UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR/A

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08189

 

 

J.P. Morgan Fleming Mutual Fund Group, Inc.

(Exact name of registrant as specified in charter)

 

 

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

 

 

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

 

 

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

Date of fiscal year end: June 30

Date of reporting period: July 1, 2021 through June 30, 2022

 

 

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

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

 

 

 

EXPLANTORY NOTE

This Registrant is filing this amendment (“Amendment”) to its Form N-CSR for the period ended June 30, 2022, originally filed with the Securities and Exchange Commission on September 1, 2022 (Accession Number 0001193125-21-263093), to reflect revisions to the disclosure in Form N-CSR Item 11 (b) and Item 4 (d) of the certification.

ITEM 1. REPORTS TO STOCKHOLDERS.

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

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

shareholder report.

Annual Report
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022  
JPMorgan Growth Advantage Fund
JPMorgan Mid Cap Equity Fund
JPMorgan Mid Cap Growth Fund
JPMorgan Mid Cap Value Fund
JPMorgan Value Advantage Fund
 
CONTENTS  
 
 
1
2
 
3
5
7
9
11
13
29
50
68
81
82
86
88
91
92
 
Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund’s share price is lower than when you invested.
Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.
Prospective investors should refer to the Funds’ prospectuses for a discussion of the Funds’ investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.
Letter to Shareholders
August 8, 2022 (Unaudited)
Dear Shareholder, 
 
“It remains essential, in our view, that
investors consider the potential
benefits of portfolio diversification
that adapts to near-term market
conditions while cultivating long-term
opportunities.”
— Andrea L. Lisher
The global economic rebound that marked 2021 has been sapped of much of its strength in 2022 by accelerating inflation and rising interest rates, the conflict in Ukraine and the ongoing global impacts of the pandemic. The uncertain economic picture has proven to be particularly challenging for investors. 
U.S. equity prices, which had largely led a decade-long rally in global equity, fell sharply in 2022 and turned in their worst first-half performance since 1970. In general, only select U.S. Treasury bonds and U.S. core fixed income saw increased investor demand amid the sell-off in equities.  
In response to rising consumer and producer prices and tight labor markets, the U.S. Federal Reserve (the “Fed”) adopted an increasingly aggressive policy stance in 2022, raising its benchmark interest rate by 25 basis points in March, then by 50 basis points in May and by 75 basis points each in June and July. Meanwhile, U.S. gross domestic product fell by 1.6% in the first quarter of 2022 and by an estimated 0.9% in the second quarter.
However, corporate earnings and revenues have largely outpaced certain investor expectations in 2022 amid sustained strength in consumer demand and management efforts to hold down expenses and pass along higher input costs. Further economic resilience was seen in labor markets, where the jobless rate remained at 3.6% from February through June.  
In 2022, investors are now facing economic and market circumstances unseen in decades. In the U.S., the highest inflation rate in 40 years and the Fed’s policy response have rattled both equity and fixed income markets. Concurrently, the conflict in Ukraine has constrained both energy supplies to Europe and grain shipments to a range of nations already under economic strain. The Fed and other leading central banks have acknowledged the risks of runaway inflation and have generally pledged to employ a flexible approach to counter those risks without squelching economic growth. 
It remains essential, in our view, that investors consider the potential benefits of portfolio diversification that adapts to near-term market conditions, while cultivating long-term opportunities. J.P. Morgan Asset Management will seek to deliver superior client outcomes across a broad range of innovative solutions and risk management processes built on the same fundamental practices and principles that have driven our success for more than a century.
On behalf of J.P. Morgan Asset Management, thank you for entrusting us to manage your investment. Should you have any questions, please visit www.jpmorganfunds.com or contact the J.P. Morgan Funds Service Center at 1-800-480-4111. 
Sincerely yours,
 
Andrea L. Lisher
Head of Americas, Client
J.P. Morgan Asset Management
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
1
J.P. Morgan Mid Cap/Multi-Cap Funds
MARKET OVERVIEW
TWELVE MONTHS ENDED June 30, 2022 (Unaudited)
Equity markets rallied in the second half of 2021 on the back of low interest rates, record corporate earnings and the global economic rebound. However, equity markets in 2022 rendered their worst first-half performance since 1970.
By the end of June 2022, the S&P 500 had slumped into bear market territory – generally defined as a 20% or more decline since the last closing high. While bond markets largely underperformed equity markets throughout most of the twelve-month period, investor demand for U.S. Treasury bonds bolstered the Bloomberg U.S. Aggregate Index in the second half of the period. 
U.S. equity generated positive returns and led developed markets equity to outperform both emerging markets equity and fixed income markets during the second half of 2021. U.S. equity prices were bolstered by continued monetary and fiscal support as well as strong consumer spending and record corporate profits.
A resurgence in the pandemic, particularly the emergence of the Omicron variant of Covid-19, in late 2021 and early 2022 failed to dent the U.S. economy. However, a number of nations reinstated social restrictions and China enacted a “Zero Covid” policy that led to severe lockdowns in several large cities, including Shanghai. The result was a sharp drop in manufacturing and other economic activity across China, which further strained on global supply chains and became a drag on the economies of other emerging market nations.
The S&P 500 reached a new closing high on January 3, 2022, bolstered by record high corporate earnings, sales, cash flows, share repurchases and dividends. However, investor sentiment began to sour as accelerating inflation started to erode consumer confidence and raise expectations for an increase in benchmark interest rates by the U.S. Federal Reserve.
Russia’s invasion of Ukraine at the end of February 2022 initiated a sell-off in global financial markets that was further fueled by the highest U.S. inflation rate in more than 40 years. Equity prices recovered somewhat in March 2022 amid better-than-expected corporate earnings. However, the general trend in global financial markets was downward.
While the S&P 500 had a positive total return of 11.7% in the second half of 2021, the index plummeted in the first half of 2022 and its total returns for the twelve-month period was -10.6%.  Within U.S. equity markets, small cap and mid cap stocks generally declined more than large cap stocks and growth stocks declined more than value stocks. 
 
2
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
JPMorgan Growth Advantage Fund
FUND COMMENTARY
TWELVE MONTHS ENDED June 30, 2022 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Fund (Class A Shares, without a sales charge) *
(22.53)%
Russell 3000 Growth Index
(19.78)%
Net Assets as of 6/30/2022 (In Thousands)
$12,081,317
INVESTMENT OBJECTIVE **
The JPMorgan Growth Advantage Fund (the “Fund”) seeks to provide long-term capital growth.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class A Shares, without a sales charge, underperformed the Russell 3000 Growth Index (the “Benchmark”) for the twelve months ended June 30, 2022.
The Fund’s underweight position and security selection in the consumer staples sector and its security selection in the communication services sector were leading detractors from performance relative to the Benchmark, while its security selection in the health care sector and its overweight position in the energy sector were leading contributors to relative performance.
Leading individual detractors from relative performance included the Fund’s overweight position in Roku Inc. and its underweight positions in Apple Inc. and AbbVie Inc. Shares of Roku, a television streaming platform, fell after the company reported lower-than-expected revenue for the fourth quarter of 2022 and issued a weaker-than-expected forecast. Shares of Apple, a provider of computers, mobile devices and related services, rose amid record earnings and revenue in the second half of 2021 and continued strong demand for mobile phones. Shares of AbbVie, a pharmaceuticals maker, rose as the company reached settlements with various U.S. states to resolve legal claims against the company’s Allergan unit stemming from the opioid addiction epidemic.
Leading individual contributors to relative performance included the Fund’s overweight positions in Quanta Services Inc., EOG Resources Inc. and McKesson Corp. Shares of Quanta Services, an engineering and services provider to the energy and utilities sectors, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2022. Shares of EOG Resources, a petroleum and natural gas producer, rose amid higher global energy prices and after the company reported better-than-expected earnings for the first quarter of 2022. Shares of McKesson, a provider of pharmaceuticals, health care products and services, rose as the company moved to settle state legal claims stemming from the opioid addiction epidemic and as investors sought defensive sectors, including consumer staples, in response to the market selloff in the first half of 2022.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies across market capitalizations in an effort to construct portfolios of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to
generate strong future earnings growth. 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF June 30, 2022
PERCENT OF
TOTAL
INVESTMENTS
1.
Microsoft Corp.
8.4%
2.
Apple, Inc.
7.9
3.
Alphabet, Inc., Class C
5.2
4.
Amazon.com, Inc.
4.0
5.
Tesla, Inc.
4.0
6.
UnitedHealth Group, Inc.
3.0
7.
Mastercard, Inc., Class A
2.9
8.
Quanta Services, Inc.
1.9
9.
EOG Resources, Inc.
1.5
10.
Regeneron Pharmaceuticals, Inc.
1.4
 
PORTFOLIO COMPOSTION BY SECTOR
AS OF June 30, 2022
PERCENT OF
TOTAL
INVESTMENTS
Information Technology
38.4%
Health Care
16.3
Consumer Discretionary
15.0
Industrials
8.9
Financials
6.7
Communication Services
6.2
Energy
2.6
Consumer Staples
2.2
Materials
0.6
Short-Term Investments
3.1
 
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
3
JPMorgan Growth Advantage Fund
FUND COMMENTARY
TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF June 30, 2022
 
 
INCEPTION DATE OF
CLASS
1 YEAR
5 YEAR
10 YEAR
CLASS A SHARES
October 29, 1999
 
 
 
With Sales Charge *
 
(26.61)%
13.90%
15.19%
Without Sales Charge
 
(22.53)
15.13
15.82
CLASS C SHARES
May 1, 2006
 
 
 
With CDSC **
 
(23.90)
14.55
15.36
Without CDSC
 
(22.90)
14.55
15.36
Class I SHARES
May 1, 2006
(22.33)
15.42
16.08
Class R2 SHARES
July 31, 2017
(22.71)
14.83
15.53
Class R3 SHARES
May 31, 2017
(22.54)
15.13
15.82
Class R4 SHARES
May 31, 2017
(22.32)
15.42
16.11
Class R5 SHARES
January 8, 2009
(22.18)
15.59
16.28
Class R6 SHARES
December 23, 2013
(22.11)
15.71
16.39
 
 
*
Sales Charge for Class A Shares is 5.25%.
**
Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.
TEN YEAR PERFORMANCE  (6/30/12 TO 6/30/22)
 
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111. 
Returns for Class R2 and Class R3 Shares prior to their inception dates are based on the performance of Class A Shares. The actual returns for Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.
Returns for Class R4 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been different than those shown because Class R4 Shares have different expenses to Class I Shares. 
Returns for Class R6 Shares prior to their inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 and Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Growth Advantage Fund and the Russell 3000 Growth Index from June 30, 2012 to June 30, 2022. The performance of the Fund
assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 3000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Growth Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.
Class A Shares have a $1,000 minimum initial investment and carry a 5.25% sales charge.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
4
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
JPMorgan Mid Cap Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED June 30, 2022 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Fund (Class I Shares) *
(16.37)%
Russell Midcap Index
(17.30)%
Net Assets as of 6/30/2022 (In Thousands)
$2,629,388
INVESTMENT OBJECTIVE **
The JPMorgan Mid Cap Equity Fund (the “Fund”) seeks long-term capital growth.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares outperformed the Russell Midcap Index (the “Benchmark”) for the twelve months ended June 30, 2022.
The Fund’s security selection in the financials and consumer discretionary sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight position in the energy sector and its overweight position in the communication services sector were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Coterra Energy Inc., Diamondback Energy Inc. and AutoZone Inc. Shares of Coterra Energy, a petroleum and natural gas producer, rose after the company reported better-than-expected earnings for the first quarter of 2022, raised its quarterly dividend and maintained its share repurchase plan. Shares of Diamondback Energy, a petroleum and natural gas producer, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2022, raised its quarterly dividend and maintained its share repurchase plan. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue, and continued sales growth.
Leading individual detractors from relative performance included the Fund’s overweight positions in Roku Inc. and Gap Inc., and its underweight position in Occidental Petroleum Corp. Shares of Roku, a television streaming platform, fell after the company reported lower-than-expected revenue for the fourth quarter of 2022 and issued a weaker-than-expected forecast. Shares of Gap, a retailer of brand name apparel, fell amid general weakness in the apparel sector and weaker-than-expected results for several quarters. Shares of Occidental Petroleum, an oil and natural gas producer not held in the Fund, rose after the company reported better-than-expected earnings for the first quarter of 2022, and as influential investor Warren Buffet increased his stake in the company. 
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers employed a bottom-up approach to stock selection, constructing a portfolio based on company
fundamentals, quantitative screening and proprietary fundamental analysis. The Fund’s portfolio managers sought to identify dominant franchises with predictable business models they deemed capable of achieving, in their view, sustained growth, as well as undervalued companies with the potential to
grow their intrinsic value per share. 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF June 30, 2022
PERCENT OF
TOTAL
INVESTMENTS
1.
AutoZone, Inc.
1.4%
2.
M&T Bank Corp.
1.3
3.
Xcel Energy, Inc.
1.2
4.
WEC Energy Group, Inc.
1.1
5.
CMS Energy Corp.
1.1
6.
Motorola Solutions, Inc.
1.1
7.
Laboratory Corp. of America Holdings
1.1
8.
Loews Corp.
1.1
9.
AmerisourceBergen Corp.
1.0
10.
AMETEK, Inc.
1.0
 
PORTFOLIO COMPOSTION BY SECTOR
AS OF June 30, 2022
PERCENT OF
TOTAL
INVESTMENTS
Financials
18.3%
Information Technology
14.7
Industrials
13.3
Health Care
13.0
Consumer Discretionary
10.8
Real Estate
7.3
Utilities
5.8
Consumer Staples
3.5
Communication Services
3.4
Materials
3.2
Energy
2.7
Short-Term Investments
4.0
 
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
5
JPMorgan Mid Cap Equity Fund
FUND COMMENTARY
TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF June 30, 2022
 
 
INCEPTION DATE OF
CLASS
1 YEAR
5 YEAR
10 YEAR
CLASS A SHARES
November 2, 2009
 
 
 
With Sales Charge *
 
(20.95)%
8.01%
11.12%
Without Sales Charge
 
(16.57)
9.18
11.73
CLASS C SHARES
November 2, 2009
 
 
 
With CDSC **
 
(17.99)
8.64
11.28
Without CDSC
 
(16.99)
8.64
11.28
Class I SHARES
January 1, 1997
(16.37)
9.46
12.07
Class R2 SHARES
March 14, 2014
(16.79)
8.91
11.50
Class R5 SHARES
March 14, 2014
(16.24)
9.62
12.19
Class R6 SHARES
March 14, 2014
(16.17)
9.72
12.26
 
 
*
Sales Charge for Class A Shares is 5.25%.
**
Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.
TEN YEAR PERFORMANCE  (6/30/12 TO 6/30/22)
 
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111. 
Returns for Class R2 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares.
Returns for Class R5 and Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of JPMorgan Mid Cap Equity Fund and the Russell Midcap Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Index does not
reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the bench mark, if applicable. The Russell Midcap Index is an unmanaged index which measures the performance of the 800 smallest companies in the Russell 1000 Index. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
6
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
JPMorgan Mid Cap Growth Fund
FUND COMMENTARY
TWELVE MONTHS ENDED June 30, 2022 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Fund (Class I Shares) *
(28.61)%
Russell Midcap Growth Index
(29.57)%
Net Assets as of 6/30/2022 (In Thousands)
$6,979,899
INVESTMENT OBJECTIVE **
The JPMorgan Mid Cap Growth Fund (the “Fund”) seeks growth of capital.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class I Shares outperformed the Russell Midcap Growth Index (the “Benchmark”) for the twelve months ended June 30, 2022.
The Fund’s security selection in the health care and consumer discretionary sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s security selection in the information technology sector and its overweight position in the communication services sector were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in Quanta Services Inc., EOG Resources Inc. and McKesson Corp. Shares of Quanta Services, an engineering and services provider to the energy and utilities sectors, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2022. Shares of EOG Resources, a petroleum and natural gas producer, rose amid higher global energy prices and after the company reported better-than-expected earnings for the first quarter of 2022. Shares of McKesson, a provider of pharmaceuticals, health care products and services, rose as the company moved to settle state legal claims stemming from the opioid addiction epidemic and as investors sought defensive sectors, including consumer staples, in response to the market selloff in the first half of 2022.
Leading individual detractors from relative performance included the Fund’s overweight positions in Roku Inc. and Teladoc Health Inc., and its underweight position in Fortinet Inc. Shares of Roku, a television streaming platform, fell after the company reported lower-than-expected revenue for the fourth quarter of 2022 and issued a weaker-than-expected forecast. Shares of Teladoc Health, a provider of remote health care services, fell after the company reported lower-than-expected earnings and revenue for the first quarter of 2022 and issued a weaker-than-expected forecast. Shares of Fortinet, a cybersecurity provider not held in the Fund, rose amid continued demand for its services and better-than-expected earnings and revenue for the first quarter of 2022.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized a bottom-up approach to stock selection, researching individual companies in an effort
to construct a portfolio of stocks that have strong fundamentals. The Fund’s portfolio managers sought to invest in high quality companies with durable franchises that, in their view, possessed the ability to generate strong future earnings
growth.  
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF June 30, 2022
PERCENT OF
TOTAL
INVESTMENTS
1.
Synopsys, Inc.
2.0%
2.
Quanta Services, Inc.
1.9
3.
Copart, Inc.
1.9
4.
Centene Corp.
1.8
5.
Hilton Worldwide Holdings, Inc.
1.7
6.
Chipotle Mexican Grill, Inc.
1.7
7.
SolarEdge Technologies, Inc.
1.6
8.
Crowdstrike Holdings, Inc., Class A
1.6
9.
LPL Financial Holdings, Inc.
1.6
10.
Cheniere Energy, Inc.
1.6
 
PORTFOLIO COMPOSTION BY SECTOR
AS OF June 30, 2022
PERCENT OF
TOTAL
INVESTMENTS
Information Technology
27.4%
Health Care
23.3
Industrials
14.3
Consumer Discretionary
12.1
Financials
10.4
Energy
3.2
Communication Services
2.8
Consumer Staples
1.4
Materials
0.5
Short-Term Investments
4.6
 
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
7
JPMorgan Mid Cap Growth Fund
FUND COMMENTARY
TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF June 30, 2022
 
 
INCEPTION DATE OF
CLASS
1 YEAR
5 YEAR
10 YEAR
CLASS A SHARES
February 18, 1992
 
 
 
With Sales Charge *
 
(32.53)%
9.74%
12.21%
Without Sales Charge
 
(28.79)
10.93
12.82
CLASS C SHARES
November 4, 1997
 
 
 
With CDSC **
 
(30.14)
10.38
12.37
Without CDSC
 
(29.14)
10.38
12.37
Class I SHARES
March 2, 1989
(28.61)
11.26
13.16
Class R2 SHARES
June 19, 2009
(29.00)
10.65
12.58
Class R3 SHARES
September 9, 2016
(28.82)
10.92
12.82
Class R4 SHARES
September 9, 2016
(28.63)
11.20
13.10
Class R5 SHARES
November 1, 2011
(28.53)
11.41
13.32
Class R6 SHARES
November 1, 2011
(28.46)
11.48
13.38
 
 
*
Sales Charge for Class A Shares is 5.25%.
**
Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.
TEN YEAR PERFORMANCE  (6/30/12 TO 6/30/22)
 
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111. 
Returns for the Class R3 and Class R4 Shares prior to their inception dates are based on the performance of Class I Shares. Prior performance for Class R3 and Class R4 Shares has been adjusted to reflect the differences in expenses between classes.
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Mid Cap Growth Fund and the Russell Midcap Growth Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Midcap Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities
included in the benchmark, if applicable. The Russell Midcap Growth Index is an unmanaged index which measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index.
Class I Shares have a $1,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
8
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
JPMorgan Mid Cap Value Fund
FUND COMMENTARY
TWELVE MONTHS ENDED June 30, 2022 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Fund (Class L Shares) *
(7.35)%
Russell Midcap Value Index
(10.00)%
Net Assets as of 6/30/2022 (In Thousands)
$13,808,353
INVESTMENT OBJECTIVE**
The JPMorgan Mid Cap Value Fund (the “Fund”) seeks growth from capital appreciation.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class L Shares outperformed the Russell Midcap Value Index (the “Benchmark”) for the twelve months ended June 30, 2022.
The Fund’s security selection in the consumer staples and energy sectors was a leading detractor from performance relative to the Benchmark, while the Fund’s security selection in the financials and information technology sectors was a leading contributor to relative performance.
Leading individual contributors to relative performance included the Fund’s overweight positions in AutoZone Inc., Carlisle Cos. and AmerisourceBergen Corp. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue and continued sales growth. Shares of Carlisle, a maker of industrial engineered products, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2022. Shares of AmerisourceBergen, a distributor of health care products, rose after the company reported better-than-expected earnings and revenue for its second fiscal quarter and unveiled a $1 billion share repurchase plan.       
Leading individual detractors from relative performance included the Fund’s overweight positions in Gap Inc. and Fortune Brands Home & Security Inc. and its underweight position in Dollar Tree Inc. Shares of Gap, a retailer of brand name apparel, fell amid general weakness in the apparel sector and weaker-than-expected results for several quarters. Shares of Fortune Brands Home & Security, a manufacturer of homebuilding and home security products, fell after the company reported lower-than-expected earnings for the fourth quarter of 2021. Shares of Dollar Tree, a discount retail chain that was not held in the Fund, rose after the company reported better-than-expected earnings and revenue for the first quarter of 2022.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in their view, sustainable
levels of free cash flow. 
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF June 30, 2022
PERCENT OF
TOTAL
INVESTMENTS
1.
M&T Bank Corp.
2.0%
2.
Xcel Energy, Inc.
1.9
3.
WEC Energy Group, Inc.
1.8
4.
CMS Energy Corp.
1.7
5.
Motorola Solutions, Inc.
1.7
6.
Laboratory Corp. of America Holdings
1.7
7.
Loews Corp.
1.7
8.
AutoZone, Inc.
1.6
9.
AmerisourceBergen Corp.
1.6
10.
Huntington Bancshares, Inc.
1.5
 
PORTFOLIO COMPOSTION BY SECTOR
AS OF June 30, 2022
PERCENT OF
TOTAL
INVESTMENTS
Financials
22.8%
Industrials
12.6
Real Estate
11.4
Consumer Discretionary
10.1
Utilities
9.0
Information Technology
7.5
Health Care
7.3
Materials
4.8
Consumer Staples
4.6
Communication Services
3.7
Energy
2.4
Short-Term Investments
3.8
 
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
9
JPMorgan Mid Cap Value Fund
FUND COMMENTARY
TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF June 30, 2022
 
 
INCEPTION DATE OF
CLASS
1 YEAR
5 YEAR
10 YEAR
CLASS A SHARES
April 30, 2001
 
 
 
With Sales Charge *
 
(12.57)%
4.63%
9.21%
Without Sales Charge
 
(7.73)
5.77
9.80
CLASS C SHARES
April 30, 2001
 
 
 
With CDSC **
 
(9.17)
5.24
9.35
Without CDSC
 
(8.17)
5.24
9.35
Class I SHARES
October 31, 2001
(7.50)
6.03
10.07
Class L SHARES
November 13, 1997
(7.35)
6.26
10.33
Class R2 SHARES
November 3, 2008
(7.97)
5.49
9.51
Class R3 SHARES
September 9, 2016
(7.75)
5.76
9.80
Class R4 SHARES
September 9, 2016
(7.50)
6.03
10.07
Class R5 SHARES
September 9, 2016
(7.35)
6.19
10.28
Class R6 SHARES
September 9, 2016
(7.26)
6.29
10.35
 
 
*
Sales Charge for Class A Shares is 5.25%.
**
Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.
TEN YEAR PERFORMANCE  (6/30/12 TO 6/30/22)
 
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111. 
Returns for Class R3 Shares prior to their inception dates are based on the performance of Class A Shares. The actual returns of Class R3 Shares would have been lower than those shown because Class R3 Shares have higher expenses than Class A Shares.
Returns for the Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been lower because Class R4 Shares have higher expenses than Class I Shares.
Returns for the Class R5 and R6 Shares prior to their inception date are based on the performance of Class L Shares. The actual returns of Class R5 Shares would have been lower than those shown because Class R5 Shares have higher expenses than Class L Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses to Class L Shares.
The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Mid Cap Value Fund and the Russell Midcap
Value Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell Mid-cap Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell Midcap Value Index is an unmanaged index which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.
Class L Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
10
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
JPMorgan Value Advantage Fund
FUND COMMENTARY
TWELVE MONTHS ENDED June 30, 2022 (Unaudited)
 
REPORTING PERIOD RETURN:
 
Fund (Class L Shares) *
(3.39)%
Russell 3000 Value Index
(7.46)%
Net Assets as of 6/30/2022 (In Thousands)
$9,576,134
INVESTMENT OBJECTIVE**
The JPMorgan Value Advantage Fund (the “Fund”) seeks to provide long-term total return from a combination of income and capital gains.
WHAT WERE THE MAIN DRIVERS OF THE FUND’S PERFORMANCE?
The Fund’s Class L Shares outperformed the Russell 3000 Value Index (the “Benchmark”) for the twelve months ended June 30, 2022.
The Fund’s security selection in the financials and industrials sectors was a leading contributor to performance relative to the Benchmark, while the Fund’s underweight positions in the utilities sector and consumer staples sector were leading detractors from relative performance.
Leading individual contributors to relative performance included the Fund’s overweight position in AutoZone Inc. and its out-of-Benchmark positions in Murphy USA Inc. and AbbVie Inc. Shares of AutoZone, an automotive parts retailer, rose amid consecutive quarters of better-than-expected earnings and revenue and continued sales growth. Shares of Murphy USA, a gas station convenience store chain, rose after the company reported consecutive quarters of better-than-expected earnings and revenue, raised its quarterly dividend and unveiled a $1 billion share repurchase plan. Shares of AbbVie, a pharmaceuticals maker, rose as the company reached settlements with various U.S. states to resolve legal claims against the company’s Allergan unit stemming from the opioid addiction epidemic.
Leading individual detractors from relative performance included the Fund’s overweight positions in Gap Inc. and Capital One Financial Corp., and its out-of-Benchmark position in CommScope Holding Co. Shares of Gap, a retailer of brand name apparel, fell amid general weakness in the apparel sector and weaker-than-expected results for several quarters. Shares of Capital One Financial, a financial services provider, fell amid general weakness in financial sector stocks as the U.S. economic growth slowed in the first half of 2022. Shares of CommScope Holding, a communications infrastructure provider, fell after the company reported lower-than-expected earnings and revenue for consecutive quarters amid rising costs.
HOW WAS THE FUND POSITIONED?
The Fund’s portfolio managers utilized a bottom-up approach to stock selection and sought to identify durable franchises possessing the ability to generate, in the portfolio managers’
view, significant levels of free cash flow.  
TOP TEN HOLDINGS OF THE
PORTFOLIO AS OF June 30, 2022
PERCENT OF
TOTAL
INVESTMENTS
1.
Bank of America Corp.
3.0%
2.
Berkshire Hathaway, Inc., Class B
2.2
3.
Bristol-Myers Squibb Co.
2.1
4.
AbbVie, Inc.
2.1
5.
Loews Corp.
1.7
6.
M&T Bank Corp.
1.7
7.
Travelers Cos., Inc. (The)
1.7
8.
ConocoPhillips
1.7
9.
Chevron Corp.
1.6
10.
AutoZone, Inc.
1.6
 
PORTFOLIO COMPOSTION BY SECTOR
AS OF June 30, 2022
PERCENT OF
TOTAL
INVESTMENTS
Financials
26.5%
Health Care
13.8
Consumer Discretionary
8.9
Industrials
8.8
Real Estate
7.4
Energy
7.4
Communication Services
6.0
Consumer Staples
5.8
Information Technology
4.8
Utilities
3.9
Materials
2.6
Short-Term Investments
4.1
 
*
The return shown is based on net asset values calculated for shareholder transactions and may differ from the return shown in the financial highlights, which reflects adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
**
The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
11
JPMorgan Value Advantage Fund
FUND COMMENTARY
TWELVE MONTHS ENDED June 30, 2022 (Unaudited) (continued)
AVERAGE ANNUAL TOTAL RETURNS AS OF June 30, 2022
 
 
INCEPTION DATE OF
CLASS
1 YEAR
5 YEAR
10 YEAR
CLASS A SHARES
February 28, 2005
 
 
 
With Sales Charge *
 
(8.84)%
6.31%
9.69%
Without Sales Charge
 
(3.78)
7.47
10.28
CLASS C SHARES
February 28, 2005
 
 
 
With CDSC **
 
(5.24)
6.94
9.85
Without CDSC
 
(4.24)
6.94
9.85
Class I SHARES
February 28, 2005
(3.54)
7.74
10.56
Class L SHARES
February 28, 2005
(3.39)
7.91
10.79
Class R2 SHARES
July 31, 2017
(4.02)
7.20
10.01
Class R3 SHARES
September 9, 2016
(3.78)
7.47
10.28
Class R4 SHARES
September 9, 2016
(3.53)
7.74
10.56
Class R5 SHARES
September 9, 2016
(3.40)
7.90
10.78
Class R6 SHARES
September 9, 2016
(3.30)
8.01
10.84
 
 
*
Sales Charge for Class A Shares is 5.25%.
**
Assumes a 1% CDSC (contingent deferred sales charge) for the one year period and 0% CDSC thereafter.
TEN YEAR PERFORMANCE  (6/30/12 TO 6/30/22)
 
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. For up-to-date month-end performance information please call 1-800-480-4111. 
Returns for Class R2 and Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R2 Shares would have been lower than those shown because Class R2 Shares have higher expenses than Class A Shares. Returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to Class A Shares.
Returns for the Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns of Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses to Class I Shares.
Returns for the Class R5 and Class R6 Shares prior to their inception date are based on the performance of Class L Shares. The actual returns for Class R5 and Class R6 Shares would have been different than those shown because Class R5 and Class R6 Shares have different expenses to Class L Shares.
The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Value Advantage Fund and the Russell 3000
Value Index from June 30, 2012 to June 30, 2022. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 3000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Value Index is an unmanaged index which measures the performance of those Russell 3000 companies (largest 3000 U.S. companies) with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index.
Class L Shares have a $3,000,000 minimum initial investment.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C reflects Class A performance for the period after conversion.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
 
12
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
JPMorgan Growth Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2022
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 97.9%
Airlines — 0.5%
Delta Air Lines, Inc. *
  1,942
    56,249
Automobiles — 4.0%
Tesla, Inc. *
    723
   486,524
Banks — 1.2%
First Republic Bank
    552
    79,527
SVB Financial Group *
    167
    66,030
 
 
145,557
Beverages — 1.3%
Constellation Brands, Inc., Class A
    683
   159,214
Biotechnology — 4.3%
Alnylam Pharmaceuticals, Inc. *
    519
    75,757
Exact Sciences Corp. *
935
36,826
Exelixis, Inc. *
3,097
64,473
Horizon Therapeutics plc *
1,615
128,836
Natera, Inc. *
1,030
36,520
Regeneron Pharmaceuticals, Inc. *
295
174,163
 
 
516,575
Building Products — 1.0%
Trane Technologies plc
955
124,080
Capital Markets — 4.5%
BlackRock, Inc.
142
86,488
Blackstone, Inc.
1,819
165,956
Charles Schwab Corp. (The)
2,468
155,903
S&P Global, Inc.
396
133,590
 
 
541,937
Commercial Services & Supplies — 1.1%
Copart, Inc. *
1,230
133,618
Communications Equipment — 0.8%
Arista Networks, Inc. *
993
93,069
Construction & Engineering — 1.9%
Quanta Services, Inc.
1,865
233,740
Diversified Consumer Services — 0.5%
Bright Horizons Family Solutions, Inc. *
772
65,254
Electrical Equipment — 1.6%
AMETEK, Inc.
1,077
118,380
Generac Holdings, Inc. *
343
72,084
 
 
190,464
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Electronic Equipment, Instruments & Components — 1.1%
Keysight Technologies, Inc. *
    580
    79,956
Zebra Technologies Corp., Class A *
    198
    58,177
 
 
138,133
Energy Equipment & Services — 0.4%
Baker Hughes Co.
  1,562
    45,082
Entertainment — 0.3%
ROBLOX Corp., Class A *
  1,240
    40,749
Health Care Equipment & Supplies — 3.0%
Cooper Cos., Inc. (The)
    342
   107,170
Dexcom, Inc. *
    983
    73,256
Insulet Corp. *
    323
    70,382
Intuitive Surgical, Inc. *
553
110,896
 
 
361,704
Health Care Providers & Services — 4.9%
Centene Corp. *
1,183
100,130
McKesson Corp.
381
124,107
UnitedHealth Group, Inc.
706
362,525
 
 
586,762
Hotels, Restaurants & Leisure — 2.4%
Airbnb, Inc., Class A *
249
22,152
Booking Holdings, Inc. *
56
98,935
Hilton Worldwide Holdings, Inc.
1,001
111,561
Royal Caribbean Cruises Ltd. *
1,518
52,993
 
 
285,641
Household Durables — 0.6%
Garmin Ltd.
729
71,652
Insurance — 1.1%
Progressive Corp. (The)
1,173
136,416
Interactive Media & Services — 6.0%
Alphabet, Inc., Class C *
288
628,909
Bumble, Inc., Class A * (a)
3,391
95,464
 
 
724,373
Internet & Direct Marketing Retail — 4.0%
Amazon.com, Inc. *
4,592
487,684
IT Services — 4.8%
Global Payments, Inc.
807
89,280
Globant SA *
428
74,524
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
13
JPMorgan Growth Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2022 (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
IT Services — continued
Mastercard, Inc., Class A
  1,120
   353,368
MongoDB, Inc. *
    231
    59,949
 
 
577,121
Life Sciences Tools & Services — 1.5%
Mettler-Toledo International, Inc. *
     52
    59,346
Thermo Fisher Scientific, Inc.
    226
   122,750
 
 
182,096
Machinery — 2.0%
Deere & Co.
    471
   141,134
Ingersoll Rand, Inc.
  2,253
    94,803
 
 
235,937
Metals & Mining — 0.6%
Freeport-McMoRan, Inc.
2,249
65,806
Oil, Gas & Consumable Fuels — 2.2%
Cheniere Energy, Inc.
662
88,105
EOG Resources, Inc.
1,651
182,313
 
 
270,418
Personal Products — 0.9%
Estee Lauder Cos., Inc. (The), Class A
402
102,489
Pharmaceuticals — 2.8%
Catalent, Inc. *
1,229
131,883
Jazz Pharmaceuticals plc *
704
109,874
Royalty Pharma plc, Class A
2,380
100,034
 
 
341,791
Professional Services — 0.5%
Equifax, Inc.
355
64,963
Road & Rail — 0.4%
Old Dominion Freight Line, Inc.
203
51,997
Semiconductors & Semiconductor Equipment — 7.2%
Advanced Micro Devices, Inc. *
1,589
121,509
Entegris, Inc.
963
88,754
Lam Research Corp.
197
83,799
NVIDIA Corp.
1,135
172,094
QUALCOMM, Inc.
1,279
163,383
SolarEdge Technologies, Inc. *
465
127,237
Teradyne, Inc.
681
60,989
Wolfspeed, Inc. * (a)
793
50,280
 
 
868,045
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Software — 17.0%
Confluent, Inc., Class A * (a)
  2,900
    67,406
Crowdstrike Holdings, Inc., Class A *
    430
    72,551
HubSpot, Inc. *
    222
    66,758
Intuit, Inc.
    451
   173,809
Microsoft Corp.
  4,014
 1,030,781
Palo Alto Networks, Inc. *
    340
   167,918
ServiceNow, Inc. *
    284
   135,236
Synopsys, Inc. *
    406
   123,295
Trade Desk, Inc. (The), Class A *
  1,053
    44,091
Zoom Video Communications, Inc., Class A *
  1,227
   132,519
Zscaler, Inc. *
    268
    40,027
 
 
2,054,391
Specialty Retail — 2.6%
Burlington Stores, Inc. *
652
88,810
CarMax, Inc. * (a)
778
70,374
Home Depot, Inc. (The)
448
122,812
National Vision Holdings, Inc. *
1,265
34,804
 
 
316,800
Technology Hardware, Storage & Peripherals — 8.0%
Apple, Inc.
7,020
959,799
Textiles, Apparel & Luxury Goods — 0.9%
NIKE, Inc., Class B
1,085
110,923
Total Common Stocks
(Cost $8,268,517)
 
11,827,053
Short Term Investments — 3.2%
Investment Companies — 2.2%
JPMorgan Prime Money Market Fund Class IM
Shares, 1.54% (b) (c)
(Cost $269,719)
269,680
269,734
SEE NOTES TO FINANCIAL STATEMENTS.
 
14
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
INVESTMENTS
SHARES
(000)
VALUE
($000)
Short Term Investments — continued
Investment of Cash Collateral from Securities Loaned — 1.0%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 1.50% (b) (c)
101,169
   101,108
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 1.38% (b) (c)
 12,600
    12,601
Total Investment of Cash Collateral from Securities
Loaned
(Cost $113,710)
 
113,709
Total Short Term Investments
(Cost $383,429)
 
383,443
Total Investments — 101.1%
(Cost $8,651,946)
 
12,210,496
Liabilities in Excess of Other Assets — (1.1)%
 
(129,179)
NET ASSETS — 100.0%
 
12,081,317
 
Percentages indicated are based on net assets.
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at June 30,
2022. The total value of securities on loan at June 30, 2022 is
$109,523.
(b)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(c)
The rate shown is the current yield as of June 30, 2022.
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
15
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2022
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 96.3%
Aerospace & Defense — 0.2%
HEICO Corp., Class A
    59
    6,193
Airlines — 0.7%
Delta Air Lines, Inc. *
   353
   10,231
Southwest Airlines Co. *
   223
    8,060
 
 
18,291
Banks — 6.3%
Citizens Financial Group, Inc.
   537
   19,170
East West Bancorp, Inc.
   121
    7,845
Fifth Third Bancorp
   699
   23,475
First Citizens BancShares, Inc., Class A
    16
   10,264
First Republic Bank
    46
    6,686
Huntington Bancshares, Inc.
2,149
25,853
M&T Bank Corp.
211
33,707
Regions Financial Corp.
1,179
22,101
SVB Financial Group *
12
4,732
Zions Bancorp NA
252
12,842
 
 
166,675
Beverages — 1.5%
Constellation Brands, Inc., Class A
113
26,461
Keurig Dr Pepper, Inc.
330
11,669
 
 
38,130
Biotechnology — 2.1%
Alnylam Pharmaceuticals, Inc. *
56
8,204
Exact Sciences Corp. *
132
5,215
Exelixis, Inc. *
354
7,361
Horizon Therapeutics plc *
178
14,217
Natera, Inc. *
116
4,129
Neurocrine Biosciences, Inc. *
74
7,181
Seagen, Inc. *
48
8,438
 
 
54,745
Building Products — 2.3%
Advanced Drainage Systems, Inc.
52
4,662
Carlisle Cos., Inc.
96
22,900
Fortune Brands Home & Security, Inc.
277
16,593
Trane Technologies plc
118
15,381
 
 
59,536
Capital Markets — 6.1%
Affiliated Managers Group, Inc.
42
4,853
Ameriprise Financial, Inc.
104
24,646
Ares Management Corp.
152
8,619
LPL Financial Holdings, Inc.
84
15,473
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Capital Markets — continued
MarketAxess Holdings, Inc.
    15
    3,726
Morningstar, Inc.
    28
    6,822
MSCI, Inc.
    31
   12,652
Northern Trust Corp.
   191
   18,442
Raymond James Financial, Inc.
   218
   19,528
S&P Global, Inc.
    25
    8,611
State Street Corp.
   241
   14,882
T. Rowe Price Group, Inc.
   127
   14,446
Tradeweb Markets, Inc., Class A
   127
    8,678
 
 
161,378
Chemicals — 0.9%
Celanese Corp.
68
8,008
RPM International, Inc.
207
16,309
 
 
24,317
Commercial Services & Supplies — 0.7%
Copart, Inc. *
166
18,078
Communications Equipment — 1.8%
Arista Networks, Inc. *
132
12,393
F5, Inc. *
42
6,417
Motorola Solutions, Inc.
137
28,734
 
 
47,544
Construction & Engineering — 0.7%
Quanta Services, Inc.
146
18,327
Construction Materials — 0.6%
Martin Marietta Materials, Inc.
52
15,535
Consumer Finance — 0.5%
Discover Financial Services
147
13,911
Containers & Packaging — 1.3%
Packaging Corp. of America
126
17,260
Silgan Holdings, Inc.
424
17,539
 
 
34,799
Distributors — 1.3%
Genuine Parts Co.
94
12,548
LKQ Corp.
440
21,580
 
 
34,128
Diversified Consumer Services — 0.2%
Bright Horizons Family Solutions, Inc. *
67
5,657
Diversified Financial Services — 0.4%
Voya Financial, Inc.
174
10,381
SEE NOTES TO FINANCIAL STATEMENTS.
 
16
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Electric Utilities — 2.6%
Edison International
   193
   12,172
Entergy Corp.
   219
   24,669
Xcel Energy, Inc.
   460
   32,577
 
 
69,418
Electrical Equipment — 2.9%
Acuity Brands, Inc.
   120
   18,533
AMETEK, Inc.
   243
   26,730
Generac Holdings, Inc. *
    43
    8,961
Hubbell, Inc.
   124
   22,113
 
 
76,337
Electronic Equipment, Instruments & Components — 2.9%
Amphenol Corp., Class A
217
14,012
CDW Corp.
108
16,978
Jabil, Inc.
198
10,122
Keysight Technologies, Inc. *
66
9,107
Littelfuse, Inc.
21
5,309
TD SYNNEX Corp.
109
9,903
Teledyne Technologies, Inc. *
15
5,695
Zebra Technologies Corp., Class A *
22
6,399
 
 
77,525
Energy Equipment & Services — 0.1%
Baker Hughes Co.
126
3,642
Entertainment — 1.1%
ROBLOX Corp., Class A *
122
4,016
Take-Two Interactive Software, Inc. *
214
26,167
 
 
30,183
Equity Real Estate Investment Trusts (REITs) — 6.8%
American Homes 4 Rent, Class A
423
14,986
AvalonBay Communities, Inc.
74
14,397
Boston Properties, Inc.
140
12,429
Brixmor Property Group, Inc.
471
9,514
Essex Property Trust, Inc.
33
8,606
Federal Realty OP LP
75
7,203
Host Hotels & Resorts, Inc.
379
5,941
JBG SMITH Properties
262
6,194
Kimco Realty Corp.
575
11,360
Mid-America Apartment Communities, Inc.
49
8,550
Rayonier, Inc.
478
17,880
Regency Centers Corp.
129
7,653
Rexford Industrial Realty, Inc.
133
7,655
Sun Communities, Inc.
52
8,366
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Equity Real Estate Investment Trusts (REITs) — continued
Ventas, Inc.
   149
    7,671
Weyerhaeuser Co.
   512
   16,955
WP Carey, Inc.
   160
   13,284
 
 
178,644
Food & Staples Retailing — 1.0%
Kroger Co. (The)
   296
   14,010
US Foods Holding Corp. *
   395
   12,110
 
 
26,120
Food Products — 0.5%
Post Holdings, Inc. *
   160
   13,209
Gas Utilities — 0.7%
National Fuel Gas Co.
262
17,274
Health Care Equipment & Supplies — 2.9%
Cooper Cos., Inc. (The)
29
9,065
Dexcom, Inc. *
183
13,650
Hologic, Inc. *
145
10,079
IDEXX Laboratories, Inc. *
14
4,752
Insulet Corp. *
49
10,754
ResMed, Inc.
43
9,097
Zimmer Biomet Holdings, Inc.
169
17,722
 
 
75,119
Health Care Providers & Services — 5.1%
Acadia Healthcare Co., Inc. *
142
9,591
Amedisys, Inc. *
66
6,926
AmerisourceBergen Corp.
195
27,549
Centene Corp. *
203
17,154
Henry Schein, Inc. *
293
22,467
Laboratory Corp. of America Holdings
122
28,609
McKesson Corp.
32
10,488
Universal Health Services, Inc., Class B
101
10,213
 
 
132,997
Hotels, Restaurants & Leisure — 2.4%
Aramark
286
8,772
Booking Holdings, Inc. *
2
3,696
Chipotle Mexican Grill, Inc. *
12
15,920
Darden Restaurants, Inc.
73
8,267
Expedia Group, Inc. *
54
5,078
Hilton Worldwide Holdings, Inc.
149
16,549
Royal Caribbean Cruises Ltd. *
143
4,983
 
 
63,265
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
17
JPMorgan Mid Cap Equity Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2022 (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Household Durables — 1.7%
Garmin Ltd.
    65
    6,379
Helen of Troy Ltd. *
    44
    7,191
Mohawk Industries, Inc. *
   108
   13,432
Newell Brands, Inc.
   990
   18,851
 
 
45,853
Household Products — 0.3%
Energizer Holdings, Inc.
   242
    6,856
Insurance — 4.7%
Alleghany Corp. *
    13
   10,784
Arch Capital Group Ltd. *
   270
   12,269
Hartford Financial Services Group, Inc. (The)
   292
   19,134
Lincoln National Corp.
236
11,015
Loews Corp.
475
28,179
Progressive Corp. (The)
92
10,646
RenaissanceRe Holdings Ltd. (Bermuda)
84
13,140
WR Berkley Corp.
250
17,065
 
 
122,232
Interactive Media & Services — 1.0%
Bumble, Inc., Class A *
358
10,069
InterActiveCorp. *
209
15,926
 
 
25,995
Internet & Direct Marketing Retail — 0.2%
Chewy, Inc., Class A * (a)
119
4,115
IT Services — 2.5%
FleetCor Technologies, Inc. *
92
19,278
Global Payments, Inc.
73
8,123
Globant SA *
52
8,963
GoDaddy, Inc., Class A *
168
11,672
MongoDB, Inc. *
37
9,653
Okta, Inc. *
53
4,774
Remitly Global, Inc. *
293
2,247
 
 
64,710
Life Sciences Tools & Services — 1.3%
10X Genomics, Inc., Class A *
70
3,176
Agilent Technologies, Inc.
124
14,757
Maravai LifeSciences Holdings, Inc., Class A *
201
5,696
Mettler-Toledo International, Inc. *
9
10,265
 
 
33,894
Machinery — 4.4%
IDEX Corp.
77
14,023
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Machinery — continued
Ingersoll Rand, Inc.
   188
    7,903
ITT, Inc.
   346
   23,251
Lincoln Electric Holdings, Inc.
   157
   19,364
Middleby Corp. (The) *
   126
   15,826
Snap-on, Inc.
    94
   18,603
Timken Co. (The)
   194
   10,274
Toro Co. (The)
    93
    7,053
 
 
116,297
Media — 1.3%
Liberty Broadband Corp., Class C *
   156
   18,090
Liberty Media Corp.-Liberty SiriusXM, Class C *
   434
   15,630
 
 
33,720
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.
349
10,223
Multiline Retail — 0.2%
Kohl's Corp.
171
6,097
Multi-Utilities — 2.5%
CMS Energy Corp.
429
28,918
Sempra Energy
47
7,115
WEC Energy Group, Inc.
298
29,971
 
 
66,004
Oil, Gas & Consumable Fuels — 2.6%
Cheniere Energy, Inc.
116
15,392
Coterra Energy, Inc.
519
13,374
Diamondback Energy, Inc.
106
12,793
EOG Resources, Inc.
103
11,417
Williams Cos., Inc. (The)
469
14,647
 
 
67,623
Personal Products — 0.2%
BellRing Brands, Inc. *
203
5,053
Pharmaceuticals — 1.7%
Catalent, Inc. *
109
11,657
Jazz Pharmaceuticals plc *
158
24,608
Royalty Pharma plc, Class A
206
8,679
 
 
44,944
Professional Services — 0.8%
Equifax, Inc.
40
7,349
Leidos Holdings, Inc.
140
14,060
 
 
21,409
SEE NOTES TO FINANCIAL STATEMENTS.
 
18
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Real Estate Management & Development — 0.5%
CBRE Group, Inc., Class A *
   191
   14,076
Road & Rail — 0.4%
Old Dominion Freight Line, Inc.
    36
    9,292
Semiconductors & Semiconductor Equipment — 2.1%
Advanced Micro Devices, Inc. *
    72
    5,509
Entegris, Inc.
   121
   11,144
Marvell Technology, Inc.
   166
    7,199
SolarEdge Technologies, Inc. *
    57
   15,544
Teradyne, Inc.
   116
   10,409
Wolfspeed, Inc. * (a)
    73
    4,646
 
 
54,451
Software — 5.5%
Cadence Design Systems, Inc. *
99
14,780
Confluent, Inc., Class A * (a)
240
5,580
Crowdstrike Holdings, Inc., Class A *
92
15,500
Datadog, Inc., Class A *
63
5,969
Five9, Inc. *
61
5,541
Gitlab, Inc., Class A * (a)
21
1,089
HubSpot, Inc. *
34
10,194
NortonLifeLock, Inc.
802
17,620
Palo Alto Networks, Inc. *
28
13,896
Procore Technologies, Inc. *
120
5,438
Synopsys, Inc. *
61
18,569
Trade Desk, Inc. (The), Class A *
233
9,774
Zoom Video Communications, Inc., Class A *
120
12,955
Zscaler, Inc. *
44
6,630
 
 
143,535
Specialty Retail — 3.1%
AutoZone, Inc. *
18
37,730
Bath & Body Works, Inc.
214
5,759
Best Buy Co., Inc.
118
7,691
Burlington Stores, Inc. *
73
9,955
CarMax, Inc. *
70
6,319
Gap, Inc. (The)
355
2,925
National Vision Holdings, Inc. *
125
3,452
Tractor Supply Co.
45
8,673
 
 
82,504
Textiles, Apparel & Luxury Goods — 1.7%
Carter's, Inc.
186
13,107
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Textiles, Apparel & Luxury Goods — continued
Lululemon Athletica, Inc. *
    15
    4,178
Ralph Lauren Corp.
   151
   13,505
Tapestry, Inc.
   425
   12,978
 
 
43,768
Thrifts & Mortgage Finance — 0.4%
MGIC Investment Corp.
   837
   10,546
Trading Companies & Distributors — 0.2%
Air Lease Corp.
   183
    6,133
Total Common Stocks
(Cost $2,119,219)
 
2,530,688
Short Term Investments — 4.0%
Investment Companies — 3.7%
JPMorgan Prime Money Market Fund Class IM
Shares, 1.54% (b) (c)
(Cost $96,450)
96,445
96,464
Investment of Cash Collateral from Securities Loaned — 0.3%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 1.50% (b) (c)
7,977
7,972
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 1.38% (b) (c)
1,531
1,531
Total Investment of Cash Collateral from Securities
Loaned
(Cost $9,503)
 
9,503
Total Short Term Investments
(Cost $105,953)
 
105,967
Total Investments — 100.3%
(Cost $2,225,172)
 
2,636,655
Liabilities in Excess of Other Assets — (0.3)%
 
(7,267)
NET ASSETS — 100.0%
 
2,629,388
 
Percentages indicated are based on net assets.
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at June 30,
2022. The total value of securities on loan at June 30, 2022 is
$9,131.
(b)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(c)
The rate shown is the current yield as of June 30, 2022.
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
19
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2022
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 96.5%
Aerospace & Defense — 0.7%
HEICO Corp., Class A
    437
   46,039
Airlines — 1.1%
Delta Air Lines, Inc. *
  2,626
   76,068
Banks — 2.0%
East West Bancorp, Inc.
    900
   58,329
First Republic Bank
    345
   49,707
SVB Financial Group *
     89
   35,173
 
 
143,209
Beverages — 1.4%
Constellation Brands, Inc., Class A
    415
   96,617
Biotechnology — 5.8%
Alnylam Pharmaceuticals, Inc. *
419
61,067
Exact Sciences Corp. *
984
38,771
Exelixis, Inc. *
2,629
54,728
Horizon Therapeutics plc *
1,325
105,707
Natera, Inc. *
866
30,694
Neurocrine Biosciences, Inc. *
548
53,388
Seagen, Inc. *
354
62,737
 
 
407,092
Building Products — 2.1%
Advanced Drainage Systems, Inc.
385
34,656
Trane Technologies plc
880
114,372
 
 
149,028
Capital Markets — 7.4%
Affiliated Managers Group, Inc.
309
36,077
Ares Management Corp.
1,127
64,084
LPL Financial Holdings, Inc.
624
115,049
MarketAxess Holdings, Inc.
108
27,697
Morningstar, Inc.
210
50,720
MSCI, Inc.
228
94,076
S&P Global, Inc.
190
64,021
Tradeweb Markets, Inc., Class A
945
64,519
 
 
516,243
Commercial Services & Supplies — 1.9%
Copart, Inc. *
1,237
134,424
Communications Equipment — 2.0%
Arista Networks, Inc. *
983
92,146
F5, Inc. *
312
47,707
 
 
139,853
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Construction & Engineering — 2.0%
Quanta Services, Inc.
  1,087
  136,278
Diversified Consumer Services — 0.6%
Bright Horizons Family Solutions, Inc. *
    499
   42,206
Electrical Equipment — 2.1%
AMETEK, Inc.
    707
   77,678
Generac Holdings, Inc. *
    316
   66,629
 
 
144,307
Electronic Equipment, Instruments & Components — 2.8%
Keysight Technologies, Inc. *
    491
   67,711
Littelfuse, Inc.
    155
   39,465
Teledyne Technologies, Inc. *
    113
   42,339
Zebra Technologies Corp., Class A *
162
47,617
 
 
197,132
Energy Equipment & Services — 0.4%
Baker Hughes Co.
938
27,071
Entertainment — 1.8%
ROBLOX Corp., Class A * (a)
908
29,848
Take-Two Interactive Software, Inc. *
756
92,578
 
 
122,426
Health Care Equipment & Supplies — 6.1%
Cooper Cos., Inc. (The)
215
67,397
Dexcom, Inc. *
1,362
101,496
Hologic, Inc. *
1,081
74,939
IDEXX Laboratories, Inc. *
101
35,362
Insulet Corp. *
367
79,958
ResMed, Inc.
323
67,638
 
 
426,790
Health Care Providers & Services — 4.7%
Acadia Healthcare Co., Inc. *
1,054
71,308
Amedisys, Inc. *
490
51,491
Centene Corp. *
1,509
127,671
McKesson Corp.
239
78,061
 
 
328,531
Hotels, Restaurants & Leisure — 5.3%
Aramark
2,129
65,223
Booking Holdings, Inc. *
16
27,468
Chipotle Mexican Grill, Inc. *
91
118,371
Hilton Worldwide Holdings, Inc.
1,104
123,054
Royal Caribbean Cruises Ltd. *
1,061
37,045
 
 
371,161
SEE NOTES TO FINANCIAL STATEMENTS.
 
20
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Household Durables — 1.4%
Garmin Ltd.
    483
   47,425
Helen of Troy Ltd. *
    329
   53,460
 
 
100,885
Insurance — 1.1%
Progressive Corp. (The)
    681
   79,157
Interactive Media & Services — 1.1%
Bumble, Inc., Class A *
  2,660
   74,867
Internet & Direct Marketing Retail — 0.4%
Chewy, Inc., Class A * (a)
    881
   30,592
IT Services — 3.6%
Global Payments, Inc.
    546
   60,395
Globant SA *
383
66,643
MongoDB, Inc. *
277
71,777
Okta, Inc. *
393
35,491
Remitly Global, Inc. * (a)
2,179
16,696
 
 
251,002
Life Sciences Tools & Services — 3.6%
10X Genomics, Inc., Class A *
522
23,605
Agilent Technologies, Inc.
925
109,816
Maravai LifeSciences Holdings, Inc., Class A *
1,490
42,343
Mettler-Toledo International, Inc. *
66
76,327
 
 
252,091
Machinery — 2.3%
Ingersoll Rand, Inc.
1,396
58,753
ITT, Inc.
706
47,477
Toro Co. (The)
692
52,439
 
 
158,669
Metals & Mining — 0.5%
Freeport-McMoRan, Inc.
1,106
32,362
Oil, Gas & Consumable Fuels — 2.9%
Cheniere Energy, Inc.
860
114,450
EOG Resources, Inc.
769
84,885
 
 
199,335
Pharmaceuticals — 3.2%
Catalent, Inc. *
808
86,675
Jazz Pharmaceuticals plc *
454
70,890
Royalty Pharma plc, Class A
1,535
64,528
 
 
222,093
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Professional Services — 0.8%
Equifax, Inc.
    299
   54,637
Road & Rail — 1.0%
Old Dominion Freight Line, Inc.
    270
   69,084
Semiconductors & Semiconductor Equipment — 5.8%
Advanced Micro Devices, Inc. *
    536
   40,953
Entegris, Inc.
    899
   82,862
Marvell Technology, Inc.
  1,230
   53,523
SolarEdge Technologies, Inc. *
    422
  115,585
Teradyne, Inc.
    864
   77,396
Wolfspeed, Inc. *
    544
   34,535
 
 
404,854
Software — 13.4%
Cadence Design Systems, Inc. *
732
109,900
Confluent, Inc., Class A * (a)
1,785
41,484
Crowdstrike Holdings, Inc., Class A *
684
115,254
Datadog, Inc., Class A *
466
44,363
Five9, Inc. *
452
41,190
Gitlab, Inc., Class A * (a)
153
8,122
HubSpot, Inc. *
252
75,799
Palo Alto Networks, Inc. *
210
103,678
Procore Technologies, Inc. *
890
40,425
Synopsys, Inc. *
455
138,080
Trade Desk, Inc. (The), Class A *
1,735
72,671
Zoom Video Communications, Inc., Class A *
892
96,325
Zscaler, Inc. *
330
49,290
 
 
936,581
Specialty Retail — 4.1%
AutoZone, Inc. *
35
73,998
Burlington Stores, Inc. *
543
74,015
CarMax, Inc. *
519
46,981
National Vision Holdings, Inc. *
942
25,897
Tractor Supply Co.
333
64,545
 
 
285,436
Textiles, Apparel & Luxury Goods — 0.4%
Lululemon Athletica, Inc. *
114
31,101
Trading Companies & Distributors — 0.7%
Air Lease Corp.
1,364
45,597
Total Common Stocks
(Cost $6,358,755)
 
6,732,818
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
21
JPMorgan Mid Cap Growth Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2022 (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Short Term Investments — 4.6%
Investment Companies — 3.7%
JPMorgan Prime Money Market Fund Class IM
Shares, 1.54% (b) (c)
(Cost $260,535)
260,503
  260,555
Investment of Cash Collateral from Securities Loaned — 0.9%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 1.50% (b) (c)
 53,897
   53,864
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 1.38% (b) (c)
  6,877
    6,877
Total Investment of Cash Collateral from Securities
Loaned
(Cost $60,742)
 
60,741
Total Short Term Investments
(Cost $321,277)
 
321,296
Total Investments — 101.1%
(Cost $6,680,032)
 
7,054,114
Liabilities in Excess of Other Assets — (1.1)%
 
(74,215)
NET ASSETS — 100.0%
 
6,979,899
 
Percentages indicated are based on net assets.
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at June 30,
2022. The total value of securities on loan at June 30, 2022 is
$58,035.
(b)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(c)
The rate shown is the current yield as of June 30, 2022.
SEE NOTES TO FINANCIAL STATEMENTS.
 
22
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022

 

JPMorgan Mid Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2022
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 96.2%
Airlines — 0.5%
Southwest Airlines Co. *
  1,824
    65,872
Banks — 8.7%
Citizens Financial Group, Inc.
  4,390
   156,684
Fifth Third Bancorp
  5,711
   191,882
First Citizens BancShares, Inc., Class A
    128
    83,874
Huntington Bancshares, Inc.
 17,566
   211,313
M&T Bank Corp.
  1,729
   275,521
Regions Financial Corp.
  9,634
   180,643
Zions Bancorp NA
  2,062
   104,958
 
 
1,204,875
Beverages — 1.5%
Constellation Brands, Inc., Class A
472
110,060
Keurig Dr Pepper, Inc.
2,695
95,371
 
 
205,431
Building Products — 2.3%
Carlisle Cos., Inc.
784
187,168
Fortune Brands Home & Security, Inc.
2,265
135,616
 
 
322,784
Capital Markets — 5.4%
Ameriprise Financial, Inc.
848
201,453
Northern Trust Corp.
1,562
150,732
Raymond James Financial, Inc.
1,785
159,606
State Street Corp.
1,973
121,639
T. Rowe Price Group, Inc.
1,039
118,074
 
 
751,504
Chemicals — 1.4%
Celanese Corp.
557
65,445
RPM International, Inc.
1,693
133,300
 
 
198,745
Communications Equipment — 1.7%
Motorola Solutions, Inc.
1,121
234,876
Construction Materials — 0.9%
Martin Marietta Materials, Inc.
424
126,968
Consumer Finance — 0.8%
Discover Financial Services
1,202
113,692
Containers & Packaging — 2.1%
Packaging Corp. of America
1,026
141,071
Silgan Holdings, Inc.
3,467
143,351
 
 
284,422
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Distributors — 2.0%
Genuine Parts Co.
    771
   102,556
LKQ Corp.
  3,593
   176,384
 
 
278,940
Diversified Financial Services — 0.6%
Voya Financial, Inc.
  1,425
    84,844
Electric Utilities — 4.1%
Edison International
  1,573
    99,482
Entergy Corp. (a)
  1,790
   201,638
Xcel Energy, Inc.
  3,763
   266,274
 
 
567,394
Electrical Equipment — 3.4%
Acuity Brands, Inc.
984
151,478
AMETEK, Inc.
1,211
133,085
Hubbell, Inc.
1,012
180,740
 
 
465,303
Electronic Equipment, Instruments & Components — 3.0%
Amphenol Corp., Class A
1,779
114,524
CDW Corp.
881
138,766
Jabil, Inc.
1,615
82,719
TD SYNNEX Corp.
888
80,933
 
 
416,942
Entertainment — 0.8%
Take-Two Interactive Software, Inc. *
915
112,104
Equity Real Estate Investment Trusts (REITs) — 10.6%
American Homes 4 Rent, Class A
3,456
122,478
AvalonBay Communities, Inc.
606
117,674
Boston Properties, Inc.
1,142
101,579
Brixmor Property Group, Inc.
3,847
77,749
Essex Property Trust, Inc.
269
70,323
Federal Realty OP LP
615
58,857
Host Hotels & Resorts, Inc.
3,096
48,548
JBG SMITH Properties
2,141
50,613
Kimco Realty Corp.
4,696
92,842
Mid-America Apartment Communities, Inc.
400
69,866
Rayonier, Inc.
3,910
146,139
Regency Centers Corp.
1,054
62,537
Rexford Industrial Realty, Inc.
1,086
62,554
Sun Communities, Inc.
429
68,369
Ventas, Inc.
1,219
62,690
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
23
JPMorgan Mid Cap Value Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2022 (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Weyerhaeuser Co.
  4,184
   138,580
WP Carey, Inc.
  1,310
   108,571
 
 
1,459,969
Food & Staples Retailing — 1.6%
Kroger Co. (The)
  2,419
   114,502
US Foods Holding Corp. *
  3,226
    98,976
 
 
213,478
Food Products — 0.8%
Post Holdings, Inc. *
  1,311
   107,952
Gas Utilities — 1.0%
National Fuel Gas Co.
  2,138
   141,182
Health Care Equipment & Supplies — 1.1%
Zimmer Biomet Holdings, Inc.
1,379
144,856
Health Care Providers & Services — 5.3%
AmerisourceBergen Corp.
1,591
225,179
Henry Schein, Inc. *
2,393
183,642
Laboratory Corp. of America Holdings
998
233,851
Universal Health Services, Inc., Class B
829
83,467
 
 
726,139
Hotels, Restaurants & Leisure — 0.8%
Darden Restaurants, Inc.
597
67,554
Expedia Group, Inc. *
438
41,489
 
 
109,043
Household Durables — 1.9%
Mohawk Industries, Inc. *
885
109,786
Newell Brands, Inc.
8,092
154,078
 
 
263,864
Household Products — 0.4%
Energizer Holdings, Inc.
1,976
56,022
Insurance — 6.6%
Alleghany Corp. *
106
88,103
Arch Capital Group Ltd. *
2,204
100,277
Hartford Financial Services Group, Inc. (The)
2,390
156,388
Lincoln National Corp.
1,925
90,021
Loews Corp.
3,887
230,327
RenaissanceRe Holdings Ltd. (Bermuda)
687
107,395
WR Berkley Corp.
2,043
139,481
 
 
911,992
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Interactive Media & Services — 0.9%
InterActiveCorp. *
  1,713
   130,168
IT Services — 1.8%
FleetCor Technologies, Inc. *
    750
   157,561
GoDaddy, Inc., Class A *
  1,371
    95,394
 
 
252,955
Machinery — 5.6%
IDEX Corp.
    631
   114,611
ITT, Inc.
  2,050
   137,844
Lincoln Electric Holdings, Inc.
  1,283
   158,265
Middleby Corp. (The) *
  1,032
   129,343
Snap-on, Inc. (a)
    771
   152,059
Timken Co. (The)
1,583
83,968
 
 
776,090
Media — 2.0%
Liberty Broadband Corp., Class C *
1,278
147,855
Liberty Media Corp.-Liberty SiriusXM, Class C *
3,544
127,749
 
 
275,604
Metals & Mining — 0.4%
Freeport-McMoRan, Inc.
1,639
47,960
Multiline Retail — 0.4%
Kohl's Corp.
1,396
49,825
Multi-Utilities — 3.9%
CMS Energy Corp.
3,502
236,367
Sempra Energy
387
58,140
WEC Energy Group, Inc.
2,434
244,977
 
 
539,484
Oil, Gas & Consumable Fuels — 2.4%
Coterra Energy, Inc.
4,237
109,285
Diamondback Energy, Inc.
863
104,536
Williams Cos., Inc. (The)
3,835
119,676
 
 
333,497
Personal Products — 0.3%
BellRing Brands, Inc. *
1,659
41,288
Pharmaceuticals — 0.9%
Jazz Pharmaceuticals plc *
790
123,199
Professional Services — 0.8%
Leidos Holdings, Inc.
1,141
114,910
Real Estate Management & Development — 0.8%
CBRE Group, Inc., Class A *
1,563
115,045
SEE NOTES TO FINANCIAL STATEMENTS.
 
24
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Software — 1.1%
NortonLifeLock, Inc.
  6,558
   144,015
Specialty Retail — 2.6%
AutoZone, Inc. *
    106
   227,096
Bath & Body Works, Inc.
  1,748
    47,057
Best Buy Co., Inc.
    959
    62,540
Gap, Inc. (The)
  2,900
    23,896
 
 
360,589
Textiles, Apparel & Luxury Goods — 2.4%
Carter's, Inc.
  1,520
   107,127
Ralph Lauren Corp.
  1,231
   110,375
Tapestry, Inc.
  3,476
   106,068
 
 
323,570
Thrifts & Mortgage Finance — 0.6%
MGIC Investment Corp.
6,841
86,191
Total Common Stocks
(Cost $9,099,882)
 
13,283,583
Short Term Investments — 3.8%
Investment Companies — 3.8%
JPMorgan Prime Money Market Fund Class IM
Shares, 1.54% (b) (c)
(Cost $515,126)
515,013
515,116
Investment of Cash Collateral from Securities Loaned — 0.0% ^
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 1.50% (b) (c)
2,201
2,200
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 1.38% (b) (c)
1,052
1,052
Total Investment of Cash Collateral from Securities
Loaned
(Cost $3,252)
 
3,252
Total Short Term Investments
(Cost $518,378)
 
518,368
Total Investments — 100.0%
(Cost $9,618,260)
 
13,801,951
Other Assets Less Liabilities — 0.0% ^
 
6,402
NET ASSETS — 100.0%
 
13,808,353
 
Percentages indicated are based on net assets.
 
^
Amount rounds to less than 0.1% of net assets.
*
Non-income producing security.
 
(a)
The security or a portion of this security is on loan at
June 30, 2022. The total value of securities on loan at
June 30, 2022 is $3,211.
 
(b)
Investment in an affiliated fund, which is registered
under the Investment Company Act of 1940, as
amended, and is advised by J.P. Morgan Investment
Management Inc.
 
(c)
The rate shown is the current yield as of June 30,
2022.
 
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
25
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2022
 
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — 96.7%
Aerospace & Defense — 2.8%
General Dynamics Corp.
    319
   70,535
Northrop Grumman Corp.
    164
   78,725
Raytheon Technologies Corp.
  1,250
  120,105
 
 
269,365
Air Freight & Logistics — 0.9%
FedEx Corp.
    388
   87,941
Banks — 10.8%
Bank of America Corp.
  9,292
  289,277
Citigroup, Inc.
  1,284
   59,034
Citizens Financial Group, Inc.
  2,746
   98,016
M&T Bank Corp.
  1,036
  165,178
PNC Financial Services Group, Inc. (The)
718
113,291
Truist Financial Corp.
2,363
112,060
US Bancorp
1,838
84,571
Wells Fargo & Co.
2,866
112,270
 
 
1,033,697
Beverages — 0.5%
Keurig Dr Pepper, Inc.
1,214
42,959
Biotechnology — 3.3%
AbbVie, Inc.
1,310
200,622
Regeneron Pharmaceuticals, Inc. *
98
57,990
Vertex Pharmaceuticals, Inc. *
217
61,233
 
 
319,845
Building Products — 1.0%
Carlisle Cos., Inc.
247
58,892
Fortune Brands Home & Security, Inc.
659
39,455
 
 
98,347
Capital Markets — 3.0%
Charles Schwab Corp. (The)
1,091
68,948
Invesco Ltd.
2,349
37,882
Morgan Stanley
792
60,242
Northern Trust Corp.
683
65,853
T. Rowe Price Group, Inc.
487
55,344
 
 
288,269
Chemicals — 0.3%
Axalta Coating Systems Ltd. *
1,234
27,288
Communications Equipment — 0.6%
Cisco Systems, Inc.
1,037
44,218
CommScope Holding Co., Inc. *
2,493
15,256
 
 
59,474
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Construction Materials — 0.9%
Martin Marietta Materials, Inc.
    296
   88,598
Consumer Finance — 2.2%
American Express Co.
    481
   66,676
Capital One Financial Corp.
  1,372
  142,927
 
 
209,603
Containers & Packaging — 1.4%
Packaging Corp. of America
    594
   81,634
Westrock Co.
  1,280
   51,002
 
 
132,636
Diversified Financial Services — 2.2%
Berkshire Hathaway, Inc., Class B *
    767
  209,543
Diversified Telecommunication Services — 1.6%
Verizon Communications, Inc.
2,970
150,721
Electric Utilities — 4.0%
American Electric Power Co., Inc.
539
51,742
Edison International
821
51,908
Entergy Corp. (a)
503
56,647
NextEra Energy, Inc.
897
69,510
PG&E Corp. *
3,941
39,328
Xcel Energy, Inc.
1,592
112,611
 
 
381,746
Electrical Equipment — 0.5%
Eaton Corp. plc
359
45,256
Electronic Equipment, Instruments & Components — 0.7%
TD SYNNEX Corp.
724
65,977
Entertainment — 0.2%
Walt Disney Co. (The) *
245
23,128
Equity Real Estate Investment Trusts (REITs) — 6.8%
American Homes 4 Rent, Class A
1,818
64,440
Apple Hospitality REIT, Inc.
2,175
31,900
Brixmor Property Group, Inc.
3,075
62,152
Federal Realty OP LP
490
46,951
JBG SMITH Properties
1,548
36,602
Kimco Realty Corp.
4,097
81,005
Lamar Advertising Co., Class A
441
38,786
Mid-America Apartment Communities, Inc.
354
61,806
Public Storage
83
26,014
Rayonier, Inc.
1,864
69,668
SEE NOTES TO FINANCIAL STATEMENTS.
 
26
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Equity Real Estate Investment Trusts (REITs) — continued
Welltower, Inc.
    358
   29,481
Weyerhaeuser Co.
  3,167
  104,878
 
 
653,683
Food & Staples Retailing — 1.0%
Albertsons Cos., Inc., Class A
  1,135
   30,327
Sysco Corp.
    783
   66,362
 
 
96,689
Food Products — 1.8%
Kraft Heinz Co. (The)
  2,289
   87,283
Post Holdings, Inc. *
  1,082
   89,124
 
 
176,407
Health Care Equipment & Supplies — 0.9%
Medtronic plc
523
46,945
Zimmer Biomet Holdings, Inc.
364
38,242
 
 
85,187
Health Care Providers & Services — 5.1%
AmerisourceBergen Corp.
743
105,120
Cigna Corp.
224
59,107
CVS Health Corp.
1,315
121,866
HCA Healthcare, Inc.
285
47,921
Laboratory Corp. of America Holdings
236
55,192
UnitedHealth Group, Inc.
193
99,097
 
 
488,303
Hotels, Restaurants & Leisure — 0.8%
Booking Holdings, Inc. *
23
39,177
Texas Roadhouse, Inc.
558
40,853
 
 
80,030
Household Durables — 1.3%
Mohawk Industries, Inc. *
530
65,817
Newell Brands, Inc.
3,223
61,357
 
 
127,174
Household Products — 1.5%
Energizer Holdings, Inc.
1,548
43,899
Procter & Gamble Co. (The)
688
98,904
 
 
142,803
Industrial Conglomerates — 0.6%
Honeywell International, Inc.
353
61,306
Insurance — 8.5%
Alleghany Corp. *
85
70,560
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Insurance — continued
American International Group, Inc.
    688
   35,198
Chubb Ltd.
    429
   84,342
CNA Financial Corp.
    729
   32,719
Fairfax Financial Holdings Ltd. (Canada)
    139
   73,611
Hartford Financial Services Group, Inc. (The)
  1,024
   66,979
Loews Corp.
  2,818
  167,018
Marsh & McLennan Cos., Inc.
    284
   44,066
Progressive Corp. (The)
    627
   72,866
Travelers Cos., Inc. (The)
    967
  163,662
 
 
811,021
Interactive Media & Services — 1.4%
Alphabet, Inc., Class C *
22
47,687
InterActiveCorp. *
521
39,618
Meta Platforms, Inc., Class A *
293
47,198
 
 
134,503
IT Services — 1.4%
FleetCor Technologies, Inc. *
243
51,057
International Business Machines Corp.
579
81,749
 
 
132,806
Machinery — 2.3%
Dover Corp.
694
84,221
ITT, Inc.
589
39,571
Middleby Corp. (The) *
277
34,725
Stanley Black & Decker, Inc.
274
28,742
Timken Co. (The)
530
28,106
 
 
215,365
Media — 2.1%
DISH Network Corp., Class A *
1,769
31,724
Liberty Broadband Corp., Class C *
602
69,581
Liberty Media Corp.-Liberty SiriusXM, Class C *
1,642
59,187
Nexstar Media Group, Inc., Class A
252
41,015
 
 
201,507
Multiline Retail — 1.3%
Dollar General Corp.
357
87,647
Kohl's Corp.
991
35,361
 
 
123,008
Oil, Gas & Consumable Fuels — 7.5%
Chevron Corp.
1,101
159,446
ConocoPhillips
1,785
160,281
Coterra Energy, Inc.
3,322
85,687
Diamondback Energy, Inc.
315
38,150
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
27
JPMorgan Value Advantage Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF June 30, 2022 (continued)
INVESTMENTS
SHARES
(000)
VALUE
($000)
Common Stocks — continued
Oil, Gas & Consumable Fuels — continued
Kinder Morgan, Inc.
  4,491
   75,266
Marathon Petroleum Corp.
    544
   44,690
Phillips 66
    862
   70,723
Williams Cos., Inc. (The)
  2,577
   80,419
 
 
714,662
Personal Products — 0.4%
BellRing Brands, Inc. *
  1,437
   35,767
Pharmaceuticals — 4.5%
Bristol-Myers Squibb Co.
  2,680
  206,330
Johnson & Johnson
    775
  137,645
Merck & Co., Inc.
    711
   64,780
Organon & Co.
727
24,548
 
 
433,303
Professional Services — 0.5%
Leidos Holdings, Inc.
512
51,543
Real Estate Management & Development — 0.6%
CBRE Group, Inc., Class A *
813
59,874
Road & Rail — 0.3%
Norfolk Southern Corp.
138
31,457
Semiconductors & Semiconductor Equipment — 2.1%
Analog Devices, Inc.
476
69,524
NXP Semiconductors NV (China)
277
41,004
Texas Instruments, Inc.
603
92,600
 
 
203,128
Specialty Retail — 4.6%
AutoZone, Inc. *
72
154,423
Bath & Body Works, Inc.
985
26,519
Best Buy Co., Inc.
605
39,451
Dick's Sporting Goods, Inc. (a)
807
60,786
Gap, Inc. (The)
2,096
17,273
Lowe's Cos., Inc.
436
76,174
Murphy USA, Inc.
268
62,413
 
 
437,039
Textiles, Apparel & Luxury Goods — 1.0%
Columbia Sportswear Co.
716
51,223
Ralph Lauren Corp.
491
44,036
 
 
95,259
INVESTMENTS
SHARES
(000)
VALUE
($000)
 
Tobacco — 0.8%
Philip Morris International, Inc.
    735
   72,574
Wireless Telecommunication Services — 0.7%
T-Mobile US, Inc. *
    470
   63,288
Total Common Stocks
(Cost $6,559,703)
 
9,262,079
Short Term Investments — 4.1%
Investment Companies — 3.5%
JPMorgan Prime Money Market Fund Class IM
Shares, 1.54% (b) (c)
(Cost $338,709)
338,651
  338,719
Investment of Cash Collateral from Securities Loaned — 0.6%
JPMorgan Securities Lending Money Market Fund
Agency SL Class Shares, 1.50% (b) (c)
 47,081
   47,053
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 1.38% (b) (c)
  6,257
    6,257
Total Investment of Cash Collateral from Securities
Loaned
(Cost $53,312)
 
53,310
Total Short Term Investments
(Cost $392,021)
 
392,029
Total Investments — 100.8%
(Cost $6,951,724)
 
9,654,108
Liabilities in Excess of Other Assets — (0.8)%
 
(77,974)
NET ASSETS — 100.0%
 
9,576,134
 
Percentages indicated are based on net assets.
 
*
Non-income producing security.
(a)
The security or a portion of this security is on loan at June 30,
2022. The total value of securities on loan at June 30, 2022 is
$51,393.
(b)
Investment in an affiliated fund, which is registered under the
Investment Company Act of 1940, as amended, and is advised by
J.P. Morgan Investment Management Inc.
(c)
The rate shown is the current yield as of June 30, 2022.
SEE NOTES TO FINANCIAL STATEMENTS.
 
28
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
STATEMENTS OF ASSETS AND LIABILITIES
AS OF June 30, 2022
(Amounts in thousands, except per share amounts)
 
 
JPMorgan
Growth
Advantage Fund
JPMorgan
Mid Cap
Equity Fund
JPMorgan
Mid Cap
Growth Fund
ASSETS:
 
 
 
Investments in non-affiliates, at value
$11,827,053
$2,530,688
$6,732,818
Investments in affiliates, at value
269,734
96,464
260,555
Investments of cash collateral received from securities loaned, at value (See Note 2.B)
113,709
9,503
60,741
Cash
135
81
202
Foreign currency, at value
55
—
—
Receivables:
 
 
 
Due from custodian
—
1,565
—
Investment securities sold
—
32
242
Fund shares sold
11,662
4,650
9,460
Dividends from non-affiliates
1,597
3,436
961
Dividends from affiliates
11
4
11
Securities lending income (See Note 2.B)
2
1
8
Other assets
—
19
—
Total Assets
12,223,958
2,646,443
7,064,998
LIABILITIES:
 
 
 
Payables:
 
 
 
Investment securities purchased
9,821
3,075
11,290
Collateral received on securities loaned (See Note 2.B)
113,709
9,503
60,741
Fund shares redeemed
10,748
2,688
8,035
Accrued liabilities:
 
 
 
Investment advisory fees
5,120
1,256
3,596
Administration fees
315
51
298
Distribution fees
1,025
121
308
Service fees
1,354
284
471
Custodian and accounting fees
79
18
47
Trustees’ and Chief Compliance Officer’s fees
—
—(a)
—
Other
470
59
313
Total Liabilities
142,641
17,055
85,099
Net Assets
$12,081,317
$2,629,388
$6,979,899
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
29
STATEMENTS OF ASSETS AND LIABILITIES
AS OF June 30, 2022 (continued)
(Amounts in thousands, except per share amounts)
 
JPMorgan
Growth
Advantage Fund
JPMorgan
Mid Cap
Equity Fund
JPMorgan
Mid Cap
Growth Fund
NET ASSETS:
 
 
 
Paid-in-Capital
$8,556,152
$2,174,127
$6,613,107
Total distributable earnings (loss)
3,525,165
455,261
366,792
Total Net Assets:
$12,081,317
$2,629,388
$6,979,899
Net Assets:
 
 
 
Class A
$2,362,435
$526,401
$1,119,928
Class C
798,037
13,761
67,482
Class I
3,376,110
802,716
1,403,485
Class R2
4,972
552
42,153
Class R3
13,221
—
36,455
Class R4
15,452
—
19,437
Class R5
103,367
1
448,298
Class R6
5,407,723
1,285,957
3,842,661
Total
$12,081,317
$2,629,388
$6,979,899
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
 
 
 
Class A
104,883
10,953
37,862
Class C
44,546
307
3,399
Class I
141,957
16,319
38,321
Class R2
224
12
1,279
Class R3
588
—
1,019
Class R4
649
—
533
Class R5
4,204
—
11,980
Class R6
217,390
26,072
101,859
Net Asset Value (a):
 
 
 
Class A — Redemption price per share
$22.52
$48.06
$29.58
Class C — Offering price per share (b)
17.91
44.88
19.86
Class I — Offering and redemption price per share
23.78
49.19
36.62
Class R2 — Offering and redemption price per share
22.14
47.19
32.93
Class R3 — Offering and redemption price per share
22.48
—
35.80
Class R4 — Offering and redemption price per share
23.79
—
36.47
Class R5 — Offering and redemption price per share
24.59
49.42
37.42
Class R6 — Offering and redemption price per share
24.88
49.32
37.73
Class A maximum sales charge
5.25%
5.25%
5.25%
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)]
$23.77
$50.72
$31.22
Cost of investments in non-affiliates
$8,268,517
$2,119,219
$6,358,755
Cost of investments in affiliates
269,719
96,450
260,535
Cost of foreign currency
55
—
—
Investment securities on loan, at value (See Note 2.B)
109,523
9,131
58,035
Cost of investment of cash collateral (See Note 2.B)
113,710
9,503
60,742
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
 
30
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
 
JPMorgan
Mid Cap
Value Fund
JPMorgan
Value
Advantage Fund
ASSETS:
 
 
Investments in non-affiliates, at value
$13,283,583
$9,262,079
Investments in affiliates, at value
515,116
338,719
Investments of cash collateral received from securities loaned, at value (See Note 2.B)
3,252
53,310
Cash
403
214
Receivables:
 
 
Investment securities sold
—
18,132
Fund shares sold
8,836
5,326
Dividends from non-affiliates
27,635
11,644
Dividends from affiliates
22
14
Securities lending income (See Note 2.B)
—(a)
5
Total Assets
13,838,847
9,689,443
LIABILITIES:
 
 
Payables:
 
 
Investment securities purchased
—
47,917
Collateral received on securities loaned (See Note 2.B)
3,252
53,310
Fund shares redeemed
17,633
6,207
Accrued liabilities:
 
 
Investment advisory fees
7,218
4,010
Administration fees
428
335
Distribution fees
367
415
Service fees
1,364
830
Custodian and accounting fees
87
55
Other
145
230
Total Liabilities
30,494
113,309
Net Assets
$13,808,353
$9,576,134
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
31
STATEMENTS OF ASSETS AND LIABILITIES
AS OF June 30, 2022 (continued)
(Amounts in thousands, except per share amounts)
 
JPMorgan
Mid Cap
Value Fund
JPMorgan
Value
Advantage Fund
NET ASSETS:
 
 
Paid-in-Capital
$8,479,227
$6,303,345
Total distributable earnings (loss)
5,329,126
3,272,789
Total Net Assets:
$13,808,353
$9,576,134
Net Assets:
 
 
Class A
$1,203,015
$1,101,144
Class C
61,031
281,613
Class I
2,276,870
2,039,492
Class L
6,586,299
1,653,596
Class R2
59,842
292
Class R3
69,915
2,845
Class R4
22,574
118
Class R5
48,283
1,178
Class R6
3,480,524
4,495,856
Total
$13,808,353
$9,576,134
Outstanding units of beneficial interest (shares)
($0.0001 par value; unlimited number of shares authorized):
 
 
Class A
34,472
30,542
Class C
1,844
7,843
Class I
64,172
56,168
Class L
182,483
45,480
Class R2
1,822
8
Class R3
2,026
80
Class R4
640
3
Class R5
1,340
33
Class R6
96,450
123,780
Net Asset Value (a):
 
 
Class A — Redemption price per share
$34.90
$36.05
Class C — Offering price per share (b)
33.10
35.91
Class I — Offering and redemption price per share
35.48
36.31
Class L — Offering and redemption price per share
36.09
36.36
Class R2 — Offering and redemption price per share
32.84
35.56
Class R3 — Offering and redemption price per share
34.49
35.51
Class R4 — Offering and redemption price per share
35.29
36.30
Class R5 — Offering and redemption price per share
36.03
36.30
Class R6 — Offering and redemption price per share
36.09
36.32
Class A maximum sales charge
5.25%
5.25%
Class A maximum public offering price per share
[net asset value per share/(100% – maximum sales charge)]
$36.83
$38.05
Cost of investments in non-affiliates
$9,099,882
$6,559,703
Cost of investments in affiliates
515,126
338,709
Investment securities on loan, at value (See Note 2.B)
3,211
51,393
Cost of investment of cash collateral (See Note 2.B)
3,252
53,312
(a)
Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.
(b)
Redemption price for Class C Shares varies based upon length of time the shares are held.
SEE NOTES TO FINANCIAL STATEMENTS.
 
32
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED June 30, 2022
(Amounts in thousands)
 
 
JPMorgan
Growth
Advantage Fund
JPMorgan
Mid Cap
Equity Fund
JPMorgan
Mid Cap
Growth Fund
INVESTMENT INCOME:
 
 
 
Interest income from non-affiliates
$—
$—
$—
Interest income from affiliates
—(a)
—
1
Dividend income from non-affiliates
80,260
36,008
34,301
Dividend income from affiliates
527
258
580
Income from securities lending (net) (See Note 2.B)
266
58
345
Total investment income
81,053
36,324
35,227
EXPENSES:
 
 
 
Investment advisory fees
82,715
19,173
56,737
Administration fees
9,993
2,212
6,546
Distribution fees:
 
 
 
Class A
7,533
1,511
3,774
Class C
8,438
138
727
Class R2
5
3
265
Class R3
19
—
145
Service fees:
 
 
 
Class A
7,533
1,511
3,774
Class C
2,813
46
242
Class I
11,197
2,357
4,553
Class R2
2
2
133
Class R3
19
—
145
Class R4
50
—
58
Class R5
136
—(a)
650
Custodian and accounting fees
465
108
282
Professional fees
140
68
106
Trustees’ and Chief Compliance Officer’s fees
68
34
50
Printing and mailing costs
679
394
432
Registration and filing fees
745
235
663
Transfer agency fees (See Note 2.F)
325
56
393
Other
704
261
341
Total expenses
133,579
28,109
80,016
Less fees waived
(9,073)
(3,521)
(4,977)
Less expense reimbursements
(6)
(8)
(32)
Net expenses
124,500
24,580
75,007
Net investment income (loss)
(43,447)
11,744
(39,780)
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
33
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED June 30, 2022 (continued)
(Amounts in thousands)
 
JPMorgan
Growth
Advantage Fund
JPMorgan
Mid Cap
Equity Fund
JPMorgan
Mid Cap
Growth Fund
REALIZED/UNREALIZED GAINS (LOSSES):
 
 
 
Net realized gain (loss) on transactions from:
 
 
 
Investments in non-affiliates
$300,465
$111,915
$157,284
Investments in affiliates
(64)
(31)
(66)
Foreign currency transactions
1
—
—(a)
Net realized gain (loss)
300,402
111,884
157,218
Change in net unrealized appreciation/depreciation on:
 
 
 
Investments in non-affiliates
(3,767,899)
(623,208)
(2,850,898)
Investments in affiliates
(7)
8
20
Foreign currency translations
1
—
—
Change in net unrealized appreciation/depreciation
(3,767,905)
(623,200)
(2,850,878)
Net realized/unrealized gains (losses)
(3,467,503)
(511,316)
(2,693,660)
Change in net assets resulting from operations
$(3,510,950)
$(499,572)
$(2,733,440)
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
34
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
 
JPMorgan
Mid Cap
Value Fund
JPMorgan
Value
Advantage Fund
INVESTMENT INCOME:
 
 
Interest income from non-affiliates
$—
$—
Dividend income from non-affiliates
288,969
219,918
Dividend income from affiliates
847
614
Income from securities lending (net) (See Note 2.B)
37
56
Total investment income
289,853
220,588
EXPENSES:
 
 
Investment advisory fees
107,918
59,060
Administration fees
10,758
7,836
Distribution fees:
 
 
Class A
3,996
2,797
Class C
554
2,481
Class R2
355
2
Class R3
210
7
Service fees:
 
 
Class A
3,996
2,797
Class C
185
827
Class I
7,088
5,900
Class L
7,710
1,870
Class R2
178
—
Class R3
210
7
Class R4
66
3
Class R5
82
1
Custodian and accounting fees
529
344
Professional fees
155
116
Trustees’ and Chief Compliance Officer’s fees
73
56
Printing and mailing costs
557
369
Registration and filing fees
336
303
Transfer agency fees (See Note 2.F)
229
187
Other
931
407
Total expenses
146,116
85,370
Less fees waived
(10,826)
(6,468)
Less expense reimbursements
(72)
(30)
Net expenses
135,218
78,872
Net investment income (loss)
154,635
141,716
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
35
STATEMENTS OF OPERATIONS
FOR THE YEAR ENDED June 30, 2022 (continued)
(Amounts in thousands)
 
JPMorgan
Mid Cap
Value Fund
JPMorgan
Value
Advantage Fund
REALIZED/UNREALIZED GAINS (LOSSES):
 
 
Net realized gain (loss) on transactions from:
 
 
Investments in non-affiliates
$1,794,415
$928,511
Investments in affiliates
(100)
(44)
Net realized gain (loss)
1,794,315
928,467
Change in net unrealized appreciation/depreciation on:
 
 
Investments in non-affiliates
(3,009,552)
(1,355,508)
Investments in affiliates
(8)
11
Change in net unrealized appreciation/depreciation
(3,009,560)
(1,355,497)
Net realized/unrealized gains (losses)
(1,215,245)
(427,030)
Change in net assets resulting from operations
$(1,060,610)
$(285,314)
SEE NOTES TO FINANCIAL STATEMENTS.
 
36
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED
(Amounts in thousands)
 
 
JPMorgan Growth Advantage Fund
JPMorgan Mid Cap Equity Fund
 
Year Ended
June 30, 2022
Year Ended
June 30, 2021
Year Ended
June 30, 2022
Year Ended
June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
 
 
 
 
Net investment income (loss)
$(43,447)
$(38,687)
$11,744
$5,871
Net realized gain (loss)
300,402
2,615,524
111,884
236,501
Change in net unrealized appreciation/depreciation
(3,767,905)
2,518,044
(623,200)
551,887
Change in net assets resulting from operations
(3,510,950)
5,094,881
(499,572)
794,259
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
Class A
(450,846)
(248,914)
(45,467)
(51,016)
Class C
(205,934)
(129,471)
(1,466)
(2,405)
Class I
(627,636)
(360,812)
(74,927)
(43,367)
Class R2
(97)
(32)
(46)
(76)
Class R3
(738)
(192)
—
—
Class R4
(2,743)
(1,887)
—
—
Class R5
(18,769)
(12,763)
(6)
(111)
Class R6
(865,471)
(579,464)
(105,308)
(120,036)
Total distributions to shareholders
(2,172,234)
(1,333,535)
(227,220)
(217,011)
CAPITAL TRANSACTIONS:
 
 
 
 
Change in net assets resulting from capital transactions
2,985,664
207,286
530,638
611,112
NET ASSETS:
 
 
 
 
Change in net assets
(2,697,520)
3,968,632
(196,154)
1,188,360
Beginning of period
14,778,837
10,810,205
2,825,542
1,637,182
End of period
$12,081,317
$14,778,837
$2,629,388
$2,825,542
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
37
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
 
 
JPMorgan Mid Cap Growth Fund
JPMorgan Mid Cap Value Fund
 
Year Ended
June 30, 2022
Year Ended
June 30, 2021
Year Ended
June 30, 2022
Year Ended
June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
 
 
 
 
Net investment income (loss)
$(39,780)
$(38,812)
$154,635
$127,797
Net realized gain (loss)
157,218
977,630
1,794,315
1,768,173
Change in net unrealized appreciation/depreciation
(2,850,878)
1,605,407
(3,009,560)
4,261,488
Change in net assets resulting from operations
(2,733,440)
2,544,225
(1,060,610)
6,157,458
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
 
 
Class A
(164,928)
(173,779)
(219,981)
(92,478)
Class C
(15,295)
(16,088)
(10,363)
(5,006)
Class I
(164,559)
(173,836)
(392,788)
(197,658)
Class L
—
—
(1,064,675)
(492,109)
Class R2
(5,456)
(5,377)
(10,249)
(4,986)
Class R3
(6,561)
(5,883)
(11,581)
(5,364)
Class R4
(1,915)
(1,774)
(4,055)
(2,242)
Class R5
(56,755)
(63,349)
(11,564)
(5,676)
Class R6
(391,225)
(329,350)
(571,247)
(264,623)
Total distributions to shareholders
(806,694)
(769,436)
(2,296,503)
(1,070,142)
CAPITAL TRANSACTIONS:
 
 
 
 
Change in net assets resulting from capital transactions
1,447,269
1,816,908
114,829
(751,266)
NET ASSETS:
 
 
 
 
Change in net assets
(2,092,865)
3,591,697
(3,242,284)
4,336,050
Beginning of period
9,072,764
5,481,067
17,050,637
12,714,587
End of period
$6,979,899
$9,072,764
$13,808,353
$17,050,637
SEE NOTES TO FINANCIAL STATEMENTS.
 
38
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
 
JPMorgan Value Advantage Fund
 
Year Ended
June 30, 2022
Year Ended
June 30, 2021
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:
 
 
Net investment income (loss)
$141,716
$124,916
Net realized gain (loss)
928,467
961,470
Change in net unrealized appreciation/depreciation
(1,355,497)
2,800,518
Change in net assets resulting from operations
(285,314)
3,886,904
DISTRIBUTIONS TO SHAREHOLDERS:
 
 
Class A
(139,510)
(23,476)
Class C
(40,783)
(7,055)
Class I
(309,038)
(72,893)
Class L
(243,763)
(53,516)
Class R2
(32)
(7)
Class R3
(427)
(63)
Class R4
(206)
(1,188)
Class R5
(180)
(145)
Class R6
(643,793)
(133,423)
Total distributions to shareholders
(1,377,732)
(291,766)
CAPITAL TRANSACTIONS:
 
 
Change in net assets resulting from capital transactions
87,864
(1,143,741)
NET ASSETS:
 
 
Change in net assets
(1,575,182)
2,451,397
Beginning of period
11,151,316
8,699,919
End of period
$9,576,134
$11,151,316
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
39
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
 
 
JPMorgan Growth Advantage Fund
JPMorgan Mid Cap Equity Fund
 
Year Ended
June 30, 2022
Year Ended
June 30, 2021
Year Ended
June 30, 2022
Year Ended
June 30, 2021
CAPITAL TRANSACTIONS:
 
 
 
 
Class A
 
 
 
 
Proceeds from shares issued
$559,491
$617,307
$120,225
$108,793
Distributions reinvested
434,059
240,271
45,435
50,959
Cost of shares redeemed
(501,025)
(591,206)
(84,870)
(103,045)
Change in net assets resulting from Class A capital transactions
492,525
266,372
80,790
56,707
Class C
 
 
 
 
Proceeds from shares issued
126,560
163,112
1,834
1,523
Distributions reinvested
200,976
125,552
1,462
2,405
Cost of shares redeemed
(297,542)
(301,892)
(7,072)
(8,655)
Change in net assets resulting from Class C capital transactions
29,994
(13,228)
(3,776)
(4,727)
Class I
 
 
 
 
Proceeds from shares issued
1,433,710
1,479,235
415,855
599,516
Distributions reinvested
592,526
337,895
74,821
43,123
Cost of shares redeemed
(1,638,548)
(1,078,748)
(344,560)
(236,107)
Change in net assets resulting from Class I capital transactions
387,688
738,382
146,116
406,532
Class R2
 
 
 
 
Proceeds from shares issued
4,940
300
144
191
Distributions reinvested
96
32
43
73
Cost of shares redeemed
(63)
(154)
(40)
(535)
Change in net assets resulting from Class R2 capital transactions
4,973
178
147
(271)
Class R3
 
 
 
 
Proceeds from shares issued
13,837
3,643
—
—
Distributions reinvested
628
163
—
—
Cost of shares redeemed
(2,665)
(434)
—
—
Change in net assets resulting from Class R3 capital transactions
11,800
3,372
—
—
Class R4
 
 
 
 
Proceeds from shares issued
2,734
2,600
—
—
Distributions reinvested
2,743
1,886
—
—
Cost of shares redeemed
(5,634)
(5,512)
—
—
Change in net assets resulting from Class R4 capital transactions
(157)
(1,026)
—
—
Class R5
 
 
 
 
Proceeds from shares issued
26,209
22,343
11
272
Distributions reinvested
18,390
12,555
6
111
Cost of shares redeemed
(34,294)
(70,249)
(82)
(1,462)
Change in net assets resulting from Class R5 capital transactions
10,305
(35,351)
(65)
(1,079)
SEE NOTES TO FINANCIAL STATEMENTS.
 
40
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
JPMorgan Growth Advantage
Fund
JPMorgan Mid Cap Equity Fund
 
Year Ended
June 30, 2022
Year Ended
June 30, 2021
Year Ended
June 30, 2022
Year Ended
June 30, 2021
CAPITAL TRANSACTIONS: (continued)
 
 
 
 
Class R6
 
 
 
 
Proceeds from shares issued
$2,520,752
$1,205,957
$465,999
$334,403
Distributions reinvested
863,104
578,133
105,241
119,998
Cost of shares redeemed
(1,335,320)
(2,535,503)
(263,814)
(300,451)
Change in net assets resulting from Class R6 capital transactions
2,048,536
(751,413)
307,426
153,950
Total change in net assets resulting from capital transactions
$2,985,664
$207,286
$530,638
$611,112
SHARE TRANSACTIONS:
 
 
 
 
Class A
 
 
 
 
Issued
18,429
20,460
2,069
1,925
Reinvested
13,885
8,308
776
961
Redeemed
(16,974)
(19,686)
(1,473)
(1,903)
Change in Class A Shares
15,340
9,082
1,372
983
Class C
 
 
 
 
Issued
5,063
6,449
34
28
Reinvested
8,062
5,236
27
48
Redeemed
(12,340)
(11,926)
(127)
(165)
Change in Class C Shares
785
(241)
(66)
(89)
Class I
 
 
 
 
Issued
46,780
46,557
6,894
10,207
Reinvested
17,977
11,160
1,248
795
Redeemed
(54,133)
(33,943)
(5,803)
(4,122)
Change in Class I Shares
10,624
23,774
2,339
6,880
Class R2
 
 
 
 
Issued
208
9
3
3
Reinvested
3
1
1
2
Redeemed
(2)
(5)
(1)
(9)
Change in Class R2 Shares
209
5
3
(4)
Class R3
 
 
 
 
Issued
502
116
—
—
Reinvested
20
6
—
—
Redeemed
(85)
(14)
—
—
Change in Class R3 Shares
437
108
—
—
Class R4
 
 
 
 
Issued
90
81
—
—
Reinvested
83
62
—
—
Redeemed
(165)
(177)
—
—
Change in Class R4 Shares
8
(34)
—
—
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
41
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
 
JPMorgan Growth Advantage
Fund
JPMorgan Mid Cap Equity Fund
 
Year Ended
June 30, 2022
Year Ended
June 30, 2021
Year Ended
June 30, 2022
Year Ended
June 30, 2021
SHARE TRANSACTIONS: (continued)
 
 
 
 
Class R5
 
 
 
 
Issued
797
696
—
5
Reinvested
540
403
—
2
Redeemed
(1,041)
(2,158)
(1)
(24)
Change in Class R5 Shares
296
(1,059)
(1)
(17)
Class R6
 
 
 
 
Issued
76,238
36,597
7,990
5,844
Reinvested
25,068
18,399
1,751
2,206
Redeemed
(41,492)
(76,164)
(4,449)
(5,296)
Change in Class R6 Shares
59,814
(21,168)
5,292
2,754
SEE NOTES TO FINANCIAL STATEMENTS.
 
42
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
 
JPMorgan Mid Cap Growth Fund
JPMorgan Mid Cap Value Fund
 
Year Ended
June 30, 2022
Year Ended
June 30, 2021
Year Ended
June 30, 2022
Year Ended
June 30, 2021
CAPITAL TRANSACTIONS:
 
 
 
 
Class A
 
 
 
 
Proceeds from shares issued
$193,417
$269,885
$231,582
$312,241
Distributions reinvested
159,203
168,194
205,806
84,258
Cost of shares redeemed
(247,726)
(265,651)
(503,800)
(421,860)
Change in net assets resulting from Class A capital transactions
104,894
172,428
(66,412)
(25,361)
Class C
 
 
 
 
Proceeds from shares issued
16,113
18,817
11,733
11,152
Distributions reinvested
15,070
15,598
10,091
4,875
Cost of shares redeemed
(28,440)
(29,254)
(21,161)
(50,512)
Change in net assets resulting from Class C capital transactions
2,743
5,161
663
(34,485)
Class I
 
 
 
 
Proceeds from shares issued
567,054
807,758
548,260
944,499
Distributions reinvested
155,839
163,157
372,132
187,286
Cost of shares redeemed
(609,174)
(572,464)
(1,137,558)
(1,167,802)
Change in net assets resulting from Class I capital transactions
113,719
398,451
(217,166)
(36,017)
Class L
 
 
 
 
Proceeds from shares issued
—
—
993,214
1,079,544
Distributions reinvested
—
—
1,015,481
466,015
Cost of shares redeemed
—
—
(1,694,626)
(2,003,837)
Change in net assets resulting from Class L capital transactions
—
—
314,069
(458,278)
Class R2
 
 
 
 
Proceeds from shares issued
18,906
19,596
9,585
11,087
Distributions reinvested
5,446
5,366
10,195
4,944
Cost of shares redeemed
(16,727)
(18,633)
(15,727)
(26,032)
Change in net assets resulting from Class R2 capital transactions
7,625
6,329
4,053
(10,001)
Class R3
 
 
 
 
Proceeds from shares issued
23,135
27,679
8,559
10,318
Distributions reinvested
6,481
5,811
10,954
5,120
Cost of shares redeemed
(41,250)
(19,436)
(20,468)
(16,546)
Change in net assets resulting from Class R3 capital transactions
(11,634)
14,054
(955)
(1,108)
Class R4
 
 
 
 
Proceeds from shares issued
14,507
15,324
11,063
29,189
Distributions reinvested
1,915
1,774
4,055
2,242
Cost of shares redeemed
(11,022)
(9,549)
(18,919)
(36,170)
Change in net assets resulting from Class R4 capital transactions
5,400
7,549
(3,801)
(4,739)
Class R5
 
 
 
 
Proceeds from shares issued
107,972
169,023
24,053
15,455
Distributions reinvested
53,207
59,609
11,552
5,671
Cost of shares redeemed
(193,440)
(178,446)
(62,665)
(28,691)
Change in net assets resulting from Class R5 capital transactions
(32,261)
50,186
(27,060)
(7,565)
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
43
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
 
JPMorgan Mid Cap Growth Fund
JPMorgan Mid Cap Value Fund
 
Year Ended
June 30, 2022
Year Ended
June 30, 2021
Year Ended
June 30, 2022
Year Ended
June 30, 2021
CAPITAL TRANSACTIONS: (continued)
 
 
 
 
Class R6
 
 
 
 
Proceeds from shares issued
$1,866,097
$1,731,741
$873,051
$880,233
Distributions reinvested
387,715
326,519
531,604
243,857
Cost of shares redeemed
(997,029)
(895,510)
(1,293,217)
(1,297,802)
Change in net assets resulting from Class R6 capital transactions
1,256,783
1,162,750
111,438
(173,712)
Total change in net assets resulting from capital transactions
$1,447,269
$1,816,908
$114,829
$(751,266)
SHARE TRANSACTIONS:
 
 
 
 
Class A
 
 
 
 
Issued
4,766
6,348
5,644
8,294
Reinvested
3,841
4,077
5,251
2,357
Redeemed
(6,293)
(6,207)
(13,249)
(11,461)
Change in Class A Shares
2,314
4,218
(2,354)
(810)
Class C
 
 
 
 
Issued
551
609
302
302
Reinvested
540
533
272
143
Redeemed
(1,052)
(951)
(551)
(1,473)
Change in Class C Shares
39
191
23
(1,028)
Class I
 
 
 
 
Issued
12,070
15,656
13,456
26,465
Reinvested
3,041
3,271
9,337
5,165
Redeemed
(12,606)
(11,073)
(27,722)
(31,205)
Change in Class I Shares
2,505
7,854
(4,929)
425
Class L
 
 
 
 
Issued
—
—
23,576
27,115
Reinvested
—
—
25,025
12,656
Redeemed
—
—
(40,417)
(52,480)
Change in Class L Shares
—
—
8,184
(12,709)
Class R2
 
 
 
 
Issued
405
411
245
308
Reinvested
118
118
276
146
Redeemed
(366)
(395)
(413)
(735)
Change in Class R2 Shares
157
134
108
(281)
Class R3
 
 
 
 
Issued
461
550
211
273
Reinvested
129
118
283
145
Redeemed
(856)
(384)
(506)
(451)
Change in Class R3 Shares
(266)
284
(12)
(33)
SEE NOTES TO FINANCIAL STATEMENTS.
 
44
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
JPMorgan Mid Cap Growth Fund
JPMorgan Mid Cap Value Fund
 
Year Ended
June 30, 2022
Year Ended
June 30, 2021
Year Ended
June 30, 2022
Year Ended
June 30, 2021
SHARE TRANSACTIONS: (continued)
 
 
 
 
Class R4
 
 
 
 
Issued
301
299
274
772
Reinvested
38
36
102
62
Redeemed
(218)
(183)
(462)
(892)
Change in Class R4 Shares
121
152
(86)
(58)
Class R5
 
 
 
 
Issued
2,162
3,227
576
389
Reinvested
1,017
1,172
285
154
Redeemed
(4,010)
(3,436)
(1,507)
(723)
Change in Class R5 Shares
(831)
963
(646)
(180)
Class R6
 
 
 
 
Issued
37,457
32,743
20,888
22,671
Reinvested
7,351
6,379
13,105
6,625
Redeemed
(20,244)
(17,096)
(30,623)
(33,322)
Change in Class R6 Shares
24,564
22,026
3,370
(4,026)
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
45
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
 
 
JPMorgan Value Advantage Fund
 
Year Ended
June 30, 2022
Year Ended
June 30, 2021
CAPITAL TRANSACTIONS:
 
 
Class A
 
 
Proceeds from shares issued
$299,267
$228,457
Distributions reinvested
131,124
21,985
Cost of shares redeemed
(192,533)
(256,183)
Change in net assets resulting from Class A capital transactions
237,858
(5,741)
Class C
 
 
Proceeds from shares issued
51,018
42,809
Distributions reinvested
40,129
6,902
Cost of shares redeemed
(106,948)
(152,617)
Change in net assets resulting from Class C capital transactions
(15,801)
(102,906)
Class I
 
 
Proceeds from shares issued
667,039
632,458
Distributions reinvested
281,851
67,804
Cost of shares redeemed
(866,946)
(1,288,594)
Change in net assets resulting from Class I capital transactions
81,944
(588,332)
Class L
 
 
Proceeds from shares issued
340,532
329,055
Distributions reinvested
234,993
51,517
Cost of shares redeemed
(477,379)
(753,164)
Change in net assets resulting from Class L capital transactions
98,146
(372,592)
Class R2
 
 
Proceeds from shares issued
129
81
Distributions reinvested
33
7
Cost of shares redeemed
(13)
(144)
Change in net assets resulting from Class R2 capital transactions
149
(56)
Class R3
 
 
Proceeds from shares issued
1,173
1,146
Distributions reinvested
338
51
Cost of shares redeemed
(1,128)
(488)
Change in net assets resulting from Class R3 capital transactions
383
709
Class R4
 
 
Proceeds from shares issued
192
3,069
Distributions reinvested
205
1,187
Cost of shares redeemed
(1,922)
(42,655)
Change in net assets resulting from Class R4 capital transactions
(1,525)
(38,399)
SEE NOTES TO FINANCIAL STATEMENTS.
 
46
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022

 

 
JPMorgan Value Advantage
Fund
 
Year Ended
June 30, 2022
Year Ended
June 30, 2021
CAPITAL TRANSACTIONS: (continued)
 
 
Class R5
 
 
Proceeds from shares issued
$237
$839
Distributions reinvested
142
137
Cost of shares redeemed
(348)
(6,702)
Change in net assets resulting from Class R5 capital transactions
31
(5,726)
Class R6
 
 
Proceeds from shares issued
808,892
1,674,385
Distributions reinvested
643,064
133,248
Cost of shares redeemed
(1,765,277)
(1,838,331)
Change in net assets resulting from Class R6 capital transactions
(313,321)
(30,698)
Total change in net assets resulting from capital transactions
$87,864
$(1,143,741)
SHARE TRANSACTIONS:
 
 
Class A
 
 
Issued
7,374
6,264
Reinvested
3,380
627
Redeemed
(4,700)
(7,354)
Change in Class A Shares
6,054
(463)
Class C
 
 
Issued
1,255
1,112
Reinvested
1,041
198
Redeemed
(2,626)
(4,444)
Change in Class C Shares
(330)
(3,134)
Class I
 
 
Issued
16,246
17,384
Reinvested
7,212
1,924
Redeemed
(21,217)
(34,308)
Change in Class I Shares
2,241
(15,000)
Class L
 
 
Issued
8,313
9,182
Reinvested
6,003
1,461
Redeemed
(11,792)
(21,293)
Change in Class L Shares
2,524
(10,650)
Class R2
 
 
Issued
3
2
Reinvested
1
—(a)
Redeemed
—(a)
(4)
Change in Class R2 Shares
4
(2)
(a)
Amount rounds to less than one thousand.
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
47
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIODS INDICATED (continued)
(Amounts in thousands)
 
JPMorgan Value Advantage
Fund
 
Year Ended
June 30, 2022
Year Ended
June 30, 2021
SHARE TRANSACTIONS: (continued)
 
 
Class R3
 
 
Issued
28
32
Reinvested
9
1
Redeemed
(28)
(14)
Change in Class R3 Shares
9
19
Class R4
 
 
Issued
4
89
Reinvested
5
34
Redeemed
(46)
(1,184)
Change in Class R4 Shares
(37)
(1,061)
Class R5
 
 
Issued
6
26
Reinvested
4
4
Redeemed
(9)
(184)
Change in Class R5 Shares
1
(154)
Class R6
 
 
Issued
20,027
43,621
Reinvested
16,442
3,783
Redeemed
(41,571)
(51,458)
Change in Class R6 Shares
(5,102)
(4,054)
SEE NOTES TO FINANCIAL STATEMENTS.
 
48
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
THIS PAGE IS INTENTIONALLY LEFT BLANK
 
 
 
49
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains
(losses) on
investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Growth Advantage Fund
 
 
 
 
 
 
 
Class A
 
 
 
 
 
 
 
Year Ended June 30, 2022
$33.66
$(0.16)
$(6.04)
$(6.20)
$—
$(4.94)
$(4.94)
Year Ended June 30, 2021
25.27
(0.16)
11.67
11.51
—
(3.12)
(3.12)
Year Ended June 30, 2020
21.78
(0.08)
5.74
5.66
—
(2.17)
(2.17)
Year Ended June 30, 2019
21.73
(0.08)
1.89
1.81
—
(1.76)
(1.76)
Year Ended June 30, 2018
17.95
(0.12)
4.74
4.62
—
(0.84)
(0.84)
Class C
 
 
 
 
 
 
 
Year Ended June 30, 2022
27.83
(0.26)
(4.72)
(4.98)
—
(4.94)
(4.94)
Year Ended June 30, 2021
21.42
(0.26)
9.79
9.53
—
(3.12)
(3.12)
Year Ended June 30, 2020
18.86
(0.16)
4.89
4.73
—
(2.17)
(2.17)
Year Ended June 30, 2019
19.16
(0.16)
1.62
1.46
—
(1.76)
(1.76)
Year Ended June 30, 2018
15.99
(0.19)
4.20
4.01
—
(0.84)
(0.84)
Class I
 
 
 
 
 
 
 
Year Ended June 30, 2022
35.20
(0.09)
(6.39)
(6.48)
—
(4.94)
(4.94)
Year Ended June 30, 2021
26.29
(0.09)
12.18
12.09
(0.06)
(3.12)
(3.18)
Year Ended June 30, 2020
22.53
(0.02)
5.95
5.93
—
(2.17)
(2.17)
Year Ended June 30, 2019
22.36
(0.03)
1.96
1.93
—
(1.76)
(1.76)
Year Ended June 30, 2018
18.40
(0.07)
4.87
4.80
—
(0.84)
(0.84)
Class R2
 
 
 
 
 
 
 
Year Ended June 30, 2022
33.24
(0.21)
(5.95)
(6.16)
—
(4.94)
(4.94)
Year Ended June 30, 2021
25.05
(0.24)
11.56
11.32
(0.01)
(3.12)
(3.13)
Year Ended June 30, 2020
21.67
(0.13)
5.68
5.55
—
(2.17)
(2.17)
Year Ended June 30, 2019
21.68
(0.13)
1.88
1.75
—
(1.76)
(1.76)
July 31, 2017 (f) through June 30, 2018
18.47
(0.14)
4.19
4.05
—
(0.84)
(0.84)
Class R3
 
 
 
 
 
 
 
Year Ended June 30, 2022
33.61
(0.14)
(6.05)
(6.19)
—
(4.94)
(4.94)
Year Ended June 30, 2021
25.27
(0.17)
11.68
11.51
(0.05)
(3.12)
(3.17)
Year Ended June 30, 2020
21.79
(0.08)
5.73
5.65
—
(2.17)
(2.17)
Year Ended June 30, 2019
21.74
(0.07)
1.88
1.81
—
(1.76)
(1.76)
Year Ended June 30, 2018
17.96
(0.11)
4.73
4.62
—
(0.84)
(0.84)
Class R4
 
 
 
 
 
 
 
Year Ended June 30, 2022
35.21
(0.10)
(6.38)
(6.48)
—
(4.94)
(4.94)
Year Ended June 30, 2021
26.29
(0.09)
12.17
12.08
(0.04)
(3.12)
(3.16)
Year Ended June 30, 2020
22.53
(0.02)
5.95
5.93
—
(2.17)
(2.17)
Year Ended June 30, 2019
22.36
(0.03)
1.96
1.93
—
(1.76)
(1.76)
Year Ended June 30, 2018
18.40
(0.03)
4.83
4.80
—
(0.84)
(0.84)
Class R5
 
 
 
 
 
 
 
Year Ended June 30, 2022
36.18
(0.05)
(6.60)
(6.65)
—
(4.94)
(4.94)
Year Ended June 30, 2021
26.93
(0.05)
12.50
12.45
(0.08)
(3.12)
(3.20)
Year Ended June 30, 2020
23.00
0.01
6.09
6.10
—
(2.17)
(2.17)
Year Ended June 30, 2019
22.76
0.01
1.99
2.00
—
(1.76)
(1.76)
Year Ended June 30, 2018
18.69
(0.04)
4.95
4.91
—
(0.84)
(0.84)
SEE NOTES TO FINANCIAL STATEMENTS.
 
50
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and reimbursements
Portfolio
turnover
rate(c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$22.52
(22.53)%
$2,362,435
1.08%
(0.54)%
1.14%
33%
33.66
47.55
3,013,691
1.13
(0.54)
1.14
43
25.27
27.87
2,032,870
1.14
(0.36)
1.16
47
21.78
9.63
1,825,607
1.14
(0.38)
1.25
40
21.73
26.22
1,724,681
1.16
(0.57)
1.25
31
 
 
 
 
 
 
 
17.91
(22.90)
798,037
1.58
(1.05)
1.64
33
27.83
46.80
1,218,051
1.63
(1.04)
1.63
43
21.42
27.20
942,512
1.64
(0.86)
1.66
47
18.86
9.06
793,489
1.64
(0.88)
1.75
40
19.16
25.60
740,817
1.66
(1.07)
1.76
31
 
 
 
 
 
 
 
23.78
(22.33)
3,376,110
0.83
(0.29)
0.89
33
35.20
47.95
4,622,602
0.88
(0.29)
0.88
43
26.29
28.15
2,827,894
0.89
(0.11)
0.90
47
22.53
9.91
2,107,041
0.89
(0.12)
1.00
40
22.36
26.56
1,753,505
0.92
(0.32)
—
31
 
 
 
 
 
 
 
22.14
(22.71)
4,972
1.32
(0.75)
1.56
33
33.24
47.18
510
1.39
(0.79)
1.66
43
25.05
27.48
239
1.39
(0.59)
1.88
47
21.67
9.36
88
1.39
(0.61)
2.24
40
21.68
22.39
43
1.41
(0.77)
1.59
31
 
 
 
 
 
 
 
22.48
(22.54)
13,221
1.08
(0.50)
1.16
33
33.61
47.60
5,089
1.14
(0.54)
1.17
43
25.27
27.80
1,076
1.14
(0.36)
1.24
47
21.79
9.63
448
1.14
(0.36)
1.40
40
21.74
26.20
266
1.15
(0.53)
1.28
31
 
 
 
 
 
 
 
23.79
(22.32)
15,452
0.83
(0.30)
0.89
33
35.21
47.91
22,559
0.88
(0.29)
0.88
43
26.29
28.15
17,739
0.89
(0.11)
0.90
47
22.53
9.91
16,423
0.89
(0.12)
1.00
40
22.36
26.56
12,005
0.88
(0.16)
1.00
31
 
 
 
 
 
 
 
24.59
(22.18)
103,367
0.68
(0.15)
0.74
33
36.18
48.16
141,386
0.73
(0.14)
0.73
43
26.93
28.32
133,780
0.74
0.04
0.76
47
23.00
10.05
118,449
0.74
0.02
0.85
40
22.76
26.74
112,830
0.77
(0.18)
0.85
31
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
51
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains
(losses) on
investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Growth Advantage Fund (continued)
 
 
 
 
 
 
 
Class R6
 
 
 
 
 
 
 
Year Ended June 30, 2022
$36.52
$(0.01)
$(6.69)
$(6.70)
$—
$(4.94)
$(4.94)
Year Ended June 30, 2021
27.16
(0.01)
12.59
12.58
(0.10)
(3.12)
(3.22)
Year Ended June 30, 2020
23.15
0.03
6.15
6.18
—
(2.17)
(2.17)
Year Ended June 30, 2019
22.87
0.03
2.01
2.04
—
(1.76)
(1.76)
Year Ended June 30, 2018
18.76
(0.02)
4.97
4.95
—
(0.84)
(0.84)
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.
(f)
Commencement of offering of class of shares.
SEE NOTES TO FINANCIAL STATEMENTS.
 
52
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and reimbursements
Portfolio
turnover
rate(c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$24.88
(22.11)%
$5,407,723
0.58%
(0.03)%
0.64%
33%
36.52
48.28
5,754,949
0.63
(0.03)
0.63
43
27.16
28.49
4,854,095
0.64
0.14
0.65
47
23.15
10.18
4,527,544
0.64
0.12
0.75
40
22.87
26.86
4,347,440
0.67
(0.07)
0.75
31
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
53
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(a)
Net realized
and unrealized
gains
(losses) on
investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Mid Cap Equity Fund
 
 
 
 
 
 
 
Class A
 
 
 
 
 
 
 
Year Ended June 30, 2022
$62.14
$0.05
$(9.53)
$(9.48)
$—
$(4.60)
$(4.60)
Year Ended June 30, 2021
47.20
(0.03)
21.27
21.24
(0.08)
(6.22)
(6.30)
Year Ended June 30, 2020
50.52
0.13
0.78
0.91
(0.30)
(3.93)
(4.23)
Year Ended June 30, 2019
51.57
0.18
4.04
4.22
(0.13)
(5.14)
(5.27)
Year Ended June 30, 2018
48.53
—(d)
5.89
5.89
—
(2.85)
(2.85)
Class C
 
 
 
 
 
 
 
Year Ended June 30, 2022
58.61
(0.25)
(8.88)
(9.13)
—
(4.60)
(4.60)
Year Ended June 30, 2021
44.95
(0.29)
20.17
19.88
—
(6.22)
(6.22)
Year Ended June 30, 2020
48.32
(0.10)
0.71
0.61
(0.05)
(3.93)
(3.98)
Year Ended June 30, 2019
49.66
(0.04)
3.84
3.80
—
(5.14)
(5.14)
Year Ended June 30, 2018
47.05
(0.24)
5.70
5.46
—
(2.85)
(2.85)
Class I
 
 
 
 
 
 
 
Year Ended June 30, 2022
63.43
0.20
(9.75)
(9.55)
(0.09)
(4.60)
(4.69)
Year Ended June 30, 2021
48.07
0.13
21.66
21.79
(0.21)
(6.22)
(6.43)
Year Ended June 30, 2020
51.35
0.25
0.80
1.05
(0.40)
(3.93)
(4.33)
Year Ended June 30, 2019
52.32
0.33
4.07
4.40
(0.23)
(5.14)
(5.37)
Year Ended June 30, 2018
49.13
0.14
5.97
6.11
(0.07)
(2.85)
(2.92)
Class R2
 
 
 
 
 
 
 
Year Ended June 30, 2022
61.24
(0.09)
(9.36)
(9.45)
—
(4.60)
(4.60)
Year Ended June 30, 2021
46.64
(0.18)
21.00
20.82
—
(6.22)
(6.22)
Year Ended June 30, 2020
49.96
0.01
0.76
0.77
(0.16)
(3.93)
(4.09)
Year Ended June 30, 2019
51.08
0.05
4.00
4.05
(0.03)
(5.14)
(5.17)
Year Ended June 30, 2018
48.21
(0.14)
5.86
5.72
—
(2.85)
(2.85)
Class R5
 
 
 
 
 
 
 
Year Ended June 30, 2022
63.52
0.24
(9.74)
(9.50)
—
(4.60)
(4.60)
Year Ended June 30, 2021
48.11
0.16
21.74
21.90
(0.27)
(6.22)
(6.49)
Year Ended June 30, 2020
51.37
0.30
0.83
1.13
(0.46)
(3.93)
(4.39)
Year Ended June 30, 2019
52.35
0.41
4.06
4.47
(0.31)
(5.14)
(5.45)
Year Ended June 30, 2018
49.17
0.24
5.94
6.18
(0.15)
(2.85)
(3.00)
Class R6
 
 
 
 
 
 
 
Year Ended June 30, 2022
63.57
0.35
(9.78)
(9.43)
(0.22)
(4.60)
(4.82)
Year Ended June 30, 2021
48.14
0.26
21.71
21.97
(0.32)
(6.22)
(6.54)
Year Ended June 30, 2020
51.41
0.37
0.81
1.18
(0.52)
(3.93)
(4.45)
Year Ended June 30, 2019
52.39
0.43
4.09
4.52
(0.36)
(5.14)
(5.50)
Year Ended June 30, 2018
49.18
0.27
5.96
6.23
(0.17)
(2.85)
(3.02)
 
 
(a)
Calculated based upon average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(c)
Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.
(d)
Amount rounds to less than $0.005.
SEE NOTES TO FINANCIAL STATEMENTS.
 
54
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets
Net asset
value,
end of
period
Total return
(excludes
sales charge)(b)
Net assets,
end of
period
(000's)
Net
expenses(c)
Net
investment
income
(loss)
Expenses without
waivers and reimbursements
Portfolio
turnover
rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$48.06
(16.58)%
$526,401
1.15%
0.08%
1.26%
33%
62.14
47.31
595,304
1.14
(0.05)
1.26
54
47.20
2.20
405,857
1.14
0.28
1.26
49
50.52
9.92
451,118
1.13
0.37
1.26
34
51.57
12.37
402,897
1.17
0.01
1.25
31
 
 
 
 
 
 
 
44.88
(17.00)
13,761
1.65
(0.44)
1.77
33
58.61
46.59
21,836
1.63
(0.56)
1.75
54
44.95
1.69
20,753
1.64
(0.23)
1.76
49
48.32
9.37
24,071
1.63
(0.09)
1.76
34
49.66
11.83
27,666
1.67
(0.50)
1.76
31
 
 
 
 
 
 
 
49.19
(16.37)
802,716
0.90
0.33
1.02
33
63.43
47.67
886,782
0.89
0.23
1.00
54
48.07
2.46
341,317
0.89
0.53
1.01
49
51.35
10.20
301,071
0.88
0.65
1.00
34
52.32
12.68
326,026
0.89
0.26
1.00
31
 
 
 
 
 
 
 
47.19
(16.79)
552
1.40
(0.16)
1.66
33
61.24
46.94
555
1.38
(0.33)
1.59
54
46.64
1.96
623
1.39
0.03
1.55
49
49.96
9.63
524
1.38
0.10
1.57
34
51.08
12.09
443
1.43
(0.28)
1.57
31
 
 
 
 
 
 
 
49.42
(16.24)
1
0.74
0.39
0.91
33
63.52
47.89
74
0.74
0.29
0.87
54
48.11
2.62
871
0.74
0.61
0.86
49
51.37
10.37
6,073
0.73
0.81
0.86
34
52.35
12.83
6,499
0.75
0.47
0.85
31
 
 
 
 
 
 
 
49.32
(16.17)
1,285,957
0.65
0.59
0.76
33
63.57
48.03
1,320,991
0.64
0.45
0.75
54
48.14
2.72
867,761
0.64
0.75
0.76
49
51.41
10.48
2,008,540
0.63
0.87
0.75
34
52.39
12.93
1,970,177
0.67
0.51
0.75
31
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
55
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(a)
Net realized
and unrealized
gains
(losses) on
investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Mid Cap Growth Fund
 
 
 
 
 
 
 
Class A
 
 
 
 
 
 
 
Year Ended June 30, 2022
$46.20
$(0.31)
$(11.67)
$(11.98)
$—
$(4.64)
$(4.64)
Year Ended June 30, 2021
36.43
(0.36)
15.58
15.22
—
(5.45)
(5.45)
Year Ended June 30, 2020
32.94
(0.20)
6.50
6.30
—
(2.81)
(2.81)
Year Ended June 30, 2019
30.84
(0.17)
4.42
4.25
—
(2.15)
(2.15)
Year Ended June 30, 2018
27.99
(0.19)
5.18
4.99
—
(2.14)
(2.14)
Class C
 
 
 
 
 
 
 
Year Ended June 30, 2022
32.69
(0.36)
(7.83)
(8.19)
—
(4.64)
(4.64)
Year Ended June 30, 2021
27.15
(0.42)
11.41
10.99
—
(5.45)
(5.45)
Year Ended June 30, 2020
25.34
(0.28)
4.90
4.62
—
(2.81)
(2.81)
Year Ended June 30, 2019
24.37
(0.25)
3.37
3.12
—
(2.15)
(2.15)
Year Ended June 30, 2018
22.64
(0.27)
4.14
3.87
—
(2.14)
(2.14)
Class I
 
 
 
 
 
 
 
Year Ended June 30, 2022
55.95
(0.25)
(14.44)
(14.69)
—
(4.64)
(4.64)
Year Ended June 30, 2021
43.11
(0.28)
18.58
18.30
(0.01)
(5.45)
(5.46)
Year Ended June 30, 2020
38.37
(0.12)
7.67
7.55
—
(2.81)
(2.81)
Year Ended June 30, 2019
35.44
(0.09)
5.17
5.08
—
(2.15)
(2.15)
Year Ended June 30, 2018
31.79
(0.10)
5.89
5.79
—
(2.14)
(2.14)
Class R2
 
 
 
 
 
 
 
Year Ended June 30, 2022
51.05
(0.47)
(13.01)
(13.48)
—
(4.64)
(4.64)
Year Ended June 30, 2021
39.90
(0.52)
17.12
16.60
—
(5.45)
(5.45)
Year Ended June 30, 2020
35.91
(0.31)
7.11
6.80
—
(2.81)
(2.81)
Year Ended June 30, 2019
33.49
(0.27)
4.84
4.57
—
(2.15)
(2.15)
Year Ended June 30, 2018
30.31
(0.28)
5.60
5.32
—
(2.14)
(2.14)
Class R3
 
 
 
 
 
 
 
Year Ended June 30, 2022
54.95
(0.41)
(14.10)
(14.51)
—
(4.64)
(4.64)
Year Ended June 30, 2021
42.53
(0.43)
18.30
17.87
—
(5.45)
(5.45)
Year Ended June 30, 2020
38.01
(0.23)
7.56
7.33
—
(2.81)
(2.81)
Year Ended June 30, 2019
35.23
(0.20)
5.13
4.93
—
(2.15)
(2.15)
Year Ended June 30, 2018
31.71
(0.19)
5.85
5.66
—
(2.14)
(2.14)
Class R4
 
 
 
 
 
 
 
Year Ended June 30, 2022
55.76
(0.28)
(14.37)
(14.65)
—
(4.64)
(4.64)
Year Ended June 30, 2021
43.00
(0.31)
18.53
18.22
(0.01)
(5.45)
(5.46)
Year Ended June 30, 2020
38.30
(0.14)
7.65
7.51
—
(2.81)
(2.81)
Year Ended June 30, 2019
35.40
(0.11)
5.16
5.05
—
(2.15)
(2.15)
Year Ended June 30, 2018
31.77
(0.12)
5.89
5.77
—
(2.14)
(2.14)
Class R5
 
 
 
 
 
 
 
Year Ended June 30, 2022
57.00
(0.20)
(14.74)
(14.94)
—
(4.64)
(4.64)
Year Ended June 30, 2021
43.81
(0.21)
18.90
18.69
(0.05)
(5.45)
(5.50)
Year Ended June 30, 2020
38.90
(0.06)
7.78
7.72
—
(2.81)
(2.81)
Year Ended June 30, 2019
35.85
(0.04)
5.24
5.20
—
(2.15)
(2.15)
Year Ended June 30, 2018
32.09
(0.06)
5.96
5.90
—
(2.14)
(2.14)
SEE NOTES TO FINANCIAL STATEMENTS.
 
56
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets
Net asset
value,
end of
period
Total return
(excludes
sales charge)(b)
Net assets,
end of
period
(000's)
Net
expenses(c)
Net
investment
income
(loss)
Expenses without
waivers and reimbursements
Portfolio
turnover
rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$29.58
(28.80)%
$1,119,928
1.18%
(0.78)%
1.26%
45%
46.20
43.59
1,642,278
1.24
(0.85)
1.26
42
36.43
20.30
1,141,467
1.24
(0.62)
1.27
63
32.94
15.37
1,012,686
1.23
(0.56)
1.28
54
30.84
18.39
934,982
1.23
(0.62)
1.30
56
 
 
 
 
 
 
 
19.86
(29.14)
67,482
1.68
(1.28)
1.75
45
32.69
42.84
109,845
1.74
(1.36)
1.75
42
27.15
19.72
86,046
1.74
(1.12)
1.75
63
25.34
14.78
83,558
1.73
(1.06)
1.75
54
24.37
17.76
82,939
1.73
(1.12)
1.76
56
 
 
 
 
 
 
 
36.62
(28.62)
1,403,485
0.91
(0.50)
1.00
45
55.95
44.02
2,003,878
0.93
(0.54)
0.99
42
43.11
20.70
1,205,433
0.93
(0.31)
1.00
63
38.37
15.73
1,085,728
0.92
(0.25)
1.00
54
35.44
18.72
1,140,704
0.92
(0.30)
1.00
56
 
 
 
 
 
 
 
32.93
(29.02)
42,153
1.47
(1.06)
1.54
45
51.05
43.24
57,273
1.49
(1.10)
1.53
42
39.90
20.00
39,404
1.49
(0.87)
1.55
63
35.91
15.10
44,453
1.48
(0.81)
1.55
54
33.49
18.06
38,486
1.48
(0.87)
1.57
56
 
 
 
 
 
 
 
35.80
(28.82)
36,455
1.22
(0.82)
1.25
45
54.95
43.57
70,608
1.24
(0.86)
1.24
42
42.53
20.30
42,573
1.24
(0.61)
1.25
63
38.01
15.38
30,023
1.23
(0.56)
1.25
54
35.23
18.34
26,638
1.23
(0.54)
1.26
56
 
 
 
 
 
 
 
36.47
(28.65)
19,437
0.97
(0.56)
1.00
45
55.76
43.92
22,947
0.99
(0.60)
0.99
42
43.00
20.63
11,194
0.99
(0.37)
1.00
63
38.30
15.66
9,343
0.98
(0.31)
1.00
54
35.40
18.66
14,320
0.98
(0.33)
1.01
56
 
 
 
 
 
 
 
37.42
(28.53)
448,298
0.79
(0.39)
0.85
45
57.00
44.22
730,273
0.79
(0.40)
0.84
42
43.81
20.86
519,097
0.79
(0.17)
0.85
63
38.90
15.89
457,513
0.78
(0.11)
0.85
54
35.85
18.89
313,336
0.78
(0.16)
0.85
56
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
57
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(a)
Net realized
and unrealized
gains
(losses) on
investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Mid Cap Growth Fund (continued)
 
 
 
 
 
 
 
Class R6
 
 
 
 
 
 
 
Year Ended June 30, 2022
$57.39
$(0.16)
$(14.86)
$(15.02)
$—
$(4.64)
$(4.64)
Year Ended June 30, 2021
44.07
(0.19)
19.03
18.84
(0.07)
(5.45)
(5.52)
Year Ended June 30, 2020
39.09
(0.04)
7.83
7.79
—
(2.81)
(2.81)
Year Ended June 30, 2019
36.00
(0.02)
5.26
5.24
—
(2.15)
(2.15)
Year Ended June 30, 2018
32.20
(0.04)
5.98
5.94
—
(2.14)
(2.14)
 
 
(a)
Calculated based upon average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(c)
Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.
SEE NOTES TO FINANCIAL STATEMENTS.
 
58
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets
Net asset
value,
end of
period
Total return
(excludes
sales charge)(b)
Net assets,
end of
period
(000's)
Net
expenses(c)
Net
investment
income
(loss)
Expenses without
waivers and reimbursements
Portfolio
turnover
rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$37.73
(28.47)%
$3,842,661
0.72%
(0.31)%
0.75%
45%
57.39
44.30
4,435,662
0.74
(0.35)
0.74
42
44.07
20.94
2,435,853
0.74
(0.11)
0.75
63
39.09
15.94
1,835,188
0.73
(0.05)
0.75
54
36.00
18.95
1,365,839
0.73
(0.11)
0.76
56
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
59
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(a)
Net realized
and unrealized
gains
(losses) on
investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Mid Cap Value Fund
 
 
 
 
 
 
 
Class A
 
 
 
 
 
 
 
Year Ended June 30, 2022
$43.69
$0.24
$(2.97)
$(2.73)
$(0.16)
$(5.90)
$(6.06)
Year Ended June 30, 2021
31.12
0.17
15.09
15.26
(0.29)
(2.40)
(2.69)
Year Ended June 30, 2020
38.02
0.33
(5.35)
(5.02)
(0.33)
(1.55)
(1.88)
Year Ended June 30, 2019
39.24
0.45
0.87
1.32
(0.38)
(2.16)
(2.54)
Year Ended June 30, 2018
37.80
0.20
2.14
2.34
(0.18)
(0.72)
(0.90)
Class C
 
 
 
 
 
 
 
Year Ended June 30, 2022
41.77
0.03
(2.80)
(2.77)
—
(5.90)
(5.90)
Year Ended June 30, 2021
29.77
(0.02)
14.44
14.42
(0.02)
(2.40)
(2.42)
Year Ended June 30, 2020
36.44
0.14
(5.14)
(5.00)
(0.12)
(1.55)
(1.67)
Year Ended June 30, 2019
37.68
0.26
0.83
1.09
(0.17)
(2.16)
(2.33)
Year Ended June 30, 2018
36.35
(0.02)
2.07
2.05
—
(0.72)
(0.72)
Class I
 
 
 
 
 
 
 
Year Ended June 30, 2022
44.30
0.34
(3.02)
(2.68)
(0.24)
(5.90)
(6.14)
Year Ended June 30, 2021
31.51
0.27
15.30
15.57
(0.38)
(2.40)
(2.78)
Year Ended June 30, 2020
38.48
0.43
(5.42)
(4.99)
(0.43)
(1.55)
(1.98)
Year Ended June 30, 2019
39.70
0.54
0.88
1.42
(0.48)
(2.16)
(2.64)
Year Ended June 30, 2018
38.24
0.30
2.16
2.46
(0.28)
(0.72)
(1.00)
Class L
 
 
 
 
 
 
 
Year Ended June 30, 2022
44.98
0.43
(3.09)
(2.66)
(0.33)
(5.90)
(6.23)
Year Ended June 30, 2021
31.96
0.36
15.51
15.87
(0.45)
(2.40)
(2.85)
Year Ended June 30, 2020
38.99
0.52
(5.48)
(4.96)
(0.52)
(1.55)
(2.07)
Year Ended June 30, 2019
40.21
0.62
0.90
1.52
(0.58)
(2.16)
(2.74)
Year Ended June 30, 2018
38.70
0.40
2.20
2.60
(0.37)
(0.72)
(1.09)
Class R2
 
 
 
 
 
 
 
Year Ended June 30, 2022
41.48
0.12
(2.78)
(2.66)
(0.08)
(5.90)
(5.98)
Year Ended June 30, 2021
29.67
0.07
14.36
14.43
(0.22)
(2.40)
(2.62)
Year Ended June 30, 2020
36.35
0.23
(5.11)
(4.88)
(0.25)
(1.55)
(1.80)
Year Ended June 30, 2019
37.64
0.31
0.86
1.17
(0.30)
(2.16)
(2.46)
Year Ended June 30, 2018
36.33
0.10
2.05
2.15
(0.12)
(0.72)
(0.84)
Class R3
 
 
 
 
 
 
 
Year Ended June 30, 2022
43.25
0.23
(2.94)
(2.71)
(0.15)
(5.90)
(6.05)
Year Ended June 30, 2021
30.83
0.17
14.95
15.12
(0.30)
(2.40)
(2.70)
Year Ended June 30, 2020
37.70
0.33
(5.30)
(4.97)
(0.35)
(1.55)
(1.90)
Year Ended June 30, 2019
38.97
0.39
0.91
1.30
(0.41)
(2.16)
(2.57)
Year Ended June 30, 2018
37.67
0.21
2.11
2.32
(0.30)
(0.72)
(1.02)
Class R4
 
 
 
 
 
 
 
Year Ended June 30, 2022
44.02
0.34
(3.00)
(2.66)
(0.17)
(5.90)
(6.07)
Year Ended June 30, 2021
31.34
0.27
15.20
15.47
(0.39)
(2.40)
(2.79)
Year Ended June 30, 2020
38.29
0.43
(5.40)
(4.97)
(0.43)
(1.55)
(1.98)
Year Ended June 30, 2019
39.56
0.50
0.90
1.40
(0.51)
(2.16)
(2.67)
Year Ended June 30, 2018
38.16
0.33
2.13
2.46
(0.34)
(0.72)
(1.06)
SEE NOTES TO FINANCIAL STATEMENTS.
 
60
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets
Net asset
value,
end of
period
Total return
(excludes
sales charge)(b)
Net assets,
end of
period
(000's)
Net
expenses(c)
Net
investment
income
(loss)
Expenses without
waivers and reimbursements
Portfolio
turnover
rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$34.90
(7.73)%
$1,203,015
1.18%
0.57%
1.24%
16%
43.69
51.06
1,608,828
1.22
0.46
1.23
21
31.12
(14.13)
1,171,139
1.24
0.93
1.24
18
38.02
4.12
1,662,841
1.23
1.20
1.25
11
39.24
6.20
1,967,162
1.23
0.51
1.26
13
 
 
 
 
 
 
 
33.10
(8.17)
61,031
1.68
0.07
1.74
16
41.77
50.32
76,078
1.72
(0.05)
1.73
21
29.77
(14.58)
84,827
1.73
0.42
1.74
18
36.44
3.59
149,839
1.73
0.72
1.74
11
37.68
5.65
214,331
1.74
(0.06)
1.75
13
 
 
 
 
 
 
 
35.48
(7.50)
2,276,870
0.93
0.81
0.98
16
44.30
51.46
3,061,126
0.97
0.72
0.98
21
31.51
(13.93)
2,164,300
0.98
1.20
0.99
18
38.48
4.38
2,662,983
0.98
1.41
0.99
11
39.70
6.44
2,985,882
0.98
0.77
1.00
13
 
 
 
 
 
 
 
36.09
(7.35)
6,586,299
0.75
1.00
0.83
16
44.98
51.76
7,839,627
0.75
0.94
0.83
21
31.96
(13.71)
5,976,033
0.75
1.41
0.84
18
38.99
4.63
8,996,364
0.74
1.61
0.85
11
40.21
6.73
11,795,588
0.74
1.00
0.86
13
 
 
 
 
 
 
 
32.84
(7.97)
59,842
1.43
0.32
1.49
16
41.48
50.69
71,087
1.48
0.21
1.49
21
29.67
(14.36)
59,200
1.49
0.69
1.50
18
36.35
3.86
74,236
1.49
0.87
1.50
11
37.64
5.93
82,108
1.49
0.26
1.51
13
 
 
 
 
 
 
 
34.49
(7.75)
69,915
1.18
0.56
1.23
16
43.25
51.07
88,116
1.22
0.47
1.23
21
30.83
(14.13)
63,836
1.23
0.96
1.24
18
37.70
4.12
73,299
1.24
1.04
1.25
11
38.97
6.17
62,576
1.24
0.55
1.25
13
 
 
 
 
 
 
 
35.29
(7.50)
22,574
0.94
0.80
0.98
16
44.02
51.47
31,938
0.97
0.70
0.98
21
31.34
(13.93)
24,576
0.98
1.21
0.99
18
38.29
4.38
27,681
0.98
1.32
0.99
11
39.56
6.45
17,859
0.99
0.83
1.00
13
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
61
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(a)
Net realized
and unrealized
gains
(losses) on
investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Mid Cap Value Fund (continued)
 
 
 
 
 
 
 
Class R5
 
 
 
 
 
 
 
Year Ended June 30, 2022
$44.90
$0.40
$(3.06)
$(2.66)
$(0.31)
$(5.90)
$(6.21)
Year Ended June 30, 2021
31.90
0.33
15.49
15.82
(0.42)
(2.40)
(2.82)
Year Ended June 30, 2020
38.93
0.49
(5.48)
(4.99)
(0.49)
(1.55)
(2.04)
Year Ended June 30, 2019
40.15
0.58
0.90
1.48
(0.54)
(2.16)
(2.70)
Year Ended June 30, 2018
38.67
0.38
2.17
2.55
(0.35)
(0.72)
(1.07)
Class R6
 
 
 
 
 
 
 
Year Ended June 30, 2022
44.96
0.46
(3.08)
(2.62)
(0.35)
(5.90)
(6.25)
Year Ended June 30, 2021
31.94
0.37
15.51
15.88
(0.46)
(2.40)
(2.86)
Year Ended June 30, 2020
38.97
0.52
(5.47)
(4.95)
(0.53)
(1.55)
(2.08)
Year Ended June 30, 2019
40.19
0.58
0.94
1.52
(0.58)
(2.16)
(2.74)
Year Ended June 30, 2018
38.69
0.43
2.16
2.59
(0.37)
(0.72)
(1.09)
 
 
(a)
Calculated based upon average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(c)
Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.
SEE NOTES TO FINANCIAL STATEMENTS.
 
62
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets
Net asset
value,
end of
period
Total return
(excludes
sales charge)(b)
Net assets,
end of
period
(000's)
Net
expenses(c)
Net
investment
income
(loss)
Expenses without
waivers and reimbursements
Portfolio
turnover
rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$36.03
(7.35)%
$48,283
0.78%
0.94%
0.83%
16%
44.90
51.69
89,178
0.82
0.87
0.83
21
31.90
(13.79)
69,110
0.83
1.34
0.83
18
38.93
4.52
95,243
0.83
1.50
0.84
11
40.15
6.61
84,457
0.84
0.96
0.85
13
 
 
 
 
 
 
 
36.09
(7.26)
3,480,524
0.68
1.07
0.73
16
44.96
51.83
4,184,659
0.72
0.97
0.73
21
31.94
(13.70)
3,101,566
0.73
1.46
0.74
18
38.97
4.63
3,272,999
0.73
1.52
0.74
11
40.19
6.71
1,073,888
0.74
1.08
0.75
13
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
63
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains
(losses) on
investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Value Advantage Fund
 
 
 
 
 
 
 
Class A
 
 
 
 
 
 
 
Year Ended June 30, 2022
$42.90
$0.41
$(1.67)
$(1.26)
$(0.32)
$(5.27)
$(5.59)
Year Ended June 30, 2021
29.53
0.34
14.04
14.38
(0.48)
(0.53)
(1.01)
Year Ended June 30, 2020
35.46
0.49
(5.04)
(4.55)
(0.45)
(0.93)
(1.38)
Year Ended June 30, 2019
35.38
0.55
1.68
2.23
(0.46)
(1.69)
(2.15)
Year Ended June 30, 2018
33.40
0.35(f)
2.26
2.61
(0.28)
(0.35)
(0.63)
Class C
 
 
 
 
 
 
 
Year Ended June 30, 2022
42.73
0.20
(1.65)
(1.45)
(0.10)
(5.27)
(5.37)
Year Ended June 30, 2021
29.38
0.16
13.99
14.15
(0.27)
(0.53)
(0.80)
Year Ended June 30, 2020
35.29
0.32
(5.04)
(4.72)
(0.26)
(0.93)
(1.19)
Year Ended June 30, 2019
35.20
0.38
1.68
2.06
(0.28)
(1.69)
(1.97)
Year Ended June 30, 2018
33.20
0.18(f)
2.24
2.42
(0.07)
(0.35)
(0.42)
Class I
 
 
 
 
 
 
 
Year Ended June 30, 2022
43.15
0.51
(1.68)
(1.17)
(0.40)
(5.27)
(5.67)
Year Ended June 30, 2021
29.71
0.43
14.13
14.56
(0.59)
(0.53)
(1.12)
Year Ended June 30, 2020
35.67
0.57
(5.06)
(4.49)
(0.54)
(0.93)
(1.47)
Year Ended June 30, 2019
35.60
0.62
1.70
2.32
(0.56)
(1.69)
(2.25)
Year Ended June 30, 2018
33.62
0.44(f)
2.28
2.72
(0.39)
(0.35)
(0.74)
Class L
 
 
 
 
 
 
 
Year Ended June 30, 2022
43.20
0.57
(1.68)
(1.11)
(0.46)
(5.27)
(5.73)
Year Ended June 30, 2021
29.73
0.49
14.14
14.63
(0.63)
(0.53)
(1.16)
Year Ended June 30, 2020
35.69
0.63
(5.07)
(4.44)
(0.59)
(0.93)
(1.52)
Year Ended June 30, 2019
35.62
0.72
1.64
2.36
(0.60)
(1.69)
(2.29)
Year Ended June 30, 2018
33.63
0.50(f)
2.29
2.79
(0.45)
(0.35)
(0.80)
Class R2
 
 
 
 
 
 
 
Year Ended June 30, 2022
42.46
0.31
(1.65)
(1.34)
(0.29)
(5.27)
(5.56)
Year Ended June 30, 2021
29.31
0.26
13.90
14.16
(0.48)
(0.53)
(1.01)
Year Ended June 30, 2020
35.24
0.40
(5.01)
(4.61)
(0.39)
(0.93)
(1.32)
Year Ended June 30, 2019
35.22
0.48
1.65
2.13
(0.42)
(1.69)
(2.11)
July 31, 2017 (g) through June 30, 2018
34.04
0.25(f)
1.64
1.89
(0.36)
(0.35)
(0.71)
Class R3
 
 
 
 
 
 
 
Year Ended June 30, 2022
42.36
0.41
(1.65)
(1.24)
(0.34)
(5.27)
(5.61)
Year Ended June 30, 2021
29.21
0.33
13.88
14.21
(0.53)
(0.53)
(1.06)
Year Ended June 30, 2020
35.08
0.48
(4.98)
(4.50)
(0.44)
(0.93)
(1.37)
Year Ended June 30, 2019
35.11
0.49
1.71
2.20
(0.54)
(1.69)
(2.23)
Year Ended June 30, 2018
33.24
0.35(f)
2.26
2.61
(0.39)
(0.35)
(0.74)
Class R4
 
 
 
 
 
 
 
Year Ended June 30, 2022
42.92
0.50
(1.67)
(1.17)
(0.18)
(5.27)
(5.45)
Year Ended June 30, 2021
29.56
0.42
14.06
14.48
(0.59)
(0.53)
(1.12)
Year Ended June 30, 2020
35.52
0.57
(5.04)
(4.47)
(0.56)
(0.93)
(1.49)
Year Ended June 30, 2019
35.47
0.62
1.69
2.31
(0.57)
(1.69)
(2.26)
Year Ended June 30, 2018
33.55
0.51(f)
2.20
2.71
(0.44)
(0.35)
(0.79)
SEE NOTES TO FINANCIAL STATEMENTS.
 
64
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and reimbursements
Portfolio
turnover
rate(c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$36.05
(3.78)%
$1,101,144
1.07%
0.99%
1.14%
23%
42.90
49.47
1,050,569
1.13
0.94
1.14
34
29.53
(13.60)
736,715
1.14
1.45
1.16
29
35.46
7.00
1,231,325
1.14
1.59
1.25
15
35.38
7.81
1,346,080
1.17
1.01(f)
1.25
23
 
 
 
 
 
 
 
35.91
(4.24)
281,613
1.58
0.48
1.65
23
42.73
48.75
349,246
1.63
0.45
1.64
34
29.38
(14.04)
332,229
1.64
0.94
1.66
29
35.29
6.45
522,878
1.64
1.08
1.75
15
35.20
7.27
591,602
1.67
0.51(f)
1.75
23
 
 
 
 
 
 
 
36.31
(3.54)
2,039,492
0.82
1.23
0.89
23
43.15
49.86
2,326,829
0.88
1.20
0.89
34
29.71
(13.39)
2,047,640
0.89
1.70
0.90
29
35.67
7.28
2,445,747
0.89
1.76
0.99
15
35.60
8.07
2,296,056
0.92
1.26(f)
1.00
23
 
 
 
 
 
 
 
36.36
(3.39)
1,653,596
0.68
1.38
0.74
23
43.20
50.10
1,855,713
0.73
1.35
0.74
34
29.73
(13.26)
1,593,954
0.74
1.85
0.75
29
35.69
7.41
2,569,596
0.74
2.04
0.84
15
35.62
8.29
3,255,993
0.74
1.42(f)
0.85
23
 
 
 
 
 
 
 
35.56
(4.02)
292
1.33
0.77
1.49
23
42.46
49.10
194
1.38
0.73
1.54
34
29.31
(13.82)
182
1.39
1.27
1.55
29
35.24
6.72
69
1.39
1.40
2.14
15
35.22
5.54
38
1.41
0.78(f)
1.61
23
 
 
 
 
 
 
 
35.51
(3.78)
2,845
1.08
1.00
1.17
23
42.36
49.46
3,020
1.13
0.92
1.17
34
29.21
(13.60)
1,519
1.14
1.43
1.18
29
35.08
7.00
2,241
1.14
1.44
1.26
15
35.11
7.82
1,132
1.15
1.01(f)
1.28
23
 
 
 
 
 
 
 
36.30
(3.53)
118
0.84
1.20
0.89
23
42.92
49.86
1,724
0.88
1.26
0.89
34
29.56
(13.40)
32,555
0.88
1.74
0.90
29
35.52
7.27
20,538
0.89
1.79
0.99
15
35.47
8.07
17,231
0.89
1.43(f)
1.00
23
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
65
FINANCIAL HIGHLIGHTS
FOR THE PERIODS INDICATED (continued)
 
 
Per share operating performance
 
 
Investment operations
Distributions
 
Net asset
value,
beginning
of period
Net
investment
income
(loss)(b)
Net realized
and unrealized
gains
(losses) on
investments
Total from
investment
operations
Net
investment
income
Net
realized
gain
Total
distributions
JPMorgan Value Advantage Fund (continued)
 
 
 
 
 
 
 
Class R5
 
 
 
 
 
 
 
Year Ended June 30, 2022
$43.12
$0.57
$(1.69)
$(1.12)
$(0.43)
$(5.27)
$(5.70)
Year Ended June 30, 2021
29.67
0.49
14.11
14.60
(0.62)
(0.53)
(1.15)
Year Ended June 30, 2020
35.62
0.63
(5.05)
(4.42)
(0.60)
(0.93)
(1.53)
Year Ended June 30, 2019
35.57
0.65
1.71
2.36
(0.62)
(1.69)
(2.31)
Year Ended June 30, 2018
33.59
0.50(f)
2.28
2.78
(0.45)
(0.35)
(0.80)
Class R6
 
 
 
 
 
 
 
Year Ended June 30, 2022
43.16
0.61
(1.68)
(1.07)
(0.50)
(5.27)
(5.77)
Year Ended June 30, 2021
29.71
0.52
14.13
14.65
(0.67)
(0.53)
(1.20)
Year Ended June 30, 2020
35.67
0.66
(5.06)
(4.40)
(0.63)
(0.93)
(1.56)
Year Ended June 30, 2019
35.60
0.71
1.70
2.41
(0.65)
(1.69)
(2.34)
Year Ended June 30, 2018
33.61
0.54(f)
2.26
2.80
(0.46)
(0.35)
(0.81)
 
 
(a)
Annualized for periods less than one year, unless otherwise noted.
(b)
Calculated based upon average shares outstanding.
(c)
Not annualized for periods less than one year.
(d)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial
reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions.
(e)
Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.
(f)
Net investment income (loss) may appear disproportionate among the classes due to the timing of recognition of income and changes in the relative size of the
classes.
(g)
Commencement of offering of class of shares.
SEE NOTES TO FINANCIAL STATEMENTS.
 
66
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
 
Ratios/Supplemental data
 
 
 
Ratios to average net assets(a)
Net asset
value,
end of
period
Total return
(excludes
sales charge)(c)(d)
Net assets,
end of
period
(000's)
Net
expenses(e)
Net
investment
income
(loss)
Expenses without
waivers and reimbursements
Portfolio
turnover
rate(c)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$36.30
(3.40)%
$1,178
0.68%
1.38%
0.74%
23%
43.12
50.12
1,365
0.73
1.41
0.74
34
29.67
(13.25)
5,529
0.74
1.85
0.75
29
35.62
7.41
8,018
0.74
1.85
0.84
15
35.57
8.25
6,114
0.76
1.41(f)
0.88
23
 
 
 
 
 
 
 
36.32
(3.30)
4,495,856
0.58
1.47
0.64
23
43.16
50.23
5,562,656
0.63
1.44
0.64
34
29.71
(13.18)
3,949,596
0.64
1.96
0.65
29
35.67
7.57
4,025,348
0.64
2.02
0.74
15
35.60
8.31
3,869,991
0.67
1.52(f)
0.75
23
SEE NOTES TO FINANCIAL STATEMENTS.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
67
NOTES TO FINANCIAL STATEMENTS
AS OF June 30, 2022
(Dollar values in thousands)
1. Organization
JPMorgan Trust I (“JPM I") and JPMorgan Trust II (“JPM II") (collectively, the “Trusts”) were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as open-end management investment companies.
J.P. Morgan Mutual Fund Investment Trust (“JPMMFIT”) was organized as a Massachusetts business trust on September 23, 1997, as an open-end management investment company.
J.P. Morgan Fleming Mutual Fund Group, Inc. (“JPMFMFG,” and with JPM I, JPM II and JPMMFIT, collectively, the “Trusts”) was organized as a Maryland corporation on August 19, 1997, as an open-end management investment company.
The following are 5 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:  
 
Classes Offered
Trust
Diversification Classification
JPMorgan Growth Advantage Fund
Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and
Class R6
JPMMFIT
Diversified
JPMorgan Mid Cap Equity Fund
Class A, Class C, Class I, Class R2, Class R5 and Class R6
JPM I
Diversified
JPMorgan Mid Cap Growth Fund
Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and
Class R6
JPM II
Diversified
JPMorgan Mid Cap Value Fund
Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4,
Class R5 and Class R6
JPMFMFG
Diversified
JPMorgan Value Advantage Fund
Class A, Class C, Class I, Class L, Class R2, Class R3, Class R4,
Class R5 and Class R6
JPM I
Diversified
The investment objective of JPMorgan Growth Advantage Fund (“Growth Advantage Fund”) and JPMorgan Mid Cap Equity Fund (“Mid Cap Equity Fund”) is to seek to provide long-term capital growth.
The investment objective of JPMorgan Mid Cap Growth Fund (“Mid Cap Growth Fund”) is to seek growth of capital.
The investment objective of JPMorgan Mid Cap Value Fund (“Mid Cap Value Fund”) is to seek growth from capital appreciation.
The investment objective of JPMorgan Value Advantage Fund (“Value Advantage Fund”) is to seek to provide long-term total return from a combination of income and capital gains.
Class L Shares of Mid Cap Value Fund and Value Advantage Fund are publicly offered on a limited basis. Investors are not eligible to purchase Class L Shares of the Funds unless they meet certain requirements as described in the Funds’ prospectus.
Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I, Class L, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Effective October 1, 2020, Class C Shares automatically convert to Class A Shares after eight years. Prior to October 1, 2020, Class C Shares automatically converted to Class A Shares after ten years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.
J.P. Morgan Investment Management Inc. (“JPMIM”), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. (“JPMorgan”), acts as Adviser (the “Adviser”) and Administrator (the “Administrator”) to the Funds.
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 — Investment Companies, which is part of U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates. 
 
68
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
A. Valuation of Investments — Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.
The Administrator has established the J.P. Morgan Asset Management Americas Valuation Committee (“AVC”) to assist the Boards with the oversight and monitoring of the valuation of the Funds' investments. The Administrator implements the valuation policies of the Funds' investments, as directed by the Boards. The AVC oversees and carries out the policies for the valuation of investments held in the Funds. This includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.
Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values (“NAV”) of the Funds are calculated on a valuation date.
Investments in open-end investment companies (“Underlying Funds”) are valued at each Underlying Fund’s NAV per share as of the report date.
Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.
The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.
•
Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.
•
Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.
•
Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.
The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"): 
Growth Advantage Fund 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$12,210,496
$—
$—
$12,210,496
 
Mid Cap Equity Fund 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$2,636,655
$—
$—
$2,636,655
 
Mid Cap Growth Fund 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$7,054,114
$—
$—
$7,054,114
 
Mid Cap Value Fund 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$13,801,951
$—
$—
$13,801,951
 
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
69
NOTES TO FINANCIAL STATEMENTS
AS OF June 30, 2022 (continued)
(Dollar values in thousands)
Value Advantage Fund 
 
 
 
 
 
Level 1
Quoted prices
Level 2
Other significant
observable inputs
Level 3
Significant
unobservable inputs
Total
Total Investments in Securities (a)
$9,654,108
$—
$—
$9,654,108
 
 
(a)
Please refer to the SOI for specifics of portfolio holdings.
B. Securities Lending — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. (“Citibank”) serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the “Securities Lending Agency Agreement”). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrowers. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.
The net income earned on the securities lending (after payment of rebates and Citibank’s fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.
Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.
The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.
The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.
The following table presents for each lending Fund, the value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Funds as of June 30, 2022. 
 
Investment Securities
on Loan, at value,
Presented on the
Statements of Assets
and Liabilities
Cash Collateral
Posted by Borrower*
Net Amount Due
to Counterparty
(not less than zero)
Growth Advantage Fund
$109,523
$(109,523)
$—
Mid Cap Equity Fund
9,131
(9,131)
—
Mid Cap Growth Fund
58,035
(58,035)
—
Mid Cap Value Fund
3,211
(3,211)
—
Value Advantage Fund
51,393
(51,393)
—
 
 
*
Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.
Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower’s failure to return a loaned security.
 
70
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022

 

JPMIM voluntarily waived investment advisory fees charged to the Funds to reduce the impact of the cash collateral investment in the JPMorgan U.S. Government Money Market Fund from 0.13% to 0.06%. For the year ended June 30, 2022, JPMIM waived fees associated with the Funds' investment in the JPMorgan U.S. Government Money Market Fund as follows:  
Growth Advantage Fund
$11
Mid Cap Equity Fund
3
Mid Cap Growth Fund
16
Mid Cap Value Fund
3
Value Advantage Fund
4
The above waiver is included in the determination of earnings on cash collateral investment and in the calculation of Citibank’s compensation and is included on the Statements of Operations as Income from securities lending (net).
C. Investment Transactions with Affiliates — The Funds invested in Underlying Funds which are advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. Underlying Funds’ distributions may be reinvested into such Underlying Funds. Reinvestment amounts are included in the purchases at cost amounts in the tables below. 
Growth Advantage Fund 
For the year ended June 30, 2022
Security Description
Value at
June 30,
2021
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
June 30,
2022
Shares at
June 30,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM
Shares, 1.54%  (a) (b)
$159,510
$4,117,123
$4,006,818
$(64)
$(17)
$269,734
269,680
$527
$—
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 1.50%  (a) (b)
133,201
1,392,000
1,424,001
(102)*
10
101,108
101,169
161*
—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 1.38%  (a) (b)
16,751
604,465
608,615
—
—
12,601
12,600
16*
—
Total
$309,462
$6,113,588
$6,039,434
$(166)
$(7)
$383,443
 
$704
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of June 30, 2022.
*
Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
Mid Cap Equity Fund 
For the year ended June 30, 2022
Security Description
Value at
June 30,
2021
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
June 30,
2022
Shares at
June 30,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM
Shares, 1.54%  (a) (b)
$64,465
$891,179
$859,154
$(31)
$5
$96,464
96,445
$258
$—
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 1.50%  (a) (b)
52,990
289,000
334,000
(21)*
3
7,972
7,977
38*
—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 1.38%  (a) (b)
6,929
125,935
131,333
—
—
1,531
1,531
5*
—
Total
$124,384
$1,306,114
$1,324,487
$(52)
$8
$105,967
 
$301
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of June 30, 2022.
*
Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
71
NOTES TO FINANCIAL STATEMENTS
AS OF June 30, 2022 (continued)
(Dollar values in thousands)
Mid Cap Growth Fund 
For the year ended June 30, 2022
Security Description
Value at
June 30,
2021
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
June 30,
2022
Shares at
June 30,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM
Shares, 1.54%  (a) (b)
$190,144
$2,525,981
$2,455,507
$(66)
$3
$260,555
260,503
$580
$—
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 1.50%  (a) (b)
238,992
1,362,999
1,548,000
(144)*
17
53,864
53,897
257*
—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 1.38%  (a) (b)
26,765
774,842
794,730
—
—
6,877
6,877
28*
—
Total
$455,901
$4,663,822
$4,798,237
$(210)
$20
$321,296
 
$865
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of June 30, 2022.
*
Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
Mid Cap Value Fund 
For the year ended June 30, 2022
Security Description
Value at
June 30,
2021
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
June 30,
2022
Shares at
June 30,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM
Shares, 1.54%  (a) (b)
$334,195
$2,994,740
$2,813,710
$(100)
$(9)
$515,116
515,013
$847
$—
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 1.50%  (a) (b)
18,535
408,001
424,300
(37)*
1
2,200
2,201
33*
—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 1.38%  (a) (b)
3,666
239,646
242,260
—
—
1,052
1,052
5*
—
Total
$356,396
$3,642,387
$3,480,270
$(137)
$(8)
$518,368
 
$885
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
(b)
The rate shown is the current yield as of June 30, 2022.
*
Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
 
Value Advantage Fund 
For the year ended June 30, 2022
Security Description
Value at
June 30,
2021
Purchases at
Cost
Proceeds from
Sales
Net Realized
Gain (Loss)
Change in
Unrealized
Appreciation/
(Depreciation)
Value at
June 30,
2022
Shares at
June 30,
2022
Dividend
Income
Capital Gain
Distributions
JPMorgan Prime Money Market Fund Class IM
Shares, 1.54%  (a) (b)
$360,095
$3,736,948
$3,758,288
$(44)
$8
$338,719
338,651
$614
$—
JPMorgan Securities Lending Money Market
Fund Agency SL Class Shares, 1.50%  (a) (b)
41,074
624,998
619,000
(22)*
3
47,053
47,081
111*
—
JPMorgan U.S. Government Money Market Fund
Class IM Shares, 1.38%  (a) (b)
5,968
451,028
450,739
—
—
6,257
6,257
18*
—
Total
$407,137
$4,812,974
$4,828,027
$(66)
$11
$392,029
 
$743
$—
 
 
(a)
Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan
Investment Management Inc.
 
72
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
(b)
The rate shown is the current yield as of June 30, 2022.
*
Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank’s fee).
D. Foreign Currency Translation — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.
The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.
Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations. 
E. Security Transactions and Investment Income — Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. 
Dividend income is recorded on the ex-dividend date or when a Fund first learns of the dividend.
To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.
F. Allocation of Income and Expenses— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.
Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended June 30, 2022 are as follows: 
 
Class A
Class C
Class I
Class L
Class R2
Class R3
Class R4
Class R5
Class R6
Total
Growth Advantage Fund
 
 
 
 
 
 
 
 
 
 
Transfer agency fees
$112
$51
$78
n/a
$2
$1
$—(a)
$3
$78
$325
Mid Cap Equity Fund
 
 
 
 
 
 
 
 
 
 
Transfer agency fees
6
1
29
n/a
1
n/a
n/a
—(a)
19
56
Mid Cap Growth Fund
 
 
 
 
 
 
 
 
 
 
Transfer agency fees
216
6
39
n/a
20
2
1
8
101
393
Mid Cap Value Fund
 
 
 
 
 
 
 
 
 
 
Transfer agency fees
77
3
35
$19
6
2
1
1
85
229
Value Advantage Fund
 
 
 
 
 
 
 
 
 
 
Transfer agency fees
45
26
47
23
—(a)
1
—(a)
—(a)
45
187
 
 
(a)
Amount rounds to less than one thousand.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
73
NOTES TO FINANCIAL STATEMENTS
AS OF June 30, 2022 (continued)
(Dollar values in thousands)
G. Federal Income Taxes — Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the “Code”) applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of June 30, 2022, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management’s conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
H. Distributions to Shareholders — Distributions from net investment income, if any, are generally declared and paid at least annually and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition — “temporary differences”), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.
The following amounts were reclassified within the capital accounts: 
 
Paid-in-Capital
Accumulated
undistributed
(distributions in
excess of)
net investment
income
Accumulated
net realized
gains (losses)
Growth Advantage Fund
$(29,807)
$48,787
$(18,980)
Mid Cap Equity Fund
—
(814)
814
Mid Cap Growth Fund
(23,035)
44,687
(21,652)
Mid Cap Value Fund
155,920
(1,485)
(154,435)
Value Advantage Fund
—
(223)
223
The reclassifications for the Funds relate primarily to certain investments and tax equalization.
3. Fees and Other Transactions with Affiliates
A. Investment Advisory Fee — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows: 
 
 
Growth Advantage Fund
0.55%
Mid Cap Equity Fund
0.65
Mid Cap Growth Fund
0.65
Mid Cap Value Fund
0.65
Value Advantage Fund
0.55
The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.
B. Administration Fee — Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended June 30, 2022, the effective rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.
The Administrator waived administration fees as outlined in Note 3.F. 
JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the “Sub-administrator”). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.
 
74
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
C. Distribution Fees — Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. (“JPMDS”), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.
The Boards have adopted a Distribution Plan (the “Distribution Plan”) for Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, Fund pursuant to Rule 12b-1 under the 1940 Act. Class I, Class L, Class R4, Class R5 and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:  
 
Class A
Class C
Class R2
Class R3
Growth Advantage Fund
0.25%
0.75%
0.50%
0.25%
Mid Cap Equity Fund
0.25
0.75
0.50
n/a
Mid Cap Growth Fund
0.25
0.75
0.50
0.25
Mid Cap Value Fund
0.25
0.75
0.50
0.25
Value Advantage Fund
0.25
0.75
0.50
0.25
In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended June 30, 2022, JPMDS retained the following: 
 
Front-End Sales Charge
CDSC
Growth Advantage Fund
$516
$3
Mid Cap Equity Fund
96
—(a)
Mid Cap Growth Fund
104
1
Mid Cap Value Fund
71
—(a)
Value Advantage Fund
182
—(a)
 
 
(a)
Amount rounds to less than one thousand.
D. Service Fees — The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below: 
 
Class A
Class C
Class I
Class L
Class R2
Class R3
Class R4
Class R5
Growth Advantage Fund
0.25%
0.25%
0.25%
n/a
0.25%
0.25%
0.25%
0.10%
Mid Cap Equity Fund
0.25
0.25
0.25
n/a
0.25
n/a
n/a
0.10
Mid Cap Growth Fund
0.25
0.25
0.25
n/a
0.25
0.25
0.25
0.10
Mid Cap Value Fund
0.25
0.25
0.25
0.10%
0.25
0.25
0.25
0.10
Value Advantage Fund
0.25
0.25
0.25
0.10
0.25
0.25
0.25
0.10
JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.
JPMDS waived service fees as outlined in Note 3.F.
E. Custodian and Accounting Fees — JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.
Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.
Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
75
NOTES TO FINANCIAL STATEMENTS
AS OF June 30, 2022 (continued)
(Dollar values in thousands)
F. Waivers and Reimbursements — The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below: 
 
Class A
Class C
Class I
Class L
Class R2
Class R3
Class R4
Class R5
Class R6
Growth Advantage Fund
1.04% (1)
1.54% (1)
0.79% (1)
n/a
1.30% (1)
1.05% (1)
0.80% (1)
0.65% (1)
0.55%(1)
Mid Cap Equity Fund
1.14
1.64
0.89
n/a
1.39
n/a
n/a
0.74
0.64
Mid Cap Growth Fund
1.14(2)
1.64(2)
0.89(2)
n/a
1.45(2)
1.20(2)
0.95(2)
0.79
0.70(2)
Mid Cap Value Fund
1.14(3)
1.64(3)
0.89(3)
0.75%(3)
1.40(3)
1.15(3)
0.90(3)
0.75(3)
0.65(3)
Value Advantage Fund
1.04(4)
1.54(4)
0.79(4)
0.75(4)
1.30(4)
1.05(4)
0.80(4)
0.65(4)
0.55(4)
 
 
(1)
Prior to November 1, 2021, the contractual expense limitation was 1.14%, 1.64%, 0.89%, 1.39%, 1.14%, n/a, n/a and n/a for Class A, Class C,
Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively.
(2)
Prior to November 1, 2021, the contractual expense limitation was 1.24%, n/a, 0.93%, 1.49%, n/a, 0.99% and 0.74% for Class A, Class C, Class I,
Class R2, Class R3, Class R4 and Class R6 Shares, respectively.
(3)
Prior to November 1, 2021, the contractual expense limitation was 1.24%, 1.75%, 0.99%, 1.50%, 1.25%, 1.00%, 0.85% and 0.73% for Class A,
Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively.
(4)
Prior to November 1, 2021, the contractual expense limitation was 1.14%, 1.64%, 0.89%, 1.39%, 1.14%, 0.89%, 0.74% and 0.64% for Class A,
Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 Shares, respectively.
The expense limitation agreements were in effect for the year ended June 30, 2022 and are in place until at least February 28, 2023.
For the year ended June 30, 2022, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years. 
 
Contractual Waivers
 
 
Investment
Advisory Fees
Administration
Fees
Service
Fees
Total
Contractual
Reimbursements
Growth Advantage Fund
$4,925
$3,283
$653
$8,861
$6
Mid Cap Equity Fund
2,048
1,366
25
3,439
8
Mid Cap Growth Fund
1,609
1,066
2,090
4,765
32
Mid Cap Value Fund
4,889
3,250
2,478
10,617
72
Value Advantage Fund
3,525
2,350
339
6,214
30
Additionally, the Funds may invest in one or more money market funds advised by the Adviser (affiliated money market funds). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market fund on the applicable Fund's investment in such affiliated money market fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.
The amounts of these waivers resulting from investments in these money market funds for the year ended June 30, 2022 were as follows:  
 
 
Growth Advantage Fund
$210
Mid Cap Equity Fund
81
Mid Cap Growth Fund
211
Mid Cap Value Fund
207
Value Advantage Fund
252
Effective January 1, 2022, JPMIM voluntarily agreed to reimburse the Funds for the Trustee Fees paid to one of the interested Trustees. For the period January 1, 2022 through June 30, 2022 the amount of these waivers were as follows: 
 
 
Growth Advantage Fund
$2
Mid Cap Equity Fund
1
 
76
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
 
Mid Cap Growth Fund
$1
Mid Cap Value Fund
2
Value Advantage Fund
2
G. Other — Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS.  Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.
The Board designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees’ and Chief Compliance Officer’s fees on the Statements of Operations.
The Trusts adopted a Trustee Deferred Compensation Plan (the “Plan”) which allows the independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.
During the year ended June 30, 2022, Growth Advantage Fund, Mid Cap Equity Fund and Mid Cap Growth Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.
The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.
4. Investment Transactions
During the year ended June 30, 2022, purchases and sales of investments (excluding short-term investments) were as follows: 
 
Purchases
(excluding
U.S. Government)
Sales
(excluding
U.S. Government)
Growth Advantage Fund
$5,401,617
$4,800,581
Mid Cap Equity Fund
1,245,305
954,747
Mid Cap Growth Fund
4,398,395
3,846,285
Mid Cap Value Fund
2,577,901
4,829,422
Value Advantage Fund
2,378,926
3,387,709
During the year ended June 30, 2022, there were no purchases or sales of U.S. Government securities.
5. Federal Income Tax Matters
For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at June 30, 2022 were as follows:  
 
Aggregate
Cost
Gross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Net Unrealized
Appreciation
(Depreciation)
Growth Advantage Fund
$8,721,668
$4,343,614
$854,786
$3,488,828
Mid Cap Equity Fund
2,255,005
550,010
168,360
381,650
Mid Cap Growth Fund
6,732,372
1,149,047
827,306
321,741
Mid Cap Value Fund
9,649,345
4,689,266
536,660
4,152,606
Value Advantage Fund
7,028,273
2,998,632
372,797
2,625,835
The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to wash sale loss deferrals.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
77
NOTES TO FINANCIAL STATEMENTS
AS OF June 30, 2022 (continued)
(Dollar values in thousands)
The tax character of distributions paid during the year ended June 30, 2022 was as follows:  
 
Ordinary
Income*
Net
Long-Term
Capital Gains
Total
Distributions
Paid
Growth Advantage Fund
$397,925
$1,774,309
$2,172,234
Mid Cap Equity Fund
39,511
187,709
227,220
Mid Cap Growth Fund
137,981
668,713
806,694
Mid Cap Value Fund
283,763
2,012,740
2,296,503
Value Advantage Fund
322,218
1,055,514
1,377,732
 
 
*
Short-term gain distributions are treated as ordinary income for income tax purposes.
The tax character of distributions paid during the year ended June 30, 2021 was as follows:  
 
Ordinary
Income*
Net
Long-Term
Capital Gains
Total
Distributions
Paid
Growth Advantage Fund
$173,658
$1,159,877
$1,333,535
Mid Cap Equity Fund
34,787
182,224
217,011
Mid Cap Growth Fund
98,717
670,719
769,436
Mid Cap Value Fund
166,699
903,443
1,070,142
Value Advantage Fund
156,787
134,979
291,766
 
 
*
Short-term gain distributions are treated as ordinary income for income tax purposes.
As of June 30, 2022, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:  
 
Current
Distributable
Ordinary
Income
Current
Distributable
Long-Term
Capital Gain
(Tax Basis Capital
Loss Carryover)
Unrealized
Appreciation
(Depreciation)
Growth Advantage Fund
$—
$418,889
$3,488,829
Mid Cap Equity Fund
6,266
89,559
381,650
Mid Cap Growth Fund
—
335,005
321,742
Mid Cap Value Fund
149,662
1,027,143
4,152,606
Value Advantage Fund
72,748
580,890
2,625,835
The cumulative timing differences primarily consist of certain investments, ordinary loss deferrals, post-October loss deferrals and wash sale loss deferrals.
As of June 30, 2022, the Funds did not have any net capital loss carryforwards.
Net capital losses (gains) and specified ordinary losses incurred after October 31 and late year ordinary losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended June 30, 2022, the Funds deferred to July 1, 2022 the following net capital losses (gains), specified ordinary losses and late year ordinary losses of: 
 
Net Capital Losses (Gains)
Short-Term
 
 
Late Year Ordinary Loss Deferral
Growth Advantage Fund
$369,321
$13,144
Mid Cap Equity Fund
22,152
—
Mid Cap Growth Fund
274,491
15,353
Value Advantage Fund
6,581
—
 
78
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
6. Borrowings
The Funds rely upon an exemptive order granted by the SEC (the “Order”) permitting the establishment and operation of an Interfund Lending Facility (the “Facility”). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The Interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same “group of investment companies” (as defined in Section 12(d)(1)(G) of the 1940 Act).
The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended June 30, 2022.
The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Funds' borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 31, 2022.
The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended June 30, 2022.
The Trusts, along with certain other trusts for J.P. Morgan Funds (“Borrowers”), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion (“Credit Facility”) with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted net asset value and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted net asset value or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.
Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00% (the “Applicable Margin”), plus the greater of the federal funds effective rate or one month London Interbank Offered Rate ("LIBOR"). The annual commitment fee to maintain the Credit Facility is 0.15% and is incurred on the unused portion of the Credit Facility and is allocated to all participating funds pro rata based on their respective net assets. Effective August 9, 2022, the Credit Facility has been amended and restated for a term of 364 days, unless extended, and to include a change in the interest associated with any borrowing to the higher, on the day of the borrowing, of (a) the federal funds effective rate, or (b) the one-month Adjusted SOFR Rate plus the Applicable Margin.
The Funds did not utilize the Credit Facility during the year ended June 30, 2022.
7. Risks, Concentrations and Indemnifications
In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.
As of June 30, 2022, the Funds had individual shareholders and/or non-affiliated omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows: 
 
Number of
Individual Shareholder
and/or Affiliated
Omnibus Accounts
% of the Fund
Number of
Individual Shareholder
and/or Non-Affiliated
Omnibus Accounts
% of the Fund
Growth Advantage Fund
1
13.2%
1
23.8%
Mid Cap Equity Fund
—
—
2
68.4
Mid Cap Growth Fund
—
—
2
29.3
Mid Cap Value Fund
—
—
3
44.0
Value Advantage Fund
—
—
2
25.7
Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
79
NOTES TO FINANCIAL STATEMENTS
AS OF June 30, 2022 (continued)
(Dollar values in thousands)
As of June 30, 2022, the Funds owned in the aggregate, shares representing more than 10% of the net assets of the following Underlying Funds: 
 
JPMorgan
SmartRetirement
Funds
Growth Advantage Fund
16.0%
Value Advantage Fund
20.1
Because Mid Cap Value Fund invests in Real Estate Investment Trusts (“REITs”), the Fund may be subject to certain risks similar to those associated with direct investments in real estate. REITs may be affected by changes in the value of their underlying properties and by defaults by tenants. REITs depend generally on their ability to generate cash flow to make distributions to shareholders, and certain REITs have self-liquidation provisions by which mortgages held may be paid in full and distributions of capital returns may be made at any time.
LIBOR is intended to represent the rate at which contributing banks may obtain short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority ("FCA") publicly announced that (i) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (ii) immediately after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (iii) immediately after June 30, 2023, the 1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA's consideration of the case, be provided on a synthetic basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be restored. There is no assurance that the dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition or characteristics of LIBOR or the currencies and/or tenors for which LIBOR is published. In addition, certain regulated entities ceased entering into most new LIBOR contracts in connection with regulatory guidance or prohibitions. Public and private sector industry initiatives are currently underway to implement new or alternative reference rates to be used in place of LIBOR. There is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance, unavailability or replacement, all of which may affect the value, volatility, liquidity or return on certain of a Fund's loans, notes, derivatives and other instruments or investments comprising some or all of a Fund's investments and result in costs incurred in connection with changing reference rates used for positions closing out positions and entering into new trades. Certain of a Fund's investments may transition from LIBOR prior to the dates announced by the FCA. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. No assurances can be given as to the impact of the LIBOR transition (and the timing of any such impact) on a Fund and its investments.
The Funds are subject to infectious disease epidemics/pandemics risk. The worldwide outbreak of COVID-19 has negatively affected economies, markets and individual companies throughout the world. The effects of this COVID-19 pandemic to public health, and business and market conditions, including among other things, reduced consumer demand and economic output, supply chain disruptions and increased government spending may continue to have a significant negative impact on the performance of a Fund's investments, increase a Fund's volatility, exacerbate other pre-existing political, social and economic risks to the Funds and negatively impact broad segments of businesses and populations. In addition, governments, their regulatory agencies, or self-regulatory organizations have taken or may take actions in response to the pandemic that affect the instruments in which the Funds invest, or the issuers of such instruments, in ways that could also have a significant negative impact on a Fund’s investment performance. The duration and extent of COVID-19 and associated economic and market conditions and uncertainty over the long-term cannot be reasonably estimated at this time. The ultimate impact of COVID-19 and the extent to which the associated conditions impact a Fund will also depend on future developments, which are highly uncertain, difficult to accurately predict and subject to frequent changes.
 
80
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of J.P. Morgan Mutual Fund Investment Trust, J.P. Morgan Fleming Mutual Fund Group, Inc., JPMorgan Trust I and JPMorgan Trust II and Shareholders of JPMorgan Growth Advantage Fund, JPMorgan Mid Cap Value Fund, JPMorgan Mid Cap Equity Fund, JPMorgan Value Advantage Fund and JPMorgan Mid Cap Growth Fund
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Growth Advantage Fund (constituting J.P. Morgan Mutual Fund Investment Trust), JPMorgan Mid Cap Value Fund (constituting J.P. Morgan Fleming Mutual Fund Group, Inc.), JPMorgan Mid Cap Equity Fund and JPMorgan Value Advantage Fund (two of the funds constituting JPMorgan Trust I) and JPMorgan Mid Cap Growth Fund (one of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the "Funds") as of June 30, 2022, the related statements of operations for the year ended June 30, 2022, the statements of changes in net assets for each of the two years in the period ended June 30, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of June 30, 2022, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended June 30, 2022 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. 
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of June 30, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/PricewaterhouseCoopers LLP
New York, New York
August 29, 2022
We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
81
TRUSTEES
(Unaudited)
The Funds’ Statement of Additional Information includes additional information about the Funds’ Trustees and is available, without charge, upon request by calling 1-800-480-4111 or on the J.P. Morgan Funds’ website at www.jpmorganfunds.com. 
Name (Year of Birth);
Positions With
the Funds (1)
Principal Occupation
During Past 5 Years
Number of
Funds in Fund
Complex Overseen
by Trustee (2)
Other Directorships Held
During the Past 5 Years
Independent Trustees
 
 
 
John F. Finn (1947); Chair
since 2020; Trustee since
1998.
Chairman, Gardner, Inc. (supply chain
management company serving industrial and
consumer markets) (serving in various roles
1974-present).
167
Director, Greif, Inc. (GEF) (industrial
package products and services)
(2007-present); Trustee, Columbus
Association for the Performing Arts
(1988-present)
Stephen P. Fisher (1959);
Trustee since 2018.
Retired; Chairman and Chief Executive Officer,
NYLIFE Distributors LLC (registered
brokerdealer) (serving in various roles
2008-2013); Chairman, NYLIM Service
Company LLC (transfer agent) (2008-2017);
New York Life Investment Management LLC
(registered investment adviser) (serving in
various roles 2005-2017); Chairman, IndexIQ
Advisors LLC (registered investment adviser
for ETFs) (2014-2017); President, MainStay VP
Funds Trust (2007-2017), MainStay
DefinedTerm Municipal Opportunities Fund
(2011-2017) and MainStay Funds Trust
(2007-2017) (registered investment
companies).
167
Honors Program Advisory Board
Member, The Zicklin School of Business,
Baruch College, The City University of
New York (2017-present).
Gary L. French (1951);
Trustee since 2014.
Real Estate Investor (2011-2020); Investment
management industry Consultant and Expert
Witness (2011-present); Senior Consultant for
The Regulatory Fundamentals Group LLC
(2011-2017).
167
Independent Trustee, The China Fund,
Inc. (2013-2019); Exchange Traded
Concepts Trust II (2012-2014); Exchange
Traded Concepts Trust I (2011-2014).
Kathleen M. Gallagher (1958);
Trustee since 2018.
Retired; Chief Investment Officer — Benefit
Plans, Ford Motor Company (serving in various
roles 1985-2016).
167
Non- Executive Director, Legal &
General Investment Management
(Holdings) (2018-present);
Non-Executive Director, Legal &
General Investment Management
America U.S. Holdings (financial
services and insurance) (2017-present);
Advisory Board Member, State Street
Global Advisors Total Portfolio
Solutions (2017-present); Member,
Client Advisory Council, Financial
Engines, LLC (registered investment
adviser) (2011-2016); Director, Ford
Pension Funds Investment
Management Ltd. (2007-2016).
Robert J. Grassi (1957);
Trustee since 2014.
Sole Proprietor, Academy Hills Advisors LLC
(2012-present); Pension Director, Corning
Incorporated (2002-2012).
167
None
 
82
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
Name (Year of Birth);
Positions With
the Funds (1)
Principal Occupation
During Past 5 Years
Number of
Funds in Fund
Complex Overseen
by Trustee (2)
Other Directorships Held
During the Past 5 Years
Frankie D. Hughes (1952);
Trustee since 2008.
President, Ashland Hughes Properties
(property management) (2014-present);
President and Chief Investment Officer,
Hughes Capital Management, Inc. (fixed
income asset management) (1993-2014).
167
None
Raymond Kanner (1953);
Trustee since 2017.
Retired; Managing Director & Chief Investment
Officer, IBM Retirement Funds (2007-2016).
167
Advisory Board Member, Penso
Advisors LLC (2020-present); Advisory
Board Member, Los Angeles Capital
(2018-present); Advisory Board
Member, State Street Global Advisors
Total Portfolio Solutions (2017-
present); Acting Executive Director,
Committee on Investment of Employee
Benefit Assets (CIEBA) (2016-2017);
Advisory Board Member, Betterment
for Business (robo advisor) (2016-
2017); Advisory Board Member,
BlueStar Indexes (index creator)
(2013-2017); Director, Emerging
Markets Growth Fund (registered
investment company) (1997-2016);
Member, Russell Index Client Advisory
Board (2001-2015).
Thomas P. Lemke (1954);
Trustee since 2014.
Retired since 2013.
167
(1) Independent Trustee of Advisors’
Inner Circle III fund platform, consisting
of the following: (i) the Advisors’ Inner
Circle Fund III, (ii) the Gallery Trust, (iii)
the Schroder Series Trust, (iv) the
Delaware Wilshire Private Markets Fund
(since 2020), (v) Chiron Capital
Allocation Fund Ltd., and (vi) formerly
the Winton Diversified Opportunities
Fund (2014-2018); and (2) Independent
Trustee of the Symmetry Panoramic
Trust (since 2018).
Lawrence R. Maffia (1950);
Trustee since 2014.
Retired; Director and President, ICI Mutual
Insurance Company (2006-2013).
167
Director, ICI Mutual Insurance Company
(1999-2013).
Mary E. Martinez (1960); Vice
Chair since 2021; Trustee
since 2013.
Associate, Special Properties, a Christie’s
International Real Estate Affiliate
(2010-present); Managing Director, Bank of
America (asset management) (2007-2008);
Chief Operating Officer, U.S. Trust Asset
Management, U.S. Trust Company (asset
management) (2003-2007); President,
Excelsior Funds (registered investment
companies) (2004-2005).
167
None
Marilyn McCoy (1948);
Trustee since 2005.
Vice President of Administration and Planning,
Northwestern University (1985-present).
167
None
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
83
TRUSTEES
(Unaudited) (continued)
Name (Year of Birth);
Positions With
the Funds (1)
Principal Occupation
During Past 5 Years
Number of
Funds in Fund
Complex Overseen
by Trustee (2)
Other Directorships Held
During the Past 5 Years
Dr. Robert A. Oden, Jr.
(1946); Trustee since 2005.
Retired; President, Carleton College
(2002-2010); President, Kenyon College
(1995-2002).
167
Trustee, The Coldwater Conservation
Fund (2017-present); Trustee, American
Museum of Fly Fishing (2013-present);
Trustee and Vice Chair, Trout Unlimited
(2017-2021);Trustee, Dartmouth-
Hitchcock MedicalCenter (2011-2020).
Marian U. Pardo* (1946);
Trustee since 2013.
Managing Director and Founder, Virtual
Capital Management LLC (investment
consulting) (2007-present); Managing Director,
Credit Suisse Asset Management (portfolio
manager) (2003-2006).
167
Board Chair and Member, Board of
Governors, Columbus Citizens
Foundation (not-for-profit supporting
philanthropic and cultural programs)
(2006-present).
Emily A. Youssouf (1951);
Trustee since 2022.
Adjunct Professor (2011-present) and Clinical
Professor (2009-2011), NYU Schack Institute of
Real Estate; Board Member and Member of the
Audit Committee (2013–present), Chair of
Finance Committee (2019-present), Member of
Related Parties Committee (2013-2018) and
Member of the Enterprise Risk Committee
(2015-2018), PennyMac Financial Services, Inc.;
Board Member (2005-2018), Chair of Capital
Committee (2006-2016), Chair of Audit
Committee (2005-2018), Member of Finance
Committee (2005-2018) and Chair of IT
Committee (2016-2018), NYC Health and
Hospitals Corporation.
167
Trustee, NYC School Construction
Authority (2009-present); Board
Member, NYS Job Development
Authority (2008-present); Trustee and
Chair of the Audit Committee of the
Transit Center Foundation (2015-2019).
 
 
 
 
Interested Trustees
 
 
 
Robert F. Deutsch** (1957);
Trustee since 2014.
Retired; Head of the Global ETF Business for
JPMorgan Asset Management (2013-2017);
Head of the Global Liquidity Business for
JPMorgan Asset Management (2003-2013).
167
Treasurer and Director of the JUST
Capital Foundation (2017-present).
Nina O. Shenker** (1957);
Trustee since 2022.
Vice Chair (2017-2021), General Counsel and
Managing Director (2008-2016), Associate
General Counsel and Managing Director
(2004-2008), J.P. Morgan Asset & Wealth
Management.
167
Director and Member of Legal and
Human Resources Subcommittees,
American Jewish Joint Distribution
Committee(2018-present).
 
 
(1)
The year shown is the first year in which a Trustee became a member of any of the following: the Mutual Fund Board, the ETF Board,
the heritage J.P. Morgan Funds or the heritage One Group Mutual Funds. Trustees serve an indefinite term, until resignation,
retirement, removal or death. The Board’s current retirement policy sets retirement at the end of the calendar year in which the
Trustee attains the age of 75, provided that any Board member who was a member of the Mutual Fund Board prior to January 1, 2022
and was born prior to January 1, 1950 shall retire from the Board at the end of the calendar year in which the Trustee attains the age
of 78.
 
 
(2)
A Fund Complex means two or more registered investment companies that hold themselves out to investors as related companies for
purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an
affiliated person of the investment adviser of any of the other registered investment companies. The J.P. Morgan Funds Complex for
which the Board of Trustees serves currently includes nine registered investment companies (167 J.P. Morgan Funds).
 
 
 
84
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
*
In connection with prior employment with JPMorgan Chase, Ms. Pardo was the recipient of non-qualified pension plan payments from
JPMorgan Chase in the amount of approximately $2,055 per month, which she irrevocably waived effective January 1, 2013, and
deferred compensation payments from JPMorgan Chase in the amount of approximately $7,294 per year, which ended in January
2013. In addition, Ms. Pardo receives payments from a fully-funded qualified plan, which is not an obligation of JPMorgan Chase.
 
 
**
Designation as an “Interested Trustee” is based on prior employment by the Adviser or an affiliate of the Adviser or interests in a
control person of the Adviser.
 
 
 
The contact address for each of the Trustees is 277 Park Avenue, New York, NY 10172.
 
 
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
85
OFFICERS
(Unaudited)
 
Name (Year of Birth),
Positions Held with
the Trust (Since)
Principal Occupations During Past 5 Years
Brian S. Shlissel (1964),
President and Principal Executive
Officer (2016)*
Managing Director and Chief Administrative Officer for J.P. Morgan pooled vehicles, J.P. Morgan Investment
Management Inc. since 2014.
Timothy J. Clemens (1975),
Treasurer and Principal Financial
Officer (2018)
Executive Director, J.P. Morgan Investment Management Inc. since February 2016. Mr. Clemens has been with
J.P. Morgan Investment Management Inc. since 2013.
Gregory S. Samuels (1980),
Secretary (2019) (formerly
Assistant
Secretary 2010-2019)**
Managing Director and Assistant General Counsel, JPMorgan Chase. Mr. Samuels has been with JPMorgan
Chase since 2010.
Stephen M. Ungerman (1953),
Chief Compliance Officer (2005)
Managing Director, JPMorgan Chase & Co.; Mr. Ungerman has been with JPMorgan Chase & Co. since 2000.
Matthew Beck (1988),
Assistant Secretary (2021)***
Vice President and Assistant General Counsel, JPMorgan Chase since May 2021; Senior Legal Counsel, Ultimus
Fund Solutions from May 2018 through May 2021; General Counsel, The Nottingham Company from April 2014
through May 2018.
Kiesha Astwood-Smith (1973),
Assistant Secretary (2021)**
Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Senior Director and Counsel,
Equitable Financial Life Insurance Company (formerly, AXA Equitable Life Insurance Company) from 2015 to
2021.
Elizabeth A. Davin (1964),
Assistant Secretary (2005)***
Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Davin has been with JPMorgan Chase
(formerly Bank One Corporation) since 2004.
Jessica K. Ditullio (1962),
Assistant Secretary (2005)***
Executive Director and Assistant General Counsel, JPMorgan Chase. Ms. Ditullio has been with JPMorgan
Chase (formerly Bank One Corporation) since 1990.
Anthony Geron (1971),
Assistant Secretary (2018)**
Vice President and Assistant General Counsel, JPMorgan Chase since September 2018; Lead Director and
Counsel, AXA Equitable Life Insurance Company from 2015 to 2018 and Senior Director and Counsel, AXA
Equitable Life Insurance Company from 2014 to 2015.
Carmine Lekstutis (1980),
Assistant Secretary (2011)**
Executive Director and Assistant General Counsel, JPMorgan Chase. Mr. Lekstutis has been with JPMorgan
Chase since 2011.
Max Vogel (1990),
Assistant Secretary (2021)**
Vice President and Assistant General Counsel, JPMorgan Chase since June 2021; Associate, Proskauer Rose
LLP (law firm) from March 2017 through June 2021; Associate, Stroock & Stroock & Lavan LLP (law firm) from
October 2015 through March 2017.
Zachary E. Vonnegut-Gabovitch
(1986),
Assistant Secretary (2017)**
Vice President and Assistant General Counsel, JPMorgan Chase since September 2016.
Michael M. D’Ambrosio (1969),
Assistant Treasurer (2012)
Managing Director, J.P. Morgan Investment Management Inc. Mr. D’Ambrosio has been with J.P. Morgan
Investment Management Inc. since 2012.
Aleksandr Fleytekh (1972),
Assistant Treasurer (2019)
Vice President, J.P. Morgan Investment Management Inc. since February 2012.
Shannon Gaines (1977),
Assistant Treasurer (2018)***
Vice President, J.P. Morgan Investment Management Inc. since January 2014.
Jeffrey D. House (1972),
Assistant Treasurer (2017)***
Vice President, J.P. Morgan Investment Management Inc. since July 2006.
Michael Mannarino (1985),
Assistant Treasurer (2020)
Vice President, J.P. Morgan Investment Management Inc. since 2014.
Joseph Parascondola (1963),
Assistant Treasurer (2011)*
Executive Director, J.P. Morgan Investment Management, Inc. Mr. Parascondola has been with J.P. Morgan
Investment Management Inc. since 2006.
Gillian I. Sands (1969),
Assistant Treasurer (2012)
Executive Director, J.P. Morgan Investment Management Inc. Ms. Sands has been with J.P. Morgan Investment
Management Inc. since 2012.
 
 
86
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
The contact address for each of the officers, unless otherwise noted, is 277 Park Avenue, New York, NY 10172.
*
The contact address for the officer is 575 Washington Boulevard, Jersey City, NJ 07310.
**
The contact address for the officer is 4 New York Plaza, New York, NY 10004.
***
The contact address for the officer is 1111 Polaris Parkway, Columbus, OH 43240.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
87
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited)
Hypothetical $1,000 Investment
As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and (2) ongoing costs, including investment advisory fees, administration fees, distribution fees and other Fund expenses. The examples below are intended to help you understand your ongoing costs (in dollars) of investing in the Funds (not including expenses of the Underlying Funds and ETFs) and to compare these ongoing costs with the ongoing costs of investing in other mutual funds. The examples assume that you had a $1,000 investment in each Class at the beginning of the reporting period, January 1, 2022, and continued to hold your shares at the end of the reporting period, June 30, 2022. 
Actual Expenses
For each Class of each Fund in the table below, the first line provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line of each Class under the heading titled “Expenses Paid During the Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line of each Class in the table below provides information about hypothetical account values and hypothetical expenses based on the Class’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Class of the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), or redemption fees, and expenses of the Underlying Funds and ETFs. Therefore, the second line for each Class in the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher. The examples also assume all dividends and distributions have been reinvested.
 
 
Beginning
Account Value
January 1, 2022
Ending
Account Value
June 30, 2022
Expenses
Paid During
the Period*
Annualized
Expense
Ratio
JPMorgan Growth Advantage Fund
 
 
 
 
Class A
 
 
 
 
Actual
$1,000.00
$709.30
$4.45
1.05%
Hypothetical
1,000.00
1,019.59
5.26
1.05
Class C
 
 
 
 
Actual
1,000.00
707.30
6.56
1.55
Hypothetical
1,000.00
1,017.11
7.75
1.55
Class I
 
 
 
 
Actual
1,000.00
710.30
3.35
0.79
Hypothetical
1,000.00
1,020.88
3.96
0.79
Class R2
 
 
 
 
Actual
1,000.00
708.30
5.51
1.30
Hypothetical
1,000.00
1,018.35
6.51
1.30
Class R3
 
 
 
 
Actual
1,000.00
709.10
4.49
1.06
Hypothetical
1,000.00
1,019.54
5.31
1.06
Class R4
 
 
 
 
Actual
1,000.00
710.10
3.39
0.80
Hypothetical
1,000.00
1,020.83
4.01
0.80
Class R5
 
 
 
 
Actual
1,000.00
710.90
2.76
0.65
Hypothetical
1,000.00
1,021.57
3.26
0.65
Class R6
 
 
 
 
Actual
1,000.00
711.30
2.33
0.55
Hypothetical
1,000.00
1,022.07
2.76
0.55
 
88
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
Beginning
Account Value
January 1, 2022
Ending
Account Value
June 30, 2022
Expenses
Paid During
the Period*
Annualized
Expense
Ratio
JPMorgan Mid Cap Equity Fund
 
 
 
 
Class A
 
 
 
 
Actual
$1,000.00
$798.70
$5.13
1.15%
Hypothetical
1,000.00
1,019.09
5.76
1.15
Class C
 
 
 
 
Actual
1,000.00
796.70
7.35
1.65
Hypothetical
1,000.00
1,016.61
8.25
1.65
Class I
 
 
 
 
Actual
1,000.00
799.70
4.02
0.90
Hypothetical
1,000.00
1,020.33
4.51
0.90
Class R2
 
 
 
 
Actual
1,000.00
797.80
6.24
1.40
Hypothetical
1,000.00
1,017.85
7.00
1.40
Class R5
 
 
 
 
Actual
1,000.00
800.30
3.30
0.74
Hypothetical
1,000.00
1,021.13
3.71
0.74
Class R6
 
 
 
 
Actual
1,000.00
800.70
2.90
0.65
Hypothetical
1,000.00
1,021.57
3.26
0.65
JPMorgan Mid Cap Growth Fund
 
 
 
 
Class A
 
 
 
 
Actual
1,000.00
699.00
4.80
1.14
Hypothetical
1,000.00
1,019.14
5.71
1.14
Class C
 
 
 
 
Actual
1,000.00
697.30
6.94
1.65
Hypothetical
1,000.00
1,016.61
8.25
1.65
Class I
 
 
 
 
Actual
1,000.00
699.80
3.75
0.89
Hypothetical
1,000.00
1,020.38
4.46
0.89
Class R2
 
 
 
 
Actual
1,000.00
697.80
6.10
1.45
Hypothetical
1,000.00
1,017.60
7.25
1.45
Class R3
 
 
 
 
Actual
1,000.00
698.80
5.05
1.20
Hypothetical
1,000.00
1,018.84
6.01
1.20
Class R4
 
 
 
 
Actual
1,000.00
699.70
4.00
0.95
Hypothetical
1,000.00
1,020.08
4.76
0.95
Class R5
 
 
 
 
Actual
1,000.00
700.20
3.33
0.79
Hypothetical
1,000.00
1,020.88
3.96
0.79
Class R6
 
 
 
 
Actual
1,000.00
700.60
2.95
0.70
Hypothetical
1,000.00
1,021.32
3.51
0.70
JPMorgan Mid Cap Value Fund
 
 
 
 
Class A
 
 
 
 
Actual
1,000.00
865.80
5.27
1.14
Hypothetical
1,000.00
1,019.14
5.71
1.14
Class C
 
 
 
 
Actual
1,000.00
863.60
7.58
1.64
Hypothetical
1,000.00
1,016.66
8.20
1.64
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
89
SCHEDULE OF SHAREHOLDER EXPENSES
(Unaudited) (continued)
Hypothetical $1,000 Investment
 
Beginning
Account Value
January 1, 2022
Ending
Account Value
June 30, 2022
Expenses
Paid During
the Period*
Annualized
Expense
Ratio
JPMorgan Mid Cap Value Fund (continued)
 
 
 
 
Class I
 
 
 
 
Actual
$1,000.00
$866.80
$4.12
0.89%
Hypothetical
1,000.00
1,020.38
4.46
0.89
Class L
 
 
 
 
Actual
1,000.00
867.30
3.47
0.75
Hypothetical
1,000.00
1,021.08
3.76
0.75
Class R2
 
 
 
 
Actual
1,000.00
864.70
6.47
1.40
Hypothetical
1,000.00
1,017.85
7.00
1.40
Class R3
 
 
 
 
Actual
1,000.00
865.70
5.32
1.15
Hypothetical
1,000.00
1,019.09
5.76
1.15
Class R4
 
 
 
 
Actual
1,000.00
866.90
4.17
0.90
Hypothetical
1,000.00
1,020.33
4.51
0.90
Class R5
 
 
 
 
Actual
1,000.00
867.60
3.47
0.75
Hypothetical
1,000.00
1,021.08
3.76
0.75
Class R6
 
 
 
 
Actual
1,000.00
868.00
3.01
0.65
Hypothetical
1,000.00
1,021.57
3.26
0.65
JPMorgan Value Advantage Fund
 
 
 
 
Class A
 
 
 
 
Actual
1,000.00
909.40
4.92
1.04
Hypothetical
1,000.00
1,019.64
5.21
1.04
Class C
 
 
 
 
Actual
1,000.00
907.50
7.28
1.54
Hypothetical
1,000.00
1,017.16
7.70
1.54
Class I
 
 
 
 
Actual
1,000.00
910.70
3.74
0.79
Hypothetical
1,000.00
1,020.88
3.96
0.79
Class L
 
 
 
 
Actual
1,000.00
911.30
3.08
0.65
Hypothetical
1,000.00
1,021.57
3.26
0.65
Class R2
 
 
 
 
Actual
1,000.00
908.30
6.15
1.30
Hypothetical
1,000.00
1,018.35
6.51
1.30
Class R3
 
 
 
 
Actual
1,000.00
909.60
4.97
1.05
Hypothetical
1,000.00
1,019.59
5.26
1.05
Class R4
 
 
 
 
Actual
1,000.00
910.70
3.79
0.80
Hypothetical
1,000.00
1,020.83
4.01
0.80
Class R5
 
 
 
 
Actual
1,000.00
911.40
3.08
0.65
Hypothetical
1,000.00
1,021.57
3.26
0.65
Class R6
 
 
 
 
Actual
1,000.00
911.60
2.61
0.55
Hypothetical
1,000.00
1,022.07
2.76
0.55
 
 
*
Expenses are equal to each Class’ respective annualized expense ratio, multiplied by the average account value over the period, multiplied by
181/365 (to reflect the one-half year period).
 
90
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
LIQUIDITY RISK MANAGEMENT PROGRAM
(Unaudited)
Each of the Funds covered in this report have adopted the J.P. Morgan Funds and J.P. Morgan Exchange-Traded Funds Amended and Restated Liquidity Risk Management Program (the “Program”) under Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”). The Program seeks to assess, manage and review each Fund’s Liquidity Risk. “Liquidity Risk” is defined as the risk that a fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund. Among other things, the Liquidity Rule requires that a written report be provided to the Board of Trustees (the “Board”) on an annual basis that addresses the operation of the Program and assesses the adequacy and effectiveness of its implementation, including the operation of any Highly Liquid Investment Minimum (“HLIM”), where applicable, and any material changes to the Program.
The Board has appointed J.P. Morgan Asset Management’s Liquidity Risk Forum to be the program administrator for the Program (the “Program Administrator”). In addition to regular reporting at each of its quarterly meetings, on February 8, 2022, the Board reviewed the Program Administrator’s annual written report (the “Report”) concerning the operation of the Program for the period from January 1, 2021 through December 31, 2021 (the “Program Reporting Period”). The Report addressed the operation of the Program and assessed its adequacy and effectiveness of implementation, including, where applicable, the operation of a Fund’s HLIM. During the Program Reporting Period, the Program was amended, pursuant to an exemptive order from the Securities and Exchange Commission, to permit the Funds to use liquidity definitions and classification methodologies that differ from the requirements under the Liquidity Rule in some respects. The
Report discussed the implementation of these changes. No other material changes were made to the Program during the Program Reporting Period.
The Report summarized the operation of the Program and the information and factors considered by the Program Administrator in assessing whether the Program has been adequately and effectively implemented with respect to each Fund. Such information and factors included, among other things: (1) the liquidity risk framework used to assess, manage, and periodically review each Fund’s Liquidity Risk and the results of this assessment; (2) the methodology and inputs for classifying the investments of a Fund into one of the required liquidity categories that reflect an estimate of the liquidity of those investments under current market conditions; (3) whether a Fund invested primarily in “Highly Liquid Investments” (as defined or modified under the Program), as well as whether an HLIM should be established for a Fund (and, for Funds that have adopted an HLIM, whether the HLIM continues to be appropriate or whether a Fund has invested below its HLIM) and the procedures for monitoring for any HLIM; (4) whether a Fund invested more than 15% of its assets in “Illiquid Investments” (as defined or modified under the Program) and the procedures for monitoring for this limit; and (5) specific liquidity events arising during the Program Reporting Period. The Report further summarized the conditions of the exemptive order.
Based on this review, the Report concluded that: (1) the Program continues to be reasonably designed to effectively assess and manage each Fund’s Liquidity Risk; and (2) the Program has been adequately and effectively implemented with respect to each Fund during the Program Reporting Period.
 
June 30, 2022
J.P. Morgan Mid Cap/Multi-Cap Funds
91
TAX LETTER
(Unaudited)
(Dollar values in thousands)
Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended June 30, 2022. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2022. The information necessary to complete your income tax returns for the calendar year ending December 31, 2022 will be provided under separate cover.
Dividends Received Deduction (DRD)
Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible for the dividends received deduction for corporate shareholders for the fiscal year ended June 30, 2022:  
 
Dividends
Received
Deduction
JPMorgan Growth Advantage Fund
19.05%
JPMorgan Mid Cap Equity Fund
79.42
JPMorgan Mid Cap Growth Fund
22.03
JPMorgan Mid Cap Value Fund
92.87
JPMorgan Value Advantage Fund
62.99
Long Term Capital Gain
Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended June 30, 2022: 
 
Long-Term
Capital Gain
Distribution
JPMorgan Growth Advantage Fund
$1,774,309
JPMorgan Mid Cap Equity Fund
187,709
JPMorgan Mid Cap Growth Fund
668,713
JPMorgan Mid Cap Value Fund
2,012,740
JPMorgan Value Advantage Fund
1,055,514
Qualified Dividend Income (QDI)
Each Fund listed below had the following amount, or maximum allowable amount, of ordinary income distributions treated as qualified dividends for the fiscal year ended June 30, 2022:  
 
Qualified
Dividend
Income
JPMorgan Growth Advantage Fund
$78,076
JPMorgan Mid Cap Equity Fund
31,706
JPMorgan Mid Cap Growth Fund
32,616
JPMorgan Mid Cap Value Fund
263,930
JPMorgan Value Advantage Fund
207,543
Section 199A Income
The following funds had the following amount, or maximum allowable amount, of ordinary income distributions treated as 199A dividends for the fiscal year ended June 30, 2021. 
JPMorgan Mid Cap Equity Fund
$2,063
 
92
J.P. Morgan Mid Cap/Multi-Cap Funds
June 30, 2022
 
Rev. January 2011 
FACTS
WHAT DOES J.P. MORGAN FUNDS DO WITH YOUR PERSONAL INFORMATION?
 
Why?
Financial companies choose how they share your personal information. Federal law gives
consumers the right to limit some but not all sharing. Federal law also requires us to tell you how
we collect, share, and protect your personal information. Please read this notice carefully to
understand what we do.
 
What?
The types of personal information we collect and share depend on the product or service you
have with us. This information can include:
 
◾Social Security number and account balances
 
◾transaction history and account transactions
 
◾checking account information and wire transfer instructions
 
When you are no longer our customer, we continue to share your information as described in this
notice.
 
How?
All financial companies need to share customers’ personal information to run their everyday
business. In the section below, we list the reasons financial companies can share their customers’
personal information; the reasons J.P. Morgan Funds chooses to share; and whether you can limit
this sharing.
 
Reasons we can share your personal information
Does J.P. Morgan
Funds share?
Can you limit this
sharing?
For our everyday business purposes —
such as to process your transactions, maintain your
account(s),respond to court orders and legal investigations, or
report to credit bureaus
Yes
No
For marketing purposes —
to offer our products and services to you
Yes
No
For joint marketing with other financial companies
No
We don't share
For our affiliates’ everyday business purposes —
information about your transactions and experiences
No
We don't share
For our affiliates’ everyday business purposes —
information about your creditworthiness
No
We don't share
For nonaffiliates to market to you
No
We don't share
 
Questions?
Call 1-800-480-4111 or go to www.jpmorganfunds.com
 
 
Page 2
 
 
Who we are
Who is providing this notice?
J.P. Morgan Funds
 
What we do
How does J.P. Morgan Funds
protect my personal
information?
To protect your personal information from unauthorized access and use, we use
security measures that comply with federal law. These measures include
computer safeguards and secured files and buildings. We authorize our
employees to access your information only when they need it to do their work
and we require companies that work for us to protect your information.
How does J.P. Morgan Funds
protect my personal
information?
We collect your personal information, for example, when you:
◾open an account or provide contact information
◾give us your account information or pay us by check
◾make a wire transfer
We also collect your personal information from others, such as credit bureaus,
affiliates and other companies.
Why can’t I limit all sharing?
Federal law gives you the right to limit only
◾sharing for affiliates’ everyday business purposes – information about your
creditworthiness
◾affiliates from using your information to market to you
◾sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to limit
sharing.
 
Definitions
Affiliates
Companies related by common ownership or control. They can be financial and
nonfinancial companies.
 
◾J.P. Morgan Funds does not share with our affiliates.
Nonaffiliates
Companies not related by common ownership or control. They can be financial
and nonfinancial companies.
 
◾J.P. Morgan Funds does not share with nonaffiliates so they can market to you.
Joint Marketing
A formal agreement between nonaffiliated financial companies that together
market financial products or services to you.
 
◾J.P. Morgan Funds doesn’t jointly market.
THIS PAGE IS INTENTIONALLY LEFT BLANK
THIS PAGE IS INTENTIONALLY LEFT BLANK
J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of  JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the funds.
Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.
Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.
The Fund files a complete schedule of its fund holdings for the first and third quarters of its fiscal year with the SEC as an exhibit to its report on Form N-PORT. The Fund’s Form N-PORT reports are available on the SEC’s website at http://www.sec.gov. The Fund's quarterly holdings can be found by visiting the J.P. Morgan Funds’ website at www.jpmorganfunds.com.
A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s holdings is available in the prospectuses and Statement of Additional Information.
A copy of proxy policies and procedures is available without charge upon request by calling 1-800-480-4111 and on the Fund’s website at www.jpmorganfunds.com. A description of such policies and procedures is on the SEC’s website at www.sec.gov. The Trustees have delegated the authority to vote proxies for securities owned by the Fund to the Adviser. A copy of the Fund’s voting record for the most recent 12-month period ended June 30 is available on the SEC’s website at www.sec.gov or at the Fund’s website at www.jpmorganfunds.com no later than August 31 of each year. The Fund’s proxy voting record will include, among other things, a brief description of the matter voted on for each fund security, and will state how each vote was cast, for example, for or against the proposal.
 
 
J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.
© JPMorgan Chase & Co., 2022. All rights reserved. June 2022.
AN-MC-622

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

The Registrant has adopted a code of ethics that applies to the Registrant’s principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant’s board of directors has determined that the registrant either:

(i) Has at least one audit committee financial expert serving on its audit committee; or

(ii) Does not have an audit committee financial expert serving on its audit committee.

The Registrant’s Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.

(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is “independent.” In order to be considered “independent” for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

(ii) Be an “interested person” of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

The Audit committee financial expert is Kathleen M. Gallagher. Ms. Gallagher is not an “interested person” of the Registrant and is also “independent” as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.

(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

AUDIT FEES

2022 – $33,674

2021 – $33,448

(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

AUDIT-RELATED FEES

2022 – $5,495

2021 – $5,495

Audit-related fees consists of semi-annual financial statement reviews and security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant’s fiscal year.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

TAX FEES

2022 – $10,460

2021 – $10,539

The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended June 30, 2022 and 2021, respectively.

For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

ALL OTHER FEES

2022 – Not applicable

2021 – Not applicable

(e) (1) Disclose the audit committee’s pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

Pursuant to the Registrant’s Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the “Pre-approval Policy”), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant’s independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor’s engagement for non-audit services with the Registrant’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the “Pre-approval List”). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.

One or more members of the Audit Committee may be appointed as the Committee’s delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee’s responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.

(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

2022 – 0.0%

2021 – 0.0%

(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

Not applicable - Less than 50%.

(g) Disclose the aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:

2021—$30.5 million

2020—$30.0 million

(h) Disclose whether the registrant’s audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence.

The Registrant’s Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm’s independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.

(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.

Not applicable.

(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:

  (1)

That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant;

 

  (2)

The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized;

 

  (3)

Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant;

 

  (4)

The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and

 

  (5)

Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant’s audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

Not applicable.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Included in Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASE OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

No material changes to report.

ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant’s principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) Disclose any change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

There were no changes in the Registrant’s internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. EXHIBITS.

 

  (a)

File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.

Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.

Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2), exactly as set forth below:

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.

(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

Not applicable.

(2) Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.

Not applicable.

 

  (b)

A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

J.P. Morgan Fleming Mutual Fund Group, Inc.
By:  

/s/ Brian S. Shlissel

  Brian S. Shlissel
  President and Principal Executive Officer
 

January 31, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ Brian S. Shlissel

  Brian S. Shlissel
  President and Principal Executive Officer
 

January 31, 2023

By:  

/s/ Timothy J. Clemens

  Timothy J. Clemens
  Treasurer and Principal Financial Officer
 

January 31, 2023

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CODE OF ETHICS

CERTIFICATION PURSUANT TO RULE 302

CERTIFICATION PURSUANT TO RULE 906