)


Multiline Retail — 0.8%

Big Lots, Inc.		118		4,935

Dillard’s, Inc., Class A (a)		108		2,785


				7,720


Multi-Utilities — 1.2%

Avista Corp.		95		3,457

Black Hills Corp.		100		5,666

Unitil Corp.		44		1,986


				11,109


Oil, Gas & Consumable Fuels — 2.5%

Arch Resources, Inc. (a)		68		1,921

Berry Corp.		240		1,157

CVR Energy, Inc.		155		3,123

Delek US Holdings, Inc. (a)		204		3,548

Dorian LPG Ltd. *		106		817

Green Plains, Inc. * (a)		208		2,125

Kosmos Energy Ltd. (Ghana)		240		398

Magnolia Oil & Gas Corp., Class A * (a)		260		1,577

PDC Energy, Inc. *		158		1,963

Peabody Energy Corp.		74		212

Range Resources Corp.		113		635

Renewable Energy Group, Inc. * (a)		65		1,606

REX American Resources Corp. *		41		2,844

Southwestern Energy Co. *		207		531

Talos Energy, Inc. *		65		602

W&T Offshore, Inc. * (a)		389		886


				23,945


Paper & Forest Products — 2.1%

Boise Cascade Co.		146		5,494

Domtar Corp. (a)		103		2,181

Louisiana-Pacific Corp. (a)		164		4,196

PH Glatfelter Co.		51		817

Schweitzer-Mauduit International, Inc. (a)		159		5,326

Verso Corp., Class A		185		2,208


				20,222


Personal Products — 0.2%

Edgewell Personal Care Co. *		62		1,926


Pharmaceuticals — 1.4%

Endo International plc * (a)		948		3,250

Intra-Cellular Therapies, Inc. *		77		1,971

Lannett Co., Inc. *		477		3,460

Prestige Consumer Healthcare, Inc. *		53		1,998

Xeris Pharmaceuticals, Inc. * (a)		910		2,421


				13,100

SEE NOTES TO FINANCIAL STATEMENTS.



38	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Professional Services — 2.4%

Barrett Business Services, Inc.		98		5,213

GP Strategies Corp. *		183		1,568

Heidrick & Struggles International, Inc.		98		2,114

Huron Consulting Group, Inc. *		88		3,907

Kelly Services, Inc., Class A		244		3,853

TrueBlue, Inc. *		423		6,454


				23,109


Real Estate Management & Development — 0.2%

Realogy Holdings Corp.		286		2,117


Road & Rail — 0.9%

ArcBest Corp.		307		8,144

Covenant Transportation Group, Inc., Class A *		31		440


				8,584


Semiconductors & Semiconductor Equipment — 1.9%

Amkor Technology, Inc. *		568		6,987

Cohu, Inc.		170		2,950

NeoPhotonics Corp. *		77		680

SunPower Corp. * (a)		522		4,000

Veeco Instruments, Inc. *		252		3,401


				18,018


Software — 2.2%

ACI Worldwide, Inc. *		79		2,140

Avaya Holdings Corp. * (a)		284		3,513

MicroStrategy, Inc., Class A *		7		781

SecureWorks Corp., Class A *		79		908

Synchronoss Technologies, Inc. * (a)		863		3,046

Xperi Holding Corp.		738		10,898


				21,286


Specialty Retail — 2.9%

Aaron’s, Inc.		32		1,457

Abercrombie & Fitch Co., Class A (a)		185		1,973

Bed Bath & Beyond, Inc. (a)		226		2,397

Cato Corp. (The), Class A		171		1,396

Express, Inc. * (a)		389		600

Genesco, Inc. *		18		399

Haverty Furniture Cos., Inc.		94		1,507

Hibbett Sports, Inc. * (a)		164		3,426

Lithia Motors, Inc., Class A		8		1,271

Murphy USA, Inc. *		24		2,657

Office Depot, Inc.		1,943		4,565

Sleep Number Corp. *		35		1,462

Sonic Automotive, Inc., Class A		46		1,468


INVESTMENTS	SHARES (000)		VALUE ($000)


Specialty Retail — continued

Winmark Corp.		6		942

Zumiez, Inc. *		97		2,661


				28,181


Technology Hardware, Storage & Peripherals — 0.1%

Diebold Nixdorf, Inc. *		118		715


Textiles, Apparel & Luxury Goods — 0.7%

Fossil Group, Inc. * (a)		68		315

G-III Apparel Group Ltd. * (a)		239		3,174

Movado Group, Inc.		19		205

Wolverine World Wide, Inc.		121		2,869


				6,563


Thrifts & Mortgage Finance — 4.0%

ESSA Bancorp, Inc.		14		195

Essent Group Ltd.		166		6,032

Luther Burbank Corp.		44		437

Meridian Bancorp, Inc.		219		2,542

MGIC Investment Corp.		358		2,931

Mr Cooper Group, Inc. *		35		439

Northfield Bancorp, Inc.		440		5,068

Premier Financial Corp.		59		1,050

Radian Group, Inc.		438		6,796

Territorial Bancorp, Inc.		11		264

Washington Federal, Inc. (a)		349		9,366

Waterstone Financial, Inc.		63		927

Western New England Bancorp, Inc.		46		265

WSFS Financial Corp.		60		1,709


				38,021


Tobacco — 0.1%

Vector Group Ltd.		76		769


Trading Companies & Distributors — 2.5%

BMC Stock Holdings, Inc. *		177		4,445

DXP Enterprises, Inc. *		81		1,619

Foundation Building Materials, Inc. * (a)		84		1,313

MRC Global, Inc. *		354		2,093

NOW, Inc. * (a)		926		7,987

Titan Machinery, Inc. *		136		1,475

Veritiv Corp. * (a)		85		1,443

WESCO International, Inc. *		91		3,195


				23,570


Wireless Telecommunication Services — 0.2%

Gogo, Inc. * (a)		507		1,602


Total Common Stocks (Cost $967,296)				946,481

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	39

JPMorgan Small Cap Value Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 8.8%

Investment Companies — 1.5%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (b) (c) (Cost $14,793)		14,785		14,798


Investment of Cash Collateral from Securities Loaned — 7.3%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (b) (c)		64,006		64,032

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (b) (c)		5,596		5,596


Total Investment of Cash Collateral from Securities Loaned (Cost $69,620)				69,628


Total Short-Term Investments (Cost $84,413)				84,426

Total Investments — 107.9% (Cost $1,051,709)				1,030,907
Liabilities in Excess of Other Assets — (7.9)%				(75,334	)

NET ASSETS — 100.0%				955,573

Percentages indicated are based on net assets.

Abbreviations


REIT		Real Estate Investment Trust

(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $67,671,000.
(b)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(c)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Russell 2000 E-Mini Index

132

09/2020

USD

9,480

279


Abbreviations
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



40	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — 98.7%

Aerospace & Defense — 0.8%

AAR Corp.		125		2,584

Maxar Technologies, Inc. (a)		204		3,664

Moog, Inc., Class A		20		1,041


				7,289


Air Freight & Logistics — 0.5%

Echo Global Logistics, Inc. * (a)		115		2,483

Hub Group, Inc., Class A *		43		2,068


				4,551


Auto Components — 1.2%

Adient plc *		68		1,118

Gentherm, Inc. *		106		4,139

Goodyear Tire & Rubber Co. (The)		101		904

Stoneridge, Inc. *		209		4,309


				10,470


Banks — 7.8%

1st Source Corp.		34		1,192

Atlantic Union Bankshares Corp.		27		624

BancFirst Corp. (a)		102		4,150

BancorpSouth Bank		137		3,123

BankFinancial Corp.		50		422

Banner Corp.		106		4,042

Brookline Bancorp, Inc.		136		1,375

Cadence BanCorp		189		1,674

Cathay General Bancorp		54		1,409

Central Pacific Financial Corp.		167		2,672

Central Valley Community Bancorp		12		192

CIT Group, Inc.		99		2,054

Columbia Banking System, Inc.		133		3,778

CVB Financial Corp.		222		4,155

Enterprise Financial Services Corp.		31		977

Equity Bancshares, Inc., Class A *		63		1,099

First Commonwealth Financial Corp.		224		1,857

First Community Bankshares, Inc.		15		332

First Hawaiian, Inc.		47		816

Flushing Financial Corp.		45		524

Great Western Bancorp, Inc.		101		1,391

Hope Bancorp, Inc.		233		2,152

IBERIABANK Corp.		20		888

Independent Bank Corp.		64		947

Investors Bancorp, Inc.		151		1,280

National Bank Holdings Corp., Class A		13		340

Old National Bancorp		258		3,549

PacWest Bancorp		37		720

People’s United Financial, Inc. (a)		75		863


INVESTMENTS	SHARES (000)		VALUE ($000)


Banks — continued

South State Corp.		8		372

Trustmark Corp. (a)		336		8,241

UMB Financial Corp. (a)		33		1,708

United Bankshares, Inc.		98		2,720

Webster Financial Corp.		32		916

West BanCorp, Inc.		22		383

Westamerica BanCorp (a)		117		6,702


				69,639


Biotechnology — 9.7%

ACADIA Pharmaceuticals, Inc. *		104		5,026

Aimmune Therapeutics, Inc. * (a)		67		1,111

Alector, Inc. *		27		654

Amicus Therapeutics, Inc. *		216		3,264

Arena Pharmaceuticals, Inc. * (a)		66		4,147

Atara Biotherapeutics, Inc. *		167		2,438

Athenex, Inc. * (a)		163		2,239

Biohaven Pharmaceutical Holding Co. Ltd. * (a)		67		4,906

Black Diamond Therapeutics, Inc. * (a)		61		2,576

Bluebird Bio, Inc. * (a)		12		705

Bridgebio Pharma, Inc. * (a)		54		1,751

Clovis Oncology, Inc. * (a)		213		1,441

CytomX Therapeutics, Inc. *		74		614

Eagle Pharmaceuticals, Inc. *		18		884

Eiger BioPharmaceuticals, Inc. * (a)		175		1,680

Esperion Therapeutics, Inc. * (a)		23		1,180

Flexion Therapeutics, Inc. * (a)		230		3,023

Global Blood Therapeutics, Inc. * (a)		56		3,510

Gritstone Oncology, Inc. * (a)		30		197

Homology Medicines, Inc. *		45		681

Intercept Pharmaceuticals, Inc. *		32		1,514

La Jolla Pharmaceutical Co. *		65		276

LogicBio Therapeutics, Inc. * (a)		297		2,512

Mersana Therapeutics, Inc. *		184		4,297

Myriad Genetics, Inc. * (a)		129		1,459

Principia Biopharma, Inc. * (a)		52		3,127

Protagonist Therapeutics, Inc. *		171		3,023

Puma Biotechnology, Inc. * (a)		231		2,408

REGENXBIO, Inc. * (a)		73		2,674

REVOLUTION Medicines, Inc. * (a)		31		969

Sarepta Therapeutics, Inc. *		20		3,215

Seres Therapeutics, Inc. * (a)		777		3,700

Solid Biosciences, Inc. *		69		201

Sutro Biopharma, Inc. * (a)		27		209

TCR2 Therapeutics, Inc. * (a)		55		847

TG Therapeutics, Inc. *		132		2,577

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	41

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Biotechnology — continued

UroGen Pharma Ltd. * (a)		93		2,437

Vanda Pharmaceuticals, Inc. *		110		1,256

Viela Bio, Inc. * (a)		65		2,794

Voyager Therapeutics, Inc. *		117		1,477

Xencor, Inc. *		84		2,709

Y-mAbs Therapeutics, Inc. *		8		337


				86,045


Building Products — 1.3%

Builders FirstSource, Inc. *		247		5,109

Masonite International Corp. *		56		4,387

Quanex Building Products Corp.		89		1,228

UFP Industries, Inc.		19		921


				11,645


Capital Markets — 1.5%

Cowen, Inc., Class A (a)		106		1,711

Donnelley Financial Solutions, Inc. * (a)		74		623

Focus Financial Partners, Inc., Class A * (a)		68		2,254

Houlihan Lokey, Inc.		69		3,840

Moelis & Co., Class A		7		215

Piper Sandler Cos.		12		680

Stifel Financial Corp.		71		3,375

Virtus Investment Partners, Inc.		8		954


				13,652


Chemicals — 1.3%

FutureFuel Corp.		168		2,008

Koppers Holdings, Inc. *		34		631

Minerals Technologies, Inc.		61		2,843

PolyOne Corp.		116		3,053

Stepan Co.		10		1,010

Trinseo SA		70		1,550

Tronox Holdings plc, Class A (a)		88		638


				11,733


Commercial Services & Supplies — 2.2%

ABM Industries, Inc.		115		4,186

ACCO Brands Corp. (a)		606		4,302

Deluxe Corp.		66		1,561

Ennis, Inc.		188		3,403

HNI Corp. (a)		128		3,898

Quad/Graphics, Inc. (a)		256		832

Steelcase, Inc., Class A		133		1,600


				19,782


INVESTMENTS	SHARES (000)		VALUE ($000)


Communications Equipment — 0.7%

ADTRAN, Inc.		356		3,890

Extreme Networks, Inc. *		180		782

KVH Industries, Inc. *		39		347

PCTEL, Inc. *		79		528

Plantronics, Inc.		77		1,136


				6,683


Construction & Engineering — 3.5%

Arcosa, Inc.		78		3,283

Argan, Inc.		60		2,843

Comfort Systems USA, Inc.		70		2,836

EMCOR Group, Inc.		149		9,822

MasTec, Inc. * (a)		128		5,743

MYR Group, Inc. *		66		2,113

Tutor Perini Corp. *		411		5,005


				31,645


Construction Materials — 0.0% (b)

US Concrete, Inc. *		17		417


Consumer Finance — 1.1%

Credit Acceptance Corp. * (a)		6		2,504

EZCORP, Inc., Class A *		71		449

FirstCash, Inc. (a)		34		2,316

Green Dot Corp., Class A * (a)		29		1,401

Navient Corp.		410		2,883

Nelnet, Inc., Class A		8		391


				9,944


Containers & Packaging — 0.2%

Graphic Packaging Holding Co.		73		1,020

Myers Industries, Inc.		67		981


				2,001


Distributors — 0.6%

Core-Mark Holding Co., Inc. (a)		221		5,503


Diversified Consumer Services — 0.8%

American Public Education, Inc. *		69		2,040

Houghton Mifflin Harcourt Co. *		924		1,673

K12, Inc. * (a)		139		3,792

				7,505


Diversified Telecommunication Services — 0.6%

Consolidated Communications Holdings, Inc. * (a)		793		5,367


Electric Utilities — 0.9%

IDACORP, Inc.		10		865

PNM Resources, Inc. (a)		48		1,837

SEE NOTES TO FINANCIAL STATEMENTS.



42	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Electric Utilities — continued

Portland General Electric Co.		105		4,383

Spark Energy, Inc., Class A (a)		169		1,194


				8,279


Electrical Equipment — 0.6%

Bloom Energy Corp., Class A * (a)		7		74

Generac Holdings, Inc. *		17		2,122

LSI Industries, Inc.		52		339

Powell Industries, Inc.		90		2,460


				4,995


Electronic Equipment, Instruments & Components — 2.4%

Bel Fuse, Inc., Class B		128		1,373

Benchmark Electronics, Inc.		155		3,346

Fabrinet (Thailand) *		26		1,653

Insight Enterprises, Inc. * (a)		32		1,555

OSI Systems, Inc. * (a)		36		2,715

Sanmina Corp. *		124		3,097

ScanSource, Inc. *		218		5,262

TTM Technologies, Inc. * (a)		205		2,430


				21,431


Energy Equipment & Services — 0.6%

Matrix Service Co. *		316		3,071

NexTier Oilfield Solutions, Inc. *		807		1,976


				5,047


Entertainment — 0.1%

Cinemark Holdings, Inc.		67		777

Eros International plc (India) *		78		247


				1,024


Equity Real Estate Investment Trusts (REITs) — 5.9%

Acadia Realty Trust (a)		62		798

Agree Realty Corp. (a)		16		1,038

Alexander & Baldwin, Inc.		36		438

American Assets Trust, Inc.		172		4,802

American Finance Trust, Inc. (a)		22		176

Americold Realty Trust		135		4,886

CorEnergy Infrastructure Trust, Inc. (a)		18		168

CoreSite Realty Corp.		29		3,496

DiamondRock Hospitality Co.		464		2,565

Easterly Government Properties, Inc.		38		881

EastGroup Properties, Inc.		15		1,761

Equity LifeStyle Properties, Inc.		33		2,043

Essential Properties Realty Trust, Inc.		22		325

First Industrial Realty Trust, Inc.		111		4,282


INVESTMENTS	SHARES (000)		VALUE ($000)


Equity Real Estate Investment Trusts (REITs) — continued

Four Corners Property Trust, Inc.		18		447

GEO Group, Inc. (The)		56		660

Getty Realty Corp.		64		1,894

Gladstone Commercial Corp.		39		723

Hersha Hospitality Trust		14		82

Highwoods Properties, Inc.		24		885

Innovative Industrial Properties, Inc.		4		326

Lexington Realty Trust (a)		123		1,294

Mack-Cali Realty Corp.		57		873

New Senior Investment Group, Inc.		125		454

Pebblebrook Hotel Trust		35		477

Physicians Realty Trust		95		1,659

Piedmont Office Realty Trust, Inc., Class A		105		1,741

PotlatchDeltic Corp. (a)		83		3,149

PS Business Parks, Inc.		3		401

QTS Realty Trust, Inc., Class A		8		538

Retail Opportunity Investments Corp.		117		1,323

RLJ Lodging Trust (a)		72		681

Ryman Hospitality Properties, Inc.		23		782

Saul Centers, Inc.		31		1,000

STAG Industrial, Inc.		34		985

Summit Hotel Properties, Inc.		48		282

Sunstone Hotel Investors, Inc.		427		3,482

UMH Properties, Inc.		22		283

Xenia Hotels & Resorts, Inc.		137		1,274


				53,354


Food & Staples Retailing — 0.5%

SpartanNash Co. (a)		202		4,284


Food Products — 1.9%

Darling Ingredients, Inc. *		307		7,553

Farmer Bros Co. *		101		739

Fresh Del Monte Produce, Inc.		99		2,447

John B Sanfilippo & Son, Inc.		36		3,038

Sanderson Farms, Inc. (a)		25		2,839

Seneca Foods Corp., Class A * (a)		13		431


				17,047


Gas Utilities — 0.8%

New Jersey Resources Corp. (a)		22		731

Northwest Natural Holding Co.		16		904

ONE Gas, Inc. (a)		47		3,630

Southwest Gas Holdings, Inc.		32		2,230


				7,495

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	43

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Health Care Equipment & Supplies — 4.2%

Accuray, Inc. * (a)		819		1,662

AngioDynamics, Inc. *		190		1,933

Cutera, Inc. * (a)		331		4,023

Integer Holdings Corp. *		88		6,411

Invacare Corp.		191		1,213

Lantheus Holdings, Inc. *		50		718

LivaNova plc *		60		2,897

Natus Medical, Inc. * (a)		162		3,535

NuVasive, Inc. * (a)		71		3,945

Orthofix Medical, Inc. * (a)		62		1,971

SeaSpine Holdings Corp. *		231		2,416

Sientra, Inc. * (a)		1,067		4,129

Varex Imaging Corp. * (a)		224		3,397


				38,250


Health Care Providers & Services — 2.2%

Community Health Systems, Inc. * (a)		747		2,248

Cross Country Healthcare, Inc. *		643		3,959

Owens & Minor, Inc. (a)		596		4,543

Patterson Cos., Inc. (a)		189		4,154

Tenet Healthcare Corp. *		178		3,218

Triple-S Management Corp., Class B (Puerto Rico) * (a)		109		2,064


				20,186


Health Care Technology — 1.2%

Allscripts Healthcare Solutions, Inc. * (a)		1,203		8,143

Evolent Health, Inc., Class A * (a)		355		2,530


				10,673


Hotels, Restaurants & Leisure — 1.2%

Bloomin’ Brands, Inc. (a)		334		3,559

Boyd Gaming Corp.		90		1,875

Brinker International, Inc. (a)		86		2,057

Eldorado Resorts, Inc. *		11		429

Marriott Vacations Worldwide Corp.		21		1,751

Penn National Gaming, Inc. *		28		855


				10,526


Household Durables — 2.3%

Hamilton Beach Brands Holding Co., Class A		26		311

KB Home (a)		236		7,245

Meritage Homes Corp. *		18		1,340

Sonos, Inc. *		34		501

TRI Pointe Group, Inc. *		753		11,064


				20,461


INVESTMENTS	SHARES (000)		VALUE ($000)


Household Products — 0.2%

Central Garden & Pet Co., Class A *		42		1,419


Independent Power and Renewable Electricity Producers — 0.5%

Atlantic Power Corp. *		1,506		3,011

Clearway Energy, Inc. (a)		59		1,247

Clearway Energy, Inc., Class C		15		346


				4,604


Insurance — 1.0%

Ambac Financial Group, Inc. *		26		378

American Equity Investment Life Holding Co.		48		1,187

Argo Group International Holdings Ltd.		17		578

CNO Financial Group, Inc.		220		3,427

First American Financial Corp.		22		1,036

MBIA, Inc. *		38		276

Primerica, Inc. (a)		16		1,813

ProSight Global, Inc. *		29		257


				8,952


Interactive Media & Services — 0.6%

Cars.com, Inc. *		235		1,352

Yelp, Inc. * (a)		184		4,266


				5,618


Internet & Direct Marketing Retail — 0.6%

Groupon, Inc. *		16		296

Stamps.com, Inc. *		27		4,886


				5,182


IT Services — 2.5%

CACI International, Inc., Class A *		17		3,741

Euronet Worldwide, Inc. *		7		656

Evo Payments, Inc., Class A *		170		3,883

KBR, Inc.		51		1,141

NIC, Inc.		52		1,184

Perficient, Inc. *		211		7,562

Perspecta, Inc.		186		4,328


				22,495


Life Sciences Tools & Services — 1.0%

Adaptive Biotechnologies Corp. * (a)		38		1,848

Fluidigm Corp. *		822		3,297

Medpace Holdings, Inc. * (a)		31		2,853

Personalis, Inc. *		43		562


				8,560


Machinery — 2.5%

Astec Industries, Inc. (a)		97		4,478

Douglas Dynamics, Inc.		86		3,033

SEE NOTES TO FINANCIAL STATEMENTS.



44	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Machinery — continued

Enerpac Tool Group Corp.		10		170

EnPro Industries, Inc.		31		1,543

Kadant, Inc.		23		2,330

LB Foster Co., Class A *		14		185

Meritor, Inc. *		111		2,190

Wabash National Corp. (a)		787		8,362


				22,291


Media — 1.1%

AMC Networks, Inc., Class A *		5		117

Central European Media Enterprises Ltd., Class A (Czech Republic) *		473		1,675

comScore, Inc. *		359		1,113

Gannett Co., Inc. (a)		80		110

Hemisphere Media Group, Inc. *		182		1,785

National CineMedia, Inc. (a)		576		1,709

Sinclair Broadcast Group, Inc., Class A (a)		116		2,135

WideOpenWest, Inc. *		282		1,485


				10,129


Metals & Mining — 1.4%

Century Aluminum Co. *		27		195

Commercial Metals Co.		133		2,711

Kaiser Aluminum Corp.		14		1,060

SunCoke Energy, Inc.		23		67

Warrior Met Coal, Inc. (a)		200		3,075

Worthington Industries, Inc.		157		5,871


				12,979


Mortgage Real Estate Investment Trusts (REITs) — 1.1%

Blackstone Mortgage Trust, Inc., Class A (a)		180		4,345

Ellington Financial, Inc.		8		97

Invesco Mortgage Capital, Inc. (a)		31		116

KKR Real Estate Finance Trust, Inc.		84		1,386

Ladder Capital Corp.		52		420

PennyMac Mortgage Investment Trust		93		1,627

Redwood Trust, Inc. (a)		159		1,110

TPG RE Finance Trust, Inc. (a)		39		333

Two Harbors Investment Corp. (a)		134		674


				10,108


Multiline Retail — 0.8%

Big Lots, Inc.		117		4,914

Dillard’s, Inc., Class A (a)		73		1,885


				6,799


Multi-Utilities — 0.1%

Black Hills Corp.		22		1,241


INVESTMENTS	SHARES (000)		VALUE ($000)


Oil, Gas & Consumable Fuels — 1.2%

Arch Resources, Inc. (a)		34		970

CVR Energy, Inc.		12		241

Delek US Holdings, Inc. (a)		174		3,029

Dorian LPG Ltd. *		3		27

Green Plains, Inc. * (a)		42		424

Magnolia Oil & Gas Corp., Class A * (a)		81		493

PDC Energy, Inc. *		58		725

Peabody Energy Corp.		40		115

Range Resources Corp.		46		258

Renewable Energy Group, Inc. * (a)		58		1,433

REX American Resources Corp. *		39		2,676

W&T Offshore, Inc. * (a)		363		827


				11,218


Paper & Forest Products — 1.3%

Boise Cascade Co. (a)		123		4,625

Domtar Corp.		70		1,482

Louisiana-Pacific Corp. (a)		137		3,504

PH Glatfelter Co.		24		390

Verso Corp., Class A (a)		157		1,883


				11,884


Personal Products — 0.4%

Edgewell Personal Care Co. * (a)		29		918

Herbalife Nutrition Ltd. * (a)		23		1,015

Medifast, Inc. (a)		8		1,152

USANA Health Sciences, Inc. * (a)		13		944


				4,029


Pharmaceuticals — 3.0%

AMAG Pharmaceuticals, Inc. * (a)		15		112

Arvinas, Inc. * (a)		2		78

Endo International plc *		532		1,823

Horizon Therapeutics plc *		79		4,405

Lannett Co., Inc. *		390		2,834

Marinus Pharmaceuticals, Inc. * (a)		738		1,874

Menlo Therapeutics, Inc. * (a)		54		94

MyoKardia, Inc. *		76		7,354

Prestige Consumer Healthcare, Inc. *		24		894

Reata Pharmaceuticals, Inc., Class A * (a)		36		5,542

Xeris Pharmaceuticals, Inc. * (a)		791		2,105


				27,115




Professional Services — 2.7%

Barrett Business Services, Inc.		120		6,370

GP Strategies Corp. *		132		1,129

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	45

JPMorgan U.S. Small Company Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


INVESTMENTS	SHARES (000)		VALUE ($000)
Common Stocks — continued

Professional Services — continued

Heidrick & Struggles International, Inc.		15		318

Huron Consulting Group, Inc. * (a)		118		5,207

Insperity, Inc.		19		1,243

Kforce, Inc.		88		2,574

Korn Ferry (a)		61		1,862

TrueBlue, Inc. *		368		5,624


				24,327


Real Estate Management & Development — 0.1%

Realogy Holdings Corp.		117		868


Road & Rail — 0.7%

ArcBest Corp.		204		5,414

Schneider National, Inc., Class B		32		797


				6,211


Semiconductors & Semiconductor Equipment — 3.7%

Amkor Technology, Inc. * (a)		505		6,218

Cirrus Logic, Inc. *		30		1,832

Cohu, Inc.		109		1,888

MACOM Technology Solutions Holdings, Inc. * (a)		131		4,507

Rambus, Inc. * (a)		527		8,011

SunPower Corp. * (a)		529		4,055

Synaptics, Inc. * (a)		76		4,562

Veeco Instruments, Inc. * (a)		167		2,259


				33,332


Software — 4.5%

ACI Worldwide, Inc. *		139		3,750

Avaya Holdings Corp. * (a)		771		9,527

CommVault Systems, Inc. * (a)		104		4,031

Cornerstone OnDemand, Inc. *		84		3,235

eGain Corp. *		122		1,354

MicroStrategy, Inc., Class A *		11		1,283

Proofpoint, Inc. *		14		1,600

Qualys, Inc. *		9		892

Synchronoss Technologies, Inc. * (a)		1,182		4,172

Telenav, Inc. *		104		569

Xperi Holding Corp. (a)		654		9,653


				40,066


Specialty Retail — 2.9%

Bed Bath & Beyond, Inc.		133		1,406

Guess?, Inc.		133		1,281

Haverty Furniture Cos., Inc. (a)		54		858

Hibbett Sports, Inc. * (a)		146		3,066

Murphy USA, Inc. *		37		4,135

Office Depot, Inc.		1,874		4,403


INVESTMENTS	SHARES (000)		VALUE ($000)


Specialty Retail — continued

Rent-A-Center, Inc.		44		1,219

Sleep Number Corp. * (a)		89		3,685

Sonic Automotive, Inc., Class A (a)		15		463

Winmark Corp.		8		1,284

Zumiez, Inc. *		150		4,098


				25,898


Technology Hardware, Storage & Peripherals — 0.1%

Avid Technology, Inc. *		181		1,316


Textiles, Apparel & Luxury Goods — 1.0%

Deckers Outdoor Corp. *		23		4,522

Fossil Group, Inc. * (a)		61		286

G-III Apparel Group Ltd. * (a)		317		4,206


				9,014


Thrifts & Mortgage Finance — 2.9%

Capitol Federal Financial, Inc.		12		129

Essent Group Ltd.		129		4,668

Meridian Bancorp, Inc.		329		3,815

MGIC Investment Corp. (a)		246		2,013

NMI Holdings, Inc., Class A *		33		531

Northfield Bancorp, Inc.		310		3,569

Premier Financial Corp.		24		428

Radian Group, Inc.		218		3,389

Washington Federal, Inc.		283		7,606


				26,148


Trading Companies & Distributors — 1.4%

BMC Stock Holdings, Inc. * (a)		122		3,077

DXP Enterprises, Inc. *		74		1,468

MRC Global, Inc. *		226		1,338

NOW, Inc. * (a)		703		6,070

Veritiv Corp. * (a)		45		768


				12,721


Water Utilities — 0.6%

American States Water Co.		65		5,146


Wireless Telecommunication Services — 0.2%

Gogo, Inc. * (a)		529		1,672


Total Common Stocks (Cost $827,445)				888,265

	NO. OF RIGHTS (000)
Rights — 0.0% (b)

Biotechnology — 0.0% (b)

Alder Biopharmaceuticals, Inc. * ‡ (Cost $— )		187		165

SEE NOTES TO FINANCIAL STATEMENTS.



46	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 11.8%

Investment Companies — 1.6%

JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (c) (d) (Cost $14,419)		14,407		14,420


Investment of Cash Collateral from Securities Loaned — 10.2%

JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (c) (d)		82,004		82,037

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (c) (d)		9,849		9,849


Total Investment of Cash Collateral from Securities Loaned (Cost $91,876)				91,886


Total Short-Term Investments (Cost $106,295)				106,306

Total Investments — 110.5% (Cost $933,740)				994,736
Liabilities in Excess of Other Assets — (10.5)%				(94,700	)

NET ASSETS — 100.0%				900,036

Percentages indicated are based on net assets.


(a)		The security or a portion of this security is on loan at June 30, 2020. The total value of securities on loan at June 30, 2020 is approximately $89,671,000.
(b)		Amount rounds to less than 0.1% of net assets.
(c)		Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.
(d)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.
‡		Value determined using significant unobservable inputs.

Futures contracts outstanding as of June 30, 2020 (amounts in thousands, except number of contracts):

DESCRIPTION

NUMBER OF
CONTRACTS

EXPIRATION
DATE

TRADING
CURRENCY

NOTIONAL
AMOUNT ($)

VALUE AND
UNREALIZED
APPRECIATION
(DEPRECIATION) ($)

Long Contracts

Russell 2000 E-Mini Index

09/2020

USD

5,530


Abbreviations
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	47

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020

(Amounts in thousands, except per share amounts)


	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
ASSETS:
Investments in non-affiliates, at value	$	455,744		$	341,390		$	6,300,251
Investments in affiliates, at value		17,254			9,177			276,403
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		34,262			24,882			285,143
Cash		6			—			121
Deposits at broker for futures contracts		—			490			—
Receivables:
Investment securities sold		908			555			24,664
Fund shares sold		1,526			253			2,695
Dividends from non-affiliates		310			247			5,395
Dividends from affiliates		—	(a)		—	(a)		4
Securities lending income (See Note 2.B.)		38			14			150
Variation margin on futures contracts		—			48			—

Total Assets		510,048			377,056			6,894,826


LIABILITIES:
Payables:
Due to custodian		—			47			—
Investment securities purchased		1,670			1,700			4,790
Collateral received on securities loaned (See Note 2.B.)		34,262			24,882			285,143
Fund shares redeemed		792			210			4,094
Accrued liabilities:
Investment advisory fees		216			178			3,457
Administration fees		9			17			402
Distribution fees		42			3			198
Service fees		56			10			798
Custodian and accounting fees		18			12			59
Trustees’ and Chief Compliance Officer’s fees		1			—	(a)		1
Other		123			136			398

Total Liabilities		37,189			27,195			299,340

Net Assets	$	472,859		$	349,861		$	6,595,486

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



48	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
NET ASSETS:
Paid-in-Capital	$	436,653		$	372,657		$	5,136,301
Total distributable earnings (loss)		36,206			(22,796	)		1,459,185

Total Net Assets	$	472,859		$	349,861		$	6,595,486


Net Assets:
Class A	$	132,674		$	4,127		$	653,887
Class C		24,323			1,690			80,258
Class I		148,443			13,264			3,240,725
Class R2		—			180			6,746
Class R3		—			3,692			2,948
Class R4		—			2,125			449
Class R5		—			148,185			984,863
Class R6		167,419			176,598			1,625,610

Total	$	472,859		$	349,861		$	6,595,486


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		6,943			98			14,311
Class C		1,995			41			2,476
Class I		6,428			313			60,346
Class R2		—			4			151
Class R3		—			88			65
Class R4		—			50			8
Class R5		—			3,486			18,278
Class R6		7,226			4,160			30,175

Net Asset Value (a):
Class A — Redemption price per share	$	19.11		$	42.12		$	45.69
Class C — Offering price per share (b)		12.19			41.41			32.42
Class I — Offering and redemption price per share		23.09			42.35			53.70
Class R2 — Offering and redemption price per share		—			42.07			44.70
Class R3 — Offering and redemption price per share		—			42.23			45.38
Class R4 — Offering and redemption price per share		—			42.37			53.63
Class R5 — Offering and redemption price per share		—			42.51			53.88
Class R6 — Offering and redemption price per share		23.17			42.45			53.87
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)]	$	20.17		$	44.45		$	48.22


Cost of investments in non-affiliates	$	407,786		$	326,363		$	4,597,375
Cost of investments in affiliates		17,247			9,176			276,293
Investment securities on loan, at value (See Note 2.B.)		33,465			23,895			281,563
Cost of investment of cash collateral (See Note 2.B.)		34,260			24,876			285,143

(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.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	49

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (continued)

(Amounts in thousands, except per share amounts)


	JPMorgan Small Cap Growth Fund		JPMorgan Small Cap Value Fund			JPMorgan U.S. Small Company Fund
ASSETS:
Investments in non-affiliates, at value	$	3,850,582	$	946,481		$	888,430
Investments in affiliates, at value		123,428		14,798			14,420
Investment of cash collateral received from securities loaned, at value (See Note 2.B.)		317,008		69,628			91,886
Cash		23		116			48
Deposits at broker for futures contracts		—		1,296			503
Receivables:
Due from custodian		—		4,176			1,082
Investment securities sold		1,986		194			262
Fund shares sold		8,848		488			344
Dividends from non-affiliates		1,219		1,321			653
Dividends from affiliates		2		—	(a)		—	(a)
Securities lending income (See Note 2.B.)		568		53			82
Variation margin on futures contracts		—		136			50

Total Assets		4,303,664		1,038,687			997,760


LIABILITIES:
Payables:
Investment securities purchased		16,508		4,645			2,601
Collateral received on securities loaned (See Note 2.B.)		317,008		69,628			91,886
Fund shares redeemed		7,225		8,023			2,449
Accrued liabilities:
Investment advisory fees		1,940		518			454
Administration fees		173		60			57
Distribution fees		149		44			48
Service fees		265		59			97
Custodian and accounting fees		31		25			21
Trustees’ and Chief Compliance Officer’s fees		1		—	(a)		—	(a)
Other		211		112			111

Total Liabilities		343,511		83,114			97,724

Net Assets	$	3,960,153	$	955,573		$	900,036

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



50	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


	JPMorgan Small Cap Growth Fund			JPMorgan Small Cap Value Fund			JPMorgan U.S. Small Company Fund
NET ASSETS:
Paid-in-Capital	$	2,912,283		$	1,050,056		$	881,990
Total distributable earnings (loss)		1,047,870			(94,483	)		18,046

Total Net Assets	$	3,960,153		$	955,573		$	900,036


Net Assets:
Class A	$	500,357		$	123,496		$	94,883
Class C		62,434			9,340			18,297
Class I		466,094			131,992			160,892
Class L		735,649			—			302,427
Class R2		24,496			25,034			30,330
Class R3		5,217			10,384			22,953
Class R4		2,821			464			8,042
Class R5		22,261			30,637			6,496
Class R6		2,140,824			624,226			255,716

Total	$	3,960,153		$	955,573		$	900,036


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		26,760			6,682			6,392
Class C		4,982			643			1,310
Class I		22,050			6,640			10,551
Class L		33,552			—			19,851
Class R2		1,373			1,372			2,095
Class R3		280			563			1,557
Class R4		150			23			530
Class R5		1,014			1,540			427
Class R6		96,402			31,337			16,772

Net Asset Value (a):
Class A — Redemption price per share	$	18.70		$	18.48		$	14.84
Class C — Offering price per share (b)		12.53			14.52			13.96
Class I — Offering and redemption price per share		21.14			19.88			15.25
Class L — Offering and redemption price per share		21.93			—			15.23
Class R2 — Offering and redemption price per share		17.85			18.25			14.48
Class R3 — Offering and redemption price per share		18.66			18.45			14.74
Class R4 — Offering and redemption price per share		18.83			19.88			15.16
Class R5 — Offering and redemption price per share		21.95			19.89			15.20
Class R6 — Offering and redemption price per share		22.21			19.92			15.25
Class A maximum sales charge		5.25	%		5.25	%		5.25	%
Class A maximum public offering price per share
[net asset value per share/(100% — maximum sales charge)]	$	19.74		$	19.50		$	15.66


Cost of investments in non-affiliates	$	2,885,532		$	967,296		$	827,445
Cost of investments in affiliates		123,393			14,793			14,419
Investment securities on loan, at value (See Note 2.B.)		305,026			67,671			89,671
Cost of investment of cash collateral (See Note 2.B.)		317,005			69,620			91,876

(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.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	51

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020

(Amounts in thousands)


	JPMorgan Small Cap Blend Fund			JPMorgan Small Cap Core Fund			JPMorgan Small Cap Equity Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	9		$	—
Interest income from affiliates		—	(a)		—	(a)		—	(a)
Dividend income from non-affiliates		5,315			5,976			91,352
Dividend income from affiliates		169			217			4,684
Income from securities lending (net) (See Note 2.B.)		227			324			3,244

Total investment income		5,711			6,526			99,280


EXPENSES:
Investment advisory fees		2,603			2,692			42,620
Administration fees		300			311			4,918
Distribution fees:
Class A		312			12			1,885
Class C		237			16			726
Class R2		—			1			42
Class R3		—			11			7
Service fees:
Class A		312			12			1,885
Class C		79			5			242
Class I		315			40			7,669
Class R2		—			—	(a)		21
Class R3		—			11			7
Class R4		—			5			1
Class R5		—			187			1,108
Custodian and accounting fees		59			57			198
Interest expense to affiliates		—	(a)		—	(a)		5
Professional fees		56			58			129
Trustees’ and Chief Compliance Officer’s fees		27			27			50
Printing and mailing costs		52			4			425
Registration and filing fees		75			135			42
Transfer agency fees (See Note 2.F.)		29			17			357
Other		13			16			97

Total expenses		4,469			3,617			62,434

Less fees waived		(266	)		(340	)		(1,001	)
Less expense reimbursements		—			(3	)		—

Net expenses		4,203			3,274			61,433

Net investment income (loss)		1,508			3,252			37,847


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(639	)		(28,019	)		(144,489	)
Investments in affiliates		5			1			23
Futures contracts		—			(835	)		—

Net realized gain (loss)		(634	)		(28,853	)		(144,466	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2,123	)		(31,170	)		(137,380	)
Investments in affiliates		5			4			69
Futures contracts		—			(147	)		—

Change in net unrealized appreciation/depreciation		(2,118	)		(31,313	)		(137,311	)

Net realized/unrealized gains (losses)		(2,752	)		(60,166	)		(281,777	)

Change in net assets resulting from operations	$	(1,244	)	$	(56,914	)	$	(243,930	)

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



52	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


	JPMorgan Small Cap Growth Fund			JPMorgan Small Cap Value Fund			JPMorgan U.S. Small Company Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	—		$	17		$	15
Interest income from affiliates		—	(a)		—	(a)		—	(a)
Dividend income from non-affiliates		15,469			23,896			15,360
Dividend income from affiliates		869			472			423
Income from securities lending (net) (See Note 2.B.)		3,087			425			958

Total investment income		19,425			24,810			16,756


EXPENSES:
Investment advisory fees		20,574			8,124			7,205
Administration fees		2,374			937			901
Distribution fees:
Class A		1,058			391			287
Class C		429			101			174
Class R2		123			157			180
Class R3		8			35			58
Service fees:
Class A		1,058			391			287
Class C		143			34			58
Class I		846			522			584
Class L		605			—			392
Class R2		62			78			90
Class R3		8			35			58
Class R4		5			1			19
Class R5		16			45			8
Custodian and accounting fees		114			72			62
Interest expense to affiliates		2			—	(a)		1
Professional fees		90			70			69
Trustees’ and Chief Compliance Officer’s fees		37			30			30
Printing and mailing costs		377			88			109
Registration and filing fees		307			113			91
Transfer agency fees (See Note 2.F.)		135			84			78
Other		51			28			29

Total expenses		28,422			11,336			10,770

Less fees waived		(653	)		(205	)		(36	)
Less expense reimbursements		(50	)		(8	)		—

Net expenses		27,719			11,123			10,734

Net investment income (loss)		(8,294	)		13,687			6,022


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		185,447			(12,154	)		(3,687	)
Investments in affiliates		(31	)		4			9
Futures contracts		—			57			1,268

Net realized gain (loss)		185,416			(12,093	)		(2,410	)

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		386,770			(199,738	)		(105,389	)
Investments in affiliates		5			3			(2	)
Futures contracts		—			(303	)		(666	)

Change in net unrealized appreciation/depreciation		386,775			(200,038	)		(106,057	)

Net realized/unrealized gains (losses)		572,191			(212,131	)		(108,467	)

Change in net assets resulting from operations	$	563,897		$	(198,444	)	$	(102,445	)

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	53

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)


	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	1,508		$	197		$	3,252		$	2,136
Net realized gain (loss)		(634	)		14,852			(28,853	)		16,926
Change in net unrealized appreciation/depreciation		(2,118	)		(8,858	)		(31,313	)		(32,543	)

Change in net assets resulting from operations		(1,244	)		6,191			(56,914	)		(13,481	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(4,206	)		(22,374	)		(207	)		(352	)
Class C		(1,643	)		(12,520	)		(85	)		(172	)
Class I		(3,897	)		(24,328	)		(765	)		(1,269	)
Class R2		—			—			(7	)		(3	)
Class R3		—			—			(227	)		(2	)
Class R4		—			—			(104	)		(114	)
Class R5		—			—			(9,535	)		(16,043	)
Class R6 (a)		(3,543	)		(4	)		(9,154	)		(6,241	)

Total distributions to shareholders		(13,289	)		(59,226	)		(20,084	)		(24,196	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		139,135			182,535			(22,685	)		173,401


NET ASSETS:
Change in net assets		124,602			129,500			(99,683	)		135,724
Beginning of period		348,257			218,757			449,544			313,820

End of period	$	472,859		$	348,257		$	349,861		$	449,544

(a)	Commencement of offering of class of shares effective July 2, 2018 for JPMorgan Small Cap Blend Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



54	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	37,847		$	35,326		$	(8,294	)	$	(7,955	)
Net realized gain (loss)		(144,466	)		378,486			185,416			206,505
Change in net unrealized appreciation/depreciation		(137,311	)		(267,309	)		386,775			(56,778	)

Change in net assets resulting from operations		(243,930	)		146,503			563,897			141,772


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(40,838	)		(61,854	)		(25,608	)		(37,004	)
Class C		(6,716	)		(11,312	)		(5,161	)		(8,359	)
Class I		(145,648	)		(172,497	)		(17,200	)		(25,203	)
Class L		—			—			(32,083	)		(48,328	)
Class R2		(416	)		(723	)		(1,612	)		(3,487	)
Class R3		(144	)		(155	)		(220	)		(93	)
Class R4		(23	)		(50	)		(139	)		(91	)
Class R5		(54,434	)		(79,273	)		(807	)		(3,229	)
Class R6		(73,447	)		(85,443	)		(90,416	)		(122,202	)

Total distributions to shareholders		(321,666	)		(411,307	)		(173,246	)		(247,996	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		885,158			(287,511	)		692,836			792,978


NET ASSETS:
Change in net assets		319,562			(552,315	)		1,083,487			686,754
Beginning of period		6,275,924			6,828,239			2,876,666			2,189,912

End of period	$	6,595,486		$	6,275,924		$	3,960,153		$	2,876,666

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Small Cap Value Fund						JPMorgan U.S. Small Company Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	13,687		$	20,233		$	6,022		$	7,591
Net realized gain (loss)		(12,093	)		128,031			(2,410	)		28,971
Change in net unrealized appreciation/depreciation		(200,038	)		(325,551	)		(106,057	)		(191,152	)

Change in net assets resulting from operations		(198,444	)		(177,287	)		(102,445	)		(154,590	)


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(10,797	)		(33,379	)		(357	)		(17,753	)
Class C		(1,133	)		(3,600	)		(14	)		(3,937	)
Class I		(14,242	)		(37,990	)		(1,438	)		(34,817	)
Class L		—			—			(3,033	)		(50,872	)
Class R2		(2,111	)		(5,236	)		(20	)		(5,054	)
Class R3		(926	)		(1,914	)		(95	)		(2,105	)
Class R4		(6	)		(53	)		(52	)		(678	)
Class R5		(2,678	)		(15,233	)		(50	)		(1,146	)
Class R6		(51,882	)		(121,650	)		(3,261	)		(45,521	)

Total distributions to shareholders		(83,775	)		(219,055	)		(8,320	)		(161,883	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(315,490	)		21,342			(382,146	)		(69,426	)


NET ASSETS:
Change in net assets		(597,709	)		(375,000	)		(492,911	)		(385,899	)
Beginning of period		1,553,282			1,928,282			1,392,947			1,778,846

End of period	$	955,573		$	1,553,282		$	900,036		$	1,392,947

SEE NOTES TO FINANCIAL STATEMENTS.



56	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	54,866		$	56,422		$	1,151		$	3,052
Distributions reinvested		3,607			17,078			207			351
Cost of shares redeemed		(37,184	)		(21,654	)		(2,401	)		(1,451	)

Change in net assets resulting from Class A capital transactions	$	21,289		$	51,846		$	(1,043	)	$	1,952

Class C
Proceeds from shares issued	$	10,538		$	24,795		$	545		$	1,749
Distributions reinvested		347			1,178			85			172
Cost of shares redeemed		(22,645	)		(15,655	)		(813	)		(1,065	)

Change in net assets resulting from Class C capital transactions	$	(11,760	)	$	10,318		$	(183	)	$	856

Class I
Proceeds from shares issued	$	102,711		$	122,678		$	13,956		$	14,346
Distributions reinvested		3,883			24,212			750			1,269
Cost of shares redeemed		(62,751	)		(105,365	)		(11,751	)		(15,564	)

Change in net assets resulting from Class I capital transactions	$	43,843		$	41,525		$	2,955		$	51

Class R2
Proceeds from shares issued	$	—		$	—		$	43		$	164
Distributions reinvested		—			—			7			3
Cost of shares redeemed		—			—			(7	)		(31	)

Change in net assets resulting from Class R2 capital transactions	$	—		$	—		$	43		$	136

Class R3
Proceeds from shares issued	$	—		$	—		$	2,958		$	4,058
Distributions reinvested		—			—			226			2
Cost of shares redeemed		—			—			(2,501	)		(369	)

Change in net assets resulting from Class R3 capital transactions	$	—		$	—		$	683		$	3,691

Class R4
Proceeds from shares issued	$	—		$	—		$	1,260		$	825
Distributions reinvested		—			—			104			114
Cost of shares redeemed		—			—			(780	)		(337	)

Change in net assets resulting from Class R4 capital transactions	$	—		$	—		$	584		$	602

Class R5
Proceeds from shares issued	$	—		$	—		$	34,515		$	53,375
Distributions reinvested		—			—			9,135			15,379
Cost of shares redeemed		—			—			(80,632	)		(50,254	)

Change in net assets resulting from Class R5 capital transactions	$	—		$	—		$	(36,982	)	$	18,500

Class R6 (a)
Proceeds from shares issued	$	115,599		$	84,215		$	79,125		$	159,605
Distributions reinvested		3,542			4			9,153			6,240
Cost of shares redeemed		(33,378	)		(5,373	)		(77,020	)		(18,232	)

Change in net assets resulting from Class R6 capital transactions	$	85,763		$	78,846		$	11,258		$	147,613

Total change in net assets resulting from capital transactions	$	139,135		$	182,535		$	(22,685	)	$	173,401

(a)	Commencement of offering of class of shares effective July 2, 2018 for JPMorgan Small Cap Blend Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Small Cap Blend Fund						JPMorgan Small Cap Core Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		2,893			2,757			28			58
Reinvested		177			976			4			7
Redeemed		(2,029	)		(1,042	)		(52	)		(28	)

Change in Class A Shares		1,041			2,691			(20	)		37

Class C
Issued		854			1,952			11			33
Reinvested		27			103			2			4
Redeemed		(1,881	)		(1,095	)		(19	)		(22	)

Change in Class C Shares		(1,000	)		960			(6	)		15

Class I
Issued		4,514			4,930			317			277
Reinvested		157			1,154			15			27
Redeemed		(2,879	)		(4,485	)		(282	)		(312	)

Change in Class I Shares		1,792			1,599			50			(8	)

Class R2
Issued		—			—			1			4
Reinvested		—			—			—	(a)		—	(a)
Redeemed		—			—			—	(a)		(1	)

Change in Class R2 Shares		—			—			1			3

Class R3
Issued		—			—			63			82
Reinvested		—			—			4			—	(a)
Redeemed		—			—			(54	)		(7	)

Change in Class R3 Shares		—			—			13			75

Class R4
Issued		—			—			28			16
Reinvested		—			—			2			2
Redeemed		—			—			(19	)		(6	)

Change in Class R4 Shares		—			—			11			12

Class R5
Issued		—			—			762			1,028
Reinvested		—			—			177			329
Redeemed		—			—			(1,730	)		(966	)

Change in Class R5 Shares		—			—			(791	)		391

Class R6 (b)
Issued		5,128			3,705			1,648			3,183
Reinvested		143			—	(a)		177			134
Redeemed		(1,520	)		(230	)		(1,769	)		(365	)

Change in Class R6 Shares		3,751			3,475			56			2,952

(a)	Amount rounds to less than one thousand.

(b)	Commencement of offering of class of shares effective July 2, 2018 for JPMorgan Small Cap Blend Fund.

SEE NOTES TO FINANCIAL STATEMENTS.



58	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	313,626		$	161,692		$	180,131		$	186,511
Distributions reinvested		38,275			57,371			24,237			34,926
Cost of shares redeemed		(415,845	)		(467,700	)		(147,817	)		(139,043	)

Change in net assets resulting from Class A capital transactions	$	(63,944	)	$	(248,637	)	$	56,551		$	82,394

Class C
Proceeds from shares issued	$	2,175		$	4,981		$	21,380		$	31,303
Distributions reinvested		6,552			11,037			4,812			8,141
Cost of shares redeemed		(27,646	)		(37,555	)		(25,261	)		(17,570	)

Change in net assets resulting from Class C capital transactions	$	(18,919	)	$	(21,537	)	$	931		$	21,874

Class I
Proceeds from shares issued	$	1,699,465		$	812,167		$	288,209		$	249,007
Distributions reinvested		138,087			161,114			13,161			22,035
Cost of shares redeemed		(1,065,103	)		(1,009,139	)		(164,919	)		(234,917	)

Change in net assets resulting from Class I capital transactions	$	772,449		$	(35,858	)	$	136,451		$	36,125

Class L
Proceeds from shares issued	$	—		$	—		$	272,538		$	299,095
Distributions reinvested		—			—			28,396			42,498
Cost of shares redeemed		—			—			(206,673	)		(182,736	)

Change in net assets resulting from Class L capital transactions	$	—		$	—		$	94,261		$	158,857

Class R2
Proceeds from shares issued	$	3,031		$	3,928		$	4,229		$	5,637
Distributions reinvested		325			442			1,583			3,392
Cost of shares redeemed		(5,397	)		(6,276	)		(9,363	)		(12,461	)

Change in net assets resulting from Class R2 capital transactions	$	(2,041	)	$	(1,906	)	$	(3,551	)	$	(3,432	)

Class R3
Proceeds from shares issued	$	1,095		$	780		$	4,272		$	700
Distributions reinvested		125			131			220			93
Cost of shares redeemed		(569	)		(764	)		(812	)		(162	)

Change in net assets resulting from Class R3 capital transactions	$	651		$	147		$	3,680		$	631

Class R4
Proceeds from shares issued	$	51		$	437		$	1,777		$	742
Distributions reinvested		23			49			138			91
Cost of shares redeemed		(60	)		(556	)		(653	)		(210	)

Change in net assets resulting from Class R4 capital transactions	$	14		$	(70	)	$	1,262		$	623

Class R5
Proceeds from shares issued	$	152,763		$	249,768		$	10,790		$	15,804
Distributions reinvested		49,703			72,102			807			3,229
Cost of shares redeemed		(339,014	)		(311,556	)		(5,345	)		(29,628	)

Change in net assets resulting from Class R5 capital transactions	$	(136,548	)	$	10,314		$	6,252		$	(10,595	)

Class R6
Proceeds from shares issued	$	640,649		$	273,648		$	925,190		$	737,982
Distributions reinvested		72,408			84,729			89,486			120,678
Cost of shares redeemed		(379,561	)		(348,341	)		(617,677	)		(352,159	)

Change in net assets resulting from Class R6 capital transactions	$	333,496		$	10,036		$	396,999		$	506,501

Total change in net assets resulting from capital transactions	$	885,158		$	(287,511	)	$	692,836		$	792,978

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Small Cap Equity Fund						JPMorgan Small Cap Growth Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		6,782			3,220			10,856			11,086
Reinvested		760			1,280			1,419			2,442
Redeemed		(9,053	)		(9,569	)		(9,052	)		(8,306	)

Change in Class A Shares		(1,511	)		(5,069	)		3,223			5,222

Class C
Issued		64			137			1,896			2,555
Reinvested		184			339			419			819
Redeemed		(847	)		(1,057	)		(2,281	)		(1,609	)

Change in Class C Shares		(599	)		(581	)		34			1,765

Class I
Issued		31,752			14,200			15,402			13,101
Reinvested		2,334			3,089			682			1,377
Redeemed		(20,362	)		(18,069	)		(9,213	)		(12,472	)

Change in Class I Shares		13,724			(780	)		6,871			2,006

Class L
Issued		—			—			14,183			15,406
Reinvested		—			—			1,419			2,570
Redeemed		—			—			(10,894	)		(9,858	)

Change in Class L Shares		—			—			4,708			8,118

Class R2
Issued		65			81			269			352
Reinvested		7			10			97			247
Redeemed		(120	)		(128	)		(588	)		(774	)

Change in Class R2 Shares		(48	)		(37	)		(222	)		(175	)

Class R3
Issued		25			15			253			42
Reinvested		2			3			13			7
Redeemed		(14	)		(15	)		(49	)		(10	)

Change in Class R3 Shares		13			3			217			39

Class R4
Issued		1			7			102			45
Reinvested		—	(a)		1			8			6
Redeemed		(1	)		(10	)		(38	)		(12	)

Change in Class R4 Shares		—	(a)		(2	)		72			39

Class R5
Issued		2,800			4,320			551			779
Reinvested		837			1,380			41			195
Redeemed		(6,109	)		(5,632	)		(279	)		(1,640	)

Change in Class R5 Shares		(2,472	)		68			313			(666	)

Class R6
Issued		11,645			4,903			47,492			37,658
Reinvested		1,219			1,623			4,411			7,213
Redeemed		(7,061	)		(6,057	)		(31,625	)		(18,147	)

Change in Class R6 Shares		5,803			469			20,278			26,724

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



60	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


	JPMorgan Small Cap Value Fund						JPMorgan U.S. Small Company Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	24,245		$	39,092		$	19,360		$	31,276
Distributions reinvested		10,115			30,915			328			16,222
Cost of shares redeemed		(67,548	)		(150,367	)		(53,824	)		(84,556	)

Change in net assets resulting from Class A capital transactions	$	(33,188	)	$	(80,360	)	$	(34,136	)	$	(37,058	)

Class C
Proceeds from shares issued	$	527		$	1,412		$	1,325		$	4,264
Distributions reinvested		1,043			3,378			13			3,767
Cost of shares redeemed		(6,896	)		(6,345	)		(9,632	)		(17,367	)

Change in net assets resulting from Class C capital transactions	$	(5,326	)	$	(1,555	)	$	(8,294	)	$	(9,336	)

Class I
Proceeds from shares issued	$	61,608		$	111,050		$	54,409		$	93,832
Distributions reinvested		14,229			37,950			1,403			33,313
Cost of shares redeemed		(175,602	)		(129,351	)		(148,125	)		(216,008	)

Change in net assets resulting from Class I capital transactions	$	(99,765	)	$	19,649		$	(92,313	)	$	(88,863	)

Class L
Proceeds from shares issued	$	—		$	—		$	180,077		$	138,828
Distributions reinvested		—			—			2,129			43,991
Cost of shares redeemed		—			—			(262,774	)		(204,856	)

Change in net assets resulting from Class L capital transactions	$	—		$	—		$	(80,568	)	$	(22,037	)

Class R2
Proceeds from shares issued	$	8,711		$	11,408		$	7,181		$	18,232
Distributions reinvested		2,053			4,865			18			3,913
Cost of shares redeemed		(14,418	)		(15,716	)		(18,727	)		(17,683	)

Change in net assets resulting from Class R2 capital transactions	$	(3,654	)	$	557		$	(11,528	)	$	4,462

Class R3
Proceeds from shares issued	$	5,318		$	6,293		$	7,420		$	13,013
Distributions reinvested		926			1,910			85			2,049
Cost of shares redeemed		(7,200	)		(2,872	)		(6,924	)		(5,163	)

Change in net assets resulting from Class R3 capital transactions	$	(956	)	$	5,331		$	581		$	9,899

Class R4
Proceeds from shares issued	$	767		$	514		$	3,577		$	3,626
Distributions reinvested		6			53			52			678
Cost of shares redeemed		(740	)		(142	)		(1,334	)		(2,627	)

Change in net assets resulting from Class R4 capital transactions	$	33		$	425		$	2,295		$	1,677

Class R5
Proceeds from shares issued	$	9,383		$	23,910		$	2,217		$	8,102
Distributions reinvested		2,524			14,495			33			958
Cost of shares redeemed		(41,707	)		(70,249	)		(7,177	)		(1,751	)

Change in net assets resulting from Class R5 capital transactions	$	(29,800	)	$	(31,844	)	$	(4,927	)	$	7,309

Class R6
Proceeds from shares issued	$	151,215		$	212,292		$	69,664		$	117,831
Subscriptions in-kind (See Note 8)		—			—			—			13,799
Distributions reinvested		51,882			121,650			3,215			45,073
Cost of shares redeemed		(345,931	)		(224,803	)		(226,135	)		(112,182	)

Change in net assets resulting from Class R6 capital transactions	$	(142,834	)	$	109,139		$	(153,256	)	$	64,521

Total change in net assets resulting from capital transactions	$	(315,490	)	$	21,342		$	(382,146	)	$	(69,426	)

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)


	JPMorgan Small Cap Value Fund						JPMorgan U.S. Small Company Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		1,212			1,538			1,287			1,816
Reinvested		431			1,333			19			1,049
Redeemed		(3,143	)		(5,737	)		(3,461	)		(5,034	)

Change in Class A Shares		(1,500	)		(2,866	)		(2,155	)		(2,169	)

Class C
Issued		34			68			93			258
Reinvested		56			182			1			257
Redeemed		(404	)		(320	)		(673	)		(1,066	)

Change in Class C Shares		(314	)		(70	)		(579	)		(551	)

Class I
Issued		2,798			4,075			3,533			5,437
Reinvested		565			1,528			79			2,098
Redeemed		(8,060	)		(4,698	)		(9,733	)		(12,470	)

Change in Class I Shares		(4,697	)		905			(6,121	)		(4,935	)

Class L
Issued		—			—			11,011			8,225
Reinvested		—			—			120			2,772
Redeemed		—			—			(17,742	)		(12,189	)

Change in Class L Shares		—			—			(6,611	)		(1,192	)

Class R2
Issued		442			456			493			1,048
Reinvested		88			212			1			259
Redeemed		(711	)		(619	)		(1,228	)		(1,064	)

Change in Class R2 Shares		(181	)		49			(734	)		243

Class R3
Issued		258			233			507			778
Reinvested		40			83			5			133
Redeemed		(364	)		(113	)		(460	)		(312	)

Change in Class R3 Shares		(66	)		203			52			599

Class R4
Issued		39			17			226			208
Reinvested		—	(a)		2			3			43
Redeemed		(33	)		(5	)		(86	)		(153	)

Change in Class R4 Shares		6			14			143			98

Class R5
Issued		416			838			137			437
Reinvested		101			582			2			61
Redeemed		(1,734	)		(2,739	)		(432	)		(102	)

Change in Class R5 Shares		(1,217	)		(1,319	)		(293	)		396

Class R6
Issued		7,059			8,015			4,527			6,749
Subscriptions in-kind (See Note 8)		—			—			—			828
Reinvested		2,072			4,881			181			2,839
Redeemed		(14,571	)		(8,321	)		(14,475	)		(6,595	)

Change in Class R6 Shares		(5,440	)		4,575			(9,767	)		3,821

(a)	Amount rounds to less than one thousand.

SEE NOTES TO FINANCIAL STATEMENTS.



62	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Blend Fund
Class A
Year Ended June 30, 2020	$	19.78	$	0.04		$	(0.04	)	$	—	(f)	$	(0.02	)	$	(0.65	)	$	(0.67	)
Year Ended June 30, 2019		26.65		—	(f)		(0.63	)		(0.63	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		22.03		(0.20	)		7.54			7.34			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		19.14		(0.16	)		6.24			6.08			—			(3.19	)		(3.19	)
Year Ended June 30, 2016		26.04		(0.16	)		(3.52	)		(3.68	)		—			(3.22	)		(3.22	)

Class C
Year Ended June 30, 2020		12.90		(0.04	)		(0.02	)		(0.06	)		—			(0.65	)		(0.65	)
Year Ended June 30, 2019		19.89		(0.08	)		(0.67	)		(0.75	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		17.12		(0.24	)		5.73			5.49			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		15.58		(0.21	)		4.94			4.73			—			(3.19	)		(3.19	)
Year Ended June 30, 2016		21.97		(0.22	)		(2.95	)		(3.17	)		—			(3.22	)		(3.22	)

Class I
Year Ended June 30, 2020		23.75		0.10			(0.06	)		0.04			(0.05	)		(0.65	)		(0.70	)
Year Ended June 30, 2019		30.53		0.05			(0.59	)		(0.54	)		—			(6.24	)		(6.24	)
Year Ended June 30, 2018		24.83		(0.15	)		8.57			8.42			—			(2.72	)		(2.72	)
Year Ended June 30, 2017		21.17		(0.12	)		6.97			6.85			—			(3.19	)		(3.19	)
Year Ended June 30, 2016		28.34		(0.14	)		(3.81	)		(3.95	)		—			(3.22	)		(3.22	)

Class R6
Year Ended June 30, 2020		23.82		0.16			(0.06	)		0.10			(0.10	)		(0.65	)		(0.75	)
July 2, 2018 (g) through June 30, 2019		30.73		0.18			(0.85	)		(0.67	)		—			(6.24	)		(6.24	)

(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)

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

(f)	Amount rounds to less than $0.005.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



64	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	19.11		(0.24	)%	$	132,674		1.24	%		0.19	%		1.32	%		48	%
	19.78		0.70			116,751		1.24			(0.01	)		1.37			75
	26.65		35.55			85,586		1.24			(0.81	)		1.36			89
	22.03		34.99			66,189		1.25			(0.78	)		1.48			41
	19.14		(14.42	)		55,583		1.25			(0.76	)		1.51			56


	12.19		(0.83	)		24,323		1.74			(0.31	)		1.80			48
	12.90		0.25			38,625		1.74			(0.53	)		1.85			75
	19.89		34.88			40,470		1.74			(1.31	)		1.83			89
	17.12		34.25			36,707		1.74			(1.28	)		2.04			41
	15.58		(14.80	)		32,734		1.75			(1.27	)		2.12			56


	23.09		(0.02	)		148,443		0.99			0.44			1.05			48
	23.75		0.94			110,123		0.99			0.20			1.10			75
	30.53		35.91			92,701		0.99			(0.56	)		1.08			89
	24.83		35.29			67,496		1.00			(0.53	)		1.18			41
	21.17		(14.19	)		64,589		1.00			(0.57	)		1.09			56


	23.17		0.22			167,419		0.74			0.69			0.80			48
	23.82		0.55			82,758		0.74			0.79			1.10			75

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	65

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Core Fund
Class A
Year Ended June 30, 2020	$	49.98	$	0.15		$	(6.00	)	$	(5.85	)	$	(0.15	)	$	(1.86	)	$	(2.01	)
Year Ended June 30, 2019		57.16		0.11			(3.52	)		(3.41	)		(0.02	)		(3.75	)		(3.77	)
Year Ended June 30, 2018		52.32		0.04	(f)		9.19			9.23			(0.01	)		(4.38	)		(4.39	)
Year Ended June 30, 2017		45.88		(0.04	)		11.81			11.77			(0.20	)		(5.13	)		(5.33	)
May 31, 2016 (g) through June 30, 2016		45.81		0.02	(f)		0.05			0.07			—			—			—

Class C
Year Ended June 30, 2020		49.27		(0.07	)		(5.93	)		(6.00	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2019		56.67		(0.15	)		(3.50	)		(3.65	)		—			(3.75	)		(3.75	)
Year Ended June 30, 2018		52.14		(0.24	)(f)		9.15			8.91			—			(4.38	)		(4.38	)
Year Ended June 30, 2017		45.86		(0.24	)		11.74			11.50			(0.09	)		(5.13	)		(5.22	)
May 31, 2016 (g) through June 30, 2016		45.81		—	(f)(h)		0.05			0.05			—			—			—

Class I
Year Ended June 30, 2020		50.25		0.28			(6.03	)		(5.75	)		(0.29	)		(1.86	)		(2.15	)
Year Ended June 30, 2019		57.44		0.23			(3.55	)		(3.32	)		(0.12	)		(3.75	)		(3.87	)
Year Ended June 30, 2018		52.58		0.17	(f)		9.24			9.41			(0.17	)		(4.38	)		(4.55	)
January 3, 2017 (g) through June 30, 2017		50.44		0.07			2.07			2.14			—			—			—

Class R2
Year Ended June 30, 2020		50.01		0.05			(6.02	)		(5.97	)		(0.11	)		(1.86	)		(1.97	)
Year Ended June 30, 2019		57.32		0.04			(3.60	)		(3.56	)		—			(3.75	)		(3.75	)
July 31, 2017 (g) through June 30, 2018		53.24		(0.08	)(f)		8.58			8.50			(0.04	)		(4.38	)		(4.42	)

Class R3
Year Ended June 30, 2020		50.18		0.16			(6.02	)		(5.86	)		(0.23	)		(1.86	)		(2.09	)
Year Ended June 30, 2019		57.40		0.26			(3.71	)		(3.45	)		(0.02	)		(3.75	)		(3.77	)
July 31, 2017 (g) through June 30, 2018		53.24		0.05	(f)		8.58			8.63			(0.09	)		(4.38	)		(4.47	)

Class R4
Year Ended June 30, 2020		50.28		0.28			(6.03	)		(5.75	)		(0.30	)		(1.86	)		(2.16	)
Year Ended June 30, 2019		57.48		0.23			(3.56	)		(3.33	)		(0.12	)		(3.75	)		(3.87	)
July 31, 2017 (g) through June 30, 2018		53.24		0.18	(f)		8.58			8.76			(0.14	)		(4.38	)		(4.52	)

Class R5
Year Ended June 30, 2020		50.42		0.36			(6.04	)		(5.68	)		(0.37	)		(1.86	)		(2.23	)
Year Ended June 30, 2019		57.63		0.33			(3.58	)		(3.25	)		(0.21	)		(3.75	)		(3.96	)
Year Ended June 30, 2018		52.64		0.26	(f)		9.28			9.54			(0.17	)		(4.38	)		(4.55	)
Year Ended June 30, 2017		45.90		0.20			11.83			12.03			(0.16	)		(5.13	)		(5.29	)
Year Ended June 30, 2016		56.18		0.15	(f)		(5.25	)		(5.10	)		(0.32	)		(4.86	)		(5.18	)

Class R6
Year Ended June 30, 2020		50.34		0.39			(6.02	)		(5.63	)		(0.40	)		(1.86	)		(2.26	)
Year Ended June 30, 2019		57.55		0.39			(3.61	)		(3.22	)		(0.24	)		(3.75	)		(3.99	)
Year Ended June 30, 2018		52.57		0.33	(f)		9.23			9.56			(0.20	)		(4.38	)		(4.58	)
Year Ended June 30, 2017		45.90		0.29			11.76			12.05			(0.25	)		(5.13	)		(5.38	)
May 31, 2016 (g) through June 30, 2016		45.81		0.04	(f)		0.05			0.09			—			—			—

(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)

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

(f)	Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g)	Commencement of offering of class of shares.

(h)	Amount rounds to less than $0.005.

SEE NOTES TO FINANCIAL STATEMENTS.



66	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	42.12		(12.40	)%	$	4,127		1.24	%		0.33	%		1.38	%		102	%
	49.98		(5.48	)		5,896		1.23			0.21			1.36			74
	57.16		18.37			4,624		1.24			0.07	(f)		1.41			39
	52.32		26.29			2,203		1.24			(0.07	)		1.45			61
	45.88		0.15			23		1.25			0.56	(f)		1.39			58


	41.41		(12.84	)		1,690		1.74			(0.16	)		1.82			102
	49.27		(5.97	)		2,307		1.73			(0.30	)		1.86			74
	56.67		17.79			1,816		1.74			(0.45	)(f)		1.90			39
	52.14		25.68			1,017		1.74			(0.47	)		1.96			61
	45.86		0.11			20		1.74			0.06	(f)		1.89			58


	42.35		(12.18	)		13,264		0.99			0.61			1.06			102
	50.25		(5.24	)		13,211		0.98			0.45			1.09			74
	57.44		18.64			15,557		0.99			0.32	(f)		1.12			39
	52.58		4.24			3,545		0.99			0.26			1.21			61


	42.07		(12.62	)		180		1.49			0.11			1.69			102
	50.01		(5.73	)		166		1.48			0.08			2.08			74
	57.32		16.67			24		1.49			(0.15	)(f)		1.72			39


	42.23		(12.40	)		3,692		1.24			0.36			1.30			102
	50.18		(5.51	)		3,768		1.23			0.53			1.59			74
	57.40		16.94			24		1.24			0.10	(f)		1.46			39


	42.37		(12.17	)		2,125		0.99			0.61			1.06			102
	50.28		(5.26	)		1,941		0.98			0.45			1.10			74
	57.48		17.21			1,536		0.99			0.36	(f)		1.11			39


	42.51		(12.02	)		148,185		0.80			0.78			0.90			102
	50.42		(5.07	)		215,630		0.79			0.63			0.93			74
	57.63		18.88			223,933		0.79			0.48	(f)		0.97			39
	52.64		26.87			187,198		0.79			0.40			1.11			61
	45.90		(8.97	)		164,573		0.80			0.30	(f)		1.16			58


	42.45		(11.95	)		176,598		0.74			0.84			0.80			102
	50.34		(5.02	)		206,625		0.73			0.75			0.83			74
	57.55		18.95			66,306		0.74			0.59	(f)		0.86			39
	52.57		26.94			16,782		0.74			0.56			0.98			61
	45.90		0.20			20		0.74			1.06	(f)		0.88			58

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	67

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Equity Fund
Class A
Year Ended June 30, 2020	$	50.05	$	0.12		$	(1.95	)	$	(1.83	)	$	(0.15	)	$	(2.38	)	$	(2.53	)
Year Ended June 30, 2019		52.43		0.12			0.95			1.07			(0.06	)		(3.39	)		(3.45	)
Year Ended June 30, 2018		48.63		0.10			6.67			6.77			(0.10	)		(2.87	)		(2.97	)
Year Ended June 30, 2017		41.68		0.11			8.21			8.32			(0.12	)		(1.25	)		(1.37	)
Year Ended June 30, 2016		44.68		0.13	(f)		0.08			0.21			(0.14	)		(3.07	)		(3.21	)

Class C
Year Ended June 30, 2020		36.25		(0.08	)		(1.35	)		(1.43	)		(0.02	)		(2.38	)		(2.40	)
Year Ended June 30, 2019		39.12		(0.09	)		0.61			0.52			—			(3.39	)		(3.39	)
Year Ended June 30, 2018		37.07		(0.12	)		5.04			4.92			—			(2.87	)		(2.87	)
Year Ended June 30, 2017		32.21		(0.09	)		6.31			6.22			(0.11	)		(1.25	)		(1.36	)
Year Ended June 30, 2016		35.32		(0.06	)(f)		0.02			(0.04	)		—			(3.07	)		(3.07	)

Class I
Year Ended June 30, 2020		58.34		0.30			(2.30	)		(2.00	)		(0.26	)		(2.38	)		(2.64	)
Year Ended June 30, 2019		60.52		0.29			1.12			1.41			(0.20	)		(3.39	)		(3.59	)
Year Ended June 30, 2018		55.69		0.26			7.67			7.93			(0.23	)		(2.87	)		(3.10	)
Year Ended June 30, 2017		47.50		0.28			9.37			9.65			(0.21	)		(1.25	)		(1.46	)
Year Ended June 30, 2016		50.31		0.25	(f)		0.17			0.42			(0.16	)		(3.07	)		(3.23	)

Class R2
Year Ended June 30, 2020		48.98		0.01			(1.91	)		(1.90	)		—			(2.38	)		(2.38	)
Year Ended June 30, 2019		51.44		—	(g)		0.93			0.93			—			(3.39	)		(3.39	)
Year Ended June 30, 2018		47.81		(0.03	)		6.55			6.52			(0.02	)		(2.87	)		(2.89	)
Year Ended June 30, 2017		41.08		—	(g)		8.08			8.08			(0.10	)		(1.25	)		(1.35	)
Year Ended June 30, 2016		44.04		0.01	(f)		0.10			0.11			—			(3.07	)		(3.07	)

Class R3
Year Ended June 30, 2020		49.73		0.13			(1.93	)		(1.80	)		(0.17	)		(2.38	)		(2.55	)
Year Ended June 30, 2019		52.13		0.13			0.92			1.05			(0.06	)		(3.39	)		(3.45	)
Year Ended June 30, 2018		48.54		0.12			6.63			6.75			(0.29	)		(2.87	)		(3.16	)
September 9, 2016 (i) through June 30, 2017		43.22		0.12			6.68			6.80			(0.23	)		(1.25	)		(1.48	)

Class R4
Year Ended June 30, 2020		58.26		0.29			(2.29	)		(2.00	)		(0.25	)		(2.38	)		(2.63	)
Year Ended June 30, 2019		60.42		0.29			1.12			1.41			(0.18	)		(3.39	)		(3.57	)
Year Ended June 30, 2018		55.64		0.33			7.59			7.92			(0.27	)		(2.87	)		(3.14	)
September 9, 2016 (i) through June 30, 2017		49.28		0.23			7.63			7.86			(0.25	)		(1.25	)		(1.50	)

(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)

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

(f)	Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g)	Amount rounds to less than $0.005.

(h)	Amount rounds to less than 0.005%.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



68	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	45.69		(4.11	)%	$	653,887		1.26	%		0.25	%		1.27	%		23	%
	50.05		2.82			791,846		1.23			0.24			1.25			23
	52.43		14.33			1,095,395		1.24			0.19			1.26			17
	48.63		20.14			1,135,394		1.29			0.24			1.35			21
	41.68		1.10			736,629		1.29			0.31	(f)		1.38			32


	32.42		(4.56	)		80,258		1.74			(0.24	)		1.75			23
	36.25		2.31			111,453		1.73			(0.25	)		1.75			23
	39.12		13.76			143,030		1.74			(0.32	)		1.76			17
	37.07		19.53			171,352		1.79			(0.25	)		1.84			21
	32.21		0.63			70,176		1.79			(0.20	)(f)		1.85			32


	53.70		(3.83	)		3,240,725		0.98			0.54			0.99			23
	58.34		3.05			2,720,056		0.98			0.51			1.00			23
	60.52		14.61			2,868,739		0.98			0.45			1.00			17
	55.69		20.50			2,722,213		0.99			0.54			1.07			21
	47.50		1.41			1,261,772		0.99			0.54	(f)		1.14			32


	44.70		(4.32	)		6,746		1.49			0.02			1.52			23
	48.98		2.56			9,718		1.48			0.00	(h)		1.52			23
	51.44		14.02			12,133		1.49			(0.06	)		1.52			17
	47.81		19.85			13,078		1.53			0.00	(h)		1.73			21
	41.08		0.85			5,313		1.54			0.03	(f)		1.72			32


	45.38		(4.08	)		2,948		1.24			0.28			1.24			23
	49.73		2.79			2,597		1.23			0.26			1.25			23
	52.13		14.33			2,542		1.23			0.24			1.30			17
	48.54		15.92			104		1.24			0.32			1.36			21


	53.63		(3.83	)		449		0.98			0.53			1.01			23
	58.26		3.05			475		0.98			0.50			1.03			23
	60.42		14.61			624		0.98			0.57			1.07			17
	55.64		16.14			60		0.99			0.55			1.14			21

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	69

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Equity Fund (continued)
Class R5
Year Ended June 30, 2020	$	58.51	$	0.40		$	(2.30	)	$	(1.90	)	$	(0.35	)	$	(2.38	)	$	(2.73	)
Year Ended June 30, 2019		60.69		0.41			1.11			1.52			(0.31	)		(3.39	)		(3.70	)
Year Ended June 30, 2018		55.84		0.37			7.70			8.07			(0.35	)		(2.87	)		(3.22	)
Year Ended June 30, 2017		47.57		0.36			9.42			9.78			(0.26	)		(1.25	)		(1.51	)
Year Ended June 30, 2016		50.43		0.36	(f)		0.15			0.51			(0.30	)		(3.07	)		(3.37	)

Class R6
Year Ended June 30, 2020		58.50		0.44			(2.30	)		(1.86	)		(0.39	)		(2.38	)		(2.77	)
Year Ended June 30, 2019		60.68		0.44			1.11			1.55			(0.34	)		(3.39	)		(3.73	)
Year Ended June 30, 2018		55.83		0.41			7.69			8.10			(0.38	)		(2.87	)		(3.25	)
Year Ended June 30, 2017		47.57		0.46			9.34			9.80			(0.29	)		(1.25	)		(1.54	)
May 31, 2016 (i) through June 30, 2016		47.04		0.06	(f)		0.47			0.53			—			—			—

(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)

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

(f)	Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g)	Amount rounds to less than $0.005.

(h)	Amount rounds to less than 0.005%.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



70	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	53.88		(3.65	)%	$	984,863		0.80	%		0.71	%		0.84	%		23	%
	58.51		3.26			1,214,075		0.79			0.70			0.85			23
	60.69		14.83			1,255,251		0.79			0.64			0.85			17
	55.84		20.74			1,267,593		0.79			0.68			0.86			21
	47.57		1.62			1,349,107		0.79			0.78	(f)		0.86			32


	53.87		(3.60	)		1,625,610		0.74			0.78			0.74			23
	58.50		3.33			1,425,704		0.73			0.76			0.75			23
	60.68		14.89			1,450,525		0.73			0.71			0.75			17
	55.83		20.80			978,649		0.74			0.85			0.76			21
	47.57		1.13			25,933		0.73			1.60	(f)		0.75			32

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	71

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Growth Fund
Class A
Year Ended June 30, 2020	$	17.00	$	(0.11	)	$	2.88		$	2.77		$	—		$	(1.07	)	$	(1.07	)
Year Ended June 30, 2019		18.45		(0.11	)		0.67			0.56			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		14.81		(0.14	)(f)		5.11			4.97			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		11.43		(0.10	)		3.94			3.84			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		14.50		(0.09	)		(1.94	)		(2.03	)		—			(1.04	)		(1.04	)

Class C
Year Ended June 30, 2020		11.78		(0.13	)		1.95			1.82			—			(1.07	)		(1.07	)
Year Ended June 30, 2019		13.55		(0.14	)		0.38			0.24			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		11.23		(0.16	)(f)		3.81			3.65			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		8.82		(0.13	)		3.00			2.87			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		11.50		(0.12	)		(1.52	)		(1.64	)		—			(1.04	)		(1.04	)

Class I
Year Ended June 30, 2020		19.05		(0.07	)		3.24			3.17			(0.01	)		(1.07	)		(1.08	)
Year Ended June 30, 2019		20.35		(0.08	)		0.79			0.71			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.18		(0.11	)(f)		5.61			5.50			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.42		(0.07	)		4.29			4.22			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		15.61		(0.07	)		(2.08	)		(2.15	)		—			(1.04	)		(1.04	)

Class L
Year Ended June 30, 2020		19.71		(0.04	)		3.36			3.32			(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		20.95		(0.05	)		0.82			0.77			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.60		(0.08	)(f)		5.76			5.68			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.72		(0.05	)		4.39			4.34			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		15.93		(0.05	)		(2.12	)		(2.17	)		—			(1.04	)		(1.04	)

Class R2
Year Ended June 30, 2020		16.31		(0.14	)		2.75			2.61			—			(1.07	)		(1.07	)
Year Ended June 30, 2019		17.84		(0.15	)		0.63			0.48			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		14.39		(0.17	)(f)		4.95			4.78			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		11.15		(0.13	)		3.83			3.70			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		14.20		(0.12	)		(1.89	)		(2.01	)		—			(1.04	)		(1.04	)

Class R3
Year Ended June 30, 2020		17.00		(0.11	)		2.87			2.76			(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		18.45		(0.10	)		0.66			0.56			—			(2.01	)		(2.01	)
July 31, 2017 (g) through June 30, 2018		15.17		(0.13	)(f)		4.74			4.61			—			(1.33	)		(1.33	)

Class R4
Year Ended June 30, 2020		17.09		(0.06	)		2.90			2.84			(0.03	)		(1.07	)		(1.10	)
Year Ended June 30, 2019		18.50		(0.07	)		0.67			0.60			—			(2.01	)		(2.01	)
July 31, 2017 (g) through June 30, 2018		15.17		(0.09	)(f)		4.75			4.66			—			(1.33	)		(1.33	)

(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)

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

(f)	Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



72	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	18.70		16.92	%	$	500,357		1.24	%		(0.63	)%		1.27	%		51	%
	17.00		5.08			400,127		1.24			(0.68	)		1.27			58
	18.45		35.14			337,933		1.24			(0.83	)(f)		1.29			58
	14.81		34.36			196,403		1.24			(0.75	)		1.40			42
	11.43		(14.17	)		179,093		1.25			(0.77	)		1.50			47


	12.53		16.32			62,434		1.74			(1.13	)		1.77			51
	11.78		4.51			58,288		1.74			(1.17	)		1.77			58
	13.55		34.56			43,116		1.74			(1.32	)(f)		1.77			58
	11.23		33.51			20,352		1.74			(1.25	)		1.85			42
	8.82		(14.50	)		18,218		1.75			(1.27	)		1.91			47


	21.14		17.19			466,094		0.99			(0.37	)		1.01			51
	19.05		5.36			289,094		0.99			(0.43	)		1.02			58
	20.35		35.45			268,082		0.99			(0.57	)(f)		1.02			58
	16.18		34.69			110,644		1.00			(0.50	)		1.12			42
	12.42		(13.92	)		102,174		1.00			(0.52	)		1.18			47


	21.93		17.40			735,649		0.84			(0.23	)		0.86			51
	19.71		5.51			568,539		0.84			(0.27	)		0.86			58
	20.95		35.65			434,286		0.84			(0.43	)(f)		0.86			58
	16.60		34.82			360,044		0.85			(0.35	)		0.93			42
	12.72		(13.76	)		271,369		0.85			(0.35	)		0.96			47


	17.85		16.64			24,496		1.49			(0.88	)		1.52			51
	16.31		4.79			26,011		1.49			(0.94	)		1.52			58
	17.84		34.83			31,569		1.49			(1.08	)(f)		1.52			58
	14.39		33.96			23,569		1.49			(1.00	)		1.70			42
	11.15		(14.34	)		21,276		1.50			(1.01	)		1.85			47


	18.66		16.86			5,217		1.24			(0.63	)		1.29			51
	17.00		5.08			1,072		1.24			(0.63	)		1.37			58
	18.45		31.93			446		1.23			(0.80	)(f)		1.28			58


	18.83		17.25			2,821		0.99			(0.38	)		1.04			51
	17.09		5.30			1,336		0.99			(0.39	)		1.01			58
	18.50		32.28			726		0.99			(0.53	)(f)		1.17			58

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Growth Fund (continued)
Class R5
Year Ended June 30, 2020	$	19.72	$	(0.04	)	$	3.36		$	3.32		$	(0.02	)	$	(1.07	)	$	(1.09	)
Year Ended June 30, 2019		20.96		(0.07	)		0.84			0.77			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.60		(0.07	)(f)		5.76			5.69			—			(1.33	)		(1.33	)
September 9, 2016 (g) through June 30, 2017		13.75		(0.04	)		3.35			3.31			—			(0.46	)		(0.46	)

Class R6
Year Ended June 30, 2020		19.95		(0.02	)		3.40			3.38			(0.05	)		(1.07	)		(1.12	)
Year Ended June 30, 2019		21.16		(0.03	)		0.83			0.80			—			(2.01	)		(2.01	)
Year Ended June 30, 2018		16.73		(0.06	)(f)		5.82			5.76			—			(1.33	)		(1.33	)
Year Ended June 30, 2017		12.80		(0.04	)		4.43			4.39			—			(0.46	)		(0.46	)
Year Ended June 30, 2016		16.01		(0.03	)		(2.14	)		(2.17	)		—			(1.04	)		(1.04	)

(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)

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

(f)	Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



74	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	21.95		17.37	%	$	22,261		0.84	%		(0.23	)%		0.86	%		51	%
	19.72		5.50			13,817		0.84			(0.34	)		0.86			58
	20.96		35.71			28,656		0.84			(0.37	)(f)		0.88			58
	16.60		24.72			1,186		0.82			(0.31	)		0.84			42


	22.21		17.49			2,140,824		0.74			(0.12	)		0.76			51
	19.95		5.60			1,518,382		0.74			(0.16	)		0.76			58
	21.16		35.86			1,045,098		0.74			(0.32	)(f)		0.76			58
	16.73		34.99			603,730		0.75			(0.25	)		0.76			42
	12.80		(13.69	)		445,008		0.75			(0.25	)		0.77			47

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	75

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan Small Cap Value Fund
Class A
Year Ended June 30, 2020	$	23.65	$	0.16		$	(3.82	)	$	(3.66	)	$	(0.18	)	$	(1.33	)	$	(1.51	)
Year Ended June 30, 2019		30.42		0.21			(3.28	)		(3.07	)		(0.24	)		(3.46	)		(3.70	)
Year Ended June 30, 2018		29.18		0.20	(f)		3.01			3.21			(0.23	)		(1.74	)		(1.97	)
Year Ended June 30, 2017		24.64		0.11	(f)		4.58			4.69			(0.13	)		(0.02	)		(0.15	)
Year Ended June 30, 2016		26.65		0.17			(0.94	)		(0.77	)		(0.15	)		(1.09	)		(1.24	)

Class C
Year Ended June 30, 2020		18.90		0.04			(2.97	)		(2.93	)		(0.12	)		(1.33	)		(1.45	)
Year Ended June 30, 2019		25.21		0.07			(2.73	)		(2.66	)		(0.19	)		(3.46	)		(3.65	)
Year Ended June 30, 2018		24.55		0.04	(f)		2.50			2.54			(0.14	)		(1.74	)		(1.88	)
Year Ended June 30, 2017		20.82		(0.05	)(f)		3.87			3.82			(0.07	)		(0.02	)		(0.09	)
Year Ended June 30, 2016		22.77		0.02			(0.82	)		(0.80	)		(0.06	)		(1.09	)		(1.15	)

Class I
Year Ended June 30, 2020		25.32		0.23			(4.11	)		(3.88	)		(0.23	)		(1.33	)		(1.56	)
Year Ended June 30, 2019		32.25		0.31			(3.48	)		(3.17	)		(0.30	)		(3.46	)		(3.76	)
Year Ended June 30, 2018		30.80		0.30	(f)		3.18			3.48			(0.29	)		(1.74	)		(2.03	)
Year Ended June 30, 2017		25.97		0.20	(f)		4.81			5.01			(0.16	)		(0.02	)		(0.18	)
Year Ended June 30, 2016		28.00		0.23			(0.97	)		(0.74	)		(0.20	)		(1.09	)		(1.29	)

Class R2
Year Ended June 30, 2020		23.37		0.11			(3.77	)		(3.66	)		(0.13	)		(1.33	)		(1.46	)
Year Ended June 30, 2019		30.13		0.15			(3.25	)		(3.10	)		(0.20	)		(3.46	)		(3.66	)
Year Ended June 30, 2018		28.94		0.12	(f)		2.98			3.10			(0.17	)		(1.74	)		(1.91	)
Year Ended June 30, 2017		24.48		0.04	(f)		4.53			4.57			(0.09	)		(0.02	)		(0.11	)
Year Ended June 30, 2016		26.49		0.11			(0.94	)		(0.83	)		(0.09	)		(1.09	)		(1.18	)

Class R3
Year Ended June 30, 2020		23.61		0.16			(3.81	)		(3.65	)		(0.18	)		(1.33	)		(1.51	)
Year Ended June 30, 2019		30.38		0.23			(3.29	)		(3.06	)		(0.25	)		(3.46	)		(3.71	)
Year Ended June 30, 2018		29.14		0.20	(f)		3.01			3.21			(0.23	)		(1.74	)		(1.97	)
September 9, 2016 (g) through June 30, 2017		25.89		0.12	(f)		3.31			3.43			(0.16	)		(0.02	)		(0.18	)

Class R4
Year Ended June 30, 2020		25.28		0.19			(4.06	)		(3.87	)		(0.20	)		(1.33	)		(1.53	)
Year Ended June 30, 2019		32.21		0.30			(3.47	)		(3.17	)		(0.30	)		(3.46	)		(3.76	)
Year Ended June 30, 2018		30.77		0.32	(f)		3.14			3.46			(0.28	)		(1.74	)		(2.02	)
September 9, 2016 (g) through June 30, 2017		27.30		0.18	(f)		3.49			3.67			(0.18	)		(0.02	)		(0.20	)

Class R5
Year Ended June 30, 2020		25.34		0.26			(4.11	)		(3.85	)		(0.27	)		(1.33	)		(1.60	)
Year Ended June 30, 2019		32.26		0.34			(3.47	)		(3.13	)		(0.33	)		(3.46	)		(3.79	)
Year Ended June 30, 2018		30.80		0.35	(f)		3.17			3.52			(0.32	)		(1.74	)		(2.06	)
Year Ended June 30, 2017		25.97		0.23	(f)		4.81			5.04			(0.19	)		(0.02	)		(0.21	)
Year Ended June 30, 2016		28.01		0.26			(0.98	)		(0.72	)		(0.23	)		(1.09	)		(1.32	)

Class R6
Year Ended June 30, 2020		25.38		0.29			(4.13	)		(3.84	)		(0.29	)		(1.33	)		(1.62	)
Year Ended June 30, 2019		32.30		0.38			(3.49	)		(3.11	)		(0.35	)		(3.46	)		(3.81	)
Year Ended June 30, 2018		30.83		0.38	(f)		3.18			3.56			(0.35	)		(1.74	)		(2.09	)
Year Ended June 30, 2017		25.99		0.27	(f)		4.82			5.09			(0.23	)		(0.02	)		(0.25	)
Year Ended June 30, 2016		28.03		0.31			(1.00	)		(0.69	)		(0.26	)		(1.09	)		(1.35	)

(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)

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

(f)	Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the classes.

(g)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



76	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	18.48		(16.78	)%	$	123,496		1.25	%		0.74	%		1.27	%		42	%
	23.65		(9.73	)		193,505		1.24			0.80			1.26			60
	30.42		11.41			336,054		1.24			0.67	(f)		1.30			39
	29.18		19.01			518,464		1.24			0.39	(f)		1.44			41
	24.64		(2.54	)		551,313		1.25			0.69			1.53			46


	14.52		(17.14	)		9,340		1.74			0.23			1.78			42
	18.90		(10.18	)		18,088		1.74			0.33			1.77			60
	25.21		10.80			25,885		1.75			0.14	(f)		1.78			39
	24.55		18.32			40,349		1.85			(0.21	)(f)		1.86			41
	20.82		(3.12	)		41,161		1.86			0.07			1.94			46


	19.88		(16.55	)		131,992		0.99			0.98			1.01			42
	25.32		(9.49	)		287,014		0.99			1.10			1.01			60
	32.25		11.70			336,366		0.99			0.96	(f)		1.01			39
	30.80		19.30			344,875		0.99			0.67	(f)		1.11			41
	25.97		(2.28	)		263,436		1.00			0.88			1.18			46


	18.25		(16.96	)		25,034		1.49			0.51			1.57			42
	23.37		(9.94	)		36,276		1.49			0.60			1.58			60
	30.13		11.12			45,300		1.52			0.41	(f)		1.63			39
	28.94		18.68			60,282		1.52			0.14	(f)		1.75			41
	24.48		(2.78	)		47,309		1.50			0.45			1.91			46


	18.45		(16.77	)		10,384		1.24			0.76			1.29			42
	23.61		(9.72	)		14,854		1.24			0.89			1.28			60
	30.38		11.42			12,948		1.25			0.67	(f)		1.29			39
	29.14		13.24			13,390		1.27			0.53	(f)		1.28			41


	19.88		(16.52	)		464		0.99			0.92			1.16			42
	25.28		(9.51	)		436		0.99			1.10			1.04			60
	32.21		11.65			102		1.01			1.03	(f)		1.27			39
	30.77		13.44			39		1.06			0.75	(f)		1.10			41


	19.89		(16.44	)		30,637		0.85			1.11			0.87			42
	25.34		(9.35	)		69,857		0.84			1.21			0.86			60
	32.26		11.85			131,506		0.84			1.11	(f)		0.87			39
	30.80		19.43			130,338		0.88			0.77	(f)		0.89			41
	25.97		(2.21	)		96,674		0.90			1.04			0.93			46


	19.92		(16.37	)		624,226		0.75			1.24			0.76			42
	25.38		(9.25	)		933,252		0.74			1.36			0.76			60
	32.30		11.97			1,040,121		0.74			1.21	(f)		0.76			39
	30.83		19.59			1,007,466		0.76			0.90	(f)		0.76			41
	25.99		(2.07	)		753,439		0.77			1.21			0.77			46

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	77

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Small Company Fund
Class A
Year Ended June 30, 2020	$	15.96	$	0.03		$	(1.10	)	$	(1.07	)	$	(0.04	)	$	(0.01	)	$	(0.05	)
Year Ended June 30, 2019		19.60		0.03			(1.81	)		(1.78	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		18.10		—	(f)(g)		2.69			2.69			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		15.09		—	(f)(g)		3.02			3.02			(0.01	)		—	(f)		(0.01	)
Year Ended June 30, 2016		16.96		0.02			(1.20	)		(1.18	)		(0.02	)		(0.67	)		(0.69	)

Class C
Year Ended June 30, 2020		15.06		(0.05	)		(1.04	)		(1.09	)		—			(0.01	)		(0.01	)
Year Ended June 30, 2019		18.70		(0.06	)		(1.72	)		(1.78	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		17.40		(0.09	)(g)		2.58			2.49			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		14.57		(0.08	)(g)		2.91			2.83			—			—	(f)		—	(f)
Year Ended June 30, 2016		16.46		(0.05	)		(1.17	)		(1.22	)		—			(0.67	)		(0.67	)

Class I
Year Ended June 30, 2020		16.40		0.07			(1.12	)		(1.05	)		(0.09	)		(0.01	)		(0.10	)
Year Ended June 30, 2019		20.05		0.07			(1.84	)		(1.77	)		(0.02	)		(1.86	)		(1.88	)
Year Ended June 30, 2018		18.47		0.05	(g)		2.75			2.80			(0.03	)		(1.19	)		(1.22	)
Year Ended June 30, 2017		15.40		0.04	(g)		3.08			3.12			(0.05	)		—	(f)		(0.05	)
Year Ended June 30, 2016		17.29		0.06			(1.22	)		(1.16	)		(0.06	)		(0.67	)		(0.73	)

Class L
Year Ended June 30, 2020		16.38		0.10			(1.12	)		(1.02	)		(0.12	)		(0.01	)		(0.13	)
Year Ended June 30, 2019		20.05		0.10			(1.86	)		(1.76	)		(0.05	)		(1.86	)		(1.91	)
Year Ended June 30, 2018		18.46		0.08	(g)		2.76			2.84			(0.06	)		(1.19	)		(1.25	)
Year Ended June 30, 2017		15.39		0.08	(g)		3.08			3.16			(0.09	)		—	(f)		(0.09	)
Year Ended June 30, 2016		17.28		0.10			(1.24	)		(1.14	)		(0.08	)		(0.67	)		(0.75	)

Class R2
Year Ended June 30, 2020		15.58		(0.01	)		(1.08	)		(1.09	)		—			(0.01	)		(0.01	)
Year Ended June 30, 2019		19.22		(0.01	)		(1.77	)		(1.78	)		—			(1.86	)		(1.86	)
Year Ended June 30, 2018		17.81		(0.05	)(g)		2.65			2.60			—			(1.19	)		(1.19	)
Year Ended June 30, 2017		14.88		(0.04	)(g)		2.97			2.93			—			—	(f)		—	(f)
Year Ended June 30, 2016		16.77		(0.01	)		(1.19	)		(1.20	)		(0.02	)		(0.67	)		(0.69	)

Class R3
Year Ended June 30, 2020		15.87		0.03			(1.10	)		(1.07	)		(0.05	)		(0.01	)		(0.06	)
Year Ended June 30, 2019		19.50		0.04			(1.81	)		(1.77	)		—	(f)		(1.86	)		(1.86	)
Year Ended June 30, 2018		18.03		0.01	(g)		2.68			2.69			(0.03	)		(1.19	)		(1.22	)
September 9, 2016 (i) through June 30, 2017		16.02		0.04	(g)		2.04			2.08			(0.07	)		—	(f)		(0.07	)

(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)

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

(f)	Amount rounds to less than $0.005.

(g)	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)	Amount rounds to less than 0.005%.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



78	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)


$	14.84		(6.76	)%	$	94,883		1.22	%		0.18	%		1.23	%		52	%
	15.96		(8.77	)		136,432		1.22			0.16			1.22			64
	19.60		15.40			210,050		1.22			0.00	(g)(h)		1.23			52
	18.10		20.04			244,958		1.25			(0.01	)(g)		1.35			53
	15.09		(6.86	)		226,309		1.26			0.15			1.44			49


	13.96		(7.25	)		18,297		1.74			(0.34	)		1.74			52
	15.06		(9.22	)		28,451		1.72			(0.35	)		1.73			64
	18.70		14.85			45,633		1.73			(0.50	)(g)		1.73			52
	17.40		19.43			49,946		1.75			(0.51	)(g)		1.85			53
	14.57		(7.35	)		45,932		1.76			(0.34	)		1.91			49


	15.25		(6.51	)		160,892		0.96			0.44			0.96			52
	16.40		(8.49	)		273,370		0.96			0.41			0.96			64
	20.05		15.73			433,317		0.96			0.27	(g)		0.97			52
	18.47		20.29			387,043		1.01			0.25	(g)		1.05			53
	15.40		(6.63	)		289,631		1.00			0.42			1.11			49


	15.23		(6.37	)		302,427		0.81			0.60			0.81			52
	16.38		(8.42	)		433,521		0.81			0.58			0.81			64
	20.05		15.95			554,361		0.81			0.42	(g)		0.82			52
	18.46		20.50			711,139		0.82			0.43	(g)		0.87			53
	15.39		(6.48	)		587,279		0.82			0.63			0.90			49


	14.48		(7.01	)		30,330		1.48			(0.09	)		1.49			52
	15.58		(8.95	)		44,064		1.47			(0.07	)		1.49			64
	19.22		15.13			49,715		1.48			(0.25	)(g)		1.48			52
	17.81		19.70			51,511		1.50			(0.24	)(g)		1.69			53
	14.88		(7.09	)		34,326		1.51			(0.05	)		1.75			49


	14.74		(6.78	)		22,953		1.21			0.20			1.21			52
	15.87		(8.75	)		23,887		1.21			0.23			1.21			64
	19.50		15.49			17,655		1.21			0.04	(g)		1.21			52
	18.03		13.01			9,560		1.23			0.25	(g)		1.24			53

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	79

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan U.S. Small Company Fund (continued)
Class R4
Year Ended June 30, 2020	$	16.32	$	0.07		$	(1.12	)	$	(1.05	)	$	(0.10	)	$	(0.01	)	$	(0.11	)
Year Ended June 30, 2019		19.98		0.08			(1.85	)		(1.77	)		(0.03	)		(1.86	)		(1.89	)
Year Ended June 30, 2018		18.44		0.05	(g)		2.75			2.80			(0.07	)		(1.19	)		(1.26	)
September 9, 2016 (i) through June 30, 2017		16.36		0.13	(g)		2.04			2.17			(0.09	)		—	(f)		(0.09	)

Class R5
Year Ended June 30, 2020		16.34		0.09			(1.11	)		(1.02	)		(0.11	)		(0.01	)		(0.12	)
Year Ended June 30, 2019		20.01		0.11			(1.86	)		(1.75	)		(0.06	)		(1.86	)		(1.92	)
Year Ended June 30, 2018		18.45		0.08	(g)		2.74			2.82			(0.07	)		(1.19	)		(1.26	)
September 9, 2016 (i) through June 30, 2017		16.35		0.07	(g)		2.13			2.20			(0.10	)		—	(f)		(0.10	)

Class R6
Year Ended June 30, 2020		16.40		0.11			(1.12	)		(1.01	)		(0.13	)		(0.01	)		(0.14	)
Year Ended June 30, 2019		20.07		0.12			(1.86	)		(1.74	)		(0.07	)		(1.86	)		(1.93	)
Year Ended June 30, 2018		18.48		0.10	(g)		2.76			2.86			(0.08	)		(1.19	)		(1.27	)
Year Ended June 30, 2017		15.40		0.10	(g)		3.08			3.18			(0.10	)		—	(f)		(0.10	)
Year Ended June 30, 2016		17.29		0.11			(1.23	)		(1.12	)		(0.10	)		(0.67	)		(0.77	)

(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)

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

(f)	Amount rounds to less than $0.005.

(g)	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)	Amount rounds to less than 0.005%.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



80	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (c)(d)			Net assets, end of period (000’s)		Net expenses (e)			Net investment income (loss)			Expenses without waivers, reimbursements and earnings credits			Portfolio turnover rate (c)



$	15.16		(6.55	)%	$	8,042		0.97	%		0.45	%		0.98	%		52	%
	16.32		(8.52	)		6,313		0.97			0.45			0.98			64
	19.98		15.73			5,773		1.01			0.28	(g)		1.04			52
	18.44		13.24			794		1.00			0.89	(g)		1.07			53


	15.20		(6.36	)		6,496		0.81			0.56			0.81			52
	16.34		(8.39	)		11,770		0.81			0.64			0.81			64
	20.01		15.83			6,491		0.85			0.43	(g)		0.86			52
	18.45		13.44			145		0.83			0.51	(g)		0.90			53


	15.25		(6.27	)		255,716		0.71			0.68			0.71			52
	16.40		(8.30	)		435,139		0.71			0.70			0.72			64
	20.07		16.05			455,851		0.71			0.53	(g)		0.72			52
	18.48		20.64			296,577		0.72			0.55	(g)		0.72			53
	15.40		(6.39	)		139,835		0.73			0.71			0.74			49

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	81

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020

1. Organization

The following are 6 separate funds of the Trusts (each, a “Fund” and collectively, the “Funds”) covered by this report:


	Classes Offered	Trust	Diversification Classification
JPMorgan Small Cap Blend Fund	Class A, Class C, Class I and Class R6⁽¹⁾	JPM I	Diversified
JPMorgan Small Cap Core Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Small Cap Equity Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified
JPMorgan Small Cap Growth Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan Small Cap Value Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM II	Diversified
JPMorgan U.S. Small Company Fund	Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6	JPM I	Diversified

⁽¹⁾	Class R6 commenced operations on July 2, 2018 for JPMorgan Small Cap Blend Fund.

The investment objectives of JPMorgan Small Cap Blend Fund (“Small Cap Blend Fund”), JPMorgan Small Cap Core Fund (“Small Cap Core Fund”) and JPMorgan Small Cap Equity Fund (“Small Cap Equity Fund”) are 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 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 for the 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 Funds unless they meet certain requirements as described in the Funds’ prospectuses.

All share classes of the Small Cap Equity Fund are publicly offered only 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 ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

2. Significant Accounting Policies

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.



82	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

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.

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.

•

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments (“SOIs”) (amounts in thousands):

Small Cap Blend Fund


	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	455,744	$	—	$	—		$	455,744
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		17,254		—		—			17,254
Investment of cash collateral from securities loaned		34,262		—		—			34,262

Total Short-Term Investments		51,516		—		—			51,516

Total Investments in Securities	$	507,260	$	—	$	—	(a)	$	507,260


Small Cap Core Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	375,449	$	—	$	—		$	375,449

Appreciation in Other Financial Instruments
Futures Contracts (b)	$	94	$	—	$	—		$	94


Small Cap Equity Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	6,861,797	$	—	$	—		$	6,861,797



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	83

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)


Small Cap Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	3,850,582	$	—	$	—		$	3,850,582
Rights		—		—		—	(a)		—	(a)
Short-Term Investments
Investment Companies		123,428		—		—			123,428
Investment of cash collateral from securities loaned		317,008		—		—			317,008

Total Short-Term Investments		440,436		—		—			440,436

Total Investments in Securities	$	4,291,018	$	—	$	—	(a)	$	4,291,018


Small Cap Value Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Total Investments in Securities (b)	$	1,030,907	$	—	$	—		$	1,030,907

Appreciation in Other Financial Instruments
Futures Contracts (b)	$	279	$	—	$	—		$	279


U.S. Small Company Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs			Total
Investments in Securities
Common Stocks	$	888,265	$	—	$	—		$	888,265
Rights		—		—		165			165
Short-Term Investments
Investment Companies		14,420		—		—			14,420
Investment of cash collateral from securities loaned		91,886		—		—			91,886

Total Short-Term Investments		106,306		—		—			106,306

Total Investments in Securities	$	994,571	$	—	$	165		$	994,736

Appreciation in Other Financial Instruments
Futures Contracts	$	53	$	—	$	—		$	53

(a)	Amount rounds to less than one thousand.

(b)	Please refer to the SOIs for specifics of portfolio holdings.



84	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


	Investment Securities on Loan, at value, Presented on the Statements of Assets and Liabilities		Cash Collateral Posted by Borrower*			Net Amount Due to Counterparty (not less than zero)
Small Cap Blend Fund	$	33,465	$	(33,465	)	$	—
Small Cap Core Fund		23,895		(23,895	)		—
Small Cap Equity Fund		281,563		(281,563	)		—
Small Cap Growth Fund		305,026		(305,026	)		—
Small Cap Value Fund		67,671		(67,671	)		—
U.S. Small Company Fund		89,671		(89,671	)		—

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


Small Cap Blend Fund	$	6
Small Cap Core Fund		5
Small Cap Equity Fund		29
Small Cap Growth Fund		38
Small Cap Value Fund		12
U.S. Small Company Fund		15

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. Underlying Funds’ distributions may be reinvested into the Underlying Funds. Reinvestment amounts are included in the purchase cost amounts in the tables below. Amounts in the tables below are in thousands.

Small Cap Blend Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	12,791	$	175,960	$	171,507	$	5		$	5		$	17,254		17,239	$	169		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		26,008		63,999		62,000		8	*		—	(c)		28,015		28,004		378	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		10,612		173,835		178,200		—			—			6,247		6,247		111	*		—

Total	$	49,411	$	413,794	$	411,707	$	13		$	5		$	51,516			$	658		$	—



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	85

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

Small Cap Core Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	47,070	$	154,081	$	191,976	$	1		$	1	$	9,177		9,169	$	217		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		25,006		60,000		64,000		(3	)*		3		21,006		20,998		381	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		7,388		164,866		168,378		—			—		3,876		3,876		91	*		—

Total	$	79,464	$	378,947	$	424,354	$	(2	)	$	4	$	34,059			$	689		$	—

Small Cap Equity Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	254,743	$	2,199,097	$	2,177,545	$	23		$	85		$	276,403		276,154	$	4,684		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		177,054		1,141,000		1,065,000		57	*		(16	)		253,095		252,994		3,759	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		39,120		939,358		946,430		—			—			32,048		32,048		521	*		—

Total	$	470,917	$	4,279,455	$	4,188,975	$	80		$	69		$	561,546			$	8,964		$	—

Small Cap Growth Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	24,541	$	1,575,737	$	1,476,853	$	(31	)	$	34		$	123,428		123,317	$	869		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		341,079		1,154,000		1,211,000		55	*		(29	)		284,105		283,992		4,553	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		75,263		962,486		1,004,846		—			—			32,903		32,903		638	*		—

Total	$	440,883	$	3,692,223	$	3,692,699	$	24		$	5		$	440,436			$	6,060		$	—



86	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

Small Cap Value Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	35,272	$	554,491	$	574,971	$	4		$	2	$	14,798		14,785	$	472		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		70,028		171,000		177,000		3	*		1		64,032		64,006		1,167	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		23,241		325,523		343,168		—			—		5,596		5,596		222	*		—

Total	$	128,541	$	1,051,014	$	1,095,139	$	7		$	3	$	84,426			$	1,861		$	—

U.S. Small Company Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income			Capital Gain Distributions
JPMorgan Prime Money Market Fund Class IM Shares, 0.47% (a)(b)	$	38,896	$	578,067	$	602,551	$	9		$	(1	)	$	14,420		14,407	$	423		$	—
JPMorgan Securities Lending Money Market Fund Agency SL Class Shares, 0.51% (a)(b)		106,032		212,001		236,000		5	*		(1	)		82,037		82,004		1,387	*		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		25,260		377,153		392,564		—			—			9,849		9,849		267	*		—

Total	$	170,188	$	1,167,221	$	1,231,115	$	14		$	(2	)	$	106,306			$	2,077		$	—

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

(b)	The rate shown is the current yield as of June 30, 2020.

(c)	Amount rounds to less than one thousand.

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

D. Futures Contracts — Small Cap Core Fund, Small Cap Value Fund and U.S. Small Company Fund used index futures contracts to gain or reduce exposure to the stock market, maintain liquidity or minimize transaction costs. The Funds buy futures contracts to invest incoming cash in the market or sell 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 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.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	87

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

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 table below discloses the volume of the Funds’ futures contracts activity during the year ended June 30, 2020 (amounts in thousands):


	Small Cap Core Fund		Small Cap Value Fund		U.S. Small Company Fund
Futures Contracts — Equity:
Average Notional Balance Long	$	11,104	$	24,518	$	24,497
Ending Notional Balance Long		4,524		9,480		5,530

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).

E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when 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.


	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	$	23	$	1	$	5		n/a		n/a			n/a			n/a			n/a		$	—	(a)	$	29
Small Cap Core Fund
Transfer agency fees		4		1		2		n/a	$	—	(a)	$	—	(a)	$	—	(a)	$	7			3			17
Small Cap Equity Fund
Transfer agency fees		248		7		65		n/a		2			—	(a)		—	(a)		16			19			357
Small Cap Growth Fund
Transfer agency fees		45		7		19	$	8		3			1			1			1			50			135
Small Cap Value Fund
Transfer agency fees		9		3		8		n/a		18			4			—	(a)		5			37			84
U.S. Small Company Fund
Transfer agency fees		18		7		11		12		10			1			1			—	(a)		18			78

(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 June 30, 2020, 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, which are generally declared and paid 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



88	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

The following amounts were reclassified within the capital accounts (amounts in thousands):


	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
Small Cap Blend Fund	$	(7	)	$	(135	)	$	142
Small Cap Core Fund		—			812			(812	)
Small Cap Equity Fund		—			(4,820	)		4,820
Small Cap Growth Fund		25,587			(387	)		(25,200	)
Small Cap Value Fund		—			(530	)		530
U.S. Small Company Fund		—	(a)		(288	)		288

(a)	Amount rounds to less than one thousand.

The reclassifications for the Funds relate primarily to investments in partnerships, investments in passive foreign investment companies (“PFICs”), non-taxable dividends, redesignation of distributions and tax equalization.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, 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 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 Core Fund	0.65
Small Cap Equity Fund	0.65
Small Cap Growth Fund	0.65
Small Cap Value Fund	0.65
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 Administration Agreements, the Administrator provides certain administration services to the Funds. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund’s respective average daily net assets, plus 0.050% of each Fund’s respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund’s respective average daily net assets between $20 billion and $25 billion, plus 0.01% of each Fund’s respective average daily net assets in excess of $25 billion. For the year ended June 30, 2020, the effective rate was 0.08% 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.

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


	Class A			Class C			Class R2			Class R3
Small Cap Blend Fund		0.25	%		0.75	%		n/a			n/a
Small Cap Core Fund		0.25			0.75			0.50	%		0.25	%
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 Value Fund		0.25			0.75			0.50			0.25
U.S. Small Company Fund		0.25			0.75			0.50			0.25



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	89

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)


	Front-End Sales Charge		CDSC
Small Cap Blend Fund	$	39	$	—	(a)
Small Cap Core Fund		2		—
Small Cap Equity Fund		8		1
Small Cap Growth Fund		113		—	(a)
Small Cap Value Fund		4		—	(a)
U.S. Small Company Fund		3		—	(a)

(a)	Amount rounds to less than one thousand.


	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	%		n/a			n/a			n/a			n/a			n/a
Small Cap Core Fund		0.25			0.25			0.25			n/a			0.25	%		0.25	%		0.25	%		0.10	%
Small Cap Equity Fund		0.25			0.25			0.25			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
Small Cap Value Fund		0.25			0.25			0.25			n/a			0.25			0.25			0.25			0.10
U.S. Small Company Fund		0.25			0.25			0.25			0.10			0.25			0.25			0.25			0.10

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

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

Small Cap Blend Fund

1.24

1.74

0.99

n/a

0.74

Small Cap Core Fund

1.24

1.74

0.99

n/a

1.49

1.24

0.99

0.80

0.74

Small Cap Equity Fund

n/a

⁽¹⁾

n/a

⁽¹⁾

0.99

n/a

1.49

n/a

⁽¹⁾

0.99

0.80

n/a

⁽¹⁾

Small Cap Growth Fund

1.24

1.74

0.99

n/a

⁽²⁾

1.49

1.24

0.99

0.84

0.74

Small Cap Value Fund

n/a

⁽³⁾

1.74

0.99

n/a

1.49

1.24

0.99

n/a

⁽³⁾

n/a

⁽³⁾

U.S. Small Company Fund

n/a

⁽⁴⁾

n/a

⁽⁴⁾

n/a

⁽⁴⁾

n/a

⁽⁴⁾

n/a

⁽⁴⁾

n/a

⁽⁴⁾

n/a

⁽⁴⁾

n/a

⁽⁴⁾

n/a

⁽⁴⁾

⁽¹⁾	Effective November 1, 2019, the contractual expense limitation for Class A, Class C, Class R3 and Class R6 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 1.24%, 1.74%, 1.24% and 0.74% for Class A, Class C, Class R3 and Class R6 Shares, respectively.

⁽²⁾	Effective November 1, 2019, the contractual expense limitation for Class L Shares expired. Prior to November 1, 2019, the contractual expense limitation was 0.85% for Class L Shares.

⁽³⁾	Effective November 1, 2019, the contractual expense limitation for Class A, Class R5 and Class R6 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 1.24%, 0.84% and 0.74% for Class A, Class R5 and Class R6 Shares, respectively.



90	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

⁽⁴⁾

Effective November 1, 2019, the contractual expense limitation for Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares expired. Prior to November 1, 2019, the contractual expense limitation was 1.26%, 1.76%, 1.01%, 0.83%, 1.51%, 1.26%, 1.01%, 0.86% and 0.76% for Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively.

The expense limitation agreements were in effect for the year ended June 30, 2020. The contractual expense limitation percentages are in place until at least October 31, 2020.


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
Small Cap Blend Fund	$	133	$	89	$	29	$	251	$	—
Small Cap Core Fund		141		94		87		322		3
Small Cap Equity Fund		38		24		559		621		—
Small Cap Growth Fund		303		199		77		579		50
Small Cap Value Fund		59		38		68		165		8
U.S. Small Company Fund		—		—		1		1		—

The amount of waivers resulting from investments in these money market funds for the year ended June 30, 2020 was as follows (amounts in thousands):


Small Cap Blend Fund	$	15
Small Cap Core Fund		18
Small Cap Equity Fund		380
Small Cap Growth Fund		74
Small Cap Value Fund		40
U.S. Small Company Fund		35

During the year ended June 30, 2020, the Small Cap Blend Fund, Small Cap Core Fund, Small Cap Equity Fund, Small Cap Growth 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.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	91

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

4. Investment Transactions

During the year ended June 30, 2020, purchases and sales of investments (excluding short-term investments and transfers in-kind) were as follows (amounts in thousands):


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)
Small Cap Blend Fund	$	308,432	$	185,410
Small Cap Core Fund		408,471		429,241
Small Cap Equity Fund		2,002,726		1,413,843
Small Cap Growth Fund		2,053,845		1,604,817
Small Cap Value Fund		518,784		887,719
U.S. Small Company Fund		607,592		932,150

During the year ended June 30, 2020, there were no purchases or sales of U.S. Government securities.

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2020 were as follows (amounts in thousands):


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Small Cap Blend Fund	$	472,490	$	80,544	$	45,774	$	34,770
Small Cap Core Fund		371,438		43,505		39,400		4,105
Small Cap Equity Fund		5,155,091		2,037,348		330,642		1,706,706
Small Cap Growth Fund		3,404,804		1,063,769		177,555		886,214
Small Cap Value Fund		1,067,144		134,315		170,273		(35,958	)
U.S. Small Company Fund		962,841		156,867		124,920		31,947

The tax character of distributions paid during the year ended June 30, 2020 was as follows (amounts in thousands):


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Small Cap Blend Fund	$	1,416	$	11,873	$	13,289
Small Cap Core Fund		3,466		16,618		20,084
Small Cap Equity Fund		35,363		286,303		321,666
Small Cap Growth Fund		7,006		166,240		173,246
Small Cap Value Fund		14,435		69,340		83,775
U.S. Small Company Fund		7,802		518		8,320

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2019 was as follows (amounts in thousands):


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Small Cap Blend Fund	$	8,571	$	50,655	$	59,226
Small Cap Core Fund		6,092		18,104		24,196
Small Cap Equity Fund		36,602		374,705		411,307
Small Cap Growth Fund		53,918		194,078		247,996
Small Cap Value Fund		27,972		191,083		219,055
U.S. Small Company Fund		59,623		102,260		161,883

*	Short-term gain distributions are treated as ordinary income for income tax purposes.



92	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

As of June 30, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows (amounts in thousands):


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)			Unrealized Appreciation (Depreciation)
Small Cap Blend Fund	$	1,533	$	3,481		$	34,770
Small Cap Core Fund		1,782		(2,830	)		4,105
Small Cap Equity Fund		11,059		376			1,706,706
Small Cap Growth Fund		13,604		153,370			886,214
Small Cap Value Fund		328		(31,857	)		(35,958	)
U.S. Small Company Fund		2,145		(251	)		31,947

For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals, investments in passive foreign investment companies (“PFICs”), non-taxable dividends, post-October capital loss deferrals and late year ordinary loss deferrals.

As of June 30, 2020, the following Funds had the following net capital loss carryforwards (amounts in thousands):


	Capital Loss Carryforward
	Short-Term		Long-Term
Small Cap Core Fund	$	2,830	$	—
Small Cap Value Fund		31,857		—
U.S. Small Company Fund		251		—

Late year ordinary losses incurred after December 31 as well as net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of Funds’ next taxable year. For the year ended June 30, 2020, the following Funds deferred to July 1, 2020 late year ordinary losses and post-October capital losses of (amounts in thousands):


	Net Capital Losses				Late Year Ordinary Loss Deferral
	Short-Term		Long-Term		Late Year Ordinary Loss Deferral
Small Cap Blend Fund	$	3,542	$	—	$	—
Small Cap Core Fund		20,567		5,235		—
Small Cap Equity Fund		63,340		195,533		—
Small Cap Growth Fund		—		—		5,268
Small Cap Value Fund		26,943		—		—
U.S. Small Company Fund		15,756		—		—

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 at June 30, 2020. Average borrowings from the Facility during the year ended

June 30, 2020 were as follows (amounts in thousands, except number of days outstanding):


	Average Borrowings		Average Interest Rate Paid			Number of Days Outstanding		Interest Paid
U.S. Small Company Fund	$	2,818		0.79	%		3	$	—	(a)

(a)	Amount rounds to less than one thousand.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	93

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2020.

The Funds did not utilize the Credit Facility during the year ended June 30, 2020.

7. Risks, Concentrations and Indemnifications

As of June 30, 2020, the Funds had individual shareholder and/or non-affiliated omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:


	Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
Small Cap Blend Fund		2		63.3	%
Small Cap Core Fund		2		54.1
Small Cap Equity Fund		3		44.7
Small Cap Growth Fund		1		17.1
U.S. Small Company Fund		2		32.3

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


	J.P. Morgan Investor Funds			JPMorgan SmartRetirement Funds
Small Cap Value Fund		17.9	%		18.8	%

Because the Funds may invest a significant portion of their assets 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.

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.



94	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

possible that commencing in 2022, LIBOR may no longer be available or no longer deemed an appropriate reference rate upon which to determine the interest rate on or impacting certain loans, notes, derivatives and other instruments or investments comprising some or all of a Fund’s portfolio. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative reference rates to be used in place of LIBOR. There is no assurance that the composition or characteristics of 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 or unavailability, which may affect the value or liquidity or return on certain investments of a Fund and result in costs incurred in connection with closing out positions and entering into new trades. These risks may also apply with respect to changes in connection with other interbank offering rates (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.

The Funds are subject to infectious disease epidemics/pandemics risk. Recently, the worldwide outbreak of COVID-19, a novel coronavirus disease, 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 exchange trading suspensions and closures may continue to have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, negatively impact a Fund’s arbitrage and pricing mechanisms, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. The Funds’ operations may be interrupted as a result, which may have a significant negative impact on investment performance. In addition, governments, their regulatory agencies, or self-regulatory organizations 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 full impact of this COVID-19 pandemic, or other future epidemics/pandemics, is currently unknown.

8. Subscription in-kind

On April 3, 2019, certain shareholders purchased Class R6 Shares of U.S. Small Company Fund. The portfolio securities were received primarily by means of a subscription in-kind in exchange for shares of the Fund. Portfolio securities were transferred as detailed below (amounts in thousands):


Value	Type
$13,799		Subscription in-kind

9. Subsequent Events

On August 11, 2020, the contractual expense limitations for the share classes shown below of the Funds were extended until at least October 31, 2021.

Small Cap Blend Fund: Class A, Class C, Class I & Class R6

Small Cap Core Fund: Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 & Class R6

Small Cap Equity Fund: Class I, Class R2, Class R4 & Class R5

Small Cap Growth Fund: Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 & Class R6

Small Cap Value Fund: Class C, Class I, Class R2, Class R3 & Class R4



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	95

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and JPMorgan Trust II and Shareholders of JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Core Fund, JPMorgan Small Cap Equity Fund, JPMorgan Small Cap Growth Fund, JPMorgan Small Cap Value Fund and JPMorgan U.S. Small Company Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Small Cap Blend Fund, JPMorgan Small Cap Core Fund, JPMorgan Small Cap Equity Fund and JPMorgan U.S. Small Company Fund (four of the funds constituting JPMorgan Trust I) and JPMorgan Small Cap Growth Fund and JPMorgan Small Cap Value Fund (two of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2020

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.



96	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

TRUSTEES

(Unaudited)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Chairman since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	126	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	126	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None

Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	97

TRUSTEES

(Unaudited) (continued)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None

Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None

Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None

Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



98	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

(1)	The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

(2)

**	A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

***

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	99

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trusts (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.

Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Anthony Geron (1971), Assistant Secretary (2018)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.

Carmine Lekstutis (1980), Assistant Secretary (2011)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Keri E. Riemer (1976), Assistant Secretary (2019)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.

Shannon Gaines (1977), Assistant Treasurer (2018)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

*	The contact address for the officer is 4 New York Plaza, New York, NY 10004.

**	The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.



100	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of each Fund 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. 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.


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Blend Fund
Class A
Actual	$	1,000.00	$	922.70	$	5.93		1.24	%
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class C
Actual		1,000.00		920.00		8.31		1.74
Hypothetical		1,000.00		1,016.21		8.72		1.74
Class I
Actual		1,000.00		923.60		4.73		0.99
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class R6
Actual		1,000.00		924.60		3.54		0.74
Hypothetical		1,000.00		1,021.18		3.72		0.74

JPMorgan Small Cap Core Fund
Class A
Actual		1,000.00		820.70		5.61		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class C
Actual		1,000.00		818.70		7.87		1.74
Hypothetical		1,000.00		1,016.21		8.72		1.74
Class I
Actual		1,000.00		821.70		4.48		0.99
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class R2
Actual		1,000.00		819.60		6.74		1.49
Hypothetical		1,000.00		1,017.45		7.47		1.49
Class R3
Actual		1,000.00		820.80		5.61		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	101

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Core Fund (continued)
Class R4
Actual	$	1,000.00	$	821.80	$	4.48		0.99	%
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class R5
Actual		1,000.00		822.40		3.62		0.80
Hypothetical		1,000.00		1,020.89		4.02		0.80
Class R6
Actual		1,000.00		822.80		3.35		0.74
Hypothetical		1,000.00		1,021.18		3.72		0.74

JPMorgan Small Cap Equity Fund
Class A
Actual		1,000.00		895.70		6.03		1.28
Hypothetical		1,000.00		1,018.50		6.42		1.28
Class C
Actual		1,000.00		893.90		8.19		1.74
Hypothetical		1,000.00		1,016.21		8.72		1.74
Class I
Actual		1,000.00		897.10		4.62		0.98
Hypothetical		1,000.00		1,019.99		4.92		0.98
Class R2
Actual		1,000.00		894.90		7.02		1.49
Hypothetical		1,000.00		1,017.45		7.47		1.49
Class R3
Actual		1,000.00		896.00		5.80		1.23
Hypothetical		1,000.00		1,018.75		6.17		1.23
Class R4
Actual		1,000.00		897.10		4.62		0.98
Hypothetical		1,000.00		1,019.99		4.92		0.98
Class R5
Actual		1,000.00		897.90		3.78		0.80
Hypothetical		1,000.00		1,020.89		4.02		0.80
Class R6
Actual		1,000.00		898.10		3.49		0.74
Hypothetical		1,000.00		1,021.18		3.72		0.74

JPMorgan Small Cap Growth Fund
Class A
Actual		1,000.00		1,080.30		6.41		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class C
Actual		1,000.00		1,077.40		8.99		1.74
Hypothetical		1,000.00		1,016.21		8.72		1.74
Class I
Actual		1,000.00		1,081.90		5.12		0.99
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class L
Actual		1,000.00		1,082.40		4.35		0.84
Hypothetical		1,000.00		1,020.69		4.22		0.84
Class R2
Actual		1,000.00		1,079.20		7.70		1.49
Hypothetical		1,000.00		1,017.45		7.47		1.49
Class R3
Actual		1,000.00		1,079.90		6.41		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24



102	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Small Cap Growth Fund (continued)
Class R4
Actual	$	1,000.00	$	1,081.60	$	5.12		0.99	%
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class R5
Actual		1,000.00		1,082.30		4.35		0.84
Hypothetical		1,000.00		1,020.69		4.22		0.84
Class R6
Actual		1,000.00		1,082.90		3.83		0.74
Hypothetical		1,000.00		1,021.18		3.72		0.74

JPMorgan Small Cap Value Fund
Class A
Actual		1,000.00		777.70		5.57		1.26
Hypothetical		1,000.00		1,018.60		6.32		1.26
Class C
Actual		1,000.00		776.10		7.68		1.74
Hypothetical		1,000.00		1,016.21		8.72		1.74
Class I
Actual		1,000.00		779.20		4.38		0.99
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class R2
Actual		1,000.00		777.20		6.58		1.49
Hypothetical		1,000.00		1,017.45		7.47		1.49
Class R3
Actual		1,000.00		778.00		5.48		1.24
Hypothetical		1,000.00		1,018.70		6.22		1.24
Class R4
Actual		1,000.00		779.20		4.38		0.99
Hypothetical		1,000.00		1,019.94		4.97		0.99
Class R5
Actual		1,000.00		779.40		3.80		0.86
Hypothetical		1,000.00		1,020.59		4.32		0.86
Class R6
Actual		1,000.00		779.80		3.36		0.76
Hypothetical		1,000.00		1,021.08		3.82		0.76

JPMorgan U.S. Small Company Fund
Class A
Actual		1,000.00		855.30		5.63		1.22
Hypothetical		1,000.00		1,018.80		6.12		1.22
Class C
Actual		1,000.00		853.30		7.97		1.73
Hypothetical		1,000.00		1,016.26		8.67		1.73
Class I
Actual		1,000.00		856.70		4.43		0.96
Hypothetical		1,000.00		1,020.09		4.82		0.96
Class L
Actual		1,000.00		857.10		3.74		0.81
Hypothetical		1,000.00		1,020.84		4.07		0.81
Class R2
Actual		1,000.00		854.30		6.73		1.46
Hypothetical		1,000.00		1,017.60		7.32		1.46
Class R3
Actual		1,000.00		855.50		5.58		1.21
Hypothetical		1,000.00		1,018.85		6.07		1.21



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	103

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan U.S. Small Company Fund (continued)
Class R4
Actual	$	1,000.00	$	856.50	$	4.43		0.96	%
Hypothetical		1,000.00		1,020.09		4.82		0.96
Class R5
Actual		1,000.00		857.30		3.69		0.80
Hypothetical		1,000.00		1,020.89		4.02		0.80
Class R6
Actual		1,000.00		858.20		3.28		0.71
Hypothetical		1,000.00		1,021.33		3.57		0.71

*	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).



104	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds has adopted the J.P. Morgan Funds Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the 1940 Act (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Boards of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquidity Investment Minimum (“HLIM”) established for a Fund and any material changes to the Program.



JUNE 30, 2020	J.P. MORGAN SMALL CAP FUNDS	105

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)


	Dividends Received Deduction
JPMorgan Small Cap Blend Fund		100.00	%
JPMorgan Small Cap Core Fund		100.00
JPMorgan Small Cap Equity Fund		100.00
JPMorgan Small Cap Growth Fund		100.00
JPMorgan Small Cap Value Fund		100.00
JPMorgan U.S. Small Company Fund		100.00

Long Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2020 (amounts in thousands):


	Long-Term Capital Gain Distribution
JPMorgan Small Cap Blend Fund	$	11,889
JPMorgan Small Cap Core Fund		16,618
JPMorgan Small Cap Equity Fund		286,303
JPMorgan Small Cap Growth Fund		191,811
JPMorgan Small Cap Value Fund		69,340
JPMorgan U.S. Small Company Fund		518

Qualified Dividend Income (QDI)


	Qualified Dividend Income
JPMorgan Small Cap Blend Fund	$	1,416
JPMorgan Small Cap Core Fund		3,466
JPMorgan Small Cap Equity Fund		35,363
JPMorgan Small Cap Growth Fund		7,006
JPMorgan Small Cap Value Fund		14,435
JPMorgan U.S. Small Company Fund		7,802



106	J.P. MORGAN SMALL CAP FUNDS	JUNE 30, 2020

LOGO

Rev. January 2011



FACTS		WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?


Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.



Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share



Questions?		Call 1-800-480-4111 or go to www.jpmorganfunds.com

LOGO



Page 2



Who we are
Who is providing this notice?		J.P. Morgan Funds



What we do
How does J.P. Morgan Funds protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?		We collect your personal information, for example, when you: ◾ open an account or provide contact information ◾ give us your account information or pay us by check ◾ make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?		Federal law gives you the right to limit only ◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾ affiliates from using your information to market to you ◾ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.



Definitions
Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing		A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾ J.P. Morgan Funds doesn’t jointly market.

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.

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.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2020. All rights reserved. June 2020.		AN-SC-620

Annual Report

JPMorgan SmartRetirement^® Funds

June 30, 2020

JPMorgan SmartRetirement^® Income Fund

JPMorgan SmartRetirement^® 2020 Fund

JPMorgan SmartRetirement^® 2025 Fund

JPMorgan SmartRetirement^® 2030 Fund

JPMorgan SmartRetirement^® 2035 Fund

JPMorgan SmartRetirement^® 2040 Fund

JPMorgan SmartRetirement^® 2045 Fund

JPMorgan SmartRetirement^® 2050 Fund

JPMorgan SmartRetirement^® 2055 Fund

JPMorgan SmartRetirement^® 2060 Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

LOGO

CONTENTS


Letter to Shareholders			1

Fund Facts			2

Funds Commentary			4

Schedules of Portfolio Investments			25

Financial Statements			46

Financial Highlights			70

Notes to Financial Statements			90

Report of Independent Registered Public Accounting Firm			120

Trustees			121

Officers			124

Schedule of Shareholder Expenses			125

Liquidity Risk Management Program			131

Tax Letter			132

Privacy Policy — Located at the back of this Annual Report

LETTER TO SHAREHOLDERS

July 28, 2020 (Unaudited)

Dear Shareholders,

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	1

JPMorgan SmartRetirement^® Funds

FUND FACTS

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


Fund	Fund Return*		Broad Based Securities Market Index Return		Broad Based Securities Market Index Name	Fund Net Assets as of June 30, 2020
JPMorgan SmartRetirement^® Income Fund		3.01%		5.40%	S&P Target Date Retirement Income Index	$	2,670,685,960

JPMorgan SmartRetirement^® 2020 Fund		3.13%		4.33%	S&P Target Date 2020 Index	$	4,594,061,170

JPMorgan SmartRetirement^® 2025 Fund		2.37%		3.66%	S&P Target Date 2025 Index	$	6,311,183,740

JPMorgan SmartRetirement^® 2030 Fund		1.68%		2.92%	S&P Target Date 2030 Index	$	6,933,637,857

JPMorgan SmartRetirement^® 2035 Fund		1.31%		2.12%	S&P Target Date 2035 Index	$	5,479,548,377

JPMorgan SmartRetirement^® 2040 Fund		0.96%		1.56%	S&P Target Date 2040 Index	$	5,309,095,266

JPMorgan SmartRetirement^® 2045 Fund		0.43%		1.20%	S&P Target Date 2045 Index	$	3,827,410,295

JPMorgan SmartRetirement^® 2050 Fund		0.41%		1.05%	S&P Target Date 2050 Index	$	3,447,285,475

JPMorgan SmartRetirement^® 2055 Fund		0.34%		0.89%	S&P Target Date 2055 Index	$	1,676,016,510

JPMorgan SmartRetirement^® 2060 Fund		0.20%		1.08%	S&P Target Date 2060+ Index	$	278,622,046

Returns for the JPMorgan SmartRetirement 2025 Fund, JPMorgan SmartRetirement 2035 Fund, JPMorgan SmartRetirement 2055 Fund and JPMorgan SmartRetirement 2060 Fund are based on Class I Shares. The remaining JPMorgan SmartRetirement Funds’ returns are based on Class R5 Shares.



2	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

Portfolio Composition by Asset Class*


JPMorgan SmartRetirement Income Fund
Fixed Income	63.6	%
U.S. Equity	16.4
International Equity	13.8
Short-Term Investments	3.4
Alternative Assets	1.8
U.S. Treasury Obligations	1.0

JPMorgan SmartRetirement 2020 Fund
Fixed Income	61.3	%
U.S. Equity	17.7
International Equity	14.8
Short-Term Investments	3.2
Alternative Assets	2.0
U.S. Treasury Obligations	1.0

JPMorgan SmartRetirement 2025 Fund
Fixed Income	49.7	%
U.S. Equity	23.6
International Equity	20.9
Alternative Assets	2.8
Short-Term Investments	1.8
U.S. Treasury Obligations	1.2

JPMorgan SmartRetirement 2030 Fund
Fixed Income	37.3	%
U.S. Equity	29.3
International Equity	26.0
Alternative Assets	3.5
Short-Term Investments	2.7
U.S. Treasury Obligations	1.2

JPMorgan SmartRetirement 2035 Fund
U.S. Equity	37.2	%
International Equity	30.4
Fixed Income	25.4
Alternative Assets	3.9
Short-Term Investments	1.6
U.S. Treasury Obligations	1.5

JPMorgan SmartRetirement 2040 Fund
U.S. Equity	42.1	%
International Equity	33.6
Fixed Income	16.5
Alternative Assets	4.5
Short-Term Investments	1.8
U.S. Treasury Obligations	1.5



JPMorgan SmartRetirement 2045 Fund
U.S. Equity	46.0	%
International Equity	35.9
Fixed Income	9.3
Alternative Assets	4.9
Short-Term Investments	2.4
U.S. Treasury Obligations	1.5

JPMorgan SmartRetirement 2050 Fund
U.S. Equity	45.6	%
International Equity	35.5
Fixed Income	9.3
Alternative Assets	4.8
Short-Term Investments	3.2
U.S. Treasury Obligations	1.6

JPMorgan SmartRetirement 2055 Fund
U.S. Equity	45.1	%
International Equity	35.5
Fixed Income	9.5
Alternative Assets	4.7
Short-Term Investments	3.5
U.S. Treasury Obligations	1.7

JPMorgan SmartRetirement 2060 Fund
U.S. Equity	44.8	%
International Equity	33.6
Fixed Income	9.2
Short-Term Investments	5.7
Alternative Assets	4.8
U.S. Treasury Obligations	1.9

The percentages indicated are based on total investments as of June 30, 2020. Each Fund’s portfolio composition is subject to change.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	3

JPMorgan SmartRetirement^® Funds

FUNDS COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

INVESTMENT OBJECTIVES*

The JPMorgan SmartRetirement^® Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement^® Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

HOW DID THE MARKET PERFORM?

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

Each of the JPMorgan SmartRetirement Funds (Class I Shares or Class R5 Shares) underperformed their respective S&P Target Date Indexes (the “Benchmarks”) for the twelve months ended June 30, 2020.

In terms of manager selection, the Funds’ investments in the JPMorgan Value Advantage Fund, the JPMorgan Core Plus Fund and the JPMorgan High Yield Fund detracted from performance relative to each Fund’s respective Benchmark. The Funds’ investments in the JPMorgan U.S. Equity Fund, the JPMorgan International Equity Fund, the JPMorgan Emerging Markets Equity Fund and the JPMorgan Realty Income Fund were leading contributors to relative performance.

From a strategic perspective, relative to their respective Benchmarks, the Funds’ lower allocations to U.S. large cap equity and their higher allocations to international developed markets equity, emerging markets equity and real estate investment trusts detracted from performance. The Funds’ higher strategic allocations to high yield debt (also known as “junk bonds”) and emerging markets debt also detracted from performance relative to their respective Benchmarks.

From a tactical perspective, the Funds’ allocation to cash in 2019, in the form of short-term money market securities, and its overweight allocation to equity in February 2020 detracted from performance, while the Funds’ allocation to U.S. large cap equity was the leading contributor to performance.

Strategic asset allocation involves setting long-term target allocations to various asset classes and periodically rebalancing the portfolio in accordance with those targets. Tactical asset allocation generally involves a more active trading approach and seeks to take advantage of short-to-intermediate term investment opportunities.

HOW WERE THE FUNDS POSITIONED?

The Funds invested in underlying J.P. Morgan Funds (“underlying funds”) to implement the Funds’ portfolio managers’ asset allocation decisions. The Funds’ portfolio managers used a systematic screening and selection process to choose the underlying funds in their construction of the portfolios. Relative to their respective Benchmarks, the Funds invested across a broader range of asset classes.

The Funds’ portfolio managers believed that this diversification would help shield the Funds from market volatility and contribute to the Funds’ long-term risk-adjusted returns. In addition, they sought to invest in asset classes that have had historically lower correlations to the broader fixed income and equity markets. The Funds’ portfolio managers also used futures contracts to help manage cash flows and implement tactical asset allocations.

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



4	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement^® Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge*			(1.80	)%		3.11	%		5.03	%
Without Sales Charge			2.80			4.06			5.52
CLASS C SHARES	May 15, 2006
With CDSC**			1.10			3.39			4.83
Without CDSC			2.10			3.39			4.83
CLASS I SHARES	May 15, 2006		2.86			4.16			5.62
CLASS R2 SHARES	November 3, 2008		2.29			3.66			5.19
CLASS R3 SHARES	September 9, 2016		2.57			3.90			5.44
CLASS R4 SHARES	September 9, 2016		2.81			4.11			5.60
CLASS R5 SHARES	May 15, 2006		3.01			4.28			5.76
CLASS R6 SHARES	November 3, 2014		3.12			4.37			5.81

Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

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 lower than those shown because Class R3 Shares have higher 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 lower than those shown because Class R4 Shares have higher expenses than 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 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 $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement Income Fund and the S&P Target Date Retirement Income Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date Retirement Income Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to

June 1, 2017, the S&P Target Date Retirement Income Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date Retirement Income Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date Retirement Income Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date Retirement Income Index was discontinued. As a result, performance for the S&P Target Date Retirement Income Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R5 Shares do not have a minimum initial investment.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	5

JPMorgan SmartRetirement^® Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)



6	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement^® 2020 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge*			(1.77	)%		3.72	%		6.98	%
Without Sales Charge			2.87			4.68			7.47
CLASS C SHARES	May 15, 2006
With CDSC**			1.26			4.03			6.78
Without CDSC			2.26			4.03			6.78
CLASS I SHARES	May 15, 2006		3.01			4.81			7.59
CLASS R2 SHARES	November 3, 2008		2.47			4.31			7.15
CLASS R3 SHARES	September 9, 2016		2.75			4.54			7.40
CLASS R4 SHARES	September 9, 2016		2.94			4.77			7.57
CLASS R5 SHARES	May 15, 2006		3.13			4.93			7.73
CLASS R6 SHARES	November 3, 2014		3.23			5.02			7.78

Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement 2020 Fund and the S&P Target Date 2020 Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2020 Index does not reflect the deduction of expenses or a sales charge associated

with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2020 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2020 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2020 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2020 Index was discontinued. As a result, performance for the S&P Target Date 2020 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R5 Shares do not have a minimum initial investment.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	7

JPMorgan SmartRetirement^® 2020 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)



8	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement^® 2025 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 2007
With Sales Charge*			(2.40	)%		3.99	%		7.69	%
Without Sales Charge			2.22			4.96			8.18
CLASS C SHARES	July 31, 2007
With CDSC**			0.62			4.31			7.49
Without CDSC			1.62			4.31			7.49
CLASS I SHARES	July 31, 2007		2.37			5.09			8.30
CLASS R2 SHARES	November 3, 2008		1.86			4.61			7.86
CLASS R3 SHARES	September 9, 2016		2.07			4.85			8.13
CLASS R4 SHARES	September 9, 2016		2.37			5.06			8.29
CLASS R5 SHARES	July 31, 2007		2.51			5.22			8.46
CLASS R6 SHARES	November 3, 2014		2.61			5.32			8.51

Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartRetirement 2025 Fund and the S&P Target Date 2025 Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2025 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target

Date 2025 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2025 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2025 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2025 Index was discontinued. As a result, performance for the S&P Target Date 2025 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

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



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	9

JPMorgan SmartRetirement^® 2025 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)



10	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement^® 2030 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge*			(3.18	)%		4.20	%		8.18	%
Without Sales Charge			1.39			5.16			8.68
CLASS C SHARES	May 15, 2006
With CDSC**			(0.27	)		4.50			7.99
Without CDSC			0.73			4.50			7.99
CLASS I SHARES	May 15, 2006		1.49			5.30			8.80
CLASS R2 SHARES	November 3, 2008		1.03			4.81			8.37
CLASS R3 SHARES	September 9, 2016		1.25			5.06			8.63
CLASS R4 SHARES	September 9, 2016		1.54			5.29			8.80
CLASS R5 SHARES	May 15, 2006		1.68			5.44			8.96
CLASS R6 SHARES	November 3, 2014		1.73			5.53			9.00

Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement 2030 Fund and the S&P Target Date 2030 Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2030 Index does not reflect the deduction of expenses or a sales charge associated

with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2030 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2030 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2030 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2030 Index was discontinued. As a result, performance for the S&P Target Date 2030 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R5 Shares do not have a minimum initial investment.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	11

JPMorgan SmartRetirement^® 2030 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)



12	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement^® 2035 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 2007
With Sales Charge*			(3.40	)%		4.22	%		8.56	%
Without Sales Charge			1.14			5.19			9.07
CLASS C SHARES	July 31, 2007
With CDSC**			(0.44	)		4.55			8.38
Without CDSC			0.56			4.55			8.38
CLASS I SHARES	July 31, 2007		1.31			5.34			9.19
CLASS R2 SHARES	November 3, 2008		0.79			4.85			8.75
CLASS R3 SHARES	September 9, 2016		1.07			5.08			9.01
CLASS R4 SHARES	September 9, 2016		1.30			5.32			9.18
CLASS R5 SHARES	July 31, 2007		1.50			5.48			9.35
CLASS R6 SHARES	November 3, 2014		1.55			5.58			9.40

Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartRetirement 2035 Fund and the S&P Target Date 2035 Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2035 Index does not reflect the deduction of expenses or a sales charge

associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2035 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2035 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2035 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2035 Index was discontinued. As a result, performance for the S&P Target Date 2035 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

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



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	13

JPMorgan SmartRetirement^® 2035 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)



14	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement^® 2040 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	May 15, 2006
With Sales Charge*			(3.88	)%		4.37	%		8.73	%
Without Sales Charge			0.66			5.33			9.24
CLASS C SHARES	May 15, 2006
With CDSC**			(0.92	)		4.69			8.56
Without CDSC			0.08			4.69			8.56
CLASS I SHARES	May 15, 2006		0.87			5.49			9.37
CLASS R2 SHARES	November 3, 2008		0.30			4.99			8.93
CLASS R3 SHARES	September 9, 2016		0.57			5.23			9.18
CLASS R4 SHARES	September 9, 2016		0.82			5.46			9.36
CLASS R5 SHARES	May 15, 2006		0.96			5.61			9.52
CLASS R6 SHARES	November 3, 2014		1.06			5.71			9.58

Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement 2040 Fund and the S&P Target Date 2040 Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2040 Index does not reflect the deduction of expenses or a sales charge associated

with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2040 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2040 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2040 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2040 Index was discontinued. As a result, performance for the S&P Target Date 2040 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R5 Shares do not have a minimum initial investment.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	15

JPMorgan SmartRetirement^® 2040 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)



16	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement^® 2045 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 2007
With Sales Charge*			(4.37	)%		4.30	%		8.70	%
Without Sales Charge			0.12			5.26			9.21
CLASS C SHARES	July 31, 2007
With CDSC**			(1.50	)		4.62			8.51
Without CDSC			(0.50	)		4.62			8.51
CLASS I SHARES	July 31, 2007		0.29			5.41			9.33
CLASS R2 SHARES	November 3, 2008		(0.24	)		4.92			8.88
CLASS R3 SHARES	September 9, 2016		0.04			5.16			9.15
CLASS R4 SHARES	September 9, 2016		0.28			5.38			9.32
CLASS R5 SHARES	July 31, 2007		0.43			5.55			9.48
CLASS R6 SHARES	November 3, 2014		0.48			5.64			9.53

Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement 2045 Fund and the S&P Target Date 2045 Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2045 Index does not reflect the deduction of expenses or a sales charge associated

with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2045 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2045 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2045 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2045 Index was discontinued. As a result, performance for the S&P Target Date 2045 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R5 Shares do not have a minimum initial investment.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	17

JPMorgan SmartRetirement^® 2045 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)



18	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement^® 2050 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	July 31, 2007
With Sales Charge*			(4.41	)%		4.30	%		8.72	%
Without Sales Charge			0.11			5.27			9.22
CLASS C SHARES	July 31, 2007
With CDSC**			(1.47	)		4.62			8.54
Without CDSC			(0.47	)		4.62			8.54
CLASS I SHARES	July 31, 2007		0.27			5.41			9.35
CLASS R2 SHARES	November 3, 2008		(0.25	)		4.91			8.90
CLASS R3 SHARES	September 9, 2016		0.02			5.16			9.16
CLASS R4 SHARES	September 9, 2016		0.27			5.39			9.33
CLASS R5 SHARES	July 31, 2007		0.41			5.54			9.50
CLASS R6 SHARES	November 3, 2014		0.51			5.64			9.56

Sales Charge for Class A Shares is 4.50%.

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

TEN YEAR PERFORMANCE (6/30/10 TO 6/30/20)

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan SmartRetirement 2050 Fund and the S&P Target Date 2050 Index from June 30, 2010 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2050 Index does not reflect the deduction of expenses or a sales charge associated

with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2050 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2050 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2050 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2050 Index was discontinued. As a result, performance for the S&P Target Date 2050 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R5 Shares do not have a minimum initial investment.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	19

JPMorgan SmartRetirement^® 2050 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)



20	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement^® 2055 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS A SHARES	January 31, 2012
With Sales Charge*			(4.37	)%		4.31	%		7.65	%
Without Sales Charge			0.13			5.28			8.25
CLASS C SHARES	January 31, 2012
With CDSC**			(1.42	)		4.64			7.57
Without CDSC			(0.42	)		4.64			7.57
CLASS I SHARES	January 31, 2012		0.34			5.43			8.38
CLASS R2 SHARES	January 31, 2012		(0.18	)		4.94			7.93
CLASS R3 SHARES	September 9, 2016		0.09			5.19			8.19
CLASS R4 SHARES	September 9, 2016		0.33			5.41			8.37
CLASS R5 SHARES	January 31, 2012		0.48			5.56			8.53
CLASS R6 SHARES	November 3, 2014		0.58			5.67			8.60

Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (1/31/12 TO 6/30/20)

The Fund commenced operations on January 31, 2012.

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 lower than those shown because Class R3 Shares have higher 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 return for Class R4 Shares would have been lower than those shown because Class R4 Shares have higher expenses than 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 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 SmartRetirement 2055 Fund and the S&P Target Date 2055 Index from January 31, 2012 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2055 Index does not reflect the deduction of expenses or a sales charge

associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2055 Index was previously adjusted to remove the impact of ETF fees) and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2055 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2055 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2055 Index was discontinued. As a result, performance for the S&P Target Date 2055 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

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



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	21

JPMorgan SmartRetirement^® 2055 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)



22	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement^® 2060 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			SINCE INCEPTION
CLASS A SHARES	August 31, 2016
With Sales Charge*			(4.49	)%		5.55	%
Without Sales Charge			0.03			6.83
CLASS C SHARES	August 31, 2016
With CDSC**			(1.56	)		6.19
Without CDSC			(0.56	)		6.19
CLASS I SHARES	August 31, 2016		0.20			6.99
CLASS R2 SHARES	August 31, 2016		(0.39	)		6.45
CLASS R3 SHARES	September 9, 2016		(0.07	)		6.70
CLASS R4 SHARES	September 9, 2016		0.12			6.96
CLASS R5 SHARES	August 31, 2016		0.26			7.11
CLASS R6 SHARES	August 31, 2016		0.41			7.24

Sales Charge for Class A Shares is 4.50%.

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

LIFE OF FUND PERFORMANCE (8/31/16 TO 6/30/20)

The Fund commenced operations on August 31, 2016.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan SmartRetirement 2060 Fund and the S&P Target Date 2060+ Index from August 31, 2016 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2060+ Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund (except prior to June 1, 2017, the S&P Target Date 2060+ Index was previously adjusted to remove the impact of ETF fees)

and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2060+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2060+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2060+ Index was discontinued. As a result, performance for the S&P Target Date 2060+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

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



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	23

JPMorgan SmartRetirement^® 2060 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)



24	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 94.3%

Alternative Assets — 1.4%

JPMorgan Realty Income Fund Class R6 Shares (a)		3,013,233		36,912,103


Fixed Income — 63.0%

JPMorgan Core Bond Fund Class R6 Shares (a)		51,310,646		635,225,792

JPMorgan Corporate Bond Fund Class R6 Shares (a)		12,502,715		133,654,023

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		3,050,764		23,246,826

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		2,975,480		22,732,671

JPMorgan Floating Rate Income Fund Class R6 Shares (a)		3,863,753		32,571,439

JPMorgan High Yield Fund Class R6 Shares (a)		29,452,155		194,678,744

JPMorgan Income Fund Class R6 Shares (a)		5,313,278		48,085,165

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		19,514,808		203,344,300

JPMorgan Managed Income Fund Class L Shares (a)		241,486		2,426,935

JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		39,715,880		385,244,034


Total Fixed Income				1,681,209,929


International Equity — 13.7%

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		3,068,783		97,341,786

JPMorgan International Advantage Fund Class R6 Shares (a)		2,297,787		40,532,968

JPMorgan International Equity Fund Class R6 Shares (a)		8,204,668		134,392,458

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		5,787,022		93,691,883


Total International Equity				365,959,095


U.S. Equity — 16.2%

JPMorgan Equity Income Fund Class R6 Shares (a)		11,615,605		191,889,788

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		358,702		19,323,286

JPMorgan Small Cap Growth Fund Class R6 Shares (a)		552,282		12,266,190

JPMorgan Small Cap Value Fund Class R6 Shares (a)		467,123		9,305,096

JPMorgan U.S. Equity Fund Class R6 Shares (a)		12,276,257		200,594,037


Total U.S. Equity				433,378,397


Total Investment Companies (Cost $2,378,730,815)				2,517,459,524


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


U.S. Treasury Obligations — 1.0%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $25,370,526)		25,239,000		25,582,093


	SHARES
Exchange-Traded Funds — 0.4%

Alternative Assets — 0.4%

JPMorgan BetaBuilders MSCI US REIT ETF (a) (Cost $14,450,390)		163,437		11,657,961

Short-Term Investments — 3.3%

Investment Companies — 3.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $88,743,634)		88,743,634		88,743,634

Total Investments — 99.0% (Cost $2,507,295,365)				2,643,443,212
Other Assets Less Liabilities — 1.0%				27,242,748

NET ASSETS — 100.0%				2,670,685,960

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	25

JPMorgan SmartRetirement Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts

EURO STOXX 50 Index		727			09/2020		EUR		26,398,659			962,484

MSCI Emerging Markets E-Mini Index		481			09/2020		USD		23,674,820			620,700

Russell 2000 E-Mini Index		343			09/2020		USD		24,632,545			969,044

S&P 500 E-Mini Index		44			09/2020		USD		6,785,350			133,088

S&P Midcap 400 E-Mini Index		283			09/2020		USD		50,317,400			681,346

U.S. Treasury 10 Year Note		1,939			09/2020		USD		269,793,672			1,068,872


												4,435,534


Short Contracts

DJ US Real Estate Index		(458	)		09/2020		USD		(14,179,680	)		75,423

Euro-Bund		(340	)		09/2020		EUR		(67,295,179	)		(470,966	)

FTSE 100 Index		(330	)		09/2020		GBP		(25,098,299	)		(452,580	)

MSCI EAFE E-Mini Index		(62	)		09/2020		USD		(5,512,730	)		(106,427	)


												(954,550	)


												3,480,984

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



26	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 95.0%

Alternative Assets — 1.5%

JPMorgan Realty Income Fund Class R6 Shares (a)		5,764,649		70,616,949


Fixed Income — 61.1%

JPMorgan Core Bond Fund Class R6 Shares (a)		87,603,567		1,084,532,164

JPMorgan Corporate Bond Fund Class R6 Shares (a)		22,307,186		238,463,818

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		4,149,631		31,620,192

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		5,008,273		38,263,206

JPMorgan Floating Rate Income Fund Class R6 Shares (a)		6,127,620		51,655,839

JPMorgan High Yield Fund Class R6 Shares (a)		49,241,349		325,485,314

JPMorgan Income Fund Class R6 Shares (a)		7,814,468		70,720,935

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		29,579,923		308,222,794

JPMorgan Managed Income Fund Class L Shares (a)		440,108		4,423,080

JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		67,322,478		653,028,038


Total Fixed Income				2,806,415,380


International Equity — 14.8%

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		5,880,104		186,516,903

JPMorgan International Advantage Fund Class R6 Shares (a)		4,206,959		74,210,757

JPMorgan International Equity Fund Class R6 Shares (a)		15,065,937		246,780,056

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		10,637,583		172,222,464


Total International Equity				679,730,180


U.S. Equity — 17.6%

JPMorgan Equity Income Fund Class R6 Shares (a)		21,898,076		361,756,209

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		744,466		40,104,373

JPMorgan Small Cap Growth Fund Class R6 Shares (a)		655,995		14,569,650

JPMorgan Small Cap Value Fund Class R6 Shares (a)		677,502		13,495,850

JPMorgan U.S. Equity Fund Class R6 Shares (a)		23,187,350		378,881,294


Total U.S. Equity				808,807,376


Total Investment Companies (Cost $4,116,764,122)				4,365,569,885


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


U.S. TREASURY OBLIGATIONS — 1.0%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $45,340,666)		45,083,000		45,695,847


	SHARES
Exchange-Traded Funds — 0.5%

Alternative Assets — 0.5%

JPMorgan BetaBuilders MSCI US REIT ETF(a) (Cost $27,810,769)		314,557		22,437,351

Short-Term Investments — 3.2%

Investment Companies — 3.2%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(c) (Cost $147,454,241)		147,454,241		147,454,241

Total Investments — 99.7% (Cost $4,337,369,798)				4,581,157,324
Other Assets Less Liabilities — 0.3%				12,903,846

NET ASSETS — 100.0%				4,594,061,170

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	27

JPMorgan SmartRetirement 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts

EURO STOXX 50 Index		1,254			09/2020		EUR		45,534,963			1,662,524

MSCI Emerging Markets E-Mini Index		780			09/2020		USD		38,391,600			1,006,546

Russell 2000 E-Mini Index		564			09/2020		USD		40,503,660			1,593,410

S&P 500 E-Mini Index		89			09/2020		USD		13,724,913			269,199

S&P Midcap 400 E-Mini Index		595			09/2020		USD		105,791,000			1,432,512

U.S. Treasury 10 Year Note		3,386			09/2020		USD		471,130,156			2,013,815


												7,978,006


Short Contracts

DJ US Real Estate Index		(787	)		09/2020		USD		(24,365,520	)		129,488

Euro-Bund		(587	)		09/2020		EUR		(116,183,147	)		(813,109	)

FTSE 100 Index		(571	)		09/2020		GBP		(43,427,663	)		(783,089	)

MSCI EAFE E-Mini Index		(12	)		09/2020		USD		(1,066,980	)		(20,599	)


												(1,487,309	)


												6,490,697

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



28	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 95.5%

Alternative Assets — 2.1%

JPMorgan Realty Income Fund Class R6 Shares (a)		10,991,821		134,649,811


Fixed Income — 49.2%

JPMorgan Core Bond Fund Class R6 Shares (a)		106,676,020		1,320,649,129

JPMorgan Corporate Bond Fund Class R6 Shares (a)		27,094,631		289,641,604

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		5,876,619		44,779,835

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		5,802,725		44,332,818

JPMorgan Floating Rate Income Fund Class R6 Shares (a)		5,924,933		49,947,183

JPMorgan High Yield Fund Class R6 Shares )		49,148,896		324,874,202

JPMorgan Income Fund Class R6 Shares (a)		7,409,316		67,054,313

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		14,523,295		151,332,738

JPMorgan Managed Income Fund Class L Shares (a)		588,424		5,913,664

JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		83,456,351		809,526,608


Total Fixed Income				3,108,052,094


International Equity — 20.8%

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		10,846,441		344,049,110

JPMorgan International Advantage Fund Class R6 Shares (a)		8,113,463		143,121,481

JPMorgan International Equity Fund Class R6 Shares (a)		29,570,393		484,363,033

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		20,881,919		338,078,261


Total International Equity				1,309,611,885


U.S. Equity — 23.4%

JPMorgan Equity Income Fund Class R6 Shares (a)		42,278,809		698,445,932

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		1,308,790		70,504,543

JPMorgan Small Cap Growth Fund Class R6 Shares (a)		1,979,559		43,966,013

JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,353,836		26,968,421

JPMorgan U.S. Equity Fund Class R6 Shares (a)		38,831,808		634,511,739


Total U.S. Equity				1,474,396,648


Total Investment Companies (Cost $5,796,242,145)				6,026,710,438


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


U.S. Treasury Obligations — 1.2%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $73,160,642)		72,763,700		73,752,832


	SHARES
Exchange-Traded Funds — 0.6%

Alternative Assets — 0.6%

JPMorgan BetaBuilders MSCI US REIT ETF (a) (Cost $52,118,628)		589,478		42,047,466

Short-Term Investments — 1.8%

Investment Companies — 1.8%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $114,172,093)		114,172,093		114,172,093

Total Investments — 99.1% (Cost $6,035,693,508)				6,256,682,829
Other Assets Less Liabilities — 0.9%				54,500,911

NET ASSETS — 100.0%				6,311,183,740

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	29

JPMorgan SmartRetirement 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts

EURO STOXX 50 Index		1,726			09/2020		EUR		62,674,120			2,283,821

MSCI EAFE E-Mini Index		15			09/2020		USD		1,333,725			24,931

MSCI Emerging Markets E-Mini Index		1,126			09/2020		USD		55,421,720			1,453,037

Russell 2000 E-Mini Index		868			09/2020		USD		62,335,420			2,452,270

S&P 500 E-Mini Index		911			09/2020		USD		140,487,587			2,264,748

S&P Midcap 400 E-Mini Index		1,052			09/2020		USD		187,045,600			2,532,779

U.S. Treasury 10 Year Note		4,338			09/2020		USD		603,592,031			2,501,123

												13,512,709


Short Contracts

DJ US Real Estate Index		(819	)		09/2020		USD		(25,356,240	)		134,818

Euro-Bund		(828	)		09/2020		EUR		(163,883,553	)		(1,245,737	)

FTSE 100 Index		(784	)		09/2020		GBP		(59,627,474	)		(1,075,193	)

												(2,186,112	)

												11,326,597

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



30	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 94.7%

Alternative Assets — 2.6%

JPMorgan Realty Income Fund Class R6 Shares (a)		14,899,594		182,520,033


Fixed Income — 37.1%

JPMorgan Core Bond Fund Class R6 Shares (a)		95,381,209		1,180,819,367

JPMorgan Corporate Bond Fund Class R6 Shares (a)		22,910,692		244,915,295

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		5,420,876		41,307,076

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		5,350,590		40,878,510

JPMorgan High Yield Fund Class R6 Shares (a)		46,170,706		305,188,367

JPMorgan Income Fund Class R6 Shares (a)		4,022,947		36,407,667

JPMorgan Managed Income Fund Class L Shares (a)		604,522		6,075,449

JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		73,531,434		713,254,910


Total Fixed Income				2,568,846,641


International Equity — 25.8%

JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		14,952,298		474,286,899

JPMorgan International Advantage Fund Class R6 Shares (a)		11,116,703		196,098,644

JPMorgan International Equity Fund Class R6 Shares (a)		40,274,725		659,699,989

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		28,492,257		461,289,648


Total International Equity				1,791,375,180


U.S. Equity — 29.2%

JPMorgan Equity Income Fund Class R6 Shares (a)		58,627,038		968,518,663

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		1,752,109		94,386,111

JPMorgan Small Cap Growth Fund Class R6 Shares (a)		2,178,768		48,390,429

JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,755,517		34,969,892

JPMorgan U.S. Equity Fund Class R6 Shares (a)		53,528,640		874,657,970


Total U.S. Equity				2,020,923,065


Total Investment Companies (Cost $6,259,048,379)				6,563,664,919


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


U.S. Treasury Obligations — 1.2%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $82,833,422)		82,348,100		83,467,519


	SHARES
Exchange-Traded Funds — 0.8%

Alternative Assets — 0.8%

JPMorgan BetaBuilders MSCI US REIT ETF (a) (Cost $71,208,825)		805,382		57,447,898

Short-Term Investments — 2.7%

Investment Companies — 2.7%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $187,688,662)		187,688,662		187,688,662

Total Investments — 99.4% (Cost $6,600,779,288)				6,892,268,998
Other Assets Less Liabilities — 0.6%				41,368,859

NET ASSETS — 100.0%				6,933,637,857

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	31

JPMorgan SmartRetirement 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts

EURO STOXX 50 Index		1,896			09/2020		EUR		68,847,121			2,515,208

MSCI EAFE E-Mini Index		17			09/2020		USD		1,511,555			28,283

MSCI Emerging Markets E-Mini Index		1,017			09/2020		USD		50,056,740			1,312,378

Russell 2000 E-Mini Index		1,018			09/2020		USD		73,107,670			2,876,051

S&P 500 E-Mini Index		1,024			09/2020		USD		157,913,600			2,319,984

S&P Midcap 400 E-Mini Index		1,484			09/2020		USD		263,855,200			3,572,853

U.S. Treasury 10 Year Note		4,095			09/2020		USD		569,780,859			2,317,578


												14,942,335


Short Contracts

DJ US Real Estate Index		(705	)		09/2020		USD		(21,826,800	)		116,132

Euro-Bund		(869	)		09/2020		EUR		(171,998,560	)		(1,203,741	)

FTSE 100 Index		(865	)		09/2020		GBP		(65,787,965	)		(1,186,276	)


												(2,273,885	)


												12,668,450

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



32	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 95.6%

Alternative Assets — 3.1%

JPMorgan Realty Income Fund Class R6 Shares (a)		13,765,916		168,632,472


Fixed Income — 25.2%

JPMorgan Core Bond Fund Class R6 Shares (a)		22,007,380		272,451,362

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		75,603,955		659,266,487

JPMorgan Corporate Bond Fund Class R6 Shares (a)		18,053,351		192,990,317

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		3,073,395		23,419,267

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		3,032,459		23,167,989

JPMorgan High Yield Fund Class R6 Shares (a)		31,172,002		206,046,935

JPMorgan Managed Income Fund Class L Shares (a)		312,983		3,145,476


Total Fixed Income				1,380,487,833


International Equity — 30.3%

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		27,016,644		431,455,802

JPMorgan International Advantage Fund Class R6 Shares (a)		15,270,388		269,369,637

JPMorgan International Focus Fund Class R6 Shares (a)		23,131,287		490,383,287

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		28,838,206		466,890,548


Total International Equity				1,658,099,274


U.S. Equity — 37.0%

JPMorgan Growth Advantage Fund Class R6 Shares* (a)		19,141,776		519,890,643

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		991,481		53,411,060

JPMorgan Small Cap Growth Fund Class R6 Shares (a)		1,200,404		26,660,968

JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,100,627		21,924,491

JPMorgan U.S. Equity Fund Class R6 Shares (a)		30,901,472		504,930,056

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		14,404,325		386,179,966

JPMorgan Value Advantage Fund Class R6 Shares (a)		17,363,235		515,861,721


Total U.S. Equity				2,028,858,905


TOTAL INVESTMENT COMPANIES (Cost $4,795,125,171)				5,236,078,484


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


U.S. Treasury Obligations — 1.5%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $81,758,489)		81,124,000		82,226,779


	SHARES
Exchange-Traded Funds — 0.8%

Alternative Assets — 0.8%

JPMorgan BetaBuilders MSCI US REIT ETF (a) (Cost $55,080,277)		622,984		44,437,449

Short-Term Investments — 1.6%

Investment Companies — 1.6%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $89,152,834)		89,152,834		89,152,834

Total Investments — 99.5% (Cost $5,021,116,771)				5,451,895,546
Other Assets Less Liabilities — 0.5%				27,652,831

NET ASSETS — 100.0%				5,479,548,377

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	33

JPMorgan SmartRetirement 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts

EURO STOXX 50 Index		3,374			09/2020		EUR		122,515,921			4,578,314

MSCI Emerging Markets E-Mini Index		1,627			09/2020		USD		80,080,940			2,099,546

Russell 2000 E-Mini Index		1,137			09/2020		USD		81,653,655			3,212,250

S&P 500 E-Mini Index		1,047			09/2020		USD		161,460,488			2,682,698

S&P Midcap 400 E-Mini Index		605			09/2020		USD		107,569,000			1,456,587

U.S. Treasury 10 Year Note		1,383			09/2020		USD		192,431,484			677,790


												14,707,185


Short Contracts

DJ US Real Estate Index		(1,250	)		09/2020		USD		(38,700,000	)		205,895

Euro-Bund		(868	)		09/2020		EUR		(171,800,633	)		(1,279,177	)

FTSE 100 Index		(1,370	)		09/2020		GBP		(104,195,969	)		(1,878,785	)

MSCI EAFE E-Mini Index		(10	)		09/2020		USD		(889,150	)		(17,166	)


												(2,969,233	)


												11,737,952

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



34	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 95.9%

Alternative Assets — 3.5%

JPMorgan Realty Income Fund Class R6 Shares (a)		15,293,042		187,339,768


Fixed Income — 16.5%

JPMorgan Core Bond Fund Class R6 Shares (a)		12,991,725		160,837,557

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		47,001,594		409,853,900

JPMorgan Corporate Bond Fund Class R6 Shares (a)		9,933,606		106,190,243

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		2,201,394		16,774,621

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		2,100,057		16,044,438

JPMorgan High Yield Fund Class R6 Shares (a)		24,974,804		165,083,457

JPMorgan Managed Income Fund Class L Shares (a)		304,771		3,062,944


Total Fixed Income				877,847,160


International Equity — 33.7%

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		28,726,966		458,769,643

JPMorgan International Advantage Fund Class R6 Shares (a)		16,559,182		292,103,963

JPMorgan International Focus Fund Class R6 Shares (a)		25,116,225		532,463,978

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		31,072,234		503,059,468


Total International Equity				1,786,397,052


U.S. Equity — 42.2%

JPMorgan Growth Advantage Fund Class R6 Shares * (a)		20,761,589		563,884,754

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		1,086,547		58,532,288

JPMorgan Small Cap Growth Fund Class R6 Shares (a)		1,389,747		30,866,286

JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,391,032		27,709,367

JPMorgan U.S. Equity Fund Class R6 Shares (a)		33,824,971		552,700,024

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		16,725,437		448,408,958

JPMorgan Value Advantage Fund Class R6 Shares (a)		18,805,186		558,702,066


Total U.S. Equity				2,240,803,743


Total Investment Companies (Cost $4,538,370,627)				5,092,387,723


INVESTMENTS	PRINCIPAL AMOUNT$)		VALUE($)


U.S. Treasury Obligations — 1.5%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $80,574,152)		79,921,000		81,007,426


	SHARES
Exchange-Traded Funds — 1.0%

Alternative Assets — 1.0%

JPMorgan BetaBuilders MSCI US REIT ETF (a) (Cost $62,514,308)		707,048		50,433,734

Short-Term Investments — 1.8%

Investment Companies — 1.8%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $96,434,810)		96,434,810		96,434,810

Total Investments — 100.2% (Cost $4,777,893,897)				5,320,263,693
Liabilities in Excess of Other Assets — (0.2)%				(11,168,427	)

NET ASSETS — 100.0%				5,309,095,266

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	35

JPMorgan SmartRetirement 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts

EURO STOXX 50 Index		3,272			09/2020		EUR		118,812,120			4,447,645

MSCI EAFE E-Mini Index		22			09/2020		USD		1,956,130			45,050

MSCI Emerging Markets E-Mini Index		1,759			09/2020		USD		86,577,980			2,269,888

Russell 2000 E-Mini Index		1,088			09/2020		USD		78,134,720			3,073,814

S&P 500 E-Mini Index		834			09/2020		USD		128,613,225			2,305,225

S&P Midcap 400 E-Mini Index		634			09/2020		USD		112,725,200			1,526,408

U.S. Treasury 10 Year Note		1,374			09/2020		USD		191,179,219			673,380


												14,341,410


Short Contracts

DJ US Real Estate Index		(1,243	)		09/2020		USD		(38,483,280	)		204,564

Euro-Bund		(844	)		09/2020		EUR		(167,050,385	)		(1,258,475	)

FTSE 100 Index		(1,333	)		09/2020		GBP		(101,381,917	)		(1,828,045	)


												(2,881,956	)


												11,459,454

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



36	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 95.1%

Alternative Assets — 3.7%

JPMorgan Realty Income Fund Class R6 Shares (a)		11,581,194		141,869,631


Fixed Income — 9.3%

JPMorgan Core Bond Fund Class R6 Shares (a)		4,688,378		58,042,125

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		17,008,003		148,309,782

JPMorgan Corporate Bond Fund Class R6 Shares (a)		3,576,389		38,231,594

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,089,311		8,300,550

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,023,615		7,820,418

JPMorgan High Yield Fund Class R6 Shares (a)		14,094,574		93,165,135

JPMorgan Managed Income Fund Class L Shares (a)		310,491		3,120,433


Total Fixed Income				356,990,037


International Equity — 36.0%

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		21,700,925		346,563,773

JPMorgan International Advantage Fund Class R6 Shares (a)		12,773,834		225,330,436

JPMorgan International Focus Fund Class R6 Shares (a)		19,617,203		415,884,695

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		23,966,151		388,011,984


Total International Equity				1,375,790,888


U.S. Equity — 46.1%

JPMorgan Growth Advantage Fund Class R6 Shares * (a)		16,224,052		440,645,249

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		771,876		41,580,982

JPMorgan Small Cap Growth Fund Class R6 Shares (a)		1,130,638		25,111,463

JPMorgan Small Cap Value Fund Class R6 Shares (a)		943,806		18,800,609

JPMorgan U.S. Equity Fund Class R6 Shares (a)		26,796,276		437,851,146

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		13,532,704		362,811,797

JPMorgan Value Advantage Fund Class R6 Shares (a)		14,714,895		437,179,535


Total U.S. Equity				1,763,980,781


Total Investment Companies (Cost $3,365,156,678)				3,638,631,337


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


U.S. Treasury Obligations — 1.5%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $58,059,552)		57,584,000		58,366,783


	SHARES
Exchange-Traded Funds — 1.1%

Alternative Assets — 1.1%

JPMorgan BetaBuilders MSCI US REIT ETF (a) (Cost $54,342,331)		613,694		43,774,793

Short-Term Investments — 2.4%

Investment Companies — 2.4%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $90,659,104)		90,659,104		90,659,104

Total Investments — 100.1% (Cost $3,568,217,665)				3,831,432,017
Liabilities in Excess of Other Assets — (0.1)%				(4,021,722	)

NET ASSETS — 100.0%				3,827,410,295

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	37

JPMorgan SmartRetirement 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts

EURO STOXX 50 Index		2,362			09/2020		EUR		85,768,407			3,211,465

MSCI EAFE E-Mini Index		128			09/2020		USD		11,381,120			212,954

MSCI Emerging Markets E-Mini Index		1,509			09/2020		USD		74,272,980			1,947,276

Russell 2000 E-Mini Index		821			09/2020		USD		58,960,115			2,319,486

S&P 500 E-Mini Index		460			09/2020		USD		70,937,750			1,104,815

S&P Midcap 400 E-Mini Index		510			09/2020		USD		90,678,000			1,227,870

U.S. Treasury 10 Year Note		964			09/2020		USD		134,131,562			472,444


												10,496,310


Short Contracts

DJ US Real Estate Index		(684	)		09/2020		USD		(21,176,640	)		112,468

Euro-Bund		(610	)		09/2020		EUR		(120,735,468	)		(915,527	)

FTSE 100 Index		(962	)		09/2020		GBP		(73,165,344	)		(1,319,296	)


												(2,122,355	)


												8,373,955

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



38	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 94.2%

Alternative Assets — 3.6%

JPMorgan Realty Income Fund Class R6 Shares (a)		10,255,516		125,630,072


Fixed Income — 9.4%

JPMorgan Core Bond Fund Class R6 Shares (a)		4,218,407		52,223,876

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		15,464,273		134,848,460

JPMorgan Corporate Bond Fund Class R6 Shares (a)		3,204,492		34,256,020

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		978,721		7,457,851

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		919,529		7,025,204

JPMorgan High Yield Fund Class R6 Shares (a)		12,681,186		83,822,641

JPMorgan Managed Income Fund Class L Shares (a)		279,170		2,805,655


Total Fixed Income				322,439,707


International Equity — 35.5%

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		19,209,548		306,776,478

JPMorgan International Advantage Fund Class R6 Shares (a)		10,907,121		192,401,606

JPMorgan International Focus Fund Class R6 Shares (a)		17,707,046		375,389,377

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		21,596,923		349,654,177


Total International Equity				1,224,221,638


U.S. Equity — 45.7%

JPMorgan Growth Advantage Fund Class R6 Shares * (a)		14,650,985		397,920,752

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		643,080		34,642,728

JPMorgan Small Cap Growth Fund Class R6 Shares (a)		1,050,869		23,339,800

JPMorgan Small Cap Value Fund Class R6 Shares (a)		846,053		16,853,374

JPMorgan U.S. Equity Fund Class R6 Shares (a)		23,392,435		382,232,389

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		12,157,233		325,935,410

JPMorgan Value Advantage Fund Class R6 Shares (a)		13,281,826		394,603,057


Total U.S. Equity				1,575,527,510


Total Investment Companies (Cost $3,008,631,511)				3,247,818,927


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


U.S. Treasury Obligations — 1.6%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $55,344,836)		54,880,000		55,626,025


	SHARES
Exchange-Traded Funds — 1.1%

Alternative Assets — 1.1%

JPMorgan BetaBuilders MSCI US REIT ETF (a) (Cost $48,571,766)		548,536		39,127,073

Short-Term Investments — 3.3%

Investment Companies — 3.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $112,212,873)		112,212,873		112,212,873

Total Investments — 100.2% (Cost $3,224,760,986)				3,454,784,898
Liabilities in Excess of Other Assets — (0.2)%				(7,499,423	)

NET ASSETS — 100.0%				3,447,285,475

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	39

JPMorgan SmartRetirement 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts

EURO STOXX 50 Index		2,125			09/2020		EUR		77,162,517			2,890,647

MSCI EAFE E-Mini Index		227			09/2020		USD		20,183,705			397,269

MSCI Emerging Markets E-Mini Index		1,464			09/2020		USD		72,058,080			1,889,206

Russell 2000 E-Mini Index		769			09/2020		USD		55,225,735			2,172,576

S&P 500 E-Mini Index		536			09/2020		USD		82,657,900			1,242,467

S&P Midcap 400 E-Mini Index		458			09/2020		USD		81,432,400			1,102,675

U.S. Treasury 10 Year Note		857			09/2020		USD		119,243,516			420,005


												10,114,845


Short Contracts

DJ US Real Estate Index		(538	)		09/2020		USD		(16,656,480	)		88,442

Euro-Bund		(549	)		09/2020		EUR		(108,661,921	)		(826,339	)

FTSE 100 Index		(867	)		09/2020		GBP		(65,940,077	)		(1,189,013	)


												(1,926,910	)


												8,187,935

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



40	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 93.9%

Alternative Assets — 3.6%

JPMorgan Realty Income Fund Class R6 Shares (a)		4,915,134		60,210,389


Fixed Income — 9.5%

JPMorgan Core Bond Fund Class R6 Shares (a)		2,036,108		25,207,015

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		7,794,815		67,970,784

JPMorgan Corporate Bond Fund Class R6 Shares (a)		1,543,191		16,496,714

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		471,500		3,592,828

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		443,257		3,386,487

JPMorgan High Yield Fund Class R6 Shares (a)		6,157,617		40,701,845

JPMorgan Managed Income Fund Class L Shares (a)		133,076		1,337,415


Total Fixed Income				158,693,088


International Equity — 35.6%

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		9,065,432		144,774,946

JPMorgan International Advantage Fund Class R6 Shares (a)		5,316,993		93,791,755

JPMorgan International Focus Fund Class R6 Shares (a)		8,608,378		182,497,616

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		10,840,718		175,511,225


Total International Equity				596,575,542


U.S. Equity — 45.2%

JPMorgan Growth Advantage Fund Class R6 Shares* (a)		7,123,467		193,473,355

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		361,023		19,448,308

JPMorgan Small Cap Growth Fund Class R6 Shares (a)		584,670		12,985,520

JPMorgan Small Cap Value Fund Class R6 Shares (a)		382,014		7,609,723

JPMorgan U.S. Equity Fund Class R6 Shares (a)		11,257,043		183,940,079

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		5,558,981		149,036,280

JPMorgan Value Advantage Fund Class R6 Shares (a)		6,457,253		191,844,992


Total U.S. Equity				758,338,257


Total Investment Companies (Cost $1,520,159,230)				1,573,817,276


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


U.S. Treasury Obligations — 1.6%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $27,490,187)		27,256,000		27,626,511


	SHARES
Exchange-Traded Funds — 1.2%

Alternative Assets — 1.2%

JPMorgan BetaBuilders MSCI US REIT ETF (a) (Cost $23,991,765)		270,327		19,282,425

Short-Term Investments — 3.5%

Investment Companies — 3.5%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $59,167,879)		59,167,879		59,167,879

Total Investments — 100.2% (Cost $1,630,809,061)				1,679,894,091
Liabilities in Excess of Other Assets — (0.2)%				(3,877,581	)

NET ASSETS — 100.0%				1,676,016,510

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	41

JPMorgan SmartRetirement 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts

EURO STOXX 50 Index		1,032			09/2020		EUR		37,473,749			1,398,997

MSCI EAFE E-Mini Index		47			09/2020		USD		4,179,005			93,006

MSCI Emerging Markets E-Mini Index		774			09/2020		USD		38,096,280			998,800

Russell 2000 E-Mini Index		321			09/2020		USD		23,052,615			906,888

S&P 500 E-Mini Index		346			09/2020		USD		53,357,525			778,841

S&P Midcap 400 E-Mini Index		220			09/2020		USD		39,116,000			529,669

U.S. Treasury 10 Year Note		406			09/2020		USD		56,491,094			198,975


												4,905,176


Short Contracts

DJ US Real Estate Index		(258	)		09/2020		USD		(7,987,680	)		42,385

Euro-Bund		(265	)		09/2020		EUR		(52,450,654	)		(400,007	)

FTSE 100 Index		(418	)		09/2020		GBP		(31,791,179	)		(573,265	)


												(930,887	)


												3,974,289

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



42	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 91.8%

Alternative Assets — 3.9%

JPMorgan Realty Income Fund Class R6 Shares (a)		873,636		10,702,046


Fixed Income — 9.2%

JPMorgan Core Bond Fund Class R6 Shares (a)		330,286		4,088,941

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		1,264,319		11,024,862

JPMorgan Corporate Bond Fund Class R6 Shares (a)		242,653		2,593,962

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		74,942		571,057

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		70,431		538,093

JPMorgan High Yield Fund Class R6 Shares (a)		1,011,826		6,688,173

JPMorgan Managed Income Fund Class L Shares (a)		19,534		196,316


Total Fixed Income				25,701,404


International Equity — 33.7%

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		1,423,831		22,738,582

JPMorgan International Advantage Fund Class R6 Shares (a)		759,185		13,392,022

JPMorgan International Focus Fund Class R6 Shares (a)		1,425,561		30,221,895

JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		1,708,085		27,653,889


Total International Equity				94,006,388


U.S. Equity — 45.0%

JPMorgan Growth Advantage Fund Class R6 Shares * (a)		1,178,932		32,019,806

JPMorgan Small Cap Equity Fund Class R6 Shares (a)		54,213		2,920,433

JPMorgan Small Cap Growth Fund Class R6 Shares (a)		67,402		1,497,005

JPMorgan Small Cap Value Fund Class R6 Shares (a)		92,987		1,852,301

JPMorgan U.S. Equity Fund Class R6 Shares (a)		1,855,196		30,313,896

JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		926,757		24,846,361

JPMorgan Value Advantage Fund Class R6 Shares (a)		1,069,493		31,774,632


Total U.S. Equity				125,224,434


Total Investment Companies (Cost $258,724,166)				255,634,272



INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)


U.S. Treasury Obligations — 1.9%

U.S. Treasury Notes 2.50%, 1/31/2021(b) (Cost $5,275,465)		5,233,000		5,304,136


	SHARES
Exchange-Traded Funds — 1.0%

Alternative Assets — 1.0%

JPMorgan BetaBuilders MSCI US REIT ETF(a) (Cost $3,340,910)		37,710		2,689,854

Short-Term Investments — 5.7%

Investment Companies — 5.7%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $15,995,182)		15,995,182		15,995,182

Total Investments — 100.4% (Cost $283,335,723)				279,623,444
Liabilities in Excess of Other Assets — (0.4)%				(1,001,398	)

NET ASSETS — 100.0%				278,622,046

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.
*		Non-income producing security.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	43

JPMorgan SmartRetirement 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts

EURO STOXX 50 Index		170			09/2020		EUR		6,173,001			228,161

MSCI EAFE E-Mini Index		47			09/2020		USD		4,179,005			80,776

MSCI Emerging Markets E-Mini Index		153			09/2020		USD		7,530,660			197,440

Russell 2000 E-Mini Index		65			09/2020		USD		4,667,975			183,638

S&P 500 E-Mini Index		57			09/2020		USD		8,790,113			172,410

S&P Midcap 400 E-Mini Index		35			09/2020		USD		6,223,000			84,264

U.S. Treasury 10 Year Note		65			09/2020		USD		9,044,141			27,707


												974,396


Short Contracts

DJ US Real Estate Index		(57	)		09/2020		USD		(1,764,720	)		9,348

Euro-Bund		(43	)		09/2020		EUR		(8,510,861	)		(67,410	)

FTSE 100 Index		(68	)		09/2020		GBP		(5,171,771	)		(93,261	)


												(151,323	)


												823,073

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



44	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	45

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020


	JPMorgan SmartRetirement Income Fund		JPMorgan SmartRetirement 2020 Fund		JPMorgan SmartRetirement 2025 Fund
ASSETS:
Investments in non-affiliates, at value	$	25,582,093	$	45,695,847	$	73,752,832
Investments in affiliates, at value		2,617,861,119		4,535,461,477		6,182,929,997
Receivables:
Investment securities sold		29,322,276		21,433,140		68,501,545
Fund shares sold		2,967,374		4,222,390		4,961,013
Interest from non-affiliates		263,484		470,647		759,621
Dividends from affiliates		209,564		309,185		294,880
Variation margin on futures contracts		3,141,601		2,098,816		6,881,808
Due from Adviser		30,306		17,306		23,267

Total Assets		2,679,377,817		4,609,708,808		6,338,104,963


LIABILITIES:
Payables:
Due to custodian		195,305		286,152		274,029
Distributions		575,312		818,385		1,245,564
Fund shares redeemed		7,456,786		13,622,384		24,266,686
Accrued liabilities:
Distribution fees		206,123		304,114		399,441
Service fees		150,201		347,074		498,505
Custodian and accounting fees		8,294		9,518		8,934
Trustees’ and Chief Compliance Officer’s fees		149		—		361
Other		99,687		260,011		227,703

Total Liabilities		8,691,857		15,647,638		26,921,223

Net Assets	$	2,670,685,960	$	4,594,061,170	$	6,311,183,740

SEE NOTES TO FINANCIAL STATEMENTS.



46	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement Income Fund			JPMorgan SmartRetirement 2020 Fund			JPMorgan SmartRetirement 2025 Fund
NET ASSETS:
Paid-in-Capital	$	2,521,284,823		$	4,328,601,031		$	6,040,037,167
Total distributable earnings (loss)		149,401,137			265,460,139			271,146,573

Total Net Assets	$	2,670,685,960		$	4,594,061,170		$	6,311,183,740


Net Assets:
Class A	$	725,301,617		$	1,016,968,999		$	1,348,331,337
Class C		19,315,545			26,138,060			30,824,759
Class I		275,968,110			500,145,280			608,685,892
Class R2		96,608,974			164,522,600			220,376,123
Class R3		21,053,046			43,462,005			43,901,399
Class R4		16,424,328			27,376,304			39,365,448
Class R5		663,489,981			1,300,373,331			1,741,633,588
Class R6		852,524,359			1,515,074,591			2,278,065,194

Total	$	2,670,685,960		$	4,594,061,170		$	6,311,183,740


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		44,748,780			59,348,036			77,762,707
Class C		1,197,218			1,533,143			1,785,145
Class I		16,988,267			29,066,637			35,008,874
Class R2		5,974,449			9,631,981			12,762,258
Class R3		1,304,554			2,547,775			2,542,212
Class R4		1,013,101			1,594,983			2,270,253
Class R5		40,760,517			75,467,155			100,051,634
Class R6		52,381,745			87,907,146			130,844,188

Net Asset Value (a):
Class A — Redemption price per share	$	16.21		$	17.14		$	17.34
Class C — Offering price per share (b)		16.13			17.05			17.27
Class I — Offering and redemption price per share		16.24			17.21			17.39
Class R2 — Offering and redemption price per share		16.17			17.08			17.27
Class R3 — Offering and redemption price per share		16.14			17.06			17.27
Class R4 — Offering and redemption price per share		16.21			17.16			17.34
Class R5 — Offering and redemption price per share		16.28			17.23			17.41
Class R6 — Offering and redemption price per share		16.28			17.23			17.41
Class A maximum sales charge		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	16.97		$	17.95		$	18.16


Cost of investments in non-affiliates	$	25,370,526		$	45,340,666		$	73,160,642
Cost of investments in affiliates		2,481,924,839			4,292,029,132			5,962,532,866

(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.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	47

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (continued)


	JPMorgan SmartRetirement 2030 Fund		JPMorgan SmartRetirement 2035 Fund		JPMorgan SmartRetirement 2040 Fund
ASSETS:
Investments in non-affiliates, at value	$	83,467,519	$	82,226,779	$	81,007,426
Investments in affiliates, at value		6,808,801,479		5,369,668,767		5,239,256,267
Cash		—		11,474		12,484
Receivables:
Investment securities sold		55,084,847		49,119,203		34,208,326
Fund shares sold		6,051,602		4,424,589		4,488,647
Interest from non-affiliates		859,678		846,899		834,340
Dividends from affiliates		163,630		3,679		3,620
Variation margin on futures contracts		8,515,909		5,443,035		5,495,438
Due from Adviser		26,893		23,354		22,453

Total Assets		6,962,971,557		5,511,767,779		5,365,329,001


LIABILITIES:
Payables:
Due to custodian		132,428		—		—
Distributions		1,114,609		586,967		457,674
Investment securities purchased		—		13,888,361		37,141,254
Fund shares redeemed		26,827,646		16,759,987		17,661,842
Accrued liabilities:
Distribution fees		459,433		348,788		332,363
Service fees		568,084		435,708		429,717
Custodian and accounting fees		7,858		7,000		7,041
Trustees’ and Chief Compliance Officer’s fees		398		538		440
Other		223,244		192,053		203,404

Total Liabilities		29,333,700		32,219,402		56,233,735

Net Assets	$	6,933,637,857	$	5,479,548,377	$	5,309,095,266

SEE NOTES TO FINANCIAL STATEMENTS.



48	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement 2030 Fund			JPMorgan SmartRetirement 2035 Fund			JPMorgan SmartRetirement 2040 Fund
NET ASSETS:
Paid-in-Capital	$	6,594,042,760		$	4,978,484,921		$	4,679,544,514
Total distributable earnings (loss)		339,595,097			501,063,456			629,550,752

Total Net Assets	$	6,933,637,857		$	5,479,548,377		$	5,309,095,266


Net Assets:
Class A	$	1,502,784,468		$	1,141,434,446		$	1,088,646,020
Class C		27,199,295			16,377,849			16,763,216
Class I		667,686,587			492,445,558			488,470,629
Class R2		279,698,082			225,092,401			200,654,270
Class R3		68,796,016			44,104,138			57,891,446
Class R4		45,528,443			43,340,652			35,247,755
Class R5		1,978,377,841			1,449,762,736			1,521,908,257
Class R6		2,363,567,125			2,066,990,597			1,899,513,673

Total	$	6,933,637,857		$	5,479,548,377		$	5,309,095,266


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		82,728,182			60,828,297			54,695,106
Class C		1,514,066			880,937			856,325
Class I		36,638,642			26,092,962			24,454,099
Class R2		15,463,054			12,035,860			10,138,928
Class R3		3,801,547			2,360,953			2,918,948
Class R4		2,503,635			2,301,249			1,768,789
Class R5		108,233,113			76,756,442			75,976,753
Class R6		129,344,356			109,432,443			94,838,960

Net Asset Value (a):
Class A — Redemption price per share	$	18.17		$	18.76		$	19.90
Class C — Offering price per share (b)		17.96			18.59			19.58
Class I — Offering and redemption price per share		18.22			18.87			19.97
Class R2 — Offering and redemption price per share		18.09			18.70			19.79
Class R3 — Offering and redemption price per share		18.10			18.68			19.83
Class R4 — Offering and redemption price per share		18.18			18.83			19.93
Class R5 — Offering and redemption price per share		18.28			18.89			20.03
Class R6 — Offering and redemption price per share		18.27			18.89			20.03
Class A maximum sales charge		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	19.03		$	19.64		$	20.84


Cost of investments in non-affiliates	$	82,833,422		$	81,758,489		$	80,574,152
Cost of investments in affiliates		6,517,945,866			4,939,358,282			4,697,319,745

(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.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	49

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (continued)


	JPMorgan SmartRetirement 2045 Fund		JPMorgan SmartRetirement 2050 Fund		JPMorgan SmartRetirement 2055 Fund		JPMorgan SmartRetirement 2060 Fund
ASSETS:
Investments in non-affiliates, at value	$	58,366,783	$	55,626,025	$	27,626,511	$	5,304,136
Investments in affiliates, at value		3,773,065,234		3,399,158,873		1,652,267,580		274,319,308
Cash		10,093		12,931		7,579		2,104
Receivables:
Investment securities sold		13,557,843		14,489,074		7,822,591		317,819
Fund shares sold		3,427,797		4,020,193		2,467,790		732,111
Interest from non-affiliates		601,152		572,923		284,541		54,630
Dividends from affiliates		3,658		3,407		1,646		270
Variation margin on futures contracts		5,400,566		3,432,029		2,569,692		645,629
Due from Adviser		29,020		38,662		54,556		31,886

Total Assets		3,854,462,146		3,477,354,117		1,693,102,486		281,407,893


LIABILITIES:
Payables:
Distributions		277,827		310,411		96,565		25,906
Investment securities purchased		14,990,588		13,547,996		8,637,142		2,136,141
Fund shares redeemed		11,088,999		15,548,955		7,981,046		527,722
Accrued liabilities:
Distribution fees		238,276		211,213		113,291		14,308
Service fees		301,210		285,048		132,936		14,747
Custodian and accounting fees		7,930		393		8,578		13,626
Trustees’ and Chief Compliance Officer’s fees		439		425		250		290
Other		146,582		164,201		116,168		53,107

Total Liabilities		27,051,851		30,068,642		17,085,976		2,785,847

Net Assets	$	3,827,410,295	$	3,447,285,475	$	1,676,016,510	$	278,622,046

SEE NOTES TO FINANCIAL STATEMENTS.



50	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement 2045 Fund			JPMorgan SmartRetirement 2050 Fund			JPMorgan SmartRetirement 2055 Fund			JPMorgan SmartRetirement 2060 Fund
NET ASSETS:
Paid-in-Capital	$	3,510,858,221		$	3,167,308,259		$	1,606,570,484		$	279,284,912
Total distributable earnings (loss)		316,552,074			279,977,216			69,446,026			(662,866	)

Total Net Assets	$	3,827,410,295		$	3,447,285,475		$	1,676,016,510		$	278,622,046


Net Assets:
Class A	$	770,110,518		$	669,044,048		$	333,643,359		$	45,390,098
Class C		11,129,901			10,868,255			5,393,188			1,266,729
Class I		358,213,597			351,330,859			164,089,450			25,174,401
Class R2		157,855,858			141,455,884			93,217,054			5,747,246
Class R3		28,735,480			28,623,735			12,680,652			4,378,304
Class R4		22,576,063			21,884,322			8,753,782			1,262,255
Class R5		1,036,265,453			1,040,449,859			458,535,743			55,956,841
Class R6		1,442,523,425			1,183,628,513			599,703,282			139,446,172

Total	$	3,827,410,295		$	3,447,285,475		$	1,676,016,510		$	278,622,046


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		40,129,356			34,669,368			15,053,721			2,591,237
Class C		586,875			570,518			245,229			72,674
Class I		18,590,888			18,131,831			7,387,953			1,434,691
Class R2		8,263,280			7,365,836			4,216,210			328,514
Class R3		1,503,203			1,488,720			573,897			249,948
Class R4		1,174,643			1,131,649			394,755			71,952
Class R5		53,723,130			53,599,893			20,628,533			3,189,570
Class R6		74,804,857			60,953,010			26,967,959			7,936,829

Net Asset Value (a):
Class A — Redemption price per share	$	19.19		$	19.30		$	22.16		$	17.52
Class C — Offering price per share (b)		18.96			19.05			21.99			17.43
Class I — Offering and redemption price per share		19.27			19.38			22.21			17.55
Class R2 — Offering and redemption price per share		19.10			19.20			22.11			17.49
Class R3 — Offering and redemption price per share		19.12			19.23			22.10			17.52
Class R4 — Offering and redemption price per share		19.22			19.34			22.18			17.54
Class R5 — Offering and redemption price per share		19.29			19.41			22.23			17.54
Class R6 — Offering and redemption price per share		19.28			19.42			22.24			17.57
Class A maximum sales charge		4.50	%		4.50	%		4.50	%		4.50	%
Class A maximum public offering price per share [net asset value per share/(100% — maximum sales charge)]	$	20.09		$	20.21		$	23.20		$	18.35


Cost of investments in non-affiliates	$	58,059,552		$	55,344,836		$	27,490,187		$	5,275,465
Cost of investments in affiliates		3,510,158,113			3,169,416,150			1,603,318,874			278,060,258

(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.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	51

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020


	JPMorgan SmartRetirement Income Fund			JPMorgan SmartRetirement 2020 Fund			JPMorgan SmartRetirement 2025 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	345,827		$	590,599		$	980,164
Interest income from affiliates		154			1,192			781
Dividend income from non-affiliates		999,201			1,285,012			553,745
Dividend income from affiliates		80,770,418			140,213,775			175,810,115

Total investment income		82,115,600			142,090,578			177,344,805


EXPENSES:
Distribution fees:
Class A		2,033,351			2,933,125			3,734,092
Class C		168,470			229,815			250,115
Class R2		586,167			1,018,241			1,279,074
Class R3		54,431			119,071			112,611
Service fees:
Class A		2,033,351			2,933,125			3,734,092
Class C		56,157			76,605			83,371
Class I		855,415			1,491,113			1,785,682
Class R2		293,083			509,120			639,537
Class R3		54,431			119,071			112,611
Class R4		42,909			80,463			99,214
Class R5		784,016			1,533,672			1,937,852
Custodian and accounting fees		26,498			30,336			42,133
Interest expense to affiliates		797			2,173			4,240
Professional fees		65,112			90,193			106,576
Trustees’ and Chief Compliance Officer’s fees		36,468			44,306			50,532
Printing and mailing costs		34,126			7,957			3,314
Registration and filing fees		128,873			195,148			197,204
Transfer agency fees (See Note 2.G.)		168,273			155,379			181,236
Other		123,176			197,129			277,146

Total expenses		7,545,104			11,766,042			14,630,632

Less fees waived		(1,917,389	)		(1,913,725	)		(1,883,793	)
Less expense reimbursements		(353,684	)		(464,122	)		(522,103	)

Net expenses		5,274,031			9,388,195			12,224,736

Net investment income (loss)		76,841,569			132,702,383			165,120,069


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		6,047,101			7,831,996			4,560,261
Investments in affiliates		205,143,469			364,394,410			418,466,142
Futures contracts		(3,488,030	)		(2,684,855	)		(820,052	)
Foreign currency transactions		364,238			1,102,403			1,763,705

Net realized gain (loss)		208,066,778			370,643,954			423,970,056

Distributions of capital gains received from investment company affiliates		46,527,720			88,319,866			133,278,914

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(2,803,458	)		(3,021,189	)		(625,783	)
Investments in affiliates		(252,748,493	)		(452,932,486	)		(592,428,576	)
Futures contracts		3,655,795			6,889,443			9,285,474
Foreign currency translations		53,136			117,031			363,805

Change in net unrealized appreciation/depreciation		(251,843,020	)		(448,947,201	)		(583,405,080	)

Net realized/unrealized gains (losses)		2,751,478			10,016,619			(26,156,110	)

Change in net assets resulting from operations	$	79,593,047		$	142,719,002		$	138,963,959

SEE NOTES TO FINANCIAL STATEMENTS.



52	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement 2030 Fund			JPMorgan SmartRetirement 2035 Fund			JPMorgan SmartRetirement 2040 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	1,058,946		$	782,002		$	1,145,946
Interest income from affiliates		116			—			418
Dividend income from non-affiliates		31,261			9,549			10,041
Dividend income from affiliates		183,192,746			118,886,701			106,925,027

Total investment income		184,283,069			119,678,252			108,081,432


EXPENSES:
Distribution fees:
Class A		4,124,260			3,096,553			2,966,036
Class C		245,137			145,981			153,163
Class R2		1,675,797			1,276,865			1,201,215
Class R3		175,158			109,340			148,227
Service fees:
Class A		4,124,260			3,096,553			2,966,036
Class C		81,712			48,660			51,054
Class I		1,957,980			1,450,901			1,448,740
Class R2		837,899			638,432			600,608
Class R3		175,158			109,340			148,227
Class R4		125,836			107,744			97,325
Class R5		2,139,330			1,564,905			1,625,489
Custodian and accounting fees		36,933			28,950			28,454
Interest expense to affiliates		7,742			4,379			5,024
Professional fees		114,722			96,201			95,111
Trustees’ and Chief Compliance Officer’s fees		52,734			46,804			46,097
Printing and mailing costs		9,508			41,863			59,533
Registration and filing fees		194,555			181,871			185,417
Transfer agency fees (See Note 2.G.)		197,402			168,184			172,032
Other		319,482			346,706			353,905

Total expenses		16,595,605			12,560,232			12,351,693

Less fees waived		(2,080,705	)		(1,453,020	)		(1,406,351	)
Less expense reimbursements		(537,941	)		(503,321	)		(519,029	)

Net expenses		13,976,959			10,603,891			10,426,313

Net investment income (loss)		170,306,110			109,074,361			97,655,119


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,131,595			1,073,213			1,058,737
Investments in affiliates		635,771,998			223,172,487			283,050,410
Futures contracts		(21,182,143	)		(41,100,936	)		(44,616,909	)
Foreign currency transactions		(38,084	)		(545,992	)		679,981

Net realized gain (loss)		617,683,366			182,598,772			240,172,219

Distributions of capital gains received from investment company affiliates		176,040,224			181,425,730			196,388,765

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		570,571			375,823			339,053
Investments in affiliates		(877,959,308	)		(417,524,914	)		(501,640,258	)
Futures contracts		11,971,859			7,877,208			8,337,677
Foreign currency translations		1,822			89,728			82,063

Change in net unrealized appreciation/depreciation		(865,415,056	)		(409,182,155	)		(492,881,465	)

Net realized/unrealized gains (losses)		(71,691,466	)		(45,157,653	)		(56,320,481	)

Change in net assets resulting from operations	$	98,614,644		$	63,916,708		$	41,334,638

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	53

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020 (continued)


	JPMorgan SmartRetirement 2045 Fund			JPMorgan SmartRetirement 2050 Fund			JPMorgan SmartRetirement 2055 Fund			JPMorgan SmartRetirement 2060 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	646,552		$	584,651		$	290,576		$	49,336
Interest income from affiliates		589			286			125			—
Dividend income from non-affiliates		7,663			6,280			3,149			277
Dividend income from affiliates		71,939,192			64,056,907			29,836,125			3,962,124

Total investment income		72,593,996			64,648,124			30,129,975			4,011,737


EXPENSES:
Distribution fees:
Class A		2,045,574			1,777,904			831,827			86,549
Class C		93,905			96,942			38,985			7,135
Class R2		874,675			831,706			479,490			23,543
Class R3		69,556			75,357			31,751			9,308
Service fees:
Class A		2,045,574			1,777,904			831,827			86,549
Class C		31,302			32,314			12,995			2,379
Class I		1,017,635			998,546			401,476			44,795
Class R2		437,338			415,853			239,745			11,771
Class R3		69,557			75,357			31,750			9,308
Class R4		53,695			59,303			19,803			3,339
Class R5		1,098,242			1,061,110			461,556			43,244
Custodian and accounting fees		19,997			8,792			17,633			24,972
Interest expense to affiliates		3,829			1,194			501			—
Professional fees		76,329			71,780			50,137			33,162
Trustees’ and Chief Compliance Officer’s fees		40,089			38,624			31,438			25,753
Printing and mailing costs		126,021			181,277			177,388			47,790
Registration and filing fees		149,560			143,844			129,689			130,262
Transfer agency fees (See Note 2.G.)		137,867			123,080			79,669			28,796
Other		244,661			202,370			96,757			18,118

Total expenses		8,635,406			7,973,257			3,964,417			636,773

Less fees waived		(987,139	)		(869,352	)		(418,323	)		(56,720	)
Less expense reimbursements		(492,629	)		(517,862	)		(450,516	)		(282,313	)

Net expenses		7,155,638			6,586,043			3,095,578			297,740

Net investment income (loss)		65,438,358			58,062,081			27,034,397			3,713,997


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		896,555			703,953			334,008			22,586
Investments in affiliates		152,175,149			133,329,531			22,250,505			(2,205,772	)
Futures contracts		(35,308,772	)		(27,877,470	)		(8,602,523	)		(203,435	)
Foreign currency transactions		661,186			(303,461	)		(44,383	)		(104,065	)

Net realized gain (loss)		118,424,118			105,852,553			13,937,607			(2,490,686	)

Distributions of capital gains received from investment company affiliates		149,385,551			132,380,395			60,688,502			7,236,223

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		242,243			225,419			109,048			25,336
Investments in affiliates		(331,046,555	)		(288,262,686	)		(96,023,444	)		(7,144,750	)
Futures contracts		4,975,143			4,457,552			1,209,846			289,120
Foreign currency translations		64,968			121,253			29,006			(12,210	)

Change in net unrealized appreciation/depreciation		(325,764,201	)		(283,458,462	)		(94,675,544	)		(6,842,504	)

Net realized/unrealized gains (losses)		(57,954,532	)		(45,225,514	)		(20,049,435	)		(2,096,967	)

Change in net assets resulting from operations	$	7,483,826		$	12,836,567		$	6,984,962		$	1,617,030

SEE NOTES TO FINANCIAL STATEMENTS.



54	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan SmartRetirement Income Fund						JPMorgan SmartRetirement 2020 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	76,841,569		$	99,568,046		$	132,702,383		$	167,571,387
Net realized gain (loss)		208,066,778			58,639,967			370,643,954			101,026,589
Distributions of capital gains received from investment company affiliates		46,527,720			69,836,038			88,319,866			152,810,438
Change in net unrealized appreciation/depreciation		(251,843,020	)		(34,170,123	)		(448,947,201	)		(82,650,586	)

Change in net assets resulting from operations		79,593,047			193,873,928			142,719,002			338,757,828


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(111,954,524	)		(55,801,933	)		(165,886,431	)		(83,792,070	)
Class C		(2,944,897	)		(1,300,440	)		(4,310,523	)		(1,728,274	)
Class I		(48,033,907	)		(23,552,371	)		(85,238,676	)		(42,966,914	)
Class R2		(16,047,443	)		(8,370,268	)		(28,619,817	)		(15,543,476	)
Class R3		(2,943,487	)		(937,211	)		(6,852,943	)		(1,446,895	)
Class R4		(2,172,393	)		(1,015,760	)		(4,267,432	)		(2,358,441	)
Class R5		(106,657,383	)		(63,597,289	)		(217,110,197	)		(132,089,737	)
Class R6		(118,771,037	)		(51,805,543	)		(224,900,451	)		(97,837,785	)

Total distributions to shareholders		(409,525,071	)		(206,380,815	)		(737,186,470	)		(377,763,592	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(330,513,583	)		(596,993,904	)		(614,692,552	)		(916,523,634	)


NET ASSETS:
Change in net assets		(660,445,607	)		(609,500,791	)		(1,209,160,020	)		(955,529,398	)
Beginning of period		3,331,131,567			3,940,632,358			5,803,221,190			6,758,750,588

End of period	$	2,670,685,960		$	3,331,131,567		$	4,594,061,170		$	5,803,221,190

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan SmartRetirement 2025 Fund						JPMorgan SmartRetirement 2030 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	165,120,069		$	184,982,546		$	170,306,110		$	185,675,490
Net realized gain (loss)		423,970,056			29,697,859			617,683,366			54,175,479
Distributions of capital gains received from investment company affiliates		133,278,914			215,976,044			176,040,224			275,869,585
Change in net unrealized appreciation/depreciation		(583,405,080	)		(4,892,708	)		(865,415,056	)		(53,461,504	)

Change in net assets resulting from operations		138,963,959			425,763,741			98,614,644			462,259,050


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(187,049,144	)		(88,500,458	)		(257,530,956	)		(103,690,040	)
Class C		(3,930,589	)		(1,705,598	)		(5,167,455	)		(1,755,743	)
Class I		(89,575,011	)		(43,330,034	)		(124,203,631	)		(49,658,890	)
Class R2		(31,329,129	)		(15,413,762	)		(52,700,321	)		(22,344,127	)
Class R3		(5,711,441	)		(1,855,007	)		(11,306,256	)		(1,923,193	)
Class R4		(5,056,540	)		(1,615,233	)		(7,155,913	)		(2,886,369	)
Class R5		(241,336,385	)		(136,184,467	)		(333,289,616	)		(155,186,129	)
Class R6		(281,011,681	)		(114,033,738	)		(359,566,065	)		(126,857,039	)

Total distributions to shareholders		(844,999,920	)		(402,638,297	)		(1,150,920,213	)		(464,301,530	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(223,807,334	)		(473,987,852	)		12,160,598			(388,546,782	)


NET ASSETS:
Change in net assets		(929,843,295	)		(450,862,408	)		(1,040,144,971	)		(390,589,262	)
Beginning of period		7,241,027,035			7,691,889,443			7,973,782,828			8,364,372,090

End of period	$	6,311,183,740		$	7,241,027,035		$	6,933,637,857		$	7,973,782,828

SEE NOTES TO FINANCIAL STATEMENTS.



56	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement 2035 Fund						JPMorgan SmartRetirement 2040 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	109,074,361		$	133,572,701		$	97,655,119		$	122,748,927
Net realized gain (loss)		182,598,772			(27,105,756	)		240,172,219			(15,337,701	)
Distributions of capital gains received from investment company affiliates		181,425,730			233,969,690			196,388,765			254,201,912
Change in net unrealized appreciation/depreciation		(409,182,155	)		(9,100,117	)		(492,881,465	)		(42,675,797	)

Change in net assets resulting from operations		63,916,708			331,336,518			41,334,638			318,937,341


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(120,166,224	)		(69,626,725	)		(129,959,404	)		(71,632,659	)
Class C		(1,842,204	)		(971,187	)		(2,213,493	)		(1,072,455	)
Class I		(57,779,011	)		(31,890,752	)		(65,719,648	)		(34,951,283	)
Class R2		(24,601,619	)		(14,332,472	)		(26,372,811	)		(15,381,559	)
Class R3		(4,339,485	)		(1,672,722	)		(6,820,652	)		(1,459,338	)
Class R4		(4,287,294	)		(1,675,607	)		(4,083,692	)		(2,010,497	)
Class R5		(153,002,117	)		(105,300,434	)		(180,730,869	)		(113,960,943	)
Class R6		(195,782,022	)		(100,602,284	)		(203,029,207	)		(101,313,681	)

Total distributions to shareholders		(561,799,976	)		(326,072,183	)		(618,929,776	)		(341,782,415	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(245,388,043	)		(225,229,334	)		(252,685,268	)		(213,226,164	)


NET ASSETS:
Change in net assets		(743,271,311	)		(219,964,999	)		(830,280,406	)		(236,071,238	)
Beginning of period		6,222,819,688			6,442,784,687			6,139,375,672			6,375,446,910

End of period	$	5,479,548,377		$	6,222,819,688		$	5,309,095,266		$	6,139,375,672

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan SmartRetirement 2045 Fund						JPMorgan SmartRetirement 2050 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	65,438,358		$	82,554,279		$	58,062,081		$	72,491,602
Net realized gain (loss)		118,424,118			(38,519,365	)		105,852,553			(38,236,150	)
Distributions of capital gains received from investment company affiliates		149,385,551			183,737,712			132,380,395			158,653,739
Change in net unrealized appreciation/depreciation		(325,764,201	)		(866,949	)		(283,458,462	)		9,498,870

Change in net assets resulting from operations		7,483,826			226,905,677			12,836,567			202,408,061


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(80,852,041	)		(42,239,358	)		(66,937,204	)		(33,770,114	)
Class C		(1,213,610	)		(541,267	)		(1,202,134	)		(538,857	)
Class I		(41,796,021	)		(20,050,147	)		(38,966,905	)		(18,258,582	)
Class R2		(17,049,872	)		(8,870,590	)		(15,845,124	)		(7,831,234	)
Class R3		(2,795,744	)		(936,879	)		(3,047,767	)		(903,040	)
Class R4		(2,175,990	)		(644,686	)		(1,956,081	)		(1,183,953	)
Class R5		(109,110,506	)		(67,289,068	)		(101,396,243	)		(56,639,840	)
Class R6		(138,679,753	)		(69,683,535	)		(106,246,977	)		(53,623,002	)

Total distributions to shareholders		(393,673,537	)		(210,255,530	)		(335,598,435	)		(172,748,622	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(160,106,647	)		20,163,151			(166,141,097	)		143,266,106


NET ASSETS:
Change in net assets		(546,296,358	)		36,813,298			(488,902,965	)		172,925,545
Beginning of period		4,373,706,653			4,336,893,355			3,936,188,440			3,763,262,895

End of period	$	3,827,410,295		$	4,373,706,653		$	3,447,285,475		$	3,936,188,440

SEE NOTES TO FINANCIAL STATEMENTS.



58	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement 2055 Fund						JPMorgan SmartRetirement 2060 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	27,034,397		$	30,900,532		$	3,713,997		$	2,303,762
Net realized gain (loss)		13,937,607			(17,030,836	)		(2,490,686	)		(1,404,743	)
Distributions of capital gains received from investment company affiliates		60,688,502			66,276,592			7,236,223			4,574,643
Change in net unrealized appreciation/depreciation		(94,675,544	)		14,365,327			(6,842,504	)		3,529,064

Change in net assets resulting from operations		6,984,962			94,511,615			1,617,030			9,002,726


DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(24,959,391	)		(11,371,420	)		(1,232,606	)		(513,312	)
Class C		(380,400	)		(128,222	)		(30,489	)		(11,476	)
Class I		(12,736,599	)		(5,303,998	)		(689,639	)		(257,476	)
Class R2		(6,949,408	)		(3,148,658	)		(166,546	)		(70,723	)
Class R3		(1,020,409	)		(282,056	)		(144,856	)		(42,892	)
Class R4		(613,534	)		(205,701	)		(43,648	)		(26,575	)
Class R5		(35,359,337	)		(19,260,799	)		(1,733,892	)		(699,547	)
Class R6		(42,278,247	)		(21,932,142	)		(4,475,327	)		(1,673,286	)

Total distributions to shareholders		(124,297,325	)		(61,632,996	)		(8,517,003	)		(3,295,287	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(7,604,641	)		286,177,820			115,792,922			88,672,306


NET ASSETS:
Change in net assets		(124,917,004	)		319,056,439			108,892,949			94,379,745
Beginning of period		1,800,933,514			1,481,877,075			169,729,097			75,349,352

End of period	$	1,676,016,510		$	1,800,933,514		$	278,622,046		$	169,729,097

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	59

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan SmartRetirement Income Fund						JPMorgan SmartRetirement 2020 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	88,314,627		$	108,047,342		$	164,813,715		$	208,655,630
Distributions reinvested		108,194,478			53,366,588			159,418,848			79,707,106
Cost of shares redeemed		(294,228,708	)		(352,127,067	)		(499,950,632	)		(523,466,734	)

Change in net assets resulting from Class A capital transactions	$	(97,719,603	)	$	(190,713,137	)	$	(175,718,069	)	$	(235,103,998	)

Class C
Proceeds from shares issued	$	2,689,601		$	3,136,489		$	5,638,297		$	4,169,488
Distributions reinvested		2,372,995			1,024,222			3,417,974			1,357,385
Cost of shares redeemed		(8,417,759	)		(6,114,224	)		(11,878,299	)		(8,476,135	)

Change in net assets resulting from Class C capital transactions	$	(3,355,163	)	$	(1,953,513	)	$	(2,822,028	)	$	(2,949,262	)

Class I
Proceeds from shares issued	$	38,589,116		$	43,210,841		$	69,367,006		$	84,576,297
Distributions reinvested		47,742,150			23,431,617			84,926,858			42,839,499
Cost of shares redeemed		(147,214,936	)		(147,544,556	)		(241,214,394	)		(259,039,966	)

Change in net assets resulting from Class I capital transactions	$	(60,883,670	)	$	(80,902,098	)	$	(86,920,530	)	$	(131,624,170	)

Class R2
Proceeds from shares issued	$	16,394,452		$	21,816,405		$	30,168,114		$	33,621,086
Distributions reinvested		15,012,416			7,504,670			26,717,758			14,196,890
Cost of shares redeemed		(56,706,091	)		(80,802,745	)		(103,410,220	)		(146,019,148	)

Change in net assets resulting from Class R2 capital transactions	$	(25,299,223	)	$	(51,481,670	)	$	(46,524,348	)	$	(98,201,172	)

Class R3
Proceeds from shares issued	$	8,535,893		$	13,408,484		$	19,691,074		$	32,972,156
Distributions reinvested		2,413,386			696,368			6,187,433			1,230,734
Cost of shares redeemed		(8,333,857	)		(6,441,857	)		(22,567,845	)		(7,068,821	)

Change in net assets resulting from Class R3 capital transactions	$	2,615,422		$	7,662,995		$	3,310,662		$	27,134,069

Class R4
Proceeds from shares issued	$	6,338,604		$	6,437,150		$	10,789,676		$	18,141,449
Distributions reinvested		2,172,392			1,015,760			4,267,432			2,358,440
Cost of shares redeemed		(8,752,926	)		(6,431,512	)		(23,622,342	)		(15,112,453	)

Change in net assets resulting from Class R4 capital transactions	$	(241,930	)	$	1,021,398		$	(8,565,234	)	$	5,387,436

Class R5
Proceeds from shares issued	$	74,778,869		$	140,783,988		$	158,475,455		$	247,088,318
Distributions reinvested		104,610,224			62,778,902			214,369,875			130,978,221
Cost of shares redeemed		(367,231,446	)		(533,277,108	)		(712,188,686	)		(1,000,858,961	)

Change in net assets resulting from Class R5 capital transactions	$	(187,842,353	)	$	(329,714,218	)	$	(339,343,356	)	$	(622,792,422	)

Class R6
Proceeds from shares issued	$	272,875,854		$	300,935,989		$	452,220,075		$	532,000,035
Distributions reinvested		109,681,022			48,492,274			210,208,185			92,246,479
Cost of shares redeemed		(340,343,939	)		(300,341,924	)		(620,537,909	)		(482,620,629	)

Change in net assets resulting from Class R6 capital transactions	$	42,212,937		$	49,086,339		$	41,890,351		$	141,625,885

Total change in net assets resulting from capital transactions	$	(330,513,583	)	$	(596,993,904	)	$	(614,692,552	)	$	(916,523,634	)

SEE NOTES TO FINANCIAL STATEMENTS.



60	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement Income Fund						JPMorgan SmartRetirement 2020 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		5,209,476			6,060,945			9,191,104			11,040,218
Reinvested		6,504,728			3,089,051			9,047,881			4,386,585
Redeemed		(17,334,560	)		(19,766,746	)		(27,967,097	)		(27,775,666	)

Change in Class A Shares		(5,620,356	)		(10,616,750	)		(9,728,112	)		(12,348,863	)

Class C
Issued		158,895			177,180			317,555			224,472
Reinvested		143,454			59,738			195,090			75,354
Redeemed		(500,239	)		(344,766	)		(687,328	)		(450,619	)

Change in Class C Shares		(197,890	)		(107,848	)		(174,683	)		(150,793	)

Class I
Issued		2,250,632			2,410,303			3,850,798			4,451,454
Reinvested		2,863,034			1,352,958			4,799,308			2,348,193
Redeemed		(8,850,671	)		(8,248,225	)		(13,598,089	)		(13,698,302	)

Change in Class I Shares		(3,737,005	)		(4,484,964	)		(4,947,983	)		(6,898,655	)

Class R2
Issued		952,976			1,229,125			1,675,077			1,789,348
Reinvested		905,001			436,698			1,521,427			786,281
Redeemed		(3,381,433	)		(4,542,214	)		(5,820,582	)		(7,756,877	)

Change in Class R2 Shares		(1,523,456	)		(2,876,391	)		(2,624,078	)		(5,181,248	)

Class R3
Issued		498,440			748,921			1,080,640			1,741,671
Reinvested		145,853			40,405			352,865			67,650
Redeemed		(494,927	)		(366,818	)		(1,282,550	)		(376,277	)

Change in Class R3 Shares		149,366			422,508			150,955			1,433,044

Class R4
Issued		366,659			361,252			581,237			965,809
Reinvested		130,523			58,733			241,516			129,532
Redeemed		(493,934	)		(359,163	)		(1,265,137	)		(802,480	)

Change in Class R4 Shares		3,248			60,822			(442,384	)		292,861

Class R5
Issued		4,408,948			8,028,543			8,790,523			13,209,844
Reinvested		6,262,871			3,616,933			12,095,377			7,167,258
Redeemed		(21,401,031	)		(29,919,369	)		(39,280,382	)		(52,961,853	)

Change in Class R5 Shares		(10,729,212	)		(18,273,893	)		(18,394,482	)		(32,584,751	)

Class R6
Issued		16,069,886			16,858,346			25,167,390			28,054,759
Reinvested		6,567,472			2,791,349			11,861,737			5,039,558
Redeemed		(19,819,016	)		(16,830,414	)		(34,318,262	)		(25,492,173	)

Change in Class R6 Shares		2,818,342			2,819,281			2,710,865			7,602,144

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	61

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan SmartRetirement 2025 Fund						JPMorgan SmartRetirement 2030 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	240,724,595		$	269,369,323		$	259,541,189		$	304,809,011
Distributions reinvested		179,436,824			83,609,376			247,769,781			98,198,342
Cost of shares redeemed		(530,970,607	)		(539,299,004	)		(581,603,029	)		(578,592,738	)

Change in net assets resulting from Class A capital transactions	$	(110,809,188	)	$	(186,320,305	)	$	(74,292,059	)	$	(175,585,385	)

Class C
Proceeds from shares issued	$	4,525,104		$	5,137,630		$	7,027,735		$	6,783,276
Distributions reinvested		3,312,035			1,388,177			3,783,416			1,241,093
Cost of shares redeemed		(9,284,126	)		(10,515,601	)		(13,047,015	)		(11,000,193	)

Change in net assets resulting from Class C capital transactions	$	(1,446,987	)	$	(3,989,794	)	$	(2,235,864	)	$	(2,975,824	)

Class I
Proceeds from shares issued	$	95,732,980		$	123,275,797		$	113,532,919		$	131,724,026
Distributions reinvested		88,460,406			42,885,789			123,599,831			49,552,196
Cost of shares redeemed		(260,949,906	)		(275,464,797	)		(295,923,790	)		(277,417,325	)

Change in net assets resulting from Class I capital transactions	$	(76,756,520	)	$	(109,303,211	)	$	(58,791,040	)	$	(96,141,103	)

Class R2
Proceeds from shares issued	$	42,454,913		$	52,849,142		$	49,506,283		$	65,389,509
Distributions reinvested		28,922,664			13,495,220			49,166,092			20,227,224
Cost of shares redeemed		(105,885,094	)		(143,355,907	)		(145,117,232	)		(189,146,195	)

Change in net assets resulting from Class R2 capital transactions	$	(34,507,517	)	$	(77,011,545	)	$	(46,444,857	)	$	(103,529,462	)

Class R3
Proceeds from shares issued	$	21,560,583		$	25,174,785		$	26,250,921		$	44,442,314
Distributions reinvested		4,599,669			1,471,900			10,333,056			1,617,975
Cost of shares redeemed		(19,169,773	)		(11,712,841	)		(22,874,106	)		(7,894,017	)

Change in net assets resulting from Class R3 capital transactions	$	6,990,479		$	14,933,844		$	13,709,871		$	38,166,272

Class R4
Proceeds from shares issued	$	11,471,401		$	17,063,116		$	15,084,763		$	26,236,778
Distributions reinvested		5,056,540			1,615,233			7,155,913			2,886,369
Cost of shares redeemed		(9,153,747	)		(6,102,434	)		(31,405,480	)		(9,808,147	)

Change in net assets resulting from Class R4 capital transactions	$	7,374,194		$	12,575,915		$	(9,164,804	)	$	19,315,000

Class R5
Proceeds from shares issued	$	257,660,477		$	381,084,890		$	283,454,572		$	401,936,216
Distributions reinvested		236,547,686			134,215,707			325,009,665			152,414,827
Cost of shares redeemed		(734,564,842	)		(1,026,791,205	)		(712,094,483	)		(1,027,904,257	)

Change in net assets resulting from Class R5 capital transactions	$	(240,356,679	)	$	(511,490,608	)	$	(103,630,246	)	$	(473,553,214	)

Class R6
Proceeds from shares issued	$	651,963,805		$	713,251,637		$	709,634,172		$	749,075,555
Distributions reinvested		260,026,051			106,546,910			333,817,886			119,008,164
Cost of shares redeemed		(686,284,972	)		(433,180,695	)		(750,442,461	)		(462,326,785	)

Change in net assets resulting from Class R6 capital transactions	$	225,704,884		$	386,617,852		$	293,009,597		$	405,756,934

Total change in net assets resulting from capital transactions	$	(223,807,334	)	$	(473,987,852	)	$	12,160,598		$	(388,546,782	)

SEE NOTES TO FINANCIAL STATEMENTS.



62	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement 2025 Fund						JPMorgan SmartRetirement 2030 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		13,252,377			14,373,233			13,403,761			14,925,358
Reinvested		9,958,593			4,673,845			12,932,966			5,091,186
Redeemed		(29,654,942	)		(28,836,237	)		(30,180,018	)		(28,370,688	)

Change in Class A Shares		(6,443,972	)		(9,789,159	)		(3,843,291	)		(8,354,144	)

Class C
Issued		245,351			275,682			357,617			336,487
Reinvested		184,582			78,355			199,646			65,401
Redeemed		(514,231	)		(563,562	)		(707,326	)		(544,716	)

Change in Class C Shares		(84,298	)		(209,525	)		(150,063	)		(142,828	)

Class I
Issued		5,259,233			6,556,489			5,902,515			6,414,814
Reinvested		4,895,727			2,388,783			6,432,583			2,557,645
Redeemed		(14,630,478	)		(14,755,473	)		(15,722,109	)		(13,590,964	)

Change in Class I Shares		(4,475,518	)		(5,810,201	)		(3,387,011	)		(4,618,505	)

Class R2
Issued		2,336,445			2,829,065			2,542,790			3,218,050
Reinvested		1,611,670			759,985			2,577,122			1,057,361
Redeemed		(5,959,208	)		(7,668,860	)		(7,649,442	)		(9,247,436	)

Change in Class R2 Shares		(2,011,093	)		(4,079,810	)		(2,529,530	)		(4,972,025	)

Class R3
Issued		1,173,544			1,336,866			1,330,935			2,160,699
Reinvested		256,312			82,554			541,614			83,674
Redeemed		(1,072,908	)		(626,784	)		(1,200,310	)		(388,274	)

Change in Class R3 Shares		356,948			792,636			672,239			1,856,099

Class R4
Issued		622,614			911,487			763,945			1,275,805
Reinvested		280,720			90,080			372,996			149,160
Redeemed		(519,574	)		(325,996	)		(1,550,328	)		(479,864	)

Change in Class R4 Shares		383,760			675,571			(413,387	)		945,101

Class R5
Issued		14,185,935			20,548,325			14,635,228			19,729,370
Reinvested		13,083,321			7,462,810			16,866,568			7,843,142
Redeemed		(40,420,479	)		(54,816,707	)		(36,365,298	)		(50,245,721	)

Change in Class R5 Shares		(13,151,223	)		(26,805,572	)		(4,863,502	)		(22,673,209	)

Class R6
Issued		35,896,273			37,947,797			36,916,905			36,403,413
Reinvested		14,385,765			5,910,986			17,336,326			6,112,798
Redeemed		(37,652,704	)		(23,082,759	)		(38,023,001	)		(22,630,422	)

Change in Class R6 Shares		12,629,334			20,776,024			16,230,230			19,885,789

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	63

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan SmartRetirement 2035 Fund						JPMorgan SmartRetirement 2040 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	209,889,410		$	252,673,812		$	202,314,230		$	252,562,320
Distributions reinvested		115,251,979			65,686,844			124,788,636			67,715,604
Cost of shares redeemed		(425,087,939	)		(443,193,298	)		(437,805,019	)		(420,412,035	)

Change in net assets resulting from Class A capital transactions	$	(99,946,550	)	$	(124,832,642	)	$	(110,702,153	)	$	(100,134,111	)

Class C
Proceeds from shares issued	$	3,205,789		$	3,841,180		$	3,919,615		$	5,212,257
Distributions reinvested		1,299,448			652,236			1,599,432			715,308
Cost of shares redeemed		(8,290,983	)		(6,153,076	)		(8,523,571	)		(7,509,786	)

Change in net assets resulting from Class C capital transactions	$	(3,785,746	)	$	(1,659,660	)	$	(3,004,524	)	$	(1,582,221	)

Class I
Proceeds from shares issued	$	79,584,743		$	103,538,438		$	98,034,785		$	117,122,621
Distributions reinvested		57,401,778			31,726,119			65,561,161			34,898,384
Cost of shares redeemed		(196,451,384	)		(208,855,440	)		(226,754,447	)		(233,235,335	)

Change in net assets resulting from Class I capital transactions	$	(59,464,863	)	$	(73,590,883	)	$	(63,158,501	)	$	(81,214,330	)

Class R2
Proceeds from shares issued	$	40,196,801		$	54,318,853		$	38,235,612		$	55,273,968
Distributions reinvested		22,710,081			12,582,596			24,321,300			13,575,633
Cost of shares redeemed		(98,614,509	)		(133,089,294	)		(104,998,156	)		(149,791,952	)

Change in net assets resulting from Class R2 capital transactions	$	(35,707,627	)	$	(66,187,845	)	$	(42,441,244	)	$	(80,942,351	)

Class R3
Proceeds from shares issued	$	19,459,428		$	21,533,856		$	23,781,198		$	37,961,806
Distributions reinvested		3,509,651			1,381,305			6,176,845			1,231,728
Cost of shares redeemed		(14,184,663	)		(9,415,185	)		(20,195,369	)		(5,968,843	)

Change in net assets resulting from Class R3 capital transactions	$	8,784,416		$	13,499,976		$	9,762,674		$	33,224,691

Class R4
Proceeds from shares issued	$	11,987,518		$	15,921,910		$	16,356,314		$	17,565,931
Distributions reinvested		4,287,294			1,675,606			4,083,692			2,010,497
Cost of shares redeemed		(9,326,375	)		(4,722,246	)		(23,908,855	)		(9,682,757	)

Change in net assets resulting from Class R4 capital transactions	$	6,948,437		$	12,875,270		$	(3,468,849	)	$	9,893,671

Class R5
Proceeds from shares issued	$	240,299,826		$	328,448,787		$	230,669,403		$	327,439,926
Distributions reinvested		147,958,786			102,890,750			174,486,106			111,153,305
Cost of shares redeemed		(553,539,585	)		(811,379,196	)		(517,456,127	)		(792,200,623	)

Change in net assets resulting from Class R5 capital transactions	$	(165,280,973	)	$	(380,039,659	)	$	(112,300,618	)	$	(353,607,392	)

Class R6
Proceeds from shares issued	$	597,553,689		$	646,466,741		$	592,328,699		$	634,543,087
Distributions reinvested		182,500,700			94,681,994			188,053,517			95,507,492
Cost of shares redeemed		(676,989,526	)		(346,442,626	)		(707,754,269	)		(368,914,700	)

Change in net assets resulting from Class R6 capital transactions	$	103,064,863		$	394,706,109		$	72,627,947		$	361,135,879

Total change in net assets resulting from capital transactions	$	(245,388,043	)	$	(225,229,334	)	$	(252,685,268	)	$	(213,226,164	)

SEE NOTES TO FINANCIAL STATEMENTS.



64	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement 2035 Fund						JPMorgan SmartRetirement 2040 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		10,821,459			12,744,366			9,755,537			11,789,756
Reinvested		5,798,258			3,531,538			5,861,200			3,403,403
Redeemed		(21,962,996	)		(22,407,044	)		(21,041,692	)		(19,661,992	)

Change in Class A Shares		(5,343,279	)		(6,131,140	)		(5,424,955	)		(4,468,833	)

Class C
Issued		163,673			196,057			189,984			248,812
Reinvested		65,802			35,643			76,185			36,779
Redeemed		(434,457	)		(310,523	)		(428,333	)		(352,763	)

Change in Class C Shares		(204,982	)		(78,823	)		(162,164	)		(67,172	)

Class I
Issued		4,085,574			5,191,984			4,708,807			5,440,822
Reinvested		2,872,991			1,692,869			3,069,030			1,745,164
Redeemed		(10,361,543	)		(10,466,765	)		(11,216,889	)		(10,850,968	)

Change in Class I Shares		(3,402,978	)		(3,581,912	)		(3,439,052	)		(3,664,982	)

Class R2
Issued		2,070,512			2,746,900			1,848,216			2,597,198
Reinvested		1,144,349			681,783			1,147,179			689,892
Redeemed		(5,134,325	)		(6,723,406	)		(5,136,486	)		(6,982,757	)

Change in Class R2 Shares		(1,919,464	)		(3,294,723	)		(2,141,091	)		(3,695,667	)

Class R3
Issued		986,226			1,076,411			1,117,197			1,764,147
Reinvested		177,300			74,597			291,047			61,873
Redeemed		(742,027	)		(475,256	)		(967,240	)		(281,734	)

Change in Class R3 Shares		421,499			675,752			441,004			1,544,286

Class R4
Issued		606,252			807,245			777,515			823,350
Reinvested		215,064			89,550			191,659			100,719
Redeemed		(490,150	)		(236,368	)		(1,140,579	)		(450,037	)

Change in Class R4 Shares		331,166			660,427			(171,405	)		474,032

Class R5
Issued		12,422,197			16,641,094			11,099,141			15,291,881
Reinvested		7,405,038			5,483,911			8,155,540			5,537,815
Redeemed		(28,416,605	)		(40,805,674	)		(24,669,854	)		(36,955,494	)

Change in Class R5 Shares		(8,589,370	)		(18,680,669	)		(5,415,173	)		(16,125,798	)

Class R6
Issued		30,724,142			32,341,279			28,638,543			29,420,148
Reinvested		9,142,856			5,033,002			8,794,230			4,749,038
Redeemed		(34,227,290	)		(17,391,613	)		(33,141,806	)		(17,174,401	)

Change in Class R6 Shares		5,639,708			19,982,668			4,290,967			16,994,785

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	65

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan SmartRetirement 2045 Fund						JPMorgan SmartRetirement 2050 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	168,884,988		$	199,168,930		$	179,060,565		$	210,071,519
Distributions reinvested		77,362,744			39,750,688			63,519,154			31,663,312
Cost of shares redeemed		(274,072,999	)		(307,260,407	)		(282,165,807	)		(264,642,347	)

Change in net assets resulting from Class A capital transactions	$	(27,825,267	)	$	(68,340,789	)	$	(39,586,088	)	$	(22,907,516	)

Class C
Proceeds from shares issued	$	2,962,409		$	2,838,771		$	2,392,928		$	3,306,801
Distributions reinvested		910,080			391,400			874,024			368,175
Cost of shares redeemed		(4,773,115	)		(4,094,937	)		(5,615,354	)		(3,817,685	)

Change in net assets resulting from Class C capital transactions	$	(900,626	)	$	(864,766	)	$	(2,348,402	)	$	(142,709	)

Class I
Proceeds from shares issued	$	72,480,663		$	92,110,486		$	93,279,223		$	114,486,438
Distributions reinvested		41,436,382			19,897,566			38,871,217			18,219,003
Cost of shares redeemed		(129,514,366	)		(156,326,111	)		(153,618,675	)		(161,004,533	)

Change in net assets resulting from Class I capital transactions	$	(15,597,321	)	$	(44,318,059	)	$	(21,468,235	)	$	(28,299,092	)

Class R2
Proceeds from shares issued	$	35,693,835		$	43,004,982		$	36,119,727		$	49,449,459
Distributions reinvested		15,781,562			7,811,680			14,873,210			6,908,449
Cost of shares redeemed		(67,834,064	)		(91,171,593	)		(79,613,358	)		(82,731,219	)

Change in net assets resulting from Class R2 capital transactions	$	(16,358,667	)	$	(40,354,931	)	$	(28,620,421	)	$	(26,373,311	)

Class R3
Proceeds from shares issued	$	14,717,034		$	14,066,900		$	14,267,177		$	16,918,336
Distributions reinvested		2,360,710			793,450			2,734,855			802,667
Cost of shares redeemed		(10,388,311	)		(5,425,114	)		(15,401,492	)		(5,079,919	)

Change in net assets resulting from Class R3 capital transactions	$	6,689,433		$	9,435,236		$	1,600,540		$	12,641,084

Class R4
Proceeds from shares issued	$	10,858,290		$	9,330,792		$	10,277,337		$	14,084,804
Distributions reinvested		2,175,990			644,686			1,956,081			1,183,952
Cost of shares redeemed		(7,056,952	)		(2,419,433	)		(20,254,386	)		(6,622,535	)

Change in net assets resulting from Class R4 capital transactions	$	5,977,328		$	7,556,045		$	(8,020,968	)	$	8,646,221

Class R5
Proceeds from shares issued	$	196,533,036		$	275,652,775		$	216,841,352		$	279,892,279
Distributions reinvested		104,530,577			65,355,600			95,443,060			54,326,592
Cost of shares redeemed		(387,875,281	)		(529,611,456	)		(326,149,916	)		(457,826,258	)

Change in net assets resulting from Class R5 capital transactions	$	(86,811,668	)	$	(188,603,081	)	$	(13,865,504	)	$	(123,607,387	)

Class R6
Proceeds from shares issued	$	461,930,106		$	517,162,220		$	429,984,152		$	493,607,480
Distributions reinvested		127,414,516			65,323,773			95,443,119			49,480,344
Cost of shares redeemed		(614,624,481	)		(236,832,497	)		(579,259,290	)		(219,779,008	)

Change in net assets resulting from Class R6 capital transactions	$	(25,279,859	)	$	345,653,496		$	(53,832,019	)	$	323,308,816

Total change in net assets resulting from capital transactions	$	(160,106,647	)	$	20,163,151		$	(166,141,097	)	$	143,266,106

SEE NOTES TO FINANCIAL STATEMENTS.



66	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement 2045 Fund						JPMorgan SmartRetirement 2050 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		8,490,355			9,741,281			8,947,493			10,270,302
Reinvested		3,737,875			2,097,967			3,051,783			1,669,772
Redeemed		(13,773,489	)		(15,094,505	)		(14,060,616	)		(12,963,652	)

Change in Class A Shares		(1,545,259	)		(3,255,257	)		(2,061,340	)		(1,023,578	)

Class C
Issued		152,133			140,818			119,551			163,813
Reinvested		44,371			21,028			42,428			19,789
Redeemed		(250,414	)		(199,276	)		(286,899	)		(188,367	)

Change in Class C Shares		(53,910	)		(37,430	)		(124,920	)		(4,765	)

Class I
Issued		3,636,351			4,488,199			4,672,429			5,558,411
Reinvested		1,995,590			1,043,525			1,861,751			954,195
Redeemed		(6,716,811	)		(7,590,561	)		(7,852,628	)		(7,836,373	)

Change in Class I Shares		(1,084,870	)		(2,058,837	)		(1,318,448	)		(1,323,767	)

Class R2
Issued		1,791,858			2,110,820			1,811,782			2,429,988
Reinvested		764,514			416,534			716,720			368,217
Redeemed		(3,426,966	)		(4,457,028	)		(3,997,058	)		(4,034,935	)

Change in Class R2 Shares		(870,594	)		(1,929,674	)		(1,468,556	)		(1,236,730	)

Class R3
Issued		726,226			687,216			701,347			821,524
Reinvested		114,430			42,065			131,766			42,469
Redeemed		(521,825	)		(268,345	)		(750,332	)		(250,131	)

Change in Class R3 Shares		318,831			460,936			82,781			613,862

Class R4
Issued		550,595			456,099			507,243			689,009
Reinvested		105,094			33,856			93,889			62,097
Redeemed		(364,317	)		(117,206	)		(985,585	)		(321,387	)

Change in Class R4 Shares		291,372			372,749			(384,453	)		429,719

Class R5
Issued		9,931,745			13,478,948			10,935,121			13,626,769
Reinvested		5,034,914			3,420,064			4,568,108			2,837,744
Redeemed		(19,271,791	)		(25,819,496	)		(16,087,789	)		(22,277,100	)

Change in Class R5 Shares		(4,305,132	)		(8,920,484	)		(584,560	)		(5,812,587	)

Class R6
Issued		23,179,824			25,094,551			21,596,126			23,920,368
Reinvested		6,143,690			3,411,615			4,570,931			2,577,122
Redeemed		(29,919,628	)		(11,547,676	)		(27,924,432	)		(10,697,775	)

Change in Class R6 Shares		(596,114	)		16,958,490			(1,757,375	)		15,799,715

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	67

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan SmartRetirement 2055 Fund						JPMorgan SmartRetirement 2060 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	135,184,014		$	137,898,181		$	32,837,658		$	22,303,707
Distributions reinvested		23,497,180			10,454,588			1,218,346			509,021
Cost of shares redeemed		(138,175,493	)		(124,470,282	)		(14,473,853	)		(9,740,313	)

Change in net assets resulting from Class A capital transactions	$	20,505,701		$	23,882,487		$	19,582,151		$	13,072,415

Class C
Proceeds from shares issued	$	1,682,249		$	1,539,736		$	513,906		$	478,182
Distributions reinvested		346,583			111,620			30,489			11,476
Cost of shares redeemed		(1,163,410	)		(1,065,470	)		(71,203	)		(97,756	)

Change in net assets resulting from Class C capital transactions	$	865,422		$	585,886		$	473,192		$	391,902

Class I
Proceeds from shares issued	$	55,722,594		$	59,698,716		$	17,907,728		$	10,766,555
Distributions reinvested		12,713,268			5,295,662			689,639			257,451
Cost of shares redeemed		(45,108,672	)		(68,197,707	)		(6,116,552	)		(4,861,036	)

Change in net assets resulting from Class I capital transactions	$	23,327,190		$	(3,203,329	)	$	12,480,815		$	6,162,970

Class R2
Proceeds from shares issued	$	30,940,578		$	36,045,343		$	3,507,976		$	2,522,351
Distributions reinvested		6,368,518			2,733,777			166,546			70,722
Cost of shares redeemed		(35,852,577	)		(41,451,126	)		(1,586,373	)		(1,203,419	)

Change in net assets resulting from Class R2 capital transactions	$	1,456,519		$	(2,672,006	)	$	2,088,149		$	1,389,654

Class R3
Proceeds from shares issued	$	8,419,197		$	7,484,425		$	3,136,155		$	2,786,215
Distributions reinvested		933,663			251,082			136,453			37,202
Cost of shares redeemed		(7,222,788	)		(2,205,906	)		(2,045,235	)		(576,886	)

Change in net assets resulting from Class R3 capital transactions	$	2,130,072		$	5,529,601		$	1,227,373		$	2,246,531

Class R4
Proceeds from shares issued	$	3,843,850		$	4,235,207		$	1,300,190		$	1,793,762
Distributions reinvested		613,534			205,701			43,648			26,575
Cost of shares redeemed		(1,756,947	)		(2,281,107	)		(1,811,301	)		(433,699	)

Change in net assets resulting from Class R4 capital transactions	$	2,700,437		$	2,159,801		$	(467,463	)	$	1,386,638

Class R5
Proceeds from shares issued	$	150,764,862		$	192,298,641		$	34,718,029		$	30,883,972
Distributions reinvested		35,026,036			19,063,505			1,720,667			695,717
Cost of shares redeemed		(186,340,847	)		(193,269,620	)		(14,226,213	)		(14,517,883	)

Change in net assets resulting from Class R5 capital transactions	$	(549,949	)	$	18,092,526		$	22,212,483		$	17,061,806

Class R6
Proceeds from shares issued	$	257,098,994		$	322,464,869		$	91,926,010		$	62,484,077
Distributions reinvested		39,048,944			20,823,585			4,044,536			1,549,882
Cost of shares redeemed		(354,187,971	)		(101,485,600	)		(37,774,324	)		(17,073,569	)

Change in net assets resulting from Class R6 capital transactions	$	(58,040,033	)	$	241,802,854		$	58,196,222		$	46,960,390

Total change in net assets resulting from capital transactions	$	(7,604,641	)	$	286,177,820		$	115,792,922		$	88,672,306

SEE NOTES TO FINANCIAL STATEMENTS.



68	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement 2055 Fund						JPMorgan SmartRetirement 2060 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A
Issued		5,954,340			6,003,806			1,853,978			1,279,049
Reinvested		984,037			490,221			64,940			31,311
Redeemed		(6,080,558	)		(5,407,224	)		(824,299	)		(555,693	)

Change in Class A Shares		857,819			1,086,803			1,094,619			754,667

Class C
Issued		75,066			67,770			32,072			27,934
Reinvested		14,575			5,322			1,617			722
Redeemed		(51,198	)		(46,017	)		(4,086	)		(5,715	)

Change in Class C Shares		38,443			27,075			29,603			22,941

Class I
Issued		2,461,611			2,595,276			1,019,709			616,068
Reinvested		531,995			246,835			36,839			15,726
Redeemed		(2,022,769	)		(2,953,117	)		(351,236	)		(278,070	)

Change in Class I Shares		970,837			(111,006	)		705,312			353,724

Class R2
Issued		1,371,028			1,571,828			198,585			145,613
Reinvested		266,625			129,443			8,816			4,407
Redeemed		(1,577,487	)		(1,807,626	)		(89,041	)		(70,797	)

Change in Class R2 Shares		60,166			(106,355	)		118,360			79,223

Class R3
Issued		364,943			325,524			175,934			158,154
Reinvested		39,181			11,805			7,244			2,281
Redeemed		(313,917	)		(96,327	)		(118,170	)		(32,516	)

Change in Class R3 Shares		90,207			241,002			65,008			127,919

Class R4
Issued		166,890			185,428			72,554			102,920
Reinvested		25,728			9,605			2,335			1,621
Redeemed		(77,446	)		(99,033	)		(102,814	)		(24,416	)

Change in Class R4 Shares		115,172			96,000			(27,925	)		80,125

Class R5
Issued		6,641,621			8,365,749			1,969,579			1,769,862
Reinvested		1,467,311			887,370			92,187			42,404
Redeemed		(8,139,807	)		(8,378,136	)		(800,988	)		(829,488	)

Change in Class R5 Shares		(30,875	)		874,983			1,260,778			982,778

Class R6
Issued		11,299,426			13,949,760			5,239,717			3,573,818
Reinvested		1,636,937			966,006			216,737			94,154
Redeemed		(15,098,373	)		(4,404,258	)		(2,150,036	)		(987,926	)

Change in Class R6 Shares		(2,162,010	)		10,511,508			3,306,418			2,680,046

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	69

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


	Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Income Fund
Class A
Year Ended June 30, 2020	$	18.14	$	0.42		$	0.10		$	0.52	$	(0.43	)	$	(2.02	)	$	(2.45	)
Year Ended June 30, 2019		18.19		0.47			0.49			0.96		(0.51	)		(0.50	)		(1.01	)
Year Ended June 30, 2018		18.14		0.38			0.35			0.73		(0.41	)		(0.27	)		(0.68	)
Year Ended June 30, 2017		17.30		0.39	(h)		0.83			1.22		(0.38	)		—			(0.38	)
Year Ended June 30, 2016		17.60		0.32			(0.19	)		0.13		(0.37	)		(0.06	)		(0.43	)

Class C
Year Ended June 30, 2020		18.07		0.31			0.09			0.40		(0.32	)		(2.02	)		(2.34	)
Year Ended June 30, 2019		18.12		0.35			0.50			0.85		(0.40	)		(0.50	)		(0.90	)
Year Ended June 30, 2018		18.07		0.25			0.36			0.61		(0.29	)		(0.27	)		(0.56	)
Year Ended June 30, 2017		17.23		0.27	(h)		0.83			1.10		(0.26	)		—			(0.26	)
Year Ended June 30, 2016		17.53		0.21			(0.19	)		0.02		(0.26	)		(0.06	)		(0.32	)

Class I
Year Ended June 30, 2020		18.18		0.44			0.09			0.53		(0.45	)		(2.02	)		(2.47	)
Year Ended June 30, 2019		18.22		0.49			0.50			0.99		(0.53	)		(0.50	)		(1.03	)
Year Ended June 30, 2018		18.17		0.41			0.34			0.75		(0.43	)		(0.27	)		(0.70	)
Year Ended June 30, 2017		17.33		0.40	(h)		0.84			1.24		(0.40	)		—			(0.40	)
Year Ended June 30, 2016		17.63		0.34			(0.20	)		0.14		(0.38	)		(0.06	)		(0.44	)

Class R2
Year Ended June 30, 2020		18.11		0.35			0.08			0.43		(0.35	)		(2.02	)		(2.37	)
Year Ended June 30, 2019		18.15		0.39			0.50			0.89		(0.43	)		(0.50	)		(0.93	)
Year Ended June 30, 2018		18.10		0.30			0.34			0.64		(0.32	)		(0.27	)		(0.59	)
Year Ended June 30, 2017		17.26		0.34	(h)		0.83			1.17		(0.33	)		—			(0.33	)
Year Ended June 30, 2016		17.57		0.28			(0.20	)		0.08		(0.33	)		(0.06	)		(0.39	)

Class R3
Year Ended June 30, 2020		18.08		0.38			0.10			0.48		(0.40	)		(2.02	)		(2.42	)
Year Ended June 30, 2019		18.13		0.45			0.48			0.93		(0.48	)		(0.50	)		(0.98	)
Year Ended June 30, 2018		18.10		0.38			0.31			0.69		(0.39	)		(0.27	)		(0.66	)
September 9, 2016 (i) through June 30, 2017		17.56		0.35	(h)		0.58			0.93		(0.39	)		—			(0.39	)

Class R4
Year Ended June 30, 2020		18.15		0.43			0.09			0.52		(0.44	)		(2.02	)		(2.46	)
Year Ended June 30, 2019		18.19		0.48			0.50			0.98		(0.52	)		(0.50	)		(1.02	)
Year Ended June 30, 2018		18.17		0.50			0.23			0.73		(0.44	)		(0.27	)		(0.71	)
September 9, 2016 (i) through June 30, 2017		17.59		0.33	(h)		0.64			0.97		(0.39	)		—			(0.39	)

Class R5
Year Ended June 30, 2020		18.21		0.46			0.10			0.56		(0.47	)		(2.02	)		(2.49	)
Year Ended June 30, 2019		18.25		0.50			0.51			1.01		(0.55	)		(0.50	)		(1.05	)
Year Ended June 30, 2018		18.20		0.42			0.35			0.77		(0.45	)		(0.27	)		(0.72	)
Year Ended June 30, 2017		17.36		0.43	(h)		0.83			1.26		(0.42	)		—			(0.42	)
Year Ended June 30, 2016		17.66		0.36			(0.19	)		0.17		(0.41	)		(0.06	)		(0.47	)

Class R6
Year Ended June 30, 2020		18.21		0.47			0.10			0.57		(0.48	)		(2.02	)		(2.50	)
Year Ended June 30, 2019		18.25		0.53			0.50			1.03		(0.57	)		(0.50	)		(1.07	)
Year Ended June 30, 2018		18.20		0.45			0.34			0.79		(0.47	)		(0.27	)		(0.74	)
Year Ended June 30, 2017		17.36		0.47	(h)		0.80			1.27		(0.43	)		—			(0.43	)
Year Ended June 30, 2016		17.66		0.37			(0.19	)		0.18		(0.42	)		(0.06	)		(0.48	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Commencement of offering of class of shares.

(j)	Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.



70	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	16.21		2.80	%	$	725,301,617		0.31	%		2.46	%		0.53	%		44	%
	18.14		5.65			913,902,552		0.31			2.62			0.53			22
	18.19		4.02			1,109,061,789		0.30			2.07			0.53			23
	18.14		7.14			1,272,206,671		0.29			2.20	(h)		0.56			21
	17.30		0.81			619,792,804		0.28			1.86			0.58			29


	16.13		2.10			19,315,545		0.94			1.82			1.03			44
	18.07		5.02			25,210,634		0.94			2.00			1.02			22
	18.12		3.34			27,229,447		0.94			1.36			1.02			23
	18.07		6.44			43,741,512		0.94			1.54	(h)		1.05			21
	17.23		0.16			24,969,601		0.94			1.22			1.08			29


	16.24		2.86			275,968,110		0.19			2.59			0.27			44
	18.18		5.83			376,750,999		0.19			2.74			0.27			22
	18.22		4.13			459,287,905		0.19			2.18			0.26			23
	18.17		7.22			556,179,393		0.19			2.28	(h)		0.30			21
	17.33		0.90			298,322,644		0.18			1.97			0.32			29


	16.17		2.29			96,608,974		0.75			2.03			0.77			44
	18.11		5.24			135,757,596		0.75			2.17			0.77			22
	18.15		3.55			188,265,741		0.75			1.62			0.77			23
	18.10		6.82			229,706,224		0.59			1.90	(h)		0.84			21
	17.26		0.50			110,807,390		0.53			1.61			0.87			29


	16.14		2.57			21,053,046		0.50			2.26			0.52			44
	18.08		5.51			20,881,718		0.50			2.51			0.52			22
	18.13		3.80			13,281,928		0.50			2.06			0.53			23
	18.10		5.35			2,507,962		0.50			2.41	(h)		0.58			21


	16.21		2.81			16,424,328		0.25			2.50			0.27			44
	18.15		5.78			18,329,270		0.25			2.70			0.26			22
	18.19		4.00			17,265,638		0.25			2.71			0.37			23
	18.17		5.61			21,118		0.25			2.28	(h)		0.35			21


	16.28		3.01			663,489,981		0.10			2.66			0.12			44
	18.21		5.91			937,765,072		0.10			2.80			0.12			22
	18.25		4.21			1,273,234,250		0.10			2.25			0.11			23
	18.20		7.32			1,883,558,005		0.09			2.40	(h)		0.15			21
	17.36		1.03			1,005,529,297		0.05			2.09			0.16			29


	16.28		3.12			852,524,359		0.00			2.77			0.02			44
	18.21		6.02			902,533,726		0.00			2.95			0.02			22
	18.25		4.32			853,005,660		0.00			2.44			0.01			23
	18.20		7.42			476,562,618		0.00			2.63	(h)		0.01			21
	17.36		1.09			101,641,201		0.00			2.15			0.00	(j)		29

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	71

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2020 Fund
Class A
Year Ended June 30, 2020	$	19.25	$	0.43		$	0.13		$	0.56		$	(0.44	)	$	(2.23	)	$	(2.67	)
Year Ended June 30, 2019		19.34		0.47			0.55			1.02			(0.52	)		(0.59	)		(1.11	)
Year Ended June 30, 2018		19.14		0.39			0.62			1.01			(0.42	)		(0.39	)		(0.81	)
Year Ended June 30, 2017		17.95		0.38	(h)		1.31			1.69			(0.40	)		(0.10	)		(0.50	)
Year Ended June 30, 2016		18.50		0.32			(0.30	)		0.02			(0.38	)		(0.19	)		(0.57	)

Class C
Year Ended June 30, 2020		19.16		0.32			0.13			0.45			(0.33	)		(2.23	)		(2.56	)
Year Ended June 30, 2019		19.26		0.35			0.55			0.90			(0.41	)		(0.59	)		(1.00	)
Year Ended June 30, 2018		19.06		0.26			0.63			0.89			(0.30	)		(0.39	)		(0.69	)
Year Ended June 30, 2017		17.87		0.25	(h)		1.31			1.56			(0.27	)		(0.10	)		(0.37	)
Year Ended June 30, 2016		18.42		0.21			(0.31	)		(0.10	)		(0.26	)		(0.19	)		(0.45	)

Class I
Year Ended June 30, 2020		19.32		0.46			0.13			0.59			(0.47	)		(2.23	)		(2.70	)
Year Ended June 30, 2019		19.41		0.50			0.55			1.05			(0.55	)		(0.59	)		(1.14	)
Year Ended June 30, 2018		19.20		0.42			0.63			1.05			(0.45	)		(0.39	)		(0.84	)
Year Ended June 30, 2017		18.00		0.40	(h)		1.31			1.71			(0.41	)		(0.10	)		(0.51	)
Year Ended June 30, 2016		18.55		0.34			(0.30	)		0.04			(0.40	)		(0.19	)		(0.59	)

Class R2
Year Ended June 30, 2020		19.19		0.36			0.13			0.49			(0.37	)		(2.23	)		(2.60	)
Year Ended June 30, 2019		19.29		0.39			0.55			0.94			(0.45	)		(0.59	)		(1.04	)
Year Ended June 30, 2018		19.09		0.31			0.62			0.93			(0.34	)		(0.39	)		(0.73	)
Year Ended June 30, 2017		17.90		0.32	(h)		1.31			1.63			(0.34	)		(0.10	)		(0.44	)
Year Ended June 30, 2016		18.45		0.28			(0.30	)		(0.02	)		(0.34	)		(0.19	)		(0.53	)

Class R3
Year Ended June 30, 2020		19.17		0.41			0.13			0.54			(0.42	)		(2.23	)		(2.65	)
Year Ended June 30, 2019		19.29		0.46			0.52			0.98			(0.51	)		(0.59	)		(1.10	)
Year Ended June 30, 2018		19.10		0.37			0.61			0.98			(0.40	)		(0.39	)		(0.79	)
September 9, 2016 (i) through June 30, 2017		18.29		0.28	(h)		1.03			1.31			(0.40	)		(0.10	)		(0.50	)

Class R4
Year Ended June 30, 2020		19.28		0.45			0.12			0.57			(0.46	)		(2.23	)		(2.69	)
Year Ended June 30, 2019		19.37		0.50			0.55			1.05			(0.55	)		(0.59	)		(1.14	)
Year Ended June 30, 2018		19.19		0.44			0.59			1.03			(0.46	)		(0.39	)		(0.85	)
September 9, 2016 (i) through June 30, 2017		18.35		0.35	(h)		1.00			1.35			(0.41	)		(0.10	)		(0.51	)

Class R5
Year Ended June 30, 2020		19.34		0.48			0.13			0.61			(0.49	)		(2.23	)		(2.72	)
Year Ended June 30, 2019		19.43		0.52			0.55			1.07			(0.57	)		(0.59	)		(1.16	)
Year Ended June 30, 2018		19.22		0.43			0.64			1.07			(0.47	)		(0.39	)		(0.86	)
Year Ended June 30, 2017		18.02		0.42	(h)		1.32			1.74			(0.44	)		(0.10	)		(0.54	)
Year Ended June 30, 2016		18.57		0.37			(0.31	)		0.06			(0.42	)		(0.19	)		(0.61	)

Class R6
Year Ended June 30, 2020		19.34		0.50			0.13			0.63			(0.51	)		(2.23	)		(2.74	)
Year Ended June 30, 2019		19.44		0.55			0.53			1.08			(0.59	)		(0.59	)		(1.18	)
Year Ended June 30, 2018		19.23		0.47			0.62			1.09			(0.49	)		(0.39	)		(0.88	)
Year Ended June 30, 2017		18.03		0.45	(h)		1.30			1.75			(0.45	)		(0.10	)		(0.55	)
Year Ended June 30, 2016		18.58		0.40			(0.33	)		0.07			(0.43	)		(0.19	)		(0.62	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Commencement of offering of class of shares.

(j)	Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.



72	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	17.14		2.87	%	$	1,016,968,999		0.37	%		2.39	%		0.52	%		45	%
	19.25		5.74			1,329,583,241		0.36			2.49			0.52			23
	19.34		5.24			1,575,072,478		0.34			1.97			0.52			23
	19.14		9.55			1,698,638,664		0.31			2.03	(h)		0.54			20
	17.95		0.22			1,574,360,821		0.30			1.82			0.57			19


	17.05		2.26			26,138,060		0.97			1.80			1.03			45
	19.16		5.08			32,725,145		0.96			1.87			1.02			23
	19.26		4.60			35,803,238		0.96			1.31			1.02			23
	19.06		8.86			47,919,707		0.96			1.37	(h)		1.06			20
	17.87		(0.43	)		55,337,034		0.95			1.17			1.08			19


	17.21		3.01			500,145,280		0.22			2.54			0.26			45
	19.32		5.88			657,041,783		0.21			2.64			0.27			23
	19.41		5.41			794,081,821		0.21			2.11			0.26			23
	19.20		9.68			894,064,434		0.21			2.15	(h)		0.29			20
	18.00		0.31			943,672,820		0.20			1.92			0.31			19


	17.08		2.47			164,522,600		0.75			2.01			0.77			45
	19.19		5.27			235,221,749		0.75			2.08			0.77			23
	19.29		4.82			336,321,252		0.75			1.57			0.76			23
	19.09		9.24			379,082,287		0.60			1.75	(h)		0.81			20
	17.90		(0.02	)		383,079,281		0.55			1.57			0.83			19


	17.06		2.75			43,462,005		0.50			2.28			0.52			45
	19.17		5.51			45,957,172		0.50			2.45			0.52			23
	19.29		5.10			18,587,787		0.50			1.90			0.52			23
	19.10		7.31			4,816,368		0.50			1.82	(h)		0.54			20


	17.16		2.94			27,376,304		0.25			2.48			0.26			45
	19.28		5.86			39,274,910		0.25			2.65			0.26			23
	19.37		5.31			33,798,436		0.25			2.26			0.29			23
	19.19		7.54			26,608		0.25			2.35	(h)		0.35			20


	17.23		3.13			1,300,373,331		0.10			2.64			0.11			45
	19.34		5.99			1,815,333,487		0.10			2.73			0.11			23
	19.43		5.52			2,456,985,179		0.10			2.19			0.11			23
	19.22		9.80			3,406,306,984		0.09			2.26	(h)		0.13			20
	18.02		0.44			3,514,258,427		0.07			2.04			0.14			19


	17.23		3.23			1,515,074,591		0.00			2.76			0.01			45
	19.34		6.04			1,648,083,703		0.00			2.87			0.01			23
	19.44		5.63			1,508,100,397		0.00			2.39			0.01			23
	19.23		9.90			644,741,611		0.00			2.39	(h)		0.00	(j)		20
	18.03		0.51			309,810,854		0.00			2.22			0.00	(j)		19

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2025 Fund
Class A
Year Ended June 30, 2020	$	19.22	$	0.41		$	0.06		$	0.47		$	(0.42	)	$	(1.93	)	$	(2.35	)
Year Ended June 30, 2019		19.18		0.43			0.59			1.02			(0.49	)		(0.49	)		(0.98	)
Year Ended June 30, 2018		18.75		0.35			0.84			1.19			(0.38	)		(0.38	)		(0.76	)
Year Ended June 30, 2017		17.31		0.34	(h)		1.60			1.94			(0.35	)		(0.15	)		(0.50	)
Year Ended June 30, 2016		17.97		0.28			(0.40	)		(0.12	)		(0.35	)		(0.19	)		(0.54	)

Class C
Year Ended June 30, 2020		19.15		0.30			0.06			0.36			(0.31	)		(1.93	)		(2.24	)
Year Ended June 30, 2019		19.11		0.32			0.59			0.91			(0.38	)		(0.49	)		(0.87	)
Year Ended June 30, 2018		18.69		0.22			0.84			1.06			(0.26	)		(0.38	)		(0.64	)
Year Ended June 30, 2017		17.24		0.22	(h)		1.61			1.83			(0.23	)		(0.15	)		(0.38	)
Year Ended June 30, 2016		17.91		0.17			(0.42	)		(0.25	)		(0.23	)		(0.19	)		(0.42	)

Class I
Year Ended June 30, 2020		19.27		0.44			0.06			0.50			(0.45	)		(1.93	)		(2.38	)
Year Ended June 30, 2019		19.22		0.46			0.60			1.06			(0.52	)		(0.49	)		(1.01	)
Year Ended June 30, 2018		18.79		0.38			0.84			1.22			(0.41	)		(0.38	)		(0.79	)
Year Ended June 30, 2017		17.34		0.36	(h)		1.61			1.97			(0.37	)		(0.15	)		(0.52	)
Year Ended June 30, 2016		18.01		0.30			(0.42	)		(0.12	)		(0.36	)		(0.19	)		(0.55	)

Class R2
Year Ended June 30, 2020		19.15		0.34			0.06			0.40			(0.35	)		(1.93	)		(2.28	)
Year Ended June 30, 2019		19.11		0.35			0.60			0.95			(0.42	)		(0.49	)		(0.91	)
Year Ended June 30, 2018		18.69		0.27			0.84			1.11			(0.31	)		(0.38	)		(0.69	)
Year Ended June 30, 2017		17.25		0.29	(h)		1.60			1.89			(0.30	)		(0.15	)		(0.45	)
Year Ended June 30, 2016		17.92		0.24			(0.41	)		(0.17	)		(0.31	)		(0.19	)		(0.50	)

Class R3
Year Ended June 30, 2020		19.16		0.39			0.05			0.44			(0.40	)		(1.93	)		(2.33	)
Year Ended June 30, 2019		19.12		0.41			0.59			1.00			(0.47	)		(0.49	)		(0.96	)
Year Ended June 30, 2018		18.72		0.36			0.80			1.16			(0.38	)		(0.38	)		(0.76	)
September 9, 2016 (i) through June 30, 2017		17.69		0.23	(h)		1.31			1.54			(0.36	)		(0.15	)		(0.51	)

Class R4
Year Ended June 30, 2020		19.22		0.44			0.05			0.49			(0.44	)		(1.93	)		(2.37	)
Year Ended June 30, 2019		19.18		0.46			0.59			1.05			(0.52	)		(0.49	)		(1.01	)
Year Ended June 30, 2018		18.78		0.45			0.75			1.20			(0.42	)		(0.38	)		(0.80	)
September 9, 2016 (i) through June 30, 2017		17.73		0.29	(h)		1.29			1.58			(0.38	)		(0.15	)		(0.53	)

Class R5
Year Ended June 30, 2020		19.29		0.46			0.06			0.52			(0.47	)		(1.93	)		(2.40	)
Year Ended June 30, 2019		19.24		0.48			0.60			1.08			(0.54	)		(0.49	)		(1.03	)
Year Ended June 30, 2018		18.81		0.40			0.84			1.24			(0.43	)		(0.38	)		(0.81	)
Year Ended June 30, 2017		17.36		0.38	(h)		1.61			1.99			(0.39	)		(0.15	)		(0.54	)
Year Ended June 30, 2016		18.03		0.32			(0.41	)		(0.09	)		(0.39	)		(0.19	)		(0.58	)

Class R6
Year Ended June 30, 2020		19.29		0.48			0.06			0.54			(0.49	)		(1.93	)		(2.42	)
Year Ended June 30, 2019		19.24		0.50			0.60			1.10			(0.56	)		(0.49	)		(1.05	)
Year Ended June 30, 2018		18.82		0.43			0.82			1.25			(0.45	)		(0.38	)		(0.83	)
Year Ended June 30, 2017		17.36		0.41	(h)		1.61			2.02			(0.41	)		(0.15	)		(0.56	)
Year Ended June 30, 2016		18.03		0.35			(0.43	)		(0.08	)		(0.40	)		(0.19	)		(0.59	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Commencement of offering of class of shares.

(j)	Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.



74	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	17.34		2.22	%	$	1,348,331,337		0.40	%		2.25	%		0.52	%		51	%
	19.22		5.80			1,618,745,001		0.38			2.28			0.52			24
	19.18		6.33			1,802,572,445		0.36			1.78			0.52			26
	18.75		11.42			1,839,098,058		0.32			1.88	(h)		0.54			16
	17.31		(0.59	)		1,581,781,922		0.31			1.65			0.56			17


	17.27		1.62			30,824,759		0.99			1.64			1.03			51
	19.15		5.20			35,802,142		0.97			1.69			1.02			24
	19.11		5.65			39,725,390		0.97			1.13			1.03			26
	18.69		10.79			50,947,959		0.97			1.22	(h)		1.05			16
	17.24		(1.30	)		53,254,672		0.96			0.99			1.09			17


	17.39		2.37			608,685,892		0.24			2.40			0.26			51
	19.27		6.01			760,816,568		0.22			2.45			0.26			24
	19.22		6.47			870,553,845		0.22			1.93			0.26			26
	18.79		11.56			928,710,192		0.22			1.97	(h)		0.29			16
	17.34		(0.55	)		855,591,284		0.21			1.75			0.31			17


	17.27		1.86			220,376,123		0.75			1.90			0.77			51
	19.15		5.42			282,956,272		0.75			1.90			0.77			24
	19.11		5.89			360,269,761		0.75			1.39			0.76			26
	18.69		11.13			384,485,846		0.61			1.60	(h)		0.81			16
	17.25		(0.88	)		345,519,188		0.56			1.41			0.84			17


	17.27		2.07			43,901,399		0.50			2.17			0.52			51
	19.16		5.72			41,862,334		0.50			2.21			0.52			24
	19.12		6.15			26,624,257		0.50			1.83			0.52			26
	18.72		8.92			3,644,789		0.50			1.56	(h)		0.56			16


	17.34		2.37			39,365,448		0.25			2.40			0.26			51
	19.22		5.95			36,267,323		0.25			2.47			0.26			24
	19.18		6.39			23,227,536		0.25			2.33			0.27			26
	18.78		9.09			185,054		0.25			1.95	(h)		0.34			16


	17.41		2.51			1,741,633,588		0.10			2.52			0.11			51
	19.29		6.13			2,183,768,336		0.10			2.54			0.11			24
	19.24		6.59			2,693,856,623		0.10			2.02			0.11			26
	18.81		11.69			3,347,238,800		0.09			2.12	(h)		0.13			16
	17.36		(0.41	)		3,245,942,674		0.07			1.88			0.15			17


	17.41		2.61			2,278,065,194		0.00			2.64			0.01			51
	19.29		6.24			2,280,809,059		0.00			2.68			0.01			24
	19.24		6.64			1,875,059,586		0.00			2.20			0.01			26
	18.82		11.85			796,239,508		0.00			2.26	(h)		0.00	(j)		16
	17.36		(0.34	)		292,823,052		0.00			2.05			0.00	(j)		17

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	75

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2030 Fund
Class A
Year Ended June 30, 2020	$	21.00	$	0.41		$	(0.01	)	$	0.40		$	(0.42	)	$	(2.81	)	$	(3.23	)
Year Ended June 30, 2019		21.03		0.43			0.67			1.10			(0.50	)		(0.63	)		(1.13	)
Year Ended June 30, 2018		20.33		0.34			1.24			1.58			(0.40	)		(0.48	)		(0.88	)
Year Ended June 30, 2017		18.45		0.34	(h)		2.06			2.40			(0.37	)		(0.15	)		(0.52	)
Year Ended June 30, 2016		19.37		0.28			(0.63	)		(0.35	)		(0.35	)		(0.22	)		(0.57	)

Class C
Year Ended June 30, 2020		20.80		0.30			(0.02	)		0.28			(0.31	)		(2.81	)		(3.12	)
Year Ended June 30, 2019		20.84		0.30			0.67			0.97			(0.38	)		(0.63	)		(1.01	)
Year Ended June 30, 2018		20.15		0.20			1.24			1.44			(0.27	)		(0.48	)		(0.75	)
Year Ended June 30, 2017		18.29		0.22	(h)		2.03			2.25			(0.24	)		(0.15	)		(0.39	)
Year Ended June 30, 2016		19.22		0.16			(0.62	)		(0.46	)		(0.25	)		(0.22	)		(0.47	)

Class I
Year Ended June 30, 2020		21.06		0.45			(0.03	)		0.42			(0.45	)		(2.81	)		(3.26	)
Year Ended June 30, 2019		21.08		0.46			0.68			1.14			(0.53	)		(0.63	)		(1.16	)
Year Ended June 30, 2018		20.38		0.37			1.24			1.61			(0.43	)		(0.48	)		(0.91	)
Year Ended June 30, 2017		18.49		0.36	(h)		2.07			2.43			(0.39	)		(0.15	)		(0.54	)
Year Ended June 30, 2016		19.41		0.30			(0.63	)		(0.33	)		(0.37	)		(0.22	)		(0.59	)

Class R2
Year Ended June 30, 2020		20.92		0.35			(0.02	)		0.33			(0.35	)		(2.81	)		(3.16	)
Year Ended June 30, 2019		20.96		0.35			0.66			1.01			(0.42	)		(0.63	)		(1.05	)
Year Ended June 30, 2018		20.26		0.26			1.23			1.49			(0.31	)		(0.48	)		(0.79	)
Year Ended June 30, 2017		18.39		0.29	(h)		2.04			2.33			(0.31	)		(0.15	)		(0.46	)
Year Ended June 30, 2016		19.31		0.23			(0.62	)		(0.39	)		(0.31	)		(0.22	)		(0.53	)

Class R3
Year Ended June 30, 2020		20.94		0.40			(0.03	)		0.37			(0.40	)		(2.81	)		(3.21	)
Year Ended June 30, 2019		20.98		0.42			0.66			1.08			(0.49	)		(0.63	)		(1.12	)
Year Ended June 30, 2018		20.30		0.33			1.21			1.54			(0.38	)		(0.48	)		(0.86	)
September 9, 2016 (i) through June 30, 2017		18.89		0.21	(h)		1.72			1.93			(0.37	)		(0.15	)		(0.52	)

Class R4
Year Ended June 30, 2020		21.02		0.43			(0.01	)		0.42			(0.45	)		(2.81	)		(3.26	)
Year Ended June 30, 2019		21.05		0.46			0.67			1.13			(0.53	)		(0.63	)		(1.16	)
Year Ended June 30, 2018		20.36		0.39			1.22			1.61			(0.44	)		(0.48	)		(0.92	)
September 9, 2016 (i) through June 30, 2017		18.93		0.33	(h)		1.64			1.97			(0.39	)		(0.15	)		(0.54	)

Class R5
Year Ended June 30, 2020		21.11		0.47			(0.01	)		0.46			(0.48	)		(2.81	)		(3.29	)
Year Ended June 30, 2019		21.14		0.49			0.67			1.16			(0.56	)		(0.63	)		(1.19	)
Year Ended June 30, 2018		20.43		0.40			1.24			1.64			(0.45	)		(0.48	)		(0.93	)
Year Ended June 30, 2017		18.53		0.39	(h)		2.07			2.46			(0.41	)		(0.15	)		(0.56	)
Year Ended June 30, 2016		19.45		0.33			(0.63	)		(0.30	)		(0.40	)		(0.22	)		(0.62	)

Class R6
Year Ended June 30, 2020		21.11		0.49			(0.02	)		0.47			(0.50	)		(2.81	)		(3.31	)
Year Ended June 30, 2019		21.13		0.51			0.68			1.19			(0.58	)		(0.63	)		(1.21	)
Year Ended June 30, 2018		20.42		0.43			1.23			1.66			(0.47	)		(0.48	)		(0.95	)
Year Ended June 30, 2017		18.53		0.41	(h)		2.06			2.47			(0.43	)		(0.15	)		(0.58	)
Year Ended June 30, 2016		19.45		0.35			(0.64	)		(0.29	)		(0.41	)		(0.22	)		(0.63	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Commencement of offering of class of shares.

(j)	Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.



76	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	18.17		1.39	%	$	1,502,784,468		0.40	%		2.13	%		0.52	%		51	%
	21.00		5.82			1,817,991,315		0.38			2.09			0.52			19
	21.03		7.74			1,996,352,162		0.36			1.61			0.52			30
	20.33		13.21			1,989,716,070		0.32			1.77	(h)		0.55			26
	18.45		(1.71	)		1,719,385,697		0.31			1.53			0.58			22


	17.96		0.73			27,199,295		0.99			1.56			1.03			51
	20.80		5.21			34,611,510		0.97			1.48			1.02			19
	20.84		7.10			37,658,447		0.97			0.95			1.03			30
	20.15		12.48			46,297,575		0.97			1.12	(h)		1.07			26
	18.29		(2.36	)		47,960,623		0.96			0.87			1.11			22


	18.22		1.49			667,686,587		0.24			2.29			0.26			51
	21.06		6.02			842,816,953		0.22			2.25			0.26			19
	21.08		7.87			941,297,953		0.22			1.76			0.26			30
	20.38		13.34			999,965,327		0.22			1.88	(h)		0.30			26
	18.49		(1.62	)		997,683,619		0.21			1.63			0.32			22


	18.09		1.03			279,698,082		0.75			1.79			0.76			51
	20.92		5.39			376,463,963		0.75			1.70			0.77			19
	20.96		7.35			481,235,818		0.75			1.22			0.76			30
	20.26		12.87			492,665,627		0.61			1.48	(h)		0.82			26
	18.39		(1.95	)		444,975,463		0.56			1.28			0.84			22


	18.10		1.25			68,796,016		0.50			2.06			0.51			51
	20.94		5.72			65,515,408		0.50			2.04			0.52			19
	20.98		7.57			26,713,668		0.50			1.54			0.52			30
	20.30		10.44			5,048,280		0.50			1.28	(h)		0.53			26


	18.18		1.49			45,528,443		0.25			2.19			0.26			51
	21.02		5.97			61,312,721		0.25			2.26			0.26			19
	21.05		7.90			41,512,978		0.25			1.81			0.29			30
	20.36		10.62			34,690		0.25			2.13	(h)		0.35			26


	18.28		1.68			1,978,377,841		0.10			2.41			0.11			51
	21.11		6.09			2,387,636,631		0.10			2.36			0.11			19
	21.14		8.03			2,869,582,896		0.10			1.86			0.11			30
	20.43		13.51			3,803,505,336		0.09			2.01	(h)		0.14			26
	18.53		(1.48	)		3,512,043,299		0.07			1.77			0.15			22


	18.27		1.73			2,363,567,125		0.00			2.52			0.01			51
	21.11		6.24			2,387,434,327		0.00			2.48			0.01			19
	21.13		8.14			1,970,018,168		0.00			2.02			0.01			30
	20.42		13.56			706,064,859		0.00			2.12	(h)		0.00	(j)		26
	18.53		(1.41	)		304,091,927		0.00			1.93			0.00	(j)		22

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	77

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2035 Fund
Class A
Year Ended June 30, 2020	$	20.40	$	0.33		$	(0.02	)	$	0.31		$	(0.35	)	$	(1.60	)	$	(1.95	)
Year Ended June 30, 2019		20.43		0.38			0.58			0.96			(0.46	)		(0.53	)		(0.99	)
Year Ended June 30, 2018		19.62		0.30			1.31			1.61			(0.36	)		(0.44	)		(0.80	)
Year Ended June 30, 2017		17.59		0.31	(h)		2.21			2.52			(0.33	)		(0.16	)		(0.49	)
Year Ended June 30, 2016		18.59		0.25			(0.70	)		(0.45	)		(0.33	)		(0.22	)		(0.55	)

Class C
Year Ended June 30, 2020		20.23		0.22			(0.02	)		0.20			(0.24	)		(1.60	)		(1.84	)
Year Ended June 30, 2019		20.26		0.26			0.59			0.85			(0.35	)		(0.53	)		(0.88	)
Year Ended June 30, 2018		19.47		0.17			1.29			1.46			(0.23	)		(0.44	)		(0.67	)
Year Ended June 30, 2017		17.45		0.19	(h)		2.20			2.39			(0.21	)		(0.16	)		(0.37	)
Year Ended June 30, 2016		18.47		0.13			(0.70	)		(0.57	)		(0.23	)		(0.22	)		(0.45	)

Class I
Year Ended June 30, 2020		20.51		0.37			(0.02	)		0.35			(0.39	)		(1.60	)		(1.99	)
Year Ended June 30, 2019		20.53		0.42			0.59			1.01			(0.50	)		(0.53	)		(1.03	)
Year Ended June 30, 2018		19.71		0.34			1.31			1.65			(0.39	)		(0.44	)		(0.83	)
Year Ended June 30, 2017		17.67		0.33	(h)		2.22			2.55			(0.35	)		(0.16	)		(0.51	)
Year Ended June 30, 2016		18.67		0.27			(0.71	)		(0.44	)		(0.34	)		(0.22	)		(0.56	)

Class R2
Year Ended June 30, 2020		20.34		0.27			(0.02	)		0.25			(0.29	)		(1.60	)		(1.89	)
Year Ended June 30, 2019		20.37		0.30			0.59			0.89			(0.39	)		(0.53	)		(0.92	)
Year Ended June 30, 2018		19.57		0.22			1.30			1.52			(0.28	)		(0.44	)		(0.72	)
Year Ended June 30, 2017		17.54		0.26	(h)		2.21			2.47			(0.28	)		(0.16	)		(0.44	)
Year Ended June 30, 2016		18.54		0.21			(0.71	)		(0.50	)		(0.28	)		(0.22	)		(0.50	)

Class R3
Year Ended June 30, 2020		20.32		0.32			(0.02	)		0.30			(0.34	)		(1.60	)		(1.94	)
Year Ended June 30, 2019		20.36		0.37			0.57			0.94			(0.45	)		(0.53	)		(0.98	)
Year Ended June 30, 2018		19.57		0.32			1.26			1.58			(0.35	)		(0.44	)		(0.79	)
September 9, 2016(i) through June 30, 2017		18.04		0.18	(h)		1.85			2.03			(0.34	)		(0.16	)		(0.50	)

Class R4
Year Ended June 30, 2020		20.47		0.36			(0.02	)		0.34			(0.38	)		(1.60	)		(1.98	)
Year Ended June 30, 2019		20.50		0.41			0.58			0.99			(0.49	)		(0.53	)		(1.02	)
Year Ended June 30, 2018		19.70		0.37			1.28			1.65			(0.41	)		(0.44	)		(0.85	)
September 9, 2016(i) through June 30, 2017		18.13		0.31	(h)		1.78			2.09			(0.36	)		(0.16	)		(0.52	)

Class R5
Year Ended June 30, 2020		20.53		0.39			(0.02	)		0.37			(0.41	)		(1.60	)		(2.01	)
Year Ended June 30, 2019		20.54		0.44			0.60			1.04			(0.52	)		(0.53	)		(1.05	)
Year Ended June 30, 2018		19.73		0.36			1.30			1.66			(0.41	)		(0.44	)		(0.85	)
Year Ended June 30, 2017		17.68		0.35	(h)		2.24			2.59			(0.38	)		(0.16	)		(0.54	)
Year Ended June 30, 2016		18.68		0.29			(0.70	)		(0.41	)		(0.37	)		(0.22	)		(0.59	)

Class R6
Year Ended June 30, 2020		20.53		0.41			(0.02	)		0.39			(0.43	)		(1.60	)		(2.03	)
Year Ended June 30, 2019		20.55		0.46			0.59			1.05			(0.54	)		(0.53	)		(1.07	)
Year Ended June 30, 2018		19.73		0.39			1.31			1.70			(0.44	)		(0.44	)		(0.88	)
Year Ended June 30, 2017		17.68		0.38	(h)		2.22			2.60			(0.39	)		(0.16	)		(0.55	)
Year Ended June 30, 2016		18.68		0.32			(0.72	)		(0.40	)		(0.38	)		(0.22	)		(0.60	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Commencement of offering of class of shares.

(j)	Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.



78	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	18.76		1.14	%	$	1,141,434,446		0.41	%		1.70	%		0.52	%		52	%
	20.40		5.27			1,350,106,625		0.39			1.91			0.52			15
	20.43		8.18			1,477,096,112		0.37			1.46			0.52			28
	19.62		14.58			1,438,787,340		0.32			1.67	(h)		0.56			22
	17.59		(2.40	)		1,219,559,258		0.31			1.42			0.59			17


	18.59		0.56			16,377,849		0.99			1.14			1.04			52
	20.23		4.71			21,966,918		0.97			1.32			1.03			15
	20.26		7.48			23,602,339		0.97			0.82			1.04			28
	19.47		13.89			29,550,511		0.97			1.02	(h)		1.08			22
	17.45		(3.08	)		30,327,423		0.96			0.73			1.08			17


	18.87		1.31			492,445,558		0.24			1.88			0.27			52
	20.51		5.47			604,947,389		0.22			2.08			0.27			15
	20.53		8.35			679,085,746		0.22			1.63			0.26			28
	19.71		14.68			743,740,243		0.22			1.75	(h)		0.30			22
	17.67		(2.30	)		655,304,993		0.21			1.52			0.33			17


	18.70		0.79			225,092,401		0.76			1.37			0.77			52
	20.34		4.89			283,851,505		0.75			1.53			0.77			15
	20.37		7.74			351,337,033		0.75			1.08			0.76			28
	19.57		14.29			350,592,518		0.62			1.38	(h)		0.83			22
	17.54		(2.64	)		292,087,846		0.56			1.18			0.86			17


	18.68		1.07			44,104,138		0.51			1.63			0.52			52
	20.32		5.14			39,417,258		0.50			1.85			0.52			15
	20.36		8.05			25,728,124		0.50			1.54			0.52			28
	19.57		11.49			5,007,361		0.50			1.16	(h)		0.54			22


	18.83		1.30			43,340,652		0.25			1.87			0.26			52
	20.47		5.41			40,332,104		0.25			2.07			0.26			15
	20.50		8.33			26,844,718		0.25			1.79			0.29			28
	19.70		11.74			43,037		0.25			2.03	(h)		0.35			22


	18.89		1.45			1,449,762,736		0.10			1.98			0.11			52
	20.53		5.64			1,751,724,155		0.10			2.20			0.11			15
	20.54		8.41			2,137,154,842		0.10			1.72			0.11			28
	19.73		14.87			2,727,056,929		0.09			1.90	(h)		0.14			22
	17.68		(2.17	)		2,488,223,763		0.07			1.65			0.16			17


	18.89		1.55			2,066,990,597		0.00			2.09			0.01			52
	20.53		5.70			2,130,473,734		0.00			2.30			0.02			15
	20.55		8.58			1,721,935,773		0.00			1.86			0.01			28
	19.73		14.97			638,799,389		0.00			2.02	(h)		0.00	(j)		22
	17.68		(2.10	)		235,741,825		0.00			1.83			0.00	(j)		17

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	79

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2040 Fund
Class A
Year Ended June 30, 2020	$	22.03	$	0.32		$	(0.05	)	$	0.27		$	(0.35	)	$	(2.05	)	$	(2.40	)
Year Ended June 30, 2019		22.17		0.38			0.62			1.00			(0.47	)		(0.67	)		(1.14	)
Year Ended June 30, 2018		21.18		0.30			1.60			1.90			(0.37	)		(0.54	)		(0.91	)
Year Ended June 30, 2017		18.77		0.31	(h)		2.63			2.94			(0.34	)		(0.19	)		(0.53	)
Year Ended June 30, 2016		19.96		0.25			(0.86	)		(0.61	)		(0.33	)		(0.25	)		(0.58	)

Class C
Year Ended June 30, 2020		21.72		0.20			(0.05	)		0.15			(0.24	)		(2.05	)		(2.29	)
Year Ended June 30, 2019		21.87		0.25			0.62			0.87			(0.35	)		(0.67	)		(1.02	)
Year Ended June 30, 2018		20.91		0.15			1.59			1.74			(0.24	)		(0.54	)		(0.78	)
Year Ended June 30, 2017		18.54		0.18	(h)		2.59			2.77			(0.21	)		(0.19	)		(0.40	)
Year Ended June 30, 2016		19.76		0.12			(0.85	)		(0.73	)		(0.24	)		(0.25	)		(0.49	)

Class I
Year Ended June 30, 2020		22.10		0.36			(0.06	)		0.30			(0.38	)		(2.05	)		(2.43	)
Year Ended June 30, 2019		22.23		0.42			0.63			1.05			(0.51	)		(0.67	)		(1.18	)
Year Ended June 30, 2018		21.24		0.34			1.59			1.93			(0.40	)		(0.54	)		(0.94	)
Year Ended June 30, 2017		18.82		0.33	(h)		2.64			2.97			(0.36	)		(0.19	)		(0.55	)
Year Ended June 30, 2016		20.01		0.26			(0.85	)		(0.59	)		(0.35	)		(0.25	)		(0.60	)

Class R2
Year Ended June 30, 2020		21.92		0.25			(0.05	)		0.20			(0.28	)		(2.05	)		(2.33	)
Year Ended June 30, 2019		22.06		0.30			0.62			0.92			(0.39	)		(0.67	)		(1.06	)
Year Ended June 30, 2018		21.08		0.22			1.58			1.80			(0.28	)		(0.54	)		(0.82	)
Year Ended June 30, 2017		18.68		0.25	(h)		2.62			2.87			(0.28	)		(0.19	)		(0.47	)
Year Ended June 30, 2016		19.88		0.20			(0.85	)		(0.65	)		(0.30	)		(0.25	)		(0.55	)

Class R3
Year Ended June 30, 2020		21.96		0.31			(0.06	)		0.25			(0.33	)		(2.05	)		(2.38	)
Year Ended June 30, 2019		22.12		0.37			0.60			0.97			(0.46	)		(0.67	)		(1.13	)
Year Ended June 30, 2018		21.14		0.28			1.58			1.86			(0.34	)		(0.54	)		(0.88	)
September 9, 2016 (i) through June 30, 2017		19.30		0.13	(h)		2.25			2.38			(0.35	)		(0.19	)		(0.54	)

Class R4
Year Ended June 30, 2020		22.06		0.34			(0.04	)		0.30			(0.38	)		(2.05	)		(2.43	)
Year Ended June 30, 2019		22.19		0.41			0.64			1.05			(0.51	)		(0.67	)		(1.18	)
Year Ended June 30, 2018		21.22		0.30			1.63			1.93			(0.42	)		(0.54	)		(0.96	)
September 9, 2016 (i) through June 30, 2017		19.35		0.31	(h)		2.12			2.43			(0.37	)		(0.19	)		(0.56	)

Class R5
Year Ended June 30, 2020		22.16		0.39			(0.06	)		0.33			(0.41	)		(2.05	)		(2.46	)
Year Ended June 30, 2019		22.29		0.44			0.64			1.08			(0.54	)		(0.67	)		(1.21	)
Year Ended June 30, 2018		21.29		0.36			1.61			1.97			(0.43	)		(0.54	)		(0.97	)
Year Ended June 30, 2017		18.86		0.36	(h)		2.65			3.01			(0.39	)		(0.19	)		(0.58	)
Year Ended June 30, 2016		20.06		0.29			(0.86	)		(0.57	)		(0.38	)		(0.25	)		(0.63	)

Class R6
Year Ended June 30, 2020		22.16		0.41			(0.06	)		0.35			(0.43	)		(2.05	)		(2.48	)
Year Ended June 30, 2019		22.29		0.47			0.63			1.10			(0.56	)		(0.67	)		(1.23	)
Year Ended June 30, 2018		21.29		0.39			1.60			1.99			(0.45	)		(0.54	)		(0.99	)
Year Ended June 30, 2017		18.86		0.38	(h)		2.64			3.02			(0.40	)		(0.19	)		(0.59	)
Year Ended June 30, 2016		20.06		0.32			(0.88	)		(0.56	)		(0.39	)		(0.25	)		(0.64	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Commencement of offering of class of shares.

(j)	Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.



80	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	19.90		0.66	%	$	1,088,646,020		0.41	%		1.54	%		0.52	%		50	%
	22.03		5.15			1,324,588,409		0.39			1.76			0.52			14
	22.17		8.91			1,431,800,489		0.37			1.35			0.52			29
	21.18		15.94			1,405,514,153		0.32			1.56	(h)		0.58			24
	18.77		(2.97	)		1,218,455,476		0.31			1.32			0.62			16


	19.58		0.08			16,763,216		0.99			0.98			1.04			50
	21.72		4.59			22,117,371		0.97			1.17			1.03			14
	21.87		8.25			23,744,477		0.97			0.69			1.04			29
	20.91		15.18			28,920,492		0.97			0.94	(h)		1.11			24
	18.54		(3.64	)		29,275,269		0.96			0.65			1.16			16


	19.97		0.82			488,470,629		0.24			1.73			0.27			50
	22.10		5.36			616,460,578		0.22			1.93			0.27			14
	22.23		9.05			701,619,190		0.22			1.51			0.26			29
	21.24		16.05			738,939,812		0.22			1.67	(h)		0.32			24
	18.82		(2.87	)		698,514,780		0.21			1.41			0.36			16


	19.79		0.30			200,654,270		0.76			1.22			0.77			50
	21.92		4.79			269,143,206		0.75			1.38			0.77			14
	22.06		8.50			352,347,719		0.75			0.97			0.77			29
	21.08		15.62			358,746,400		0.62			1.28	(h)		0.85			24
	18.68		(3.22	)		303,226,134		0.56			1.05			0.90			16


	19.83		0.57			57,891,446		0.51			1.51			0.52			50
	21.96		5.02			54,427,818		0.50			1.72			0.52			14
	22.12		8.77			20,649,630		0.50			1.26			0.52			29
	21.14		12.58			9,292,450		0.50			0.79	(h)		0.54			24


	19.93		0.82			35,247,755		0.26			1.65			0.27			50
	22.06		5.36			42,791,845		0.25			1.91			0.26			14
	22.19		9.04			32,537,841		0.25			1.34			0.28			29
	21.22		12.80			44,844		0.25			1.93	(h)		0.35			24


	20.03		0.96			1,521,908,257		0.11			1.84			0.12			50
	22.16		5.48			1,803,566,302		0.10			2.06			0.12			14
	22.29		9.20			2,173,497,464		0.10			1.62			0.11			29
	21.29		16.22			2,933,132,572		0.09			1.80	(h)		0.15			24
	18.86		(2.78	)		2,573,248,522		0.07			1.56			0.17			16


	20.03		1.06			1,899,513,673		0.01			1.94			0.02			50
	22.16		5.58			2,006,280,143		0.00			2.16			0.02			14
	22.29		9.31			1,639,250,100		0.00			1.71			0.01			29
	21.29		16.33			549,100,749		0.00			1.87	(h)		0.00	(j)		24
	18.86		(2.71	)		233,180,959		0.00			1.73			0.00	(j)		16

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	81

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2045 Fund
Class A
Year Ended June 30, 2020	$	21.10	$	0.29		$	(0.14	)	$	0.15		$	(0.32	)	$	(1.74	)	$	(2.06	)
Year Ended June 30, 2019		21.09		0.35			0.61			0.96			(0.44	)		(0.51	)		(0.95	)
Year Ended June 30, 2018		20.08		0.28			1.54			1.82			(0.34	)		(0.47	)		(0.81	)
Year Ended June 30, 2017		17.78		0.29	(h)		2.52			2.81			(0.32	)		(0.19	)		(0.51	)
Year Ended June 30, 2016		18.90		0.23			(0.80	)		(0.57	)		(0.32	)		(0.23	)		(0.55	)

Class C
Year Ended June 30, 2020		20.91		0.17			(0.15	)		0.02			(0.23	)		(1.74	)		(1.97	)
Year Ended June 30, 2019		20.92		0.22			0.62			0.84			(0.34	)		(0.51	)		(0.85	)
Year Ended June 30, 2018		19.93		0.14			1.54			1.68			(0.22	)		(0.47	)		(0.69	)
Year Ended June 30, 2017		17.66		0.17	(h)		2.49			2.66			(0.20	)		(0.19	)		(0.39	)
Year Ended June 30, 2016		18.80		0.12			(0.80	)		(0.68	)		(0.23	)		(0.23	)		(0.46	)

Class I
Year Ended June 30, 2020		21.18		0.33			(0.15	)		0.18			(0.35	)		(1.74	)		(2.09	)
Year Ended June 30, 2019		21.17		0.38			0.62			1.00			(0.48	)		(0.51	)		(0.99	)
Year Ended June 30, 2018		20.15		0.31			1.55			1.86			(0.37	)		(0.47	)		(0.84	)
Year Ended June 30, 2017		17.84		0.31	(h)		2.53			2.84			(0.34	)		(0.19	)		(0.53	)
Year Ended June 30, 2016		18.96		0.25			(0.81	)		(0.56	)		(0.33	)		(0.23	)		(0.56	)

Class R2
Year Ended June 30, 2020		21.02		0.22			(0.14	)		0.08			(0.26	)		(1.74	)		(2.00	)
Year Ended June 30, 2019		21.02		0.27			0.61			0.88			(0.37	)		(0.51	)		(0.88	)
Year Ended June 30, 2018		20.01		0.20			1.54			1.74			(0.26	)		(0.47	)		(0.73	)
Year Ended June 30, 2017		17.72		0.24	(h)		2.50			2.74			(0.26	)		(0.19	)		(0.45	)
Year Ended June 30, 2016		18.85		0.19			(0.81	)		(0.62	)		(0.28	)		(0.23	)		(0.51	)

Class R3
Year Ended June 30, 2020		21.03		0.28			(0.15	)		0.13			(0.30	)		(1.74	)		(2.04	)
Year Ended June 30, 2019		21.03		0.33			0.61			0.94			(0.43	)		(0.51	)		(0.94	)
Year Ended June 30, 2018		20.04		0.28			1.51			1.79			(0.33	)		(0.47	)		(0.80	)
September 9, 2016 (i) through June 30, 2017		18.28		0.13	(h)		2.14			2.27			(0.32	)		(0.19	)		(0.51	)

Class R4
Year Ended June 30, 2020		21.13		0.32			(0.14	)		0.18			(0.35	)		(1.74	)		(2.09	)
Year Ended June 30, 2019		21.13		0.37			0.61			0.98			(0.47	)		(0.51	)		(0.98	)
Year Ended June 30, 2018		20.13		0.34			1.52			1.86			(0.39	)		(0.47	)		(0.86	)
September 9, 2016 (i) through June 30, 2017		18.34		0.29	(h)		2.03			2.32			(0.34	)		(0.19	)		(0.53	)

Class R5
Year Ended June 30, 2020		21.20		0.35			(0.14	)		0.21			(0.38	)		(1.74	)		(2.12	)
Year Ended June 30, 2019		21.19		0.41			0.61			1.02			(0.50	)		(0.51	)		(1.01	)
Year Ended June 30, 2018		20.17		0.34			1.55			1.89			(0.40	)		(0.47	)		(0.87	)
Year Ended June 30, 2017		17.85		0.34	(h)		2.53			2.87			(0.36	)		(0.19	)		(0.55	)
Year Ended June 30, 2016		18.97		0.28			(0.81	)		(0.53	)		(0.36	)		(0.23	)		(0.59	)

Class R6
Year Ended June 30, 2020		21.20		0.37			(0.15	)		0.22			(0.40	)		(1.74	)		(2.14	)
Year Ended June 30, 2019		21.18		0.43			0.62			1.05			(0.52	)		(0.51	)		(1.03	)
Year Ended June 30, 2018		20.16		0.35			1.56			1.91			(0.42	)		(0.47	)		(0.89	)
Year Ended June 30, 2017		17.85		0.36	(h)		2.52			2.88			(0.38	)		(0.19	)		(0.57	)
Year Ended June 30, 2016		18.97		0.30			(0.82	)		(0.52	)		(0.37	)		(0.23	)		(0.60	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Commencement of offering of class of shares.

(j)	Amount rounds to less than 0.005%.

SEE NOTES TO FINANCIAL STATEMENTS.



82	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	19.19		0.12	%	$	770,110,518		0.41	%		1.45	%		0.53	%		51	%
	21.10		5.17			879,443,823		0.39			1.70			0.52			16
	21.09		9.03			947,727,109		0.37			1.29			0.53			26
	20.08		16.06			886,620,562		0.32			1.55	(h)		0.60			20
	17.78		(2.99	)		727,577,511		0.31			1.32			0.66			13


	18.96		(0.50	)		11,129,901		0.99			0.88			1.05			51
	20.91		4.58			13,397,954		0.97			1.07			1.04			16
	20.92		8.38			14,190,431		0.97			0.65			1.06			26
	19.93		15.27			17,074,697		0.97			0.90	(h)		1.12			20
	17.66		(3.60	)		17,320,818		0.96			0.66			1.21			13


	19.27		0.29			358,213,597		0.24			1.65			0.27			51
	21.18		5.32			416,711,741		0.22			1.84			0.27			16
	21.17		9.20			460,023,964		0.22			1.47			0.27			26
	20.15		16.17			497,880,998		0.22			1.62	(h)		0.34			20
	17.84		(2.89	)		408,473,526		0.21			1.40			0.39			13


	19.10		(0.24	)		157,855,858		0.76			1.12			0.77			51
	21.02		4.75			192,012,743		0.75			1.32			0.77			16
	21.02		8.65			232,507,653		0.75			0.92			0.77			26
	20.01		15.73			234,513,086		0.62			1.26	(h)		0.88			20
	17.72		(3.25	)		182,691,218		0.56			1.06			0.94			13


	19.12		0.04			28,735,480		0.51			1.39			0.53			51
	21.03		5.05			24,908,060		0.50			1.61			0.53			16
	21.03		8.90			15,214,881		0.50			1.30			0.53			26
	20.04		12.70			3,039,878		0.50			0.84	(h)		0.53			20


	19.22		0.28			22,576,063		0.26			1.62			0.27			51
	21.13		5.28			18,666,293		0.25			1.81			0.27			16
	21.13		9.20			10,785,466		0.25			1.56			0.30			26
	20.13		12.92			35,508		0.25			1.91	(h)		0.35			20


	19.29		0.43			1,036,265,453		0.10			1.73			0.12			51
	21.20		5.45			1,230,281,177		0.10			1.99			0.12			16
	21.19		9.32			1,418,443,837		0.10			1.58			0.11			26
	20.17		16.36			1,826,905,349		0.09			1.78	(h)		0.16			20
	17.85		(2.76	)		1,587,368,215		0.07			1.56			0.19			13


	19.28		0.48			1,442,523,425		0.00			1.84			0.02			51
	21.20		5.60			1,598,284,862		0.00			2.08			0.02			16
	21.18		9.44			1,238,000,014		0.00			1.65			0.02			26
	20.16		16.41			438,343,379		0.00			1.89	(h)		0.00	(j)		20
	17.85		(2.69	)		161,559,310		0.00			1.71			0.01			13

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	83

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2050 Fund
Class A
Year Ended June 30, 2020	$	21.14	$	0.29		$	(0.15	)	$	0.14		$	(0.32	)	$	(1.66	)	$	(1.98	)
Year Ended June 30, 2019		21.06		0.35			0.62			0.97			(0.44	)		(0.45	)		(0.89	)
Year Ended June 30, 2018		20.04		0.28			1.54			1.82			(0.34	)		(0.46	)		(0.80	)
Year Ended June 30, 2017		17.76		0.29	(h)		2.51			2.80			(0.32	)		(0.20	)		(0.52	)
Year Ended June 30, 2016		18.86		0.23			(0.79	)		(0.56	)		(0.32	)		(0.22	)		(0.54	)

Class C
Year Ended June 30, 2020		20.92		0.17			(0.15	)		0.02			(0.23	)		(1.66	)		(1.89	)
Year Ended June 30, 2019		20.87		0.23			0.61			0.84			(0.34	)		(0.45	)		(0.79	)
Year Ended June 30, 2018		19.87		0.14			1.54			1.68			(0.22	)		(0.46	)		(0.68	)
Year Ended June 30, 2017		17.62		0.17	(h)		2.48			2.65			(0.20	)		(0.20	)		(0.40	)
Year Ended June 30, 2016		18.74		0.12			(0.79	)		(0.67	)		(0.23	)		(0.22	)		(0.45	)

Class I
Year Ended June 30, 2020		21.22		0.33			(0.16	)		0.17			(0.35	)		(1.66	)		(2.01	)
Year Ended June 30, 2019		21.14		0.38			0.63			1.01			(0.48	)		(0.45	)		(0.93	)
Year Ended June 30, 2018		20.10		0.32			1.55			1.87			(0.37	)		(0.46	)		(0.83	)
Year Ended June 30, 2017		17.82		0.32	(h)		2.50			2.82			(0.34	)		(0.20	)		(0.54	)
Year Ended June 30, 2016		18.92		0.25			(0.79	)		(0.54	)		(0.34	)		(0.22	)		(0.56	)

Class R2
Year Ended June 30, 2020		21.05		0.23			(0.16	)		0.07			(0.26	)		(1.66	)		(1.92	)
Year Ended June 30, 2019		20.98		0.27			0.62			0.89			(0.37	)		(0.45	)		(0.82	)
Year Ended June 30, 2018		19.96		0.19			1.55			1.74			(0.26	)		(0.46	)		(0.72	)
Year Ended June 30, 2017		17.70		0.24	(h)		2.48			2.72			(0.26	)		(0.20	)		(0.46	)
Year Ended June 30, 2016		18.81		0.19			(0.80	)		(0.61	)		(0.28	)		(0.22	)		(0.50	)

Class R3
Year Ended June 30, 2020		21.07		0.29			(0.17	)		0.12			(0.30	)		(1.66	)		(1.96	)
Year Ended June 30, 2019		21.00		0.32			0.63			0.95			(0.43	)		(0.45	)		(0.88	)
Year Ended June 30, 2018		19.99		0.26			1.53			1.79			(0.32	)		(0.46	)		(0.78	)
September 9, 2016 (i) through June 30, 2017		18.26		0.11	(h)		2.14			2.25			(0.32	)		(0.20	)		(0.52	)

Class R4
Year Ended June 30, 2020		21.18		0.30			(0.13	)		0.17			(0.35	)		(1.66	)		(2.01	)
Year Ended June 30, 2019		21.11		0.37			0.62			0.99			(0.47	)		(0.45	)		(0.92	)
Year Ended June 30, 2018		20.10		0.24			1.61			1.85			(0.38	)		(0.46	)		(0.84	)
September 9, 2016 (i) through June 30, 2017		18.33		0.29	(h)		2.02			2.31			(0.34	)		(0.20	)		(0.54	)

Class R5
Year Ended June 30, 2020		21.25		0.35			(0.15	)		0.20			(0.38	)		(1.66	)		(2.04	)
Year Ended June 30, 2019		21.17		0.41			0.62			1.03			(0.50	)		(0.45	)		(0.95	)
Year Ended June 30, 2018		20.13		0.34			1.55			1.89			(0.39	)		(0.46	)		(0.85	)
Year Ended June 30, 2017		17.85		0.34	(h)		2.50			2.84			(0.36	)		(0.20	)		(0.56	)
Year Ended June 30, 2016		18.95		0.28			(0.80	)		(0.52	)		(0.36	)		(0.22	)		(0.58	)

Class R6
Year Ended June 30, 2020		21.26		0.37			(0.15	)		0.22			(0.40	)		(1.66	)		(2.06	)
Year Ended June 30, 2019		21.18		0.43			0.62			1.05			(0.52	)		(0.45	)		(0.97	)
Year Ended June 30, 2018		20.14		0.34			1.58			1.92			(0.42	)		(0.46	)		(0.88	)
Year Ended June 30, 2017		17.85		0.35	(h)		2.52			2.87			(0.38	)		(0.20	)		(0.58	)
Year Ended June 30, 2016		18.95		0.30			(0.81	)		(0.51	)		(0.37	)		(0.22	)		(0.59	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



84	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	19.30		0.11	%	$	669,044,048		0.41	%		1.44	%		0.53	%		50	%
	21.14		5.17			776,437,404		0.39			1.70			0.53			15
	21.06		9.04			795,190,985		0.37			1.30			0.53			25
	20.04		16.01			721,383,503		0.32			1.55	(h)		0.66			20
	17.76		(2.94	)		580,688,735		0.31			1.32			0.73			16


	19.05		(0.47	)		10,868,255		0.99			0.88			1.06			50
	20.92		4.54			14,549,127		0.97			1.11			1.05			15
	20.87		8.41			14,611,958		0.97			0.68			1.07			25
	19.87		15.23			16,781,638		0.97			0.90	(h)		1.16			20
	17.62		(3.56	)		15,792,238		0.96			0.65			1.28			16


	19.38		0.27			351,330,859		0.24			1.63			0.27			50
	21.22		5.33			412,674,586		0.22			1.84			0.27			15
	21.14		9.27			439,080,148		0.22			1.48			0.27			25
	20.10		16.06			437,689,624		0.22			1.67	(h)		0.41			20
	17.82		(2.84	)		385,203,213		0.21			1.42			0.46			16


	19.20		(0.25	)		141,455,884		0.76			1.14			0.78			50
	21.05		4.76			185,990,448		0.75			1.33			0.77			15
	20.98		8.66			211,291,468		0.75			0.92			0.77			25
	19.96		15.62			204,683,819		0.62			1.26	(h)		0.93			20
	17.70		(3.20	)		152,861,551		0.56			1.07			1.01			16


	19.23		0.02			28,623,735		0.51			1.44			0.53			50
	21.07		5.06			29,623,900		0.50			1.58			0.53			15
	21.00		8.91			16,637,159		0.50			1.21			0.52			25
	19.99		12.59			6,021,491		0.50			0.72	(h)		0.58			20


	19.34		0.27			21,884,322		0.25			1.46			0.27			50
	21.18		5.27			32,116,520		0.25			1.82			0.27			15
	21.11		9.19			22,929,527		0.25			1.14			0.28			25
	20.10		12.86			48,213		0.25			1.90	(h)		0.35			20


	19.41		0.41			1,040,449,859		0.10			1.74			0.12			50
	21.25		5.45			1,151,555,482		0.10			1.99			0.12			15
	21.17		9.39			1,270,105,387		0.10			1.61			0.12			25
	20.13		16.18			1,572,471,338		0.09			1.78	(h)		0.18			20
	17.85		(2.70	)		1,267,607,026		0.07			1.58			0.21			16


	19.42		0.51			1,183,628,513		0.00			1.83			0.02			50
	21.26		5.55			1,333,240,973		0.00			2.09			0.02			15
	21.18		9.49			993,416,263		0.00			1.60			0.02			25
	20.14		16.34			279,121,538		0.00			1.84	(h)		0.01			20
	17.85		(2.64	)		126,617,731		0.00			1.72			0.01			16

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	85

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2055 Fund
Class A
Year Ended June 30, 2020	$	23.80	$	0.33		$	(0.19	)	$	0.14		$	(0.37	)	$	(1.41	)	$	(1.78	)
Year Ended June 30, 2019		23.52		0.39			0.72			1.11			(0.49	)		(0.34	)		(0.83	)
Year Ended June 30, 2018		22.30		0.31			1.71			2.02			(0.38	)		(0.42	)		(0.80	)
Year Ended June 30, 2017		19.73		0.32	(h)		2.78			3.10			(0.35	)		(0.18	)		(0.53	)
Year Ended June 30, 2016		20.85		0.26			(0.86	)		(0.60	)		(0.36	)		(0.16	)		(0.52	)

Class C
Year Ended June 30, 2020		23.66		0.21			(0.20	)		0.01			(0.27	)		(1.41	)		(1.68	)
Year Ended June 30, 2019		23.40		0.24			0.73			0.97			(0.37	)		(0.34	)		(0.71	)
Year Ended June 30, 2018		22.20		0.17			1.70			1.87			(0.25	)		(0.42	)		(0.67	)
Year Ended June 30, 2017		19.65		0.19	(h)		2.75			2.94			(0.21	)		(0.18	)		(0.39	)
Year Ended June 30, 2016		20.79		0.13			(0.86	)		(0.73	)		(0.25	)		(0.16	)		(0.41	)

Class I
Year Ended June 30, 2020		23.84		0.38			(0.20	)		0.18			(0.40	)		(1.41	)		(1.81	)
Year Ended June 30, 2019		23.56		0.42			0.73			1.15			(0.53	)		(0.34	)		(0.87	)
Year Ended June 30, 2018		22.33		0.35			1.71			2.06			(0.41	)		(0.42	)		(0.83	)
Year Ended June 30, 2017		19.76		0.34	(h)		2.78			3.12			(0.37	)		(0.18	)		(0.55	)
Year Ended June 30, 2016		20.88		0.28			(0.86	)		(0.58	)		(0.38	)		(0.16	)		(0.54	)

Class R2
Year Ended June 30, 2020		23.75		0.25			(0.18	)		0.07			(0.30	)		(1.41	)		(1.71	)
Year Ended June 30, 2019		23.47		0.31			0.72			1.03			(0.41	)		(0.34	)		(0.75	)
Year Ended June 30, 2018		22.26		0.22			1.70			1.92			(0.29	)		(0.42	)		(0.71	)
Year Ended June 30, 2017		19.70		0.26	(h)		2.77			3.03			(0.29	)		(0.18	)		(0.47	)
Year Ended June 30, 2016		20.82		0.21			(0.85	)		(0.64	)		(0.32	)		(0.16	)		(0.48	)

Class R3
Year Ended June 30, 2020		23.73		0.33			(0.20	)		0.13			(0.35	)		(1.41	)		(1.76	)
Year Ended June 30, 2019		23.46		0.36			0.73			1.09			(0.48	)		(0.34	)		(0.82	)
Year Ended June 30, 2018		22.26		0.29			1.69			1.98			(0.36	)		(0.42	)		(0.78	)
September 9, 2016 (i) through June 30, 2017		20.29		0.14	(h)		2.36			2.50			(0.35	)		(0.18	)		(0.53	)

Class R4
Year Ended June 30, 2020		23.81		0.37			(0.19	)		0.18			(0.40	)		(1.41	)		(1.81	)
Year Ended June 30, 2019		23.53		0.43			0.72			1.15			(0.53	)		(0.34	)		(0.87	)
Year Ended June 30, 2018		22.33		0.29			1.75			2.04			(0.42	)		(0.42	)		(0.84	)
September 9, 2016 (i) through June 30, 2017		20.32		0.33	(h)		2.23			2.56			(0.37	)		(0.18	)		(0.55	)

Class R5
Year Ended June 30, 2020		23.86		0.40			(0.19	)		0.21			(0.43	)		(1.41	)		(1.84	)
Year Ended June 30, 2019		23.58		0.46			0.72			1.18			(0.56	)		(0.34	)		(0.90	)
Year Ended June 30, 2018		22.35		0.38			1.71			2.09			(0.44	)		(0.42	)		(0.86	)
Year Ended June 30, 2017		19.77		0.37	(h)		2.78			3.15			(0.39	)		(0.18	)		(0.57	)
Year Ended June 30, 2016		20.89		0.31			(0.87	)		(0.56	)		(0.40	)		(0.16	)		(0.56	)

Class R6
Year Ended June 30, 2020		23.87		0.42			(0.18	)		0.24			(0.46	)		(1.41	)		(1.87	)
Year Ended June 30, 2019		23.58		0.48			0.73			1.21			(0.58	)		(0.34	)		(0.92	)
Year Ended June 30, 2018		22.36		0.39			1.71			2.10			(0.46	)		(0.42	)		(0.88	)
Year Ended June 30, 2017		19.78		0.39	(h)		2.78			3.17			(0.41	)		(0.18	)		(0.59	)
Year Ended June 30, 2016		20.89		0.34			(0.87	)		(0.53	)		(0.42	)		(0.16	)		(0.58	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



86	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	22.16		0.13	%	$	333,643,359		0.41	%		1.46	%		0.54	%		59	%
	23.80		5.17			337,832,071		0.39			1.70			0.54			11
	23.52		9.01			308,277,730		0.37			1.30			0.55			21
	22.30		15.96			230,868,508		0.32			1.53	(h)		0.70			17
	19.73		(2.85	)		149,208,888		0.31			1.34			0.77			10


	21.99		(0.42	)		5,393,188		0.99			0.91			1.12			59
	23.66		4.56			4,893,512		0.97			1.06			1.09			11
	23.40		8.36			4,205,680		0.97			0.70			1.17			21
	22.20		15.20			3,626,496		0.97			0.89	(h)		1.31			17
	19.65		(3.51	)		3,130,364		0.96			0.65			1.53			10


	22.21		0.34			164,089,450		0.24			1.66			0.28			59
	23.84		5.33			153,011,303		0.22			1.81			0.28			11
	23.56		9.20			153,796,582		0.22			1.49			0.28			21
	22.33		16.05			140,666,489		0.22			1.60	(h)		0.42			17
	19.76		(2.76	)		85,997,129		0.21			1.41			0.48			10


	22.11		(0.18	)		93,217,054		0.76			1.11			0.79			59
	23.75		4.80			98,713,703		0.75			1.33			0.79			11
	23.47		8.57			100,046,192		0.75			0.92			0.79			21
	22.26		15.62			83,587,368		0.62			1.24	(h)		0.99			17
	19.70		(3.08	)		48,658,005		0.56			1.10			1.09			10


	22.10		0.09			12,680,652		0.50			1.46			0.55			59
	23.73		5.06			11,479,377		0.50			1.58			0.55			11
	23.46		8.86			5,694,053		0.50			1.24			0.57			21
	22.26		12.59			1,303,663		0.50			0.80	(h)		0.74			17


	22.18		0.33			8,753,782		0.25			1.63			0.29			59
	23.81		5.33			6,657,340		0.25			1.89			0.29			11
	23.53		9.12			4,320,091		0.25			1.21			0.33			21
	22.33		12.84			22,567		0.25			1.93	(h)		0.35			17


	22.23		0.48			458,535,743		0.10			1.75			0.13			59
	23.86		5.46			492,993,517		0.10			2.00			0.13			11
	23.58		9.32			466,450,172		0.10			1.62			0.13			21
	22.35		16.23			464,633,419		0.09			1.77	(h)		0.20			17
	19.77		(2.63	)		326,762,457		0.07			1.57			0.23			10


	22.24		0.58			599,703,282		0.00			1.82			0.03			59
	23.87		5.60			695,352,691		0.00			2.09			0.03			11
	23.58		9.37			439,086,575		0.00			1.62			0.04			21
	22.36		16.32			124,561,863		0.00			1.85	(h)		0.01			17
	19.78		(2.52	)		33,074,528		0.00			1.76			0.02			10

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	87

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


	Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement 2060 Fund
Class A
Year Ended June 30, 2020	$	18.17	$	0.25		$	(0.21	)	$	0.04		$	(0.29	)	$	(0.40	)	$	(0.69	)
Year Ended June 30, 2019		17.74		0.30			0.58			0.88			(0.38	)		(0.07	)		(0.45	)
Year Ended June 30, 2018		16.57		0.23			1.29			1.52			(0.28	)		(0.07	)		(0.35	)
August 31, 2016 (h) through June 30, 2017		15.00		0.09	(i)		1.70			1.79			(0.22	)		—			(0.22	)

Class C
Year Ended June 30, 2020		18.11		0.15			(0.21	)		(0.06	)		(0.22	)		(0.40	)		(0.62	)
Year Ended June 30, 2019		17.70		0.17			0.60			0.77			(0.29	)		(0.07	)		(0.36	)
Year Ended June 30, 2018		16.57		0.10			1.31			1.41			(0.21	)		(0.07	)		(0.28	)
August 31, 2016 (h) through June 30, 2017		15.00		0.12	(i)		1.60			1.72			(0.15	)		—			(0.15	)

Class I
Year Ended June 30, 2020		18.20		0.29			(0.22	)		0.07			(0.32	)		(0.40	)		(0.72	)
Year Ended June 30, 2019		17.76		0.33			0.58			0.91			(0.40	)		(0.07	)		(0.47	)
Year Ended June 30, 2018		16.59		0.25			1.29			1.54			(0.30	)		(0.07	)		(0.37	)
August 31, 2016 (h) through June 30, 2017		15.00		0.21	(i)		1.60			1.81			(0.22	)		—			(0.22	)

Class R2
Year Ended June 30, 2020		18.16		0.21			(0.24	)		(0.03	)		(0.24	)		(0.40	)		(0.64	)
Year Ended June 30, 2019		17.73		0.24			0.58			0.82			(0.32	)		(0.07	)		(0.39	)
Year Ended June 30, 2018		16.58		0.14			1.31			1.45			(0.23	)		(0.07	)		(0.30	)
August 31, 2016 (h) through June 30, 2017		15.00		0.09	(i)		1.67			1.76			(0.18	)		—			(0.18	)

Class R3
Year Ended June 30, 2020		18.17		0.26			(0.23	)		0.03			(0.28	)		(0.40	)		(0.68	)
Year Ended June 30, 2019		17.74		0.28			0.58			0.86			(0.36	)		(0.07	)		(0.43	)
Year Ended June 30, 2018		16.58		0.21			1.28			1.49			(0.26	)		(0.07	)		(0.33	)
September 9, 2016 (j) through June 30, 2017		14.82		0.13	(i)		1.83			1.96			(0.20	)		—			(0.20	)

Class R4
Year Ended June 30, 2020		18.20		0.26			(0.20	)		0.06			(0.32	)		(0.40	)		(0.72	)
Year Ended June 30, 2019		17.76		0.33			0.58			0.91			(0.40	)		(0.07	)		(0.47	)
Year Ended June 30, 2018		16.60		0.28			1.25			1.53			(0.30	)		(0.07	)		(0.37	)
September 9, 2016 (j) through June 30, 2017		14.82		0.23	(i)		1.76			1.99			(0.21	)		—			(0.21	)

Class R5
Year Ended June 30, 2020		18.20		0.31			(0.23	)		0.08			(0.34	)		(0.40	)		(0.74	)
Year Ended June 30, 2019		17.76		0.35			0.58			0.93			(0.42	)		(0.07	)		(0.49	)
Year Ended June 30, 2018		16.59		0.27			1.29			1.56			(0.32	)		(0.07	)		(0.39	)
August 31, 2016 (h) through June 30, 2017		15.00		0.14	(i)		1.69			1.83			(0.24	)		—			(0.24	)

Class R6
Year Ended June 30, 2020		18.22		0.33			(0.22	)		0.11			(0.36	)		(0.40	)		(0.76	)
Year Ended June 30, 2019		17.78		0.37			0.58			0.95			(0.44	)		(0.07	)		(0.51	)
Year Ended June 30, 2018		16.60		0.28			1.30			1.58			(0.33	)		(0.07	)		(0.40	)
August 31, 2016 (h) through June 30, 2017		15.00		0.15	(i)		1.70			1.85			(0.25	)		—			(0.25	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Commencement of operations.

(i)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(j)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



88	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	17.52		0.03	%	$	45,390,098		0.41	%		1.42	%		0.66	%		41	%
	18.17		5.27			27,198,378		0.39			1.71			0.67			12
	17.74		9.14			13,161,164		0.38			1.31			1.27			39
	16.57		12.09			2,106,258		0.32			0.70	(i)		1.09			116


	17.43		(0.56	)		1,266,729		0.99			0.87			1.22			41
	18.11		4.65			780,200		0.97			0.99			1.25			12
	17.70		8.45			356,274		0.97			0.58			1.90			39
	16.57		11.54			32,243		0.97			0.93	(i)		2.66			116


	17.55		0.20			25,174,401		0.24			1.64			0.39			41
	18.20		5.48			13,276,747		0.22			1.88			0.39			12
	17.76		9.24			6,672,939		0.22			1.42			0.94			39
	16.59		12.22			2,932,411		0.22			1.58	(i)		1.26			116


	17.49		(0.39	)		5,747,246		0.75			1.17			0.93			41
	18.16		4.91			3,816,144		0.75			1.38			0.91			12
	17.73		8.69			2,321,033		0.75			0.78			1.50			39
	16.58		11.84			255,812		0.70			0.64	(i)		1.61			116


	17.52		(0.07	)		4,378,304		0.50			1.47			0.68			41
	18.17		5.18			3,361,205		0.50			1.58			0.71			12
	17.74		8.93			1,011,833		0.50			1.16			1.40			39
	16.58		13.32			176,460		0.50			1.00	(i)		1.30			116


	17.54		0.12			1,262,255		0.25			1.46			0.42			41
	18.20		5.47			1,817,531		0.25			1.87			0.41			12
	17.76		9.20			350,814		0.25			1.54			1.15			39
	16.60		13.59			22,712		0.25			1.82	(i)		1.57			116


	17.54		0.26			55,956,841		0.10			1.77			0.24			41
	18.20		5.60			35,099,983		0.10			1.99			0.23			12
	17.76		9.37			16,799,266		0.10			1.51			0.79			39
	16.59		12.34			4,073,183		0.10			1.06	(i)		0.73			116


	17.57		0.41			139,446,172		0.00			1.89			0.14			41
	18.22		5.69			84,378,909		0.00			2.12			0.13			12
	17.78		9.52			34,676,029		0.00			1.56			0.67			39
	16.60		12.46			1,599,396		0.00			1.08	(i)		0.59			116

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	89

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020

1. Organization

The following are 10 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:


	Classes Offered	Diversification Classification
JPMorgan SmartRetirement^® Income Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® 2020 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® 2025 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® 2030 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® 2035 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® 2040 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® 2045 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® 2050 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® 2055 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® 2060 Fund	Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified

The JPMorgan SmartRetirement Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement Funds each seek high total return with a shift to current income and some capital appreciation over time as the Fund approaches and passes its respective target retirement date.

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

2. Significant Accounting Policies

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.



90	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

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. Certain foreign equity instruments, as well as certain derivatives with foreign equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

Investments in open-end investment companies excluding exchange-traded funds (“ETFs”) (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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.

•

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

JPMorgan SmartRetirement Income Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	11,657,961		$	–		$	–	$	11,657,961
Investment Companies		2,517,459,524			–			–		2,517,459,524
U.S. Treasury Obligations		–			25,582,093			–		25,582,093
Short-Term Investments
Investment Companies		88,743,634			–			–		88,743,634

Total Investments in Securities	$	2,617,861,119		$	25,582,093		$	–	$	2,643,443,212

Appreciation in Other Financial Instruments
Futures Contracts	$	3,548,473		$	962,484		$	–	$	4,510,957

Depreciation in Other Financial Instruments
Futures Contracts	$	(577,393	)	$	(452,580	)	$	–	$	(1,029,973	)

JPMorgan SmartRetirement 2020 Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	22,437,351		$	–		$	–	$	22,437,351
Investment Companies		4,365,569,885			–			–		4,365,569,885
U.S. Treasury Obligations		–			45,695,847			–		45,695,847
Short-Term Investments
Investment Companies		147,454,241			–			–		147,454,241

Total Investments in Securities	$	4,535,461,477		$	45,695,847		$	–	$	4,581,157,324

Appreciation in Other Financial Instruments
Futures Contracts	$	6,444,970		$	1,662,524		$	–	$	8,107,494

Depreciation in Other Financial Instruments
Futures Contracts	$	(833,708	)	$	(783,089	)	$	–	$	(1,616,797	)



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	91

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

JPMorgan SmartRetirement 2025 Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	42,047,466		$	–		$	–	$	42,047,466
Investment Companies		6,026,710,438			–			–		6,026,710,438
U.S. Treasury Obligations		–			73,752,832			–		73,752,832
Short-Term Investments
Investment Companies		114,172,093			–			–		114,172,093

Total Investments in Securities	$	6,182,929,997		$	73,752,832		$	–	$	6,256,682,829

Appreciation in Other Financial Instruments
Futures Contracts	$	11,363,706		$	2,283,821		$	–	$	13,647,527

Depreciation in Other Financial Instruments
Futures Contracts	$	(1,245,737	)	$	(1,075,193	)	$	–	$	(2,320,930	)

JPMorgan SmartRetirement 2030 Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	57,447,898		$	–		$	–	$	57,447,898
Investment Companies		6,563,664,919			–			–		6,563,664,919
U.S. Treasury Obligations		–			83,467,519			–		83,467,519
Short-Term Investments
Investment Companies		187,688,662			–			–		187,688,662

Total Investments in Securities	$	6,808,801,479		$	83,467,519		$	–	$	6,892,268,998

Appreciation in Other Financial Instruments
Futures Contracts	$	12,543,259		$	2,515,208		$	–	$	15,058,467

Depreciation in Other Financial Instruments
Futures Contracts	$	(1,203,741	)	$	(1,186,276	)	$	–	$	(2,390,017	)

JPMorgan SmartRetirement 2035 Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	44,437,449		$	–		$	–	$	44,437,449
Investment Companies		5,236,078,484			–			–		5,236,078,484
U.S. Treasury Obligations		–			82,226,779			–		82,226,779
Short-Term Investments
Investment Companies		89,152,834			–			–		89,152,834

Total Investments in Securities	$	5,369,668,767		$	82,226,779		$	–	$	5,451,895,546

Appreciation in Other Financial Instruments
Futures Contracts	$	10,334,766		$	4,578,314		$	–	$	14,913,080

Depreciation in Other Financial Instruments
Futures Contracts	$	(1,296,343	)	$	(1,878,785	)	$	–	$	(3,175,128	)



92	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement 2040 Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	50,433,734		$	–		$	–	$	50,433,734
Investment Companies		5,092,387,723			–			–		5,092,387,723
U.S. Treasury Obligations		–			81,007,426			–		81,007,426
Short-Term Investments
Investment Companies		96,434,810			–			–		96,434,810

Total Investments in Securities	$	5,239,256,267		$	81,007,426		$	–	$	5,320,263,693

Appreciation in Other Financial Instruments
Futures Contracts	$	10,098,329		$	4,447,645		$	–	$	14,545,974

Depreciation in Other Financial Instruments
Futures Contracts	$	(1,258,475	)	$	(1,828,045	)	$	–	$	(3,086,520	)

JPMorgan SmartRetirement 2045 Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	43,774,793		$	–		$	–	$	43,774,793
Investment Companies		3,638,631,337			–			–		3,638,631,337
U.S. Treasury Obligations		–			58,366,783			–		58,366,783
Short-Term Investments
Investment Companies		90,659,104			–			–		90,659,104

Total Investments in Securities	$	3,773,065,234		$	58,366,783		$	–	$	3,831,432,017

Appreciation in Other Financial Instruments
Futures Contracts	$	7,397,313		$	3,211,465		$	–	$	10,608,778

Depreciation in Other Financial Instruments
Futures Contracts	$	(915,527	)	$	(1,319,296	)	$	–	$	(2,234,823	)

JPMorgan SmartRetirement 2050 Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	39,127,073		$	–		$	–	$	39,127,073
Investment Companies		3,247,818,927			–			–		3,247,818,927
U.S. Treasury Obligations		–			55,626,025			–		55,626,025
Short-Term Investments
Investment Companies		112,212,873			–			–		112,212,873

Total Investments in Securities	$	3,399,158,873		$	55,626,025		$	–	$	3,454,784,898

Appreciation in Other Financial Instruments
Futures Contracts	$	7,312,640		$	2,890,647		$	–	$	10,203,287

Depreciation in Other Financial Instruments
Futures Contracts	$	(826,339	)	$	(1,189,013	)	$	–	$	(2,015,352	)



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	93

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

JPMorgan SmartRetirement 2055 Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	19,282,425		$	–		$	–	$	19,282,425
Investment Companies		1,573,817,276			–			–		1,573,817,276
U.S. Treasury Obligations		–			27,626,511			–		27,626,511
Short-Term Investments
Investment Companies		59,167,879			–			–		59,167,879

Total Investments in Securities	$	1,652,267,580		$	27,626,511		$	–	$	1,679,894,091

Appreciation in Other Financial Instruments
Futures Contracts	$	3,548,564		$	1,398,997		$	–	$	4,947,561

Depreciation in Other Financial Instruments
Futures Contracts	$	(400,007	)	$	(573,265	)	$	–	$	(973,272	)

JPMorgan SmartRetirement 2060 Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	2,689,854		$	–		$	–	$	2,689,854
Investment Companies		255,634,272			–			–		255,634,272
U.S. Treasury Obligations		–			5,304,136			–		5,304,136
Short-Term Investments
Investment Companies		15,995,182			–			–		15,995,182

Total Investments in Securities	$	274,319,308		$	5,304,136		$	–	$	279,623,444

Appreciation in Other Financial Instruments
Futures Contracts	$	755,583		$	228,161		$	–	$	983,744

Depreciation in Other Financial Instruments
Futures Contracts	$	(67,410	)	$	(93,261	)	$	–	$	(160,671	)

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. Underlying Funds’ and ETFs’ distributions may be reinvested into the Underlying Funds and ETFs. Reinvestment amounts are included in the purchase cost amounts in the tables below.



94	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Income Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	—	$	16,370,633	$	1,945,631	$	25,388		$	(2,792,429	)	$	11,657,961		163,437	$	274,323	$	17,033
JPMorgan Core Bond Fund Class R6 Shares (a)		907,451,228		26,212,874		336,669,248		12,845,760			25,385,178			635,225,792		51,310,646		22,318,351		3,894,523
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		378,088,985		3,081,294		385,201,748		14,384,172			(10,352,703	)		—		—		3,081,294		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		132,913,482		4,928,068		146,447			5,522,162			133,654,023		12,502,715		545,736		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		27,648,593		—		26,736,604		4,983,914			(5,895,903	)		—		—		—		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		62,776,300		2,683,768		35,252,699		(4,086,945	)		(2,873,598	)		23,246,826		3,050,764		2,683,768		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		61,081,107		39,180,012		5,242,751		295,759			2,027,659			97,341,786		3,068,783		562,814		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		62,787,834		2,642,992		36,956,828		(5,265,604	)		(475,723	)		22,732,671		2,975,480		2,642,992		—
JPMorgan Equity Income Fund Class R6 Shares (a)		50,364,837		190,926,445		27,928,685		(1,830,602	)		(19,642,207	)		191,889,788		11,615,605		4,011,502		2,227,256
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		71,409,310		2,256,632		37,784,363		(1,712,437	)		(1,597,703	)		32,571,439		3,863,753		2,256,632		—
JPMorgan Growth Advantage Fund Class R6 Shares *(a)		80,797,352		—		80,750,494		55,210,064			(55,256,922	)		—		—		—		—
JPMorgan High Yield Fund Class R6 Shares (a)		279,081,897		18,933,832		85,900,741		(860,493	)		(16,575,751	)		194,678,744		29,452,155		12,092,877		—
JPMorgan Income Fund Class R6 Shares (a)		25,584,642		29,518,270		4,384,709		71,023			(2,704,061	)		48,085,165		5,313,278		2,051,323		13,267
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		164,590,102		75,552,008		38,926,464		(791,303	)		2,919,957			203,344,300		19,514,808		3,690,220		—
JPMorgan International Advantage Fund Class R6 Shares (a)		112,192,154		16,034,255		79,743,546		7,170,096			(15,119,991	)		40,532,968		2,297,787		2,388,364		—
JPMorgan International Equity Fund Class R6 Shares (a)		123,831,393		37,814,577		19,769,444		(608,842	)		(6,875,226	)		134,392,458		8,204,668		4,712,501		142,154
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		73,405,087		37,517,962		8,599,039		(569,377	)		(8,062,750	)		93,691,883		5,787,022		3,124,962		—
JPMorgan Managed Income Fund Class L Shares (a)		51,690,031		69,988,593		118,921,560		(135,205	)		(194,924	)		2,426,935		241,486		500,833		10,644
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		42,210,505		2,972,372		41,757,265		10,380,493			(13,806,105	)		—		—		—		2,972,372
JPMorgan Realty Income Fund Class R6 Shares (a)		64,799,953		3,800,620		26,787,458		4,551,124			(9,452,136	)		36,912,103		3,013,233		971,170		2,829,450
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		50,998,568		400,718,369		69,923,425		(239,370	)		3,689,892			385,244,034		39,715,880		7,741,331		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		14,284,873		6,791,237		—		—			(1,752,824	)		19,323,286		358,702		138,205		815,656
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		12,308,326		587,146		1,855,523		452,271			773,970			12,266,190		552,282		24,980		562,167
JPMorgan Small Cap Value Fund Class R6 Shares (a)		11,554,656		719,232		431,836		(89,457	)		(2,447,499	)		9,305,096		467,123		133,620		585,613
JPMorgan U.S. Equity Fund Class R6 Shares (a)		169,532,001		88,406,661		61,734,060		(810,168	)		5,199,603			200,594,037		12,276,257		2,495,637		18,713,536
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		34,668,001		1,145,682,311		1,091,606,678		—			—			88,743,634		88,743,634		1,724,775		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		145,266,175		14,346,257		147,851,029		68,900,436			(80,661,839	)		—		—		602,208		13,744,049
JPMorgan Value Advantage Fund Class R6 Shares (a)		75,924,987		—		76,924,692		42,726,325			(41,726,620	)		—		—		—		—

Total	$	3,154,328,897	$	2,365,651,834	$	2,854,514,588	$	205,143,469		$	(252,748,493	)	$	2,617,861,119			$	80,770,418	$	46,527,720



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	95

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

JPMorgan SmartRetirement 2020 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	—	$	35,004,613	$	7,362,335	$	168,491		$	(5,373,418	)	$	22,437,351		314,557	$	552,169	$	36,420
JPMorgan Core Bond Fund Class R6 Shares (a)		1,556,847,833		52,652,255		590,174,762		19,001,869			46,204,969			1,084,532,164		87,603,567		38,055,689		6,609,920
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		611,238,968		5,091,240		623,482,876		24,482,502			(17,329,834	)		—		—		5,091,240		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		228,710,255		—		—			9,753,563			238,463,818		22,307,186		938,927		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		51,691,883		—		49,854,417		7,113,289			(8,950,755	)		—		—		—		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		99,742,831		4,243,579		61,558,796		(6,457,436	)		(4,349,986	)		31,620,192		4,149,631		4,243,579		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		132,147,254		60,855,842		12,896,224		581,750			5,828,281			186,516,903		5,880,104		1,296,174		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		108,725,183		4,566,300		64,637,881		(9,660,665	)		(729,731	)		38,263,206		5,008,273		4,566,300		—
JPMorgan Equity Income Fund Class R6 Shares (a)		126,420,227		373,617,141		101,044,059		(1,692,524	)		(35,544,576	)		361,756,209		21,898,076		8,068,347		4,668,371
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		93,257,264		3,082,206		40,147,360		(1,424,496	)		(3,111,775	)		51,655,839		6,127,620		3,082,205		—
JPMorgan Growth Advantage Fund Class R6 Shares *(a)		170,151,242		—		170,123,465		111,758,982			(111,786,759	)		—		—		—		—
JPMorgan High Yield Fund Class R6 Shares (a)		452,852,202		70,862,963		167,586,523		(4,362,109	)		(26,281,219	)		325,485,314		49,241,349		19,892,673		—
JPMorgan Income Fund Class R6 Shares (a)		42,018,609		40,149,707		7,618,090		124,519			(3,953,810	)		70,720,935		7,814,468		3,123,398		19,793
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		214,823,892		140,975,373		49,988,667		(1,638,940	)		4,051,136			308,222,794		29,579,923		5,315,380		—
JPMorgan International Advantage Fund Class R6 Shares (a)		234,127,717		20,595,234		164,979,314		10,129,134			(25,662,014	)		74,210,757		4,206,959		5,512,784		—
JPMorgan International Equity Fund Class R6 Shares (a)		258,582,853		72,207,163		66,639,973		(3,219,552	)		(14,150,435	)		246,780,056		15,065,937		9,889,418		299,076
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		167,000,088		44,339,673		22,552,711		(1,324,136	)		(15,240,450	)		172,222,464		10,637,583		6,223,234		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		1,020,927		—		1,050,023		639,951			(610,855	)		—		—		—		—
JPMorgan Managed Income Fund Class L Shares (a)		45,487,587		93,846,372		134,658,429		(90,058	)		(162,392	)		4,423,080		440,108		522,157		18,565
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		84,239,241		5,931,944		83,334,714		19,718,207			(26,554,678	)		—		—		—		5,931,944
JPMorgan Realty Income Fund Class R6 Shares (a)		135,591,311		7,862,706		63,958,777		10,228,414			(19,106,705	)		70,616,949		5,764,649		1,977,113		5,885,593
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		85,839,542		683,479,687		122,061,837		(484,491	)		6,255,137			653,028,038		67,322,478		13,111,196		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		28,757,598		14,996,678		—		—			(3,649,903	)		40,104,373		744,466		286,836		1,692,847
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		30,479,964		1,203,773		19,155,764		6,533,669			(4,491,992	)		14,569,650		655,995		51,213		1,152,560
JPMorgan Small Cap Value Fund Class R6 Shares (a)		25,277,316		1,067,357		9,507,211		710,008			(4,051,620	)		13,495,850		677,502		218,000		849,356
JPMorgan U.S. Equity Fund Class R6 Shares (a)		352,106,071		174,872,965		153,972,925		(3,531,798	)		9,406,981			378,881,294		23,187,350		4,935,922		39,528,022
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		40,797,442		1,881,068,416		1,774,411,617		—			—			147,454,241		147,454,241		2,312,197		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		280,069,088		22,575,023		284,772,853		108,219,843			(126,091,101	)		—		—		947,624		21,627,399
JPMorgan Value Advantage Fund Class R6 Shares (a)		148,938,009		—		150,559,451		78,869,987			(77,248,545	)		—		—		—		—

Total	$	5,578,232,142	$	4,043,858,465	$	4,998,091,054	$	364,394,410		$	(452,932,486	)	$	4,535,461,477			$	140,213,775	$	88,319,866



96	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement 2025 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	—	$	59,799,005	$	7,860,060	$	179,683		$	(10,071,162	)	$	42,047,466		589,478	$	994,633	$	62,217
JPMorgan Core Bond Fund Class R6 Shares (a)		1,730,689,076		133,939,682		620,746,610		17,961,427			58,805,554			1,320,649,129		106,676,020		44,141,607		7,630,396
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		651,240,803		5,242,548		663,944,345		26,159,401			(18,698,407	)		—		—		5,242,548		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		277,780,779		—		—			11,860,825			289,641,604		27,094,631		1,139,771		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		113,337,411		—		110,669,069		15,090,966			(17,759,308	)		—		—		—		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		115,990,800		15,935,957		74,932,865		(6,872,385	)		(5,341,672	)		44,779,835		5,876,619		4,756,455		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		230,309,716		125,534,974		25,319,477		(4,806	)		13,528,703			344,049,110		10,846,441		2,617,611		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		104,689,649		4,973,605		54,103,779		(10,018,946	)		(1,207,711	)		44,332,818		5,802,725		4,973,606		—
JPMorgan Equity Income Fund Class R6 Shares (a)		202,645,493		687,235,610		115,582,219		(4,020,973	)		(71,831,979	)		698,445,932		42,278,809		14,766,174		8,339,457
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		29,065,521		24,740,526		—		—			(3,858,864	)		49,947,183		5,924,933		2,097,559		—
JPMorgan Growth Advantage Fund Class R6 Shares *(a)		265,400,139		—		265,247,597		143,013,896			(143,166,438	)		—		—		—		—
JPMorgan High Yield Fund Class R6 Shares (a)		469,077,523		100,754,270		215,714,325		(5,000,953	)		(24,242,313	)		324,874,202		49,148,896		19,216,912		—
JPMorgan Income Fund Class R6 Shares (a)		44,816,744		25,968,049		—		—			(3,730,480	)		67,054,313		7,409,316		2,970,173		17,037
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		82,724,354		85,879,295		18,190,522		(727,938	)		1,647,549			151,332,738		14,523,295		2,320,993		—
JPMorgan International Advantage Fund Class R6 Shares (a)		387,549,719		46,493,952		262,144,229		4,354,100			(33,132,061	)		143,121,481		8,113,463		7,503,826		—
JPMorgan International Equity Fund Class R6 Shares (a)		427,308,381		158,136,656		69,231,741		(8,703,295	)		(23,146,968	)		484,363,033		29,570,393		17,772,400		523,623
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		321,447,332		144,389,914		96,482,103		(8,600,404	)		(22,676,478	)		338,078,261		20,881,919		12,789,198		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		73,851,654		—		74,435,942		29,956,853			(29,372,565	)		—		—		—		—
JPMorgan Managed Income Fund Class L Shares (a)		9,072,977		154,647,501		157,753,593		(32,113	)		(21,108	)		5,913,664		588,424		427,990		23,156
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		144,979,866		10,209,166		143,423,131		24,235,212			(36,001,113	)		—		—		—		10,209,166
JPMorgan Realty Income Fund Class R6 Shares (a)		229,091,239		13,905,946		89,936,914		13,900,318			(32,310,778	)		134,649,811		10,991,821		3,513,552		10,392,393
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		93,353,529		815,823,594		106,668,300		(761,613	)		7,779,398			809,526,608		83,456,351		15,659,116		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		39,087,783		37,390,374		—		—			(5,973,614	)		70,504,543		1,308,790		504,265		2,976,069
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		44,319,127		2,104,522		6,851,566		1,394,089			2,999,841			43,966,013		1,979,559		89,535		2,014,988
JPMorgan Small Cap Value Fund Class R6 Shares (a)		45,113,083		2,115,955		13,350,911		(625,508	)		(6,284,198	)		26,968,421		1,353,836		418,709		1,697,248
JPMorgan U.S. Equity Fund Class R6 Shares (a)		551,458,265		248,411,334		175,156,536		(6,018,863	)		15,817,539			634,511,739		38,831,808		7,892,295		60,994,719
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		104,320,950		2,532,160,561		2,522,309,418		—			—			114,172,093		114,172,093		2,756,883		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		386,025,870		29,642,749		392,268,409		105,931,310			(129,331,520	)		—		—		1,244,304		28,398,445
JPMorgan Value Advantage Fund Class R6 Shares (a)		236,622,235		—		237,589,671		87,676,684			(86,709,248	)		—		—		—		—

Total	$	7,133,589,239	$	5,743,216,524	$	6,519,913,332	$	418,466,142		$	(592,428,576	)	$	6,182,929,997			$	175,810,115	$	133,278,914



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	97

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

JPMorgan SmartRetirement 2030 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	—	$	80,276,715	$	9,287,400	$	219,510		$	(13,760,927	)	$	57,447,898		805,382	$	1,349,073	$	83,523
JPMorgan Core Bond Fund Class R6 Shares (a)		1,445,190,460		152,394,894		482,093,199		12,903,748			52,423,464			1,180,819,367		95,381,209		37,478,296		6,480,698
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		559,172,022		4,562,899		570,105,288		21,980,757			(15,610,390	)		—		—		4,562,899		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		234,878,817		—		—			10,036,478			244,915,295		22,910,692		963,333		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		162,286,665		—		158,113,252		20,418,417			(24,591,830	)		—		—		—		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		104,503,766		4,272,560		57,242,822		(6,791,942	)		(3,434,486	)		41,307,076		5,420,876		4,272,560		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		318,262,856		180,232,266		44,393,195		(178,185	)		20,363,157			474,286,899		14,952,298		3,708,797		—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		92,765,083		4,416,760		46,531,948		(8,012,536	)		(1,758,849	)		40,878,510		5,350,590		4,416,760		—
JPMorgan Equity Income Fund Class R6 Shares (a)		253,155,763		936,381,091		116,985,612		(3,298,575	)		(100,734,004	)		968,518,663		58,627,038		19,930,715		11,246,815
JPMorgan Growth Advantage Fund Class R6 Shares *(a)		370,622,625		—		370,462,915		210,874,518			(211,034,228	)		—		—		—		—
JPMorgan High Yield Fund Class R6 Shares (a)		438,348,795		105,415,623		211,859,504		(2,348,183	)		(24,368,364	)		305,188,367		46,170,706		17,688,031		—
JPMorgan Income Fund Class R6 Shares (a)		—		38,560,014		—		—			(2,152,347	)		36,407,667		4,022,947		1,107,634		9,250
JPMorgan International Advantage Fund Class R6 Shares (a)		529,593,076		33,861,294		329,077,383		1,136,865			(39,415,208	)		196,098,644		11,116,703		11,883,106		—
JPMorgan International Equity Fund Class R6 Shares (a)		582,029,781		189,869,341		76,181,394		(4,003,375	)		(32,014,364	)		659,699,989		40,274,725		23,819,173		695,866
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		459,777,822		145,659,071		101,575,605		(6,105,757	)		(36,465,883	)		461,289,648		28,492,257		16,001,003		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		125,997,830		—		127,255,963		52,697,350			(51,439,217	)		—		—		—		—
JPMorgan Managed Income Fund Class L Shares (a)		7,794,522		229,692,574		231,150,041		(247,533	)		(14,073	)		6,075,449		604,522		514,860		24,102
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		210,457,767		14,819,977		208,197,956		35,013,577			(52,093,365	)		—		—		—		14,819,977
JPMorgan Realty Income Fund Class R6 Shares (a)		308,061,126		18,503,631		119,159,746		19,211,438			(44,096,416	)		182,520,033		14,899,594		4,648,088		13,855,543
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		79,156,794		737,317,383		109,511,677		(533,718	)		6,826,128			713,254,910		73,531,434		13,443,220		—
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		63,490,958		39,204,278		—		—			(8,309,125	)		94,386,111		1,752,109		675,072		3,984,135
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		54,624,690		2,829,412		14,559,357		3,362,136			2,133,548			48,390,429		2,178,768		120,375		2,709,037
JPMorgan Small Cap Value Fund Class R6 Shares (a)		54,204,500		2,737,216		12,906,602		(1,396,836	)		(7,668,386	)		34,969,892		1,755,517		536,399		2,200,818
JPMorgan U.S. Equity Fund Class R6 Shares (a)		734,764,011		330,010,162		208,333,057		(3,406,846	)		21,623,700			874,657,970		53,528,640		10,915,602		83,009,991
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		94,172,493		2,892,984,824		2,799,468,655		—			—			187,688,662		187,688,662		3,540,047		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		513,567,212		38,538,172		521,498,613		155,132,291			(185,739,062	)		—		—		1,617,703		36,920,469
JPMorgan Value Advantage Fund Class R6 Shares (a)		347,050,389		—		349,530,007		139,144,877			(136,665,259	)		—		—		—		—

Total	$	7,909,051,006	$	6,417,418,974	$	7,275,481,191	$	635,771,998		$	(877,959,308	)	$	6,808,801,479			$	183,192,746	$	176,040,224



98	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement 2035 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	—	$	65,385,708	$	8,130,616	$	(2,174,815	)	$	(10,642,828	)	$	44,437,449		622,984	$	1,180,990	$	68,029
JPMorgan Core Bond Fund Class R6 Shares (a)		609,157,163		60,859,425		416,070,240		14,213,191			4,291,823			272,451,362		22,007,380		9,743,661		1,262,043
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		466,838,465		442,224,899		274,024,176		1,855,588			22,371,711			659,266,487		75,603,955		22,235,157		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		185,075,159		—		—			7,915,158			192,990,317		18,053,351		758,722		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		153,699,613		—		150,764,511		19,346,042			(22,281,144	)		—		—		—		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		60,890,149		2,201,775		34,599,689		(3,035,080	)		(2,037,888	)		23,419,267		3,073,395		2,201,775		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		189,549,144		—		186,804,971		60,836,541			(63,580,714	)		—		—		—		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		9,183,446		440,573,871		—		—			(18,301,515	)		431,455,802		27,016,644		2,645,755		731,437
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		59,290,220		2,805,013		32,340,634		(6,089,621	)		(496,989	)		23,167,989		3,032,459		2,805,013		—
JPMorgan Growth Advantage Fund Class R6 Shares *(a)		379,277,274		209,708,106		153,112,995		7,401,312			76,616,946			519,890,643		19,141,776		—		39,326,102
JPMorgan High Yield Fund Class R6 Shares (a)		275,665,167		57,202,157		110,154,260		(643,278	)		(16,022,851	)		206,046,935		31,172,002		11,288,371		—
JPMorgan International Advantage Fund Class R6 Shares (a)		475,735,183		52,414,176		212,744,675		(17,709,628	)		(28,325,419	)		269,369,637		15,270,388		15,343,798		—
JPMorgan International Equity Fund Class R6 Shares (a)		498,153,557		183,210		488,829,731		57,777,232			(67,284,268	)		—		—		—		183,211
JPMorgan International Focus Fund Class R6 Shares (a)		—		544,401,336		63,055,373		(1,274,008	)		10,311,332			490,383,287		23,131,287		2,235,117		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		443,189,994		111,686,540		43,229,987		(6,828,864	)		(37,927,135	)		466,890,548		28,838,206		15,955,613		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		187,639,643		—		191,986,424		47,192,440			(42,845,659	)		—		—		—		—
JPMorgan Managed Income Fund Class L Shares (a)		171,496,347		30,493,835		198,845,249		621,092			(620,549	)		3,145,476		312,983		1,103,494		21,711
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		203,762,300		12,664,801		202,049,710		25,732,560			(40,109,951	)		—		—		—		12,664,801
JPMorgan Realty Income Fund Class R6 Shares (a)		285,296,579		16,674,392		109,073,517		15,550,328			(39,815,310	)		168,632,472		13,765,916		4,127,077		12,547,315
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		45,597,152		29,730,435		17,958,762		517,954			(4,475,719	)		53,411,060		991,481		382,008		2,254,536
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		48,000,963		1,885,024		25,812,275		7,622,802			(5,035,546	)		26,660,968		1,200,404		80,197		1,804,828
JPMorgan Small Cap Value Fund Class R6 Shares (a)		46,422,960		1,743,674		19,931,949		(2,541,184	)		(3,769,010	)		21,924,491		1,100,627		363,864		1,379,810
JPMorgan U.S. Equity Fund Class R6 Shares (a)		523,119,330		99,434,444		126,334,355		(2,026,327	)		10,736,964			504,930,056		30,901,472		5,997,747		46,355,210
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		116,402,263		1,958,935,026		1,986,184,455		—			—			89,152,834		89,152,834		2,270,333		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		593,369,325		52,285,171		245,371,195		33,651,919			(47,755,254	)		386,179,966		14,404,325		6,346,901		45,938,271
JPMorgan Value Advantage Fund Class R6 Shares (a)		371,616,398		385,989,919		116,479,788		(26,823,709	)		(98,441,099	)		515,861,721		17,363,235		11,821,108		16,888,426

Total	$	6,213,352,635	$	4,764,558,096	$	5,413,889,537	$	223,172,487		$	(417,524,914	)	$	5,369,668,767			$	118,886,701	$	181,425,730



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	99

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

JPMorgan SmartRetirement 2040 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	—	$	72,561,460	$	7,879,754	$	(2,167,398	)	$	(12,080,574	)	$	50,433,734		707,048	$	1,297,425	$	73,614
JPMorgan Core Bond Fund Class R6 Shares (a)		287,412,519		46,092,614		182,649,145		6,184,378			3,797,191			160,837,557		12,991,725		5,144,020		710,820
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		287,067,194		250,163,408		141,738,471		676,306			13,685,463			409,853,900		47,001,594		13,174,037		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		101,833,535		—		—			4,356,708			106,190,243		9,933,606		417,351		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		185,100,474		—		180,863,473		22,679,334			(26,916,335	)		—		—		—		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		42,583,527		1,541,705		23,841,771		(2,023,084	)		(1,485,756	)		16,774,621		2,201,394		1,541,705		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		211,824,704		—		209,055,240		70,816,035			(73,585,499	)		—		—		—		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		10,063,421		479,995,803		12,632,616		(1,126,960	)		(17,530,005	)		458,769,643		28,726,966		2,976,723		822,936
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		41,532,758		1,963,790		22,823,780		(3,916,002	)		(712,328	)		16,044,438		2,100,057		1,963,790		—
JPMorgan Growth Advantage Fund Class R6 Shares *(a)		418,751,115		195,590,237		142,104,067		8,527,457			83,120,012			563,884,754		20,761,589		—		43,012,878
JPMorgan High Yield Fund Class R6 Shares (a)		228,905,304		55,098,317		105,948,873		(343,529	)		(12,627,762	)		165,083,457		24,974,804		8,851,050		—
JPMorgan International Advantage Fund Class R6 Shares (a)		522,946,511		52,578,405		235,094,234		(15,454,922	)		(32,871,797	)		292,103,963		16,559,182		17,409,802		—
JPMorgan International Equity Fund Class R6 Shares (a)		550,331,481		245,537		539,554,004		71,647,098			(82,670,112	)		—		—		—		245,537
JPMorgan International Focus Fund Class R6 Shares (a)		—		590,366,679		69,840,227		709,936			11,227,590			532,463,978		25,116,225		2,433,157		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		507,247,125		50,680,707		6,128,491		(411,099	)		(48,328,774	)		503,059,468		31,072,234		16,956,645		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		227,908,643		—		232,259,531		67,118,025			(62,767,137	)		—		—		—		—
JPMorgan Managed Income Fund Class L Shares (a)		172,024,459		29,503,033		198,465,048		619,327			(618,827	)		3,062,944		304,771		830,700		21,192
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		209,498,955		13,021,172		207,738,202		31,463,979			(46,245,904	)		—		—		—		13,021,172
JPMorgan Realty Income Fund Class R6 Shares (a)		319,756,201		21,862,981		127,134,534		18,132,389			(45,277,269	)		187,339,768		15,293,042		4,555,530		13,717,244
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		54,310,411		26,590,437		17,912,027		516,606			(4,973,139	)		58,532,288		1,086,547		418,637		2,470,708
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		56,492,148		1,477,478		30,782,542		9,944,382			(6,265,180	)		30,866,286		1,389,747		62,858		1,414,620
JPMorgan Small Cap Value Fund Class R6 Shares (a)		55,011,995		2,190,119		21,488,068		(1,536,967	)		(6,467,712	)		27,709,367		1,391,032		446,239		1,743,879
JPMorgan U.S. Equity Fund Class R6 Shares (a)		562,508,736		97,691,240		118,281,906		(1,002,537	)		11,784,491			552,700,024		33,824,971		6,535,157		50,442,062
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		102,799,468		1,879,933,023		1,886,297,681		—			—			96,434,810		96,434,810		2,120,342		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		651,229,327		66,569,149		253,422,073		32,614,702			(48,582,147	)		448,408,958		16,725,437		7,146,930		50,630,089
JPMorgan Value Advantage Fund Class R6 Shares (a)		407,814,060		431,115,553		150,005,045		(30,617,046	)		(99,605,456	)		558,702,066		18,805,186		12,642,929		18,062,014

Total	$	6,113,120,536	$	4,468,666,382	$	5,123,940,803	$	283,050,410		$	(501,640,258	)	$	5,239,256,267			$	106,925,027	$	196,388,765



100	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement 2045 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	—	$	54,342,331	$	—	$	—		$	(10,567,538	)	$	43,774,793		613,694	$	965,833	$	54,299
JPMorgan Core Bond Fund Class R6 Shares (a)		109,947,170		10,402,211		65,892,720		2,625,282			960,182			58,042,125		4,688,378		1,871,413		285,625
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		103,418,539		88,488,210		48,793,141		336,742			4,859,432			148,309,782		17,008,003		5,026,963		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		36,661,721		—		—			1,569,873			38,231,594		3,576,389		150,213		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		139,550,638		—		136,538,009		13,991,231			(17,003,860	)		—		—		—		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		21,956,050		749,566		12,958,763		(697,417	)		(748,886	)		8,300,550		1,089,311		749,566		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		158,475,215		—		156,922,359		50,700,629			(52,253,485	)		—		—		—		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		7,581,687		375,511,752		22,981,496		442,903			(13,991,073	)		346,563,773		21,700,925		2,895,992		800,617
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		21,320,128		1,005,559		12,105,875		(2,060,255	)		(339,139	)		7,820,418		1,023,615		1,005,559		—
JPMorgan Growth Advantage Fund Class R6 Shares*(a)		318,996,839		163,986,120		112,471,141		5,215,457			64,917,974			440,645,249		16,224,052		—		32,559,168
JPMorgan High Yield Fund Class R6 Shares (a)		137,170,883		31,999,918		69,034,230		(151,928	)		(6,819,508	)		93,165,135		14,094,574		4,989,704		—
JPMorgan International Advantage Fund Class R6 Shares (a)		386,984,095		32,624,831		156,321,382		(15,843,521	)		(22,113,587	)		225,330,436		12,773,834		13,290,670		—
JPMorgan International Equity Fund Class R6 Shares (a)		410,938,960		146,987		403,710,885		41,303,970			(48,679,032	)		—		—		—		146,987
JPMorgan International Focus Fund Class R6 Shares (a)		—		458,109,123		48,601,424		(1,884,141	)		8,261,137			415,884,695		19,617,203		1,816,566		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		364,447,500		61,136,684		—		—			(37,572,200	)		388,011,984		23,966,151		12,497,779		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		205,800,661		—		208,295,642		31,659,106			(29,164,125	)		—		—		—		—
JPMorgan Managed Income Fund Class L Shares (a)		171,393,895		64,233,671		232,307,903		382,460			(581,690	)		3,120,433		310,491		1,032,771		16,935
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		159,151,784		11,207,121		157,442,876		15,623,373			(28,539,402	)		—		—		—		11,207,121
JPMorgan Realty Income Fund Class R6 Shares (a)		239,714,374		19,541,056		96,491,833		13,020,371			(33,914,337	)		141,869,631		11,581,194		3,368,948		10,185,810
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		43,132,869		2,052,573		—		—			(3,604,460	)		41,580,982		771,876		297,397		1,755,176
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		43,057,599		1,535,586		21,908,829		4,984,836			(2,557,729	)		25,111,463		1,130,638		65,330		1,470,256
JPMorgan Small Cap Value Fund Class R6 Shares (a)		38,252,743		1,490,352		16,058,394		(1,147,075	)		(3,737,017	)		18,800,609		943,806		307,142		1,183,210
JPMorgan U.S. Equity Fund Class R6 Shares (a)		410,871,324		73,518,691		55,844,458		(782,614	)		10,088,203			437,851,146		26,796,276		5,002,494		37,764,500
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		98,139,720		1,424,840,847		1,432,321,463		—			—			90,659,104		90,659,104		1,439,419		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		472,671,988		53,126,700		152,276,515		14,695,861			(25,406,237	)		362,811,797		13,532,704		5,556,207		38,227,860
JPMorgan Value Advantage Fund Class R6 Shares (a)		300,039,946		314,857,979		73,368,218		(20,240,121	)		(84,110,051	)		437,179,535		14,714,895		9,609,226		13,727,987

Total	$	4,363,014,607	$	3,281,569,589	$	3,692,647,556	$	152,175,149		$	(331,046,555	)	$	3,773,065,234			$	71,939,192	$	149,385,551



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	101

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

JPMorgan SmartRetirement 2050 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	—	$	48,571,766	$	—	$	—		$	(9,444,693	)	$	39,127,073		548,536	$	863,397	$	48,550
JPMorgan Core Bond Fund Class R6 Shares (a)		104,456,573		9,837,931		65,308,560		2,545,932			692,000			52,223,876		4,218,407		1,681,620		253,440
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		91,081,533		79,865,410		40,734,425		269,070			4,366,872			134,848,460		15,464,273		4,470,662		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		32,849,317		—		—			1,406,703			34,256,020		3,204,492		134,576		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		118,127,775		—		115,497,299		11,564,411			(14,194,887	)		—		—		—		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		19,441,955		684,670		11,311,109		(626,930	)		(730,735	)		7,457,851		978,721		684,670		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		145,159,892		—		143,525,473		44,938,561			(46,572,980	)		—		—		—		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		6,804,331		330,590,860		18,478,099		210,884			(12,351,498	)		306,776,478		19,209,548		2,567,697		709,858
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		18,727,981		884,244		10,492,097		(1,790,465	)		(304,459	)		7,025,204		919,529		884,244		—
JPMorgan Growth Advantage Fund Class R6 Shares *(a)		280,932,993		153,146,006		99,388,514		4,589,703			58,640,564			397,920,752		14,650,985		—		28,764,496
JPMorgan High Yield Fund Class R6 Shares (a)		125,701,178		29,298,202		65,052,434		(44,831	)		(6,079,474	)		83,822,641		12,681,186		4,429,701		—
JPMorgan International Advantage Fund Class R6 Shares (a)		347,299,709		28,803,973		149,889,211		(15,387,616	)		(18,425,249	)		192,401,606		10,907,121		11,800,288		—
JPMorgan International Equity Fund Class R6 Shares (a)		360,965,992		121,876		354,668,402		35,841,262			(42,260,728	)		—		—		—		121,877
JPMorgan International Focus Fund Class R6 Shares (a)		—		406,572,828		37,232,316		(1,136,684	)		7,185,549			375,389,377		17,707,046		1,612,858		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		319,517,386		63,446,967		—		—			(33,310,176	)		349,654,177		21,596,923		11,094,262		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		186,111,375		—		189,187,963		27,743,487			(24,666,899	)		—		—		—		—
JPMorgan Managed Income Fund Class L Shares (a)		156,016,496		56,993,010		210,087,285		429,037			(545,603	)		2,805,655		279,170		966,591		15,135
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		144,497,930		10,175,229		142,946,370		13,307,029			(25,033,818	)		—		—		—		10,175,229
JPMorgan Realty Income Fund Class R6 Shares (a)		218,081,141		17,010,844		91,208,540		12,059,331			(30,312,704	)		125,630,072		10,255,516		3,041,774		9,043,051
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		35,935,666		1,710,078		—		—			(3,003,016	)		34,642,728		643,080		247,773		1,462,305
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		39,359,520		1,394,084		19,670,685		3,747,879			(1,490,998	)		23,339,800		1,050,869		59,310		1,334,774
JPMorgan Small Cap Value Fund Class R6 Shares (a)		34,190,546		1,335,987		13,761,470		(2,335,615	)		(2,576,074	)		16,853,374		846,053		275,326		1,060,661
JPMorgan U.S. Equity Fund Class R6 Shares (a)		363,109,535		59,528,890		48,547,105		(807,250	)		8,948,319			382,232,389		23,392,435		4,460,620		34,136,470
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		104,584,332		1,139,057,265		1,131,428,724		—			—			112,212,873		112,212,873		1,357,362		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		431,081,473		43,368,524		140,350,604		14,677,272			(22,841,255	)		325,935,410		12,157,233		4,898,321		33,074,293
JPMorgan Value Advantage Fund Class R6 Shares (a)		271,463,197		274,899,430		59,937,187		(16,464,936	)		(75,357,447	)		394,603,057		13,281,826		8,525,855		12,180,256

Total	$	3,922,648,509	$	2,790,147,391	$	3,158,703,872	$	133,329,531		$	(288,262,686	)	$	3,399,158,873			$	64,056,907	$	132,380,395



102	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement 2055 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	—	$	23,991,765	$	—	$	—		$	(4,709,340	)	$	19,282,425		270,327	$	413,883	$	22,180
JPMorgan Core Bond Fund Class R6 Shares (a)		46,709,376		5,385,603		28,417,451		1,188,659			340,828			25,207,015		2,036,108		777,430		115,743
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		39,713,213		40,230,965		14,105,148		23,131			2,108,623			67,970,784		7,794,815		2,064,264		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		15,819,049		—		—			677,665			16,496,714		1,543,191		64,794		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		50,924,415		—		49,886,950		1,659,429			(2,696,894	)		—		—		—		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		8,431,012		302,728		4,585,356		(251,545	)		(304,011	)		3,592,828		471,500		302,727		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		60,811,142		—		60,019,993		16,685,560			(17,476,709	)		—		—		—		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		3,099,200		154,208,782		6,394,773		(88,157	)		(6,050,106	)		144,774,946		9,065,432		1,182,268		326,846
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		7,992,160		379,706		4,141,550		(695,014	)		(148,815	)		3,386,487		443,257		379,705		—
JPMorgan Growth Advantage Fund Class R6 Shares *(a)		128,499,478		76,613,393		41,708,645		1,396,044			28,673,085			193,473,355		7,123,467		—		13,455,558
JPMorgan High Yield Fund Class R6 Shares (a)		56,763,508		13,943,639		26,947,923		(39,156	)		(3,018,223	)		40,701,845		6,157,617		2,061,314		—
JPMorgan International Advantage Fund Class R6 Shares (a)		152,371,668		23,786,151		66,561,698		(7,795,865	)		(8,008,501	)		93,791,755		5,316,993		5,393,900		—
JPMorgan International Equity Fund Class R6 Shares (a)		161,841,935		52,500		158,863,186		10,286,245			(13,317,494	)		—		—		—		52,500
JPMorgan International Focus Fund Class R6 Shares (a)		—		198,008,442		18,155,156		(281,379	)		2,925,709			182,497,616		8,608,378		754,100		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		139,880,120		50,962,357		—		—			(15,331,252	)		175,511,225		10,840,718		5,068,380		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		84,963,123		—		85,712,313		3,420,079			(2,670,889	)		—		—		—		—
JPMorgan Managed Income Fund Class L Shares (a)		68,438,108		77,283,792		144,378,218		256,843			(263,110	)		1,337,415		133,076		913,288		21,218
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		64,042,685		4,109,197		63,454,822		2,407,867			(7,104,927	)		—		—		—		4,109,197
JPMorgan Realty Income Fund Class R6 Shares (a)		95,933,632		11,091,671		37,923,212		4,339,351			(13,231,053	)		60,210,389		4,915,134		1,391,987		4,125,668
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		16,773,659		4,529,111		—		—			(1,854,462	)		19,448,308		361,023		115,653		682,559
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		16,956,542		621,578		5,865,166		834,925			437,641			12,985,520		584,670		26,444		595,134
JPMorgan Small Cap Value Fund Class R6 Shares (a)		14,156,599		600,444		5,150,823		(1,048,144	)		(948,353	)		7,609,723		382,014		121,529		478,915
JPMorgan U.S. Equity Fund Class R6 Shares (a)		173,411,385		36,546,869		30,122,471		(1,271,375	)		5,375,671			183,940,079		11,257,043		2,063,886		15,559,658
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		95,816,076		620,086,232		656,734,429		—			—			59,167,879		59,167,879		583,080		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		185,754,911		24,531,234		56,866,649		(799,475	)		(3,583,741	)		149,036,280		5,558,981		2,279,358		15,602,923
JPMorgan Value Advantage Fund Class R6 Shares (a)		128,846,267		141,650,137		34,829,108		(7,977,518	)		(35,844,786	)		191,844,992		6,457,253		3,878,135		5,540,403

Total	$	1,802,130,214	$	1,524,735,345	$	1,600,825,040	$	22,250,505		$	(96,023,444	)	$	1,652,267,580			$	29,836,125	$	60,688,502



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	103

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

JPMorgan SmartRetirement 2060 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders MSCI US REIT ETF (a)	$	—	$	3,340,909	$	—	$	—		$	(651,055	)	$	2,689,854		37,710	$	55,646	$	2,762
JPMorgan Core Bond Fund Class R6 Shares (a)		3,836,228		1,500,284		1,423,880		49,336			126,973			4,088,941		330,286		95,523		13,975
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		3,993,005		7,927,608		1,197,891		(5,650	)		307,790			11,024,862		1,264,319		276,513		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		2,487,174		—		—			106,788			2,593,962		242,653		10,176		—
JPMorgan Emerging Economies Fund Class R6 Shares (a)		3,250,246		—		3,150,146		(354,324	)		254,224			—		—		—		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		666,304		302,795		307,740		(50,189	)		(40,113	)		571,057		74,942		42,630		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		5,357,318		—		5,273,327		533,413			(617,404	)		—		—		—		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		549,497		23,145,752		—		—			(956,667	)		22,738,582		1,423,831		151,511		41,221
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		809,112		358,435		521,096		(76,200	)		(32,158	)		538,093		70,431		47,498		—
JPMorgan Growth Advantage Fund Class R6 Shares *(a)		11,432,172		17,724,278		1,614,094		(13,764	)		4,491,214			32,019,806		1,178,932		—		1,679,558
JPMorgan High Yield Fund Class R6 Shares (a)		4,916,960		4,160,927		1,984,592		(12,187	)		(392,935	)		6,688,173		1,011,826		261,672		—
JPMorgan International Advantage Fund Class R6 Shares (a)		13,628,951		5,576,491		3,776,503		(582,887	)		(1,454,030	)		13,392,022		759,185		704,984		—
JPMorgan International Equity Fund Class R6 Shares (a)		13,378,987		5,664		13,079,759		128,840			(433,732	)		—		—		—		5,664
JPMorgan International Focus Fund Class R6 Shares (a)		—		31,519,260		1,658,688		(63,775	)		425,098			30,221,895		1,425,561		93,838		—
JPMorgan International Research Enhanced Equity Fund Class R6 Shares (a)		9,404,054		20,239,119		—		—			(1,989,284	)		27,653,889		1,708,085		655,795		—
JPMorgan Intrepid America Fund Class R6 Shares (a)		4,895,714		—		4,994,507		(88,923	)		187,716			—		—		—		—
JPMorgan Managed Income Fund Class L Shares (a)		11,667,769		8,551,276		20,021,776		25,254			(26,207	)		196,316		19,534		147,991		2,286
JPMorgan Mid Cap Equity Fund Class R6 Shares (a)		5,342,598		358,519		5,289,641		(212,818	)		(198,658	)		—		—		—		358,519
JPMorgan Realty Income Fund Class R6 Shares (a)		8,350,724		6,066,485		2,138,733		162,317			(1,738,747	)		10,702,046		873,636		192,713		548,748
JPMorgan Small Cap Equity Fund Class R6 Shares (a)		2,002,077		1,516,280		416,115		(14,065	)		(167,744	)		2,920,433		54,213		17,507		85,984
JPMorgan Small Cap Growth Fund Class R6 Shares (a)		1,476,000		71,657		200,476		(18,441	)		168,265			1,497,005		67,402		3,049		68,609
JPMorgan Small Cap Value Fund Class R6 Shares (a)		1,216,741		978,025		—		—			(342,465	)		1,852,301		92,987		15,925		64,709
JPMorgan U.S. Equity Fund Class R6 Shares (a)		16,626,589		13,018,299		—		—			669,008			30,313,896		1,855,196		284,406		1,934,763
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a)(b)		13,991,724		118,504,524		116,501,066		—			—			15,995,182		15,995,182		99,075		—
JPMorgan U.S. Research Enhanced Equity Fund Class R6 Shares (a)		17,153,209		9,856,549		1,777,078		(277,715	)		(108,604	)		24,846,361		926,757		301,676		1,723,934
JPMorgan Value Advantage Fund Class R6 Shares (a)		14,725,812		27,653,235		4,538,398		(1,333,994	)		(4,732,023	)		31,774,632		1,069,493		503,996		705,491

Total	$	168,671,791	$	304,863,545	$	189,865,506	$	(2,205,772	)	$	(7,144,750	)	$	274,319,308			$	3,962,124	$	7,236,223

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

(b)	The rate shown is the current yield as of June 30, 2020.

*	Non-income producing security.

C. 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.



104	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

D. Futures Contracts — The Funds used treasury and index futures contracts to gain exposure to or to overweight or underweight allocations among various sectors or markets, 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 the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price and interest rate risks. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds’ credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day’s settlement price, which could effectively prevent liquidation of positions.

The tables below disclose the volume of the Funds’ futures contracts activity during the year ended June 30, 2020:


	Average Notional Balance			Ending Notional Balance
JPMorgan SmartRetirement Income Fund
Long Futures Contracts:
Equity	$	120,941,794		$	131,808,774
Interest Rate		217,035,706			269,793,672

Short Futures Contracts:
Equity		81,391,178			44,790,709
Interest Rate		150,885,711	(a)		67,295,179

JPMorgan SmartRetirement 2020 Fund
Long Futures Contracts:
Equity		226,538,969			243,946,136
Interest Rate		372,532,296			471,130,156

Short Futures Contracts:
Equity		139,937,236			68,860,163
Interest Rate		262,800,798	(a)		116,183,147

JPMorgan SmartRetirement 2025 Fund
Long Futures Contracts:
Equity		466,254,466			509,298,172
Interest Rate		471,454,618			603,592,031

Short Futures Contracts:
Equity		180,086,009			84,983,714
Interest Rate		347,727,037	(a)		163,883,553

JPMorgan SmartRetirement 2030 Fund
Long Futures Contracts:
Equity		541,384,186			615,291,886
Interest Rate		448,344,219			569,780,859



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	105

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)


	Average Notional Balance			Ending Notional Balance
Short Futures Contracts:
Equity	$	203,252,964		$	87,614,765
Interest Rate		378,387,356	(a)		171,998,560

JPMorgan SmartRetirement 2035 Fund
Long Futures Contracts:
Equity		498,547,643			553,280,004
Interest Rate		322,345,384	(a)		192,431,484

Short Futures Contracts:
Equity		241,495,187			143,785,119
Interest Rate		353,168,371	(a)		171,800,633

JPMorgan SmartRetirement 2040 Fund
Long Futures Contracts:
Equity		484,305,853			526,819,375
Interest Rate		315,088,242	(a)		191,179,219

Short Futures Contracts:
Equity		252,837,654			139,865,197
Interest Rate		341,377,581	(a)		167,050,385

JPMorgan SmartRetirement 2045 Fund
Long Futures Contracts:
Equity		341,431,518			391,998,372
Interest Rate		219,675,213	(a)		134,131,562

Short Futures Contracts:
Equity		164,872,550			94,341,984
Interest Rate		244,194,836	(a)		120,735,468

JPMorgan SmartRetirement 2050 Fund
Long Futures Contracts:
Equity		313,924,000			388,720,337
Interest Rate		194,955,078	(a)		119,243,516

Short Futures Contracts:
Equity		143,161,050			82,596,557
Interest Rate		216,954,747	(a)		108,661,921

JPMorgan SmartRetirement 2055 Fund
Long Futures Contracts:
Equity		162,495,559			195,275,174
Interest Rate		92,754,300	(a)		56,491,094

Short Futures Contracts:
Equity		63,318,790			39,778,859
Interest Rate		100,744,922	(a)		52,450,654

JPMorgan SmartRetirement 2060 Fund
Long Futures Contracts:
Equity		25,845,783			37,563,754
Interest Rate		13,034,273	(a)		9,044,141

Short Futures Contracts:
Equity		8,281,091			6,936,491
Interest Rate		14,108,629	(a)		8,510,861

(a)	For the period December 1, 2019 through June 30, 2020.

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).



106	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

E. Summary of Derivatives Information — The following tables present the value of derivatives held as of June 30, 2020 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

JPMorgan SmartRetirement Income Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	3,442,085
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		1,068,872

Total		$	4,510,957

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(559,007	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(470,966	)

Total		$	(1,029,973	)

JPMorgan SmartRetirement 2020 Fund



Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	6,093,679
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		2,013,815

Total		$	8,107,494

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(803,688	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(813,109	)

Total		$	(1,616,797	)

JPMorgan SmartRetirement 2025 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	11,146,404
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		2,501,123

Total		$	13,647,527

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,075,193	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(1,245,737	)

Total		$	(2,320,930	)

JPMorgan SmartRetirement 2030 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	12,740,889
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		2,317,578

Total		$	15,058,467

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,186,276	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(1,203,741	)

Total		$	(2,390,017	)



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	107

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

JPMorgan SmartRetirement 2035 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	14,235,290
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		677,790

Total		$	14,913,080

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,895,951	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(1,279,177	)

Total		$	(3,175,128	)

JPMorgan SmartRetirement 2040 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	13,872,594
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		673,380

Total		$	14,545,974

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,828,045	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(1,258,475	)

Total		$	(3,086,520	)

JPMorgan SmartRetirement 2045 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	10,136,334
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		472,444

Total		$	10,608,778

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,319,296	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(915,527	)

Total		$	(2,234,823	)

JPMorgan SmartRetirement 2050 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	9,783,282
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		420,005

Total		$	10,203,287

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(1,189,013	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(826,339	)

Total		$	(2,015,352	)

JPMorgan SmartRetirement 2055 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	4,748,586
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		198,975

Total		$	4,947,561



108	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Liabilities:		Futures Contracts (a)
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(573,265	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(400,007	)

Total		$	(973,272	)

JPMorgan SmartRetirement 2060 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	956,037
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		27,707

Total		$	983,744

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(93,261	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(67,410	)

Total		$	(160,671	)

(a)	This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the year ended June 30, 2020, by primary underlying risk exposure:

JPMorgan SmartRetirement Income Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(18,388,220	)
Interest rate contracts		14,900,190

Total	$	(3,488,030	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	3,750,043
Interest rate contracts		(94,248	)

Total	$	3,655,795

JPMorgan SmartRetirement 2020 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(27,530,013	)
Interest rate contracts		24,845,158

Total	$	(2,684,855	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	6,641,785
Interest rate contracts		247,658

Total	$	6,889,443



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	109

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

JPMorgan SmartRetirement 2025 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(31,990,360	)
Interest rate contracts		31,170,308

Total	$	(820,052	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	9,661,981
Interest rate contracts		(376,507	)

Total	$	9,285,474

JPMorgan SmartRetirement 2030 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(47,799,794	)
Interest rate contracts		26,617,651

Total	$	(21,182,143	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	12,231,684
Interest rate contracts		(259,825	)

Total	$	11,971,859

JPMorgan SmartRetirement 2035 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(40,043,697	)
Interest rate contracts		(1,057,239	)

Total	$	(41,100,936	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	8,478,595
Interest rate contracts		(601,387	)

Total	$	7,877,208

JPMorgan SmartRetirement 2040 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(42,947,009	)
Interest rate contracts		(1,669,900	)

Total	$	(44,616,909	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	8,922,772
Interest rate contracts		(585,095	)

Total	$	8,337,677



110	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement 2045 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(33,967,981	)
Interest rate contracts		(1,340,791	)

Total	$	(35,308,772	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	5,418,226
Interest rate contracts		(443,083	)

Total	$	4,975,143

JPMorgan SmartRetirement 2050 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(26,712,546	)
Interest rate contracts		(1,164,924	)

Total	$	(27,877,470	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	4,863,886
Interest rate contracts		(406,334	)

Total	$	4,457,552

JPMorgan SmartRetirement 2055 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(8,365,952	)
Interest rate contracts		(236,571	)

Total	$	(8,602,523	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	1,410,878
Interest rate contracts		(201,032	)

Total	$	1,209,846

JPMorgan SmartRetirement 2060 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(197,923	)
Interest rate contracts		(5,512	)

Total	$	(203,435	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	328,823
Interest rate contracts		(39,703	)

Total	$	289,120



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	111

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

The Funds’ derivatives contracts held at June 30, 2020 are not accounted for as hedging instruments under GAAP.

F. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Dividend income and distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2020 are as follows:


	Class A		Class C		Class I		Class R2		Class R3		Class R4		Class R5		Class R6		Total
JPMorgan SmartRetirement Income Fund
Transfer agency fees	$	118,311	$	2,859	$	7,090	$	7,805	$	1,494	$	531	$	14,976	$	15,207	$	168,273

JPMorgan SmartRetirement 2020 Fund
Transfer agency fees		88,458		5,039		10,082		8,859		1,726		126		20,285		20,804		155,379

JPMorgan SmartRetirement 2025 Fund
Transfer agency fees		102,494		6,042		10,292		9,401		1,993		1,504		23,154		26,356		181,236

JPMorgan SmartRetirement 2030 Fund
Transfer agency fees		115,951		5,898		10,132		11,372		2,130		141		24,830		26,948		197,402

JPMorgan SmartRetirement 2035 Fund
Transfer agency fees		96,913		4,962		8,417		10,058		2,065		414		20,472		24,883		168,184

JPMorgan SmartRetirement 2040 Fund
Transfer agency fees		98,009		5,772		9,365		10,685		2,138		978		20,621		24,464		172,032

JPMorgan SmartRetirement 2045 Fund
Transfer agency fees		76,245		4,316		8,267		9,654		2,052		1,042		15,245		21,046		137,867

JPMorgan SmartRetirement 2050 Fund
Transfer agency fees		62,144		5,222		7,589		10,596		2,037		779		15,214		19,499		123,080

JPMorgan SmartRetirement 2055 Fund
Transfer agency fees		35,173		4,450		5,659		7,092		1,699		638		10,934		14,024		79,669

JPMorgan SmartRetirement 2060 Fund
Transfer agency fees		11,095		839		1,631		2,199		1,626		435		2,705		8,266		28,796

The Funds invest 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 on the Financial Highlights. Certain expenses of affiliated Underlying Funds and ETFs are waived as described in Note 3.F.



112	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

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.

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

The following amounts were reclassified within the capital accounts:


	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
JPMorgan SmartRetirement Income Fund	$	1		$	992,193		$	(992,194	)
JPMorgan SmartRetirement 2020 Fund		—			2,500,933			(2,500,933	)
JPMorgan SmartRetirement 2025 Fund		—			4,411,998			(4,411,998	)
JPMorgan SmartRetirement 2030 Fund		—			3,711,926			(3,711,926	)
JPMorgan SmartRetirement 2035 Fund		—			660,796			(660,796	)
JPMorgan SmartRetirement 2040 Fund		1			2,464,403			(2,464,404	)
JPMorgan SmartRetirement 2045 Fund		—			2,165,835			(2,165,835	)
JPMorgan SmartRetirement 2050 Fund		—			1,045,100			(1,045,100	)
JPMorgan SmartRetirement 2055 Fund		(1	)		568,642			(568,641	)
JPMorgan SmartRetirement 2060 Fund		—			(40,961	)		40,961

The reclassifications for the Funds relate primarily to foreign currency gains or losses and investments in regulated investment companies.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and receives no compensation for performing such services, although the Adviser and its affiliates receive investment advisory fees from the Underlying Funds.

The Adviser reimbursed expenses as outlined in Note 3.F.

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. The Administrator does not receive a separate fee for services to the Funds but does receive fees for services to the Underlying Funds.

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


Class A			Class C			Class R2			Class R3
	0.25	%		0.75	%		0.50	%		0.25	%


	Front-End Sales Charge		CDSC
JPMorgan SmartRetirement Income Fund	$	5,092	$	—
JPMorgan SmartRetirement 2020 Fund		9,422		5
JPMorgan SmartRetirement 2025 Fund		8,048		24
JPMorgan SmartRetirement 2030 Fund		18,188		282
JPMorgan SmartRetirement 2035 Fund		11,147		80



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	113

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)


	Front-End Sales Charge		CDSC
JPMorgan SmartRetirement 2040 Fund	$	9,429	$	324
JPMorgan SmartRetirement 2045 Fund		6,592		—
JPMorgan SmartRetirement 2050 Fund		7,268		179
JPMorgan SmartRetirement 2055 Fund		6,203		94
JPMorgan SmartRetirement 2060 Fund		1,735		1

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			Class R2			Class R3			Class R4			Class R5
	0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.25	%		0.10	%

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

E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. As part of its Administration Agreement, the Administrator pays fees and certain expenses for custody and fund accounting.

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

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

F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:


	Class A			Class C			Class I			Class R2			Class R3			Class R4			Class R5			Class R6
JPMorgan SmartRetirement Income Fund		0.31	%		0.94	%		0.19	%		0.75	%		0.50	%		0.25	%		0.10	%		0.00	%
JPMorgan SmartRetirement 2020 Fund		0.37	⁽¹⁾		0.97	⁽²⁾		0.22	⁽³⁾		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2025 Fund		0.40	⁽¹⁾		0.99	⁽²⁾		0.24	⁽³⁾		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2030 Fund		0.40	⁽¹⁾		0.99	⁽²⁾		0.24	⁽³⁾		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2035 Fund		0.41	⁽¹⁾		0.99	⁽²⁾		0.24	⁽³⁾		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2040 Fund		0.41	⁽¹⁾		0.99	⁽²⁾		0.24	⁽³⁾		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2045 Fund		0.41	⁽¹⁾		0.99	⁽²⁾		0.24	⁽³⁾		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2050 Fund		0.41	⁽¹⁾		0.99	⁽²⁾		0.24	⁽³⁾		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2055 Fund		0.41	⁽¹⁾		0.99	⁽²⁾		0.24	⁽³⁾		0.75			0.50			0.25			0.10			0.00
JPMorgan SmartRetirement 2060 Fund		0.41	⁽¹⁾		0.99	⁽²⁾		0.24	⁽³⁾		0.75			0.50			0.25			0.10			0.00

⁽¹⁾

Prior to November 1, 2019, the contractual expense limitations for Class A Shares of SmartRetirement 2020 Fund, SmartRetirement 2025 Fund, SmartRetirement 2030 Fund, SmartRetirement 2035 Fund, SmartRetirement 2040 Fund, SmartRetirement 2045 Fund, SmartRetirement 2050 Fund, SmartRetirement 2055 and SmartRetirement 2060 Fund, were 0.36%, 0.38%, 0.38%, 0.39%, 0.39%, 0.39%, 0.39%, 0.39% and 0.39%, respectively. The contractual expense percentages in the table above are in place until at least October 31, 2020.

⁽²⁾

Prior to November 1, 2019, the contractual expense limitations for Class C Shares of SmartRetirement 2020 Fund, SmartRetirement 2025 Fund, SmartRetirement 2030 Fund, SmartRetirement 2035 Fund, SmartRetirement 2040 Fund, SmartRetirement 2045 Fund, SmartRetirement 2050 Fund, SmartRetirement 2055 and SmartRetirement 2060 Fund, were 0.96%, 0.97%, 0.97%, 0.97%, 0.97%, 0.97%, 0.97%, 0.97% and 0.97%, respectively. The contractual expense percentages in the table above are in place until at least October 31, 2020.

⁽³⁾

Prior to November 1, 2019, the contractual expense limitations for Class I Shares of SmartRetirement 2020 Fund, SmartRetirement 2025 Fund, SmartRetirement 2030 Fund, SmartRetirement 2035 Fund, SmartRetirement 2040 Fund, SmartRetirement 2045 Fund, SmartRetirement 2050 Fund, SmartRetirement 2055 and SmartRetirement 2060 Fund, were 0.21%, 0.22%, 0.22%, 0.22%, 0.22%, 0.22%, 0.22%, 0.22% and 0.22%, respectively. The contractual expense percentages in the table above are in place until at least October 31, 2020.



114	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

Except as noted above, the expense limitation agreements were in effect for the year ended June 30, 2020 and are in place until at least October 31, 2020.

The Underlying Funds and ETFs may impose separate service fees. To avoid charging a service fee at an effective rate above 0.25% for Class A, Class C, Class I, Class R2, Class R3, Class R4 Shares and 0.10% for Class R5 Shares, JPMDS will waive service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of service fees charged by the Underlying Funds and ETFs up to 0.25% for Class A, Class C, Class I, Class R2, Class R3, Class R4 Shares and up to 0.10% with respect to Class R5 Shares. The Funds’ shareholder servicing agent has contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees it collects from the affiliated money market funds on the Fund’s investment in such money market funds.


	Contractual Waivers
	Service Fees		Contractual Reimbursements
JPMorgan SmartRetirement Income Fund	$	1,917,389	$	353,684
JPMorgan SmartRetirement 2020 Fund		1,913,725		464,122
JPMorgan SmartRetirement 2025 Fund		1,883,793		522,103
JPMorgan SmartRetirement 2030 Fund		2,080,705		537,941
JPMorgan SmartRetirement 2035 Fund		1,453,020		503,321
JPMorgan SmartRetirement 2040 Fund		1,406,351		519,029
JPMorgan SmartRetirement 2045 Fund		987,139		492,629
JPMorgan SmartRetirement 2050 Fund		869,352		517,862
JPMorgan SmartRetirement 2055 Fund		418,323		450,516
JPMorgan SmartRetirement 2060 Fund		56,720		282,313

The SEC has granted an exemptive order permitting the Funds to invest in certain financial instruments in addition to Underlying Funds and securities.

4. Investment Transactions

During the year ended June 30, 2020, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
JPMorgan SmartRetirement Income Fund	$	1,219,969,523	$	2,056,542,352	$	36,547,776	$	19,455,278
JPMorgan SmartRetirement 2020 Fund		2,162,790,050		3,688,351,505		64,660,540		35,378,119
JPMorgan SmartRetirement 2025 Fund		3,211,055,963		4,547,394,278		92,590,583		43,687,658
JPMorgan SmartRetirement 2030 Fund		3,524,434,151		5,146,260,007		99,596,959		49,248,908
JPMorgan SmartRetirement 2035 Fund		2,805,623,070		3,725,822,268		102,595,319		80,386,552
JPMorgan SmartRetirement 2040 Fund		2,588,733,359		3,550,344,819		105,336,816		86,482,347
JPMorgan SmartRetirement 2045 Fund		1,856,728,742		2,509,154,782		70,946,577		57,845,110
JPMorgan SmartRetirement 2050 Fund		1,651,090,127		2,242,387,358		61,957,915		48,481,493
JPMorgan SmartRetirement 2055 Fund		904,649,113		1,041,513,714		28,440,000		20,957,781
JPMorgan SmartRetirement 2060 Fund		186,359,021		81,039,809		3,871,802		1,433,303



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	115

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2020 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement Income Fund	$	2,533,816,191	$	168,234,307	$	55,126,302	$	113,108,005
JPMorgan SmartRetirement 2020 Fund		4,398,041,330		296,071,882		106,465,191		189,606,691
JPMorgan SmartRetirement 2025 Fund		6,105,133,701		341,210,046		178,334,321		162,875,725
JPMorgan SmartRetirement 2030 Fund		6,677,159,809		445,814,102		218,036,463		227,777,639
JPMorgan SmartRetirement 2035 Fund		5,061,821,049		531,140,064		129,327,615		401,812,449
JPMorgan SmartRetirement 2040 Fund		4,816,120,168		641,816,615		126,213,636		515,602,979
JPMorgan SmartRetirement 2045 Fund		3,594,908,345		371,654,993		126,757,366		244,897,627
JPMorgan SmartRetirement 2050 Fund		3,254,120,929		323,405,696		114,553,792		208,851,904
JPMorgan SmartRetirement 2055 Fund		1,641,756,694		116,525,731		74,414,045		42,111,686
JPMorgan SmartRetirement 2060 Fund		286,255,460		8,067,280		13,876,223		(5,808,943	)

For the Funds, the difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to mark to market of futures contracts and wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2020 was as follows:


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
JPMorgan SmartRetirement Income Fund	$	78,870,511	$	330,654,560	$	409,525,071
JPMorgan SmartRetirement 2020 Fund		137,467,514		599,718,956		737,186,470
JPMorgan SmartRetirement 2025 Fund		181,491,153		663,508,767		844,999,920
JPMorgan SmartRetirement 2030 Fund		191,338,502		959,581,711		1,150,920,213
JPMorgan SmartRetirement 2035 Fund		131,970,474		429,829,502		561,799,976
JPMorgan SmartRetirement 2040 Fund		125,637,510		493,292,266		618,929,776
JPMorgan SmartRetirement 2045 Fund		85,236,371		308,437,166		393,673,537
JPMorgan SmartRetirement 2050 Fund		79,196,604		256,401,831		335,598,435
JPMorgan SmartRetirement 2055 Fund		33,267,335		91,029,990		124,297,325
JPMorgan SmartRetirement 2060 Fund		4,639,445		3,877,558		8,517,003

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended June 30, 2019 was as follows:


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
JPMorgan SmartRetirement Income Fund	$	107,933,277	$	98,447,538	$	206,380,815
JPMorgan SmartRetirement 2020 Fund		192,146,106		185,617,486		377,763,592
JPMorgan SmartRetirement 2025 Fund		220,386,596		182,251,701		402,638,297
JPMorgan SmartRetirement 2030 Fund		237,129,502		227,172,028		464,301,530
JPMorgan SmartRetirement 2035 Fund		169,096,755		156,975,428		326,072,183
JPMorgan SmartRetirement 2040 Fund		156,849,513		184,932,902		341,782,415
JPMorgan SmartRetirement 2045 Fund		110,247,038		100,008,492		210,255,530
JPMorgan SmartRetirement 2050 Fund		98,839,699		73,908,923		172,748,622
JPMorgan SmartRetirement 2055 Fund		40,597,080		21,035,916		61,632,996
JPMorgan SmartRetirement 2060 Fund		2,850,620		444,667		3,295,287

*	Short-term gain distributions are treated as ordinary income for income tax purposes.



116	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

As of June 30, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement Income Fund	$	946,852	$	57,437,209	$	113,169,672
JPMorgan SmartRetirement 2020 Fund		1,701,392		108,425,587		189,706,124
JPMorgan SmartRetirement 2025 Fund		2,406,802		147,555,050		163,245,505
JPMorgan SmartRetirement 2030 Fund		2,083,485		160,197,375		227,781,299
JPMorgan SmartRetirement 2035 Fund		1,228,378		167,583,445		401,886,482
JPMorgan SmartRetirement 2040 Fund		1,169,457		183,598,898		515,679,059
JPMorgan SmartRetirement 2045 Fund		739,036		123,756,009		244,951,235
JPMorgan SmartRetirement 2050 Fund		715,535		114,299,677		208,962,578
JPMorgan SmartRetirement 2055 Fund		289,004		46,609,895		42,171,193
JPMorgan SmartRetirement 2060 Fund		48,844		6,483,333		(5,820,207	)

For the Funds, the cumulative timing differences primarily consist of specified late year ordinary loss deferrals, mark to market of futures contracts, post-October capital loss deferrals and wash sale loss deferrals.

As of June 30, 2020, the Funds did not have any net capital loss carryforwards.


	Net Capital Losses				Specified Ordinary Losses
	Short-Term		Long-Term		Specified Ordinary Losses
JPMorgan SmartRetirement Income Fund	$	21,359,086	$	—	$	174,319
JPMorgan SmartRetirement 2020 Fund		33,483,082		—		—
JPMorgan SmartRetirement 2025 Fund		40,750,925		—		—
JPMorgan SmartRetirement 2030 Fund		47,428,612		—		1,850,813
JPMorgan SmartRetirement 2035 Fund		64,018,595		—		4,973,605
JPMorgan SmartRetirement 2040 Fund		66,670,716		—		3,708,184
JPMorgan SmartRetirement 2045 Fund		50,067,956		—		2,504,465
JPMorgan SmartRetirement 2050 Fund		40,546,345		—		3,102,682
JPMorgan SmartRetirement 2055 Fund		18,143,621		—		1,354,039
JPMorgan SmartRetirement 2060 Fund		1,035,559		—		290,021

6. Borrowings

The Funds had no borrowings outstanding from another fund at June 30, 2020. Average borrowings from the Facility during the year ended June 30, 2020, were as follows:

Average

Borrowings

Average Interest

Rate Paid

Number of

Days Outstanding

Interest

Paid

JPMorgan SmartRetirement 2045 Fund

21,596,398

2.89

1,731

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2020.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	117

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

Interest expense paid as a result of borrowings from another fund or from the unsecured, uncommitted credit facility is included in Interest expense to affiliates on the Statements of Operations.

The Funds did not utilize the Credit Facility during the year ended June 30, 2020.

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 the Funds. However, based on experience, the Funds expect the risk of loss to be remote.

As of June 30, 2020, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:


	Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
JPMorgan SmartRetirement Income Fund		2		43.9	%
JPMorgan SmartRetirement 2020 Fund		2		46.4
JPMorgan SmartRetirement 2025 Fund		2		47.9
JPMorgan SmartRetirement 2030 Fund		2		45.5
JPMorgan SmartRetirement 2035 Fund		2		46.3
JPMorgan SmartRetirement 2040 Fund		2		45.8
JPMorgan SmartRetirement 2045 Fund		2		47.6
JPMorgan SmartRetirement 2050 Fund		2		47.5
JPMorgan SmartRetirement 2055 Fund		2		48.8
JPMorgan SmartRetirement 2060 Fund		2		46.5

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

As of June 30, 2020, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:


	% of Net Assets
JPMorgan International Advantage Fund		95.9	%
JPMorgan Realty Income Fund		90.0
JPMorgan International Focus Fund		74.9
JPMorgan Emerging Markets Strategic Debt Fund		74.8
JPMorgan Short Duration Core Plus Fund		72.2
JPMorgan Emerging Markets Research Enhanced Equity Fund		63.6
JPMorgan International Research Enhanced Equity Fund		58.7
JPMorgan Inflation Managed Bond Fund		53.2
JPMorgan International Equity Fund		52.8
JPMorgan Corporate Bond Fund		47.6
JPMorgan U.S. Research Enhanced Equity Fund		38.9



118	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


	% of Net Assets
JPMorgan BetaBuilders MSCI US REIT ETF		34.9	%
JPMorgan Emerging Markets Debt Fund		32.0
JPMorgan U.S. Equity Fund		28.0
JPMorgan Value Advantage Fund		24.5
JPMorgan High Yield Fund		22.4
JPMorgan Growth Advantage Fund		19.9
JPMorgan Small Cap Value Fund		18.8
JPMorgan Floating Rate Income Fund		18.2
JPMorgan Core Bond Fund		14.3
JPMorgan Emerging Markets Equity Fund		12.2

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).

Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

8. Subsequent Event

On August 11, 2020, the contractual expense limitations for Class R2, Class R3, Class R4, Class R5 and Class R6 Shares of the Funds were extended until at least October 31, 2021.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	119

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan SmartRetirement Income Fund, JPMorgan SmartRetirement 2020 Fund, JPMorgan SmartRetirement 2025 Fund, JPMorgan SmartRetirement 2030 Fund, JPMorgan SmartRetirement 2035 Fund, JPMorgan SmartRetirement 2040 Fund, JPMorgan SmartRetirement 2045 Fund, JPMorgan SmartRetirement 2050 Fund, JPMorgan SmartRetirement 2055 Fund and JPMorgan SmartRetirement 2060 Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan SmartRetirement Income Fund, JPMorgan SmartRetirement 2020 Fund, JPMorgan SmartRetirement 2025 Fund, JPMorgan SmartRetirement 2030 Fund, JPMorgan SmartRetirement 2035 Fund, JPMorgan SmartRetirement 2040 Fund, JPMorgan SmartRetirement 2045 Fund, JPMorgan SmartRetirement 2050 Fund, JPMorgan SmartRetirement 2055 Fund and JPMorgan SmartRetirement 2060 Fund (ten of the funds constituting JPMorgan Trust I, hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2020

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.



120	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

TRUSTEES

(Unaudited)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Chairman since 2020; Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trusts since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	126	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher (1958); Trustee of the Trusts since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	126	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dennis P. Harrington* (1950); Trustee of Trusts since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None

Frankie D. Hughes (1952); Trustee of Trusts since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	121

TRUSTEES

(Unaudited) (continued)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner** (1953); Trustee of Trusts since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None

Mary E. Martinez (1960); Trustee of Trusts since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None

Marilyn McCoy (1948); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None

Mitchell M. Merin (1953); Trustee of Trusts since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trusts since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo*** (1946); Trustee of Trusts since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



122	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

(1)	The Trustees serve for an indefinite term, subject to the Trusts’ current retirement policy, which is age 78 for all Trustees.

(2)

**	A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

***

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	123

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trusts (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.

Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Anthony Geron (1971), Assistant Secretary (2018)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.

Carmine Lekstutis (1980), Assistant Secretary (2011)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Keri E. Riemer (1976), Assistant Secretary (2019)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.

Shannon Gaines (1977), Assistant Treasurer (2018)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

*	The contact address for the officer is 4 New York Plaza, New York, NY 10004.

**	The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.



124	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

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 distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds and ETFs) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees, and expenses of the Underlying Funds and ETFs. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Income Fund
Class A
Actual	$	1,000.00	$	988.20	$	1.58		0.32	%
Hypothetical		1,000.00		1,023.27		1.61		0.32
Class C
Actual		1,000.00		984.90		4.69		0.95
Hypothetical		1,000.00		1,020.14		4.77		0.95
Class I
Actual		1,000.00		988.80		0.99		0.20
Hypothetical		1,000.00		1,023.87		1.01		0.20
Class R2
Actual		1,000.00		985.90		3.75		0.76
Hypothetical		1,000.00		1,021.08		3.82		0.76
Class R3
Actual		1,000.00		987.20		2.47		0.50
Hypothetical		1,000.00		1,022.38		2.51		0.50
Class R4
Actual		1,000.00		988.60		1.24		0.25
Hypothetical		1,000.00		1,023.62		1.26		0.25
Class R5
Actual		1,000.00		989.40		0.54		0.11
Hypothetical		1,000.00		1,024.32		0.55		0.11
Class R6
Actual		1,000.00		989.90		0.00		0.00
Hypothetical		1,000.00		1,024.86		0.00		0.00



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	125

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement 2020 Fund
Class A
Actual	$	1,000.00	$	985.50	$	1.83		0.37	%
Hypothetical		1,000.00		1,023.02		1.86		0.37
Class C
Actual		1,000.00		982.30		4.78		0.97
Hypothetical		1,000.00		1,020.04		4.87		0.97
Class I
Actual		1,000.00		986.30		1.09		0.22
Hypothetical		1,000.00		1,023.77		1.11		0.22
Class R2
Actual		1,000.00		983.40		3.75		0.76
Hypothetical		1,000.00		1,021.08		3.82		0.76
Class R3
Actual		1,000.00		984.70		2.47		0.50
Hypothetical		1,000.00		1,022.38		2.51		0.50
Class R4
Actual		1,000.00		985.60		1.23		0.25
Hypothetical		1,000.00		1,023.62		1.26		0.25
Class R5
Actual		1,000.00		986.40		0.49		0.10
Hypothetical		1,000.00		1,024.37		0.50		0.10
Class R6
Actual		1,000.00		986.90		0.00		0.00
Hypothetical		1,000.00		1,024.86		0.00		0.00

JPMorgan SmartRetirement 2025 Fund
Class A
Actual		1,000.00		970.70		2.01		0.41
Hypothetical		1,000.00		1,022.82		2.06		0.41
Class C
Actual		1,000.00		968.10		4.89		1.00
Hypothetical		1,000.00		1,019.89		5.02		1.00
Class I
Actual		1,000.00		971.50		1.23		0.25
Hypothetical		1,000.00		1,023.62		1.26		0.25
Class R2
Actual		1,000.00		969.30		3.72		0.76
Hypothetical		1,000.00		1,021.08		3.82		0.76
Class R3
Actual		1,000.00		970.10		2.50		0.51
Hypothetical		1,000.00		1,022.33		2.56		0.51
Class R4
Actual		1,000.00		971.50		1.23		0.25
Hypothetical		1,000.00		1,023.62		1.26		0.25
Class R5
Actual		1,000.00		972.30		0.54		0.11
Hypothetical		1,000.00		1,024.32		0.55		0.11
Class R6
Actual		1,000.00		972.80		0.05		0.01
Hypothetical		1,000.00		1,024.81		0.05		0.01



126	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement 2030 Fund
Class A
Actual	$	1,000.00	$	956.40	$	1.99		0.41	%
Hypothetical		1,000.00		1,022.82		2.06		0.41
Class C
Actual		1,000.00		953.30		4.86		1.00
Hypothetical		1,000.00		1,019.89		5.02		1.00
Class I
Actual		1,000.00		956.80		1.22		0.25
Hypothetical		1,000.00		1,023.62		1.26		0.25
Class R2
Actual		1,000.00		954.90		3.69		0.76
Hypothetical		1,000.00		1,021.08		3.82		0.76
Class R3
Actual		1,000.00		955.80		2.48		0.51
Hypothetical		1,000.00		1,022.33		2.56		0.51
Class R4
Actual		1,000.00		956.70		1.26		0.26
Hypothetical		1,000.00		1,023.57		1.31		0.26
Class R5
Actual		1,000.00		957.70		0.54		0.11
Hypothetical		1,000.00		1,024.32		0.55		0.11
Class R6
Actual		1,000.00		958.20		0.05		0.01
Hypothetical		1,000.00		1,024.81		0.05		0.01

JPMorgan SmartRetirement 2035 Fund
Class A
Actual		1,000.00		944.80		2.03		0.42
Hypothetical		1,000.00		1,022.77		2.11		0.42
Class C
Actual		1,000.00		942.30		4.83		1.00
Hypothetical		1,000.00		1,019.89		5.02		1.00
Class I
Actual		1,000.00		945.90		1.21		0.25
Hypothetical		1,000.00		1,023.62		1.26		0.25
Class R2
Actual		1,000.00		943.40		3.67		0.76
Hypothetical		1,000.00		1,021.08		3.82		0.76
Class R3
Actual		1,000.00		944.70		2.47		0.51
Hypothetical		1,000.00		1,022.33		2.56		0.51
Class R4
Actual		1,000.00		945.80		1.26		0.26
Hypothetical		1,000.00		1,023.57		1.31		0.26
Class R5
Actual		1,000.00		946.70		0.53		0.11
Hypothetical		1,000.00		1,024.32		0.55		0.11
Class R6
Actual		1,000.00		947.20		0.05		0.01
Hypothetical		1,000.00		1,024.81		0.05		0.01



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	127

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement 2040 Fund
Class A
Actual	$	1,000.00	$	935.70	$	2.02		0.42	%
Hypothetical		1,000.00		1,022.77		2.11		0.42
Class C
Actual		1,000.00		933.30		4.81		1.00
Hypothetical		1,000.00		1,019.89		5.02		1.00
Class I
Actual		1,000.00		936.30		1.20		0.25
Hypothetical		1,000.00		1,023.62		1.26		0.25
Class R2
Actual		1,000.00		934.50		3.66		0.76
Hypothetical		1,000.00		1,021.08		3.82		0.76
Class R3
Actual		1,000.00		935.50		2.45		0.51
Hypothetical		1,000.00		1,022.33		2.56		0.51
Class R4
Actual		1,000.00		936.70		1.25		0.26
Hypothetical		1,000.00		1,023.57		1.31		0.26
Class R5
Actual		1,000.00		937.20		0.53		0.11
Hypothetical		1,000.00		1,024.32		0.55		0.11
Class R6
Actual		1,000.00		937.80		0.05		0.01
Hypothetical		1,000.00		1,024.81		0.05		0.01

JPMorgan SmartRetirement 2045 Fund
Class A
Actual		1,000.00		927.90		2.01		0.42
Hypothetical		1,000.00		1,022.77		2.11		0.42
Class C
Actual		1,000.00		924.90		4.79		1.00
Hypothetical		1,000.00		1,019.89		5.02		1.00
Class I
Actual		1,000.00		928.50		1.20		0.25
Hypothetical		1,000.00		1,023.62		1.26		0.25
Class R2
Actual		1,000.00		925.80		3.64		0.76
Hypothetical		1,000.00		1,021.08		3.82		0.76
Class R3
Actual		1,000.00		927.70		2.44		0.51
Hypothetical		1,000.00		1,022.33		2.56		0.51
Class R4
Actual		1,000.00		928.40		1.25		0.26
Hypothetical		1,000.00		1,023.57		1.31		0.26
Class R5
Actual		1,000.00		929.30		0.53		0.11
Hypothetical		1,000.00		1,024.32		0.55		0.11
Class R6
Actual		1,000.00		929.40		0.05		0.01
Hypothetical		1,000.00		1,024.81		0.05		0.01



128	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement 2050 Fund
Class A
Actual	$	1,000.00	$	927.80	$	2.01		0.42	%
Hypothetical		1,000.00		1,022.77		2.11		0.42
Class C
Actual		1,000.00		924.80		4.79		1.00
Hypothetical		1,000.00		1,019.89		5.02		1.00
Class I
Actual		1,000.00		928.40		1.20		0.25
Hypothetical		1,000.00		1,023.62		1.26		0.25
Class R2
Actual		1,000.00		925.70		3.64		0.76
Hypothetical		1,000.00		1,021.08		3.82		0.76
Class R3
Actual		1,000.00		927.20		2.44		0.51
Hypothetical		1,000.00		1,022.33		2.56		0.51
Class R4
Actual		1,000.00		928.40		1.25		0.26
Hypothetical		1,000.00		1,023.57		1.31		0.26
Class R5
Actual		1,000.00		928.90		0.53		0.11
Hypothetical		1,000.00		1,024.32		0.55		0.11
Class R6
Actual		1,000.00		929.40		0.05		0.01
Hypothetical		1,000.00		1,024.81		0.05		0.01

JPMorgan SmartRetirement 2055 Fund
Class A
Actual		1,000.00		927.30		2.01		0.42
Hypothetical		1,000.00		1,022.77		2.11		0.42
Class C
Actual		1,000.00		924.70		4.79		1.00
Hypothetical		1,000.00		1,019.89		5.02		1.00
Class I
Actual		1,000.00		928.30		1.20		0.25
Hypothetical		1,000.00		1,023.62		1.26		0.25
Class R2
Actual		1,000.00		925.90		3.64		0.76
Hypothetical		1,000.00		1,021.08		3.82		0.76
Class R3
Actual		1,000.00		927.50		2.44		0.51
Hypothetical		1,000.00		1,022.33		2.56		0.51
Class R4
Actual		1,000.00		928.60		1.25		0.26
Hypothetical		1,000.00		1,023.57		1.31		0.26
Class R5
Actual		1,000.00		929.00		0.53		0.11
Hypothetical		1,000.00		1,024.32		0.55		0.11
Class R6
Actual		1,000.00		929.50		0.05		0.01
Hypothetical		1,000.00		1,024.81		0.05		0.01



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	129

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement 2060 Fund
Class A
Actual	$	1,000.00	$	926.80	$	1.96		0.41	%
Hypothetical		1,000.00		1,022.82		2.06		0.41
Class C
Actual		1,000.00		924.20		4.78		1.00
Hypothetical		1,000.00		1,019.89		5.02		1.00
Class I
Actual		1,000.00		927.70		1.15		0.24
Hypothetical		1,000.00		1,023.67		1.21		0.24
Class R2
Actual		1,000.00		924.90		3.64		0.76
Hypothetical		1,000.00		1,021.08		3.82		0.76
Class R3
Actual		1,000.00		926.30		2.44		0.51
Hypothetical		1,000.00		1,022.33		2.56		0.51
Class R4
Actual		1,000.00		927.60		1.25		0.26
Hypothetical		1,000.00		1,023.57		1.31		0.26
Class R5
Actual		1,000.00		927.80		0.48		0.10
Hypothetical		1,000.00		1,024.37		0.50		0.10
Class R6
Actual		1,000.00		928.90		0.00		0.00
Hypothetical		1,000.00		1,024.86		0.00		0.00

*	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).



130	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT FUNDS	131

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)


	Dividends Received Deduction
JPMorgan SmartRetirement Income Fund		6.81	%
JPMorgan SmartRetirement 2020 Fund		8.14
JPMorgan SmartRetirement 2025 Fund		10.18
JPMorgan SmartRetirement 2030 Fund		13.13
JPMorgan SmartRetirement 2035 Fund		18.91
JPMorgan SmartRetirement 2040 Fund		21.66
JPMorgan SmartRetirement 2045 Fund		23.64
JPMorgan SmartRetirement 2050 Fund		22.74
JPMorgan SmartRetirement 2055 Fund		24.41
JPMorgan SmartRetirement 2060 Fund		22.54

Long Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2020:


	Long-Term Capital Gain Distribution
JPMorgan SmartRetirement Income Fund	$	330,654,560
JPMorgan SmartRetirement 2020 Fund		599,718,956
JPMorgan SmartRetirement 2025 Fund		663,508,767
JPMorgan SmartRetirement 2030 Fund		959,581,711
JPMorgan SmartRetirement 2035 Fund		429,829,502
JPMorgan SmartRetirement 2040 Fund		493,292,266
JPMorgan SmartRetirement 2045 Fund		308,437,166
JPMorgan SmartRetirement 2050 Fund		256,401,831
JPMorgan SmartRetirement 2055 Fund		91,029,990
JPMorgan SmartRetirement 2060 Fund		3,877,558

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2020:


	Qualified Dividend Income
JPMorgan SmartRetirement Income Fund	$	23,294,998
JPMorgan SmartRetirement 2020 Fund		47,085,478
JPMorgan SmartRetirement 2025 Fund		73,634,421
JPMorgan SmartRetirement 2030 Fund		94,472,814
JPMorgan SmartRetirement 2035 Fund		65,528,847
JPMorgan SmartRetirement 2040 Fund		66,935,566
JPMorgan SmartRetirement 2045 Fund		49,420,926
JPMorgan SmartRetirement 2050 Fund		42,419,742
JPMorgan SmartRetirement 2055 Fund		20,997,513
JPMorgan SmartRetirement 2060 Fund		2,644,104

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2020, the Funds intend to elect to pass through to shareholders taxes paid to foreign

countries. Gross income and foreign tax expenses cannot be quantified until Underlying Funds complete reporting for the

calendar year in progress. Amounts for the fiscal year ended June 30, 2020 will be disclosed in the semi-annual report for

the period ended December 31, 2020.



132	JPMORGAN SMARTRETIREMENT FUNDS	JUNE 30, 2020

LOGO

Rev. January 2011



FACTS		WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?


Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.



Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share



Questions?		Call 1-800-480-4111 or go to www.jpmorganfunds.com

LOGO



Page 2



Who we are
Who is providing this notice?		J.P. Morgan Funds



What we do
How does J.P. Morgan Funds protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?		We collect your personal information, for example, when you: ◾ open an account or provide contact information ◾ give us your account information or pay us by check ◾ make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?		Federal law gives you the right to limit only ◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾ affiliates from using your information to market to you ◾ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.



Definitions
Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing		A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾ J.P. Morgan Funds doesn’t jointly market.

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.

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.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2020. All rights reserved. June 2020.		AN-SR-620

Annual Report

JPMorgan SmartRetirement^® Blend Funds

June 30, 2020

JPMorgan SmartRetirement^® Blend Income Fund

JPMorgan SmartRetirement^® Blend 2020 Fund

JPMorgan SmartRetirement^® Blend 2025 Fund

JPMorgan SmartRetirement^® Blend 2030 Fund

JPMorgan SmartRetirement^® Blend 2035 Fund

JPMorgan SmartRetirement^® Blend 2040 Fund

JPMorgan SmartRetirement^® Blend 2045 Fund

JPMorgan SmartRetirement^® Blend 2050 Fund

JPMorgan SmartRetirement^® Blend 2055 Fund

JPMorgan SmartRetirement^® Blend 2060 Fund

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website www.jpmorganfunds.com and you will be notified by mail each time a report is posted and provided with a website to access the report. If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action.

LOGO

CONTENTS


Letter to Shareholders			1

Fund Facts			2

Funds Commentary			4

Schedules of Portfolio Investments			15

Financial Statements			36

Financial Highlights			60

Notes to Financial Statements			80

Report of Independent Registered Public Accounting Firm			108

Trustees			109

Officers			112

Schedule of Shareholder Expenses			113

Liquidity Risk Management Program			118

Tax Letter			119

Privacy Policy — Located at the back of this Annual Report

LETTER TO SHAREHOLDERS

JULY 28, 2020 (Unaudited)

Dear Shareholders,

Aggregate Index rebounded by 39.3% and 5.0%, respectively, amid accommodative central bank policies, government stimulus programs and global efforts to halt the spread of COVID-19.

Sincerely yours,

LOGO

Andrea L. Lisher

Head of Americas, Client

J.P. Morgan Asset Management



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	1

JPMorgan SmartRetirement^® Blend Funds

FUND FACTS

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)


Fund	Fund Return*		Broad Based Securities Market Index Return		Broad Based Securities Market Index Name	Fund Net Assets as of June 30, 2020
JPMorgan SmartRetirement^® Blend Income Fund		3.46%		5.40%	S&P Target Date Retirement Income Index	$	490,752,018

JPMorgan SmartRetirement^® Blend 2020 Fund		3.70%		4.33%	S&P Target Date 2020 Index	$	947,894,587

JPMorgan SmartRetirement^® Blend 2025 Fund		2.98%		3.66%	S&P Target Date 2025 Index	$	1,287,214,611

JPMorgan SmartRetirement^® Blend 2030 Fund		2.40%		2.92%	S&P Target Date 2030 Index	$	1,454,752,931

JPMorgan SmartRetirement^® Blend 2035 Fund		1.41%		2.12%	S&P Target Date 2035 Index	$	1,146,656,799

JPMorgan SmartRetirement^® Blend 2040 Fund		0.74%		1.56%	S&P Target Date 2040 Index	$	1,097,770,418

JPMorgan SmartRetirement^® Blend 2045 Fund		0.02%		1.20%	S&P Target Date 2045 Index	$	791,830,672

JPMorgan SmartRetirement^® Blend 2050 Fund		0.27%		1.05%	S&P Target Date 2050 Index	$	645,257,752

JPMorgan SmartRetirement^® Blend 2055 Fund		0.11%		0.89%	S&P Target Date 2055 Index	$	353,739,377

JPMorgan SmartRetirement^® Blend 2060 Fund		0.04%		1.08%	S&P Target Date 2060+ Index	$	76,608,751

Returns for all Funds are based on Class R6 Shares. The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.



2	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

Portfolio Composition by Asset Class*


JPMorgan SmartRetirement^® Blend Income Fund
Fixed Income	62.6	%
U.S. Equity	17.4
International Equity	13.1
Short-Term Investments	4.4
Alternative Assets	1.6
U.S. Treasury Obligations	0.9

JPMorgan SmartRetirement^® Blend 2020 Fund
Fixed Income	60.4	%
U.S. Equity	18.1
International Equity	13.8
Short-Term Investments	4.8
Alternative Assets	1.9
U.S. Treasury Obligations	1.0

JPMorgan SmartRetirement^® Blend 2025 Fund
Fixed Income	48.8	%
U.S. Equity	24.7
International Equity	20.2
Alternative Assets	2.6
Short-Term Investments	2.6
U.S. Treasury Obligations	1.1

JPMorgan SmartRetirement^® Blend 2030 Fund
Fixed Income	36.2	%
U.S. Equity	31.8
International Equity	25.3
Alternative Assets	3.2
Short-Term Investments	2.5
U.S. Treasury Obligations	1.0

JPMorgan SmartRetirement^® Blend 2035 Fund
U.S. Equity	38.2	%
International Equity	29.4
Fixed Income	24.9
Alternative Assets	3.9
Short-Term Investments	2.6
U.S. Treasury Obligations	1.0

JPMorgan SmartRetirement^® Blend 2040 Fund
U.S. Equity	42.6	%
International Equity	32.4
Fixed Income	16.0
Alternative Assets	4.3
Short-Term Investments	3.6
U.S. Treasury Obligations	1.1



JPMorgan SmartRetirement^® Blend 2045 Fund
U.S. Equity	47.2	%
International Equity	35.1
Fixed Income	9.1
Alternative Assets	4.5
Short-Term Investments	3.1
U.S. Treasury Obligations	1.0

JPMorgan SmartRetirement^® Blend 2050 Fund
U.S. Equity	46.0	%
International Equity	35.0
Fixed Income	9.0
Alternative Assets	4.7
Short-Term Investments	4.2
U.S. Treasury Obligations	1.1

JPMorgan SmartRetirement^® Blend 2055 Fund
U.S. Equity	45.9	%
International Equity	36.2
Fixed Income	8.9
Alternative Assets	4.5
Short-Term Investments	3.5
U.S. Treasury Obligations	1.0

JPMorgan SmartRetirement^® Blend 2060 Fund
U.S. Equity	46.5	%
International Equity	34.3
Fixed Income	8.9
Alternative Assets	4.7
Short-Term Investments	4.3
U.S. Treasury Obligations	1.3

The percentages indicated are based on total investments as of June 30, 2020. Each Fund’s portfolio composition is subject to change.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	3

JPMorgan SmartRetirement^® Blend Funds

FUNDS COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited)

INVESTMENT OBJECTIVES*

The JPMorgan SmartRetirement^® Blend Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement^® Blend Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

HOW DID THE MARKET PERFORM?

WHAT WERE THE MAIN DRIVERS OF THE FUNDS’ PERFORMANCE?

Each of the Class R6 Shares of the SmartRetirement Blend Funds (the “Funds”) underperformed their respective S&P Target Date Indexes (the “Benchmarks”) for the twelve months ended June 30, 2020.

In terms of manager selection, the Funds’ investments in the JPMorgan Core Bond Fund, the JPMorgan Short Duration Core Plus Fund, the JPMorgan Income Fund, the JPMorgan Inflation Managed Bond Fund, the JPMorgan Emerging Markets Research Enhanced Equity Fund and the JPMorgan Core Plus Bond Fund were leading detractors from performance relative to each Fund’s respective Benchmark, while the Funds’ investments in the JPMorgan BetaBuilders International Equity ETF contributed to relative performance.

From a strategic perspective, the Funds’ underweight allocations to U.S. large cap equity and its overweight allocations to international developed markets equity, emerging markets equity and real estate investment trusts were leading detractors from relative performance. The Funds’ overweight allocations to high yield debt (also known as “junk bonds”) and emerging markets debt also detracted from relative performance

From a tactical perspective, the Funds’ allocation to cash in 2019, in the form of short-term money market securities, and its overweight allocation to equity in February 2020 detracted from relative performance. The Funds’ overweight allocation to U.S. large cap equity was a leading contributor to relative performance.

HOW WERE THE FUNDS POSITIONED?

The Funds primarily invested in underlying J.P. Morgan Funds and third-party exchange-traded funds (together, “underlying funds”) to implement the asset allocation views of the Funds’ portfolio managers. The Funds’ portfolio managers used a systematic screening and selection process to choose the underlying funds in their construction of the portfolios. Relative to their respective Benchmarks, the Funds invested across a broader range of asset classes.

The Funds’ portfolio managers believed that this diversification would help manage market volatility and contribute to the Funds’ long-term risk-adjusted returns. In addition, the portfolio managers sought to invest in asset classes that they believed have had historically lower correlations to the broader fixed income and equity markets. The Funds’ portfolio managers also used futures contracts to help manage cash flows and implement tactical asset allocations.

The adviser seeks to achieve the Funds’ objectives. There can be no guarantee they will be achieved.



4	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement^® Blend Income Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020



	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		3.19	%		4.40	%		4.79	%
CLASS R2 SHARES	July 2, 2012		2.68			3.90			4.31
CLASS R3 SHARES	May 31, 2017		2.91			4.15			4.59
CLASS R4 SHARES	May 31, 2017		3.18			4.42			4.86
CLASS R5 SHARES	July 2, 2012		3.35			4.56			4.97
CLASS R6 SHARES	July 2, 2012		3.46			4.65			5.04

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/20)

The Fund commenced operations on July 2, 2012.

Returns shown for Class R3 and Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses as Class I Shares.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend Income Fund and the S&P Target Date Retirement Income Index from July 2, 2012 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date Retirement Income Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date Retirement Income Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date Retirement Income Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date Retirement Income Index was discontinued. As a result, performance for the S&P Target Date Retirement Income Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	5

JPMorgan SmartRetirement^® Blend 2020 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020



	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		3.43	%		5.10	%		6.35	%
CLASS R2 SHARES	July 2, 2012		2.95			4.61			5.87
CLASS R3 SHARES	May 31, 2017		3.17			4.87			6.16
CLASS R4 SHARES	May 31, 2017		3.44			5.13			6.43
CLASS R5 SHARES	July 2, 2012		3.58			5.28			6.54
CLASS R6 SHARES	July 2, 2012		3.70			5.37			6.62

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/20)

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2020 Fund and the S&P Target Date 2020 Index from July 2, 2012 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2020 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2020 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2020 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2020 Index was discontinued. As a result, performance for the S&P Target Date 2020 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.



6	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement^® Blend 2025 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020



	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		2.67	%		5.44	%		6.99	%
CLASS R2 SHARES	July 2, 2012		2.21			4.95			6.52
CLASS R3 SHARES	May 31, 2017		2.46			5.22			6.81
CLASS R4 SHARES	May 31, 2017		2.71			5.49			7.08
CLASS R5 SHARES	July 2, 2012		2.82			5.61			7.18
CLASS R6 SHARES	July 2, 2012		2.98			5.71			7.26

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/20)

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2025 Fund and the S&P Target Date 2025 Index from July 2, 2012 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2025 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2025 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2025 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2025 Index was discontinued. As a result, performance for the S&P Target Date 2025 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	7

JPMorgan SmartRetirement^® Blend 2030 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		2.19	%		5.74	%		7.56	%
CLASS R2 SHARES	July 2, 2012		1.64			5.22			7.08
CLASS R3 SHARES	May 31, 2017		1.89			5.49			7.36
CLASS R4 SHARES	May 31, 2017		2.14			5.76			7.63
CLASS R5 SHARES	July 2, 2012		2.29			5.90			7.75
CLASS R6 SHARES	July 2, 2012		2.40			5.98			7.82

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/20)

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2030 Fund and the S&P Target Date 2030 Index from July 2, 2012 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2030 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2030 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2030 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2030 Index was discontinued. As a result, performance for the S&P Target Date 2030 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.



8	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement^® Blend 2035 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		1.14	%		5.80	%		7.91	%
CLASS R2 SHARES	July 2, 2012		0.62			5.30			7.43
CLASS R3 SHARES	May 31, 2017		0.89			5.58			7.72
CLASS R4 SHARES	May 31, 2017		1.14			5.85			7.99
CLASS R5 SHARES	July 2, 2012		1.30			5.98			8.11
CLASS R6 SHARES	July 2, 2012		1.41			6.07			8.18

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/20)

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2035 Fund and the S&P Target Date 2035 Index from July 2, 2012 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2035 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2035 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2035 Index is comprised of underlying indices of securities. Effective May 31, 2017, prior version of the S&P Target Date 2035 Index was discontinued. As a result, performance for the S&P Target Date 2035 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	9

JPMorgan SmartRetirement^® Blend 2040 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020

	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		0.48	%		5.95	%		8.16	%
CLASS R2 SHARES	July 2, 2012		(0.01	)		5.45			7.68
CLASS R3 SHARES	May 31, 2017		0.19			5.72			7.97
CLASS R4 SHARES	May 31, 2017		0.48			5.99			8.24
CLASS R5 SHARES	July 2, 2012		0.67			6.13			8.36
CLASS R6 SHARES	July 2, 2012		0.74			6.22			8.43

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/20)

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2040 Fund and the S&P Target Date 2040 Index from July 2, 2012 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2040 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2040 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2040 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2040 Index was discontinued. As a result, performance for the S&P Target Date 2040 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.



10	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement^® Blend 2045 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020



	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		(0.24	)%		5.83	%		8.07	%
CLASS R2 SHARES	July 2, 2012		(0.73	)		5.33			7.58
CLASS R3 SHARES	May 31, 2017		(0.47	)		5.61			7.88
CLASS R4 SHARES	May 31, 2017		(0.20	)		5.88			8.15
CLASS R5 SHARES	July 2, 2012		(0.05	)		6.01			8.26
CLASS R6 SHARES	July 2, 2012		0.02			6.11			8.35

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/20)

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2045 Fund and the S&P Target Date 2045 Index from July 2, 2012 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2045 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2045 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2045 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2045 Index was discontinued. As a result, performance for the S&P Target Date 2045 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	11

JPMorgan SmartRetirement^® Blend 2050 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020



	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		(0.03	)%		5.90	%		8.11	%
CLASS R2 SHARES	July 2, 2012		(0.54	)		5.38			7.62
CLASS R3 SHARES	May 31, 2017		(0.26	)		5.68			7.93
CLASS R4 SHARES	May 31, 2017		(0.03	)		5.94			8.19
CLASS R5 SHARES	July 2, 2012		0.11			6.06			8.30
CLASS R6 SHARES	July 2, 2012		0.27			6.16			8.38

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/20)

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2050 Fund and the S&P Target Date 2050 Index from July 2, 2012 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2050 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. Effective June 1, 2017, the S&P Target Date 2050 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). The S&P Target Date 2050 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2050 Index was discontinued. As a result, performance for the S&P Target Date 2050 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.



12	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement^® Blend 2055 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020



	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			SINCE INCEPTION
CLASS I SHARES	July 2, 2012		(0.15	)%		5.86	%		8.04	%
CLASS R2 SHARES	July 2, 2012		(0.68	)		5.35			7.55
CLASS R3 SHARES	May 31, 2017		(0.40	)		5.63			7.85
CLASS R4 SHARES	May 31, 2017		(0.15	)		5.89			8.12
CLASS R5 SHARES	July 2, 2012		0.00	*		6.02			8.22
CLASS R6 SHARES	July 2, 2012		0.11			6.13			8.31

Amount rounds to less than 0.005%.

LIFE OF FUND PERFORMANCE (7/2/12 TO 6/30/20)

The Fund commenced operations on July 2, 2012.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2055 Fund and the S&P Target Date 2055 Index from July 2, 2012 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2055 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2055 Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, the S&P Target Date 2055 Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2055 Index was discontinued. As a result, performance for the S&P Target Date 2055 Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	13

JPMorgan SmartRetirement^® Blend 2060 Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2020 (Unaudited) (continued)


AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2020



	INCEPTION DATE OF CLASS	1 YEAR			SINCE INCEPTION
CLASS I SHARES	August 31, 2016		(0.19	)%		6.74	%
CLASS R2 SHARES	August 31, 2016		(0.74	)		6.19
CLASS R3 SHARES	May 31, 2017		(0.46	)		6.45
CLASS R4 SHARES	May 31, 2017		(0.17	)		6.73
CLASS R5 SHARES	August 31, 2016		(0.06	)		6.89
CLASS R6 SHARES	August 31, 2016		0.04			6.99

LIFE OF FUND PERFORMANCE (8/31/16 TO 6/30/20)

The Fund commenced operations on August 31, 2016.

The graph illustrates comparative performance for $15,000,000 invested in Class R6 Shares of the JPMorgan SmartRetirement Blend 2060 Fund and the S&P Target Date 2060+ Index from August 31, 2016 to June 30, 2020. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P Target Date 2060+ Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the broad based securities market index, if applicable. On June 1, 2017, S&P Dow Jones Indices, the company that establishes the

broad-based securities market index used by the Fund, changed the methodology used to calculate the S&P Target Date Retirement Indices. The S&P Target Date 2060+ Index was comprised of exchange-traded funds (ETFs), adjusted to remove the impact of ETF fees (i.e., gross return). Effective June 1, 2017, S&P Target Date 2060+ Index is comprised of underlying indices of securities. Effective May 31, 2017, the prior version of the S&P Target Date 2060+ Index was discontinued. As a result, performance for the S&P Target Date 2060+ Index prior to June 1, 2017 was linked to an S&P Target Date Retirement Index that was comprised of ETFs and that was not adjusted to remove the impact of ETF fees (i.e., total return). The name of the Fund’s S&P Target Date Retirement Index did not change and there is no change in the Fund’s investment strategies as a result of the change. Investors cannot directly invest in an index.

Class R6 Shares generally have a $15,000,000 minimum initial investment.



14	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 70.2%

Fixed Income — 55.7%

JPMorgan Core Bond Fund Class R6 Shares (a)		6,592,322		81,612,943

JPMorgan Corporate Bond Fund Class R6 Shares (a)		2,353,948		25,163,704

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		556,259		4,238,697

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		542,480		4,144,546

JPMorgan Floating Rate Income Fund Class R6 Shares (a)		711,625		5,998,997

JPMorgan High Yield Fund Class R6 Shares (a)		5,372,085		35,509,485

JPMorgan Income Fund Class R6 Shares (a)		998,703		9,038,263

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		3,543,650		36,924,836

JPMorgan Managed Income Fund Class L Shares (a)		44,568		447,904

JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		7,262,412		70,445,392


Total Fixed Income				273,524,767


U.S. Equity — 14.5%

JPMorgan Equity Index Fund Class R6 Shares (a)		1,507,543		71,171,112


Total Investment Companies (Cost $329,365,781)				344,695,879

Exchange-Traded Funds — 24.6%

Alternative Assets — 1.6%

JPMorgan BetaBuilders MSCI US REIT ETF (a)		112,459		8,021,701


Fixed Income — 7.0%

JPMorgan U.S. Aggregate Bond ETF (a)		1,218,080		34,081,878


International Equity — 13.1%

iShares Core MSCI Emerging Markets ETF		322,141		15,333,912

JPMorgan BetaBuilders International Equity ETF (a)		1,065,210		49,095,529


Total International Equity				64,429,441


U.S. Equity — 2.9%

iShares Russell 2000 ETF		34,582		4,951,451

iShares Russell Mid-Cap ETF		171,004		9,165,814


Total U.S. Equity				14,117,265


Total Exchange-Traded Funds (Cost $119,792,069)				120,650,285


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 0.9%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $4,422,118)		4,397,000		4,456,771


	SHARES
Short-Term Investments — 4.4%

Investment Companies — 4.4%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $21,682,142)		21,682,142		21,682,142

Total Investments — 100.1% (Cost $475,262,110)				491,485,077
Liabilities in Excess of Other Assets — (0.1)%				(733,059	)

NET ASSETS — 100.0%				490,752,018

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	15

JPMorgan SmartRetirement Blend Income Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts
EURO STOXX 50 Index		133			09/2020		EUR		4,829,466			175,144
MSCI Emerging Markets E-Mini Index		124			09/2020		USD		6,103,280			160,015
Russell 2000 E-Mini Index		86			09/2020		USD		6,176,090			242,968
S&P 500 E-Mini Index		22			09/2020		USD		3,392,675			66,543
S&P Midcap 400 E-Mini Index		5			09/2020		USD		889,000			12,040
U.S. Treasury 10 Year Note		377			09/2020		USD		52,456,016			217,106

												873,816


Short Contracts
DJ US Real Estate Index		(58	)		09/2020		USD		(1,795,680	)		9,667
Euro-Bund		(64	)		09/2020		EUR		(12,667,328	)		(90,228	)
FTSE 100 Index		(60	)		09/2020		GBP		(4,563,327	)		(82,286	)
MSCI EAFE E-Mini Index		(9	)		09/2020		USD		(800,235	)		(15,449	)

												(178,296	)

												695,520

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



16	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 73.3%

Fixed Income — 58.6%

JPMorgan Core Bond Fund Class R6 Shares (a)		16,364,467		202,592,104

JPMorgan Corporate Bond Fund Class R6 Shares (a)		4,499,219		48,096,651

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,024,837		7,809,258

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,011,909		7,730,984

JPMorgan Floating Rate Income Fund Class R6 Shares (a)		1,118,239		9,426,751

JPMorgan High Yield Fund Class R6 Shares (a)		10,256,911		67,798,181

JPMorgan Income Fund Class R6 Shares (a)		1,583,521		14,330,864

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		5,967,205		62,178,274

JPMorgan Managed Income Fund Class L Shares (a)		80,749		811,532

JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		13,846,263		134,308,755


Total Fixed Income				555,083,354


U.S. Equity — 14.7%

JPMorgan Equity Index Fund Class R6 Shares (a)		2,959,130		139,700,544


Total Investment Companies (Cost $664,695,655)				694,783,898

Exchange-Traded Funds — 21.1%

Alternative Assets — 1.9%

JPMorgan BetaBuilders MSCI US REIT ETF (a)		246,001		17,547,252


Fixed Income — 2.0%

JPMorgan U.S. Aggregate Bond ETF (a)		666,309		18,643,326


International Equity — 13.8%

iShares Core MSCI Emerging Markets ETF		596,894		28,412,155

JPMorgan BetaBuilders International Equity ETF (a)		2,229,613		102,762,863


Total International Equity				131,175,018


U.S. Equity — 3.4%

iShares Russell 2000 ETF		94,119		13,475,958

iShares Russell Mid-Cap ETF		347,423		18,621,873


Total U.S. Equity				32,097,831


Total Exchange-traded Funds (Cost $200,232,937)				199,463,427


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 1.0%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $9,767,973)		9,706,300		9,838,245


	SHARES
Short-Term Investments — 4.8%

Investment Companies — 4.8%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $45,431,750)		45,431,750		45,431,750

Total Investments — 100.2% (Cost $920,128,315)				949,517,320
Liabilities in Excess of Other Assets — (0.2)%				(1,622,733	)

NET ASSETS — 100.0%				947,894,587

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	17

JPMorgan SmartRetirement Blend 2020 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)
Long Contracts
EURO STOXX 50 Index		256			09/2020		EUR		9,295,814			337,429
MSCI Emerging Markets E-Mini Index		322			09/2020		USD		15,848,840			415,524
Russell 2000 E-Mini Index		138			09/2020		USD		9,910,470			389,877
S&P 500 E-Mini Index		114			09/2020		USD		17,580,225			344,819
S&P Midcap 400 E-Mini Index		10			09/2020		USD		1,778,000			24,075
U.S. Treasury 10 Year Note		689			09/2020		USD		95,867,891			382,787

												1,894,511


Short Contracts
DJ US Real Estate Index		(125	)		09/2020		USD		(3,870,000	)		20,683
Euro-Bund		(122	)		09/2020		EUR		(24,147,094	)		(172,130	)
FTSE 100 Index		(116	)		09/2020		GBP		(8,822,432	)		(159,091	)
MSCI EAFE E-Mini Index		(7	)		09/2020		USD		(622,405	)		(12,016	)

												(322,554	)

												1,571,957

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



18	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 73.6%

Fixed Income — 48.4%

JPMorgan Core Bond Fund Class R6 Shares (a)		21,366,078		264,512,042

JPMorgan Corporate Bond Fund Class R6 Shares (a)		5,405,109		57,780,611

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,175,612		8,958,165

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,160,708		8,867,811

JPMorgan Floating Rate Income Fund Class R6 Shares (a)		1,119,424		9,436,748

JPMorgan High Yield Fund Class R6 Shares (a)		10,191,931		67,368,664

JPMorgan Income Fund Class R6 Shares (a)		1,403,600		12,702,576

JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		2,781,055		28,978,598

JPMorgan Managed Income Fund Class L Shares (a)		81,372		817,789

JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		16,889,339		163,826,593


Total Fixed Income				623,249,597


International Equity — 5.1%

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		4,126,301		65,897,034


U.S. Equity — 20.1%

JPMorgan Equity Index Fund Class R6 Shares (a)		5,485,286		258,960,331


Total Investment Companies (Cost $901,056,089)				948,106,962

Exchange-Traded Funds — 22.8%

Alternative Assets — 2.6%

JPMorgan BetaBuilders MSCI US REIT ETF (a)		463,337		33,049,828


Fixed Income — 0.4%

JPMorgan U.S. Aggregate Bond ETF (a)		189,209		5,294,068


International Equity — 15.1%

JPMorgan BetaBuilders International Equity ETF (a)		4,230,529		194,985,082


U.S. Equity — 4.7%

iShares Russell 2000 ETF		181,338		25,963,975

iShares Russell Mid-Cap ETF		633,262		33,942,843


Total U.S. Equity				59,906,818


Total Exchange-Traded Funds (Cost $300,301,619)				293,235,796


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 1.1%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $14,299,394)		14,214,900		14,408,134


	SHARES
Short-Term Investments — 2.6%

Investment Companies — 2.6%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $32,926,726)		32,926,726		32,926,726

Total Investments — 100.1% (Cost $1,248,583,828)				1,288,677,618
Liabilities in Excess of Other Assets — (0.1)%				(1,463,007	)

NET ASSETS — 100.0%				1,287,214,611

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	19

JPMorgan SmartRetirement Blend 2025 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts
EURO STOXX 50 Index		350			09/2020		EUR		12,709,120			462,765
MSCI EAFE E-Mini Index		8			09/2020		USD		711,320			16,817
MSCI Emerging Markets E-Mini Index		315			09/2020		USD		15,504,300			406,491
Russell 2000 E-Mini Index		175			09/2020		USD		12,567,625			494,410
S&P 500 E-Mini Index		277			09/2020		USD		42,716,862			837,845
S&P Midcap 400 E-Mini Index		34			09/2020		USD		6,045,200			81,856
U.S. Treasury 10 Year Note		913			09/2020		USD		127,035,391			451,473

												2,751,657


Short Contracts
DJ US Real Estate Index		(87	)		09/2020		USD		(2,693,520	)		14,350
Euro-Bund		(167	)		09/2020		EUR		(33,053,808	)		(242,311	)
FTSE 100 Index		(159	)		09/2020		GBP		(12,092,817	)		(218,062	)

												(446,023	)

												2,305,634

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



20	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 68.6%

Fixed Income — 35.9%

JPMorgan Core Bond Fund Class R6 Shares (a)		19,130,467		236,835,182

JPMorgan Corporate Bond Fund Class R6 Shares (a)		4,698,273		50,224,543

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,114,773		8,494,572

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,100,460		8,407,513

JPMorgan High Yield Fund Class R6 Shares (a)		9,734,354		64,344,078

JPMorgan Income Fund Class R6 Shares (a)		738,069		6,679,520

JPMorgan Managed Income Fund Class L Shares (a)		76,881		772,657

JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		15,101,207		146,481,711


Total Fixed Income				522,239,776


International Equity — 6.5%

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		5,901,503		94,247,010


U.S. Equity — 26.2%

JPMorgan Equity Index Fund Class R6 Shares (a)		8,075,472		381,243,043


Total Investment Companies (Cost $943,027,205)				997,729,829

Exchange-Traded Funds — 28.3%

Alternative Assets — 3.2%

JPMorgan BetaBuilders MSCI US REIT ETF (a)		651,311		46,458,014


Fixed Income — 0.4%

JPMorgan U.S. Aggregate Bond ETF (a)		217,041		6,072,807


International Equity — 19.0%

JPMorgan BetaBuilders International Equity ETF (a)		5,974,297		275,355,349


U.S. Equity — 5.7%

iShares Russell 2000 ETF		240,216		34,394,127

iShares Russell Mid-Cap ETF		909,541		48,751,397


Total U.S. Equity				83,145,524


Total Exchange-Traded Funds (Cost $417,030,931)				411,031,694


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 1.0%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $14,572,780)		14,488,000		14,684,947

Short-Term Investments — 2.5%

Investment Companies — 2.5%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $36,711,334)		36,711,334		36,711,334

Total Investments — 100.4% (Cost $1,411,342,250)				1,460,157,804
Liabilities in Excess of Other Assets — (0.4)%				(5,404,873	)

NET ASSETS — 100.0%				1,454,752,931

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	21

JPMorgan SmartRetirement Blend 2030 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts
EURO STOXX 50 Index		394			09/2020		EUR		14,306,838			521,693
MSCI Emerging Markets E-Mini Index		323			09/2020		USD		15,898,060			416,813
Russell 2000 E-Mini Index		288			09/2020		USD		20,682,720			813,658
S&P 500 E-Mini Index		257			09/2020		USD		39,632,613			777,353
S&P Midcap 400 E-Mini Index		19			09/2020		USD		3,378,200			45,746
U.S. Treasury 10 Year Note		886			09/2020		USD		123,278,594			431,530

												3,006,793


Short Contracts
DJ US Real Estate Index		(58	)		09/2020		USD		(1,795,680	)		9,667
Euro-Bund		(189	)		09/2020		EUR		(37,408,202	)		(279,057	)
FTSE 100 Index		(179	)		09/2020		GBP		(13,613,926	)		(245,493	)
MSCI EAFE E-Mini Index		(7	)		09/2020		USD		(622,405	)		(12,016	)

												(526,899	)

												2,479,894

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



22	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 63.2%

Fixed Income — 24.6%

JPMorgan Core Bond Fund Class R6 Shares (a)		4,546,754		56,288,815

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		15,585,442		135,905,054

JPMorgan Corporate Bond Fund Class R6 Shares (a)		3,682,315		39,363,950

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		627,737		4,783,358

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		619,533		4,733,236

JPMorgan High Yield Fund Class R6 Shares (a)		6,067,771		40,107,969

JPMorgan Managed Income Fund Class L Shares (a)		60,133		604,337


Total Fixed Income				281,786,719


International Equity — 7.5%

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		5,387,593		86,039,862


U.S. Equity — 31.1%

JPMorgan Equity Index Fund Class R6 Shares (a)		7,555,750		356,706,959


Total Investment Companies (Cost $676,417,878)				724,533,540

Exchange-Traded Funds — 33.7%

Alternative Assets — 4.0%

JPMorgan BetaBuilders MSCI US REIT ETF (a)		634,040		45,226,073


Fixed Income — 0.4%

JPMorgan U.S. Aggregate Bond ETF (a)		167,586		4,689,056


International Equity — 22.1%

JPMorgan BetaBuilders International Equity ETF (a)		5,489,177		252,996,168


U.S. Equity — 7.2%

iShares Russell 2000 ETF		228,864		32,768,747

iShares Russell Mid-Cap ETF		931,826		49,945,874


Total U.S. Equity				82,714,621


Total Exchange-Traded Funds (Cost $394,977,225)				385,625,918


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 1.0%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $11,512,177)		11,432,000		11,587,404


	SHARES
Short-Term Investments — 2.6%

Investment Companies — 2.6%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $30,143,240)		30,143,240		30,143,240

Total Investments — 100.5% (Cost $1,113,050,520)				1,151,890,102
Liabilities in Excess of Other Assets — (0.5)%				(5,233,303	)

NET ASSETS — 100.0%				1,146,656,799

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	23

JPMorgan SmartRetirement Blend 2035 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts
EURO STOXX 50 Index		312			09/2020		EUR		11,329,273			412,424
MSCI EAFE E-Mini Index		28			09/2020		USD		2,489,620			58,501
MSCI Emerging Markets E-Mini Index		285			09/2020		USD		14,027,700			367,778
Russell 2000 E-Mini Index		185			09/2020		USD		13,285,775			522,662
S&P 500 E-Mini Index		208			09/2020		USD		32,076,200			629,140
S&P Midcap 400 E-Mini Index		18			09/2020		USD		3,200,400			43,339
U.S. Treasury 10 Year Note		278			09/2020		USD		38,681,094			153,002

												2,186,846


Short Contracts
DJ US Real Estate Index		(79	)		09/2020		USD		(2,445,840	)		13,010
Euro-Bund		(150	)		09/2020		EUR		(29,689,050	)		(225,025	)
FTSE 100 Index		(142	)		09/2020		GBP		(10,799,874	)		(194,747	)

												(406,762	)

												1,780,084

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



24	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 58.9%

Fixed Income — 15.7%

JPMorgan Core Bond Fund Class R6 Shares (a)		2,649,686		32,803,119

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		9,135,891		79,664,966

JPMorgan Corporate Bond Fund Class R6 Shares (a)		2,000,521		21,385,568

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		445,278		3,393,019

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		425,050		3,247,379

JPMorgan High Yield Fund Class R6 Shares (a)		4,717,148		31,180,345

JPMorgan Managed Income Fund Class L Shares (a)		58,534		588,269


Total Fixed Income				172,262,665


International Equity — 8.2%

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		5,669,523		90,542,289


U.S. Equity — 35.0%

JPMorgan Equity Index Fund Class R6 Shares (a)		8,126,782		383,665,399


Total Investment Companies (Cost $602,442,329)				646,470,353


Exchange-Traded Funds — 36.9%

Alternative Assets — 4.3%

JPMorgan BetaBuilders MSCI US REIT ETF (a)		671,368		47,888,680


Fixed Income — 0.4%

JPMorgan U.S. Aggregate Bond ETF (a)		156,195		4,370,336


International Equity — 24.3%

JPMorgan BetaBuilders International Equity ETF (a)		5,790,356		266,877,508


U.S. Equity — 7.9%

iShares Russell 2000 ETF		238,859		34,199,831

iShares Russell Mid-Cap ETF		973,323		52,170,113


Total U.S. Equity				86,369,944


Total Exchange-Traded Funds (Cost $412,486,567)				405,506,468


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 1.1%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $11,719,720)		11,635,000		11,793,164


	SHARES
Short-Term Investments — 3.6%

Investment Companies — 3.6%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $39,297,315)		39,297,315		39,297,315

Total Investments — 100.5% (Cost $1,065,945,931)				1,103,067,300
Liabilities in Excess of Other Assets — (0.5)%				(5,296,882	)

NET ASSETS — 100.0%				1,097,770,418

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	25

JPMorgan SmartRetirement Blend 2040 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts
EURO STOXX 50 Index		298			09/2020		EUR		10,820,908			395,280
MSCI EAFE E-Mini Index		76			09/2020		USD		6,757,540			138,701
MSCI Emerging Markets E-Mini Index		310			09/2020		USD		15,258,200			400,038
Russell 2000 E-Mini Index		186			09/2020		USD		13,357,590			525,488
S&P 500 E-Mini Index		205			09/2020		USD		31,613,562			620,066
S&P Midcap 400 E-Mini Index		26			09/2020		USD		4,622,800			62,597
U.S. Treasury 10 Year Note		260			09/2020		USD		36,176,562			159,649

												2,301,819


Short Contracts
DJ US Real Estate Index		(24	)		09/2020		USD		(743,040	)		4,000
Euro-Bund		(144	)		09/2020		EUR		(28,501,487	)		(218,277	)
FTSE 100 Index		(136	)		09/2020		GBP		(10,343,541	)		(186,522	)

												(400,799	)

												1,901,020

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



26	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 56.2%

Fixed Income — 8.6%

JPMorgan Core Bond Fund Class R6 Shares (a)		959,996		11,884,756

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		3,211,614		28,005,275

JPMorgan Corporate Bond Fund Class R6 Shares (a)		722,493		7,723,451

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		220,730		1,681,965

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		207,258		1,583,453

JPMorgan High Yield Fund Class R6 Shares (a)		2,608,827		17,244,345

JPMorgan Managed Income Fund Class L Shares (a)		42,013		422,230


Total Fixed Income				68,545,475


International Equity — 9.1%

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		4,496,601		71,810,724


U.S. Equity — 38.5%

JPMorgan Equity Index Fund Class R6 Shares (a)		6,452,816		304,637,444


Total Investment Companies (Cost $410,068,206)				444,993,643


Exchange-Traded Funds — 40.6%

Alternative Assets — 4.5%

JPMorgan BetaBuilders MSCI US REIT ETF (a)		503,049		35,882,485


Fixed Income — 0.6%

JPMorgan U.S. Aggregate Bond ETF (a)		157,137		4,396,694


International Equity — 26.4%

JPMorgan BetaBuilders International Equity ETF (a)		4,531,660		208,864,210


U.S. Equity — 9.1%

iShares Russell 2000 ETF		200,196		28,664,062

iShares Russell Mid-Cap ETF		815,984		43,736,743


Total U.S. Equity				72,400,805


Total Exchange-Traded Funds (Cost $329,105,096)				321,544,194


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 1.1%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $8,110,231)		8,055,000		8,164,498


	SHARES
Short-Term Investments — 3.1%

Investment Companies — 3.1%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $24,894,904)		24,894,904		24,894,904

Total Investments — 101.0% (Cost $772,178,437)				799,597,239
Liabilities in Excess of Other Assets — (1.0)%				(7,766,567	)

NET ASSETS — 100.0%				791,830,672

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	27

JPMorgan SmartRetirement Blend 2045 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts
DJ US Real Estate Index		40			09/2020		USD		1,238,400			(21,570	)
EURO STOXX 50 Index		216			09/2020		EUR		7,843,343			287,094
MSCI EAFE E-Mini Index		70			09/2020		USD		6,224,050			128,010
MSCI Emerging Markets E-Mini Index		204			09/2020		USD		10,040,880			263,250
Russell 2000 E-Mini Index		105			09/2020		USD		7,540,575			296,647
S&P 500 E-Mini Index		143			09/2020		USD		22,052,388			432,535
S&P Midcap 400 E-Mini Index		9			09/2020		USD		1,600,200			21,667
U.S. Treasury 10 Year Note		184			09/2020		USD		25,601,875			101,777

												1,509,410


Short Contracts
Euro-Bund		(104	)		09/2020		EUR		(20,584,408	)		(158,176	)
FTSE 100 Index		(99	)		09/2020		GBP		(7,529,490	)		(135,776	)

												(293,952	)

												1,215,458

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



28	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 56.5%

Fixed Income — 8.6%

JPMorgan Core Bond Fund Class R6 Shares (a)		784,824		9,716,120

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		2,625,567		22,894,948

JPMorgan Corporate Bond Fund Class R6 Shares (a)		583,901		6,241,907

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		179,839		1,370,374

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		168,903		1,290,418

JPMorgan High Yield Fund Class R6 Shares (a)		2,120,549		14,016,831

JPMorgan Managed Income Fund Class L Shares (a)		34,485		346,572


Total Fixed Income				55,877,170


International Equity — 9.3%

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		3,745,583		59,816,959


U.S. Equity — 38.6%

JPMorgan Equity Index Fund Class R6 Shares (a)		5,271,898		248,886,321


Total Investment Companies (Cost $338,493,000)				364,580,450

Exchange-Traded Funds — 39.1%

Alternative Assets — 4.7%

JPMorgan BetaBuilders MSCI US REIT ETF (a)		425,475		30,349,132


Fixed Income — 0.4%

JPMorgan U.S. Aggregate Bond ETF (a)		97,124		2,717,529


International Equity—26.1%

JPMorgan BetaBuilders International Equity ETF (a)		3,656,299		168,518,821


U.S. Equity—7.9%

iShares Russell 2000 ETF		138,828		19,877,393

iShares Russell Mid-Cap ETF		573,322		30,730,060


Total U.S. Equity				50,607,453


Total Exchange-Traded Funds (Cost $257,134,749)				252,192,935


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 1.1%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $7,263,888)		7,216,000		7,314,092


	SHARES
Short-Term Investments — 4.2%

Investment Companies — 4.2%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $27,278,350)		27,278,350		27,278,350

Total Investments — 100.9% (Cost $630,169,987)				651,365,827
Liabilities in Excess of Other Assets — (0.9)%				(6,108,075	)

NET ASSETS — 100.0%				645,257,752

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	29

JPMorgan SmartRetirement Blend 2050 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts
DJ US Real Estate Index		2			09/2020		USD		61,920			(1,082	)
EURO STOXX 50 Index		176			09/2020		EUR		6,390,872			234,605
MSCI EAFE E-Mini Index		72			09/2020		USD		6,401,880			129,282
MSCI Emerging Markets E-Mini Index		152			09/2020		USD		7,481,440			196,146
Russell 2000 E-Mini Index		135			09/2020		USD		9,695,025			381,401
S&P 500 E-Mini Index		107			09/2020		USD		16,500,738			323,645
S&P Midcap 400 E-Mini Index		30			09/2020		USD		5,334,000			72,229
U.S. Treasury 10 Year Note		149			09/2020		USD		20,731,953			82,047

												1,418,273


Short Contracts
Euro-Bund		(85	)		09/2020		EUR		(16,823,795	)		(130,283	)
FTSE 100 Index		(81	)		09/2020		GBP		(6,160,492	)		(111,089	)

												(241,372	)

												1,176,901

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



30	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 55.4%

Fixed Income — 8.6%

JPMorgan Core Bond Fund Class R6 Shares (a)		428,871		5,309,423

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		1,434,690		12,510,496

JPMorgan Corporate Bond Fund Class R6 Shares (a)		316,877		3,387,420

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		97,586		743,603

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		91,624		700,010

JPMorgan High Yield Fund Class R6 Shares (a)		1,162,351		7,683,143

JPMorgan Managed Income Fund Class L Shares (a)		17,763		178,514


Total Fixed Income				30,512,609


International Equity — 9.4%

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		2,082,571		33,258,666


U.S. Equity — 37.4%

JPMorgan Equity Index Fund Class R6 Shares (a)		2,803,029		132,331,002


Total Investment Companies (Cost $182,554,691)				196,102,277


Exchange-Traded Funds — 40.9%

Alternative Assets — 4.5%

JPMorgan BetaBuilders MSCI US REIT ETF (a)		224,864		16,039,549


Fixed Income — 0.4%

JPMorgan U.S. Aggregate Bond ETF (a)		49,998		1,398,944


International Equity — 27.1%

JPMorgan BetaBuilders International Equity ETF (a)		2,078,460		95,796,222


U.S. Equity — 8.9%

iShares Russell 2000 ETF		85,805		12,285,560

iShares Russell Mid-Cap ETF		355,846		19,073,345


Total U.S. Equity				31,358,905


Total Exchange-Traded Funds (Cost $148,207,425)				144,593,620


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 1.0%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $3,651,923)		3,627,000		3,676,305


	SHARES
Short-Term Investments — 3.6%

Investment Companies — 3.6%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $12,617,403)		12,617,403		12,617,403

Total Investments — 100.9% (Cost $347,031,442)				356,989,605
Liabilities in Excess of Other Assets — (0.9)%				(3,250,228	)

NET ASSETS — 100.0%				353,739,377

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	31

JPMorgan SmartRetirement Blend 2055 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts
DJ US Real Estate Index		19			09/2020		USD		588,240			(10,244	)
EURO STOXX 50 Index		96			09/2020		EUR		3,485,931			127,484
MSCI EAFE E-Mini Index		1			09/2020		USD		88,915			2,098
MSCI Emerging Markets E-Mini Index		72			09/2020		USD		3,543,840			92,912
Russell 2000 E-Mini Index		64			09/2020		USD		4,596,160			180,813
S&P 500 E-Mini Index		84			09/2020		USD		12,953,850			254,077
S&P Midcap 400 E-Mini Index		3			09/2020		USD		533,400			7,224
U.S. Treasury 10 Year Note		85			09/2020		USD		11,826,953			52,056


												706,420


Short Contracts
Euro-Bund		(47	)		09/2020		EUR		(9,302,569	)		(72,953	)
FTSE 100 Index		(44	)		09/2020		GBP		(3,346,440	)		(60,343	)

												(133,296	)

												573,124

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



32	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020


INVESTMENTS	SHARES		VALUE($)
Investment Companies — 55.1%

Fixed Income — 8.4%

JPMorgan Core Bond Fund Class R6 Shares (a)		91,054		1,127,249

JPMorgan Core Plus Bond Fund Class R6 Shares (a)		304,586		2,655,988

JPMorgan Corporate Bond Fund Class R6 Shares (a)		65,413		699,261

JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		20,482		156,073

JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		19,257		147,123

JPMorgan High Yield Fund Class R6 Shares (a)		248,884		1,645,122


Total Fixed Income				6,430,816


International Equity — 8.4%

JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		403,952		6,451,117


U.S. Equity — 38.3%

JPMorgan Equity Index Fund Class R6 Shares (a)		621,107		29,322,464


Total Investment Companies (Cost $40,042,657)				42,204,397

Exchange-Traded Funds — 39.4%

Alternative Assets — 4.7%

JPMorgan BetaBuilders MSCI US REIT ETF (a)		50,787		3,622,637


Fixed Income — 0.5%

JPMorgan U.S. Aggregate Bond ETF (a)		13,370		374,093


International Equity — 25.9%

JPMorgan BetaBuilders International Equity ETF (a)		431,113		19,869,998


U.S. Equity — 8.3%

iShares Russell 2000 ETF		17,257		2,470,857

iShares Russell Mid-Cap ETF		72,316		3,876,138


Total U.S. Equity				6,346,995


Total Exchange-Traded Funds (Cost $31,175,369)				30,213,723


INVESTMENTS	PRINCIPAL AMOUNT($)		VALUE($)
U.S. Treasury Obligations — 1.4%

U.S. Treasury Notes 2.50%, 1/31/2021 (b) (Cost $1,020,741)		1,014,000		1,027,784


	SHARES
Short-Term Investments — 4.3%

Investment Companies — 4.3%

JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (c) (Cost $3,293,083)		3,293,083		3,293,083

Total Investments — 100.2% (Cost $75,531,850)				76,738,987
Liabilities in Excess of Other Assets — (0.2)%				(130,236	)

NET ASSETS — 100.0%				76,608,751

Percentages indicated are based on net assets.

Abbreviations


ETF		Exchange-Traded Fund
REIT		Real Estate Investment Trust

(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)		All or a portion of this security is deposited with the broker as initial margin for futures contracts.
(c)		The rate shown is the current yield as of June 30, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	33

JPMorgan SmartRetirement Blend 2060 Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2020 (continued)


Futures contracts outstanding as of June 30, 2020:
DESCRIPTION	NUMBER OF CONTRACTS			EXPIRATION DATE		TRADING CURRENCY		NOTIONAL AMOUNT($)			VALUE AND UNREALIZED APPRECIATION (DEPRECIATION)($)

Long Contracts
EURO STOXX 50 Index		21			09/2020		EUR		762,547			27,318
MSCI EAFE E-Mini Index		9			09/2020		USD		800,235			14,951
MSCI Emerging Markets E-Mini Index		28			09/2020		USD		1,378,160			36,811
Russell 2000 E-Mini Index		16			09/2020		USD		1,149,040			45,203
S&P 500 E-Mini Index		13			09/2020		USD		2,004,763			39,321
S&P Midcap 400 E-Mini Index		2			09/2020		USD		355,600			4,816
U.S. Treasury 10 Year Note		18			09/2020		USD		2,504,531			12,689

												181,109


Short Contracts
DJ US Real Estate Index		(3	)		09/2020		USD		(92,880	)		346
Euro-Bund		(10	)		09/2020		EUR		(1,979,270	)		(15,426	)
FTSE 100 Index		(9	)		09/2020		GBP		(684,499	)		(12,541	)

												(27,621	)

												153,488

Abbreviations


EAFE		Europe, Australasia, and Far East
EUR		Euro
FTSE		Financial Times and the London Stock Exchange
GBP		British Pound
MSCI		Morgan Stanley Capital International
USD		United States Dollar

SEE NOTES TO FINANCIAL STATEMENTS.



34	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

THIS PAGE IS INTENTIONALLY LEFT BLANK



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	35

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020


	JPMorgan SmartRetirement Blend Income Fund		JPMorgan SmartRetirement Blend 2020 Fund		JPMorgan SmartRetirement Blend 2025 Fund
ASSETS:
Investments in non-affiliates, at value	$	33,907,948	$	70,348,231	$	74,314,952
Investments in affiliates, at value		457,577,129		879,169,089		1,214,362,666
Receivables:
Fund shares sold		168,917		750,361		534,882
Interest from non-affiliates		45,903		101,329		148,397
Dividends from affiliates		39,401		62,623		55,584
Variation margin on futures contracts		511,729		504,754		1,637,414
Due from Adviser		29,514		41,917		39,626

Total Assets		492,280,541		950,978,304		1,291,093,521


LIABILITIES:
Payables:
Due to custodian		36,339		56,809		50,489
Distributions		39,546		74,436		103,219
Investment securities purchased		—		1,230,172		2,309,019
Fund shares redeemed		1,363,302		1,591,220		1,255,535
Accrued liabilities:
Administration fees		19,243		41,834		51,201
Distribution fees		1,411		7,488		7,688
Service fees		3,670		13,986		18,621
Custodian and accounting fees		8,340		6,794		4,891
Trustees’ and Chief Compliance Officer’s fees		40		63		159
Other		56,632		60,915		78,088

Total Liabilities		1,528,523		3,083,717		3,878,910

Net Assets	$	490,752,018	$	947,894,587	$	1,287,214,611

SEE NOTES TO FINANCIAL STATEMENTS.



36	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement Blend Income Fund		JPMorgan SmartRetirement Blend 2020 Fund		JPMorgan SmartRetirement Blend 2025 Fund
NET ASSETS:
Paid-in-Capital	$	472,645,767	$	917,804,373	$	1,249,361,021
Total distributable earnings (loss)		18,106,251		30,090,214		37,853,590

Total Net Assets	$	490,752,018	$	947,894,587	$	1,287,214,611


Net Assets:
Class I	$	5,744,789	$	12,067,580	$	19,083,458
Class R2		49,300		25,584		979,668
Class R3		6,778,281		36,311,953		35,243,189
Class R4		1,704,503		5,460,994		7,401,341
Class R5		25,547,293		41,624,955		78,199,525
Class R6		450,927,852		852,403,521		1,146,307,430

Total	$	490,752,018	$	947,894,587	$	1,287,214,611


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class I		325,532		612,451		913,758
Class R2		2,795		1,296		46,928
Class R3		384,202		1,845,309		1,689,650
Class R4		96,575		276,893		353,988
Class R5		1,448,135		2,111,588		3,742,514
Class R6		25,544,863		43,235,441		54,854,422

Net Asset Value (a):
Class I — Offering and redemption price per share	$	17.65	$	19.70	$	20.88
Class R2 — Offering and redemption price per share		17.64		19.74		20.88
Class R3 — Offering and redemption price per share		17.64		19.68		20.86
Class R4 — Offering and redemption price per share		17.65		19.72		20.91
Class R5 — Offering and redemption price per share		17.64		19.71		20.89
Class R6 — Offering and redemption price per share		17.65		19.72		20.90

Cost of investments in non-affiliates	$	32,107,504	$	67,276,502	$	73,090,411
Cost of investments in affiliates		443,154,606		852,851,813		1,175,493,417

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	37

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (continued)


	JPMorgan SmartRetirement Blend 2030 Fund		JPMorgan SmartRetirement Blend 2035 Fund		JPMorgan SmartRetirement Blend 2040 Fund
ASSETS:
Investments in non-affiliates, at value	$	97,830,471	$	94,302,025	$	98,163,108
Investments in affiliates, at value		1,362,327,333		1,057,588,077		1,004,904,192
Cash		—		3,415		4,264
Receivables:
Investment securities sold		2,170,874		—		—
Fund shares sold		788,884		614,706		619,527
Interest from non-affiliates		151,249		119,345		121,464
Dividends from affiliates		29,666		757		775
Variation margin on futures contracts		954,746		1,690,626		849,025

Total Assets		1,464,253,223		1,154,318,951		1,104,662,355


LIABILITIES:
Payables:
Due to custodian		25,065		—		—
Distributions		74,008		100,448		39,458
Investment securities purchased		7,387,679		4,594,731		4,912,505
Fund shares redeemed		1,825,731		2,792,942		1,752,983
Accrued liabilities:
Investment advisory fees		11,900		20,729		53,166
Administration fees		65,957		44,031		47,667
Distribution fees		10,094		5,616		5,121
Service fees		21,652		14,510		11,268
Custodian and accounting fees		4,112		5,857		6,241
Trustees’ and Chief Compliance Officer’s fees		218		247		277
Other		73,876		83,041		63,251

Total Liabilities		9,500,292		7,662,152		6,891,937

Net Assets	$	1,454,752,931	$	1,146,656,799	$	1,097,770,418

SEE NOTES TO FINANCIAL STATEMENTS.



38	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement Blend 2030 Fund		JPMorgan SmartRetirement Blend 2035 Fund		JPMorgan SmartRetirement Blend 2040 Fund
NET ASSETS:
Paid-in-Capital	$	1,420,694,987	$	1,121,948,883	$	1,082,866,300
Total distributable earnings (loss)		34,057,944		24,707,916		14,904,118

Total Net Assets	$	1,454,752,931	$	1,146,656,799	$	1,097,770,418


Net Assets:
Class I	$	16,639,812	$	11,645,351	$	6,039,617
Class R2		36,677		31,590		33,957
Class R3		49,155,918		27,429,008		24,976,638
Class R4		9,940,347		10,388,707		9,393,226
Class R5		84,229,662		60,357,079		46,316,227
Class R6		1,294,750,515		1,036,805,064		1,011,010,753

Total	$	1,454,752,931	$	1,146,656,799	$	1,097,770,418


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class I		763,080		516,122		263,477
Class R2		1,677		1,399		1,481
Class R3		2,259,959		1,217,579		1,092,448
Class R4		455,510		459,947		409,806
Class R5		3,863,681		2,673,306		2,020,956
Class R6		59,362,648		45,916,585		44,113,461

Net Asset Value (a):
Class I — Offering and redemption price per share	$	21.81	$	22.56	$	22.92
Class R2 — Offering and redemption price per share		21.87		22.58		22.93
Class R3 — Offering and redemption price per share		21.75		22.53		22.86
Class R4 — Offering and redemption price per share		21.82		22.59		22.92
Class R5 — Offering and redemption price per share		21.80		22.58		22.92
Class R6 — Offering and redemption price per share		21.81		22.58		22.92

Cost of investments in non-affiliates	$	91,863,480	$	92,657,334	$	93,449,775
Cost of investments in affiliates		1,319,478,770		1,020,393,186		972,496,156

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	39

STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2020 (continued)


	JPMorgan SmartRetirement Blend 2045 Fund		JPMorgan SmartRetirement Blend 2050 Fund		JPMorgan SmartRetirement Blend 2055 Fund		JPMorgan SmartRetirement Blend 2060 Fund
ASSETS:
Investments in non-affiliates, at value	$	80,565,303	$	57,921,545	$	35,035,210	$	7,374,779
Investments in affiliates, at value		719,031,936		593,444,282		321,954,395		69,364,208
Cash		2,672		3,120		1,467		439
Receivables:
Investment securities sold		1,580,403		—		—		—
Fund shares sold		730,459		670,622		972,810		322,230
Interest from non-affiliates		84,091		75,332		37,864		10,586
Dividends from affiliates		544		473		238		12
Variation margin on futures contracts		481,010		786,303		380,035		66,126
Due from Adviser		—		—		—		9,913

Total Assets		802,476,418		652,901,677		358,382,019		77,148,293


LIABILITIES:
Payables:
Distributions		43,460		26,461		21,250		3,148
Investment securities purchased		5,689,446		4,883,868		2,334,501		402,045
Fund shares redeemed		4,752,237		2,594,791		2,201,839		87,904
Accrued liabilities:
Investment advisory fees		49,792		37,707		7,490		—
Administration fees		32,537		24,930		5,399		—
Distribution fees		2,970		1,743		512		270
Service fees		8,460		5,589		2,913		571
Custodian and accounting fees		7,934		8,230		8,058		7,745
Trustees’ and Chief Compliance Officer’s fees		313		332		316		291
Other		58,597		60,274		60,364		37,568

Total Liabilities		10,645,746		7,643,925		4,642,642		539,542

Net Assets	$	791,830,672	$	645,257,752	$	353,739,377	$	76,608,751

SEE NOTES TO FINANCIAL STATEMENTS.



40	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement Blend 2045 Fund		JPMorgan SmartRetirement Blend 2050 Fund		JPMorgan SmartRetirement Blend 2055 Fund		JPMorgan SmartRetirement Blend 2060 Fund
NET ASSETS:
Paid-in-Capital	$	779,958,031	$	639,979,888	$	351,048,671	$	76,583,343
Total distributable earnings (loss)		11,872,641		5,277,864		2,690,706		25,408

Total Net Assets	$	791,830,672	$	645,257,752	$	353,739,377	$	76,608,751


Net Assets:
Class I	$	6,486,545	$	3,183,325	$	1,803,484	$	249,542
Class R2		27,661		31,011		37,037		26,869
Class R3		14,447,164		8,488,928		2,472,244		1,205,088
Class R4		7,087,724		6,400,334		3,574,667		255,311
Class R5		40,370,363		31,455,967		22,991,913		3,778,713
Class R6		723,411,215		595,698,187		322,860,032		71,093,228

Total	$	791,830,672	$	645,257,752	$	353,739,377	$	76,608,751


Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class I		282,351		138,625		79,193		14,158
Class R2		1,204		1,351		1,626		1,525
Class R3		630,300		370,437		108,872		68,531
Class R4		308,474		278,896		157,124		14,469
Class R5		1,756,752		1,371,059		1,010,133		214,676
Class R6		31,452,485		25,950,673		14,175,259		4,037,264

Net Asset Value (a):
Class I — Offering and redemption price per share	$	22.97	$	22.96	$	22.77	$	17.63
Class R2 — Offering and redemption price per share		22.98		22.95		22.77		17.61
Class R3 — Offering and redemption price per share		22.92		22.92		22.71		17.58
Class R4 — Offering and redemption price per share		22.98		22.95		22.75		17.65
Class R5 — Offering and redemption price per share		22.98		22.94		22.76		17.60
Class R6 — Offering and redemption price per share		23.00		22.96		22.78		17.61

Cost of investments in non-affiliates	$	79,109,046	$	55,280,761	$	34,547,845	$	7,462,399
Cost of investments in affiliates		693,069,391		574,889,226		312,483,597		68,069,451

(a)	Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	41

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020


	JPMorgan SmartRetirement Blend Income Fund			JPMorgan SmartRetirement Blend 2020 Fund			JPMorgan SmartRetirement Blend 2025 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	59,449		$	123,442		$	165,131
Interest income from affiliates		1			10			9
Dividend income from non-affiliates		2,116,822			3,754,387			4,283,327
Dividend income from affiliates		10,785,673			21,498,478			26,383,368

Total investment income		12,961,945			25,376,317			30,831,835


EXPENSES:
Investment advisory fees		1,196,627			2,358,529			3,122,503
Administration fees		358,991			707,564			936,758
Distribution fees:
Class R2		242			163			4,790
Class R3		6,262			78,019			64,003
Service fees:
Class I		16,829			35,776			45,679
Class R2		121			82			2,395
Class R3		6,262			78,019			64,003
Class R4		5,344			12,682			18,386
Class R5		56,705			149,623			178,677
Custodian and accounting fees		24,610			25,440			26,122
Interest expense to affiliates		652			1,477			1,581
Professional fees		39,154			44,094			47,386
Trustees’ and Chief Compliance Officer’s fees		26,746			28,462			29,596
Printing and mailing costs		14,517			17,249			17,472
Registration and filing fees		112,916			113,767			172,134
Transfer agency fees (See Note 2.G.)		13,441			14,126			19,499
Other		22,647			48,377			57,518

Total expenses		1,902,066			3,713,449			4,808,502

Less fees waived		(1,360,259	)		(2,592,262	)		(3,429,393	)
Less expense reimbursements		(318,578	)		(538,664	)		(372,995	)

Net expenses		223,229			582,523			1,006,114

Net investment income (loss)		12,738,716			24,793,794			29,825,721


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		3,805,173			1,851,497			(1,971,368	)
Investments in affiliates		614,174			(803,328	)		(1,146,687	)
Futures contracts		1,496,903			4,645,723			6,689,427
Foreign currency transactions		(64,976	)		(137,551	)		(289,290	)

Net realized gain (loss)		5,851,274			5,556,341			3,282,082

Distributions of capital gains received from investment company affiliates		642,976			1,495,431			2,156,179

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(7,589,120	)		(11,131,057	)		(11,681,253	)
Investments in affiliates		2,240,806			6,254,057			6,336,801
Futures contracts		605,460			1,057,446			1,519,435
Foreign currency translations		(10,010	)		18,462			17,611

Change in net unrealized appreciation/depreciation		(4,752,864	)		(3,801,092	)		(3,807,406	)

Net realized/unrealized gains (losses)		1,741,386			3,250,680			1,630,855

Change in net assets resulting from operations	$	14,480,102		$	28,044,474		$	31,456,576

SEE NOTES TO FINANCIAL STATEMENTS.



42	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement Blend 2030 Fund			JPMorgan SmartRetirement Blend 2035 Fund			JPMorgan SmartRetirement Blend 2040 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	175,357		$	124,776		$	118,828
Interest income from affiliates		49			5			5
Dividend income from non-affiliates		5,309,683			5,002,851			5,093,127
Dividend income from affiliates		25,826,508			18,933,551			15,724,772

Total investment income		31,311,597			24,061,183			20,936,732


EXPENSES:
Investment advisory fees		3,403,673			2,715,125			2,536,948
Administration fees		1,021,110			814,544			761,090
Distribution fees:
Class R2		580			173			214
Class R3		80,341			43,528			31,071
Service fees:
Class I		60,849			31,250			32,584
Class R2		290			86			107
Class R3		80,342			43,528			31,071
Class R4		25,042			27,588			22,976
Class R5		210,884			133,518			142,033
Custodian and accounting fees		26,623			25,775			25,697
Interest expense to affiliates		1,899			1,811			1,661
Professional fees		48,490			45,950			45,141
Trustees’ and Chief Compliance Officer’s fees		30,042			29,166			28,900
Printing and mailing costs		23,593			25,459			29,346
Registration and filing fees		118,364			155,824			112,327
Transfer agency fees (See Note 2.G.)		19,134			16,902			16,685
Other		63,193			48,791			45,679

Total expenses		5,214,449			4,159,018			3,863,530

Less fees waived		(3,582,850	)		(2,673,089	)		(2,195,115	)
Less expense reimbursements		(11,953	)		(12,668	)		(12,184	)

Net expenses		1,619,646			1,473,261			1,656,231

Net investment income (loss)		29,691,951			22,587,922			19,280,501


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(12,562,765	)		(10,842,692	)		(15,664,271	)
Investments in affiliates		(2,149,771	)		(1,046,005	)		(4,059,426	)
Futures contracts		3,810,410			624,316			(766,900	)
Foreign currency transactions		(251,990	)		(125,600	)		(226,066	)

Net realized gain (loss)		(11,154,116	)		(11,389,981	)		(20,716,663	)

Distributions of capital gains received from investment company affiliates		2,093,155			1,141,447			1,049,981

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(7,566,352	)		(7,672,077	)		(6,299,637	)
Investments in affiliates		6,717,146			5,097,016			2,219,259
Futures contracts		1,767,871			1,291,537			1,517,806
Foreign currency translations		52,539			(5,544	)		(4,386	)

Change in net unrealized appreciation/depreciation		971,204			(1,289,068	)		(2,566,958	)

Net realized/unrealized gains (losses)		(8,089,757	)		(11,537,602	)		(22,233,640	)

Change in net assets resulting from operations	$	21,602,194		$	11,050,320		$	(2,953,139	)

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	43

STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2020 (continued)


	JPMorgan SmartRetirement Blend 2045 Fund			JPMorgan SmartRetirement Blend 2050 Fund			JPMorgan SmartRetirement Blend 2055 Fund			JPMorgan SmartRetirement Blend 2060 Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	89,088		$	73,474		$	38,211		$	7,387
Interest income from affiliates		3			1			1			1
Dividend income from non-affiliates		4,250,801			3,211,533			1,727,830			304,165
Dividend income from affiliates		10,996,763			8,507,754			4,518,345			842,106

Total investment income		15,336,655			11,792,762			6,284,387			1,153,659


EXPENSES:
Investment advisory fees		1,914,258			1,491,932			790,900			144,778
Administration fees		574,282			447,583			237,272			43,434
Distribution fees:
Class R2		156			176			179			140
Class R3		20,608			12,315			4,280			2,552
Service fees:
Class I		18,100			15,425			6,998			787
Class R2		78			88			89			70
Class R3		20,608			12,315			4,280			2,552
Class R4		18,697			15,589			8,207			856
Class R5		97,470			89,780			42,704			4,833
Custodian and accounting fees		25,267			24,823			24,372			23,123
Interest expense to affiliates		1,486			1,108			575			—
Professional fees		42,900			40,961			38,082			34,705
Trustees’ and Chief Compliance Officer’s fees		28,118			27,500			26,496			25,146
Printing and mailing costs		28,303			30,769			30,336			13,372
Registration and filing fees		107,824			106,296			124,560			91,319
Transfer agency fees (See Note 2.G.)		14,413			13,595			13,470			9,562
Other		38,359			29,672			17,909			8,698

Total expenses		2,950,927			2,359,927			1,370,709			405,927

Less fees waived		(1,560,374	)		(1,263,901	)		(796,604	)		(189,891	)
Less expense reimbursements		(10,844	)		(10,276	)		(10,394	)		(111,685	)

Net expenses		1,379,709			1,085,750			563,711			104,351

Net investment income (loss)		13,956,946			10,707,012			5,720,676			1,049,308


REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		(10,015,847	)		(12,348,489	)		(4,760,558	)		(944,007	)
Investments in affiliates		(911,302	)		(2,727,467	)		(1,137,517	)		(211,122	)
Futures contracts		(1,832,647	)		573,279			(398,979	)		70,517
Foreign currency transactions		50,350			105,899			(101,196	)		(12,118	)

Net realized gain (loss)		(12,709,446	)		(14,396,778	)		(6,398,250	)		(1,096,730	)

Distributions of capital gains received from investment company affiliates		845,032			632,745			341,972			59,515

Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		(6,011,987	)		(3,398,395	)		(1,738,037	)		(327,799	)
Investments in affiliates		1,447,961			1,032,743			684,068			(35,505	)
Futures contracts		783,829			846,602			464,411			153,488
Foreign currency translations		(3,633	)		(2,098	)		(3,762	)		1,290

Change in net unrealized appreciation/depreciation		(3,783,830	)		(1,521,148	)		(593,320	)		(208,526	)

Net realized/unrealized gains (losses)		(15,648,244	)		(15,285,181	)		(6,649,598	)		(1,245,741	)

Change in net assets resulting from operations	$	(1,691,298	)	$	(4,578,169	)	$	(928,922	)	$	(196,433	)

SEE NOTES TO FINANCIAL STATEMENTS.



44	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED


	JPMorgan SmartRetirement Blend Income Fund						JPMorgan SmartRetirement Blend 2020 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	12,738,716		$	12,859,917		$	24,793,794		$	23,345,570
Net realized gain (loss)		5,851,274			(4,600,425	)		5,556,341			(6,775,037	)
Distributions of capital gains received from investment company affiliates		642,976			298,120			1,495,431			694,910
Change in net unrealized appreciation/depreciation		(4,752,864	)		22,079,164			(3,801,092	)		33,334,370

Change in net assets resulting from operations		14,480,102			30,636,776			28,044,474			50,599,813


DISTRIBUTIONS TO SHAREHOLDERS:
Class A (a)		—			(252	)		—			(119	)
Class C (a)		—			(190	)		—			(88	)
Class I		(155,105	)		(460,311	)		(340,514	)		(1,280,092	)
Class R2		(921	)		(2,286	)		(449	)		(2,808	)
Class R3		(50,686	)		(28,325	)		(677,256	)		(1,869,130	)
Class R4		(47,869	)		(240,379	)		(124,915	)		(620,191	)
Class R5		(1,419,531	)		(3,680,771	)		(3,905,146	)		(11,007,209	)
Class R6		(11,151,614	)		(19,947,899	)		(20,962,420	)		(33,814,759	)

Total distributions to shareholders		(12,825,726	)		(24,360,413	)		(26,010,700	)		(48,594,396	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		64,126,240			32,027,833			92,160,995			104,625,354


NET ASSETS:
Change in net assets		65,780,616			38,304,196			94,194,769			106,630,771
Beginning of period		424,971,402			386,667,206			853,699,818			747,069,047

End of period	$	490,752,018		$	424,971,402		$	947,894,587		$	853,699,818

(a)	Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	45

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan SmartRetirement Blend 2025 Fund						JPMorgan SmartRetirement Blend 2030 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	29,825,721		$	27,868,951		$	29,691,951		$	27,246,385
Net realized gain (loss)		3,282,082			(5,390,370	)		(11,154,116	)		(2,410,491	)
Distributions of capital gains received from investment company affiliates		2,156,179			968,601			2,093,155			1,084,827
Change in net unrealized appreciation/depreciation		(3,807,406	)		41,836,008			971,204			41,149,630

Change in net assets resulting from operations		31,456,576			65,283,190			21,602,194			67,070,351


DISTRIBUTIONS TO SHAREHOLDERS:
Class A (a)		—			(102	)		—			(90	)
Class C (a)		—			(69	)		—			(56	)
Class I		(455,553	)		(1,151,813	)		(575,718	)		(1,528,440	)
Class R2		(19,110	)		(39,791	)		(449	)		(31,272	)
Class R3		(542,234	)		(1,187,337	)		(641,365	)		(1,274,869	)
Class R4		(179,854	)		(895,040	)		(240,509	)		(1,410,468	)
Class R5		(4,842,975	)		(9,427,714	)		(5,590,700	)		(12,728,686	)
Class R6		(28,949,708	)		(41,334,119	)		(29,459,600	)		(42,296,140	)

Total distributions to shareholders		(34,989,434	)		(54,035,985	)		(36,508,341	)		(59,270,021	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		177,279,881			232,788,202			286,980,938			264,705,993


NET ASSETS:
Change in net assets		173,747,023			244,035,407			272,074,791			272,506,323
Beginning of period		1,113,467,588			869,432,181			1,182,678,140			910,171,817

End of period	$	1,287,214,611		$	1,113,467,588		$	1,454,752,931		$	1,182,678,140

(a)	Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



46	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement Blend 2035 Fund						JPMorgan SmartRetirement Blend 2040 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	22,587,922		$	21,223,912		$	19,280,501		$	18,555,133
Net realized gain (loss)		(11,389,981	)		(1,429,027	)		(20,716,663	)		(374,290	)
Distributions of capital gains received from investment company affiliates		1,141,447			942,396			1,049,981			914,021
Change in net unrealized appreciation/depreciation		(1,289,068	)		33,079,034			(2,566,958	)		29,298,793

Change in net assets resulting from operations		11,050,320			53,816,315			(2,953,139	)		48,393,657


DISTRIBUTIONS TO SHAREHOLDERS:
Class A (a)		—			(77	)		—			(69	)
Class C (a)		—			(43	)		—			(34	)
Class I		(268,086	)		(746,801	)		(276,943	)		(1,088,105	)
Class R2		(418	)		(2,114	)		(395	)		(4,692	)
Class R3		(319,697	)		(637,403	)		(200,406	)		(396,487	)
Class R4		(245,949	)		(1,229,673	)		(190,699	)		(1,125,273	)
Class R5		(3,312,475	)		(7,314,483	)		(3,395,571	)		(9,215,500	)
Class R6		(23,443,654	)		(35,966,849	)		(20,094,656	)		(34,531,351	)

Total distributions to shareholders		(27,590,279	)		(45,897,443	)		(24,158,670	)		(46,361,511	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		205,721,130			222,916,459			239,864,455			214,037,591


NET ASSETS:
Change in net assets		189,181,171			230,835,331			212,752,646			216,069,737
Beginning of period		957,475,628			726,640,297			885,017,772			668,948,035

End of period	$	1,146,656,799		$	957,475,628		$	1,097,770,418		$	885,017,772

(a)	Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	47

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan SmartRetirement Blend 2045 Fund						JPMorgan SmartRetirement Blend 2050 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	13,956,946		$	14,279,976		$	10,707,012		$	10,416,853
Net realized gain (loss)		(12,709,446	)		(3,683,349	)		(14,396,778	)		(1,855,583	)
Distributions of capital gains received from investment company affiliates		845,032			710,839			632,745			518,814
Change in net unrealized appreciation/depreciation		(3,783,830	)		25,868,210			(1,521,148	)		18,270,555

Change in net assets resulting from operations		(1,691,298	)		37,175,676			(4,578,169	)		27,350,639


DISTRIBUTIONS TO SHAREHOLDERS:
Class A (a)		—			(64	)		—			(64	)
Class C (a)		—			(30	)		—			(30	)
Class I		(129,212	)		(414,950	)		(115,723	)		(505,275	)
Class R2		(315	)		(1,629	)		(325	)		(2,800	)
Class R3		(115,408	)		(232,901	)		(75,162	)		(98,416	)
Class R4		(134,948	)		(655,961	)		(117,192	)		(566,587	)
Class R5		(1,978,465	)		(5,070,505	)		(1,902,469	)		(5,024,680	)
Class R6		(13,616,500	)		(24,848,177	)		(10,541,826	)		(17,958,259	)

Total distributions to shareholders		(15,974,848	)		(31,224,217	)		(12,752,697	)		(24,156,111	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		117,972,019			175,520,063			148,833,790			142,507,742


NET ASSETS:
Change in net assets		100,305,873			181,471,522			131,502,924			145,702,270
Beginning of period		691,524,799			510,053,277			513,754,828			368,052,558

End of period	$	791,830,672		$	691,524,799		$	645,257,752		$	513,754,828

(a)	Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



48	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement Blend 2055 Fund						JPMorgan SmartRetirement Blend 2060 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	5,720,676		$	5,208,167		$	1,049,308		$	667,498
Net realized gain (loss)		(6,398,250	)		(1,351,327	)		(1,096,730	)		(135,359	)
Distributions of capital gains received from investment company affiliates		341,972			253,953			59,515			31,331
Change in net unrealized appreciation/depreciation		(593,320	)		9,596,315			(208,526	)		1,531,854

Change in net assets resulting from operations		(928,922	)		13,707,108			(196,433	)		2,095,324


DISTRIBUTIONS TO SHAREHOLDERS:
Class A (a)		—			(63	)		—			(60	)
Class C (a)		—			(29	)		—			(29	)
Class I		(49,034	)		(146,510	)		(4,426	)		(28,903	)
Class R2		(298	)		(2,037	)		(296	)		(823	)
Class R3		(27,015	)		(35,532	)		(15,078	)		(19,179	)
Class R4		(55,481	)		(158,605	)		(6,026	)		(18,059	)
Class R5		(825,325	)		(1,827,435	)		(96,575	)		(66,645	)
Class R6		(5,430,611	)		(8,074,664	)		(1,061,813	)		(764,996	)

Total distributions to shareholders		(6,387,764	)		(10,244,875	)		(1,184,214	)		(898,694	)


CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		100,329,420			86,203,689			36,878,290			26,050,653


NET ASSETS:
Change in net assets		93,012,734			89,665,922			35,497,643			27,247,283
Beginning of period		260,726,643			171,060,721			41,111,108			13,863,825

End of period	$	353,739,377		$	260,726,643		$	76,608,751		$	41,111,108

(a)	Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	49

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan SmartRetirement Blend Income Fund						JPMorgan SmartRetirement Blend 2020 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A (a)
Distributions reinvested	$	—		$	252		$	—		$	119
Cost of shares redeemed		—			(45,393	)		—			(23,550	)

Change in net assets resulting from Class A capital transactions	$	—		$	(45,141	)	$	—		$	(23,431	)

Class C (a)
Distributions reinvested	$	—		$	190		$	—		$	88
Cost of shares redeemed		—			(44,378	)		—			(22,968	)

Change in net assets resulting from Class C capital transactions	$	—		$	(44,188	)	$	—		$	(22,880	)

Class I
Proceeds from shares issued	$	485,931		$	815,928		$	2,294,123		$	1,635,832
Distributions reinvested		155,105			460,311			340,514			1,280,092
Cost of shares redeemed		(2,343,871	)		(7,408,177	)		(7,896,615	)		(11,783,549	)

Change in net assets resulting from Class I capital transactions	$	(1,702,835	)	$	(6,131,938	)	$	(5,261,978	)	$	(8,867,625	)

Class R2
Proceeds from shares issued	$	142		$	—		$	3,121		$	45,299
Distributions reinvested		921			2,286			449			2,808
Cost of shares redeemed		—			—			(48,914	)		(1,380	)

Change in net assets resulting from Class R2 capital transactions	$	1,063		$	2,286		$	(45,344	)	$	46,727

Class R3
Proceeds from shares issued	$	6,219,180		$	—		$	13,082,513		$	40,934,703
Distributions reinvested		46,900			28,325			673,748			1,869,130
Cost of shares redeemed		(521,571	)		(61,923	)		(9,477,168	)		(14,337,065	)

Change in net assets resulting from Class R3 capital transactions	$	5,744,509		$	(33,598	)	$	4,279,093		$	28,466,768

Class R4
Proceeds from shares issued	$	1,049,441		$	2,403,138		$	2,669,712		$	6,128,817
Distributions reinvested		47,869			240,379			124,914			620,191
Cost of shares redeemed		(1,640,624	)		(4,812,884	)		(1,903,986	)		(12,087,178	)

Change in net assets resulting from Class R4 capital transactions	$	(543,314	)	$	(2,169,367	)	$	890,640		$	(5,338,170	)

Class R5
Proceeds from shares issued	$	16,172,895		$	10,724,080		$	18,567,095		$	25,116,397
Distributions reinvested		1,412,492			3,666,923			3,905,146			11,007,209
Cost of shares redeemed		(53,602,980	)		(34,695,428	)		(158,349,335	)		(67,650,688	)

Change in net assets resulting from Class R5 capital transactions	$	(36,017,593	)	$	(20,304,425	)	$	(135,877,094	)	$	(31,527,082	)

Class R6
Proceeds from shares issued	$	228,471,599		$	266,863,512		$	416,213,093		$	304,012,060
Distributions reinvested		11,026,224			19,868,786			20,673,709			33,615,067
Cost of shares redeemed		(142,853,413	)		(225,978,094	)		(208,711,124	)		(215,736,080	)

Change in net assets resulting from Class R6 capital transactions	$	96,644,410		$	60,754,204		$	228,175,678		$	121,891,047

Total change in net assets resulting from capital transactions	$	64,126,240		$	32,027,833		$	92,160,995		$	104,625,354

(a)	Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



50	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement Blend Income Fund						JPMorgan SmartRetirement Blend 2020 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A (a)
Reinvested		—			14			—			6
Redeemed		—			(2,638	)		—			(1,223	)

Change in Class A Shares		—			(2,624	)		—			(1,217	)

Class C (a)
Reinvested		—			11			—			4
Redeemed		—			(2,583	)		—			(1,194	)

Change in Class C Shares		—			(2,572	)		—			(1,190	)

Class I
Issued		27,656			47,193			119,506			84,606
Reinvested		8,867			27,281			17,420			68,674
Redeemed		(136,315	)		(428,573	)		(399,829	)		(614,103	)

Change in Class I Shares		(99,792	)		(354,099	)		(262,903	)		(460,823	)

Class R2
Issued		8			—			159			2,338
Reinvested		53			136			23			151
Redeemed		—			—			(2,504	)		(75	)

Change in Class R2 Shares		61			136			(2,322	)		2,414

Class R3
Issued		379,617			—			713,913			2,129,540
Reinvested		2,671			1,686			34,481			101,262
Redeemed		(30,366	)		(3,505	)		(491,634	)		(763,922	)

Change in Class R3 Shares		351,922			(1,819	)		256,760			1,466,880

Class R4
Issued		58,534			137,856			132,542			315,018
Reinvested		2,734			14,380			6,405			33,434
Redeemed		(95,448	)		(290,724	)		(98,907	)		(664,977	)

Change in Class R4 Shares		(34,180	)		(138,488	)		40,040			(316,525	)

Class R5
Issued		923,504			620,782			948,360			1,307,381
Reinvested		81,006			218,023			200,362			589,535
Redeemed		(3,138,460	)		(2,006,985	)		(8,390,380	)		(3,487,459	)

Change in Class R5 Shares		(2,133,950	)		(1,168,180	)		(7,241,658	)		(1,590,543	)

Class R6
Issued		12,969,241			15,833,951			21,277,457			15,995,955
Reinvested		631,703			1,180,661			1,060,074			1,798,086
Redeemed		(8,136,033	)		(13,141,789	)		(10,726,725	)		(11,245,801	)

Change in Class R6 Shares		5,464,911			3,872,823			11,610,806			6,548,240

(a)	Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	51

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan SmartRetirement Blend 2025 Fund						JPMorgan SmartRetirement Blend 2030 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A (a)
Distributions reinvested	$	—		$	101		$	—		$	90
Cost of shares redeemed		—			(24,003	)		—			(24,501	)

Change in net assets resulting from Class A capital transactions	$	—		$	(23,902	)	$	—		$	(24,411	)

Class C (a)
Distributions reinvested	$	—		$	69		$	—		$	56
Cost of shares redeemed		—			(23,449	)		—			(23,927	)

Change in net assets resulting from Class C capital transactions	$	—		$	(23,380	)	$	—		$	(23,871	)

Class I
Proceeds from shares issued	$	6,910,053		$	7,165,149		$	3,811,028		$	7,225,356
Distributions reinvested		430,811			1,133,767			574,197			1,524,904
Cost of shares redeemed		(6,539,095	)		(13,547,562	)		(16,150,479	)		(12,348,144	)

Change in net assets resulting from Class I capital transactions	$	801,769		$	(5,248,646	)	$	(11,765,254	)	$	(3,597,884	)

Class R2
Proceeds from shares issued	$	33,147		$	101,884		$	16,786		$	704,746
Distributions reinvested		19,110			39,791			449			31,272
Cost of shares redeemed		(31,023	)		(9,239	)		(564,189	)		(156,703	)

Change in net assets resulting from Class R2 capital transactions	$	21,234		$	132,436		$	(546,954	)	$	579,315

Class R3
Proceeds from shares issued	$	17,962,440		$	32,660,793		$	24,388,665		$	27,395,003
Distributions reinvested		532,899			1,181,833			550,816			1,229,216
Cost of shares redeemed		(8,600,120	)		(12,223,019	)		(5,222,353	)		(7,832,146	)

Change in net assets resulting from Class R3 capital transactions	$	9,895,219		$	21,619,607		$	19,717,128		$	20,792,073

Class R4
Proceeds from shares issued	$	3,545,060		$	9,311,607		$	5,150,949		$	12,092,151
Distributions reinvested		179,854			895,040			240,509			1,410,468
Cost of shares redeemed		(4,153,614	)		(19,296,960	)		(4,220,622	)		(27,814,986	)

Change in net assets resulting from Class R4 capital transactions	$	(428,700	)	$	(9,090,313	)	$	1,170,836		$	(14,312,367	)

Class R5
Proceeds from shares issued	$	36,252,614		$	41,905,465		$	31,845,904		$	40,035,814
Distributions reinvested		4,842,975			9,427,714			5,590,699			12,728,686
Cost of shares redeemed		(150,614,330	)		(54,028,811	)		(176,137,488	)		(68,310,271	)

Change in net assets resulting from Class R5 capital transactions	$	(109,518,741	)	$	(2,695,632	)	$	(138,700,885	)	$	(15,545,771	)

Class R6
Proceeds from shares issued	$	580,097,325		$	383,514,411		$	607,932,501		$	407,707,355
Distributions reinvested		28,558,118			41,122,450			29,150,270			42,078,850
Cost of shares redeemed		(332,146,343	)		(196,518,829	)		(219,976,704	)		(172,947,296	)
Change in net assets resulting from Class R6 capital transactions	$	276,509,100		$	228,118,032		$	417,106,067		$	276,838,909

Total change in net assets resulting from capital transactions	$	177,279,881		$	232,788,202		$	286,980,938		$	264,705,993

(a)	Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



52	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement Blend 2025 Fund						JPMorgan SmartRetirement Blend 2030 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A (a)
Reinvested		—			5			—			4
Redeemed		—			(1,181	)		—			(1,145	)

Change in Class A Shares		—			(1,176	)		—			(1,141	)

Class C (a)
Reinvested		—			3			—			3
Redeemed		—			(1,155	)		—			(1,120	)

Change in Class C Shares		—			(1,152	)		—			(1,117	)

Class I
Issued		323,506			344,626			174,944			336,030
Reinvested		20,668			57,515			25,827			74,116
Redeemed		(312,227	)		(660,000	)		(761,617	)		(572,494	)

Change in Class I Shares		31,947			(257,859	)		(560,846	)		(162,348	)

Class R2
Issued		1,531			5,137			773			31,820
Reinvested		913			2,021			20			1,530
Redeemed		(1,497	)		(470	)		(26,142	)		(7,455	)

Change in Class R2 Shares		947			6,688			(25,349	)		25,895

Class R3
Issued		933,427			1,609,243			1,245,495			1,283,435
Reinvested		25,510			60,515			25,080			60,443
Redeemed		(414,109	)		(617,679	)		(246,343	)		(376,250	)

Change in Class R3 Shares		544,828			1,052,079			1,024,232			967,628

Class R4
Issued		165,253			451,999			229,046			554,452
Reinvested		8,604			45,596			10,944			69,205
Redeemed		(198,187	)		(1,006,550	)		(199,058	)		(1,408,224	)

Change in Class R4 Shares		(24,330	)		(508,955	)		40,932			(784,567	)

Class R5
Issued		1,728,473			2,056,301			1,442,279			1,878,227
Reinvested		232,148			476,564			254,801			619,047
Redeemed		(7,640,010	)		(2,618,319	)		(8,671,005	)		(3,162,412	)

Change in Class R5 Shares		(5,679,389	)		(85,454	)		(6,973,925	)		(665,138	)

Class R6
Issued		27,791,347			18,922,407			27,957,022			19,214,323
Reinvested		1,368,562			2,077,071			1,331,915			2,042,047
Redeemed		(15,813,127	)		(9,668,574	)		(10,172,782	)		(8,105,104	)

Change in Class R6 Shares		13,346,782			11,330,904			19,116,155			13,151,266

(a)	Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	53

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan SmartRetirement Blend 2035 Fund						JPMorgan SmartRetirement Blend 2040 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A (a)
Distributions reinvested	$	—		$	77		$	—		$	69
Cost of shares redeemed		—			(24,884	)		—			(25,200	)

Change in net assets resulting from Class A capital transactions	$	—		$	(24,807	)	$	—		$	(25,131	)

Class C (a)
Distributions reinvested	$	—		$	43		$	—		$	34
Cost of shares redeemed		—			(24,299	)		—			(24,609	)

Change in net assets resulting from Class C capital transactions	$	—		$	(24,256	)	$	—		$	(24,575	)

Class I
Proceeds from shares issued	$	3,691,046		$	3,037,965		$	2,302,769		$	2,716,487
Distributions reinvested		257,809			743,443			273,948			1,079,643
Cost of shares redeemed		(4,923,122	)		(7,161,886	)		(11,879,521	)		(9,529,053	)

Change in net assets resulting from Class I capital transactions	$	(974,267	)	$	(3,380,478	)	$	(9,302,804	)	$	(5,732,923	)

Class R2
Proceeds from shares issued	$	6,135		$	44,006		$	12,345		$	96,934
Distributions reinvested		418			2,114			395			4,691
Cost of shares redeemed		(47,159	)		(1,971	)		(97,371	)		(6,899	)

Change in net assets resulting from Class R2 capital transactions	$	(40,606	)	$	44,149		$	(84,631	)	$	94,726

Class R3
Proceeds from shares issued	$	14,707,086		$	16,428,438		$	15,784,514		$	9,399,360
Distributions reinvested		284,413			616,407			152,689			377,677
Cost of shares redeemed		(3,129,303	)		(4,025,498	)		(884,392	)		(2,785,016	)

Change in net assets resulting from Class R3 capital transactions	$	11,862,196		$	13,019,347		$	15,052,811		$	6,992,021

Class R4
Proceeds from shares issued	$	3,232,257		$	13,551,207		$	3,436,895		$	9,641,058
Distributions reinvested		245,949			1,229,673			190,699			1,125,273
Cost of shares redeemed		(3,918,790	)		(24,060,420	)		(3,125,880	)		(18,374,128	)

Change in net assets resulting from Class R4 capital transactions	$	(440,584	)	$	(9,279,540	)	$	501,714		$	(7,607,797	)

Class R5
Proceeds from shares issued	$	32,337,520		$	27,118,383		$	24,230,325		$	32,549,498
Distributions reinvested		3,311,299			7,314,116			3,395,571			9,215,500
Cost of shares redeemed		(107,928,371	)		(41,171,929	)		(128,254,278	)		(44,129,351	)

Change in net assets resulting from Class R5 capital transactions	$	(72,279,552	)	$	(6,739,430	)	$	(100,628,382	)	$	(2,364,353	)

Class R6
Proceeds from shares issued	$	490,190,398		$	322,105,789		$	463,255,427		$	298,502,337
Distributions reinvested		23,113,494			35,781,006			19,906,168			34,404,382
Cost of shares redeemed		(245,709,949	)		(128,585,321	)		(148,835,848	)		(110,201,096	)

Change in net assets resulting from Class R6 capital transactions	$	267,593,943		$	229,301,474		$	334,325,747		$	222,705,623

Total change in net assets resulting from capital transactions	$	205,721,130		$	222,916,459		$	239,864,455		$	214,037,591

(a)	Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



54	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement Blend 2035 Fund						JPMorgan SmartRetirement Blend 2040 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A (a)
Reinvested		—			3			—			3
Redeemed		—			(1,119	)		—			(1,104	)

Change in Class A Shares		—			(1,116	)		—			(1,101	)

Class C (a)
Reinvested		—			2			—			2
Redeemed		—			(1,094	)		—			(1,080	)

Change in Class C Shares		—			(1,092	)		—			(1,078	)

Class I
Issued		158,595			134,134			96,978			118,514
Reinvested		11,186			34,899			11,374			50,063
Redeemed		(222,846	)		(319,350	)		(536,706	)		(421,451	)

Change in Class I Shares		(53,065	)		(150,317	)		(428,354	)		(252,874	)

Class R2
Issued		280			2,100			539			4,200
Reinvested		18			99			16			218
Redeemed		(2,111	)		(91	)		(4,291	)		(293	)

Change in Class R2 Shares		(1,813	)		2,108			(3,736	)		4,125

Class R3
Issued		725,610			740,057			780,751			412,791
Reinvested		12,359			29,235			6,511			17,694
Redeemed		(139,839	)		(185,322	)		(38,939	)		(128,530	)

Change in Class R3 Shares		598,130			583,970			748,323			301,955

Class R4
Issued		140,002			602,549			145,103			419,198
Reinvested		10,656			58,086			8,090			52,433
Redeemed		(177,766	)		(1,175,568	)		(137,797	)		(885,467	)

Change in Class R4 Shares		(27,108	)		(514,933	)		15,396			(413,836	)

Class R5
Issued		1,417,087			1,219,414			1,031,223			1,428,259
Reinvested		144,426			342,845			144,202			426,333
Redeemed		(5,155,911	)		(1,849,605	)		(6,092,000	)		(1,954,045	)

Change in Class R5 Shares		(3,594,398	)		(287,346	)		(4,916,575	)		(99,453	)

Class R6
Issued		21,651,245			14,571,981			20,155,497			13,200,070
Reinvested		1,009,416			1,672,824			851,297			1,587,485
Redeemed		(10,754,439	)		(5,787,162	)		(6,523,905	)		(4,858,693	)

Change in Class R6 Shares		11,906,222			10,457,643			14,482,889			9,928,862

(a)	Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	55

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan SmartRetirement Blend 2045 Fund						JPMorgan SmartRetirement Blend 2050 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A (a)
Distributions reinvested	$	—		$	64		$	—		$	64
Cost of shares redeemed		—			(25,225	)		—			(25,276	)

Change in net assets resulting from Class A capital transactions	$	—		$	(25,161	)	$	—		$	(25,212	)

Class C (a)
Distributions reinvested	$	—		$	30		$	—		$	30
Cost of shares redeemed		—			(24,629	)		—			(24,683	)

Change in net assets resulting from Class C capital transactions	$	—		$	(24,599	)	$	—		$	(24,653	)

Class I
Proceeds from shares issued	$	2,819,549		$	2,436,144		$	1,336,981		$	2,561,731
Distributions reinvested		124,721			414,940			115,723			505,274
Cost of shares redeemed		(3,638,328	)		(8,829,494	)		(5,433,157	)		(11,616,585	)

Change in net assets resulting from Class I capital transactions	$	(694,058	)	$	(5,978,410	)	$	(3,980,453	)	$	(8,549,580	)

Class R2
Proceeds from shares issued	$	2,523		$	24,798		$	7,331		$	49,130
Distributions reinvested		315			1,629			325			2,799
Cost of shares redeemed		(26,353	)		(411	)		(52,028	)		(742	)

Change in net assets resulting from Class R2 capital transactions	$	(23,515	)	$	26,016		$	(44,372	)	$	51,187

Class R3
Proceeds from shares issued	$	8,788,545		$	6,747,796		$	5,551,109		$	3,404,559
Distributions reinvested		90,668			223,775			48,017			91,432
Cost of shares redeemed		(846,636	)		(1,788,447	)		(630,575	)		(1,019,430	)

Change in net assets resulting from Class R3 capital transactions	$	8,032,577		$	5,183,124		$	4,968,551		$	2,476,561

Class R4
Proceeds from shares issued	$	2,195,382		$	8,380,593		$	2,101,162		$	6,381,155
Distributions reinvested		134,948			655,961			117,192			566,587
Cost of shares redeemed		(2,892,053	)		(12,237,851	)		(1,532,240	)		(10,376,250	)

Change in net assets resulting from Class R4 capital transactions	$	(561,723	)	$	(3,201,297	)	$	686,114		$	(3,428,508	)

Class R5
Proceeds from shares issued	$	24,449,647		$	26,577,703		$	20,812,153		$	25,599,447
Distributions reinvested		1,978,465			5,070,505			1,902,469			5,024,680
Cost of shares redeemed		(81,623,736	)		(31,238,713	)		(81,022,008	)		(25,338,258	)

Change in net assets resulting from Class R5 capital transactions	$	(55,195,624	)	$	409,495		$	(58,307,386	)	$	5,285,869

Class R6
Proceeds from shares issued	$	343,670,447		$	243,249,999		$	289,250,195		$	196,481,386
Distributions reinvested		13,449,890			24,723,248			10,424,670			17,855,956
Cost of shares redeemed		(190,705,975	)		(88,842,352	)		(94,163,529	)		(67,615,264	)

Change in net assets resulting from Class R6 capital transactions	$	166,414,362		$	179,130,895		$	205,511,336		$	146,722,078

Total change in net assets resulting from capital transactions	$	117,972,019		$	175,520,063		$	148,833,790		$	142,507,742

(a)	Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



56	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement Blend 2045 Fund						JPMorgan SmartRetirement Blend 2050 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A (a)
Reinvested		—			3			—			3
Redeemed		—			(1,108	)		—			(1,110	)

Change in Class A Shares		—			(1,105	)		—			(1,107	)

Class C (a)
Reinvested		—			1			—			1
Redeemed		—			(1,083	)		—			(1,085	)

Change in Class C Shares		—			(1,082	)		—			(1,084	)

Class I
Issued		127,814			106,432			57,281			110,748
Reinvested		5,218			19,052			4,770			23,300
Redeemed		(163,569	)		(383,922	)		(247,879	)		(507,892	)

Change in Class I Shares		(30,537	)		(258,438	)		(185,828	)		(373,844	)

Class R2
Issued		109			1,087			321			2,114
Reinvested		13			75			13			129
Redeemed		(1,157	)		(19	)		(2,288	)		(32	)

Change in Class R2 Shares		(1,035	)		1,143			(1,954	)		2,211

Class R3
Issued		421,294			296,718			266,922			152,620
Reinvested		3,840			10,415			2,024			4,252
Redeemed		(36,564	)		(81,204	)		(28,695	)		(45,667	)

Change in Class R3 Shares		388,570			225,929			240,251			111,205

Class R4
Issued		94,156			366,258			89,723			278,379
Reinvested		5,661			30,373			4,930			26,322
Redeemed		(125,962	)		(584,339	)		(68,569	)		(497,614	)

Change in Class R4 Shares		(26,145	)		(187,708	)		26,084			(192,913	)

Class R5
Issued		1,032,496			1,170,744			880,996			1,125,328
Reinvested		83,596			233,051			80,417			231,835
Redeemed		(3,870,356	)		(1,382,085	)		(3,866,376	)		(1,124,574	)

Change in Class R5 Shares		(2,754,264	)		21,710			(2,904,963	)		232,589

Class R6
Issued		14,824,243			10,675,934			12,618,177			8,629,547
Reinvested		569,560			1,132,285			443,186			821,188
Redeemed		(8,027,353	)		(3,907,263	)		(4,096,909	)		(2,974,620	)

Change in Class R6 Shares		7,366,450			7,900,956			8,964,454			6,476,115

(a)	Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	57

STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)


	JPMorgan SmartRetirement Blend 2055 Fund						JPMorgan SmartRetirement Blend 2060 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
CAPITAL TRANSACTIONS:
Class A (a)
Distributions reinvested	$	—		$	63		$	—		$	60
Cost of shares redeemed		—			(25,235	)		—			(23,653	)

Change in net assets resulting from Class A capital transactions	$	—		$	(25,172	)	$	—		$	(23,593	)

Class C (a)
Distributions reinvested	$	—		$	29		$	—		$	29
Cost of shares redeemed		—			(24,678	)		—			(23,389	)

Change in net assets resulting from Class C capital transactions	$	—		$	(24,649	)	$	—		$	(23,360	)

Class I
Proceeds from shares issued	$	1,487,492		$	2,309,511		$	109,857		$	202,963
Distributions reinvested		49,033			146,510			4,426			28,903
Cost of shares redeemed		(2,461,395	)		(5,364,823	)		(405,379	)		(897,579	)

Change in net assets resulting from Class I capital transactions	$	(924,870	)	$	(2,908,802	)	$	(291,096	)	$	(665,713	)

Class R2
Proceeds from shares issued	$	14,296		$	47,517		$	2,286		$	14,964
Distributions reinvested		298			2,036			296			823
Cost of shares redeemed		(51,141	)		(1,401	)		(15,856	)		(102	)

Change in net assets resulting from Class R2 capital transactions	$	(36,547	)	$	48,152		$	(13,274	)	$	15,685

Class R3
Proceeds from shares issued	$	1,544,881		$	1,348,811		$	569,713		$	678,761
Distributions reinvested		15,241			32,373			14,821			19,179
Cost of shares redeemed		(265,275	)		(321,928	)		(207,030	)		(159,152	)

Change in net assets resulting from Class R3 capital transactions	$	1,294,847		$	1,059,256		$	377,504		$	538,788

Class R4
Proceeds from shares issued	$	2,016,864		$	3,040,332		$	268,295		$	666,238
Distributions reinvested		55,481			158,605			6,026			18,059
Cost of shares redeemed		(1,353,954	)		(2,623,501	)		(363,246	)		(1,166,887	)

Change in net assets resulting from Class R4 capital transactions	$	718,391		$	575,436		$	(88,925	)	$	(482,590	)

Class R5
Proceeds from shares issued	$	15,462,543		$	16,700,195		$	3,915,630		$	3,849,097
Distributions reinvested		825,325			1,827,435			96,531			66,547
Cost of shares redeemed		(33,383,453	)		(14,070,863	)		(3,912,970	)		(533,006	)

Change in net assets resulting from Class R5 capital transactions	$	(17,095,585	)	$	4,456,767		$	99,191		$	3,382,638

Class R6
Proceeds from shares issued	$	186,346,050		$	111,938,645		$	51,676,656		$	28,825,673
Distributions reinvested		5,362,701			8,040,291			1,046,651			759,437
Cost of shares redeemed		(75,335,567	)		(36,956,235	)		(15,928,417	)		(6,276,312	)

Change in net assets resulting from Class R6 capital transactions	$	116,373,184		$	83,022,701		$	36,794,890		$	23,308,798

Total change in net assets resulting from capital transactions	$	100,329,420		$	86,203,689		$	36,878,290		$	26,050,653

(a)	Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



58	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


	JPMorgan SmartRetirement Blend 2055 Fund						JPMorgan SmartRetirement Blend 2060 Fund
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2020			Year Ended June 30, 2019
SHARE TRANSACTIONS:
Class A (a)
Reinvested		—			3			—			3
Redeemed		—			(1,126	)		—			(1,386	)

Change in Class A Shares		—			(1,123	)		—			(1,383	)

Class C (a)
Reinvested		—			1			—			1
Redeemed		—			(1,103	)		—			(1,373	)

Change in Class C Shares		—			(1,102	)		—			(1,372	)

Class I
Issued		63,665			101,579			6,246			11,775
Reinvested		2,051			6,767			246			1,744
Redeemed		(111,873	)		(237,238	)		(22,071	)		(51,877	)

Change in Class I Shares		(46,157	)		(128,892	)		(15,579	)		(38,358	)

Class R2
Issued		631			2,106			128			869
Reinvested		12			94			16			49
Redeemed		(2,270	)		(61	)		(908	)		(6	)

Change in Class R2 Shares		(1,627	)		2,139			(764	)		912

Class R3
Issued		67,976			60,061			33,145			39,542
Reinvested		649			1,518			813			1,148
Redeemed		(11,164	)		(14,957	)		(11,743	)		(9,033	)

Change in Class R3 Shares		57,461			46,622			22,215			31,657

Class R4
Issued		85,929			132,994			14,997			38,166
Reinvested		2,371			7,400			324			1,075
Redeemed		(59,469	)		(125,422	)		(20,871	)		(71,349	)

Change in Class R4 Shares		28,831			14,972			(5,550	)		(32,108	)

Class R5
Issued		662,921			742,312			220,218			222,710
Reinvested		35,328			84,740			5,356			3,886
Redeemed		(1,586,497	)		(631,195	)		(241,050	)		(32,650	)

Change in Class R5 Shares		(888,248	)		195,857			(15,476	)		193,946

Class R6
Issued		8,116,886			4,952,480			2,914,788			1,666,599
Reinvested		230,049			371,470			58,236			44,720
Redeemed		(3,205,082	)		(1,642,796	)		(897,989	)		(366,452	)

Change in Class R6 Shares		5,141,853			3,681,154			2,075,035			1,344,867

(a)	Liquidated on November 16, 2018.

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	59

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend Income Fund
Class I
Year Ended June 30, 2020	$	17.52	$	0.42		$	0.13		$	0.55	$	(0.42	)	$	—		$	(0.42	)
Year Ended June 30, 2019		17.53		0.45			0.49			0.94		(0.45	)		(0.50	)		(0.95	)
Year Ended June 30, 2018		17.25		0.42			0.29			0.71		(0.43	)		—			(0.43	)
Year Ended June 30, 2017		16.50		0.37	(h)		0.72			1.09		(0.34	)		—			(0.34	)
Year Ended June 30, 2016		16.47		0.33			0.06			0.39		(0.34	)		(0.02	)		(0.36	)

Class R2
Year Ended June 30, 2020		17.51		0.34			0.12			0.46		(0.33	)		—			(0.33	)
Year Ended June 30, 2019		17.53		0.39			0.46			0.85		(0.37	)		(0.50	)		(0.87	)
Year Ended June 30, 2018		17.25		0.34			0.28			0.62		(0.34	)		—			(0.34	)
Year Ended June 30, 2017		16.50		0.29	(h)		0.72			1.01		(0.26	)		—			(0.26	)
Year Ended June 30, 2016		16.47		0.27			0.05			0.32		(0.27	)		(0.02	)		(0.29	)

Class R3
Year Ended June 30, 2020		17.52		0.35			0.15			0.50		(0.38	)		—			(0.38	)
Year Ended June 30, 2019		17.54		0.43			0.46			0.89		(0.41	)		(0.50	)		(0.91	)
Year Ended June 30, 2018		17.24		0.31			0.35			0.66		(0.36	)		—			(0.36	)
May 31, 2017 (i) through June 30, 2017		17.28		0.06	(h)		(0.02	)		0.04		(0.08	)		—			(0.08	)

Class R4
Year Ended June 30, 2020		17.52		0.42			0.13			0.55		(0.42	)		—			(0.42	)
Year Ended June 30, 2019		17.52		0.49			0.45			0.94		(0.44	)		(0.50	)		(0.94	)
Year Ended June 30, 2018		17.24		0.46			0.25			0.71		(0.43	)		—			(0.43	)
May 31, 2017 (i) through June 30, 2017		17.28		0.06	(h)		(0.01	)		0.05		(0.09	)		—			(0.09	)

Class R5
Year Ended June 30, 2020		17.51		0.45			0.13			0.58		(0.45	)		—			(0.45	)
Year Ended June 30, 2019		17.53		0.50			0.46			0.96		(0.48	)		(0.50	)		(0.98	)
Year Ended June 30, 2018		17.26		0.50			0.23			0.73		(0.46	)		—			(0.46	)
Year Ended June 30, 2017		16.50		0.40	(h)		0.73			1.13		(0.37	)		—			(0.37	)
Year Ended June 30, 2016		16.47		0.35			0.07			0.42		(0.37	)		(0.02	)		(0.39	)

Class R6
Year Ended June 30, 2020		17.52		0.47			0.13			0.60		(0.47	)		—			(0.47	)
Year Ended June 30, 2019		17.54		0.52			0.46			0.98		(0.50	)		(0.50	)		(1.00	)
Year Ended June 30, 2018		17.26		0.48			0.27			0.75		(0.47	)		—			(0.47	)
Year Ended June 30, 2017		16.51		0.44	(h)		0.70			1.14		(0.39	)		—			(0.39	)
Year Ended June 30, 2016		16.48		0.37			0.06			0.43		(0.38	)		(0.02	)		(0.40	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



60	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	17.65		3.19	%	$	5,744,789		0.28	%		2.41	%		0.66	%		66	%
	17.52		5.67			7,450,254		0.27			2.62			0.65			57
	17.53		4.09			13,663,281		0.28			2.37			0.70			51
	17.25		6.70			14,964,684		0.29			2.19	(h)		0.90			35
	16.50		2.39			7,797,395		0.42			2.03			0.98			52


	17.64		2.68			49,300		0.78			1.93			2.67			66
	17.51		5.13			47,876		0.77			2.28			1.16			57
	17.53		3.57			45,542		0.78			1.90			1.47			51
	17.25		6.18			43,979		0.79			1.73	(h)		2.06			35
	16.50		1.97			20,690		0.82			1.65			3.39			52


	17.64		2.91			6,778,281		0.53			2.01			0.87			66
	17.52		5.38			565,671		0.52			2.51			0.91			57
	17.54		3.81			598,153		0.52			1.72			0.92			51
	17.24		0.25			20,052		0.55			4.09	(h)		0.99			35


	17.65		3.18			1,704,503		0.28			2.40			0.63			66
	17.52		5.66			2,290,390		0.27			2.86			0.65			57
	17.52		4.10			4,716,203		0.28			2.61			0.67			51
	17.24		0.28			20,057		0.30			4.35	(h)		0.74			35


	17.64		3.35			25,547,293		0.13			2.56			0.48			66
	17.51		5.80			62,731,515		0.12			2.88			0.50			57
	17.53		4.21			83,274,278		0.13			2.80			0.53			51
	17.26		6.94			28,747,350		0.13			2.35	(h)		0.69			35
	16.50		2.58			19,314,726		0.22			2.19			0.80			52


	17.65		3.46			450,927,852		0.03			2.69			0.38			66
	17.52		5.90			351,885,696		0.02			3.00			0.40			57
	17.54		4.35			284,278,659		0.03			2.71			0.44			51
	17.26		6.97			155,018,550		0.04			2.59	(h)		0.60			35
	16.51		2.64			31,351,683		0.17			2.29			0.69			52

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	61

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2020 Fund
Class I
Year Ended June 30, 2020	$	19.53	$	0.47		$	0.19		$	0.66	$	(0.47	)	$	(0.02	)	$	(0.49	)
Year Ended June 30, 2019		19.63		0.50			0.53			1.03		(0.51	)		(0.62	)		(1.13	)
Year Ended June 30, 2018		19.09		0.48			0.53			1.01		(0.47	)		—			(0.47	)
Year Ended June 30, 2017		17.89		0.41	(h)		1.19			1.60		(0.40	)		—			(0.40	)
Year Ended June 30, 2016		17.91		0.38			—	(i)		0.38		(0.39	)		(0.01	)		(0.40	)

Class R2
Year Ended June 30, 2020		19.52		0.32			0.25			0.57		(0.33	)		(0.02	)		(0.35	)
Year Ended June 30, 2019		19.64		0.46			0.47			0.93		(0.43	)		(0.62	)		(1.05	)
Year Ended June 30, 2018		19.10		0.38			0.54			0.92		(0.38	)		—			(0.38	)
Year Ended June 30, 2017		17.89		0.32	(h)		1.20			1.52		(0.31	)		—			(0.31	)
Year Ended June 30, 2016		17.91		0.31			—	(i)		0.31		(0.32	)		(0.01	)		(0.33	)

Class R3
Year Ended June 30, 2020		19.51		0.41			0.20			0.61		(0.42	)		(0.02	)		(0.44	)
Year Ended June 30, 2019		19.62		0.58			0.40			0.98		(0.47	)		(0.62	)		(1.09	)
Year Ended June 30, 2018		19.08		0.45			0.52			0.97		(0.43	)		—			(0.43	)
May 31, 2017 (j) through June 30, 2017		19.12		0.08	(h)		—	(i)		0.08		(0.12	)		—			(0.12	)

Class R4
Year Ended June 30, 2020		19.55		0.47			0.19			0.66		(0.47	)		(0.02	)		(0.49	)
Year Ended June 30, 2019		19.62		0.56			0.47			1.03		(0.48	)		(0.62	)		(1.10	)
Year Ended June 30, 2018		19.08		0.53			0.49			1.02		(0.48	)		—			(0.48	)
May 31, 2017 (j) through June 30, 2017		19.12		0.08	(h)		—	(i)		0.08		(0.12	)		—			(0.12	)

Class R5
Year Ended June 30, 2020		19.54		0.50			0.19			0.69		(0.50	)		(0.02	)		(0.52	)
Year Ended June 30, 2019		19.64		0.55			0.51			1.06		(0.54	)		(0.62	)		(1.16	)
Year Ended June 30, 2018		19.10		0.58			0.47			1.05		(0.51	)		—			(0.51	)
Year Ended June 30, 2017		17.90		0.44	(h)		1.19			1.63		(0.43	)		—			(0.43	)
Year Ended June 30, 2016		17.91		0.41			0.01			0.42		(0.42	)		(0.01	)		(0.43	)

Class R6
Year Ended June 30, 2020		19.55		0.53			0.18			0.71		(0.52	)		(0.02	)		(0.54	)
Year Ended June 30, 2019		19.64		0.58			0.51			1.09		(0.56	)		(0.62	)		(1.18	)
Year Ended June 30, 2018		19.10		0.54			0.52			1.06		(0.52	)		—			(0.52	)
Year Ended June 30, 2017		17.90		0.49	(h)		1.16			1.65		(0.45	)		—			(0.45	)
Year Ended June 30, 2016		17.92		0.42			—	(i)		0.42		(0.43	)		(0.01	)		(0.44	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Amount rounds to less than $0.005.

(j)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



62	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	19.70		3.43	%	$	12,067,580		0.27	%		2.38	%		0.61	%		58	%
	19.53		5.66			17,098,156		0.28			2.61			0.62			33
	19.63		5.32			26,228,824		0.30			2.41			0.64			55
	19.09		9.05			24,528,197		0.31			2.24	(h)		0.71			33
	17.89		2.16			20,196,469		0.44			2.18			0.79			48


	19.74		2.95			25,584		0.77			1.64			1.48			58
	19.52		5.12			70,631		0.78			2.40			1.19			33
	19.64		4.79			23,638		0.80			1.90			1.42			55
	19.10		8.57			22,558		0.81			1.73	(h)		1.88			33
	17.89		1.74			20,787		0.84			1.76			3.20			48


	19.68		3.17			36,311,953		0.52			2.12			0.86			58
	19.51		5.42			30,987,775		0.52			3.03			0.87			33
	19.62		5.07			2,386,995		0.53			2.23			0.89			55
	19.08		0.39			20,081		0.57			4.85	(h)		0.89			33


	19.72		3.44			5,460,994		0.27			2.41			0.61			58
	19.55		5.67			4,631,069		0.28			2.88			0.63			33
	19.62		5.32			10,857,049		0.29			2.66			0.64			55
	19.08		0.41			20,085		0.31			5.11	(h)		0.63			33


	19.71		3.58			41,624,955		0.12			2.53			0.46			58
	19.54		5.83			182,770,467		0.13			2.84			0.47			33
	19.64		5.49			214,924,361		0.14			2.95			0.49			55
	19.10		9.22			51,332,121		0.14			2.39	(h)		0.51			33
	17.90		2.41			53,660,447		0.24			2.33			0.60			48


	19.72		3.70			852,403,521		0.02			2.68			0.36			58
	19.55		5.99			618,141,720		0.03			2.99			0.37			33
	19.64		5.57			492,600,914		0.05			2.74			0.39			55
	19.10		9.31			295,436,687		0.06			2.62	(h)		0.43			33
	17.90		2.41			97,198,855		0.19			2.40			0.51			48

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	63

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2025 Fund
Class I
Year Ended June 30, 2020	$	20.85	$	0.45		$	0.10		$	0.55	$	(0.44	)	$	(0.08	)	$	(0.52	)
Year Ended June 30, 2019		20.77		0.51			0.63			1.14		(0.51	)		(0.55	)		(1.06	)
Year Ended June 30, 2018		20.00		0.47			0.78			1.25		(0.48	)		—			(0.48	)
Year Ended June 30, 2017		18.42		0.41	(h)		1.58			1.99		(0.41	)		—			(0.41	)
Year Ended June 30, 2016		18.51		0.40			(0.09	)		0.31		(0.39	)		(0.01	)		(0.40	)

Class R2
Year Ended June 30, 2020		20.84		0.34			0.12			0.46		(0.34	)		(0.08	)		(0.42	)
Year Ended June 30, 2019		20.76		0.43			0.62			1.05		(0.42	)		(0.55	)		(0.97	)
Year Ended June 30, 2018		20.00		0.43			0.71			1.14		(0.38	)		—			(0.38	)
Year Ended June 30, 2017		18.42		0.32	(h)		1.57			1.89		(0.31	)		—			(0.31	)
Year Ended June 30, 2016		18.51		0.30			(0.07	)		0.23		(0.31	)		(0.01	)		(0.32	)

Class R3
Year Ended June 30, 2020		20.82		0.38			0.13			0.51		(0.39	)		(0.08	)		(0.47	)
Year Ended June 30, 2019		20.75		0.61			0.48			1.09		(0.47	)		(0.55	)		(1.02	)
Year Ended June 30, 2018		20.00		0.46			0.73			1.19		(0.44	)		—			(0.44	)
May 31, 2017 (i) through June 30, 2017		20.01		0.09	(h)		0.02			0.11		(0.12	)		—			(0.12	)

Class R4
Year Ended June 30, 2020		20.87		0.45			0.11			0.56		(0.44	)		(0.08	)		(0.52	)
Year Ended June 30, 2019		20.76		0.55			0.60			1.15		(0.49	)		(0.55	)		(1.04	)
Year Ended June 30, 2018		20.00		0.53			0.72			1.25		(0.49	)		—			(0.49	)
May 31, 2017 (i) through June 30, 2017		20.01		0.09	(h)		0.02			0.11		(0.12	)		—			(0.12	)

Class R5
Year Ended June 30, 2020		20.86		0.48			0.10			0.58		(0.47	)		(0.08	)		(0.55	)
Year Ended June 30, 2019		20.78		0.56			0.61			1.17		(0.54	)		(0.55	)		(1.09	)
Year Ended June 30, 2018		20.01		0.58			0.71			1.29		(0.52	)		—			(0.52	)
Year Ended June 30, 2017		18.43		0.44	(h)		1.58			2.02		(0.44	)		—			(0.44	)
Year Ended June 30, 2016		18.52		0.41			(0.07	)		0.34		(0.42	)		(0.01	)		(0.43	)

Class R6
Year Ended June 30, 2020		20.86		0.51			0.10			0.61		(0.49	)		(0.08	)		(0.57	)
Year Ended June 30, 2019		20.78		0.59			0.61			1.20		(0.57	)		(0.55	)		(1.12	)
Year Ended June 30, 2018		20.01		0.56			0.75			1.31		(0.54	)		—			(0.54	)
Year Ended June 30, 2017		18.43		0.50	(h)		1.54			2.04		(0.46	)		—			(0.46	)
Year Ended June 30, 2016		18.52		0.43			(0.08	)		0.35		(0.43	)		(0.01	)		(0.44	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



64	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	20.88		2.67	%	$	19,083,458		0.30	%		2.15	%		0.61	%		61	%
	20.85		5.89			18,383,704		0.29			2.52			0.62			25
	20.77		6.27			23,667,720		0.31			2.27			0.64			57
	20.00		10.90			25,137,860		0.32			2.16	(h)		0.74			21
	18.42		1.73			21,966,302		0.45			2.19			0.82			45


	20.88		2.21			979,668		0.80			1.64			1.12			61
	20.84		5.38			958,167		0.79			2.10			1.12			25
	20.76		5.72			815,793		0.80			2.02			1.14			57
	20.00		10.35			22,895		0.82			1.65	(h)		1.89			21
	18.42		1.31			20,748		0.85			1.68			3.22			45


	20.86		2.46			35,243,189		0.55			1.83			0.86			61
	20.82		5.64			23,836,383		0.54			3.01			0.87			25
	20.75		5.94			1,924,841		0.54			2.20			0.87			57
	20.00		0.55			20,106		0.58			5.34	(h)		0.94			21


	20.91		2.71			7,401,341		0.30			2.13			0.61			61
	20.87		5.90			7,895,629		0.29			2.71			0.62			25
	20.76		6.23			18,420,250		0.30			2.54			0.63			57
	20.00		0.57			20,111		0.33			5.60	(h)		0.69			21


	20.89		2.82			78,199,525		0.15			2.29			0.46			61
	20.86		6.05			196,513,224		0.14			2.74			0.47			25
	20.78		6.45			197,523,933		0.16			2.76			0.48			57
	20.01		11.07			55,475,443		0.16			2.31	(h)		0.53			21
	18.43		1.92			51,575,522		0.25			2.25			0.62			45


	20.90		2.98			1,146,307,430		0.05			2.43			0.36			61
	20.86		6.15			865,880,481		0.04			2.88			0.37			25
	20.78		6.54			627,031,292		0.06			2.67			0.38			57
	20.01		11.16			274,383,280		0.07			2.57	(h)		0.44			21
	18.43		1.97			84,808,931		0.20			2.37			0.52			45

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	65

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2030 Fund
Class I
Year Ended June 30, 2020	$	21.85	$	0.42		$	0.06		$	0.48	$	(0.41	)	$	(0.11	)	$	(0.52	)
Year Ended June 30, 2019		21.89		0.50			0.66			1.16		(0.51	)		(0.69	)		(1.20	)
Year Ended June 30, 2018		20.86		0.48			1.05			1.53		(0.50	)		—			(0.50	)
Year Ended June 30, 2017		18.88		0.41	(h)		1.98			2.39		(0.41	)		—			(0.41	)
Year Ended June 30, 2016		19.09		0.39			(0.20	)		0.19		(0.39	)		(0.01	)		(0.40	)

Class R2
Year Ended June 30, 2020		21.86		0.07			0.30			0.37		(0.25	)		(0.11	)		(0.36	)
Year Ended June 30, 2019		21.90		0.41			0.64			1.05		(0.40	)		(0.69	)		(1.09	)
Year Ended June 30, 2018		20.87		0.37			1.05			1.42		(0.39	)		—			(0.39	)
Year Ended June 30, 2017		18.89		0.31	(h)		1.98			2.29		(0.31	)		—			(0.31	)
Year Ended June 30, 2016		19.10		0.30			(0.19	)		0.11		(0.31	)		(0.01	)		(0.32	)

Class R3
Year Ended June 30, 2020		21.81		0.35			0.07			0.42		(0.37	)		(0.11	)		(0.48	)
Year Ended June 30, 2019		21.87		0.58			0.52			1.10		(0.47	)		(0.69	)		(1.16	)
Year Ended June 30, 2018		20.85		0.50			0.97			1.47		(0.45	)		—			(0.45	)
May 31, 2017 (i) through June 30, 2017		20.85		0.10	(h)		0.03			0.13		(0.13	)		—			(0.13	)

Class R4
Year Ended June 30, 2020		21.88		0.42			0.05			0.47		(0.42	)		(0.11	)		(0.53	)
Year Ended June 30, 2019		21.88		0.56			0.60			1.16		(0.47	)		(0.69	)		(1.16	)
Year Ended June 30, 2018		20.85		0.53			1.00			1.53		(0.50	)		—			(0.50	)
May 31, 2017 (i) through June 30, 2017		20.85		0.10	(h)		0.03			0.13		(0.13	)		—			(0.13	)

Class R5
Year Ended June 30, 2020		21.86		0.46			0.04			0.50		(0.45	)		(0.11	)		(0.56	)
Year Ended June 30, 2019		21.90		0.55			0.64			1.19		(0.54	)		(0.69	)		(1.23	)
Year Ended June 30, 2018		20.87		0.60			0.96			1.56		(0.53	)		—			(0.53	)
Year Ended June 30, 2017		18.89		0.45	(h)		1.97			2.42		(0.44	)		—			(0.44	)
Year Ended June 30, 2016		19.10		0.41			(0.18	)		0.23		(0.43	)		(0.01	)		(0.44	)

Class R6
Year Ended June 30, 2020		21.87		0.48			0.05			0.53		(0.48	)		(0.11	)		(0.59	)
Year Ended June 30, 2019		21.91		0.59			0.62			1.21		(0.56	)		(0.69	)		(1.25	)
Year Ended June 30, 2018		20.88		0.57			1.01			1.58		(0.55	)		—			(0.55	)
Year Ended June 30, 2017		18.90		0.51	(h)		1.93			2.44		(0.46	)		—			(0.46	)
Year Ended June 30, 2016		19.11		0.43			(0.20	)		0.23		(0.43	)		(0.01	)		(0.44	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



66	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	21.81		2.19	%	$	16,639,812		0.34	%		1.92	%		0.60	%		51	%
	21.85		5.76			28,932,577		0.32			2.35			0.62			17
	21.89		7.32			32,534,033		0.33			2.17			0.64			54
	20.86		12.77			28,167,353		0.33			2.07	(h)		0.73			22
	18.88		1.04			20,672,603		0.45			2.09			0.81			52


	21.87		1.64			36,677		0.83			0.30			1.21			51
	21.86		5.24			590,828		0.82			1.93			1.13			17
	21.90		6.78			24,757		0.83			1.66			1.39			54
	20.87		12.20			23,190		0.83			1.56	(h)		1.88			22
	18.89		0.62			20,665		0.85			1.61			3.21			52


	21.75		1.89			49,155,918		0.59			1.62			0.85			51
	21.81		5.50			26,949,640		0.57			2.73			0.87			17
	21.87		7.05			5,862,143		0.57			2.26			0.88			54
	20.85		0.61			20,123		0.59			5.80	(h)		0.89			22


	21.82		2.14			9,940,347		0.34			1.93			0.60			51
	21.88		5.75			9,072,008		0.32			2.62			0.62			17
	21.88		7.33			26,232,678		0.33			2.39			0.63			54
	20.85		0.63			20,128		0.33			6.06	(h)		0.64			22


	21.80		2.29			84,229,662		0.19			2.11			0.45			51
	21.86		5.93			236,899,032		0.17			2.57			0.47			17
	21.90		7.50			251,868,228		0.18			2.71			0.48			54
	20.87		12.94			67,784,124		0.17			2.24	(h)		0.52			22
	18.89		1.23			59,159,371		0.25			2.19			0.62			52


	21.81		2.40			1,294,750,515		0.09			2.22			0.35			51
	21.87		6.03			880,234,055		0.07			2.76			0.37			17
	21.91		7.58			593,600,518		0.08			2.56			0.38			54
	20.88		13.03			290,130,815		0.08			2.54	(h)		0.44			22
	18.90		1.28			77,474,074		0.20			2.30			0.52			52

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	67

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations								Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations		Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2035 Fund
Class I
Year Ended June 30, 2020	$	22.80	$	0.40		$	(0.13	)	$	0.27	$	(0.41	)	$	(0.10	)	$	(0.51	)
Year Ended June 30, 2019		22.78		0.48			0.72			1.20		(0.50	)		(0.68	)		(1.18	)
Year Ended June 30, 2018		21.54		0.48			1.26			1.74		(0.50	)		—			(0.50	)
Year Ended June 30, 2017		19.28		0.42	(h)		2.25			2.67		(0.41	)		—			(0.41	)
Year Ended June 30, 2016		19.57		0.38			(0.27	)		0.11		(0.39	)		(0.01	)		(0.40	)

Class R2
Year Ended June 30, 2020		22.78		0.22			(0.07	)		0.15		(0.25	)		(0.10	)		(0.35	)
Year Ended June 30, 2019		22.79		0.42			0.67			1.09		(0.42	)		(0.68	)		(1.10	)
Year Ended June 30, 2018		21.55		0.36			1.27			1.63		(0.39	)		—			(0.39	)
Year Ended June 30, 2017		19.28		0.31	(h)		2.27			2.58		(0.31	)		—			(0.31	)
Year Ended June 30, 2016		19.57		0.29			(0.26	)		0.03		(0.31	)		(0.01	)		(0.32	)

Class R3
Year Ended June 30, 2020		22.77		0.33			(0.12	)		0.21		(0.35	)		(0.10	)		(0.45	)
Year Ended June 30, 2019		22.77		0.62			0.52			1.14		(0.46	)		(0.68	)		(1.14	)
Year Ended June 30, 2018		21.54		0.44			1.24			1.68		(0.45	)		—			(0.45	)
May 31, 2017 (i) through June 30, 2017		21.52		0.11	(h)		0.04			0.15		(0.13	)		—			(0.13	)

Class R4
Year Ended June 30, 2020		22.83		0.41			(0.14	)		0.27		(0.41	)		(0.10	)		(0.51	)
Year Ended June 30, 2019		22.78		0.56			0.64			1.20		(0.47	)		(0.68	)		(1.15	)
Year Ended June 30, 2018		21.54		0.54			1.20			1.74		(0.50	)		—			(0.50	)
May 31, 2017 (i) through June 30, 2017		21.52		0.12	(h)		0.03			0.15		(0.13	)		—			(0.13	)

Class R5
Year Ended June 30, 2020		22.82		0.46			(0.16	)		0.30		(0.44	)		(0.10	)		(0.54	)
Year Ended June 30, 2019		22.80		0.55			0.68			1.23		(0.53	)		(0.68	)		(1.21	)
Year Ended June 30, 2018		21.56		0.60			1.18			1.78		(0.54	)		—			(0.54	)
Year Ended June 30, 2017		19.29		0.45	(h)		2.27			2.72		(0.45	)		—			(0.45	)
Year Ended June 30, 2016		19.58		0.41			(0.26	)		0.15		(0.43	)		(0.01	)		(0.44	)

Class R6
Year Ended June 30, 2020		22.82		0.48			(0.15	)		0.33		(0.47	)		(0.10	)		(0.57	)
Year Ended June 30, 2019		22.80		0.58			0.68			1.26		(0.56	)		(0.68	)		(1.24	)
Year Ended June 30, 2018		21.56		0.57			1.23			1.80		(0.56	)		—			(0.56	)
Year Ended June 30, 2017		19.29		0.51	(h)		2.22			2.73		(0.46	)		—			(0.46	)
Year Ended June 30, 2016		19.58		0.43			(0.27	)		0.16		(0.44	)		(0.01	)		(0.45	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



68	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	22.56		1.14	%	$	11,645,351		0.36	%		1.77	%		0.62	%		55	%
	22.80		5.73			12,978,596		0.35			2.16			0.63			16
	22.78		8.09			16,393,126		0.34			2.08			0.65			52
	21.54		13.99			14,352,807		0.34			2.05	(h)		0.80			24
	19.28		0.62			10,229,764		0.45			2.00			0.89			53


	22.58		0.62			31,590		0.86			0.98			1.52			55
	22.78		5.20			73,150		0.85			1.90			1.19			16
	22.79		7.55			25,147		0.85			1.56			1.40			52
	21.55		13.48			23,383		0.84			1.52	(h)		1.91			24
	19.28		0.21			20,613		0.85			1.56			3.26			53


	22.53		0.89			27,429,008		0.61			1.49			0.86			55
	22.77		5.47			14,104,107		0.60			2.81			0.88			16
	22.77		7.79			807,987		0.59			1.91			0.88			52
	21.54		0.69			20,135		0.60			6.15	(h)		0.94			24


	22.59		1.14			10,388,707		0.36			1.81			0.61			55
	22.83		5.74			11,117,857		0.35			2.52			0.62			16
	22.78		8.09			22,824,531		0.35			2.32			0.64			52
	21.54		0.71			20,139		0.35			6.40	(h)		0.69			24


	22.58		1.30			60,357,079		0.21			2.00			0.46			55
	22.82		5.89			143,006,735		0.20			2.45			0.47			16
	22.80		8.26			149,444,580		0.20			2.60			0.49			52
	21.56		14.21			45,299,205		0.18			2.19	(h)		0.57			24
	19.29		0.81			38,009,777		0.25			2.18			0.67			53


	22.58		1.41			1,036,805,064		0.11			2.11			0.36			55
	22.82		5.99			776,195,183		0.10			2.61			0.37			16
	22.80		8.35			537,094,603		0.09			2.47			0.39			52
	21.56		14.31			218,256,416		0.09			2.49	(h)		0.47			24
	19.29		0.86			67,700,314		0.20			2.29			0.56			53

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	69

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2040 Fund
Class I
Year Ended June 30, 2020	$	23.27	$	0.38		$	(0.25	)	$	0.13		$	(0.37	)	$	(0.11	)	$	(0.48	)
Year Ended June 30, 2019		23.43		0.47			0.72			1.19			(0.49	)		(0.86	)		(1.35	)
Year Ended June 30, 2018		21.99		0.47			1.48			1.95			(0.51	)		—			(0.51	)
Year Ended June 30, 2017		19.44		0.41	(h)		2.55			2.96			(0.41	)		—			(0.41	)
Year Ended June 30, 2016		19.82		0.38			(0.36	)		0.02			(0.39	)		(0.01	)		(0.40	)

Class R2
Year Ended June 30, 2020		23.25		0.14			(0.13	)		0.01			(0.22	)		(0.11	)		(0.33	)
Year Ended June 30, 2019		23.43		0.45			0.63			1.08			(0.40	)		(0.86	)		(1.26	)
Year Ended June 30, 2018		21.99		0.35			1.48			1.83			(0.39	)		—			(0.39	)
Year Ended June 30, 2017		19.44		0.30	(h)		2.56			2.86			(0.31	)		—			(0.31	)
Year Ended June 30, 2016		19.82		0.29			(0.35	)		(0.06	)		(0.31	)		(0.01	)		(0.32	)

Class R3
Year Ended June 30, 2020		23.24		0.29			(0.23	)		0.06			(0.33	)		(0.11	)		(0.44	)
Year Ended June 30, 2019		23.42		0.63			0.50			1.13			(0.45	)		(0.86	)		(1.31	)
Year Ended June 30, 2018		21.98		0.43			1.46			1.89			(0.45	)		—			(0.45	)
May 31, 2017 (i) through June 30, 2017		21.95		0.12	(h)		0.04			0.16			(0.13	)		—			(0.13	)

Class R4
Year Ended June 30, 2020		23.29		0.38			(0.26	)		0.12			(0.38	)		(0.11	)		(0.49	)
Year Ended June 30, 2019		23.42		0.55			0.64			1.19			(0.46	)		(0.86	)		(1.32	)
Year Ended June 30, 2018		21.98		0.54			1.41			1.95			(0.51	)		—			(0.51	)
May 31, 2017 (i) through June 30, 2017		21.95		0.12	(h)		0.05			0.17			(0.14	)		—			(0.14	)

Class R5
Year Ended June 30, 2020		23.28		0.43			(0.26	)		0.17			(0.42	)		(0.11	)		(0.53	)
Year Ended June 30, 2019		23.44		0.54			0.68			1.22			(0.52	)		(0.86	)		(1.38	)
Year Ended June 30, 2018		22.00		0.62			1.37			1.99			(0.55	)		—			(0.55	)
Year Ended June 30, 2017		19.45		0.44	(h)		2.55			2.99			(0.44	)		—			(0.44	)
Year Ended June 30, 2016		19.83		0.41			(0.35	)		0.06			(0.43	)		(0.01	)		(0.44	)

Class R6
Year Ended June 30, 2020		23.29		0.44			(0.26	)		0.18			(0.44	)		(0.11	)		(0.55	)
Year Ended June 30, 2019		23.44		0.58			0.68			1.26			(0.55	)		(0.86	)		(1.41	)
Year Ended June 30, 2018		22.00		0.56			1.45			2.01			(0.57	)		—			(0.57	)
Year Ended June 30, 2017		19.45		0.53	(h)		2.48			3.01			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		19.83		0.43			(0.36	)		0.07			(0.44	)		(0.01	)		(0.45	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



70	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	22.92		0.48	%	$	6,039,617		0.39	%		1.62	%		0.62	%		45	%
	23.27		5.62			16,102,073		0.37			2.04			0.63			18
	23.43		8.87			22,131,738		0.36			2.02			0.65			52
	21.99		15.35			18,130,080		0.34			1.97	(h)		0.78			19
	19.44		0.18			14,121,513		0.45			1.99			0.88			56


	22.93		(0.01	)		33,957		0.89			0.58			1.43			45
	23.25		5.12			121,307		0.87			1.98			1.17			18
	23.43		8.33			25,582		0.86			1.49			1.40			52
	21.99		14.78			23,616		0.84			1.45	(h)		1.91			19
	19.44		(0.23	)		20,577		0.85			1.51			3.28			56


	22.86		0.19			24,976,638		0.64			1.28			0.85			45
	23.24		5.38			7,995,936		0.62			2.79			0.88			18
	23.42		8.62			987,427		0.61			1.81			0.88			52
	21.98		0.73			20,145		0.60			6.48	(h)		0.89			19


	22.92		0.48			9,393,226		0.39			1.63			0.61			45
	23.29		5.63			9,186,164		0.36			2.40			0.63			18
	23.42		8.88			18,926,546		0.36			2.28			0.64			52
	21.98		0.75			20,150		0.35			6.73	(h)		0.64			19


	22.92		0.67			46,316,227		0.24			1.84			0.46			45
	23.28		5.79			161,533,089		0.22			2.36			0.48			18
	23.44		9.04			164,942,816		0.21			2.62			0.49			52
	22.00		15.52			43,882,327		0.19			2.12	(h)		0.57			19
	19.45		0.37			36,208,196		0.25			2.14			0.69			56


	22.92		0.74			1,011,010,753		0.14			1.93			0.36			45
	23.29		5.94			690,079,203		0.12			2.52			0.38			18
	23.44		9.13			461,882,871		0.11			2.40			0.39			52
	22.00		15.62			237,133,554		0.09			2.50	(h)		0.46			19
	19.45		0.42			59,798,924		0.20			2.27			0.57			56

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	71

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2045 Fund
Class I
Year Ended June 30, 2020	$	23.43	$	0.36		$	(0.41	)	$	(0.05	)	$	(0.36	)	$	(0.05	)	$	(0.41	)
Year Ended June 30, 2019		23.39		0.41			0.79			1.20			(0.48	)		(0.68	)		(1.16	)
Year Ended June 30, 2018		21.92		0.46			1.51			1.97			(0.50	)		—			(0.50	)
Year Ended June 30, 2017		19.38		0.41	(h)		2.54			2.95			(0.41	)		—			(0.41	)
Year Ended June 30, 2016		19.74		0.39			(0.35	)		0.04			(0.39	)		(0.01	)		(0.40	)

Class R2
Year Ended June 30, 2020		23.41		0.19			(0.35	)		(0.16	)		(0.22	)		(0.05	)		(0.27	)
Year Ended June 30, 2019		23.39		0.43			0.65			1.08			(0.38	)		(0.68	)		(1.06	)
Year Ended June 30, 2018		21.93		0.34			1.51			1.85			(0.39	)		—			(0.39	)
Year Ended June 30, 2017		19.38		0.30	(h)		2.55			2.85			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		19.74		0.29			(0.33	)		(0.04	)		(0.31	)		(0.01	)		(0.32	)

Class R3
Year Ended June 30, 2020		23.38		0.28			(0.38	)		(0.10	)		(0.31	)		(0.05	)		(0.36	)
Year Ended June 30, 2019		23.37		0.62			0.51			1.13			(0.44	)		(0.68	)		(1.12	)
Year Ended June 30, 2018		21.91		0.45			1.47			1.92			(0.46	)		—			(0.46	)
May 31, 2017 (i) through June 30, 2017		21.88		0.12	(h)		0.04			0.16			(0.13	)		—			(0.13	)

Class R4
Year Ended June 30, 2020		23.43		0.36			(0.40	)		(0.04	)		(0.36	)		(0.05	)		(0.41	)
Year Ended June 30, 2019		23.37		0.54			0.66			1.20			(0.46	)		(0.68	)		(1.14	)
Year Ended June 30, 2018		21.91		0.54			1.43			1.97			(0.51	)		—			(0.51	)
May 31, 2017 (i) through June 30, 2017		21.88		0.12	(h)		0.04			0.16			(0.13	)		—			(0.13	)

Class R5
Year Ended June 30, 2020		23.43		0.41			(0.42	)		(0.01	)		(0.39	)		(0.05	)		(0.44	)
Year Ended June 30, 2019		23.40		0.53			0.70			1.23			(0.52	)		(0.68	)		(1.20	)
Year Ended June 30, 2018		21.93		0.60			1.41			2.01			(0.54	)		—			(0.54	)
Year Ended June 30, 2017		19.39		0.44	(h)		2.54			2.98			(0.44	)		—			(0.44	)
Year Ended June 30, 2016		19.75		0.41			(0.33	)		0.08			(0.43	)		(0.01	)		(0.44	)

Class R6
Year Ended June 30, 2020		23.46		0.43			(0.42	)		0.01			(0.42	)		(0.05	)		(0.47	)
Year Ended June 30, 2019		23.42		0.57			0.69			1.26			(0.54	)		(0.68	)		(1.22	)
Year Ended June 30, 2018		21.95		0.56			1.47			2.03			(0.56	)		—			(0.56	)
Year Ended June 30, 2017		19.40		0.54	(h)		2.47			3.01			(0.46	)		—			(0.46	)
Year Ended June 30, 2016		19.76		0.44			(0.35	)		0.09			(0.44	)		(0.01	)		(0.45	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(i)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



72	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


	$22.97		(0.24	)%	$	6,486,545		0.41	%		1.56	%		0.62	%		56	%
	23.43		5.58			7,329,886		0.38			1.80			0.64			21
	23.39		9.01			13,360,800		0.36			1.97			0.67			49
	21.92		15.33			12,837,389		0.34			1.99	(h)		0.90			17
	19.38		0.27			7,930,339		0.45			2.06			1.05			54


	22.98		(0.73	)		27,661		0.91			0.83			1.57			56
	23.41		5.08			52,411		0.88			1.88			1.23			21
	23.39		8.42			25,627		0.86			1.47			1.42			49
	21.93		14.81			23,634		0.84			1.46	(h)		1.99			17
	19.38		(0.15	)		20,592		0.85			1.51			3.39			54


	22.92		(0.47	)		14,447,164		0.66			1.21			0.86			56
	23.38		5.31			5,651,934		0.63			2.74			0.91			21
	23.37		8.75			369,207		0.62			1.89			0.90			49
	21.91		0.72			20,148		0.60			6.56	(h)		0.94			17


	22.98		(0.20	)		7,087,724		0.41			1.56			0.61			56
	23.43		5.61			7,839,682		0.38			2.37			0.64			21
	23.37		8.98			12,208,843		0.36			2.27			0.65			49
	21.91		0.75			20,152		0.35			6.82	(h)		0.69			17


	22.98		(0.05	)		40,370,363		0.26			1.75			0.46			56
	23.43		5.72			105,707,764		0.23			2.32			0.49			21
	23.40		9.19			105,034,052		0.21			2.54			0.50			49
	21.93		15.49			30,788,480		0.19			2.14	(h)		0.66			17
	19.39		0.46			23,904,086		0.25			2.16			0.83			54


	23.00		0.02			723,411,215		0.16			1.85			0.36			56
	23.46		5.87			564,943,122		0.13			2.49			0.39			21
	23.42		9.27			379,003,604		0.11			2.37			0.41			49
	21.95		15.65			149,787,358		0.09			2.56	(h)		0.54			17
	19.40		0.51			35,978,570		0.20			2.31			0.68			54

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	73

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2050 Fund
Class I
Year Ended June 30, 2020	$	23.37	$	0.36		$	(0.36	)	$	—	(h)	$	(0.34	)	$	(0.07	)	$	(0.41	)
Year Ended June 30, 2019		23.40		0.40			0.79			1.19			(0.47	)		(0.75	)		(1.22	)
Year Ended June 30, 2018		21.93		0.47			1.50			1.97			(0.50	)		—			(0.50	)
Year Ended June 30, 2017		19.37		0.41	(i)		2.55			2.96			(0.40	)		—			(0.40	)
Year Ended June 30, 2016		19.73		0.38			(0.33	)		0.05			(0.39	)		(0.02	)		(0.41	)

Class R2
Year Ended June 30, 2020		23.34		0.16			(0.28	)		(0.12	)		(0.20	)		(0.07	)		(0.27	)
Year Ended June 30, 2019		23.40		0.44			0.64			1.08			(0.39	)		(0.75	)		(1.14	)
Year Ended June 30, 2018		21.93		0.34			1.51			1.85			(0.38	)		—			(0.38	)
Year Ended June 30, 2017		19.38		0.30	(i)		2.55			2.85			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		19.74		0.29			(0.32	)		(0.03	)		(0.31	)		(0.02	)		(0.33	)

Class R3
Year Ended June 30, 2020		23.35		0.28			(0.33	)		(0.05	)		(0.31	)		(0.07	)		(0.38	)
Year Ended June 30, 2019		23.39		0.54			0.60			1.14			(0.43	)		(0.75	)		(1.18	)
Year Ended June 30, 2018		21.92		0.41			1.50			1.91			(0.44	)		—			(0.44	)
May 31, 2017 (j) through June 30, 2017		21.89		0.12	(i)		0.04			0.16			(0.13	)		—			(0.13	)

Class R4
Year Ended June 30, 2020		23.38		0.36			(0.36	)		—	(h)		(0.36	)		(0.07	)		(0.43	)
Year Ended June 30, 2019		23.39		0.53			0.67			1.20			(0.46	)		(0.75	)		(1.21	)
Year Ended June 30, 2018		21.92		0.53			1.44			1.97			(0.50	)		—			(0.50	)
May 31, 2017 (j) through June 30, 2017		21.89		0.12	(i)		0.04			0.16			(0.13	)		—			(0.13	)

Class R5
Year Ended June 30, 2020		23.37		0.41			(0.38	)		0.03			(0.39	)		(0.07	)		(0.46	)
Year Ended June 30, 2019		23.40		0.53			0.70			1.23			(0.51	)		(0.75	)		(1.26	)
Year Ended June 30, 2018		21.94		0.63			1.37			2.00			(0.54	)		—			(0.54	)
Year Ended June 30, 2017		19.38		0.43	(i)		2.56			2.99			(0.43	)		—			(0.43	)
Year Ended June 30, 2016		19.74		0.41			(0.33	)		0.08			(0.42	)		(0.02	)		(0.44	)

Class R6
Year Ended June 30, 2020		23.38		0.42			(0.35	)		0.07			(0.42	)		(0.07	)		(0.49	)
Year Ended June 30, 2019		23.42		0.57			0.68			1.25			(0.54	)		(0.75	)		(1.29	)
Year Ended June 30, 2018		21.95		0.56			1.47			2.03			(0.56	)		—			(0.56	)
Year Ended June 30, 2017		19.39		0.54	(i)		2.47			3.01			(0.45	)		—			(0.45	)
Year Ended June 30, 2016		19.75		0.46			(0.37	)		0.09			(0.43	)		(0.02	)		(0.45	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Amount rounds to less than $0.005.

(i)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(j)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



74	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	22.96		(0.03	)%	$	3,183,325		0.41	%		1.51	%		0.64	%		46	%
	23.37		5.60			7,583,053		0.37			1.72			0.66			21
	23.40		9.00			16,338,881		0.36			2.00			0.70			50
	21.93		15.43			13,337,416		0.34			1.99	(i)		0.96			17
	19.37		0.27			8,769,180		0.45			2.01			1.18			60


	22.95		(0.54	)		31,011		0.91			0.69			1.60			46
	23.34		5.12			77,137		0.88			1.95			1.22			21
	23.40		8.46			25,610		0.86			1.46			1.45			50
	21.93		14.80			23,613		0.84			1.44	(i)		2.05			17
	19.38		(0.15	)		20,565		0.85			1.51			3.54			60


	22.92		(0.26	)		8,488,928		0.66			1.24			0.87			46
	23.35		5.37			3,039,482		0.63			2.41			0.94			21
	23.39		8.74			444,018		0.62			1.72			0.92			50
	21.92		0.73			20,147		0.60			6.57	(i)		0.92			17


	22.95		(0.03	)		6,400,334		0.41			1.55			0.62			46
	23.38		5.62			5,909,947		0.38			2.32			0.65			21
	23.39		9.01			10,425,169		0.36			2.25			0.68			50
	21.92		0.75			20,151		0.35			6.82	(i)		0.67			17


	22.94		0.11			31,455,967		0.26			1.74			0.47			46
	23.37		5.80			99,930,390		0.23			2.33			0.50			21
	23.40		9.13			94,635,664		0.21			2.66			0.52			50
	21.94		15.58			20,970,084		0.19			2.10	(i)		0.72			17
	19.38		0.46			17,568,136		0.25			2.17			0.99			60


	22.96		0.27			595,698,187		0.16			1.82			0.37			46
	23.38		5.85			397,214,819		0.13			2.50			0.41			21
	23.42		9.26			246,131,968		0.11			2.39			0.44			50
	21.95		15.69			118,550,411		0.09			2.57	(i)		0.58			17
	19.39		0.51			22,544,112		0.21			2.41			0.83			60

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	75

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2055 Fund
Class I
Year Ended June 30, 2020	$	23.18	$	0.36		$	(0.39	)	$	(0.03	)	$	(0.34	)	$	(0.04	)	$	(0.38	)
Year Ended June 30, 2019		23.01		0.39			0.80			1.19			(0.47	)		(0.55	)		(1.02	)
Year Ended June 30, 2018		21.58		0.46			1.46			1.92			(0.49	)		—	(h)		(0.49	)
Year Ended June 30, 2017		19.09		0.41	(i)		2.48			2.89			(0.40	)		—			(0.40	)
Year Ended June 30, 2016		19.40		0.37			(0.30	)		0.07			(0.37	)		(0.01	)		(0.38	)

Class R2
Year Ended June 30, 2020		23.16		0.16			(0.31	)		(0.15	)		(0.20	)		(0.04	)		(0.24	)
Year Ended June 30, 2019		23.01		0.44			0.64			1.08			(0.38	)		(0.55	)		(0.93	)
Year Ended June 30, 2018		21.58		0.34			1.46			1.80			(0.37	)		—	(h)		(0.37	)
Year Ended June 30, 2017		19.09		0.30	(i)		2.49			2.79			(0.30	)		—			(0.30	)
Year Ended June 30, 2016		19.40		0.28			(0.29	)		(0.01	)		(0.29	)		(0.01	)		(0.30	)

Class R3
Year Ended June 30, 2020		23.14		0.31			(0.40	)		(0.09	)		(0.30	)		(0.04	)		(0.34	)
Year Ended June 30, 2019		22.99		0.62			0.52			1.14			(0.44	)		(0.55	)		(0.99	)
Year Ended June 30, 2018		21.57		0.42			1.43			1.85			(0.43	)		—	(h)		(0.43	)
May 31, 2017 (k) through June 30, 2017		21.54		0.12	(i)		0.04			0.16			(0.13	)		—			(0.13	)

Class R4
Year Ended June 30, 2020		23.17		0.35			(0.38	)		(0.03	)		(0.35	)		(0.04	)		(0.39	)
Year Ended June 30, 2019		22.99		0.54			0.66			1.20			(0.47	)		(0.55	)		(1.02	)
Year Ended June 30, 2018		21.57		0.55			1.36			1.91			(0.49	)		—	(h)		(0.49	)
May 31, 2017 (k) through June 30, 2017		21.54		0.12	(i)		0.04			0.16			(0.13	)		—			(0.13	)

Class R5
Year Ended June 30, 2020		23.18		0.40			(0.39	)		0.01			(0.39	)		(0.04	)		(0.43	)
Year Ended June 30, 2019		23.01		0.54			0.69			1.23			(0.51	)		(0.55	)		(1.06	)
Year Ended June 30, 2018		21.59		0.58			1.37			1.95			(0.53	)		—	(h)		(0.53	)
Year Ended June 30, 2017		19.09		0.44	(i)		2.49			2.93			(0.43	)		—			(0.43	)
Year Ended June 30, 2016		19.41		0.41			(0.31	)		0.10			(0.41	)		(0.01	)		(0.42	)

Class R6
Year Ended June 30, 2020		23.20		0.42			(0.39	)		0.03			(0.41	)		(0.04	)		(0.45	)
Year Ended June 30, 2019		23.03		0.57			0.68			1.25			(0.53	)		(0.55	)		(1.08	)
Year Ended June 30, 2018		21.59		0.56			1.43			1.99			(0.55	)		—	(h)		(0.55	)
Year Ended June 30, 2017		19.10		0.54	(i)		2.40			2.94			(0.45	)		—			(0.45	)
Year Ended June 30, 2016		19.41		0.47			(0.35	)		0.12			(0.42	)		(0.01	)		(0.43	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Amount rounds to less than $0.005.

(i)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(j)	Amount rounds to less than 0.005%.

(k)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



76	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


		Ratios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	22.77		(0.15	)%	$	1,803,484		0.41	%		1.55	%		0.72	%		54	%
	23.18		5.57			2,906,169		0.38			1.72			0.73			21
	23.01		8.93			5,848,930		0.36			2.02			0.86			48
	21.58		15.28			4,419,527		0.34			2.03	(i)		1.38			16
	19.09		0.43			3,553,395		0.45			1.96			1.66			53


	22.77		(0.68	)		37,037		0.91			0.69			2.77			54
	23.16		5.10			75,324		0.88			1.94			1.29			21
	23.01		8.38			25,637		0.86			1.46			1.59			48
	21.58		14.70			23,657		0.84			1.46	(i)		2.43			16
	19.09		0.00	(j)		20,625		0.85			1.51			4.02			53


	22.71		(0.40	)		2,472,244		0.66			1.34			0.91			54
	23.14		5.38			1,189,614		0.63			2.79			1.02			21
	22.99		8.61			110,116		0.62			1.79			1.06			48
	21.57		0.73			20,142		0.60			6.54	(i)		1.03			16


	22.75		(0.15	)		3,574,667		0.41			1.51			0.66			54
	23.17		5.62			2,973,001		0.38			2.38			0.72			21
	22.99		8.89			2,605,586		0.37			2.34			0.78			48
	21.57		0.75			20,147		0.35			6.80	(i)		0.78			16


	22.76		0.00	(j)		22,991,913		0.26			1.72			0.51			54
	23.18		5.77			44,011,421		0.23			2.38			0.57			21
	23.01		9.05			39,178,390		0.21			2.52			0.64			48
	21.59		15.49			11,354,942		0.19			2.15	(i)		1.12			16
	19.09		0.56			8,126,493		0.25			2.17			1.46			53


	22.78		0.11			322,860,032		0.16			1.84			0.41			54
	23.20		5.87			209,571,114		0.13			2.53			0.47			21
	23.03		9.23			123,240,861		0.11			2.41			0.55			48
	21.59		15.54			41,752,071		0.09			2.62	(i)		0.94			16
	19.10		0.66			8,100,832		0.21			2.52			1.33			53

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	77

FINANCIAL HIGHLIGHTS

FOR THE PERIODS INDICATED (continued)


			Per share operating performance
			Investment operations									Distributions
	Net asset value, beginning of period		Net investment income (loss) (b)(c)			Net realized and unrealized gains (losses) on investments			Total from investment operations			Net investment income			Net realized gain			Total distributions
JPMorgan SmartRetirement Blend 2060 Fund
Class I
Year Ended June 30, 2020	$	17.96	$	0.23		$	(0.26	)	$	(0.03	)	$	(0.26	)	$	(0.04	)	$	(0.30	)
Year Ended June 30, 2019		17.49		0.32			0.66			0.98			(0.35	)		(0.16	)		(0.51	)
Year Ended June 30, 2018		16.38		0.34			1.16			1.50			(0.39	)		—	(h)		(0.39	)
August 31, 2016 (j) through June 30, 2017		15.00		0.30	(k)		1.38			1.68			(0.30	)		—			(0.30	)

Class R2
Year Ended June 30, 2020		17.94		0.16			(0.28	)		(0.12	)		(0.17	)		(0.04	)		(0.21	)
Year Ended June 30, 2019		17.49		0.29			0.59			0.88			(0.27	)		(0.16	)		(0.43	)
Year Ended June 30, 2018		16.38		0.25			1.16			1.41			(0.30	)		—	(h)		(0.30	)
August 31, 2016 (j) through June 30, 2017		15.00		0.24	(k)		1.37			1.61			(0.23	)		—			(0.23	)

Class R3
Year Ended June 30, 2020		17.92		0.23			(0.30	)		(0.07	)		(0.23	)		(0.04	)		(0.27	)
Year Ended June 30, 2019		17.48		0.39			0.53			0.92			(0.32	)		(0.16	)		(0.48	)
Year Ended June 30, 2018		16.38		0.29			1.16			1.45			(0.35	)		—	(h)		(0.35	)
May 31, 2017 (l) through June 30, 2017		16.36		0.09	(k)		0.03			0.12			(0.10	)		—			(0.10	)

Class R4
Year Ended June 30, 2020		17.97		0.28			(0.30	)		(0.02	)		(0.26	)		(0.04	)		(0.30	)
Year Ended June 30, 2019		17.48		0.41			0.57			0.98			(0.33	)		(0.16	)		(0.49	)
Year Ended June 30, 2018		16.38		0.41			1.08			1.49			(0.39	)		—	(h)		(0.39	)
May 31, 2017 (l) through June 30, 2017		16.36		0.10	(k)		0.02			0.12			(0.10	)		—			(0.10	)

Class R5
Year Ended June 30, 2020		17.94		0.31			(0.31	)		—	(h)		(0.30	)		(0.04	)		(0.34	)
Year Ended June 30, 2019		17.49		0.58			0.42			1.00			(0.39	)		(0.16	)		(0.55	)
Year Ended June 30, 2018		16.38		0.58			0.95			1.53			(0.42	)		—	(h)		(0.42	)
August 31, 2016 (j) through June 30, 2017		15.00		0.34	(k)		1.36			1.70			(0.32	)		—			(0.32	)

Class R6
Year Ended June 30, 2020		17.95		0.33			(0.32	)		0.01			(0.31	)		(0.04	)		(0.35	)
Year Ended June 30, 2019		17.49		0.46			0.56			1.02			(0.40	)		(0.16	)		(0.56	)
Year Ended June 30, 2018		16.38		0.48			1.06			1.54			(0.43	)		—	(h)		(0.43	)
August 31, 2016 (j) through June 30, 2017		15.00		0.37	(k)		1.34			1.71			(0.33	)		—			(0.33	)

(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)

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

(g)	Does not include expenses of Underlying Funds.

(h)	Amount rounds to less than $0.005.

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

(j)	Commencement of operations.

(k)	Net investment income (loss) may appear disproportionate among classes due to the timing of recognition of income and changes in the relative size of the classes.

(l)	Commencement of offering of class of shares.

SEE NOTES TO FINANCIAL STATEMENTS.



78	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


		Ratios/Supplemental dataRatios/Supplemental data
							Ratios to average net assets (a)
Net asset value, end of period		Total return (excludes sales charge) (d)(e)			Net assets, end of period		Net expenses (f)(g)			Net investment income (loss) (b)			Expenses without waivers, reimbursements and earnings credits (g)			Portfolio turnover rate (d)


$	17.63		(0.19	)%	$	249,542		0.41	%		1.27	%		1.77	%		53	%
	17.96		5.83			534,035		0.38			1.87			1.53			34
	17.49		9.18			1,191,200		0.37	(i)		1.97	(i)		5.09	(i)		79
	16.38		11.31			1,010,299		0.36	(i)		2.35	(i)(k)		14.52	(i)		73


	17.61		(0.74	)		26,869		0.91			0.89			1.61			53
	17.94		5.28			41,053		0.89			1.68			2.20			34
	17.49		8.63			24,087		0.87	(i)		1.45	(i)		6.08	(i)		79
	16.38		10.86			22,175		0.86	(i)		1.84	(i)(k)		15.55	(i)		73


	17.58		(0.46	)		1,205,088		0.66			1.28			1.18			53
	17.92		5.51			830,174		0.64			2.25			1.58			34
	17.48		8.85			256,273		0.63	(i)		1.64	(i)		3.29	(i)		79
	16.38		0.73			20,143		0.59	(i)		6.91	(i)(k)		7.00	(i)		73


	17.65		(0.17	)		255,311		0.41			1.52			0.97			53
	17.97		5.80			359,791		0.38			2.37			1.58			34
	17.48		9.13			911,346		0.37	(i)		2.32	(i)		3.61	(i)		79
	16.38		0.75			20,148		0.34	(i)		7.16	(i)(k)		6.75	(i)		73


	17.60		(0.06	)		3,778,713		0.26			1.74			0.81			53
	17.94		5.95			4,129,109		0.24			3.33			1.18			34
	17.49		9.36			633,283		0.22	(i)		3.30	(i)		3.91	(i)		79
	16.38		11.47			49,248		0.20	(i)		2.60	(i)(k)		14.60	(i)		73


	17.61		0.04			71,093,228		0.16			1.84			0.67			53
	17.95		6.09			35,216,946		0.14			2.62			1.10			34
	17.49		9.45			10,799,459		0.12	(i)		2.69	(i)		3.38	(i)		79
	16.38		11.54			1,076,023		0.08	(i)		2.76	(i)(k)		10.55	(i)		73

SEE NOTES TO FINANCIAL STATEMENTS.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	79

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020

1. Organization

The following are 10 separate funds of the Trust (each, a “Fund” and collectively, the “Funds”) covered by this report:


	Classes Offered	Diversification Classification
JPMorgan SmartRetirement^® Blend Income Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® Blend 2020 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® Blend 2025 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® Blend 2030 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® Blend 2035 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® Blend 2040 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® Blend 2045 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® Blend 2050 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® Blend 2055 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified
JPMorgan SmartRetirement^® Blend 2060 Fund	Class I, Class R2, Class R3, Class R4, Class R5 and Class R6	Diversified

JPMorgan SmartRetirement Blend Income Fund seeks current income and some capital appreciation. The remaining JPMorgan SmartRetirement Blend Funds each seek high total return with a shift to current income and some capital appreciation over time as each Fund approaches and passes its respective target retirement date.

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.

2. Significant Accounting Policies

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. Certain foreign equity instruments, as well as certain derivatives with foreign equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.



80	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

Investments in open-end investment companies excluding exchange-traded funds (“ETFs”) (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.

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

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.

•

JPMorgan SmartRetirement Blend Income Fund


	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	120,650,285		$	—		$	—	$	120,650,285
Investment Companies		344,695,879			—			—		344,695,879
U.S. Treasury Obligations		—			4,456,771			—		4,456,771
Short-Term Investments Investment Companies		21,682,142			—			—		21,682,142

Total Investments in Securities	$	487,028,306		$	4,456,771		$	—	$	491,485,077

Appreciation in Other Financial Instruments
Futures Contracts	$	708,339		$	175,144		$	—	$	883,483

Depreciation in Other Financial Instruments
Futures Contracts	$	(105,677	)	$	(82,286	)	$	—	$	(187,963	)


JPMorgan SmartRetirement Blend 2020 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	199,463,427		$	—		$	—	$	199,463,427
Investment Companies		694,783,898			—			—		694,783,898
U.S. Treasury Obligations		—			9,838,245			—		9,838,245
Short-Term Investments Investment Companies		45,431,750			—			—		45,431,750

Total Investments in Securities	$	939,679,075		$	9,838,245		$	—	$	949,517,320

Appreciation in Other Financial Instruments
Futures Contracts	$	1,577,765		$	337,429		$	—	$	1,915,194

Depreciation in Other Financial Instruments
Futures Contracts	$	(184,146	)	$	(159,091	)	$	—	$	(343,237	)



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	81

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued


JPMorgan SmartRetirement Blend 2025 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	293,235,796		$	—		$	—	$	293,235,796
Investment Companies		948,106,962			—			—		948,106,962
U.S. Treasury Obligations		—			14,408,134			—		14,408,134
Short-Term Investments Investment Companies		32,926,726			—			—		32,926,726

Total Investments in Securities	$	1,274,269,484		$	14,408,134		$	—	$	1,288,677,618

Appreciation in Other Financial Instruments
Futures Contracts	$	2,303,242		$	462,765		$	—	$	2,766,007

Depreciation in Other Financial Instruments
Futures Contracts	$	(242,311	)	$	(218,062	)	$	—	$	(460,373	)


JPMorgan SmartRetirement Blend 2030 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	411,031,694		$	—		$	—	$	411,031,694
Investment Companies		997,729,829			—			—		997,729,829
U.S. Treasury Obligations		—			14,684,947			—		14,684,947
Short-Term Investments Investment Companies		36,711,334			—			—		36,711,334

Total Investments in Securities	$	1,445,472,857		$	14,684,947		$	—	$	1,460,157,804

Appreciation in Other Financial Instruments
Futures Contracts	$	2,494,767		$	521,693		$	—	$	3,016,460

Depreciation in Other Financial Instruments
Futures Contracts	$	(291,073	)	$	(245,493	)	$	—	$	(536,566	)


JPMorgan SmartRetirement Blend 2035 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	385,625,918		$	—		$	—	$	385,625,918
Investment Companies		724,533,540			—			—		724,533,540
U.S. Treasury Obligations		—			11,587,404			—		11,587,404
Short-Term Investments Investment Companies		30,143,240			—			—		30,143,240

Total Investments in Securities	$	1,140,302,698		$	11,587,404		$	—	$	1,151,890,102

Appreciation in Other Financial Instruments
Futures Contracts	$	1,787,432		$	412,424		$	—	$	2,199,856

Depreciation in Other Financial Instruments
Futures Contracts	$	(225,025	)	$	(194,747	)	$	—	$	(419,772	)



82	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


JPMorgan SmartRetirement Blend 2040 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	405,506,468		$	—		$	—	$	405,506,468
Investment Companies		646,470,353			—			—		646,470,353
U.S. Treasury Obligations		—			11,793,164			—		11,793,164
Short-Term Investments Investment Companies		39,297,315			—			—		39,297,315

Total Investments in Securities	$	1,091,274,136		$	11,793,164		$	—	$	1,103,067,300

Appreciation in Other Financial Instruments
Futures Contracts	$	1,910,539		$	395,280		$	—	$	2,305,819

Depreciation in Other Financial Instruments
Futures Contracts	$	(218,277	)	$	(186,522	)	$	—	$	(404,799	)


JPMorgan SmartRetirement Blend 2045 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	321,544,194		$	—		$	—	$	321,544,194
Investment Companies		444,993,643			—			—		444,993,643
U.S. Treasury Obligations		—			8,164,498			—		8,164,498
Short-Term Investments Investment Companies		24,894,904			—			—		24,894,904

Total Investments in Securities	$	791,432,741		$	8,164,498		$	—	$	799,597,239

Appreciation in Other Financial Instruments
Futures Contracts	$	1,243,886		$	287,094		$	—	$	1,530,980

Depreciation in Other Financial Instruments
Futures Contracts	$	(179,746	)	$	(135,776	)	$	—	$	(315,522	)


JPMorgan SmartRetirement Blend 2050 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	252,192,935		$	—		$	—	$	252,192,935
Investment Companies		364,580,450			—			—		364,580,450
U.S. Treasury Obligations		—			7,314,092			—		7,314,092
Short-Term Investments Investment Companies		27,278,350			—			—		27,278,350

Total Investments in Securities	$	644,051,735		$	7,314,092		$	—	$	651,365,827

Appreciation in Other Financial Instruments
Futures Contracts	$	1,184,750		$	234,605		$	—	$	1,419,355

Depreciation in Other Financial Instruments
Futures Contracts	$	(131,365	)	$	(111,089	)	$	—	$	(242,454	)



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	83

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)


JPMorgan SmartRetirement Blend 2055 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	144,593,620		$	—		$	—	$	144,593,620
Investment Companies		196,102,277			—			—		196,102,277
U.S. Treasury Obligations		—			3,676,305			—		3,676,305
Short-Term Investments Investment Companies		12,617,403			—			—		12,617,403

Total Investments in Securities	$	353,313,300		$	3,676,305		$	—	$	356,989,605

Appreciation in Other Financial Instruments
Futures Contracts	$	589,180		$	127,484		$	—	$	716,664

Depreciation in Other Financial Instruments
Futures Contracts	$	(83,197	)	$	(60,343	)	$	—	$	(143,540	)


JPMorgan SmartRetirement Blend 2060 Fund
	Level 1 Quoted prices			Level 2 Other significant observable inputs			Level 3 Significant unobservable inputs		Total
Investments in Securities
Exchange-Traded Funds	$	30,213,723		$	—		$	—	$	30,213,723
Investment Companies		42,204,397			—			—		42,204,397
U.S. Treasury Obligations		—			1,027,784			—		1,027,784
Short-Term Investments Investment Companies		3,293,083			—			—		3,293,083

Total Investments in Securities	$	75,711,203		$	1,027,784		$	—	$	76,738,987

Appreciation in Other Financial Instruments
Futures Contracts	$	154,137		$	27,318		$	—	$	181,455

Depreciation in Other Financial Instruments
Futures Contracts	$	(15,426	)	$	(12,541	)	$	—	$	(27,967	)

JPMorgan SmartRetirement Blend Income Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	—	$	49,529,602	$	—	$	—		$	(434,073	)	$	49,095,529		1,065,210	$	12,431	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		6,065,740		8,450,774		4,975,555		23,398			(1,542,656	)		8,021,701		112,459		240,568		9,551
JPMorgan Core Bond Fund Class R6 Shares (a)		100,253,822		24,141,076		47,371,352		1,198,419			3,390,978			81,612,943		6,592,322		2,770,825		498,691
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		40,705,798		367,525		41,589,380		2,114,644			(1,598,587	)		—		—		367,526		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		24,134,451		—		—			1,029,253			25,163,704		2,353,948		99,047		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		8,177,872		2,555,131		5,561,863		(822,519	)		(109,924	)		4,238,697		556,259		401,810		—



84	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend Income Fund (continued)


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)	$	8,096,396	$	1,974,597	$	4,907,423	$	(796,688	)	$	(222,336	)	$	4,144,546		542,480	$	436,970	$	—
JPMorgan Equity Index Fund Class R6 Shares (a)		54,707,300		24,488,275		10,708,843		(608,573	)		3,292,953			71,171,112		1,507,543		1,494,417		129,620
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		10,249,046		350,799		4,078,367		(147,974	)		(374,507	)		5,998,997		711,625		350,799		—
JPMorgan High Yield Fund Class R6 Shares (a)		34,741,180		9,591,175		5,814,440		(245,830	)		(2,762,600	)		35,509,485		5,372,085		1,931,232		—
JPMorgan Income Fund Class R6 Shares (a)		2,944,841		7,855,871		1,340,660		(2,175	)		(419,614	)		9,038,263		998,703		346,160		2,146
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		—		40,384,072		3,651,219		(98,926	)		290,909			36,924,836		3,543,650		353,590		—
JPMorgan Managed Income Fund Class L Shares (a)		12,559,227		5,261,974		17,344,712		22,419			(51,004	)		447,904		44,568		136,805		2,968
JPMorgan Realty Income Fund Class R6 Shares (a)		363,929		—		378,256		73,079			(58,752	)		—		—		—		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		6,345,483		70,920,278		7,437,823		(60,498	)		677,952			70,445,392		7,262,412		1,375,614		—
JPMorgan U.S. Aggregate Bond ETF (a)		—		36,619,313		3,635,647		(34,602	)		1,132,814			34,081,878		1,218,080		236,269		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		11,354,558		255,422,160		245,094,576		—			—			21,682,142		21,682,142		231,610		—

Total	$	296,565,192	$	562,047,073	$	403,890,116	$	614,174		$	2,240,806		$	457,577,129			$	10,785,673	$	642,976

JPMorgan SmartRetirement Blend 2020 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	—	$	103,671,430	$	—	$	—	$	(908,567	)	$	102,762,863		2,229,613	$	26,019	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		14,422,957		16,036,802		9,615,507		36,800		(3,333,800	)		17,547,252		246,001		539,900		22,635
JPMorgan Core Bond Fund Class R6 Shares (a)		213,677,011		47,631,262		69,623,755		1,549,514		9,358,072			202,592,104		16,364,467		6,376,895		1,182,777
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		89,906,174		831,275		91,693,971		3,864,816		(2,908,294	)		—		—		831,275		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		46,129,152		—		—		1,967,499			48,096,651		4,499,219		189,345		—



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	85

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

JPMorgan SmartRetirement Blend 2020 Fund (continued)


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)	$	14,835,381	$	5,284,413	$	10,434,553	$	(1,557,196	)	$	(318,787	)	$	7,809,258		1,024,837	$	746,446	$	—
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		15,528,157		4,264,973		10,248,028		(1,834,216	)		20,098			7,730,984		1,011,909		800,207		—
JPMorgan Equity Index Fund Class R6 Shares (a)		125,260,448		45,319,233		36,389,122		(1,202,638	)		6,712,623			139,700,544		2,959,130		3,079,263		271,984
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		16,224,636		553,162		6,528,889		(236,361	)		(585,797	)		9,426,751		1,118,239		553,162		—
JPMorgan High Yield Fund Class R6 Shares (a)		62,345,040		26,168,923		14,577,213		(812,937	)		(5,325,632	)		67,798,181		10,256,911		3,556,217		—
JPMorgan Income Fund Class R6 Shares (a)		7,120,210		9,335,685		1,353,636		(170,798	)		(600,597	)		14,330,864		1,583,521		631,318		3,624
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		—		69,448,422		7,448,541		(273,566	)		451,959			62,178,274		5,967,205		592,100		—
JPMorgan Managed Income Fund Class L Shares (a)		24,717,834		10,579,285		34,323,183		(71,758	)		(90,646	)		811,532		80,749		459,736		14,411
JPMorgan Realty Income Fund Class R6 Shares (a)		531,662		—		552,590		118,167			(97,239	)		—		—		—		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		12,181,219		134,511,975		13,433,650		(241,077	)		1,290,288			134,308,755		13,846,263		2,649,180		—
JPMorgan U.S. Aggregate Bond ETF (a)		—		21,264,718		3,272,191		27,922			622,877			18,643,326		666,309		133,273		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		29,802,822		412,546,752		396,917,824		—			—			45,431,750		45,431,750		334,142		—

Total	$	626,553,551	$	953,577,462	$	706,412,653	$	(803,328	)	$	6,254,057		$	879,169,089			$	21,498,478	$	1,495,431

JPMorgan SmartRetirement Blend 2025 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)		Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	—	$	196,709,023	$	—	$	—	$	(1,723,941	)	$	194,985,082		4,230,529	$	49,370	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		25,778,765		27,817,183		14,214,772		31,463		(6,362,811	)		33,049,828		463,337		988,936		43,853
JPMorgan Core Bond Fund Class R6 Shares (a)		249,663,898		79,197,257		77,432,204		508,227		12,574,864			264,512,042		21,366,078		7,726,061		1,460,187
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		107,899,891		996,729		110,047,731		4,426,013		(3,274,902	)		—		—		996,729		—



86	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2025 Fund (continued)


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Corporate Bond Fund Class R6 Shares (a)	$	—	$	55,414,812	$	—	$	—		$	2,365,799		$	57,780,611		5,405,109	$	227,304	$	—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		17,950,790		4,543,430		11,367,616		(1,654,825	)		(513,614	)		8,958,165		1,175,612		878,689		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		49,434,832		31,643,611		11,405,669		58,200			(3,833,940	)		65,897,034		4,126,301		419,187		115,887
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		16,108,392		8,354,405		13,616,891		(2,039,120	)		61,025			8,867,811		1,160,708		904,833		—
JPMorgan Equity Index Fund Class R6 Shares (a)		232,637,396		84,757,398		68,804,706		(1,887,732	)		12,257,975			258,960,331		5,485,286		5,780,519		527,979
JPMorgan Floating Rate Income Fund Class R6 Shares (a)		6,315,063		3,858,920		—		—			(737,235	)		9,436,748		1,119,424		410,124		—
JPMorgan High Yield Fund Class R6 Shares (a)		69,779,539		30,360,942		26,924,943		(798,851	)		(5,048,023	)		67,368,664		10,191,931		3,535,514		—
JPMorgan Income Fund Class R6 Shares (a)		7,900,549		5,511,790		—		—			(709,763	)		12,702,576		1,403,600		551,125		3,227
JPMorgan Inflation Managed Bond Fund Class R6 Shares (a)		—		33,074,762		3,993,927		(322,825	)		220,588			28,978,598		2,781,055		266,833		—
JPMorgan Managed Income Fund Class L Shares (a)		21,009,871		8,677,545		28,867,385		85,852			(88,094	)		817,789		81,372		159,063		5,046
JPMorgan Realty Income Fund Class R6 Shares (a)		4,338,395		—		4,509,174		784,401			(613,622	)		—		—		—		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		13,995,106		175,077,278		26,539,035		(293,287	)		1,586,531			163,826,593		16,889,339		3,121,591		—
JPMorgan U.S. Aggregate Bond ETF (a)		—		6,800,073		1,637,766		(44,203	)		175,964			5,294,068		189,209		39,143		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		26,034,471		505,405,292		498,513,037		—			—			32,926,726		32,926,726		328,347		—

Total	$	848,846,958	$	1,258,200,450	$	897,874,856	$	(1,146,687	)	$	6,336,801		$	1,214,362,666			$	26,383,368	$	2,156,179



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	87

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

JPMorgan SmartRetirement Blend 2030 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	—	$	279,975,164	$	2,170,874	$	(14,415	)	$	(2,434,526	)	$	275,355,349		5,974,297	$	70,269	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		32,879,883		37,191,122		14,328,636		(8,221	)		(9,276,134	)		46,458,014		651,311		1,315,007		56,356
JPMorgan Core Bond Fund Class R6 Shares (a)		197,914,411		84,472,740		56,875,580		249,150			11,074,461			236,835,182		19,130,467		6,533,517		1,180,748
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		89,977,993		845,848		91,736,076		3,520,522			(2,608,287	)		—		—		845,848		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		48,166,749		—		—			2,057,794			50,224,543		4,698,273		197,518		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		13,763,507		6,101,616		9,195,912		(1,676,237	)		(498,402	)		8,494,572		1,114,773		769,934		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		65,226,238		40,353,272		6,061,727		(30,656	)		(5,240,117	)		94,247,010		5,901,503		567,331		156,843
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		15,597,271		6,276,212		11,608,959		(2,037,860	)		180,849			8,407,513		1,100,460		826,916		—
JPMorgan Equity Index Fund Class R6 Shares (a)		310,440,705		113,943,738		58,973,731		(2,072,093	)		17,904,424			381,243,043		8,075,472		7,985,324		695,453
JPMorgan High Yield Fund Class R6 Shares (a)		65,618,172		31,009,149		26,676,444		(883,032	)		(4,723,767	)		64,344,078		9,734,354		3,281,633		—
JPMorgan Income Fund Class R6 Shares (a)		—		7,074,400		—		—			(394,880	)		6,679,520		738,069		203,212		1,697
JPMorgan Managed Income Fund Class L Shares (a)		26,953,893		12,227,077		38,402,012		96,435			(102,736	)		772,657		76,881		152,091		2,058
JPMorgan Realty Income Fund Class R6 Shares (a)		5,646,678		—		5,868,957		1,043,909			(821,630	)		—		—		—		—
JPMorgan Short Duration Core Plus Fund Class R6 Shares (a)		11,254,035		152,317,454		18,199,049		(288,978	)		1,398,249			146,481,711		15,101,207		2,674,275		—
JPMorgan U.S. Aggregate Bond ETF (a)		—		7,708,628		1,789,374		(48,295	)		201,848			6,072,807		217,041		44,744		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		20,536,686		554,782,121		538,607,473		—			—			36,711,334		36,711,334		358,889		—

Total	$	855,809,472	$	1,382,445,290	$	880,494,804	$	(2,149,771	)	$	6,717,146		$	1,362,327,333			$	25,826,508	$	2,093,155



88	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2035 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	—	$	255,233,008	$	—	$	—		$	(2,236,840	)	$	252,996,168		5,489,177	$	64,059	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		31,551,190		29,893,887		7,723,636		13,313			(8,508,681	)		45,226,073		634,040		1,234,649		55,416
JPMorgan Core Bond Fund Class R6 Shares (a)		99,630,316		14,009,301		60,701,038		1,827,448			1,522,788			56,288,815		4,546,754		1,870,911		252,218
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		66,767,053		109,705,110		44,848,778		(27,170	)		4,308,839			135,905,054		15,585,442		4,029,543		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		37,749,125		—		—			1,614,825			39,363,950		3,682,315		154,721		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		8,109,433		2,716,105		4,883,641		(890,109	)		(268,430	)		4,783,358		627,737		431,807		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		63,118,975		39,286,413		12,235,088		(192,557	)		(3,937,881	)		86,039,862		5,387,593		595,202		164,548
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		9,171,354		2,461,557		5,733,436		(1,045,077	)		(121,162	)		4,733,236		619,533		490,769		—
JPMorgan Equity Index Fund Class R6 Shares (a)		303,714,729		93,624,629		55,375,909		(1,771,688	)		16,515,198			356,706,959		7,555,750		7,558,025		662,963
JPMorgan High Yield Fund Class R6 Shares (a)		35,489,673		12,232,634		4,431,970		(107,029	)		(3,075,339	)		40,107,969		6,067,771		2,027,414		—
JPMorgan Managed Income Fund Class L Shares (a)		15,316,683		17,371,313		32,078,538		54,755			(59,876	)		604,337		60,133		184,577		6,302
JPMorgan Realty Income Fund Class R6 Shares (a)		6,310,571		—		6,558,985		1,060,694			(812,280	)		—		—		—		—
JPMorgan U.S. Aggregate Bond ETF (a)		—		6,029,066		1,527,280		31,415			155,855			4,689,056		167,586		37,650		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		17,801,922		436,752,800		424,411,482		—			—			30,143,240		30,143,240		254,224		—

Total	$	656,981,899	$	1,057,064,948	$	660,509,781	$	(1,046,005	)	$	5,097,016		$	1,057,588,077			$	18,933,551	$	1,141,447

JPMorgan SmartRetirement Blend 2040 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	—	$	269,237,078	$	—	$	—		$	(2,359,570	)	$	266,877,508		5,790,356	$	67,573	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		32,020,022		29,475,325		4,485,038		(52,130	)		(9,069,499	)		47,888,680		671,368		1,287,607		55,838



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	89

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

JPMorgan SmartRetirement Blend 2040 Fund (continued)


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	49,546,737	$	11,712,125	$	30,275,316	$	957,349		$	862,224		$	32,803,119		2,649,686	$	1,003,954	$	136,967
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		33,282,422		66,743,133		22,768,860		(11,617	)		2,419,888			79,664,966		9,135,891		2,201,314		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		20,508,058		—		—			877,510			21,385,568		2,000,521		84,028		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		5,275,874		2,829,923		3,838,246		(653,294	)		(221,238	)		3,393,019		445,278		292,596		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		67,447,971		34,866,121		6,632,530		(506,765	)		(4,632,508	)		90,542,289		5,669,523		613,504		169,607
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		6,309,749		1,725,511		3,952,722		(703,683	)		(131,476	)		3,247,379		425,050		323,073		—
JPMorgan Equity Index Fund Class R6 Shares (a)		310,779,468		92,075,080		32,769,264		(3,957,268	)		17,537,383			383,665,399		8,126,782		7,902,387		681,152
JPMorgan High Yield Fund Class R6 Shares (a)		26,251,006		11,865,442		4,345,222		(271,198	)		(2,319,683	)		31,180,345		4,717,148		1,512,798		—
JPMorgan Managed Income Fund Class L Shares (a)		16,032,069		14,532,683		29,970,724		58,291			(64,050	)		588,269		58,534		189,853		6,417
JPMorgan Realty Income Fund Class R6 Shares (a)		5,645,358		—		5,867,586		1,047,211			(824,983	)		—		—		—		—
JPMorgan U.S. Aggregate Bond ETF (a)		—		5,828,680		1,637,283		33,678			145,261			4,370,336		156,195		35,863		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		12,407,567		427,758,744		400,868,996		—			—			39,297,315		39,297,315		210,222		—

Total	$	564,998,243	$	989,157,903	$	547,411,787	$	(4,059,426	)	$	2,219,259		$	1,004,904,192			$	15,724,772	$	1,049,981

JPMorgan SmartRetirement Blend 2045 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	—	$	210,731,227	$	—	$	—		$	(1,867,017	)	$	208,864,210		4,531,660	$	52,605	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		26,966,135		20,199,417		4,299,543		(24,567	)		(6,958,957	)		35,882,485		503,049		1,024,706		46,946
JPMorgan Core Bond Fund Class R6 Shares (a)		22,665,553		1,623,980		13,098,524		536,105			157,642			11,884,756		959,996		411,305		57,036
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		11,941,317		24,326,642		9,113,216		10,780			839,752			28,005,275		3,211,614		827,123		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		7,406,262		—		—			317,189			7,723,451		722,493		30,333		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		3,030,615		653,955		1,614,143		(277,567	)		(110,895	)		1,681,965		220,730		147,301		—
JPMorgan Emerging Markets Equity Fund Class R6 Shares (a)		—		—		—		—			—			—		—		—		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		54,659,250		33,277,986		12,942,872		(71,946	)		(3,111,694	)		71,810,724		4,496,601		595,653		164,673



90	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2045 Fund (continued)


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)	$	2,832,093	$	2,165,069	$	2,952,854	$	(404,250	)	$	(56,605	)	$	1,583,453		207,258	$	179,732	$	—
JPMorgan Equity Index Fund Class R6 Shares (a)		260,726,854		80,875,225		49,638,617		(1,432,330	)		14,106,312			304,637,444		6,452,816		6,488,442		574,150
JPMorgan High Yield Fund Class R6 Shares (a)		17,438,801		5,336,190		4,068,692		(213,617	)		(1,248,337	)		17,244,345		2,608,827		899,587		—
JPMorgan Managed Income Fund Class L Shares (a)		12,632,017		13,722,759		25,930,508		49,015			(51,053	)		422,230		42,013		152,691		2,227
JPMorgan Realty Income Fund Class R6 Shares (a)		5,145,805		—		5,348,367		917,075			(714,513	)		—		—		—		—
JPMorgan U.S. Aggregate Bond ETF (a)		—		4,250,557		—		—			146,137			4,396,694		157,137		30,125		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		16,215,784		317,964,025		309,284,905		—			—			24,894,904		24,894,904		157,160		—

Total	$	434,254,224	$	722,533,294	$	438,292,241	$	(911,302	)	$	1,447,961		$	719,031,936			$	10,996,763	$	845,032

JPMorgan SmartRetirement Blend 2050 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	—	$	170,008,763	$	—	$	—		$	(1,489,942	)	$	168,518,821		3,656,299	$	42,669	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		19,844,516		19,296,551		2,839,794		(27,736	)		(5,924,405	)		30,349,132		425,475		813,099		35,052
JPMorgan Core Bond Fund Class R6 Shares (a)		14,930,950		1,942,724		7,695,658		330,702			207,402			9,716,120		784,824		303,992		42,883
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		10,272,192		17,638,673		5,709,240		5,232			688,091			22,894,948		2,625,567		661,803		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		5,985,474		—		—			256,433			6,241,907		583,901		24,510		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		2,210,893		660,215		1,202,698		(200,568	)		(97,468	)		1,370,374		179,839		111,112		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		40,784,107		23,671,012		1,926,984		(171,971	)		(2,539,205	)		59,816,959		3,745,583		446,344		123,395
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		2,838,486		135,387		1,391,282		(228,919	)		(63,254	)		1,290,418		168,903		135,387		—
JPMorgan Equity Index Fund Class R6 Shares (a)		189,124,181		74,024,916		22,774,444		(2,890,836	)		11,402,504			248,886,321		5,271,898		5,025,859		430,301
JPMorgan High Yield Fund Class R6 Shares (a)		12,814,982		5,163,835		2,786,815		(149,004	)		(1,026,167	)		14,016,831		2,120,549		683,918		—
JPMorgan Managed Income Fund Class L Shares (a)		9,726,173		8,748,481		18,126,733		37,838			(39,187	)		346,572		34,485		105,613		1,114
JPMorgan Realty Income Fund Class R6 Shares (a)		3,004,090		—		3,122,345		550,639			(432,384	)		—		—		—		—
JPMorgan U.S. Aggregate Bond ETF (a)		—		3,444,114		834,066		17,156			90,325			2,717,529		97,124		21,635		—



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	91

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

JPMorgan SmartRetirement Blend 2050 Fund (continued)


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)		Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)	$	14,104,463	$	241,377,769	$	228,203,882	$	—		$	—	$	27,278,350		27,278,350	$	131,813	$	—

Total	$	319,655,033	$	572,097,914	$	296,613,941	$	(2,727,467	)	$	1,032,743	$	593,444,282			$	8,507,754	$	632,745

JPMorgan SmartRetirement Blend 2055 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	—	$	96,648,025	$	—	$	—		$	(851,803	)	$	95,796,222		2,078,460	$	24,256	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		9,960,235		11,546,534		2,268,881		(31,267	)		(3,167,072	)		16,039,549		224,864		430,255		18,909
JPMorgan Core Bond Fund Class R6 Shares (a)		7,801,639		1,059,736		3,837,339		170,876			114,511			5,309,423		428,871		160,628		23,035
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		5,522,937		9,667,448		3,055,721		847			374,985			12,510,496		1,434,690		357,424		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		3,248,186		—		—			139,234			3,387,420		316,877		13,298		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		1,110,130		521,129		715,618		(124,175	)		(47,863	)		743,603		97,586		65,103		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		21,896,458		16,654,036		4,084,840		19,589			(1,226,577	)		33,258,666		2,082,571		240,956		66,614
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		1,407,476		67,497		635,470		(100,920	)		(38,573	)		700,010		91,624		67,496		—
JPMorgan Equity Index Fund Class R6 Shares (a)		98,950,451		48,380,334		19,789,896		(1,334,376	)		6,124,489			132,331,002		2,803,029		2,672,840		232,571
JPMorgan High Yield Fund Class R6 Shares (a)		6,477,335		2,312,764		536,612		(9,077	)		(561,267	)		7,683,143		1,162,351		355,954		—
JPMorgan Managed Income Fund Class L Shares (a)		4,803,247		3,781,801		8,406,134		19,039			(19,439	)		178,514		17,763		51,248		843
JPMorgan Realty Income Fund Class R6 Shares (a)		1,547,217		—		1,608,123		263,961			(203,055	)		—		—		—		—
JPMorgan U.S. Aggregate Bond ETF (a)		—		1,809,591		445,131		(12,014	)		46,498			1,398,944		49,998		10,365		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		4,510,805		147,177,274		139,070,676		—			—			12,617,403		12,617,403		68,522		—

Total	$	163,987,930	$	342,874,355	$	184,454,441	$	(1,137,517	)	$	684,068		$	321,954,395			$	4,518,345	$	341,972

JPMorgan SmartRetirement Blend 2060 Fund


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders International Equity ETF (a)	$	—	$	20,047,395	$	—	$	—		$	(177,397	)	$	19,869,998		431,113	$	5,031	$	—
JPMorgan BetaBuilders MSCI US REIT ETF (a)		1,494,380		3,134,595		315,770		(8,411	)		(682,157	)		3,622,637		50,787		82,965		3,273



92	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2060 Fund (continued)


For the year ended June 30, 2020
Security Description	Value at June 30, 2019		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2020		Shares at June 30, 2020		Dividend Income		Capital Gain Distributions
JPMorgan Core Bond Fund Class R6 Shares (a)	$	1,305,989	$	496,191	$	727,918	$	28,679		$	24,308		$	1,127,249		91,054	$	28,627	$	4,302
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		637,132		2,296,170		343,475		(3,003	)		69,164			2,655,988		304,586		65,097		—
JPMorgan Corporate Bond Fund Class R6 Shares (a)		—		670,485		—		—			28,776			699,261		65,413		2,743		—
JPMorgan Emerging Markets Debt Fund Class R6 Shares (a)		151,489		121,790		91,040		(14,995	)		(11,171	)		156,073		20,482		10,529		—
JPMorgan Emerging Markets Research Enhanced Equity Fund Class R6 Shares (a)		3,310,217		3,911,438		502,815		4,108			(271,831	)		6,451,117		403,952		41,979		11,605
JPMorgan Emerging Markets Strategic Debt Fund Class R6 Shares (a)		151,626		200,566		170,437		(24,251	)		(10,381	)		147,123		19,257		13,445		—
JPMorgan Equity Index Fund Class R6 Shares (a)		16,198,980		15,610,755		3,382,792		(243,378	)		1,138,899			29,322,464		621,107		508,867		40,335
JPMorgan High Yield Fund Class R6 Shares (a)		903,336		928,597		73,889		(614	)		(112,308	)		1,645,122		248,884		66,120		—
JPMorgan Realty Income Fund Class R6 Shares (a)		307,951		—		320,074		52,854			(40,731	)		—		—		—		—
JPMorgan U.S. Aggregate Bond ETF (a)		—		445,108		78,228		(2,111	)		9,324			374,093		13,370		2,129		—
JPMorgan U.S. Government Money Market Fund Class IM Shares, 0.14% (a) (b)		1,035,598		37,960,425		35,702,940		—			—			3,293,083		3,293,083		14,574		—

Total	$	25,496,698	$	85,823,515	$	41,709,378	$	(211,122	)	$	(35,505	)	$	69,364,208			$	842,106	$	59,515

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

(b)	The rate shown is the current yield as of June 30, 2020.

C. 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.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

D. Futures Contracts — The Funds used treasury and index futures contracts to manage and hedge interest rate and equity price risk associated with portfolio investments. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on 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



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	93

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to equity price and interest rate 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 table below discloses the volume of the Funds’ futures contracts activity during the year ended June 30, 2020:


	Average Notional Balance			Ending Notional Balance
JPMorgan SmartRetirement Blend Income Fund
Long Futures Contracts:
Equity	$	17,801,154		$	21,390,511
Interest Rate		38,399,166			52,456,016

Short Futures Contracts:
Equity		12,487,533			7,159,242
Interest Rate		26,048,369	(a)		12,667,328

JPMorgan SmartRetirement Blend 2020 Fund
Long Futures Contracts:
Equity		48,488,674			54,413,349
Interest Rate		75,287,630			95,867,891

Short Futures Contracts:
Equity		23,722,275			13,314,837
Interest Rate		51,159,885	(a)		24,147,094

JPMorgan SmartRetirement Blend 2025 Fund
Long Futures Contracts:
Equity		70,126,917			90,254,427
Interest Rate		94,888,299			127,035,391

Short Futures Contracts:
Equity		30,417,811			14,786,337
Interest Rate		67,784,441	(a)		33,053,808

JPMorgan SmartRetirement Blend 2030 Fund
Long Futures Contracts:
Equity		74,238,888			93,898,431
Interest Rate		89,462,045			123,278,594

Short Futures Contracts:
Equity		32,594,172			16,032,011
Interest Rate		75,328,549	(a)		37,408,202

JPMorgan SmartRetirement Blend 2035 Fund
Long Futures Contracts:
Equity		56,163,769			76,408,968
Interest Rate		47,421,218	(a)		38,681,094

Short Futures Contracts:
Equity		23,735,145			13,245,714
Interest Rate		47,116,407	(a)		29,689,050



94	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


	Average Notional Balance			Ending Notional Balance
JPMorgan SmartRetirement Blend 2040 Fund
Long Futures Contracts:
Equity	$	53,532,274		$	82,430,600
Interest Rate		43,879,513	(a)		36,176,562

Short Futures Contracts:
Equity		22,065,511			11,086,581
Interest Rate		44,810,051	(a)		28,501,487

JPMorgan SmartRetirement Blend 2045 Fund
Long Futures Contracts:
Equity		39,845,738			56,539,836
Interest Rate		30,734,555	(a)		25,601,875

Short Futures Contracts:
Equity		16,363,785			7,529,490
Interest Rate		32,850,702	(a)		20,584,408

JPMorgan SmartRetirement Blend 2050 Fund
Long Futures Contracts:
Equity		32,713,244			51,865,875
Interest Rate		26,117,542	(a)		20,731,953

Short Futures Contracts:
Equity		13,049,961			6,160,492
Interest Rate		26,470,972	(a)		16,823,795

JPMorgan SmartRetirement Blend 2055 Fund
Long Futures Contracts:
Equity		16,359,662			25,790,336
Interest Rate		13,587,958	(a)		11,826,953

Short Futures Contracts:
Equity		6,734,121			3,346,440
Interest Rate		14,032,796	(a)		9,302,569

JPMorgan SmartRetirement Blend 2060 Fund
Long Futures Contracts:
Equity		4,347,008	(b)		6,450,345
Interest Rate		2,644,062	(a)		2,504,531

Short Futures Contracts:
Equity		1,640,395	(b)		777,379
Interest Rate		2,652,165	(a)		1,979,270

(a)	For the period December 1, 2019 through June 30, 2020.

(b)	For the period October 1, 2019 through June 30, 2020.

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).



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	95

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

E. Summary of Derivatives Information — The following tables present the value of derivatives held as of June 30, 2020 by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

JPMorgan SmartRetirement Blend Income Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	666,377
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		217,106

Total		$	883,483

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(97,735	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(90,228	)

Total		$	(187,963	)

JPMorgan SmartRetirement Blend 2020 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,532,407
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		382,787

Total		$	1,915,194

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(171,107	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(172,130	)

Total		$	(343,237	)

JPMorgan SmartRetirement Blend 2025 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,314,534
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		451,473

Total		$	2,766,007

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(218,062	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(242,311	)

Total		$	(460,373	)

JPMorgan SmartRetirement Blend 2030 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,584,930
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		431,530

Total		$	3,016,460

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(257,509	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(279,057	)

Total		$	(536,566	)



96	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2035 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,046,854
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		153,002

Total		$	2,199,856

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(194,747	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(225,025	)

Total		$	(419,772	)

JPMorgan SmartRetirement Blend 2040 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	2,146,170
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		159,649

Total		$	2,305,819

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(186,522	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(218,277	)

Total		$	(404,799	)

JPMorgan SmartRetirement Blend 2045 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,429,203
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		101,777

Total		$	1,530,980

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(157,346	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(158,176	)

Total		$	(315,522	)

JPMorgan SmartRetirement Blend 2050 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	1,337,308
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		82,047

Total		$	1,419,355

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(112,171	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(130,283	)

Total		$	(242,454	)



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	97

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

JPMorgan SmartRetirement Blend 2055 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	664,608
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		52,056

Total		$	716,664

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(70,587	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(72,953	)

Total		$	(143,540	)

JPMorgan SmartRetirement Blend 2060 Fund


Derivative Contracts	Statements of Assets and Liabilities Location
Gross Assets:		Futures Contracts (a)
Equity contracts	Receivables, Net Assets — Unrealized Appreciation	$	168,766
Interest rate contracts	Receivables, Net Assets — Unrealized Appreciation		12,689

Total		$	181,455

Gross Liabilities:
Equity contracts	Payables, Net Assets — Unrealized Depreciation	$	(12,541	)
Interest rate contracts	Payables, Net Assets — Unrealized Depreciation		(15,426	)

Total		$	(27,967	)

(a)	This amount represents the cumulative appreciation (depreciation) of futures contracts as reported on the SOIs. The Statements of Assets and Liabilities only reflect the current day variation margin receivable/payable from/to brokers.

The following tables present the effect of derivatives on the Statements of Operations for the year ended June 30, 2020, by primary underlying risk exposure:

JPMorgan SmartRetirement Blend Income Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(1,163,028	)
Interest rate contracts		2,659,931

Total	$	1,496,903


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	598,381
Interest rate contracts		7,079

Total	$	605,460



98	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2020 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(836,634	)
Interest rate contracts		5,482,357

Total	$	4,645,723


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	1,115,668
Interest rate contracts		(58,222	)

Total	$	1,057,446

JPMorgan SmartRetirement Blend 2025 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	338,778
Interest rate contracts		6,350,649

Total	$	6,689,427


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	1,637,713
Interest rate contracts		(118,278	)

Total	$	1,519,435

JPMorgan SmartRetirement Blend 2030 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(1,587,081	)
Interest rate contracts		5,397,491

Total	$	3,810,410


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	1,799,082
Interest rate contracts		(31,211	)

Total	$	1,767,871

JPMorgan SmartRetirement Blend 2035 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	661,537
Interest rate contracts		(37,221	)

Total	$	624,316


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	1,363,560
Interest rate contracts		(72,023	)

Total	$	1,291,537



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	99

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

JPMorgan SmartRetirement Blend 2040 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(669,781	)
Interest rate contracts		(97,119	)

Total	$	(766,900	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	1,576,434
Interest rate contracts		(58,628	)

Total	$	1,517,806

JPMorgan SmartRetirement Blend 2045 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(1,551,575	)
Interest rate contracts		(281,072	)

Total	$	(1,832,647	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	840,228
Interest rate contracts		(56,399	)

Total	$	783,829

JPMorgan SmartRetirement Blend 2050 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	607,081
Interest rate contracts		(33,802	)

Total	$	573,279


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	894,838
Interest rate contracts		(48,236	)

Total	$	846,602

JPMorgan SmartRetirement Blend 2055 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	(377,373	)
Interest rate contracts		(21,606	)

Total	$	(398,979	)


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	485,308
Interest rate contracts		(20,897	)

Total	$	464,411



100	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

JPMorgan SmartRetirement Blend 2060 Fund


Amount of Realized Gain (Loss) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	69,354
Interest rate contracts		1,163

Total	$	70,517


Amount of Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized on the Statements of Operations
Derivative Contracts	Futures Contracts
Equity contracts	$	156,225
Interest rate contracts		(2,737	)

Total	$	153,488

The Funds’ derivatives contracts held at June 30, 2020 are not accounted for as hedging instruments under GAAP.

F. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts. Distributions of net investment income and realized capital gains from the Underlying Funds and ETFs, if any, are recorded on the ex-dividend date or when a Fund first learns of the dividend.

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

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2020 are as follows:


	Class I		Class R2		Class R3		Class R4		Class R5		Class R6		Total
JPMorgan SmartRetirement Blend Income Fund
Transfer agency fees	$	2,024	$	745	$	102	$	107	$	978	$	9,485	$	13,441
JPMorgan SmartRetirement Blend 2020 Fund
Transfer agency fees		687		122		52		71		1,731		11,463		14,126
JPMorgan SmartRetirement Blend 2025 Fund
Transfer agency fees		1,172		145		1,785		107		1,998		14,292		19,499
JPMorgan SmartRetirement Blend 2030 Fund
Transfer agency fees		1,039		117		307		101		2,297		15,273		19,134
JPMorgan SmartRetirement Blend 2035 Fund
Transfer agency fees		1,053		141		32		172		1,615		13,889		16,902
JPMorgan SmartRetirement Blend 2040 Fund
Transfer agency fees		1,495		138		24		57		1,716		13,255		16,685
JPMorgan SmartRetirement Blend 2045 Fund
Transfer agency fees		851		141		22		81		1,419		11,899		14,413
JPMorgan SmartRetirement Blend 2050 Fund
Transfer agency fees		1,035		167		24		93		1,306		10,970		13,595
JPMorgan SmartRetirement Blend 2055 Fund
Transfer agency fees		1,772		574		17		104		1,063		9,940		13,470
JPMorgan SmartRetirement Blend 2060 Fund
Transfer agency fees		2,512		45		72		96		1,412		5,425		9,562

H. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund’s policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds’ tax positions for all open tax years and has determined that as of June 30, 2020, 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.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	101

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

The following amounts were reclassified within the capital accounts:


	Paid-in-Capital			Accumulated undistributed (distributions in excess of) net investment income			Accumulated net realized gains (losses)
JPMorgan SmartRetirement Blend Income Fund	$	1		$	(156,350	)	$	156,349
JPMorgan SmartRetirement Blend 2020 Fund		—			(316,066	)		316,066
JPMorgan SmartRetirement Blend 2025 Fund		—			(525,104	)		525,104
JPMorgan SmartRetirement Blend 2030 Fund		(1	)		(557,115	)		557,116
JPMorgan SmartRetirement Blend 2035 Fund		—			(656,956	)		656,956
JPMorgan SmartRetirement Blend 2040 Fund		1			(748,493	)		748,492
JPMorgan SmartRetirement Blend 2045 Fund		—			(329,694	)		329,694
JPMorgan SmartRetirement Blend 2050 Fund		1			(204,394	)		204,393
JPMorgan SmartRetirement Blend 2055 Fund		(1	)		(258,525	)		258,526
JPMorgan SmartRetirement Blend 2060 Fund		—			(42,758	)		42,758

The reclassification for the Funds relate primarily to foreign currency gains or losses.

3. Fees and Other Transactions with Affiliates

A. Investment Advisory Fee — Pursuant to Investment Advisory Agreements, 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 0.25% of each Fund’s respective average daily net assets.

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

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

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


Class R2	Class R3
0.50%		0.25	%



102	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:


Class I	Class R2	Class R3			Class R4			Class R5
0.25%	0.25%		0.25	%		0.25	%		0.10	%

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

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 of the Funds and Underlying Funds and ETFs (excluding dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses incurred by the Funds and any Underlying Fund and ETFs and acquired fund fees incurred by an Underlying Fund and ETFs) exceed the percentages of the Funds’ respective average daily net assets as shown in the table below:


Class I	Class R2			Class R3			Class R4			Class R5			Class R6
0.54%		1.04	%		0.79	%		0.54	%		0.39	%		0.29	%

The expense limitation agreements were in effect for the year ended June 30, 2020 and are in place until at least October 31, 2020.

The Underlying Funds and ETFs may impose separate advisory and service fees. To avoid charging a service fee at an effective rate above 0.25% for Class I, Class R2, Class R3 and Class R4 Shares and above 0.10% for Class R5 Shares, JPMDS will waive service fees with respect to the Funds in an amount equal to the weighted average pro-rata amount of service fees charged by the affiliated Underlying Funds and ETFs. These waivers may be in addition to any waivers required to meet the Funds’ contractual expense limitations, but will not exceed the Funds’ service fees.


	Contractual Waivers
	Investment Advisory Fees		Administration Fees		Service Fees		Total		Contractual Reimbursements
JPMorgan SmartRetirement Blend Income Fund	$	1,196,627	$	161,262	$	2,370	$	1,360,259	$	318,578
JPMorgan SmartRetirement Blend 2020 Fund		2,358,529		231,564		2,169		2,592,262		538,664
JPMorgan SmartRetirement Blend 2025 Fund		3,122,503		302,724		4,166		3,429,393		372,995
JPMorgan SmartRetirement Blend 2030 Fund		3,279,466		300,645		2,739		3,582,850		11,953
JPMorgan SmartRetirement Blend 2035 Fund		2,397,078		273,419		2,592		2,673,089		12,668
JPMorgan SmartRetirement Blend 2040 Fund		1,945,199		246,926		2,990		2,195,115		12,184
JPMorgan SmartRetirement Blend 2045 Fund		1,350,891		207,338		2,145		1,560,374		10,844
JPMorgan SmartRetirement Blend 2050 Fund		1,080,009		181,628		2,264		1,263,901		10,276
JPMorgan SmartRetirement Blend 2055 Fund		647,878		146,553		2,173		796,604		10,394
JPMorgan SmartRetirement Blend 2060 Fund		144,778		43,434		1,679		189,891		111,685



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	103

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

The SEC has granted an exemptive order permitting the Funds to invest in certain financial instruments in addition to Underlying Funds and securities.

4. Investment Transactions

During the year ended June 30, 2020, purchases and sales of investments (excluding short-term investments) were as follows:


	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government
JPMorgan SmartRetirement Blend Income Fund	$	356,746,296	$	298,374,428	$	5,909,245	$	3,098,448
JPMorgan SmartRetirement Blend 2020 Fund		602,295,723		520,731,925		12,266,930		6,251,729
JPMorgan SmartRetirement Blend 2025 Fund		899,907,778		740,212,404		15,340,646		5,651,187
JPMorgan SmartRetirement Blend 2030 Fund		941,992,336		669,518,456		17,228,076		6,843,372
JPMorgan SmartRetirement Blend 2035 Fund		767,847,107		581,663,425		9,835,209		3,975,529
JPMorgan SmartRetirement Blend 2040 Fund		659,713,818		442,398,796		9,353,801		3,689,862
JPMorgan SmartRetirement Blend 2045 Fund		520,340,172		413,328,955		6,918,459		2,622,897
JPMorgan SmartRetirement Blend 2050 Fund		402,404,339		263,625,313		5,574,148		2,273,946
JPMorgan SmartRetirement Blend 2055 Fund		257,908,846		166,012,897		2,926,856		1,379,274
JPMorgan SmartRetirement Blend 2060 Fund		64,616,481		29,472,603		734,778		20,002

5. Federal Income Tax Matters

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2020 were as follows:


	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement Blend Income Fund	$	478,783,720	$	20,247,056	$	6,850,179	$	13,396,877
JPMorgan SmartRetirement Blend 2020 Fund		925,617,390		40,137,843		14,665,956		25,471,887
JPMorgan SmartRetirement Blend 2025 Fund		1,254,512,202		56,758,635		20,287,585		36,471,050
JPMorgan SmartRetirement Blend 2030 Fund		1,417,212,463		67,696,758		22,271,523		45,425,235
JPMorgan SmartRetirement Blend 2035 Fund		1,117,814,121		54,570,864		18,714,799		35,856,065
JPMorgan SmartRetirement Blend 2040 Fund		1,072,863,797		50,369,142		18,264,619		32,104,523
JPMorgan SmartRetirement Blend 2045 Fund		774,645,694		39,306,931		13,139,928		26,167,003
JPMorgan SmartRetirement Blend 2050 Fund		634,072,233		29,234,969		10,764,474		18,470,495
JPMorgan SmartRetirement Blend 2055 Fund		349,198,252		14,419,395		6,054,918		8,364,477
JPMorgan SmartRetirement Blend 2060 Fund		76,043,459		2,346,397		1,497,381		849,016

For the Funds, the difference between book and tax basis appreciation (depreciation) is primarily attributed to mark to market of futures contracts and wash sale loss deferrals.

The tax character of distributions paid during the year ended June 30, 2020 was as follows:


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
JPMorgan SmartRetirement Blend Income Fund	$	12,825,726	$	—	$	12,825,726
JPMorgan SmartRetirement Blend 2020 Fund		24,911,605		1,099,095		26,010,700
JPMorgan SmartRetirement Blend 2025 Fund		30,008,749		4,980,685		34,989,434
JPMorgan SmartRetirement Blend 2030 Fund		29,843,881		6,664,460		36,508,341
JPMorgan SmartRetirement Blend 2035 Fund		22,795,401		4,794,878		27,590,279
JPMorgan SmartRetirement Blend 2040 Fund		19,503,254		4,655,416		24,158,670
JPMorgan SmartRetirement Blend 2045 Fund		14,136,243		1,838,605		15,974,848
JPMorgan SmartRetirement Blend 2050 Fund		10,837,490		1,915,207		12,752,697
JPMorgan SmartRetirement Blend 2055 Fund		5,786,916		600,848		6,387,764
JPMorgan SmartRetirement Blend 2060 Fund		1,107,193		77,021		1,184,214

*	Short-term gain distributions are treated as ordinary income for income tax purposes.



104	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

The tax character of distributions paid during the year ended June 30, 2019 was as follows:


	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
JPMorgan SmartRetirement Blend Income Fund	$	15,888,380	$	8,472,033	$	24,360,413
JPMorgan SmartRetirement Blend 2020 Fund		31,386,153		17,208,243		48,594,396
JPMorgan SmartRetirement Blend 2025 Fund		36,520,092		17,515,893		54,035,985
JPMorgan SmartRetirement Blend 2030 Fund		37,909,666		21,360,355		59,270,021
JPMorgan SmartRetirement Blend 2035 Fund		29,949,054		15,948,389		45,897,443
JPMorgan SmartRetirement Blend 2040 Fund		28,798,946		17,562,565		46,361,511
JPMorgan SmartRetirement Blend 2045 Fund		21,255,760		9,968,457		31,224,217
JPMorgan SmartRetirement Blend 2050 Fund		16,115,913		8,040,198		24,156,111
JPMorgan SmartRetirement Blend 2055 Fund		7,131,583		3,113,292		10,244,875
JPMorgan SmartRetirement Blend 2060 Fund		799,608		99,086		898,694

*	Short-term gain distributions are treated as ordinary income for income tax purposes.

As of June 30, 2020, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:


	Current Distributable Ordinary Income		Current Distributable Long-Term Capital Gain (Tax Basis Capital Loss Carryover)		Unrealized Appreciation (Depreciation)
JPMorgan SmartRetirement Blend Income Fund	$	123,247	$	8,094,038	$	13,020,586
JPMorgan SmartRetirement Blend 2020 Fund		231,505		11,213,911		24,842,446
JPMorgan SmartRetirement Blend 2025 Fund		287,244		9,789,391		36,032,354
JPMorgan SmartRetirement Blend 2030 Fund		250,445		—		45,077,813
JPMorgan SmartRetirement Blend 2035 Fund		230,357		—		35,673,672
JPMorgan SmartRetirement Blend 2040 Fund		149,420		—		32,000,501
JPMorgan SmartRetirement Blend 2045 Fund		122,543		—		26,045,653
JPMorgan SmartRetirement Blend 2050 Fund		88,679		—		18,340,557
JPMorgan SmartRetirement Blend 2055 Fund		57,228		—		8,309,080
JPMorgan SmartRetirement Blend 2060 Fund		14,431		—		847,993

For the Funds, the cumulative timing differences primarily consist of wash sale loss deferrals, mark to market of futures contracts, post-October capital loss deferrals, specified late year ordinary loss deferrals and straddle loss deferrals.

As of June 30, 2020, 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, 2020, the Funds deferred to July 1, 2020 the following net capital losses (gains) and specified ordinary losses of:


	Net Capital Losses (Gains)					Specified Ordinary Losses
	Short-Term Long-Term					Specified Ordinary Losses
JPMorgan SmartRetirement Blend Income Fund	$	2,883,837	$	—		$	174,469
JPMorgan SmartRetirement Blend 2020 Fund		5,761,852		—			333,516
JPMorgan SmartRetirement Blend 2025 Fund		7,536,483		—			587,589
JPMorgan SmartRetirement Blend 2030 Fund		12,767,666		(2,218,053	)		618,444
JPMorgan SmartRetirement Blend 2035 Fund		8,387,564		1,936,335			744,075
JPMorgan SmartRetirement Blend 2040 Fund		12,920,145		3,418,885			839,736
JPMorgan SmartRetirement Blend 2045 Fund		7,730,021		6,088,540			406,438
JPMorgan SmartRetirement Blend 2050 Fund		9,671,922		3,162,637			263,593
JPMorgan SmartRetirement Blend 2055 Fund		3,694,430		1,646,061			287,579
JPMorgan SmartRetirement Blend 2060 Fund		833,818		(70,545	)		47,424

During the year ended June 30, 2020, the following Funds utilized capital loss carryforwards as follows:


	Capital Loss Utilized
	Short-term		Long-Term
JPMorgan SmartRetirement Blend Income Fund	$	636,427	$	548,855
JPMorgan SmartRetirement Blend 2020 Fund		962,488		871,535



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	105

NOTES TO FINANCIAL STATEMENTS

AS OF JUNE 30, 2020 (continued)

6. Borrowings

The Funds had no borrowings outstanding from another fund during the year ended June 30, 2020.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2020.

The Funds did not utilize the Credit Facility during the year ended June 30, 2020.

7. Risks, Concentrations and Indemnifications

As of June 30, 2020, the Funds had individual shareholder and/or omnibus accounts which owned more than 10% of the respective Fund’s outstanding shares as follows:


	Number of individual shareholder and/or Non-Affiliated Omnibus Accounts		% of the Fund
JPMorgan SmartRetirement Blend Income Fund		3		51.8	%
JPMorgan SmartRetirement Blend 2020 Fund		3		52.9
JPMorgan SmartRetirement Blend 2025 Fund		3		55.2
JPMorgan SmartRetirement Blend 2030 Fund		2		39.4
JPMorgan SmartRetirement Blend 2035 Fund		3		53.5
JPMorgan SmartRetirement Blend 2040 Fund		2		44.4
JPMorgan SmartRetirement Blend 2045 Fund		2		45.6
JPMorgan SmartRetirement Blend 2050 Fund		1		34.5
JPMorgan SmartRetirement Blend 2055 Fund		2		45.4
JPMorgan SmartRetirement Blend 2060 Fund		1		24.5

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



106	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

As of June 30, 2020, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds:


	% of Net Assets
JPMorgan BetaBuilders International Equity ETF		95.8	%
JPMorgan Equity Index Fund		46.1
JPMorgan BetaBuilders MSCI U.S REIT ETF		29.7
JPMorgan Emerging Markets Research Enhanced Equity Fund		18.9
JPMorgan Emerging Markets Strategic Debt Fund		15.0
JPMorgan Short Duration Core Plus Fund		14.5
JPMorgan U.S. Aggregate Bond ETF		12.9
JPMorgan Inflation Managed Bond Fund		10.3

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.

Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

8. Subsequent Event

On August 11, 2020, the Board approved changes to the investment advisory fee and the expense limitation agreement for the Funds. Effective November 1, 2020, the investment advisory fee for the Funds will be reduced from 0.25% to 0.15% and the contractual expense limitation will decrease to 0.44%, 0.94%, 0.69%, 0.44%, 0.29% and 0.19% for Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively, and will be in place until at least October 31, 2021.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	107

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Blend 2020 Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030 Fund, JPMorgan SmartRetirement Blend 2035 Fund, JPMorgan SmartRetirement Blend 2040 Fund, JPMorgan SmartRetirement Blend 2045 Fund, JPMorgan SmartRetirement Blend 2050 Fund, JPMorgan SmartRetirement Blend 2055 Fund and JPMorgan SmartRetirement Blend 2060 Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan SmartRetirement Blend Income Fund, JPMorgan SmartRetirement Blend 2020 Fund, JPMorgan SmartRetirement Blend 2025 Fund, JPMorgan SmartRetirement Blend 2030 Fund, JPMorgan SmartRetirement Blend 2035 Fund, JPMorgan SmartRetirement Blend 2040 Fund, JPMorgan SmartRetirement Blend 2045 Fund, JPMorgan SmartRetirement Blend 2050 Fund, JPMorgan SmartRetirement Blend 2055 Fund and JPMorgan SmartRetirement Blend 2060 Fund (ten of the funds constituting JPMorgan Trust I, hereafter collectively referred to as the “Funds”) as of June 30, 2020, the related statements of operations for the year ended June 30, 2020, the statements of changes in net assets for each of the two years in the period ended June 30, 2020, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2020 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2020

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.



108	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

TRUSTEES

(Unaudited)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees

John F. Finn (1947); Chairman since 2020; Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).	126	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present); Director, Cardinal Health, Inc. (CAH) (1994-2014).

Stephen P. Fisher (1959); Trustee of Trust since 2018.	Retired; Chairman and Chief Executive Officer, NYLIFE Distributors LLC (registered broker-dealer) (serving in various roles 2008-2013); Chairman, NYLIM Service Company LLC (transfer agent) (2008-2017); New York Life Investment Management LLC (registered investment adviser) (serving in various roles 2005-2017); Chairman, IndexIQ Advisors LLC (registered investment adviser for ETFs) (2014-2017); President, MainStay VP Funds Trust (2007-2017), MainStay DefinedTerm Municipal Opportunities Fund (2011-2017) and MainStay Funds Trust (2007-2017) (registered investment companies).	126	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).

Kathleen M. Gallagher (1958); Trustee of the Trust since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).	126	Non-Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (financial services and insurance) (2017-present); Advisory Board Member, Fiduciary Solutions, State Street Global Advisors (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).

Dennis P. Harrington* (1950); Trustee of Trust since 2017.	Retired; Partner, Deloitte LLP (accounting firm) (serving in various roles 1984-2012).	126	None

Frankie D. Hughes (1952); Trustee of Trust since 2008.	President, Ashland Hughes Properties (property management) (2014-present); President and Chief Investment Officer, Hughes Capital Management, Inc. (fixed income asset management) (1993-2014).	126	None



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	109

TRUSTEES

(Unaudited) (continued)


Name (Year of Birth); Positions With the Funds (1)	Principal Occupation During Past 5 Years	Number of Funds in Fund Complex Overseen by Trustee (2)	Other Directorships Held During the Past 5 Years
Independent Trustees (continued)

Raymond Kanner** (1953); Trustee of Trust since 2017.	Retired; Managing Director & Chief Investment Officer, IBM Retirement Funds (2007-2016).	126	Advisory Board Member, Penso Advisors LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Fiduciary Solutions Board (2017-present); Acting Executive Director, Committee on Investment of Employee Benefit Assets (CIEBA) (2016-2017); Advisory Board Member, Betterment for Business (robo advisor) (2016-2017); Advisory Board Member, BlueStar Indexes (index creator) (2013-2017); Director, Emerging Markets Growth Fund (registered investment company) (1997-2016); Member, Russell Index Client Advisory Board (2001-2015).

Peter C. Marshall (1942); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1985.	Self-employed business consultant (2002-present).	126	None

Mary E. Martinez (1960); Trustee of Trust since 2013.	Associate, Special Properties, a Christie’s International Real Estate Affiliate (2010-present); Managing Director, Bank of America (Asset Management) (2007-2008); Chief Operating Officer, U.S. Trust Asset Management, U.S. Trust Company (asset management) (2003-2007); President, Excelsior Funds (registered investment companies) (2004-2005).	126	None

Marilyn McCoy (1948); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1999.	Vice President of Administration and Planning, Northwestern University (1985-present).	126	None

Mitchell M. Merin (1953); Trustee of Trust since 2013.	Retired; President and Chief Operating Officer, Morgan Stanley Investment Management, Member Morgan Stanley & Co. Management Committee (serving in various roles 1981-2006).	126	Director, Sun Life Financial (SLF) (financial services and insurance) (2007-2013).

Dr. Robert A. Oden, Jr. (1946); Trustee of Trust since 2005; Trustee of heritage One Group Mutual Funds since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).	126	Trustee and Vice Chair, Trout Unlimited (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Vice Chair, Dartmouth-Hitchcock Medical Center (2011-present); Trustee, American University in Cairo (1999-2014).

Marian U. Pardo*** (1946); Trustee of Trust since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).	126	President and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).



110	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

(1)	The Trustees serve for an indefinite term, subject to the Trust’s current retirement policy, which is age 78 for all Trustees.

(2)

A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for which the Board of Trustees serves currently includes ten registered investment companies (126 funds).

Two family members of Mr. Harrington are partner and managing director, respectively, of the Funds’ independent registered public accounting firm. Such firm has represented to the Board that those family members are not involved in the audit of the Funds’ financial statements and do not provide other services to the Funds. The Board has concluded that such association does not interfere with Mr. Harrington’s exercise of independent judgment as an Independent Trustee.

**	A family member of Mr. Kanner is employed by JPMorgan Chase Bank, which is affiliated with JPMIM and JPMDS. In that capacity, this employee provides services to various JPMorgan affiliates including JPMIM and JPMDS and for which JPMIM and JPMDS bear some portion of the expense thereof.

***

The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	111

OFFICERS

(Unaudited)


Name (Year of Birth), Positions Held with the Trust (Since)		Principal Occupations During Past 5 Years

Brian S. Shlissel (1964), President and Principal Executive Officer (2016)		Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) (from 2014 to present); Managing Director and Head of Mutual Fund Services, Allianz Global Investors; President and Chief Executive Officer, Allianz Global Investors Mutual Funds and PIMCO Closed-End Funds (from 1999 to 2014).

Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2016; Vice President, JPMorgan Funds Management, Inc. from October 2013 to January 2016.

Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary since 2010)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2014; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2010 to February 2014.

Stephen M. Ungerman (1953), Chief Compliance Officer (2005)		Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.

Elizabeth A. Davin (1964), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2012; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2005 to February 2012; Senior Counsel, JPMorgan Chase (formerly Bank One Corporation) from 2004 to 2005.

Jessica K. Ditullio (1962), Assistant Secretary (2005)**		Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan Chase (formerly Bank One Corporation) since 1990.

Anthony Geron (1971), Assistant Secretary (2018)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA Equitable Life Insurance Company from 2014 to 2015.

Carmine Lekstutis (1980), Assistant Secretary (2011)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2015; formerly Vice President and Assistant General Counsel, JPMorgan Chase from 2011 to February 2015.

Keri E. Riemer (1976), Assistant Secretary (2019)*		Executive Director and Assistant General Counsel, JPMorgan Chase since February 2019; Counsel, Seward & Kissel LLP (law firm) (2016-2019); Associate, Seward & Kissel LLP (2011-2016).

Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)*		Vice President and Assistant General Counsel, JPMorgan Chase since September 2016; Associate, Morgan, Lewis & Bockius (law firm) from 2012 to 2016.

Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)		Managing Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since May 2014; formerly Executive Director, JPMorgan Funds Management, Inc. from 2012 to May 2014.

Aleksandr Fleytekh (1972), Assistant Treasurer (2019)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since February 2012.

Shannon Gaines (1977), Assistant Treasurer (2018)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since January 2014.

Jeffrey D. House (1972), Assistant Treasurer (2017)**		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since July 2006.

Lauren A. Paino (1973), Assistant Treasurer (2014)*		Executive Director, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since August 2013.

Joseph Parascondola (1963), Assistant Treasurer (2011)*		Executive Director, J.P. Morgan Investment Management, Inc. since February 2020, formerly Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) from August 2006 to January 2020.

Gillian I. Sands (1969), Assistant Treasurer (2012)*		Vice President, J.P. Morgan Investment Management Inc. (formerly JPMorgan Funds Management, Inc.) since September 2012.

The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.

*	The contact address for the officer is 4 New York Plaza, New York, NY 10004.

**	The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.



112	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited)

Hypothetical $1,000 Investment

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds and ETFs) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2020, and continued to hold your shares at the end of the reporting period, June 30, 2020.

Actual Expenses

Hypothetical Example for Comparison Purposes

The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees, and expenses of the Underlying Funds and ETFs. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Blend Income Fund
Class I
Actual	$	1,000.00	$	989.50	$	1.39		0.28	%
Hypothetical		1,000.00		1,023.47		1.41		0.28
Class R2
Actual		1,000.00		987.10		3.85		0.78
Hypothetical		1,000.00		1,020.98		3.92		0.78
Class R3
Actual		1,000.00		987.80		2.62		0.53
Hypothetical		1,000.00		1,022.23		2.66		0.53
Class R4
Actual		1,000.00		990.00		1.39		0.28
Hypothetical		1,000.00		1,023.47		1.41		0.28
Class R5
Actual		1,000.00		990.30		0.64		0.13
Hypothetical		1,000.00		1,024.22		0.65		0.13
Class R6
Actual		1,000.00		990.90		0.15		0.03
Hypothetical		1,000.00		1,024.71		0.15		0.03

JPMorgan SmartRetirement Blend 2020 Fund
Class I
Actual		1,000.00		987.80		1.38		0.28
Hypothetical		1,000.00		1,023.47		1.41		0.28
Class R2
Actual		1,000.00		985.30		3.85		0.78
Hypothetical		1,000.00		1,020.98		3.92		0.78



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	113

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Blend 2020 Fund (continued)
Class R3
Actual	$	1,000.00	$	986.40	$	2.62		0.53	%
Hypothetical		1,000.00		1,022.23		2.66		0.53
Class R4
Actual		1,000.00		987.80		1.38		0.28
Hypothetical		1,000.00		1,023.47		1.41		0.28
Class R5
Actual		1,000.00		988.40		0.64		0.13
Hypothetical		1,000.00		1,024.22		0.65		0.13
Class R6
Actual		1,000.00		989.10		0.15		0.03
Hypothetical		1,000.00		1,024.71		0.15		0.03

JPMorgan SmartRetirement Blend 2025 Fund
Class I
Actual		1,000.00		971.10		1.47		0.30
Hypothetical		1,000.00		1,023.37		1.51		0.30
Class R2
Actual		1,000.00		969.10		3.92		0.80
Hypothetical		1,000.00		1,020.89		4.02		0.80
Class R3
Actual		1,000.00		970.30		2.69		0.55
Hypothetical		1,000.00		1,022.13		2.77		0.55
Class R4
Actual		1,000.00		971.60		1.47		0.30
Hypothetical		1,000.00		1,023.37		1.51		0.30
Class R5
Actual		1,000.00		971.80		0.74		0.15
Hypothetical		1,000.00		1,024.12		0.75		0.15
Class R6
Actual		1,000.00		972.90		0.25		0.05
Hypothetical		1,000.00		1,024.61		0.25		0.05

JPMorgan SmartRetirement Blend 2030 Fund
Class I
Actual		1,000.00		958.80		1.66		0.34
Hypothetical		1,000.00		1,023.17		1.71		0.34
Class R2
Actual		1,000.00		956.30		4.18		0.86
Hypothetical		1,000.00		1,020.59		4.32		0.86
Class R3
Actual		1,000.00		957.40		2.87		0.59
Hypothetical		1,000.00		1,021.93		2.97		0.59
Class R4
Actual		1,000.00		958.30		1.66		0.34
Hypothetical		1,000.00		1,023.17		1.71		0.34
Class R5
Actual		1,000.00		959.40		0.93		0.19
Hypothetical		1,000.00		1,023.92		0.96		0.19
Class R6
Actual		1,000.00		959.60		0.44		0.09
Hypothetical		1,000.00		1,024.42		0.45		0.09



114	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Blend 2035 Fund
Class I
Actual	$	1,000.00	$	942.20	$	1.74		0.36	%
Hypothetical		1,000.00		1,023.07		1.81		0.36
Class R2
Actual		1,000.00		940.10		4.15		0.86
Hypothetical		1,000.00		1,020.59		4.32		0.86
Class R3
Actual		1,000.00		941.40		2.94		0.61
Hypothetical		1,000.00		1,021.83		3.07		0.61
Class R4
Actual		1,000.00		942.70		1.74		0.36
Hypothetical		1,000.00		1,023.07		1.81		0.36
Class R5
Actual		1,000.00		943.50		1.01		0.21
Hypothetical		1,000.00		1,023.82		1.06		0.21
Class R6
Actual		1,000.00		943.60		0.53		0.11
Hypothetical		1,000.00		1,024.32		0.55		0.11

JPMorgan SmartRetirement Blend 2040 Fund
Class I
Actual		1,000.00		930.80		1.87		0.39
Hypothetical		1,000.00		1,022.92		1.96		0.39
Class R2
Actual		1,000.00		928.60		4.27		0.89
Hypothetical		1,000.00		1,020.44		4.47		0.89
Class R3
Actual		1,000.00		929.90		3.07		0.64
Hypothetical		1,000.00		1,021.68		3.22		0.64
Class R4
Actual		1,000.00		931.20		1.87		0.39
Hypothetical		1,000.00		1,022.92		1.96		0.39
Class R5
Actual		1,000.00		931.90		1.15		0.24
Hypothetical		1,000.00		1,023.67		1.21		0.24
Class R6
Actual		1,000.00		932.50		0.67		0.14
Hypothetical		1,000.00		1,024.17		0.70		0.14

JPMorgan SmartRetirement Blend 2045 Fund
Class I
Actual		1,000.00		921.60		1.96		0.41
Hypothetical		1,000.00		1,022.82		2.06		0.41
Class R2
Actual		1,000.00		919.30		4.34		0.91
Hypothetical		1,000.00		1,020.34		4.57		0.91
Class R3
Actual		1,000.00		920.40		3.15		0.66
Hypothetical		1,000.00		1,021.58		3.32		0.66
Class R4
Actual		1,000.00		921.60		1.96		0.41
Hypothetical		1,000.00		1,022.82		2.06		0.41
Class R5
Actual		1,000.00		922.40		1.24		0.26
Hypothetical		1,000.00		1,023.57		1.31		0.26



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	115

SCHEDULE OF SHAREHOLDER EXPENSES

(Unaudited) (continued)

Hypothetical $1,000 Investment


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Blend 2045 Fund (continued)
Class R6
Actual	$	1,000.00	$	922.60	$	0.76		0.16	%
Hypothetical		1,000.00		1,024.07		0.81		0.16

JPMorgan SmartRetirement Blend 2050 Fund
Class I
Actual		1,000.00		923.00		1.96		0.41
Hypothetical		1,000.00		1,022.82		2.06		0.41
Class R2
Actual		1,000.00		920.70		4.35		0.91
Hypothetical		1,000.00		1,020.34		4.57		0.91
Class R3
Actual		1,000.00		922.50		3.15		0.66
Hypothetical		1,000.00		1,021.58		3.32		0.66
Class R4
Actual		1,000.00		923.40		1.96		0.41
Hypothetical		1,000.00		1,022.82		2.06		0.41
Class R5
Actual		1,000.00		924.00		1.24		0.26
Hypothetical		1,000.00		1,023.57		1.31		0.26
Class R6
Actual		1,000.00		924.70		0.77		0.16
Hypothetical		1,000.00		1,024.07		0.81		0.16

JPMorgan SmartRetirement Blend 2055 Fund
Class I
Actual		1,000.00		921.90		1.96		0.41
Hypothetical		1,000.00		1,022.82		2.06		0.41
Class R2
Actual		1,000.00		919.50		4.34		0.91
Hypothetical		1,000.00		1,020.34		4.57		0.91
Class R3
Actual		1,000.00		920.80		3.15		0.66
Hypothetical		1,000.00		1,021.58		3.32		0.66
Class R4
Actual		1,000.00		921.90		1.96		0.41
Hypothetical		1,000.00		1,022.82		2.06		0.41
Class R5
Actual		1,000.00		922.70		1.24		0.26
Hypothetical		1,000.00		1,023.57		1.31		0.26
Class R6
Actual		1,000.00		923.30		0.77		0.16
Hypothetical		1,000.00		1,024.07		0.81		0.16

JPMorgan SmartRetirement Blend 2060 Fund
Class I
Actual		1,000.00		922.00		2.01		0.42
Hypothetical		1,000.00		1,022.77		2.11		0.42
Class R2
Actual		1,000.00		919.00		4.39		0.92
Hypothetical		1,000.00		1,020.29		4.62		0.92
Class R3
Actual		1,000.00		920.10		3.15		0.66
Hypothetical		1,000.00		1,021.58		3.32		0.66



116	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020


	Beginning Account Value January 1, 2020		Ending Account Value June 30, 2020		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan SmartRetirement Blend 2060 Fund (continued)
Class R4
Actual	$	1,000.00	$	921.90	$	1.96		0.41	%
Hypothetical		1,000.00		1,022.82		2.06		0.41
Class R5
Actual		1,000.00		922.10		1.24		0.26
Hypothetical		1,000.00		1,023.57		1.31		0.26
Class R6
Actual		1,000.00		922.60		0.76		0.16
Hypothetical		1,000.00		1,024.07		0.81		0.16

*	Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period).



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	117

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)



118	JPMORGAN SMARTRETIREMENT BLEND FUNDS	JUNE 30, 2020

TAX LETTER

(Unaudited)

Dividends Received Deduction (DRD)


	Dividends Received Deduction
JPMorgan SmartRetirement Blend Income Fund		9.63	%
JPMorgan SmartRetirement Blend 2020 Fund		10.78
JPMorgan SmartRetirement Blend 2025 Fund		16.50
JPMorgan SmartRetirement Blend 2030 Fund		21.68
JPMorgan SmartRetirement Blend 2035 Fund		26.54
JPMorgan SmartRetirement Blend 2040 Fund		31.24
JPMorgan SmartRetirement Blend 2045 Fund		34.05
JPMorgan SmartRetirement Blend 2050 Fund		33.88
JPMorgan SmartRetirement Blend 2055 Fund		34.00
JPMorgan SmartRetirement Blend 2060 Fund		33.68

Long Term Capital Gain

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2020:


	Long-Term Capital Gain Distribution
JPMorgan SmartRetirement Blend Income Fund	$	—
JPMorgan SmartRetirement Blend 2020 Fund		1,099,095
JPMorgan SmartRetirement Blend 2025 Fund		4,980,685
JPMorgan SmartRetirement Blend 2030 Fund		6,664,460
JPMorgan SmartRetirement Blend 2035 Fund		4,794,878
JPMorgan SmartRetirement Blend 2040 Fund		4,655,416
JPMorgan SmartRetirement Blend 2045 Fund		1,838,605
JPMorgan SmartRetirement Blend 2050 Fund		1,915,207
JPMorgan SmartRetirement Blend 2055 Fund		600,848
JPMorgan SmartRetirement Blend 2060 Fund		77,021

Qualified Dividend Income (QDI)

Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2020:


	Qualified Dividend Income
JPMorgan SmartRetirement Blend Income Fund	$	2,526,955
JPMorgan SmartRetirement Blend 2020 Fund		5,271,422
JPMorgan SmartRetirement Blend 2025 Fund		8,601,749
JPMorgan SmartRetirement Blend 2030 Fund		10,525,514
JPMorgan SmartRetirement Blend 2035 Fund		9,431,518
JPMorgan SmartRetirement Blend 2040 Fund		9,311,332
JPMorgan SmartRetirement Blend 2045 Fund		7,369,967
JPMorgan SmartRetirement Blend 2050 Fund		5,643,889
JPMorgan SmartRetirement Blend 2055 Fund		3,023,754
JPMorgan SmartRetirement Blend 2060 Fund		550,339



JUNE 30, 2020	JPMORGAN SMARTRETIREMENT BLEND FUNDS	119

LOGO

Rev. January 2011



FACTS		WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?


Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The types of personal information we collect and share depend on the product or service you have with us. This information can include:

◾ Social Security number and account balances

◾ transaction history and account transactions

◾ checking account information and wire transfer instructions

When you are no longer our customer, we continue to share your information as described in this notice.


How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit this sharing.



Reasons we can share your personal information	Does J.P. Morgan Funds share?	Can you limit this sharing?
For our everyday business purposes — such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus	Yes	No
For marketing purposes — to offer our products and services to you	Yes	No
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes — information about your transactions and experiences	No	We don’t share
For our affiliates’ everyday business purposes — information about your creditworthiness	No	We don’t share
For nonaffiliates to market to you	No	We don’t share



Questions?		Call 1-800-480-4111 or go to www.jpmorganfunds.com

LOGO



Page 2



Who we are
Who is providing this notice?		J.P. Morgan Funds



What we do
How does J.P. Morgan Funds protect my personal information?		To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. We authorize our employees to access your information only when they need it to do their work and we require companies that work for us to protect your information.
How does J.P. Morgan Funds collect my personal information?		We collect your personal information, for example, when you: ◾ open an account or provide contact information ◾ give us your account information or pay us by check ◾ make a wire transfer We also collect your personal information from others, such as credit bureaus, affiliates and other companies.
Why can’t I limit all sharing?		Federal law gives you the right to limit only ◾ sharing for affiliates’ everyday business purposes – information about your creditworthiness ◾ affiliates from using your information to market to you ◾ sharing for nonaffiliates to market to you State laws and individual companies may give you additional rights to limit sharing.



Definitions
Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies. ◾ J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing		A formal agreement between nonaffiliated financial companies that together market financial products or services to you. ◾ J.P. Morgan Funds doesn’t jointly market.

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.

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.

LOGO

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.


		^© JPMorgan Chase & Co., 2020. All rights reserved. June 2020.		AN-SRB-620

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The audit committee financial expert is Dennis P. Harrington. He is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for purposes of audit committee financial expert determinations.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2020 – $1,217,878

2019 – $1,201,900

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2020 – $219,260

2019 – $219,260

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2020 – $480,226

2019 – $460,875

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended June 30, 2020 and 2019, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2020 – Not applicable

2019 – Not applicable

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the

“Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2020 – 0.0%

2019 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable - Less than 50%.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2019 - $25.4 million

2018 - $30.9 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s second fiscal quarter of 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 last fiscal quarter 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.

(a)

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

(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).

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(3) 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.

(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.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust I


By:		/s/ Brian S. Shlissel
		Brian S. Shlissel
		President and Principal Executive Officer
		August 31, 2020

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
		August 31, 2020

By:		/s/ Timothy J. Clemens
		Timothy J. Clemens
		Treasurer and Principal Financial Officer
		August 31, 2020