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, 2022 through June 30, 2023

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

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

ITEM 1. REPORTS TO STOCKHOLDERS.

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

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

shareholder report.

Annual Report

JPMorgan Access Funds

June 30, 2023

JPMorgan Access Balanced Fund

JPMorgan Access Growth Fund

CONTENTS

Letter to Shareholders	1
Market Overview	2
Fund Commentaries:
JPMorgan Access Balanced Fund	3
JPMorgan Access Growth Fund	6
Consolidated Schedules of Portfolio Investments	9
Consolidated Financial Statements	12
Consolidated Financial Highlights	18
Notes to Consolidated Financial Statements	22
Report of Independent Registered Public Accounting Firm	31
Trustees	32
Officers	35
Schedule of Shareholder Expenses	37
Liquidity Risk Management Program	38
Tax Letter	39
Privacy Policy — Located at the back of this Annual Report	40

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

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

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

LETTER TO SHAREHOLDERS

August 11, 2023 (Unaudited)

Dear Shareholder,

Equity markets largely delivered solid returns for the twelve months ended June 30, 2023 on the back of buoyant corporate earnings, continued economic growth and receding inflationary pressures. Even as the U.S. Federal Reserve raised interest rates in an effort to cool the economy, the unemployment rate remained below 4% and consumer and business spending was generally higher than many economists expected.

  “Equity markets delivered strong returns during the first half of 2023, with investors who remained fully invested likely benefitting. Going forward, we believe investors may be best served by maintaining a long-term view and holding a well-diversified portfolio.” — Brian S. Shlissel

Among financial markets, the performance of leading equity indexes was mixed through the second half of 2022. However, the S&P 500 Index generated positive performance every month except February in the first half of 2023. Large cap growth stocks generally outperformed other sectors of the market for the twelve-months ended June 30, 2023, partly due to investor demand for shares of large information technology companies. Leading mid cap and small cap equity indexes - both growth and value - posted positive performance for the period. Notably, the collapse of three U.S. regional banks in March 2023 put pressure on equities in the broader financial sector but the responses by multiple U.S. regulatory agencies as well as leading central banks appear to have limited further volatility in the banking industry.

With the exception of its June 2023 meeting, the U.S. Federal Reserve (the “Fed”) raised benchmark interest rates at 10 consecutive meetings since commencing its tightening monetary policy in mid-March 2022, and subsequently raised rates again in July 2023. Meanwhile, U.S. inflation, as measured by the Consumer Price Index, fell from 40-year highs in mid-2022 to 3.0% in June 2023. U.S. gross domestic product (GDP) remained positive throughout the 12-month period and even rebounded to an annualized rate of 2.4% in the second quarter of 2023 from 2.0% in the first quarter. While the overall trend

in consumer spending was downward, consumption was better than economists generally expected and business fixed investment in equipment, facilities and software in the second quarter of 2023 increased at the fastest pace since the start of 2022.

Though inflation remained above the Fed’s stated target of 2% annual growth during the twelve-month period, the declining trend in price growth may allow the Fed to end its policy tightening sooner than expected. Moreover, the resiliency of the U.S. economy in the face of the highest interest rates since 2001 could allow the economy to cool without GDP tipping into negative territory or leading to wide-spread job losses.

Certainly, there are factors that remain the focus of investor concerns. The war in Ukraine has continued, without demonstrative progress toward an eventual peace settlement or even a ceasefire. Elsewhere, China’s economy is experiencing weak growth and record high unemployment, and falling prices have raised economists’ worries about the potential for a deflationary spiral in the world’s second largest economy. In the U.S., the run-up to the 2024 presidential election has the potential to increase global political and economic uncertainty.

Equity markets delivered strong returns during the first half of 2023, with investors who remained fully invested likely benefitting. Going forward, we believe investors may be best served by maintaining a long-term view and holding a well-diversified portfolio. Our suite of investment solutions seeks to provide investors with ability to build durable portfolios that can meet their financial goals.

Sincerely,

Brian S. Shlissel

President - J.P. Morgan Funds

J.P Morgan Asset Management

1-800-480-4111 or www.jpmorganfunds.com for more information

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 1

JPMorgan Access Funds

MARKET OVERVIEW

TWELVE MONTHS ENDED JUNE 30, 2023 (Unaudited)

Global equity markets largely generated positive returns for the twelve-month period as consumer spending, manufacturing and corporate earnings remained resilient in the face of rising interest rates and slowing economic growth. While leading equity indexes were mixed on a month-to-month basis, the overall trend was toward a rebound from the sell-off that marked the first half of 2022.

Fixed-income markets generally underperformed developed markets equity. High yield debt (also known as junk bonds) and emerging markets debt provided positive returns for the period, while corporate bonds and sovereign debt had mixed returns.

Following a sharp sell-off in August and September 2022 that coincided with U.S. Federal Reserve policy guidance on further interest rate increases, equity prices largely stabilized. Corporate earnings for both the second and third quarters of 2022 were generally better than expected given a cooling economy and slowing consumer spending. By the start of 2023, economic data showed some inflationary pressures had eased.

Across Europe, the energy crisis that followed Russia’s invasion of Ukraine in late February 2022 eased somewhat in the second half of 2022 as both the U.K. and the EU obtained alternatives to Russian energy imports and global energy prices began to recede. A political crisis in the U.K. roiled financial markets in London but the ascension of Rishi Sunak to prime minister appeared to remove some investor uncertainty by the end of 2022.

Meanwhile, leading central banks largely continued to raise interest rates during the twelve-month period. Notably, the European Central Bank initiated its monetary tightening policy in September 2022, with its first rate increase in eleven years and the largest increase in the bank’s history. Following seven consecutive rate increases during the period, the U.S. Federal Reserve declined to raise interest rates at its June 2023 meeting, though it stated it would raise rates further in 2023 as needed.

While financial market volatility receded from 2022 levels, it remained elevated in the face of investor uncertainty about interest rates. In March 2023, the financial sector was roiled by the failures of Silicon Valley Bank and First Republic Bank in the U.S., and Credit Suisse Group AG in Switzerland. In each instance, government regulators moved to prevent further contagion within the financials sector.

2 JP MORGAN ACCESS FUNDS JUNE 30, 2023

JPMorgan Access Balanced Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2023 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		9.89%
Bloomberg Global Aggregate Index — Hedged USD		0.52%
MSCI World Index (net total return)		18.51%
Access Balanced Composite Benchmark		10.40%
Net Assets as of 6/30/2023 (In Thousands)	$	345,957

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, equity and alternative 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 outperformed the Bloomberg Global Aggregate Index — Hedged USD, its broad-based fixed income benchmark, and underperformed the MSCI World Index (net of foreign withholding taxes), its broad-based equity benchmark, for the twelve months ended June 30, 2023.

The Fund’s underweight allocation to core fixed income and its overall allocation to equity drove its outperformance relative to the Bloomberg Global Aggregate Index — Hedged USD, an all-fixed-income index. The Fund’s overall allocation to fixed income drove its underperformance relative to the MSCI World Index (net total return), an all-equity index.

The Fund’s Class I Shares underperformed the Fund’s composite benchmark, which consists of the MSCI World Index (net total return) (55%), Bloomberg Global Aggregate Index — Hedged USD (40%) and HFRX Global Hedge Fund Index (5%) for the period.

The Fund’s security selection within core fixed income and its underweight allocation to international developed markets equity were leading detractors from performance relative to

the composite benchmark. The Fund’s overweight allocations to extended credit and U.S. equity and its security selection in alternative strategies were leading contributors to performance relative to the composite benchmark.

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 remained overweight in equities relative to the composite benchmark, though its equity allocation was trimmed during the period to add to its fixed income allocation amid higher bond yields. During the period, the U.S. remained the Fund’s largest regional allocation.

During the period, the Fund was underweight in fixed income relative to the composite benchmark, with a small position in high yield corporate bonds (also known as junk bonds), which the portfolio managers added to modestly during the period. The Fund’s portfolio managers reduced the Fund’s allocation to core fixed income and increased its allocation to extended credit. The portfolio managers maintained the Fund’s slight overweight allocation to alternative investments.

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 3

JPMorgan Access Balanced Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2023 (Unaudited) (continued)

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2023			PERCENT OF TOTAL INVESTMENTS
	1.	iShares Core S&P 500 ETF		32.0	%
	2.	Vanguard Total International Bond ETF		18.1
	3.	Vanguard Total Bond Market ETF		8.2
	4.	Six Circles U.S. Unconstrained Equity Fund		7.6
	5.	JPMorgan BetaBuilders Europe ETF		5.7
	6.	Six Circles International Unconstrained Equity Fund		4.7
	7.	iShares 7-10 Year Treasury Bond ETF		3.9
	8.	JPMorgan BetaBuilders Japan ETF		3.0
	9.	Lord Abbett Short Duration Income Fund Class F3 Shares		2.1
	10.	JPMorgan BetaBuilders Canada ETF		2.1

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF JUNE 30, 2023	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		39.5	%
Fixed Income		37.5
International Equity		16.9
Alternative Assets		5.1
Short-Term Investments		1.0

*	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.
ETF	Exchange-Traded Fund

4 JP MORGAN ACCESS FUNDS JUNE 30, 2023

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2023
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 30, 2009
With Sales Charge*			4.76	%		4.18	%		4.50	%
Without Sales Charge			9.70			5.13			4.98
CLASS C SHARES	January 4, 2010
With CDSC**			8.09			4.62			4.57
Without CDSC			9.09			4.62			4.57
CLASS I SHARES	September 30, 2009		9.89			5.38			5.25

* 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 FUND PERFORMANCE (6/30/13 TO 6/30/23)

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 Global Aggregate Index — Hedged USD, the MSCI World Index (net total return), the S&P 500 Index and the Access Balanced Composite Benchmark from June 30, 2013 to June 30, 2023. 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 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 total return) 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 maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The Bloomberg 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 total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. 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 total return) (55%), Bloomberg 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 total return) (55%), Bloomberg Global Aggregate Index (35%), Bloomberg T-Bill 1-3 Month Index (5%), and HFRX Global Hedge Fund Index (5%). Up through June 30, 2016, the Access Balanced Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net total return) (50%), Bloomberg U.S. Aggregate Index (35%), Citigroup 3-Month Treasury Bill Index (5%), Bloomberg Commodity Index (5%) and HFRX Global Hedge Fund Index (5%). Investors cannot invest directly in an index.

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

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 5

JPMorgan Access Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2023 (Unaudited)

REPORTING PERIOD RETURN:
Fund (Class I Shares)*		13.44%
MSCI World Index (net total return)		18.51%
Bloomberg Global Aggregate Index — Hedged USD		0.52%
Access Growth Composite Benchmark		14.03%
Net Assets as of 6/30/2023 (In Thousands)	$	437,031

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, equity and alternative 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 MSCI World Index (net total return), its broad-based equity benchmark, and outperformed the Bloomberg Global Aggregate Index — Hedged USD, its broad-based fixed income benchmark, for the twelve months ended June 30, 2023.

The Fund’s overall allocation to fixed income drove underperformance relative to the MSCI World Index (net total return), which is an all-equity index. The Fund’s underweight allocation to core fixed income and its overall allocation to equity drove its outperformance relative to the Bloomberg Global Aggregate Index — Hedged USD, which is an all-fixed income index.

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

The Fund’s underweight allocation to international developed equity and its security selection in core fixed income were leading detractors from performance relative to the composite

benchmark. The Fund’s overweight allocations to U.S. equity and extended credit, and its overweight allocation to alternative strategies were leading contributors to performance relative to the composite benchmark.

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 remained overweight in equities relative to the composite benchmark, though its equity allocation was trimmed during the period to add to its fixed income allocation amid higher bond yields. During the period, the U.S. remained the Fund’s largest regional allocation.

During the period, the Fund was overweight in fixed income relative to the composite benchmark, with a small position in high yield corporate bonds (also known as junk bonds), which the Fund’s portfolio managers increased moderately during the period. The portfolio managers reduced the Fund’s allocation to core fixed income and increased its allocation to extended credit. The portfolio managers maintained the Fund’s overweight allocation to alternative investments.

6 JP MORGAN ACCESS FUNDS JUNE 30, 2023

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF JUNE 30, 2023			PERCENT OF TOTAL INVESTMENTS
	1.	iShares Core S&P 500 ETF		31.0	%
	2.	SPDR S&P 500 ETF Trust		13.5
	3.	Six Circles U.S. Unconstrained Equity Fund		8.4
	4.	JPMorgan BetaBuilders Europe ETF		7.4
	5.	Vanguard Total International Bond ETF		6.6
	6.	Six Circles International Unconstrained Equity Fund		5.0
	7.	Vanguard Total Bond Market ETF		4.5
	8.	iShares MSCI EAFE ETF		3.5
	9.	JPMorgan BetaBuilders Japan ETF		3.4
	10.	JPMorgan BetaBuilders Canada ETF		2.5

PORTFOLIO COMPOSITION BY ASSET CLASS AS OF JUNE 30, 2023	PERCENT OF TOTAL INVESTMENTS
U.S. Equity		53.0	%
International Equity		23.4
Fixed Income		17.6
Alternative Assets		4.7
Short-Term Investments		1.3

*	The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 7

JPMorgan Access Growth Fund

FUND COMMENTARY

TWELVE MONTHS ENDED JUNE 30, 2023 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF JUNE 30, 2023
	INCEPTION DATE OF CLASS	1 YEAR			5 YEAR			10 YEAR
CLASS A SHARES	September 30, 2009
With Sales Charge*			8.08	%		5.69	%		5.87	%
Without Sales Charge			13.16			6.66			6.36
CLASS C SHARES	January 4, 2010
With CDSC**			11.61			6.15			5.95
Without CDSC			12.61			6.15			5.95
CLASS I SHARES	September 30, 2009		13.44			6.94			6.64

* 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 FUND PERFORMANCE (6/30/13 TO 6/30/23)

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 Growth Fund, Bloomberg Global Aggregate Index — Hedged USD, the MSCI World Index (net total return), the S&P 500 Index and the Access Growth Composite Benchmark from June 30, 2013 to June 30, 2023. 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 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 total return) 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 maximum rate to non-resident institutional investors who do not benefit from double taxation treaties. The Bloomberg 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 total return) is a free float-adjusted market capitalization weighted index that is designed to measure the performance of large- and mid- cap stocks in developed markets. Net total return figures assume the reinvestment of dividends after deduction of withholding tax, applying the maximum rate to nonresident individual investors who do not benefit from double taxation treaties. 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 total return) (75%), Bloomberg 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 total return) (75%), Bloomberg Global Aggregate Index (15%), Bloomberg T-Bill 1-3 Month Index (5%), and HFRX Global Hedge Fund Index (5%). Prior to June 30, 2016, the Access Growth Composite Benchmark was a composite benchmark comprised of the MSCI World Index (net total return) (70%), Bloomberg U.S. Aggregate Index (15%), Citigroup 3-Month Treasury Bill Index (5%), Bloomberg Commodity Index (5%) and HFRX Global Hedge Fund Index (5%). Investors cannot invest directly in an index.

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

8 JP MORGAN ACCESS FUNDS JUNE 30, 2023

JPMorgan Access Balanced Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2023

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange-Traded Funds — 76.7%
Fixed Income — 32.5%
iShares 7-10 Year Treasury Bond ETF		138		13,369
iShares US Treasury Bond ETF		235		5,388
Vanguard Short-Term Bond ETF		33		2,456
Vanguard Total Bond Market ETF		390		28,327
Vanguard Total International Bond ETF		1,283		62,691
Total Fixed Income				112,231
International Equity — 12.3%
JPMorgan BetaBuilders Canada ETF (a)		117		7,167
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (a)		104		4,996
JPMorgan BetaBuilders Europe ETF (a)		368		19,922
JPMorgan BetaBuilders Japan ETF (a)		201		10,349
Total International Equity				42,434
U.S. Equity — 31.9%
iShares Core S&P 500 ETF		249		110,760
Total Exchange-Traded Funds (Cost $221,824)				265,425
Investment Companies — 22.5%
Alternative Assets — 5.1%
BlackRock Event Driven Equity Fund Class Institutional Shares		366		3,540
Blackstone Alternative Multi-Strategy Fund Class Y Shares *		504		5,161
Lumyna-Marshall Wace UCITS SICAV-Lumyna-MW Tops UCITS Fund (Luxembourg) *		25		5,316
Neuberger Berman Long Short Fund Class Institutional Shares		214		3,582
Total Alternative Assets				17,599
Fixed Income — 5.1%
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		520		3,728
JPMorgan High Yield Fund Class R6 Shares (a)		1,078		6,671
Lord Abbett Short Duration Income Fund Class F3 Shares		1,927		7,342
Total Fixed Income				17,741
International Equity — 4.7%
Six Circles International Unconstrained Equity Fund		1,524		16,125
U.S. Equity — 7.6%
Six Circles U.S. Unconstrained Equity Fund		1,913		26,205
Total Investment Companies (Cost $73,465)				77,670

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.0%
Investment Companies — 1.0%
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.14% (a) (b) (Cost $3,480)		3,480		3,481
Total Investments — 100.2% (Cost $298,769)				346,576
Liabilities in Excess of Other Assets — (0.2)% (c)				(619	)
Net Assets — 100.0%				345,957

Percentages indicated are based on net assets.

Abbreviations

ETF	Exchange-Traded Fund
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 rate shown is the current yield as of June 30, 2023.
(c)	A portion of the Fund’s cash is held by the subsidiary.
*	Non-income producing security.

Detailed information about investment portfolios of certain 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.

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 9

JPMorgan Access Growth Fund

CONSOLIDATED SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF JUNE 30, 2023

INVESTMENTS	SHARES (000)		VALUE ($000)
Exchange-Traded Funds — 77.1%
Fixed Income — 13.9%
iShares 20+ Year Treasury Bond ETF		38		3,881
iShares MBS ETF		43		4,020
iShares US Treasury Bond ETF		187		4,275
Vanguard Total Bond Market ETF		272		19,804
Vanguard Total International Bond ETF		590		28,854
Total Fixed Income				60,834
International Equity — 18.5%
iShares MSCI EAFE ETF		209		15,142
JPMorgan BetaBuilders Canada ETF (a)		179		10,981
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (a)		157		7,495
JPMorgan BetaBuilders Europe ETF (a)		596		32,259
JPMorgan BetaBuilders Japan ETF (a)		287		14,784
Total International Equity				80,661
U.S. Equity — 44.7%
iShares Core S&P 500 ETF		305		135,940
SPDR S&P 500 ETF Trust		134		59,311
Total U.S. Equity				195,251
Total Exchange-Traded Funds (Cost $234,819)				336,746
Investment Companies — 21.8%
Alternative Assets — 4.7%
BlackRock Event Driven Equity Fund Class Institutional Shares		393		3,800
Blackstone Alternative Multi-Strategy Fund Class Y Shares *		683		6,985
Lumyna-Marshall Wace UCITS SICAV-Lumyna-MW Tops UCITS Fund (Luxembourg) *		28		6,016
Neuberger Berman Long Short Fund Class Institutional Shares		236		3,955
Total Alternative Assets				20,756
Fixed Income — 3.7%
JPMorgan High Yield Fund Class R6 Shares (a)		1,266		7,834
Lord Abbett Short Duration Income Fund Class F3 Shares		2,158		8,222
Total Fixed Income				16,056
International Equity — 5.0%
Six Circles International Unconstrained Equity Fund		2,059		21,789
U.S. Equity — 8.4%
Six Circles U.S. Unconstrained Equity Fund		2,690		36,850
Total Investment Companies (Cost $88,981)				95,451

INVESTMENTS	SHARES (000)		VALUE ($000)
Short-Term Investments — 1.3%
Investment Companies — 1.3%
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.14% (a) (b) (Cost $5,735)		5,734		5,735
Total Investments — 100.2% (Cost $329,535)				437,932
Liabilities in Excess of Other Assets — (0.2)% (c)				(901	)
Net Assets — 100.0%				437,031

Percentages indicated are based on net assets.

Abbreviations

EAFE	Europe, Australasia and Far East
ETF	Exchange-Traded Fund
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 rate shown is the current yield as of June 30, 2023.
(c)	A portion of the Fund’s cash is held by the subsidiary.
*	Non-income producing security.

Detailed information about investment portfolios of certain 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.

10 JP MORGAN ACCESS FUNDS JUNE 30, 2023

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 11

CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES

AS OF JUNE 30, 2023

(Amounts in thousands, except per share amounts)

	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
ASSETS:
Investments in non-affiliates, at value	$	290,262		$	358,844
Investments in affiliates, at value		56,314			79,088
Cash		66			70
Foreign currency, at value		132			51
Receivables:
Fund shares sold		137			15
Dividends from non-affiliates		—	(a)		219
Dividends from affiliates		19			27
Tax reclaims		32			38
Total Assets		346,962			438,352
LIABILITIES:
Payables:
Distributions		—	(a)		4
Investment securities purchased		—	(a)		—	(a)
Fund shares redeemed		748			1,007
Accrued liabilities:
Investment advisory fees		69			92
Administration fees		12			23
Distribution fees		—	(a)		—	(a)
Service fees		71			87
Custodian and accounting fees		8			7
Other		97			101
Total Liabilities		1,005			1,321
Net Assets	$	345,957		$	437,031

(a) Amount rounds to less than one thousand.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

12 JP MORGAN ACCESS FUNDS JUNE 30, 2023

	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
NET ASSETS:
Paid-in-Capital	$	291,755		$	318,115
Total distributable earnings (loss)		54,202			118,916
Total Net Assets	$	345,957		$	437,031
Net Assets:
Class A	$	1,419		$	1,142
Class C		46			62
Class I		344,492			435,827
Total	$	345,957		$	437,031
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
Class A		94			61
Class C		3			4
Class I		22,624			23,343
Net Asset Value (a):
Class A — Redemption price per share	$	15.20		$	18.65
Class C — Offering price per share (b)		15.18			18.31
Class I — Offering and redemption price per share		15.23			18.67
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)]	$	15.92		$	19.53
Cost of investments in non-affiliates	$	246,944		$	257,144
Cost of investments in affiliates		51,825			72,391
Cost of foreign currency		128			49

(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, 2023 JP MORGAN ACCESS FUNDS 13

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEAR ENDED JUNE 30, 2023

(Amounts in thousands)

	JPMorgan Access Balanced Fund			JPMorgan Access Growth Fund
INVESTMENT INCOME:
Interest income from non-affiliates	$	84		$	—
Interest income from affiliates		1			1
Dividend income from non-affiliates		4,330			5,433
Dividend income from affiliates		3,089			3,371
Foreign taxes withheld (net)		(42	)		(73	)
Total investment income		7,462			8,732
EXPENSES:
Investment advisory fees		1,081			1,270
Administration fees		270			318
Distribution fees:
Class A		4			3
Class C		1			—	(a)
Service fees:
Class A		4			3
Class C		—	(a)		—	(a)
Class I		897			1,055
Custodian and accounting fees		75			68
Interest expense to affiliates		—	(a)		—	(a)
Professional fees		142			142
Trustees’ and Chief Compliance Officer’s fees		47			46
Printing and mailing costs		21			22
Registration and filing fees		58			52
Transfer agency fees (See Note 2.F.)		4			5
Other		14			15
Total expenses		2,618			2,999
Less fees waived		(283	)		(228	)
Less expense reimbursements		(2	)		(2	)
Net expenses		2,333			2,769
Net investment income (loss)		5,129			5,963
REALIZED/UNREALIZED GAINS (LOSSES):
Net realized gain (loss) on transactions from:
Investments in non-affiliates		20,938	(b)		23,540	(b)
Investments in affiliates		(5,004	)		(5,731	)
Foreign currency transactions		3			5
Net realized gain (loss)		15,937			17,814
Distributions of capital gains received from investment company non-affiliates		247			271
Distributions of capital gains received from investment company affiliates		2			1
Change in net unrealized appreciation/depreciation on:
Investments in non-affiliates		2,412	(c)		18,976	(c)
Investments in affiliates		10,300			11,663
Foreign currency translations		8			5
Change in net unrealized appreciation/depreciation		12,720			30,644
Net realized/unrealized gains (losses)		28,906			48,730
Change in net assets resulting from operations	$	34,035		$	54,693

(a) Amount rounds to less than one thousand.

(b) Net of foreign capital gains tax of $(1).

(c) Net of change in foreign capital gains tax of less than one thousand.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

14 JP MORGAN ACCESS FUNDS JUNE 30, 2023

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED

(Amounts in thousands)

	JPMorgan Access Balanced Fund						JPMorgan Access Growth Fund
	Year Ended June 30, 2023			Year Ended June 30, 2022			Year Ended June 30, 2023			Year Ended June 30, 2022
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
Net investment income (loss)	$	5,129		$	7,485		$	5,963		$	7,749
Net realized gain (loss)		15,937			21,587			17,814			18,741
Distributions of capital gains received from investment company non-affiliates		247			782			271			374
Distributions of capital gains received from investment company affiliates		2			256			1			156
Change in net unrealized appreciation/depreciation		12,720			(78,380	)		30,644			(85,925	)
Change in net assets resulting from operations		34,035			(48,270	)		54,693			(58,905	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(105	)		(208	)		(54	)		(103	)
Class C		(6	)		(12	)		(3	)		(5	)
Class I		(25,338	)		(46,236	)		(19,708	)		(37,962	)
Total distributions to shareholders		(25,449	)		(46,456	)		(19,765	)		(38,070	)
CAPITAL TRANSACTIONS:
Change in net assets resulting from capital transactions		(45,244	)		(10,536	)		(30,546	)		7,066
NET ASSETS:
Change in net assets		(36,658	)		(105,262	)		4,382			(89,909	)
Beginning of period		382,615			487,877			432,649			522,558
End of period	$	345,957		$	382,615		$	437,031		$	432,649

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 15

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

	JPMorgan Access Balanced Fund						JPMorgan Access Growth Fund
	Year Ended June 30, 2023			Year Ended June 30, 2022			Year Ended June 30, 2023			Year Ended June 30, 2022
CAPITAL TRANSACTIONS:
Class A
Proceeds from shares issued	$	50		$	152		$	1		$	23
Distributions reinvested		105			208			54			103
Cost of shares redeemed		(503	)		(234	)		(238	)		(51	)
Change in net assets resulting from Class A capital transactions		(348	)		126			(183	)		75
Class C
Proceeds from shares issued		—			9			—			—
Distributions reinvested		6			12			2			5
Cost of shares redeemed		(58	)		(163	)		—	(a)		(19	)
Change in net assets resulting from Class C capital transactions		(52	)		(142	)		2			(14	)
Class I
Proceeds from shares issued		17,039			31,112			20,989			42,258
Distributions reinvested		25,338			46,235			19,660			37,934
Cost of shares redeemed		(87,221	)		(87,867	)		(71,014	)		(73,187	)
Change in net assets resulting from Class I capital transactions		(44,844	)		(10,520	)		(30,365	)		7,005
Total change in net assets resulting from capital transactions	$	(45,244	)	$	(10,536	)	$	(30,546	)	$	7,066
SHARE TRANSACTIONS:
Class A
Issued		3			8			—	(a)		2
Reinvested		8			12			3			5
Redeemed		(34	)		(13	)		(14	)		(2	)
Change in Class A Shares		(23	)		7			(11	)		5
Class C
Issued		—			1			—			—
Reinvested		—	(a)		1			1			—	(a)
Redeemed		(4	)		(9	)		—	(a)		(1	)
Change in Class C Shares		(4	)		(7	)		1			(1	)
Class I
Issued		1,176			1,759			1,204			2,070
Reinvested		1,770			2,632			1,145			1,841
Redeemed		(5,914	)		(5,069	)		(4,028	)		(3,593	)
Change in Class I Shares		(2,968	)		(678	)		(1,679	)		318

(a) Amount rounds to less than one thousand.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

16 JP MORGAN ACCESS FUNDS JUNE 30, 2023

THIS PAGE IS INTENTIONALLY LEFT BLANK

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 17

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, 2023	$	14.85	$	0.17	$	1.21		$	1.38		$	(0.20	)	$	(0.83	)	$	(1.03	)
Year Ended June 30, 2022		18.46		0.25		(2.11	)		(1.86	)		(0.31	)		(1.44	)		(1.75	)
Year Ended June 30, 2021		16.24		0.19		3.15			3.34			(0.23	)		(0.89	)		(1.12	)
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	)
Class C
Year Ended June 30, 2023		14.80		0.09		1.23			1.32			(0.11	)		(0.83	)		(0.94	)
Year Ended June 30, 2022		18.38		0.12		(2.04	)		(1.92	)		(0.22	)		(1.44	)		(1.66	)
Year Ended June 30, 2021		16.16		0.09		3.15			3.24			(0.13	)		(0.89	)		(1.02	)
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	)
Class I
Year Ended June 30, 2023		14.88		0.21		1.21			1.42			(0.24	)		(0.83	)		(1.07	)
Year Ended June 30, 2022		18.48		0.28		(2.09	)		(1.81	)		(0.35	)		(1.44	)		(1.79	)
Year Ended June 30, 2021		16.26		0.23		3.15			3.38			(0.27	)		(0.89	)		(1.16	)
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	)

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

(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) Does not include expenses of Underlying Funds.

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

18 JP MORGAN ACCESS FUNDS JUNE 30, 2023

		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 (000’s)		Net expenses (d)(e)			Net investment income (loss) (a)			Expenses without waivers and reimbursements (d)			Portfolio turnover rate
$	15.20		9.84	%	$	1,419		0.90	%		1.17	%		0.98	%		38	%
	14.85		(11.40	)		1,734		0.74			1.40			0.95			27
	18.46		21.11			2,037		0.69			1.09			0.95			22
	16.24		3.30			1,037		0.82			1.50			1.13			22
	16.30		5.57			827		1.03			1.43			1.41			29
	15.18		9.38			46		1.40			0.64			1.48			38
	14.80		(11.76	)		96		1.22			0.68			1.45			27
	18.38		20.50			260		1.19			0.55			1.44			22
	16.16		2.81			1,370		1.35			0.93			1.66			22
	16.20		5.02			2,488		1.53			0.90			1.90			29
	15.23		10.11			344,492		0.65			1.43			0.73			38
	14.88		(11.11	)		380,785		0.49			1.62			0.70			27
	18.48		21.37			485,580		0.43			1.33			0.70			22
	16.26		3.54			469,598		0.54			1.68			0.81			22
	16.32		5.87			147,357		0.78			1.71			1.15			29

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 19

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, 2023	$	17.21	$	0.20	$	2.02		$	2.22		$	(0.23	)	$	(0.55	)	$	(0.78	)
Year Ended June 30, 2022		21.06		0.26		(2.59	)		(2.33	)		(0.34	)		(1.18	)		(1.52	)
Year Ended June 30, 2021		17.37		0.22		4.70			4.92			(0.26	)		(0.97	)		(1.23	)
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	)
Class C
Year Ended June 30, 2023		16.92		0.12		1.97			2.09			(0.15	)		(0.55	)		(0.70	)
Year Ended June 30, 2022		20.73		0.15		(2.54	)		(2.39	)		(0.24	)		(1.18	)		(1.42	)
Year Ended June 30, 2021		17.10		0.10		4.65			4.75			(0.15	)		(0.97	)		(1.12	)
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	)
Class I
Year Ended June 30, 2023		17.24		0.25		2.01			2.26			(0.28	)		(0.55	)		(0.83	)
Year Ended June 30, 2022		21.09		0.31		(2.59	)		(2.28	)		(0.39	)		(1.18	)		(1.57	)
Year Ended June 30, 2021		17.39		0.27		4.71			4.98			(0.31	)		(0.97	)		(1.28	)
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	)

(a) Net investment income (loss) is affected by 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) Does not include expenses of Underlying Funds.

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

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

20 JP MORGAN ACCESS FUNDS JUNE 30, 2023

		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 (000’s)		Net expenses (d)(e)			Net investment income (loss) (a)			Expenses without waivers and reimbursements (d)			Portfolio turnover rate
$	18.65		13.41	%	$	1,143		0.90	%		1.13	%		0.96	%		40	%
	17.21		(12.18	)		1,230		0.76			1.28			0.95			22
	21.06		29.10			1,426		0.71			1.15			0.95			19
	17.37		2.17			1,017		0.85			1.47			1.22			21
	17.74		5.30			583		1.06			1.25			1.42			24
	18.31		12.80			62		1.40			0.67			1.46			40
	16.92		(12.63	)		55		1.26			0.76			1.45			22
	20.73		28.52			81		1.21			0.54			1.45			19
	17.10		1.71			312		1.39			0.61			1.68			21
	17.43		4.73			898		1.55			0.80			1.91			24
	18.67		13.62			435,826		0.65			1.41			0.71			40
	17.24		(11.94	)		431,364		0.51			1.52			0.70			22
	21.09		29.45			521,051		0.46			1.39			0.70			19
	17.39		2.44			443,344		0.58			1.56			0.84			21
	17.75		5.53			177,270		0.80			1.56			1.16			24

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 21

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2023

(Dollar values in thousands)

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	Diversified
JPMorgan Access Growth Fund	Class A, Class C and Class I	Diversified

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

The investment objective of 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 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds’ prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

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

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 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.

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

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

22 JP MORGAN ACCESS FUNDS JUNE 30, 2023

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 affiliated and/or unaffiliated pricing vendors or third party broker-dealers. 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 as presented on the CSOIs:

Access Balanced Fund

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	341,260	$	—	$	—	$	341,260

As of June 30, 2023, certain investments companies with a fair value of $5,316, have not been categorized in the fair value hierarchy as these investment companies are measured using the NAV per share as a practical expedient for the Access Balanced Fund.

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

Access Growth Fund
	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities (a)	$	431,916	$	—	$	—	$	431,916

As of June 30, 2023, certain investments companies with a fair value of $6,016, have not been categorized in the fair value hierarchy as these investment companies are measured using the NAV per share as a practical expedient for the Access Growth Fund.

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

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

As of June 30, 2023, the Funds had no investments in restricted securities including securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

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

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 23

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2023 (continued)

(Dollar values in thousands)

Access Balanced Fund

For the year ended June 30, 2023
Security Description	Value at June 30, 2022		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2023		Shares at June 30, 2023		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders Canada ETF (a)	$	8,452	$	—	$	1,548	$	265		$	(2	)	$	7,167		117	$	197	$	—
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (a)		7,156		503		2,775		(442	)		554			4,996		104		255		—
JPMorgan BetaBuilders Europe ETF (a)		30,726		14,740		29,976		(1,427	)		5,859			19,922		368		728		—
JPMorgan BetaBuilders Japan ETF (a)		8,691		1,453		1,248		(274	)		1,727			10,349		201		122		—
JPMorgan Core Bond Fund Class R6 Shares (a)		30,197		4,000		33,260		(2,887	)		1,950			—		—		896		2
JPMorgan Core Plus Bond Fund Class R6 Shares (a)		3,874		—		—		—			(146	)		3,728		520		144		—
JPMorgan High Yield Fund Class R6 Shares (a)		7,546		2,500		3,500		(128	)		253			6,671		1,078		534		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.14% (a) (b)		4,837		140,652		142,008		—	(c)		—	(c)		3,481		3,480		172		—
JPMorgan Short Duration Bond Fund Class R6 Shares (a)		4,192		—		4,186		(111	)		105			—		—		41		—
Total	$	105,671	$	163,848	$	218,501	$	(5,004	)	$	10,300		$	56,314			$	3,089	$	2

(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, 2023.

(c) Amount rounds to less than one thousand.

Access Growth Fund

For the year ended June 30, 2023
Security Description	Value at June 30, 2022		Purchases at Cost		Proceeds from Sales		Net Realized Gain (Loss)			Change in Unrealized Appreciation/ (Depreciation)			Value at June 30, 2023		Shares at June 30, 2023		Dividend Income		Capital Gain Distributions
JPMorgan BetaBuilders Canada ETF (a)	$	13,613	$	—	$	3,166	$	698		$	(164	)	$	10,981		179	$	323	$	—
JPMorgan BetaBuilders Developed Asia Pacific ex-Japan ETF (a)		9,161		225		1,802		(498	)		409			7,495		157		345		—
JPMorgan BetaBuilders Europe ETF (a)		40,751		11,993		24,911		(3,151	)		7,577			32,259		596		1,125		—
JPMorgan BetaBuilders Japan ETF (a)		12,518		3,347		2,702		(916	)		2,537			14,784		287		156		—
JPMorgan Core Bond Fund Class R6 Shares (a)		16,608		4,900		20,804		(1,717	)		1,013			—		—		583		1
JPMorgan High Yield Fund Class R6 Shares (a)		8,489		3,200		4,000		(146	)		291			7,834		1,266		619		—
JPMorgan Prime Money Market Fund Class Institutional Shares, 5.14% (a) (b)		5,276		213,864		213,404		(1	)		—	(c)		5,735		5,734		220		—
Total	$	106,416	$	237,529	$	270,789	$	(5,731	)	$	11,663		$	79,088			$	3,371	$	1

(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, 2023.

(c) Amount rounds to less than one thousand.

D. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Consolidated Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund’s books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Consolidated Statements of

24 JP MORGAN ACCESS FUNDS JUNE 30, 2023

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 Consolidated Statements of Operations.

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

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 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, 2023 are as follows:

	Class A			Class C			Class I		Total
Access Balanced Fund
Transfer agency fees	$	—	(a)	$	—	(a)	$	4	$	4
Access Growth Fund
Transfer agency fees		—	(a)		—	(a)		5		5

(a) Amount rounds to less than one thousand.

The Funds invested in Underlying Funds and ETFs and, as a result, bear a portion of the expenses incurred by these Underlying Funds and ETFs. These expenses are not reflected in the expenses shown on the Consolidated Statements of Operations 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 advised by JPMIM 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, 2023, 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 gains 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.

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 25

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2023 (continued)

(Dollar values in thousands)

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	$	(71	)	$	967	$	(896	)
Access Growth Fund		(69	)		988		(919	)

The reclassifications of the Funds relate primarily to tax reclassifications on certain investments.

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. 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.

The Subsidiaries have entered into separate contracts with the Adviser and its affiliates to provide investment advisory and other services to the Subsidiaries. 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. 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 is sub-adviser to the Funds. Prior to May 31, 2023, Capital International, Inc. (“CII”) and T. Rowe Price Associates, Inc. (“T. Rowe Price”) were also sub-advisers for the Funds. The 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-adviser to help assure that it is 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.

At June 30, 2023, 100% of assets for each Fund was allocated to JPMPI.

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. CII and T. Rowe Price were terminated as sub-advisers effective as of May 31, 2023.

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

B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund and the 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, 2023, the effective annualized rate was 0.075% 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 annualized rate of 0.10% of the average daily net assets of the Subsidiaries.

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

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

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

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

26 JP MORGAN ACCESS FUNDS JUNE 30, 2023

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, 2023, 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
Access Balanced Fund		0.25	%		0.25	%		0.25	%
Access Growth Fund		0.25			0.25			0.25

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

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

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

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

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

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
Access Balanced Fund		0.93	%		1.43	%		0.68	%
Access Growth Fund		0.95			1.45			0.70

The expense limitation agreements were in effect for the year ended June 30, 2023 and the contractual expense limitation percentages in the table above are in place until at least October 31, 2024.

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, 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 advised by JPMIM. These contractual waivers are in place until at least October 31, 2024. 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, 2023, 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 Fess		Administration Fees		Service Fees		Total
Access Balanced Fund	$	202	$	69	$	3	$	274
Access Growth Fund		191		21		4		216

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

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 27

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2023 (continued)

(Dollar values in thousands)

The amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2023 were as follows:

Access Balanced Fund	$	9
Access Growth Fund		12

JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the year ended June 30, 2023 the amount of these waivers were as follows:

Access Balanced Fund	$	2
Access Growth Fund		2

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 Consolidated Statements of Operations.

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, 2023, the Access Balanced Fund and the Access Growth Fund each incurred less than one thousand dollars 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 LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

4. Investment Transactions

During the year ended June 30, 2023, 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	$	136,646	$	201,092
Access Growth Fund		168,834		214,529

During the year ended June 30, 2023, 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, 2023 were as follows:

	Aggregate Cost		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation (Depreciation)
Access Balanced Fund	$	322,247	$	34,447	$	10,102	$	24,345
Access Growth Fund		349,843		94,378		6,275		88,103

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.

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals and tax adjustments on certain investments.

The tax character of distributions paid during the year ended June 30, 2023 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Access Balanced Fund	$	5,791	$	19,658	$	25,449
Access Growth Fund		6,678		13,087		19,765

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

28 JP MORGAN ACCESS FUNDS JUNE 30, 2023

The tax character of distributions paid during the year ended June 30, 2022 was as follows:

	Ordinary Income*		Net Long-Term Capital Gains		Total Distributions Paid
Access Balanced Fund	$	12,055	$	34,401	$	46,456
Access Growth Fund		11,589		26,481		38,070

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

As of June 30, 2023 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	$	808	$	9,832	$	44,378
Access Growth Fund		1,080		13,571		105,344

The cumulative timing differences primarily consist of wash sale loss deferrals and tax adjustments on certain investments.

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, 2023, the Funds deferred to July 1, 2023 the following specified ordinary losses of:

	Specified Ordinary Losses
Access Balanced Fund	$	19
Access Growth Fund		17

6. Borrowings

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

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended June 30, 2023.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund’s borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 31, 2023.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2023.

The Trust, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the “Applicable Margin”), plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Daily Simple SOFR Rate. Prior to August 9, 2022, interest associated with any borrowing under the Credit Facility was charged to the borrowing fund at a rate of interest equal to the Applicable Margin, plus the greater of the federal funds effective rate or one month London Interbank Offered Rate (“LIBOR”). Effective August 8, 2023, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended June 30, 2023.

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 29

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2023 (continued)

(Dollar values in thousands)

7. Risks, Concentrations and Indemnifications

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of June 30, 2023, the Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund’s outstanding shares as follows:

	Number of Individual Shareholder and/or Affiliated Omnibus Accounts		% of the Fund
Access Balanced Fund		1		98.4	%
Access Growth Fund		1		96.9

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

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

Because of the Funds’ investments in the Underlying Funds and ETFs, the Funds indirectly pay a portion of the expenses incurred by the Underlying Funds and ETFs. As a result, the cost of investing in the Funds may be higher than the cost of investing in a mutual fund that invests directly in individual securities and financial instruments. The Funds are also subject to certain risks related to the Underlying Funds’ and ETFs’ investments in securities and financial instruments such as fixed income securities including high yield, asset-backed and mortgage-related securities, equity securities, foreign and emerging markets securities, commodities and real estate securities. These securities are subject to risks specific to their structure, sector or market.

In addition, the Underlying Funds and ETFs may use derivative instruments in connection with their individual investment strategies including futures contracts, forward foreign currency exchange contracts, options, swaps and other derivatives, which are also subject to specific risks related to their structure, sector or market and may be riskier than investments in other types of securities. Specific risks and concentrations present in the Underlying Funds and ETFs are disclosed within their individual financial statements and registration statements, as appropriate.

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.

LIBOR was a leading floating rate benchmark used in loans, notes, derivatives and other instruments or investments. As a result of benchmark reforms, publication of most LIBOR settings has ceased. Some LIBOR settings continue to be published but only on a temporary, synthetic and non-representative basis. Regulated entities have generally ceased entering into new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector actors have worked to establish alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR which may affect the value, volatility, liquidity or return on certain of the Funds’ loans, notes, derivatives and other instruments or investments comprising some or all of the Funds’ investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions and entering into new trades. Certain of the Funds’ investments may have transitioned from LIBOR or will transition from LIBOR in the future. The transition from LIBOR to alternative reference rates may result in operational issues for the Funds or their investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on the Funds and their investments.

The Funds are subject to infectious disease epidemics/pandemics risk. For example, the outbreak of COVID-19, has negatively affected economies, markets and individual companies throughout the world, including those in which the Funds invest. The effects of this, or any future, pandemic to public health, and business and market conditions, may have a significant negative impact on the performance of a Fund’s investments, increase a Fund’s volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to a pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that also have a significant negative impact on a Fund’s investment performance. The ultimate impact of any epidemic or pandemic and the extent to which the associated conditions and governmental responses impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.

30 JP MORGAN ACCESS FUNDS JUNE 30, 2023

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, 2023, the related consolidated statements of operations for the year ended June 30, 2023, the consolidated statements of changes in net assets for each of the two years in the period ended June 30, 2023, including the related notes, and the consolidated financial highlights for each of the five years in the period ended June 30, 2023 (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, 2023, 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, 2023 and each of the financial highlights for each of the five years in the period ended June 30, 2023 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, 2023 by correspondence with the custodian and transfer agents. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

August 24, 2023

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

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 31

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.jpmorganfunds.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); Chair since 2020; Trustee since 1998.	Chairman, Gardner, Inc. (supply chain management company serving industrial and consumer markets) (serving in various roles 1974-present).		176	Director, Greif, Inc. (GEF) (industrial package products and services) (2007-present); Trustee, Columbus Association for the Performing Arts (1988-present).
Stephen P. Fisher (1959); Trustee 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).		176	Honors Program Advisory Board Member, The Zicklin School of Business, Baruch College, The City University of New York (2017-present).
Gary L. French (1951); Trustee since 2014.	Real Estate Investor (2011-2020); Investment management industry Consultant and Expert Witness (2011-present); Senior Consultant for The Regulatory Fundamentals Group LLC (2011-2017).		176	Independent Trustee, The China Fund, Inc. (2013-2019); Exchange Traded Concepts Trust II (2012-2014); Exchange Traded Concepts Trust I (2011-2014).
Kathleen M. Gallagher (1958); Trustee since 2018.	Retired; Chief Investment Officer — Benefit Plans, Ford Motor Company (serving in various roles 1985-2016).		176	Non- Executive Director, Legal & General Investment Management (Holdings) (2018-present); Non-Executive Director, Legal & General Investment Management America (U.S. Holdings) (financial services and insurance) (2017-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (2017-present); Member, Client Advisory Council, Financial Engines, LLC (registered investment adviser) (2011-2016); Director, Ford Pension Funds Investment Management Ltd. (2007-2016).
Robert J. Grassi (1957); Trustee since 2014.	Sole Proprietor, Academy Hills Advisors LLC (2012-present); Pension Director, Corning Incorporated (2002-2012).		176	None
Frankie D. Hughes (1952); Trustee 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).		176	None

32 JP MORGAN ACCESS FUNDS JUNE 30, 2023

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 since 2017.	Retired; Managing Director and Chief Investment Officer, IBM Retirement Funds (2007-2016).		176	Advisory Board Member, Penso Advisors, LLC (2020-present); Advisory Board Member, Los Angeles Capital (2018-present); Advisory Board Member, State Street Global Advisors Total Portfolio Solutions (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).
Thomas P. Lemke (1954); Trustee since 2014.	Retired since 2013.		176	(1) Independent Trustee of Advisors’ Inner Circle III fund platform, consisting of the following: (i) the Advisors’ Inner Circle Fund III, (ii) the Gallery Trust, (iii) the Schroder Series Trust, (iv) the Delaware Wilshire Private Markets Fund (since 2020), (v) Chiron Capital Allocation Fund Ltd., and (vi) formerly the Winton Diversified Opportunities Fund (2014-2018); and (2) Independent Trustee of the Symmetry Panoramic Trust (since 2018).
Lawrence R. Maffia (1950); Trustee since 2014.	Retired; Director and President, ICI Mutual Insurance Company (2006-2013).		176	Director, ICI Mutual Insurance Company (1999-2013).
Mary E. Martinez (1960); Vice Chair since 2021; Trustee 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).		176	None
Marilyn McCoy (1948); Trustee since 1999.	Retired; Vice President of Administration and Planning, Northwestern University (1985-2023).		176	None
Dr. Robert A. Oden, Jr. (1946); Trustee since 1997.	Retired; President, Carleton College (2002-2010); President, Kenyon College (1995-2002).		176	Trustee, The Coldwater Conservation Fund (2017-present); Trustee, American Museum of Fly Fishing (2013-present); Trustee and Vice Chair, Trout Unlimited (2017-2021); Trustee, Dartmouth-Hitchcock Medical Center (2011-2020).

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 33

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)
Marian U. Pardo* (1946); Trustee since 2013.	Managing Director and Founder, Virtual Capital Management LLC (investment consulting) (2007-present); Managing Director, Credit Suisse Asset Management (portfolio manager) (2003-2006).		176	Board Chair and Member, Board of Governors, Columbus Citizens Foundation (not-for-profit supporting philanthropic and cultural programs) (2006-present).
Emily A. Youssouf (1951); Trustee since 2014.	Adjunct Professor (2011-present) and Clinical Professor (2009-2011), NYU Schack Institute of Real Estate; Board Member and Member of the Audit Committee (2013–present), Chair of Finance Committee (2019-present), Member of Related Parties Committee (2013-2018) and Member of the Enterprise Risk Committee (2015-2018), PennyMac Financial Services, Inc.; Board Member (2005-2018), Chair of Capital Committee (2006-2016), Chair of Audit Committee (2005-2018), Member of Finance Committee (2005-2018) and Chair of IT Committee (2016-2018), NYC Health and Hospitals Corporation.		176	Trustee, NYC School Construction Authority (2009-present); Board Member, NYS Job Development Authority (2008-present); Trustee and Chair of the Audit Committee of the Transit Center Foundation (2015-2019).
Interested Trustees
Robert F. Deutsch** (1957); Trustee since 2014.	Retired; Head of ETF Business for JPMorgan Asset Management (2013-2017); Head of Global Liquidity Business for JPMorgan Asset Management (2003-2013).		176	Treasurer and Director of the JUST Capital Foundation (2017-present).
Nina O. Shenker** (1957); Trustee since 2022.	Vice Chair (2017-2021), General Counsel and Managing Director (2008-2016), Associate General Counsel and Managing Director (2004-2008), J.P. Morgan Asset & Wealth Management.		176	Director and Member of Legal and Human Resources Subcommittees, American Jewish Joint Distribution Committee (2018-present).

⁽¹⁾ The year shown is the first year in which a Trustee became a member of any of the following: the JPMorgan Mutual Fund Board, the JPMorgan ETF Board, the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation, retirement, removal or death. The Board’s current retirement policy sets retirement at the end of the calendar year in which the Trustee attains the age of 75, provided that any Board member who was a member of the JPMorgan Mutual Fund Board prior to January 1, 2022 and was born prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age of 78.

⁽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 nine registered investment companies (176 J.P. Morgan Funds).

* 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.

** Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a control person of the Adviser.

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

34 JP MORGAN ACCESS FUNDS JUNE 30, 2023

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. since 2014.
Timothy J. Clemens (1975), Treasurer and Principal Financial Officer (2018)	Managing Director, J.P. Morgan Investment Management Inc. Mr. Clemens has been with J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980), Secretary (2019) (formerly Assistant Secretary 2010-2019)	Managing Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Samuels has been with JPMorgan Chase & Co. since 2010.
Stephen M. Ungerman (1953), Chief Compliance Officer (2005)	Managing Director, JPMorgan Chase & Co. Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Kiesha Astwood-Smith (1973), Assistant Secretary (2021)	Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Senior Director and Counsel, Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from September 2015 through June 2021.
Matthew Beck (1988), Assistant Secretary (2021)*	Vice President and Assistant General Counsel, JPMorgan Chase & Co. since May 2021; Senior Legal Counsel, Ultimus Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014 through May 2018.
Elizabeth A. Davin (1964), Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Davin has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962) Assistant Secretary (2005)*	Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Ms. Ditullio has been with JPMorgan Chase & Co. (formerly Bank One Corporation) since 1990.
Anthony Geron (1971), Assistant Secretary (2018)	Vice President and Assistant General Counsel, JPMorgan Chase & Co. 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 & Co. Mr. Lekstutis has been with JPMorgan Chase & Co. since 2011.
Max Vogel (1990), Assistant Secretary (2021)	Vice President and Assistant General Counsel, JPMorgan Chase & Co. since June 2021; Associate, Proskauer Rose LLP (law firm) from March 2017 to June 2021.
Zachary E. Vonnegut-Gabovitch (1986), Assistant Secretary (2017)	Executive Director and Assistant General Counsel, JPMorgan Chase & Co. Mr. Vonnegut-Gabovitch has been with JPMorgan Chase & Co. since September 2016.
Frederick J. Cavaliere (1978), Assistant Treasurer (2023)**	Executive Director, J.P. Morgan Investment Management Inc. Mr. Cavaliere has been with JPMorgan Chase & Co. since May 2006.
Michael M. D’Ambrosio (1969), Assistant Treasurer (2012)	Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972), Assistant Treasurer (2019)	Executive Director, J.P. Morgan Investment Management Inc. Mr. Fleytekh has been with J.P. Morgan Investment Management Inc. since February 2012.
Shannon Gaines (1977), Assistant Treasurer (2018)*	Executive Director, J.P. Morgan Investment Management Inc. Mr. Gaines has been with J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972), Assistant Treasurer (2017)*	Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985), Assistant Treasurer (2020)	Vice President, J.P. Morgan Investment Management Inc. since 2014.
Joseph Parascondola (1963), Assistant Treasurer (2011)**	Executive Director, J.P. Morgan Investment Management Inc. Mr. Parascondola has been with J.P. Morgan Investment Management Inc. since 2006.

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 35

OFFICERS

(Unaudited) (continued)

Name (Year of Birth), Positions Held with the Trusts (Since)	Principal Occupations During Past 5 Years
Gillian I. Sands (1969), Assistant Treasurer (2012)	Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment Management Inc. since 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 1111 Polaris Parkway, Columbus, OH 43240.

** The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.

36 JP MORGAN ACCESS FUNDS JUNE 30, 2023

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, 2023 and continued to hold your shares at the end of the reporting period, June 30, 2023.

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, 2023		Ending Account Value June 30, 2023		Expenses Paid During the Period*		Annualized Expense Ratio
JPMorgan Access Balanced Fund
Class A
Actual	$	1,000.00	$	1,092.50	$	4.67		0.90	%
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class C
Actual		1,000.00		1,091.60		7.26		1.40
Hypothetical		1,000.00		1,017.85		7.00		1.40
Class I
Actual		1,000.00		1,094.50		3.38		0.65
Hypothetical		1,000.00		1,021.57		3.26		0.65
JPMorgan Access Growth Fund
Class A
Actual		1,000.00		1,115.70		4.72		0.90
Hypothetical		1,000.00		1,020.33		4.51		0.90
Class C
Actual		1,000.00		1,112.80		7.33		1.40
Hypothetical		1,000.00		1,017.85		7.00		1.40
Class I
Actual		1,000.00		1,117.00		3.41		0.65
Hypothetical		1,000.00		1,021.57		3.26		0.65

* Expenses are equal to each Class’ respective annualized net expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 37

LIQUIDITY RISK MANAGEMENT PROGRAM

(Unaudited)

Each of the Funds covered in this report has adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (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. Pursuant to an exemptive order (the “Exemptive Order”) from the Securities and Exchange Commission, the Program permits the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. 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 Liquid Investment Minimum (“HLIM”), where applicable, 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”). In addition to regular reporting at each of its quarterly meetings, on February 7, 2023, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2022 through December 31, 2022 (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 the investments of a Fund into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as 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 any HLIM; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined or modified under the Program) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the Exemptive Order and whether all applicable Funds were in compliance with the terms of the Exemptive Order.

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.

38 JP MORGAN ACCESS FUNDS JUNE 30, 2023

TAX LETTER

(Unaudited)

(Dollar Values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2023. 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, 2023. The information necessary to complete your income tax returns for the calendar year ending December 31, 2023 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, 2023:

	Long-Term Capital Gain Distribution
JPMorgan Access Balanced Fund	$	19,658
JPMorgan Access Growth Fund		13,087

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, 2023:

	Qualified Dividend Income
JPMorgan Access Balanced Fund	$	146
JPMorgan Access Growth Fund		189

Foreign Source Income and Foreign Tax Credit Pass Through

For the fiscal year ended June 30, 2023, 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, 2023 will be disclosed in the semi-annual report for the period ended December 31, 2023.

JUNE 30, 2023 JP MORGAN ACCESS FUNDS 39

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

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.

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., 2023. All rights reserved. June 2023. AN-ACCESS-623

Annual Report

JPMorgan Equity Focus Fund

June 30, 2023 

JPMorgan Equity Focus Fund

 

 

CONTENTS 

Letter to Shareholders	1
Fund Commentary	2
Schedule of Portfolio Investments	5
Financial Statements	7
Financial Highlights	14
Notes to Financial Statements	16
Report of Independent Registered Public Accounting Firm	24
Trustees	25
Officers	29
Schedule of Shareholder Expenses	31
Liquidity Risk Management Program	32
Tax Letter	33
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.

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

Letter to Shareholders
August 11, 2023 (Unaudited)

DearShareholder,

Equity markets largely delivered solid returns for the twelve months ended June 30, 2023 on the back of buoyant corporate earnings, continued economic growth and receding inflationary pressures. Even as the U.S. Federal Reserve raised interest rates in an effort to cool the economy, the unemployment rate remained below 4% and consumer and business spending was generally higher than many economists expected. 

  “Equity markets delivered strong returns during the first half of 2023, with investors who remained fully invested likely benefitting. Going forward, we believe investors may be best served by maintaining a long-term view and holding a well-diversified portfolio.” — Brian S. Shlissel

Among financial markets, the performance of leading equity indexes was mixed through the second half of 2022. However, the S&P 500 Index generated positive performance every month except February in the first half of 2023. Large cap growth stocks generally outperformed other sectors of the market for the twelve-months ended June 30, 2023, partly due to investor demand for shares of large information technology companies. Leading mid cap and small cap equity indexes – both growth and value - posted positive performance for the period. Notably, the collapse of three U.S. regional banks in March 2023 put pressure on equities in the broader financial sector but the responses by multiple U.S. regulatory agencies as well as leading central banks appear to have limited further volatility in the banking industry.

With the exception of its June 2023 meeting, the U.S. Federal Reserve (the “Fed”) raised benchmark interest rates at 10 consecutive meetings since commencing its tightening monetary policy in mid-March 2022, and subsequently raised rates again in July 2023.  Meanwhile, U.S. inflation, as measured by the Consumer Price Index, fell from 40-year highs in mid-2022 to 3.0% in June 2023. U.S. gross domestic product (GDP) remained positive throughout the 12-month period and even rebounded to an annualized rate of 2.4% in the second quarter of 2023 from 2.0% in the first quarter. While the overall

trend in consumer spending was downward, consumption was better than economists generally expected and business fixed investment in equipment, facilities and software in the second quarter of 2023 increased at the fastest pace since the start of 2022.

Though inflation remained above the Fed’s stated target of 2% annual growth during the twelve-month period, the declining trend in price growth may allow the Fed to end its policy tightening sooner than expected. Moreover, the resiliency of the U.S. economy in the face of the highest interest rates since 2001 could allow the economy to cool without GDP tipping into negative territory or leading to wide-spread job losses.

Certainly, there are factors that remain the focus of investor concerns. The war in Ukraine has continued, without demonstrative progress toward an eventual peace settlement or even a ceasefire.  Elsewhere, China’s economy is experiencing weak growth and record high unemployment, and falling prices have raised economists’ worries about the potential for a deflationary spiral in the world’s second largest economy.  In the U.S., the run-up to the 2024 presidential election has the potential to increase global political and economic uncertainty. 

Equity markets delivered strong returns during the first half of 2023, with investors who remained fully invested likely benefitting. Going forward, we believe investors may be best served by maintaining a long-term view and holding a well-diversified portfolio. Our suite of investment solutions seeks to provide investors with ability to build durable portfolios that can meet their financial goals.

Sincerely,
 

Brian S. Shlissel
President, J.P. Morgan Funds
J.P. Morgan Asset Management
1-800-480-4111 or www.jpmorganfunds.com for more information

 

June 30, 2023 JPMorgan Equity Focus Fund 1

JPMorgan Equity Focus Fund

FUND COMMENTARY
TWELVE MONTHS ENDED June 30, 2023 (Unaudited)

 

REPORTING PERIOD RETURN:
Fund (Class I Shares) *	18.53%
S&P 500 Index	19.59%
Net Assets as of 6/30/2023 (In Thousands)	$244,547

INVESTMENT OBJECTIVE **

The JPMorgan Equity Focus Fund (the “Fund”) seeks long term capital appreciation.

HOW DID THE MARKET PERFORM?

Equity markets largely generated positive returns for the twelve-month period as consumer spending, manufacturing and corporate earnings remained resilient in the face of rising interest rates and slowing economic growth. While leading equity indexes were mixed on a month-to-month basis, the overall trend was toward a rebound from the sell-off that marked the first half of 2022.

Following a sharp sell-off in August and September 2022 that coincided with U.S. Federal Reserve policy guidance on further interest rate increases, equity prices largely stabilized. Corporate earnings for both the second and third quarters of 2022 were generally better than expected given a cooling economy and slowing consumer spending. By the start of 2023, economic data showed some inflationary pressures had eased.

Across Europe, the energy crisis that followed Russia’s invasion of Ukraine in late February 2022 eased somewhat in the second half of 2022 as both the U.K. and the EU obtained alternatives to Russian energy imports and global energy prices began to recede. A political crisis in the U.K. roiled financial markets in London but the ascension of Rishi Sunak to prime minister appeared to remove some investor uncertainty by the end of 2022.

Meanwhile, leading central banks largely continued to raise interest rates during the twelve-month period. Notably, the European Central Bank initiated its monetary tightening policy in September 2022, with its first rate increase in eleven years and the largest increase in the bank’s history. The U.S. Federal Reserve declined to raise interest rates at its June 2023 meeting, though it stated it would raise rates further in 2023 as needed.

While financial market volatility receded from 2022 levels, it remained elevated in the face of investor uncertainty about interest rates. In March 2023, the financial sector was roiled by the failures of Silicon Valley Bank and First Republic Bank in the U.S., and Credit Suisse Group AG in Switzerland. In each instance, government regulators moved to prevent further contagion within the financials sector.

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, 2023.

The Fund’s security selection in the financials sector and its underweight position in the information technology sectors were leading detractors from performance relative to the Benchmark, while the Fund’s security selection in the health care and materials sectors was a leading contributor to relative performance.

Leading individual detractors from relative performance included the Fund’s overweight positions in Charter Communications Inc. and FedEx Corp., and its out-of-Benchmark position in Zoom Video Communications Inc. Shares of Charter Communications, a provider of broadband and cable TV services, fell amid slowing subscriber growth and lower-than-expected earnings for the fourth quarter of 2022 and the first quarter of 2023. Shares of FedEx, a parcel delivery company, fell amid consecutive quarters of lower-than-expected revenue during the period. Shares of Zoom Video Communications, a video conferencing service provider, fell amid investor concerns about the growth outlook for the company’s core business.

Leading individual contributors to relative performance included the Fund’s overweight positions in Martin Marietta Materials Inc., Nvidia Corp. and Intuitive Surgical Inc. Shares of Martin Marietta Materials, a construction materials provider, rose amid consecutive quarters of better-than-expected earnings and revenue during the period. Shares of Nvidia, a semiconductor manufacturer, rose amid investor expectations for rising demand for the company’s artificial intelligence technology. Shares of Intuitive Surgical, a medical device manufacturer, rose amid consecutive quarters of better-than-expected earnings and revenue during the period.

HOW WAS THE FUND POSITIONED?

The Fund’s portfolio managers 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 technology and industrials sectors and the Fund’s smallest positions were in the utilities and consumer staples sectors, and

it had no holdings in the basic materials sector. 

 

2 JPMorgan Equity Focus Fund June 30, 2023

*

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 Portfolio’s objective. There can be no guarantee it will be achieved.

TOP TEN HOLDINGS OF THE PORTFOLIO AS OF June 30, 2023		PERCENT OF TOTAL INVESTMENTS
1.	Microsoft Corp.	7.0 %
2.	Apple, Inc.	5.7
3.	NVIDIA Corp.	4.7
4.	Amazon.com, Inc.	4.2
5.	Berkshire Hathaway, Inc., Class B	3.6
6.	Loews Corp.	3.3
7.	Martin Marietta Materials, Inc.	3.2
8.	Mastercard, Inc., Class A	3.1
9.	Weyerhaeuser Co.	3.0
10.	Meta Platforms, Inc., Class A	3.0

 

PORTFOLIO COMPOSITION BY SECTOR AS OF June 30, 2023	PERCENT OF TOTAL INVESTMENTS
Information Technology	25.4%
Financials	16.7
Consumer Discretionary	11.9
Health Care	11.2
Communication Services	8.0
Real Estate	6.4
Industrials	5.5
Materials	5.1
Energy	4.3
Consumer Staples	2.7
Utilities	1.7
Short-Term Investments	1.1

 

 

June 30, 2023 JPMorgan Equity Focus Fund 3

JPMorgan Equity Focus Fund

FUND COMMENTARY
TWELVE MONTHS ENDED June 30, 2023 (Unaudited) (continued)

AVERAGE ANNUAL TOTAL RETURNS AS OF June 30, 2023   

	INCEPTION DATE OF CLASS	1 YEAR	5 YEAR	10 YEAR
CLASS A SHARES	July 29, 2011
With Sales Charge *		12.16 %	11.58 %	12.44 %
Without Sales Charge		18.36	12.79	13.04
CLASS C SHARES	July 29, 2011
With CDSC **		17.00	12.26	12.60
Without CDSC		18.00	12.26	12.60
CLASS I SHARES	July 29, 2011	18.53	13.05	13.32
CLASS R6 SHARES	October 1, 2018	18.85	13.32	13.45

 

*	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 FUND PERFORMANCE (6/30/13 TO 6/30/23)  

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

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Focus Fund and the S&P 500 Index from June 30, 2013 to June 30, 2023. 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.

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

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

 

4 JPMorgan Equity Focus Fund June 30, 2023

JPMorgan Equity Focus Fund

SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2023

 

INVESTMENTS	SHARES (000)	VALUE ($000)
Common Stocks — 98.9%
Automobiles — 2.9%
Tesla, Inc. *	27	7,052
Banks — 4.1%
Bank of America Corp.	210	6,011
M&T Bank Corp.	32	3,966
		9,977
Biotechnology — 3.9%
AbbVie, Inc.	28	3,811
Regeneron Pharmaceuticals, Inc. *	8	5,766
		9,577
Broadline Retail — 4.2%
Amazon.com, Inc. *	79	10,314
Building Products — 1.7%
Trane Technologies plc	22	4,163
Construction & Engineering — 2.1%
Quanta Services, Inc.	26	5,142
Construction Materials — 3.2%
Martin Marietta Materials, Inc.	17	7,709
Consumer Finance — 2.6%
Capital One Financial Corp.	59	6,457
Containers & Packaging — 1.9%
Packaging Corp. of America	36	4,729
Electric Utilities — 1.7%
Xcel Energy, Inc.	67	4,164
Electrical Equipment — 1.7%
Hubbell, Inc.	13	4,129
Financial Services — 6.7%
Berkshire Hathaway, Inc., Class B *	26	8,676
Mastercard, Inc., Class A	19	7,595
		16,271
Health Care Equipment & Supplies — 4.1%
Dexcom, Inc. *	27	3,462
Intuitive Surgical, Inc. *	19	6,524
		9,986
Health Care Providers & Services — 1.5%
UnitedHealth Group, Inc.	7	3,561
Hotels, Restaurants & Leisure — 1.6%
Booking Holdings, Inc. *	1	3,789

INVESTMENTS	SHARES (000)	VALUE ($000)
Household Products — 2.7%
Procter & Gamble Co. (The)	44	6,684
Insurance — 3.3%
Loews Corp.