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www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Bond Fund<br/>(Class A Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>38</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.74<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 38 0.0074 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>47,498,418</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>3,740</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>14</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 47498418000 3740 0.14 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878627.jpg" style="width: 275pt;"/> </div> JPMorgan Core Bond Fund Class C Shares OBOCX This semi-annual shareholder report contains important information about the JPMorgan Core Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Bond Fund<br/>(Class C Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>68</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.32<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 68 0.0132 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>47,498,418</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>3,740</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>14</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 47498418000 3740 0.14 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878591.jpg" style="width: 275pt;"/> </div> JPMorgan Core Bond Fund Class I Shares WOBDX This semi-annual shareholder report contains important information about the JPMorgan Core Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Bond Fund<br/>(Class I Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>25</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.49<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 25 0.0049 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>47,498,418</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>3,740</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>14</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 47498418000 3740 0.14 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878555.jpg" style="width: 275pt;"/> </div> JPMorgan Core Bond Fund Class R2 Shares JCBZX This semi-annual shareholder report contains important information about the JPMorgan Core Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Bond Fund<br/>(Class R2 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>56</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.08<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 56 0.0108 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>47,498,418</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>3,740</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>14</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 47498418000 3740 0.14 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878519.jpg" style="width: 275pt;"/> </div> JPMorgan Core Bond Fund Class R3 Shares JCBPX This semi-annual shareholder report contains important information about the JPMorgan Core Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Bond Fund<br/>(Class R3 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>42</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.82<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 42 0.0082 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>47,498,418</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>3,740</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>14</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 47498418000 3740 0.14 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878483.jpg" style="width: 275pt;"/> </div> JPMorgan Core Bond Fund Class R4 Shares JCBQX This semi-annual shareholder report contains important information about the JPMorgan Core Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Bond Fund<br/>(Class R4 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>30</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.58<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 30 0.0058 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>47,498,418</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>3,740</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>14</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 47498418000 3740 0.14 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878447.jpg" style="width: 275pt;"/> </div> JPMorgan Core Bond Fund Class R5 Shares JCBRX This semi-annual shareholder report contains important information about the JPMorgan Core Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Bond Fund<br/>(Class R5 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>22</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.42<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 22 0.0042 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>47,498,418</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>3,740</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>14</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 47498418000 3740 0.14 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878411.jpg" style="width: 275pt;"/> </div> JPMorgan Core Bond Fund Class R6 Shares JCBUX This semi-annual shareholder report contains important information about the JPMorgan Core Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Bond Fund<br/>(Class R6 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>17</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.32<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 17 0.0032 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>47,498,418</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>3,740</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>14</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 47498418000 3740 0.14 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878375.jpg" style="width: 275pt;"/> </div> JPMorgan Core Plus Bond Fund Class A Shares ONIAX This semi-annual shareholder report contains important information about the JPMorgan Core Plus Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Plus Bond Fund<br/>(Class A Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>38</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.74<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 38 0.0074 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>21,387,202</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>3,042</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>47</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 21387202000 3042 0.47 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878303.jpg" style="width: 275pt;"/> </div> JPMorgan Core Plus Bond Fund Class C Shares OBDCX This semi-annual shareholder report contains important information about the JPMorgan Core Plus Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Plus Bond Fund<br/>(Class C Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>71</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.37<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 71 0.0137 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>21,387,202</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>3,042</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>47</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 21387202000 3042 0.47 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878267.jpg" style="width: 275pt;"/> </div> JPMorgan Core Plus Bond Fund Class I Shares HLIPX This semi-annual shareholder report contains important information about the JPMorgan Core Plus Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Plus Bond Fund<br/>(Class I Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>23</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.45<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 23 0.0045 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>21,387,202</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>3,042</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>47</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 21387202000 3042 0.47 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878231.jpg" style="width: 275pt;"/> </div> JPMorgan Core Plus Bond Fund Class R2 Shares JCPZX This semi-annual shareholder report contains important information about the JPMorgan Core Plus Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Plus Bond Fund<br/>(Class R2 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>58</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.13<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 58 0.0113 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>21,387,202</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>3,042</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>47</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 21387202000 3042 0.47 <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878195.jpg" style="width: 275pt;"/> </div> JPMorgan Core Plus Bond Fund Class R3 Shares JCPPX This semi-annual shareholder report contains important information about the JPMorgan Core Plus Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Plus Bond Fund<br/>(Class R3 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>45</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.87<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 45 0.0087 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>21,387,202</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>3,042</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>47</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 21387202000 3042 0.47 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878159.jpg" style="width: 275pt;"/> </div> JPMorgan Core Plus Bond Fund Class R4 Shares JCPQX This semi-annual shareholder report contains important information about the JPMorgan Core Plus Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Plus Bond Fund<br/>(Class R4 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>32</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.63<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 32 0.0063 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>21,387,202</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>3,042</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>47</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 21387202000 3042 0.47 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878123.jpg" style="width: 275pt;"/> </div> JPMorgan Core Plus Bond Fund Class R5 Shares JCPYX This semi-annual shareholder report contains important information about the JPMorgan Core Plus Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Plus Bond Fund<br/>(Class R5 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>25</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.49<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 25 0.0049 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: 71.5867%; text-align: left; font-family: Arial; font-weight: bold; padding: 6pt 0px 3pt;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Arial; color: #000000; font-weight: normal; width: 24.4938%; font-size: 9pt; padding: 6pt 0px 3pt; white-space: nowrap;"><span style="float: none;">$</span>21,387,202</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: Arial; color: #000000; text-align: left; border-left: 0px none; font-weight: normal; font-size: 9pt; padding: 6pt 0px 3pt; width: 3.86266%;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: 71.5867%; text-align: left; font-family: Arial; font-weight: bold; padding: 6pt 0px 3pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Arial; color: #000000; font-weight: normal; width: 24.4938%; font-size: 9pt; padding: 6pt 0px 3pt;"><span style="visibility: hidden; display: none; float: none;">$</span>3,042</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: Arial; color: #000000; text-align: left; border-left: 0px none; font-weight: normal; font-size: 9pt; padding: 6pt 0px 3pt; width: 3.86266%;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: 71.5867%; text-align: left; font-family: Arial; font-weight: bold; padding: 6pt 0px 3pt;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Arial; color: #000000; font-weight: normal; width: 24.4938%; font-size: 9pt; padding: 6pt 0px 3pt;"><span style="visibility: hidden; display: none; float: none;">$</span>47</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: Arial; color: #000000; text-align: left; border-left: 0px none; font-weight: normal; font-size: 9pt; padding: 6pt 0px 3pt; width: 3.86266%;"><span>%</span></td> </tr> </table> 21387202000 3042 0.47 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878087.jpg" style="width: 275pt;"/> </div> JPMorgan Core Plus Bond Fund Class R6 Shares JCPUX This semi-annual shareholder report contains important information about the JPMorgan Core Plus Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Core Plus Bond Fund<br/>(Class R6 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>19</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.36<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 19 0.0036 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>21,387,202</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>3,042</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>47</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 21387202000 3042 0.47 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3878051.jpg" style="width: 275pt;"/> </div> JPMorgan Government Bond Fund Class A Shares OGGAX This semi-annual shareholder report contains important information about the JPMorgan Government Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Government Bond Fund<br/>(Class A Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>36</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.69<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 36 0.0069 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>1,978,342</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>346</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>5</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 1978342000 346 0.05 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877943.jpg" style="width: 275pt;"/> </div> JPMorgan Government Bond Fund Class C Shares OGVCX This semi-annual shareholder report contains important information about the JPMorgan Government Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Government Bond Fund<br/>(Class C Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>61</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.19<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 61 0.0119 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>1,978,342</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>346</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>5</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 1978342000 346 0.05 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877907.jpg" style="width: 275pt;"/> </div> JPMorgan Government Bond Fund Class I Shares HLGAX This semi-annual shareholder report contains important information about the JPMorgan Government Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Government Bond Fund<br/>(Class I Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>23</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.44<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 23 0.0044 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>1,978,342</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>346</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>5</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 1978342000 346 0.05 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877871.jpg" style="width: 275pt;"/> </div> JPMorgan Government Bond Fund Class R2 Shares JGBZX This semi-annual shareholder report contains important information about the JPMorgan Government Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Government Bond Fund<br/>(Class R2 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>54</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.04<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 54 0.0104 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>1,978,342</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>346</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>5</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 1978342000 346 0.05 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877835.jpg" style="width: 275pt;"/> </div> JPMorgan Government Bond Fund Class R3 Shares OGGPX This semi-annual shareholder report contains important information about the JPMorgan Government Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Government Bond Fund<br/>(Class R3 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>41</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.79<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 41 0.0079 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>1,978,342</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>346</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>5</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 1978342000 346 0.05 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877799.jpg" style="width: 275pt;"/> </div> JPMorgan Government Bond Fund Class R4 Shares OGGQX This semi-annual shareholder report contains important information about the JPMorgan Government Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Government Bond Fund<br/>(Class R4 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>28</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.54<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 28 0.0054 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>1,978,342</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>346</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>5</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 1978342000 346 0.05 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877763.jpg" style="width: 275pt;"/> </div> JPMorgan Government Bond Fund Class R6 Shares OGGYX This semi-annual shareholder report contains important information about the JPMorgan Government Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Government Bond Fund<br/>(Class R6 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>15</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.29<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 15 0.0029 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>1,978,342</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>346</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>5</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 1978342000 346 0.05 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877727.jpg" style="width: 275pt;"/> </div> JPMorgan High Yield Fund Class A Shares OHYAX This semi-annual shareholder report contains important information about the JPMorgan High Yield Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan High Yield Fund<br/>(Class A Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>46</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.89<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 46 0.0089 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>5,516,014</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>782</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>11</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 5516014000 782 0.11 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877655.jpg" style="width: 275pt;"/> </div> JPMorgan High Yield Fund Class C Shares OGHCX This semi-annual shareholder report contains important information about the JPMorgan High Yield Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan High Yield Fund<br/>(Class C Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>72</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.39<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 72 0.0139 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>5,516,014</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>782</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>11</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 5516014000 782 0.11 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877619.jpg" style="width: 275pt;"/> </div> JPMorgan High Yield Fund Class I Shares OHYFX This semi-annual shareholder report contains important information about the JPMorgan High Yield Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan High Yield Fund<br/>(Class I Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>33</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.64<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 33 0.0064 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>5,516,014</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>782</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>11</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 5516014000 782 0.11 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877583.jpg" style="width: 275pt;"/> </div> JPMorgan High Yield Fund Class R2 Shares JHYZX This semi-annual shareholder report contains important information about the JPMorgan High Yield Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan High Yield Fund<br/>(Class R2 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>64</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.24<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 64 0.0124 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>5,516,014</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>782</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>11</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 5516014000 782 0.11 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877547.jpg" style="width: 275pt;"/> </div> JPMorgan High Yield Fund Class R3 Shares JRJYX This semi-annual shareholder report contains important information about the JPMorgan High Yield Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan High Yield Fund<br/>(Class R3 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>51</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.99<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 51 0.0099 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>5,516,014</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>782</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>11</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 5516014000 782 0.11 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877511.jpg" style="width: 275pt;"/> </div> JPMorgan High Yield Fund Class R4 Shares JRJKX This semi-annual shareholder report contains important information about the JPMorgan High Yield Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan High Yield Fund<br/>(Class R4 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>38</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.74<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 38 0.0074 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>5,516,014</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>782</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>11</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 5516014000 782 0.11 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877475.jpg" style="width: 275pt;"/> </div> JPMorgan High Yield Fund Class R5 Shares JYHRX This semi-annual shareholder report contains important information about the JPMorgan High Yield Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan High Yield Fund<br/>(Class R5 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>31</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.59<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 31 0.0059 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>5,516,014</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>782</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>11</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 5516014000 782 0.11 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877439.jpg" style="width: 275pt;"/> </div> JPMorgan High Yield Fund Class R6 Shares JHYUX This semi-annual shareholder report contains important information about the JPMorgan High Yield Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan High Yield Fund<br/>(Class R6 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>25</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.49<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 25 0.0049 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>5,516,014</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>782</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>11</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 5516014000 782 0.11 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877403.jpg" style="width: 275pt;"/> </div> JPMorgan Mortgage-Backed Securities Fund Class A Shares OMBAX This semi-annual shareholder report contains important information about the JPMorgan Mortgage-Backed Securities Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Mortgage-Backed Securities Fund<br/>(Class A Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>33</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.63<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 33 0.0063 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>5,847,588</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>2,404</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>46</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 5847588000 2404 0.46 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877331.jpg" style="width: 275pt;"/> </div> JPMorgan Mortgage-Backed Securities Fund Class C Shares OBBCX This semi-annual shareholder report contains important information about the JPMorgan Mortgage-Backed Securities Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="break-inside: avoid;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> </div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Mortgage-Backed Securities Fund<br/>(Class C Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>58</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.13<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 58 0.0113 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>5,847,588</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>2,404</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>46</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 5847588000 2404 0.46 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877295.jpg" style="width: 275pt;"/> </div> JPMorgan Mortgage-Backed Securities Fund Class I Shares OMBIX This semi-annual shareholder report contains important information about the JPMorgan Mortgage-Backed Securities Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Mortgage-Backed Securities Fund<br/>(Class I Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>20</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.38<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 20 0.0038 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>5,847,588</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>2,404</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>46</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 5847588000 2404 0.46 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877259.jpg" style="width: 275pt;"/> </div> JPMorgan Mortgage-Backed Securities Fund Class R6 Shares JMBUX This semi-annual shareholder report contains important information about the JPMorgan Mortgage-Backed Securities Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Mortgage-Backed Securities Fund<br/>(Class R6 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>12</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.23<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 12 0.0023 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>5,847,588</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>2,404</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>46</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 5847588000 2404 0.46 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877223.jpg" style="width: 275pt;"/> </div> JPMorgan Short Duration Bond Fund Class A Shares OGLVX This semi-annual shareholder report contains important information about the JPMorgan Short Duration Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Short Duration Bond Fund<br/>(Class A Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>30</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.58<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 30 0.0058 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>9,139,968</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>1,517</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>28</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 9139968000 1517 0.28 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877187.jpg" style="width: 275pt;"/> </div> JPMorgan Short Duration Bond Fund Class C Shares OSTCX This semi-annual shareholder report contains important information about the JPMorgan Short Duration Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Short Duration Bond Fund<br/>(Class C Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>55</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.08<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 55 0.0108 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>9,139,968</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>1,517</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>28</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 9139968000 1517 0.28 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877151.jpg" style="width: 275pt;"/> </div> JPMorgan Short Duration Bond Fund Class I Shares HLLVX This semi-annual shareholder report contains important information about the JPMorgan Short Duration Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Short Duration Bond Fund<br/>(Class I Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>17</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.33<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 17 0.0033 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>9,139,968</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>1,517</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>28</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 9139968000 1517 0.28 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877115.jpg" style="width: 275pt;"/> </div> JPMorgan Short Duration Bond Fund Class R6 Shares JSDUX This semi-annual shareholder report contains important information about the JPMorgan Short Duration Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Short Duration Bond Fund<br/>(Class R6 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>14</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.27<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 14 0.0027 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>9,139,968</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>1,517</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>28</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 9139968000 1517 0.28 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">PORTFOLIO COMPOSITION -<span style="white-space: nowrap;"> </span>ASSET CLASS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3877079.jpg" style="width: 275pt;"/> </div> JPMorgan Liquid Assets Money Market Fund Agency Shares AJLXX This semi-annual shareholder report contains important information about the JPMorgan Liquid Assets Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Liquid Assets Money Market Fund<br/>(Agency Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>13</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.26<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 13 0.0026 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>67,662,383</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>451</td> </tr> </table> 67662383000 451 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">68.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">6.8</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.3</td> </tr> </table> 0.687 0.052 0.068 0.030 0.080 0.083 JPMorgan Liquid Assets Money Market Fund Capital Shares CJLXX This semi-annual shareholder report contains important information about the JPMorgan Liquid Assets Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Liquid Assets Money Market Fund<br/>(Capital Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>9</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.18<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 9 0.0018 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>67,662,383</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>451</td> </tr> </table> 67662383000 451 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">68.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">6.8</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.3</td> </tr> </table> 0.687 0.052 0.068 0.030 0.080 0.083 JPMorgan Liquid Assets Money Market Fund Institutional Class Shares IJLXX This semi-annual shareholder report contains important information about the JPMorgan Liquid Assets Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Liquid Assets Money Market Fund<br/>(Institutional Class Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.21<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 11 0.0021 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>67,662,383</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>451</td> </tr> </table> 67662383000 451 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">68.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">6.8</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.3</td> </tr> </table> 0.687 0.052 0.068 0.030 0.080 0.083 JPMorgan Liquid Assets Money Market Fund Investor Shares HLPXX This semi-annual shareholder report contains important information about the JPMorgan Liquid Assets Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Liquid Assets Money Market Fund<br/>(Investor Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>25</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.49<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 25 0.0049 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>67,662,383</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>451</td> </tr> </table> 67662383000 451 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">68.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">6.8</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.3</td> </tr> </table> 0.687 0.052 0.068 0.030 0.080 0.083 JPMorgan Liquid Assets Money Market Fund Morgan Shares MJLXX This semi-annual shareholder report contains important information about the JPMorgan Liquid Assets Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Liquid Assets Money Market Fund<br/>(Morgan Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>30</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.58<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 30 0.0058 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>67,662,383</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>451</td> </tr> </table> 67662383000 451 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">68.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">6.8</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.3</td> </tr> </table> 0.687 0.052 0.068 0.030 0.080 0.083 JPMorgan Liquid Assets Money Market Fund Premier Shares PJLXX This semi-annual shareholder report contains important information about the JPMorgan Liquid Assets Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Liquid Assets Money Market Fund<br/>(Premier Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>22</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.43<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 22 0.0043 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>67,662,383</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>451</td> </tr> </table> 67662383000 451 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">68.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">6.8</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.3</td> </tr> </table> 0.687 0.052 0.068 0.030 0.080 0.083 JPMorgan Liquid Assets Money Market Fund Reserve Shares HPIXX This semi-annual shareholder report contains important information about the JPMorgan Liquid Assets Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Liquid Assets Money Market Fund<br/>(Reserve Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>35</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.69<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 35 0.0069 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0; white-space: nowrap;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>67,662,383</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>451</td> </tr> </table> 67662383000 451 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">68.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">6.8</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.3</td> </tr> </table> 0.687 0.052 0.068 0.030 0.080 0.083 JPMorgan Municipal Money Market Fund Agency Shares JMAXX This semi-annual shareholder report contains important information about the JPMorgan Municipal Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report  You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Municipal Money Market Fund<br/>(Agency Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>13</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.26<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 13 0.0026 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>2,011,764</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>258</td> </tr> </table> 2011764000 258 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">23.6</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">48.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">9.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">7.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">7.4</td> </tr> </table> 0.236 0.485 0.095 0.075 0.035 0.074 JPMorgan Municipal Money Market Fund Institutional Class Shares IJMXX This semi-annual shareholder report contains important information about the JPMorgan Municipal Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Municipal Money Market Fund<br/>(Institutional Class Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.21<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 11 0.0021 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>2,011,764</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>258</td> </tr> </table> 2011764000 258 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">23.6</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">48.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">9.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">7.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">7.4</td> </tr> </table> 0.236 0.485 0.095 0.075 0.035 0.074 JPMorgan Municipal Money Market Fund Morgan Shares MJMXX This semi-annual shareholder report contains important information about the JPMorgan Municipal Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Municipal Money Market Fund<br/>(Morgan Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>30</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.59<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 30 0.0059 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>2,011,764</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>258</td> </tr> </table> 2011764000 258 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">23.6</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">48.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">9.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">7.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">7.4</td> </tr> </table> 0.236 0.485 0.095 0.075 0.035 0.074 JPMorgan Municipal Money Market Fund Premier Shares HTOXX This semi-annual shareholder report contains important information about the JPMorgan Municipal Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Municipal Money Market Fund<br/>(Premier Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>22</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.44<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 22 0.0044 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>2,011,764</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>258</td> </tr> </table> 2011764000 258 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">23.6</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">48.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">9.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">7.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">7.4</td> </tr> </table> 0.236 0.485 0.095 0.075 0.035 0.074 JPMorgan Municipal Money Market Fund Service Shares SJMXX This semi-annual shareholder report contains important information about the JPMorgan Municipal Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Municipal Money Market Fund<br/>(Service Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>53</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.04<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 53 0.0104 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>2,011,764</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>258</td> </tr> </table> 2011764000 258 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">23.6</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">48.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">9.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">7.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">7.4</td> </tr> </table> 0.236 0.485 0.095 0.075 0.035 0.074 JPMorgan U.S. Government Money Market Fund Academy Shares JGAXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Government Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorgan.com/academy. You can also request this information by contacting us at 1-646-341-6869 or by sending an e-mail request to funds@academysecurities.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorgan.com/academy 1-646-341-6869 funds@academysecurities.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Government Money Market Fund<br/>(Academy Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>9</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.17<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 9 0.0017 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>266,456,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>181</td> </tr> </table> 266456580000 181 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">66.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.4</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">11.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.3</td> </tr> </table> 0.665 0.044 0.031 0.105 0.112 0.043 JPMorgan U.S. Government Money Market Fund Agency Shares OGAXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Government Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report <span style="white-space: nowrap;"> </span>You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Government Money Market Fund<br/>(Agency Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>13</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.26<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 13 0.0026 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>266,456,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>181</td> </tr> </table> 266456580000 181 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">66.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.4</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">11.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.3</td> </tr> </table> 0.665 0.044 0.031 0.105 0.112 0.043 JPMorgan U.S. Government Money Market Fund Capital Shares OGVXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Government Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Government Money Market Fund<br/>(Capital Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>9</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.17<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 9 0.0017 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>266,456,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>181</td> </tr> </table> 266456580000 181 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">66.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.4</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">11.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.3</td> </tr> </table> 0.665 0.044 0.031 0.105 0.112 0.043 JPMorgan U.S. Government Money Market Fund Empower Shares EJGXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Government Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Government Money Market Fund<br/>(Empower Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>9</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.17<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 9 0.0017 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>266,456,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>181</td> </tr> </table> 266456580000 181 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">66.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.4</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">11.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.3</td> </tr> </table> 0.665 0.044 0.031 0.105 0.112 0.043 JPMorgan U.S. Government Money Market Fund IM Shares MGMXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Government Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/jpmfpages/imshares. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/jpmfpages/imshares 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Government Money Market Fund<br/>(IM Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>6</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.12<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 6 0.0012 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>266,456,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>181</td> </tr> </table> 266456580000 181 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">66.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.4</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">11.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.3</td> </tr> </table> 0.665 0.044 0.031 0.105 0.112 0.043 JPMorgan U.S. Government Money Market Fund Institutional Class Shares IJGXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Government Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Government Money Market Fund<br/>(Institutional Class Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.21<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 11 0.0021 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>266,456,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>181</td> </tr> </table> 266456580000 181 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">66.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.4</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">11.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.3</td> </tr> </table> 0.665 0.044 0.031 0.105 0.112 0.043 JPMorgan U.S. Government Money Market Fund Investor Shares JGMXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Government Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Government Money Market Fund<br/>(Investor Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>24</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.47<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 24 0.0047 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>266,456,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>181</td> </tr> </table> 266456580000 181 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">66.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.4</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">11.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.3</td> </tr> </table> 0.665 0.044 0.031 0.105 0.112 0.043 JPMorgan U.S. Government Money Market Fund Morgan Shares MJGXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Government Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Government Money Market Fund<br/>(Morgan Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>29</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.57<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 29 0.0057 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>266,456,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>181</td> </tr> </table> 266456580000 181 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">66.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.4</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">11.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.3</td> </tr> </table> 0.665 0.044 0.031 0.105 0.112 0.043 JPMorgan U.S. Government Money Market Fund Premier Shares OGSXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Government Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Government Money Market Fund<br/>(Premier Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>21</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.42<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 21 0.0042 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0; white-space: nowrap;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>266,456,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>181</td> </tr> </table> 266456580000 181 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">66.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.4</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">11.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.3</td> </tr> </table> 0.665 0.044 0.031 0.105 0.112 0.043 JPMorgan U.S. Government Money Market Fund Reserve Shares RJGXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Government Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Government Money Market Fund<br/>(Reserve Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>34</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.67<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 34 0.0067 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>266,456,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>181</td> </tr> </table> 266456580000 181 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">66.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.4</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">11.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.3</td> </tr> </table> 0.665 0.044 0.031 0.105 0.112 0.043 JPMorgan U.S. Government Money Market Fund Service Shares SJGXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Government Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Government Money Market Fund<br/>(Service Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>52</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.02<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 52 0.0102 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>266,456,580</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>181</td> </tr> </table> 266456580000 181 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">66.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.4</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.5</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">11.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">4.3</td> </tr> </table> 0.665 0.044 0.031 0.105 0.112 0.043 JPMorgan U.S. Treasury Plus Money Market Fund Academy Shares JPCXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Treasury Plus Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorgan.com/academy. You can also request this information by contacting us at 1-646-341-6869 or by sending an e-mail request to funds@academysecurities.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorgan.com/academy 1-646-341-6869 funds@academysecurities.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Treasury Plus Money Market Fund<br/>(Academy Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>9</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.17<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 9 0.0017 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>39,987,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>86</td> </tr> </table> 39987842000 86 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">56.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">16.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.7</td> </tr> </table> 0.567 0.102 0.081 0.053 0.160 0.037 JPMorgan U.S. Treasury Plus Money Market Fund Agency Shares AJTXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Treasury Plus Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Treasury Plus Money Market Fund<br/>(Agency Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>13</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.26<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 13 0.0026 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>39,987,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>86</td> </tr> </table> 39987842000 86 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">56.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">16.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.7</td> </tr> </table> 0.567 0.102 0.081 0.053 0.160 0.037 JPMorgan U.S. Treasury Plus Money Market Fund Capital Shares JTCXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Treasury Plus Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Treasury Plus Money Market Fund<br/>(Capital Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>9</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.17<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 9 0.0017 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>39,987,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>86</td> </tr> </table> 39987842000 86 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">56.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">16.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.7</td> </tr> </table> 0.567 0.102 0.081 0.053 0.160 0.037 JPMorgan U.S. Treasury Plus Money Market Fund Empower Shares EJUXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Treasury Plus Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Treasury Plus Money Market Fund<br/>(Empower Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>9</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.17<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 9 0.0017 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>39,987,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>86</td> </tr> </table> 39987842000 86 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">56.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">16.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.7</td> </tr> </table> 0.567 0.102 0.081 0.053 0.160 0.037 JPMorgan U.S. Treasury Plus Money Market Fund IM Shares MJPXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Treasury Plus Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/jpmfpages/imshares. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/jpmfpages/imshares 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Treasury Plus Money Market Fund<br/>(IM Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>6</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.12<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 6 0.0012 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>39,987,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>86</td> </tr> </table> 39987842000 86 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">56.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">16.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.7</td> </tr> </table> 0.567 0.102 0.081 0.053 0.160 0.037 JPMorgan U.S. Treasury Plus Money Market Fund Institutional Class Shares IJTXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Treasury Plus Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Treasury Plus Money Market Fund<br/>(Institutional Class Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>11</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.21<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 11 0.0021 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>39,987,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>86</td> </tr> </table> 39987842000 86 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">56.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">16.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.7</td> </tr> </table> 0.567 0.102 0.081 0.053 0.160 0.037 JPMorgan U.S. Treasury Plus Money Market Fund Investor Shares HGOXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Treasury Plus Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Treasury Plus Money Market Fund<br/>(Investor Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>24</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.47<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 24 0.0047 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>39,987,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>86</td> </tr> </table> 39987842000 86 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">56.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">16.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.7</td> </tr> </table> 0.567 0.102 0.081 0.053 0.160 0.037 JPMorgan U.S. Treasury Plus Money Market Fund Morgan Shares MJTXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Treasury Plus Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Treasury Plus Money Market Fund<br/>(Morgan Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>29</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.57<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 29 0.0057 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>39,987,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>86</td> </tr> </table> 39987842000 86 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">56.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">16.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.7</td> </tr> </table> 0.567 0.102 0.081 0.053 0.160 0.037 JPMorgan U.S. Treasury Plus Money Market Fund Premier Shares PJTXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Treasury Plus Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Treasury Plus Money Market Fund<br/>(Premier Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>22</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.42<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 22 0.0042 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>39,987,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>86</td> </tr> </table> 39987842000 86 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">56.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">10.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">8.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">5.3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">16.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: 'Arial'; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;">3.7</td> </tr> </table> 0.567 0.102 0.081 0.053 0.160 0.037 JPMorgan U.S. Treasury Plus Money Market Fund Reserve Shares HTIXX This semi-annual shareholder report contains important information about the JPMorgan U.S. Treasury Plus Money Market Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722 or by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-766-7722 global_liquidity_funds_services_us@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan U.S. Treasury Plus Money Market Fund<br/>(Reserve Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>34</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.67<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 34 0.0067 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0; white-space: nowrap;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>39,987,842</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; width: auto; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>86</td> </tr> </table> 39987842000 86 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">EFFECTIVE MATURITY<br/>(% of total investments)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; height: 84px;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: Arial; font-weight: normal; font-size: 9pt; padding: 6pt 0px 3pt; height: 14px;">2–7 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Arial; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0px 3pt; height: 14px;">56.7</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: Arial; font-weight: normal; font-size: 9pt; padding: 6pt 0px 3pt; height: 14px;">8–30 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Arial; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0px 3pt; height: 14px;">10.2</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: Arial; font-weight: normal; font-size: 9pt; padding: 6pt 0px 3pt; height: 14px;">31–60 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Arial; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0px 3pt; height: 14px;">8.1</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: Arial; font-weight: normal; font-size: 9pt; padding: 6pt 0px 3pt; height: 14px;">61–90 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Arial; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0px 3pt; height: 14px;">5.3</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-color: #000000; border-bottom-style: solid; border-bottom-width: 0.5pt; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: Arial; font-weight: normal; font-size: 9pt; padding: 6pt 0px 3pt; height: 14px;">91–180 calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Arial; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0px 3pt; height: 14px;">16.0</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; color: #000000; font-family: Arial; font-weight: normal; font-size: 9pt; padding: 6pt 0px 3pt; height: 14px;">181+ calendar days</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: Arial; color: #000000; font-weight: normal; font-size: 9pt; padding: 6pt 0px 3pt; height: 14px;">3.7</td> </tr> </table> 0.567 0.102 0.081 0.053 0.160 0.037 JPMorgan Short-Intermediate Municipal Bond Fund Class A Shares OSTAX This semi-annual shareholder report contains important information about the JPMorgan Short-Intermediate Municipal Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Short-Intermediate Municipal Bond Fund<br/>(Class A Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>35</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.69<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 35 0.0069 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>762,245</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>366</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>33</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 762245000 366 0.33 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">CREDIT QUALITY ALLOCATIONS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3876611.jpg" style="width: 275pt;"/> </div> JPMorgan Short-Intermediate Municipal Bond Fund Class C Shares STMCX This semi-annual shareholder report contains important information about the JPMorgan Short-Intermediate Municipal Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Short-Intermediate Municipal Bond Fund<br/>(Class C Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>60</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.19<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 60 0.0119 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>762,245</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>366</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>33</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 762245000 366 0.33 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">CREDIT QUALITY ALLOCATIONS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3876575.jpg" style="width: 275pt;"/> </div> JPMorgan Short-Intermediate Municipal Bond Fund Class I Shares JIMIX This semi-annual shareholder report contains important information about the JPMorgan Short-Intermediate Municipal Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Short-Intermediate Municipal Bond Fund<br/>(Class I Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>12</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.24<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 12 0.0024 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>762,245</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>366</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>33</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 762245000 366 0.33 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">CREDIT QUALITY ALLOCATIONS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3876539.jpg" style="width: 275pt;"/> </div> JPMorgan Short-Intermediate Municipal Bond Fund Class R6 Shares OSTSX This semi-annual shareholder report contains important information about the JPMorgan Short-Intermediate Municipal Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Short-Intermediate Municipal Bond Fund<br/>(Class R6 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>10</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.19<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 10 0.0019 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>762,245</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>366</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>33</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 762245000 366 0.33 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">CREDIT QUALITY ALLOCATIONS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3876503.jpg" style="width: 275pt;"/> </div> JPMorgan Tax Free Bond Fund Class A Shares PMBAX This semi-annual shareholder report contains important information about the JPMorgan Tax Free Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Tax Free Bond Fund<br/>(Class A Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>34</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.66<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 34 0.0066 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>642,341</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>292</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>38</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 642341000 292 0.38 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">CREDIT QUALITY ALLOCATIONS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3876395.jpg" style="width: 275pt;"/> </div> JPMorgan Tax Free Bond Fund Class C Shares JTFCX This semi-annual shareholder report contains important information about the JPMorgan Tax Free Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Tax Free Bond Fund<br/>(Class C Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>63</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">1.24<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 63 0.0124 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>642,341</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>292</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>38</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 642341000 292 0.38 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">CREDIT QUALITY ALLOCATIONS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3876359.jpg" style="width: 275pt;"/> </div> JPMorgan Tax Free Bond Fund Class I Shares PRBIX This semi-annual shareholder report contains important information about the JPMorgan Tax Free Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Tax Free Bond Fund<br/>(Class I Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>22</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.44<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 22 0.0044 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>642,341</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>292</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>38</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 642341000 292 0.38 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">CREDIT QUALITY ALLOCATIONS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3876323.jpg" style="width: 275pt;"/> </div> JPMorgan Tax Free Bond Fund Class R6 Shares RUNFX This semi-annual shareholder report contains important information about the JPMorgan Tax Free Bond Fund for the period March 1, 2024 to August 31, 2024. semi-annual shareholder report You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111 or by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund. www.jpmorganfunds.com/funddocuments 1-800-480-4111 Funds.Website.Support@jpmorganfunds.com <div style="margin-top: 0px; font-family: 'arial'; color: #000000; font-size: 11.52pt; font-weight: bold; margin-bottom: 3pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; color: #000000; font-size: 9pt;">(based on a hypothetical $10,000 investment)</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; border-bottom-style: solid; border-bottom-width: 1pt; height: 20pt; border-bottom-color: #000000;"> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: left; padding: 6pt 0 3pt 0;">Fund (Class)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs of a<br/>$10,000 investment</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; font-weight: bold; vertical-align: bottom; text-align: center; padding: 6pt 0 3pt 0;">Costs paid as a percentage<br/>of a $10,000 investment*</td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: left; padding: 6pt 0 3pt 0;">JPMorgan Tax Free Bond Fund<br/>(Class R6 Shares)</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;"><span style="float: none;">$</span>20</td> <td style="break-inside: avoid-page; font-family: 'Arial'; color: #000000; font-size: 9pt; text-align: center; vertical-align: bottom; padding: 6pt 0 3pt 0;">0.39<span>%</span></td> </tr> </table> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: initial; border-bottom-color: initial; border-bottom-style: none; background-color: #f5f7f8; background-image: initial;"> <td style="break-inside: avoid-page; vertical-align: middle; text-align: left; width: 2%; padding: 6pt 0 3pt 0;">*</td> <td style="break-inside: avoid-page; vertical-align: top; text-align: center; padding: 7pt 0 3pt 0;"> <div style="margin-top: 0px; font-family: 'arial'; color: #000000; text-align: left; margin-bottom: 0px; font-size: 9pt;">This charge is annualized.</div> </td> </tr> </table> 20 0.0039 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-top: 5pt; font-weight: bold; margin-bottom: 0px;"><br/>KEY FUND STATISTICS</div> <table style="width: 100%; border-collapse: collapse; break-inside: avoid-page;"> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Fund net assets (000's)</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0; white-space: nowrap;"><span style="float: none;">$</span>642,341</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>292</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"></td> </tr> <tr style="break-inside: avoid-page; height: 20pt; border-bottom-width: 0.5pt; border-bottom-color: #000000; border-bottom-style: solid; font-size: 9pt;"> <td style="break-inside: avoid-page; vertical-align: middle; color: #000000; font-size: 9pt; width: auto; text-align: left; font-family: 'Arial'; font-weight: bold; padding: 6pt 0 3pt 0;">Portfolio turnover rate</td> <td style="break-inside: avoid-page; text-align: right; vertical-align: middle; font-family: 'Arial'; color: #000000; font-weight: normal; width: auto; font-size: 9pt; padding: 6pt 0 3pt 0;"><span style="visibility: hidden; display: none; float: none;">$</span>38</td> <td style="break-inside: avoid-page; vertical-align: middle; font-family: 'Arial'; color: #000000; text-align: left; border-left-color: initial; border-left-style: none; border-left-width: 0; font-weight: normal; font-size: 9pt; padding: 6pt 0 3pt 0;"><span>%</span></td> </tr> </table> 642341000 292 0.38 <div style="border-bottom-width: 1pt; border-bottom-style: solid; font-family: 'arial'; color: #000000; letter-spacing: 1.25px; text-transform: none; font-size: 9pt; border-bottom-color: #000000; text-align: center; padding-bottom: 5pt; margin-bottom: 5pt; font-weight: bold; margin-top: 3pt;">CREDIT QUALITY ALLOCATIONS<br/>(% of Total Investments)</div> <div style="padding-left: 10pt; padding-right: 0px;"> <img alt="Graphical Representation - Allocation 1 Chart" src="g810360chartimages_3876287.jpg" style="width: 275pt;"/> </div> This charge is annualized. 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