UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-04236
(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)
| With copies to: | |
| Elizabeth A. Davin, Esq. JPMorgan Chase & Co. 1111 Polaris Parkway Columbus, OH 43240 |
Alison M. Fumai, Esq. Dechert LLP 1905 Avenue of the Americas New York, NY 10036 |
Registrant's telephone number, including area code:
(800) 480-4111
Date of fiscal year end:
June 30
Date of reporting period:
Item 1. Report to Stockholders.
a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Equity Income Fund (Class A Shares) |
$ |
How did the Fund Perform?
The JPMorgan Equity Income Fund's Class A Shares, without a sales charge, returned 13.17% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials and communication services detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance.
- The Fund’s security selection in the financials and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OIEIX-625
JPMorgan Equity Income Fund - Class A
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Equity Income Fund (Class C Shares) |
$ |
How did the Fund Perform?
The JPMorgan Equity Income Fund's Class C Shares, without a sales charge, returned 12.63% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials and communication services detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance.
- The Fund’s security selection in the financials and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
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 Shares reflects Class A Share's 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OINCX-625
JPMorgan Equity Income Fund - Class C
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Equity Income Fund (Class I Shares) |
$ |
How did the Fund Perform?
The JPMorgan Equity Income Fund's Class I Shares returned 13.46% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials and communication services detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance.
- The Fund’s security selection in the financials and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
HLIEX-625
JPMorgan Equity Income Fund - Class I
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Equity Income Fund (Class R2 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Equity Income Fund's Class R2 Shares returned 12.87% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials and communication services detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance.
- The Fund’s security selection in the financials and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OIEFX-625
JPMorgan Equity Income Fund - Class R2
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Equity Income Fund (Class R3 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Equity Income Fund's Class R3 Shares returned 13.13% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials and communication services detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance.
- The Fund’s security selection in the financials and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares currently have the same expenses as Class A Shares.
The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OIEPX-625
JPMorgan Equity Income Fund - Class R3
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Equity Income Fund (Class R4 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Equity Income Fund's Class R4 Shares returned 13.47% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials and communication services detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance.
- The Fund’s security selection in the financials and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares had similar expenses to Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class R4 Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OIEQX-625
JPMorgan Equity Income Fund - Class R4
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Equity Income Fund (Class R5 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Equity Income Fund's Class R5 Shares returned 13.62% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials and communication services detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance.
- The Fund’s security selection in the financials and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OIERX-625
JPMorgan Equity Income Fund - Class R5
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Equity Income Fund (Class R6 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Equity Income Fund's Class R6 Shares returned 13.74% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials and communication services detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and Berkshire Hathaway detracted from performance.
- The Fund’s security selection in the financials and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Wells Fargo & Company and Philip Morris International Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Equity Income Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OIEJX-625
JPMorgan Equity Income Fund - Class R6
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Equity Index Fund (Class A Shares) |
$ |
How did the Fund Perform?
The JPMorgan Equity Index Fund's Class A Shares, without a sales charge, returned 14.66% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 15.16% for the twelve months ended June 30, 2025.
- Consistent with its indexing strategy, the Fund closely tracked the total return of the Index.
- During the period, solid earnings growth provided good returns for U.S. large-cap equities. The first half of 2025 was characterized by high levels of market volatility. Concerns around trade policy and the effects on growth caused a sizeable sell-off late in the first quarter and into the second quarter. However, advancements in trade discussions and a temporary postponement of tariff increases alleviated recession fears, fueling a broad-based market rally to close out the period.
- The majority of sectors in the Index produced positive returns. Financials and utilities were the best-performing sectors with both providing returns of over 20%. Health care and energy were the only sectors with negative returns, with both producing returns in the mid-single digit negative range.
- The Fund achieved its indexing objective by following a full replication approach, owning all stocks in the Index in nearly the same weights. Additional cash was minimized, and cash held was equitized with futures to limit any drag on performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Equity Index Fund and the S&P 500 Index from June 30, 2015 to June 30, 2025. 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 S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OGEAX-625
JPMorgan Equity Index Fund - Class A
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Equity Index Fund (Class C Shares) |
$ |
How did the Fund Perform?
The JPMorgan Equity Index Fund's Class C Shares, without a sales charge, returned 13.98% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 15.16% for the twelve months ended June 30, 2025.
- Consistent with its indexing strategy, the Fund closely tracked the total return of the Index.
- During the period, solid earnings growth provided good returns for U.S. large-cap equities. The first half of 2025 was characterized by high levels of market volatility. Concerns around trade policy and the effects on growth caused a sizeable sell-off late in the first quarter and into the second quarter. However, advancements in trade discussions and a temporary postponement of tariff increases alleviated recession fears, fueling a broad-based market rally to close out the period.
- The majority of sectors in the Index produced positive returns. Financials and utilities were the best-performing sectors with both providing returns of over 20%. Health care and energy were the only sectors with negative returns, with both producing returns in the mid-single digit negative range.
- The Fund achieved its indexing objective by following a full replication approach, owning all stocks in the Index in nearly the same weights. Additional cash was minimized, and cash held was equitized with futures to limit any drag on performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Equity Index Fund and the S&P 500 Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.
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 Shares reflects Class A Share's 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.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OEICX-625
JPMorgan Equity Index Fund - Class C
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Equity Index Fund (Class I Shares) |
$ |
How did the Fund Perform?
The JPMorgan Equity Index Fund's Class I Shares returned 14.95% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 15.16% for the twelve months ended June 30, 2025.
- Consistent with its indexing strategy, the Fund closely tracked the total return of the Index.
- During the period, solid earnings growth provided good returns for U.S. large-cap equities. The first half of 2025 was characterized by high levels of market volatility. Concerns around trade policy and the effects on growth caused a sizeable sell-off late in the first quarter and into the second quarter. However, advancements in trade discussions and a temporary postponement of tariff increases alleviated recession fears, fueling a broad-based market rally to close out the period.
- The majority of sectors in the Index produced positive returns. Financials and utilities were the best-performing sectors with both providing returns of over 20%. Health care and energy were the only sectors with negative returns, with both producing returns in the mid-single digit negative range.
- The Fund achieved its indexing objective by following a full replication approach, owning all stocks in the Index in nearly the same weights. Additional cash was minimized, and cash held was equitized with futures to limit any drag on performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Equity Index Fund and the S&P 500 Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
HLEIX-625
JPMorgan Equity Index Fund - Class I
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Equity Index Fund (Class R6 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Equity Index Fund's Class R6 Shares returned 15.12% for the twelve months ended June 30, 2025. The S&P 500 Index (the "Index") returned 15.16% for the twelve months ended June 30, 2025.
- Consistent with its indexing strategy, the Fund closely tracked the total return of the Index.
- During the period, solid earnings growth provided good returns for U.S. large-cap equities. The first half of 2025 was characterized by high levels of market volatility. Concerns around trade policy and the effects on growth caused a sizeable sell-off late in the first quarter and into the second quarter. However, advancements in trade discussions and a temporary postponement of tariff increases alleviated recession fears, fueling a broad-based market rally to close out the period.
- The majority of sectors in the Index produced positive returns. Financials and utilities were the best-performing sectors with both providing returns of over 20%. Health care and energy were the only sectors with negative returns, with both producing returns in the mid-single digit negative range.
- The Fund achieved its indexing objective by following a full replication approach, owning all stocks in the Index in nearly the same weights. Additional cash was minimized, and cash held was equitized with futures to limit any drag on performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R6 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Equity Index Fund and the S&P 500 Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the S&P 500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The S&P 500 Index is an unmanaged index generally representative of the performance of large companies in the U.S. stock market. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
The S&P 500 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and have been licensed for use by the adviser. Copyright © 2023. S&P Dow Jones Indices LLC, a subsidiary of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OGFAX-625
JPMorgan Equity Index Fund - Class R6
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Balanced Fund (Class A Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Balanced Fund's Class A Shares, without a sales charge, returned 10.16% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Moderate Funds Index returned 10.72% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all-fixed income index, the Fund’s diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
| ( |
) | ||||||
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Balanced Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Moderate Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg U.S. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Moderate Funds Index consists of funds that by portfolio practice maintain a mix of between 40% to 60% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OGIAX-625
JPMorgan Investor Balanced Fund - Class A
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Balanced Fund (Class C Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Balanced Fund's Class C Shares, without a sales charge, returned 9.56% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Moderate Funds Index returned 10.72% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all-fixed income index, the Fund’s diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
| ( |
) | ||||||
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Investor Balanced Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index from June 30, 2015 to June 30, 2025. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Moderate Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg U.S. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Moderate Funds Index consists of funds that by portfolio practice maintain a mix of between 40% to 60% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.
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 Shares reflects Class A Share's 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.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OGBCX-625
JPMorgan Investor Balanced Fund - Class C
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Balanced Fund (Class I Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Balanced Fund's Class I Shares returned 10.40% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Moderate Funds Index returned 10.72% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all-fixed income index, the Fund’s diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
| ( |
) | ||||||
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Investor Balanced Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index from June 30, 2015 to June 30, 2025. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Moderate Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg U.S. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Moderate Funds Index consists of funds that by portfolio practice maintain a mix of between 40% to 60% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OIBFX-625
JPMorgan Investor Balanced Fund - Class I
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Balanced Fund (Class R6 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Balanced Fund's Class R6 Shares returned 10.75% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Moderate Funds Index returned 10.72% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all-fixed income index, the Fund’s diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
| ( |
) | ||||||
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Investor Balanced Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Moderate Funds Index from June 30, 2015 to June 30, 2025. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Moderate Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg U.S. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Moderate Funds Index consists of funds that by portfolio practice maintain a mix of between 40% to 60% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JFQUX-625
JPMorgan Investor Balanced Fund - Class R6
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Conservative Growth Fund (Class A Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Conservative Growth Fund's Class A Shares, without a sales charge, returned 8.81% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Conservative Funds Index returned 8.70% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all fixed-income index, the Fund’s diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
| ( |
) | ||||||
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Conservative Growth Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Conservative Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg U.S. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Conservative Funds Index consists of funds that by portfolio practice maintain a mix of between 20% to 40% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates(collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OICAX-625
JPMorgan Investor Conservative Growth Fund - Class A
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Conservative Growth Fund (Class C Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Conservative Growth Fund's Class C Shares, without a sales charge, returned 8.24% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Conservative Funds Index returned 8.70% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all fixed-income index, the Fund’s diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
| ( |
) | ||||||
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Investor Conservative Growth Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index from June 30, 2015 to June 30, 2025. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Conservative Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg U.S. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Conservative Funds Index consists of funds that by portfolio practice maintain a mix of between 20% to 40% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.
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 Shares reflects Class A Share's 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.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates(collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OCGCX-625
JPMorgan Investor Conservative Growth Fund - Class C
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Conservative Growth Fund (Class I Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Conservative Growth Fund's Class I Shares returned 9.09% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Conservative Funds Index returned 8.70% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all fixed-income index, the Fund’s diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
| ( |
) | ||||||
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Investor Conservative Growth Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index from June 30, 2015 to June 30, 2025. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Conservative Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg U.S. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Conservative Funds Index consists of funds that by portfolio practice maintain a mix of between 20% to 40% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates(collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
ONCFX-625
JPMorgan Investor Conservative Growth Fund - Class I
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Conservative Growth Fund (Class R6 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Conservative Growth Fund's Class R6 Shares returned 9.37% for the twelve months ended June 30, 2025. The Bloomberg U.S. Aggregate Index returned 6.08%, the Bloomberg U.S. Intermediate Aggregate Index (the "Index") returned 6.69%, the Russell 3000 Index returned 15.30%, the MSCI EAFE Index (net total return) returned 17.73%, and the Lipper Mixed-Asset Target Allocation Conservative Funds Index returned 8.70% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all fixed-income index, the Fund’s diverse allocation to both equity and fixed income was a leading contributor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
| ( |
) | ||||||
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Investor Conservative Growth Fund, the Bloomberg U.S. Aggregate Index, the Bloomberg U.S. Intermediate Aggregate Index, the Russell 3000 Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Conservative Funds Index from June 30, 2015 to June 30, 2025. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Conservative Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Bloomberg U.S. Aggregate Index is an unmanaged index representing SEC-registered taxable and dollar denominated securities. It covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through, and asset-backed securities. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Conservative Funds Index consists of funds that by portfolio practice maintain a mix of between 20% to 40% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Bloomberg U.S. Aggregate Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index, the Index and several additional supplemental indices.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates(collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JFLJX-625
JPMorgan Investor Conservative Growth Fund - Class R6
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Growth Fund (Class A Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Growth Fund's Class A Shares, without a sales charge, returned 12.28% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds returned 13.22% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all-equity index, the Fund’s allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index consists of funds that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates(collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
ONGAX-625
JPMorgan Investor Growth Fund - Class A
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Growth Fund (Class C Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Growth Fund's Class C Shares, without a sales charge, returned 11.64% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds returned 13.22% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all-equity index, the Fund’s allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Investor Growth Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds from June 30, 2015 to June 30, 2025. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index consists of funds that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Investors cannot invest directly in an index.
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 Shares reflects Class A Share's 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.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates(collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OGGCX-625
JPMorgan Investor Growth Fund - Class C
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Growth Fund (Class I Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Growth Fund's Class I Shares returned 12.52% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds returned 13.22% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all-equity index, the Fund’s allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Investor Growth Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds from June 30, 2015 to June 30, 2025. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index consists of funds that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates(collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
ONIFX-625
JPMorgan Investor Growth Fund - Class I
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Growth Fund (Class R6 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Growth Fund's Class R6 Shares returned 12.80% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds returned 13.22% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all-equity index, the Fund’s allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Investor Growth Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds from June 30, 2015 to June 30, 2025. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Aggressive Growth Funds Index consists of funds that invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates(collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JFTUX-625
JPMorgan Investor Growth Fund - Class R6
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Growth & Income Fund (Class A Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Growth & Income Fund's Class A Shares, without a sales charge, returned 11.05% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Growth Funds Index returned 11.89% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all-equity index, the Fund’s allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Investor Growth & Income Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Growth Funds Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity marketperformance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Growth Funds Index consists of funds that by portfolio practice maintain a mix of between 60% to 80% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates(collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
ONGIX-625
JPMorgan Investor Growth & Income Fund - Class A
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Growth & Income Fund (Class C Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Growth & Income Fund's Class C Shares, without a sales charge, returned 10.48% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Growth Funds Index returned 11.89% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all-equity index, the Fund’s allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Investor Growth & Income Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Growth Funds Index from June 30, 2015 to June 30, 2025. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity marketperformance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Growth Funds Index consists of funds that by portfolio practice maintain a mix of between 60% to 80% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.
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 Shares reflects Class A Share's 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.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates(collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
ONECX-625
JPMorgan Investor Growth & Income Fund - Class C
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Growth & Income Fund (Class I Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Growth & Income Fund's Class I Shares returned 11.32% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Growth Funds Index returned 11.89% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all-equity index, the Fund’s allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Investor Growth & Income Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Growth Funds Index from June 30, 2015 to June 30, 2025. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity marketperformance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Growth Funds Index consists of funds that by portfolio practice maintain a mix of between 60% to 80% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates(collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
ONGFX-625
JPMorgan Investor Growth & Income Fund - Class I
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Investor Growth & Income Fund (Class R6 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Investor Growth & Income Fund's Class R6 Shares returned 11.54% for the twelve months ended June 30, 2025. The Russell 3000 Index (the "Index") returned 15.30%, the Bloomberg U.S. Intermediate Aggregate Index returned 6.69%, the MSCI EAFE Index (net total return) returned 17.73% and the Lipper Mixed-Asset Target Allocation Growth Funds Index returned 11.89% for the twelve months ended June 30, 2025.
- Relative to the Index, which is an all-equity index, the Fund’s allocation to fixed income was a detractor, as equity markets outperformed fixed-income markets during the period.
- The allocation to equities contributed the most to overall performance, as global growth continued to power through — with overall economic growth remaining resilient and inflation continuing its move downward. Within equities, we preferred U.S. large-cap and international developed equities, which contributed to performance.
- Our allocation to corporate credit, including high-yield and investment-grade bonds, also contributed positively.
- The Fund’s longer overall duration from its allocation to the JPMorgan Core Bond Fund detracted from overall performance as credit outpaced Treasuries.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Investor Growth & Income Fund, the Russell 3000 Index, the Bloomberg U.S. Intermediate Aggregate Index, the MSCI EAFE Index (net total return) and the Lipper Mixed-Asset Target Allocation Growth Funds Index from June 30, 2015 to June 30, 2025. 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 broad-based securities indices and the MSCI EAFE Index (net total return) do not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The performance of the Lipper Mixed-Asset Target Allocation Growth Funds Index, which is not a broad-based securities index, includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses incurred by the Fund. The Russell 3000 Index is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Bloomberg U.S. Intermediate Aggregate Index is an unmanaged index comprised of U.S. Government, mortgage, corporate, and asset-backed securities with maturities of one to 10 years. The MSCI EAFE Index (net total return) is a free float-adjusted market capitalization weighted index that is designed to measure the equity marketperformance of developed markets, excluding the U.S. and Canada. The Lipper Mixed-Asset Target Allocation Growth Funds Index consists of funds that by portfolio practice maintain a mix of between 60% to 80% equity securities, with the remainder invested in bonds, cash and cash equivalents. Investors cannot invest directly in an index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates(collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or are commendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast, or prediction. The MSCI information is provided on an "as is" basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the "MSCI Parties") expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - ASSET CLASS
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JFBUX-625
JPMorgan Investor Growth & Income Fund - Class R6
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Growth Fund (Class A Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class A Shares, without a sales charge, returned 14.44% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance.
- The Fund’s underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance.
- The Fund’s security selection in the information technology sector contributed to performance.
- The Fund’s underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective March 5, 2025 , the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s Shares being more sensitive to economic results among those issuing the securities. The value of the Fund’s Shares may also be more volatile than the value of the Fund which invests in more securities.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OLGAX-625
JPMorgan Large Cap Growth Fund - Class A
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Growth Fund (Class C Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class C Shares, without a sales charge, returned 13.86% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance.
- The Fund’s underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance.
- The Fund’s security selection in the information technology sector contributed to performance.
- The Fund’s underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
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 Shares reflects Class A Share's 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective March 5, 2025 , the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s Shares being more sensitive to economic results among those issuing the securities. The value of the Fund’s Shares may also be more volatile than the value of the Fund which invests in more securities.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OLGCX-625
JPMorgan Large Cap Growth Fund - Class C
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Growth Fund (Class I Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class I Shares returned 14.72% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance.
- The Fund’s underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance.
- The Fund’s security selection in the information technology sector contributed to performance.
- The Fund’s underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective March 5, 2025 , the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s Shares being more sensitive to economic results among those issuing the securities. The value of the Fund’s Shares may also be more volatile than the value of the Fund which invests in more securities.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
SEEGX-625
JPMorgan Large Cap Growth Fund - Class I
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Growth Fund (Class R2 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class R2 Shares returned 14.16% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance.
- The Fund’s underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance.
- The Fund’s security selection in the information technology sector contributed to performance.
- The Fund’s underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective March 5, 2025 , the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s Shares being more sensitive to economic results among those issuing the securities. The value of the Fund’s Shares may also be more volatile than the value of the Fund which invests in more securities.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JLGZX-625
JPMorgan Large Cap Growth Fund - Class R2
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Growth Fund (Class R3 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class R3 Shares returned 14.44% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance.
- The Fund’s underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance.
- The Fund’s security selection in the information technology sector contributed to performance.
- The Fund’s underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R3 Shares prior to their inception dates are based on the performance of Class I Shares. With respect to Class R3 Shares, prior class performance has been adjusted to reflect the differences in expenses between classes.
The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective March 5, 2025 , the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s Shares being more sensitive to economic results among those issuing the securities. The value of the Fund’s Shares may also be more volatile than the value of the Fund which invests in more securities.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JLGPX-625
JPMorgan Large Cap Growth Fund - Class R3
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Growth Fund (Class R4 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class R4 Shares returned 14.73% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance.
- The Fund’s underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance.
- The Fund’s security selection in the information technology sector contributed to performance.
- The Fund’s underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
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 similar to those shown because Class R4 Shares had similar expenses to Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class R4 Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective March 5, 2025 , the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s Shares being more sensitive to economic results among those issuing the securities. The value of the Fund’s Shares may also be more volatile than the value of the Fund which invests in more securities.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JLGQX-625
JPMorgan Large Cap Growth Fund - Class R4
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Growth Fund (Class R5 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class R5 Shares returned 14.89% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance.
- The Fund’s underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance.
- The Fund’s security selection in the information technology sector contributed to performance.
- The Fund’s underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective March 5, 2025 , the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s Shares being more sensitive to economic results among those issuing the securities. The value of the Fund’s Shares may also be more volatile than the value of the Fund which invests in more securities.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JLGRX-625
JPMorgan Large Cap Growth Fund - Class R5
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Growth Fund (Class R6 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Growth Fund's Class R6 Shares returned 15.01% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Growth Index (the "Index") returned 17.22% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the industrials sector and an overweight allocation in the health care sector detracted from performance.
- The Fund’s underweight allocation to Tesla, Inc. and not owning Palantir Technologies Inc. detracted from performance.
- The Fund’s security selection in the information technology sector contributed to performance.
- The Fund’s underweight allocation to Apple, Inc. and an overweight allocation to Netflix, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Large Cap Growth Fund, the Russell 1000 Index and the Russell 1000 Growth Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmarks, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Growth Index is an unmanaged index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective March 5, 2025 , the Fund began operating as a non-diversified company. In connection with this change, the Fund added "Non-Diversified Fund Risk" disclosure to its summary prospectus as of March 5, 2025. As a non-diversified company, the Fund may invest a greater percentage of its assets in a particular issuer or group of issuers than a diversified fund would. This increased investment in fewer issuers may result in the Fund’s Shares being more sensitive to economic results among those issuing the securities. The value of the Fund’s Shares may also be more volatile than the value of the Fund which invests in more securities.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JLGMX-625
JPMorgan Large Cap Growth Fund - Class R6
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Value Fund (Class A Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund's Class A Shares, without a sales charge, returned 12.83% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the materials and health care sectors detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance.
- The Fund’s security selection in the information technology and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OLVAX-625
JPMorgan Large Cap Value Fund - Class A
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Value Fund (Class C Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund's Class C Shares, without a sales charge, returned 12.25% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the materials and health care sectors detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance.
- The Fund’s security selection in the information technology and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
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 Shares reflects Class A Share's 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OLVCX-625
JPMorgan Large Cap Value Fund - Class C
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Value Fund (Class I Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund's Class I Shares returned 13.05% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the materials and health care sectors detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance.
- The Fund’s security selection in the information technology and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
HLQVX-625
JPMorgan Large Cap Value Fund - Class I
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Value Fund (Class R2 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund's Class R2 Shares returned 12.55% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the materials and health care sectors detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance.
- The Fund’s security selection in the information technology and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JLVZX-625
JPMorgan Large Cap Value Fund - Class R2
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Value Fund (Class R3 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund's Class R3 Shares returned 12.82% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the materials and health care sectors detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance.
- The Fund’s security selection in the information technology and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns of Class R3 Shares would have been different than those shown because Class R3 Shares have different expenses than Class A Shares.
The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OLVTX-625
JPMorgan Large Cap Value Fund - Class R3
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Value Fund (Class R4 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund's Class R4 Shares returned 13.06% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the materials and health care sectors detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance.
- The Fund’s security selection in the information technology and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown because Class R4 Shares have similar expenses than Class I Shares.
The graph illustrates comparative performance for $10,000 invested in Class R4 Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OLVRX-625
JPMorgan Large Cap Value Fund - Class R4
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Value Fund (Class R5 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund's Class R5 Shares returned 13.29% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the materials and health care sectors detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance.
- The Fund’s security selection in the information technology and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JLVRX-625
JPMorgan Large Cap Value Fund - Class R5
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Large Cap Value Fund (Class R6 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Large Cap Value Fund's Class R6 Shares returned 13.36% for the twelve months ended June 30, 2025. The Russell 1000 Index returned 15.66% and the Russell 1000 Value Index (the "Index") returned 13.70% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the materials and health care sectors detracted from performance.
- The Fund’s underweight allocation to JPMorgan Chase & Co. and overweight allocation to Regeneron Pharmaceuticals Inc. detracted from performance.
- The Fund’s security selection in the information technology and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Philip Morris International and Seagate Technology Holdings plc contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Large Cap Value Fund, the Russell 1000 Index and the Russell 1000 Value Index from June 30, 2015 to June 30, 2025. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Russell 1000 Index and the Russell 1000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 1000 Index is a market capitalization-weighted index, which measures the performance of the 1,000 largest companies in the Russell 3000 Index. The Russell 1000 Value Index is an unmanaged index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 1000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JLVMX-625
JPMorgan Large Cap Value Fund - Class R6
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Mid Cap Growth Fund (Class A Shares) |
$ |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund's Class A Shares, without a sales charge, returned 15.09% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the information technology and consumer discretionary sectors overweight detracted from performance.
- The Fund’s underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance.
- The Fund’s security selection in the financials and energy sectors contributed to performance.
- The Fund’s overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell Midcap Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and had been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The 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. As a result of the new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective November 1, 2024 , the Fund’s reduced its advisory fee from 0.65% of the Fund’s average daily net assets to 0.60% of the Fund’s average daily net assets.
Effective November 1, 2024, the Fund’s Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 1.14% of the Fund's Class A Shares average daily net assets to 1.09% of the Fund's Class A Shares average daily net assets.
.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OSGIX-625
JPMorgan Mid Cap Growth Fund - Class A
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Mid Cap Growth Fund (Class C Shares) |
$ |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund's Class C Shares, without a sales charge, returned 14.52% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the information technology and consumer discretionary sectors overweight detracted from performance.
- The Fund’s underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance.
- The Fund’s security selection in the financials and energy sectors contributed to performance.
- The Fund’s overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell Midcap Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and had been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The 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. As a result of the new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
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 Shares reflects Class A Share's 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective November 1, 2024 , the Fund’s reduced its advisory fee from 0.65% of the Fund’s average daily net assets to 0.60% of the Fund’s average daily net assets.
Effective November 1, 2024, the Fund’s Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 1.64% of the Fund's Class C Shares average daily net assets to 1.59% of the Fund's Class C Shares average daily net assets.
.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OMGCX-625
JPMorgan Mid Cap Growth Fund - Class C
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Mid Cap Growth Fund (Class I Shares) |
$ |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund's Class I Shares returned 15.37% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the information technology and consumer discretionary sectors overweight detracted from performance.
- The Fund’s underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance.
- The Fund’s security selection in the financials and energy sectors contributed to performance.
- The Fund’s overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 benchmarks, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective November 1, 2024 , the Fund’s reduced its advisory fee from 0.65% of the Fund’s average daily net assets to 0.60% of the Fund’s average daily net assets.
Effective November 1, 2024, the Fund’s Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 0.89% of the Fund's Class I Shares average daily net assets to 0.84% of the Fund's Class I Shares average daily net assets.
.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
HLGEX-625
JPMorgan Mid Cap Growth Fund - Class I
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Mid Cap Growth Fund (Class R2 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund's Class R2 Shares returned 14.75% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the information technology and consumer discretionary sectors overweight detracted from performance.
- The Fund’s underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance.
- The Fund’s security selection in the financials and energy sectors contributed to performance.
- The Fund’s overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 benchmarks, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective November 1, 2024 , the Fund’s reduced its advisory fee from 0.65% of the Fund’s average daily net assets to 0.60% of the Fund’s average daily net assets.
Effective November 1, 2024, the Fund’s Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 1.45% of the Fund's Class R2 Shares average daily net assets to 1.40% of the Fund's Class R2 Shares average daily net assets.
.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JMGZX-625
JPMorgan Mid Cap Growth Fund - Class R2
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Mid Cap Growth Fund (Class R3 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund's Class R3 Shares returned 15.02% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the information technology and consumer discretionary sectors overweight detracted from performance.
- The Fund’s underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance.
- The Fund’s security selection in the financials and energy sectors contributed to performance.
- The Fund’s overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for the Class R3 prior to its inception date are based on the performance of Class I Shares. Prior performance for Class R3 Shares has been adjusted to reflect the differences in expenses between classes.
The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell Midcap Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and had been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The 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. As a result of the new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective November 1, 2024 , the Fund’s reduced its advisory fee from 0.65% of the Fund’s average daily net assets to 0.60% of the Fund’s average daily net assets.
Effective November 1, 2024, the Fund’s Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 1.20% of the Fund's Class R3 Shares average daily net assets to 1.15% of the Fund's Class R3 Shares average daily net assets.
.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JMGPX-625
JPMorgan Mid Cap Growth Fund - Class R3
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Mid Cap Growth Fund (Class R4 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund's Class R4 Shares returned 15.33% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the information technology and consumer discretionary sectors overweight detracted from performance.
- The Fund’s underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance.
- The Fund’s security selection in the financials and energy sectors contributed to performance.
- The Fund’s overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for the Class R4 prior to its inception date are based on the performance of Class I Shares. Prior performance for Class R4 Shares has been adjusted to reflect the differences in expenses between classes.
The graph illustrates comparative performance for $10,000 invested in Class R4 Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 benchmarks, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective November 1, 2024 , the Fund’s reduced its advisory fee from 0.65% of the Fund’s average daily net assets to 0.60% of the Fund’s average daily net assets.
Effective November 1, 2024, the Fund’s Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 0.95% of the Fund's Class R4 Shares average daily net assets to 0.90% of the Fund's Class R4 Shares average daily net assets.
.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JMGQX-625
JPMorgan Mid Cap Growth Fund - Class R4
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Mid Cap Growth Fund (Class R5 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund's Class R5 Shares returned 15.49% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the information technology and consumer discretionary sectors overweight detracted from performance.
- The Fund’s underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance.
- The Fund’s security selection in the financials and energy sectors contributed to performance.
- The Fund’s overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 benchmarks, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective November 1, 2024 , the Fund’s reduced its advisory fee from 0.65% of the Fund’s average daily net assets to 0.60% of the Fund’s average daily net assets.
Effective November 1, 2024, the Fund’s Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 0.79% of the Fund's Class R5 Shares average daily net assets to 0.74% of the Fund's Class R5 Shares average daily net assets.
.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JMGFX-625
JPMorgan Mid Cap Growth Fund - Class R5
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
This report describes material changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Mid Cap Growth Fund (Class R6 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Mid Cap Growth Fund's Class R6 Shares returned 15.61% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell Midcap Growth Index (the "Index") returned 26.49% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the information technology and consumer discretionary sectors overweight detracted from performance.
- The Fund’s underweight allocation to Palantir Technologies Inc. and overweight allocation to e.l.f. Beauty, Inc. detracted from performance.
- The Fund’s security selection in the financials and energy sectors contributed to performance.
- The Fund’s overweight allocation to Robinhood Markets, Inc. and DoorDash, Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Mid Cap Growth Fund, the Russell 3000 Index and the Russell Midcap Growth Index from June 30, 2014 to June 30, 2024. 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 Index and 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 benchmarks, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The 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.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Material changes to the Fund during the period
Effective November 1, 2024 , the Fund’s reduced its advisory fee from 0.65% of the Fund’s average daily net assets to 0.60% of the Fund’s average daily net assets.
Effective November 1, 2024, the Fund’s Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, 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 0.70% of the Fund's Class R6 Shares average daily net assets to 0.65% of the Fund's Class R6 Shares average daily net assets.
.
This is a summary of certain changes to the Fund since July 1, 2024. For more complete information, you may review the Fund’s prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111 .
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JMGMX-625
JPMorgan Mid Cap Growth Fund - Class R6
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Growth Fund (Class A Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class A Shares, without a sales charge, returned 2.55% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
- The Fund’s overweight allocation to Six Flags and Biohaven detracted from performance.
- The Fund’s security selection in the energy and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| ( |
)% | % | % | ||||
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
PGSGX-625
JPMorgan Small Cap Growth Fund - Class A
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Growth Fund (Class C Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class C Shares, without a sales charge, returned 2.03% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
- The Fund’s overweight allocation to Six Flags and Biohaven detracted from performance.
- The Fund’s security selection in the energy and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
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 Shares reflects Class A Share's 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OSGCX-625
JPMorgan Small Cap Growth Fund - Class C
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Growth Fund (Class I Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class I Shares returned 2.85% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
- The Fund’s overweight allocation to Six Flags and Biohaven detracted from performance.
- The Fund’s security selection in the energy and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OGGFX-625
JPMorgan Small Cap Growth Fund - Class I
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Growth Fund (Class L Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class L Shares returned 3.01% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
- The Fund’s overweight allocation to Six Flags and Biohaven detracted from performance.
- The Fund’s security selection in the energy and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JISGX-625
JPMorgan Small Cap Growth Fund - Class L
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Growth Fund (Class R2 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class R2 Shares returned 2.37% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
- The Fund’s overweight allocation to Six Flags and Biohaven detracted from performance.
- The Fund’s security selection in the energy and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JSGZX-625
JPMorgan Small Cap Growth Fund - Class R2
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Growth Fund (Class R3 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class R3 Shares returned 2.55% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
- The Fund’s overweight allocation to Six Flags and Biohaven detracted from performance.
- The Fund’s security selection in the energy and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. Prior performance for Class R3 Shares has been adjusted to reflect the differences in expenses between classes.
The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JGRQX-625
JPMorgan Small Cap Growth Fund - Class R3
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Growth Fund (Class R4 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class R4 Shares returned 2.85% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
- The Fund’s overweight allocation to Six Flags and Biohaven detracted from performance.
- The Fund’s security selection in the energy and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. Prior performance for Class R4 Shares has been adjusted to reflect the differences in expenses between classes.
The graph illustrates comparative performance for $10,000 invested in Class R4 Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JGLYX-625
JPMorgan Small Cap Growth Fund - Class R4
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Growth Fund (Class R5 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class R5 Shares returned 2.95% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
- The Fund’s overweight allocation to Six Flags and Biohaven detracted from performance.
- The Fund’s security selection in the energy and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R5 Shares prior to their inception date are based on the performance of Class L Shares. The actual returns for Class R5 Shares would have been different than those shown because Class R5 Shares have different expenses than Class L Shares.
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JGSVX-625
JPMorgan Small Cap Growth Fund - Class R5
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Growth Fund (Class R6 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Growth Fund's Class R6 Shares returned 3.06% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Growth Index (the "Index") returned 9.73% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the health care and consumer discretionary sectors detracted from performance.
- The Fund’s overweight allocation to Six Flags and Biohaven detracted from performance.
- The Fund’s security selection in the energy and consumer staples sectors contributed to performance.
- The Fund’s overweight allocation to Intra-Cellular Therapies and Karman Holdings contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Small Cap Growth Fund, the Russell 3000 Index and the Russell 2000 Growth Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Growth Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Growth Index is an unmanaged index which measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JGSMX-625
JPMorgan Small Cap Growth Fund - Class R6
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Value Fund (Class A Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class A Shares, without a sales charge, returned 3.63% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the pharmaceuticals and telecommunications subsectors detracted from performance.
- An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance.
- The Fund’s security selection in the health services & systems and finance subsectors contributed to performance
- Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| ( |
)% | % | % | ||||
The graph illustrates comparative performance for $10,000 invested in Class A Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
PSOAX-625
JPMorgan Small Cap Value Fund - Class A
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Value Fund (Class C Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class C Shares, without a sales charge, returned 3.08% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the pharmaceuticals and telecommunications subsectors detracted from performance.
- An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance.
- The Fund’s security selection in the health services & systems and finance subsectors contributed to performance
- Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class C Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
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 Shares reflects Class A Share's 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
OSVCX-625
JPMorgan Small Cap Value Fund - Class C
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Value Fund (Class I Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class I Shares returned 3.90% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the pharmaceuticals and telecommunications subsectors detracted from performance.
- An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance.
- The Fund’s security selection in the health services & systems and finance subsectors contributed to performance
- Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
PSOPX-625
JPMorgan Small Cap Value Fund - Class I
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Value Fund (Class R2 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class R2 Shares returned 3.31% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the pharmaceuticals and telecommunications subsectors detracted from performance.
- An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance.
- The Fund’s security selection in the health services & systems and finance subsectors contributed to performance
- Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class R2 Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JSVZX-625
JPMorgan Small Cap Value Fund - Class R2
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Value Fund (Class R3 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class R3 Shares returned 3.57% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the pharmaceuticals and telecommunications subsectors detracted from performance.
- An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance.
- The Fund’s security selection in the health services & systems and finance subsectors contributed to performance
- Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. Prior performance for Class R3 Shares has been adjusted to reflect the differences in expenses between classes.
The graph illustrates comparative performance for $10,000 invested in Class R3 Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JSVPX-625
JPMorgan Small Cap Value Fund - Class R3
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Value Fund (Class R4 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class R4 Shares returned 3.83% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the pharmaceuticals and telecommunications subsectors detracted from performance.
- An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance.
- The Fund’s security selection in the health services & systems and finance subsectors contributed to performance
- Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R4 Shares prior to their inception date are based on the performance of Class I Shares. Prior performance for Class R4 Shares has been adjusted to reflect the differences in expenses between classes.
The graph illustrates comparative performance for $10,000 invested in Class R4 Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JSVQX-625
JPMorgan Small Cap Value Fund - Class R4
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Value Fund (Class R5 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class R5 Shares returned 3.99% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the pharmaceuticals and telecommunications subsectors detracted from performance.
- An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance.
- The Fund’s security selection in the health services & systems and finance subsectors contributed to performance
- Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JSVRX-625
JPMorgan Small Cap Value Fund - Class R5
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan Small Cap Value Fund (Class R6 Shares) |
$ |
How did the Fund Perform?
The JPMorgan Small Cap Value Fund's Class R6 Shares returned 4.09% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2000 Value Index (the "Index") returned 5.54% for the twelve months ended June 30, 2025.
- The Fund’s security selection in the pharmaceuticals and telecommunications subsectors detracted from performance.
- An allocation overweight in Liberty Latin America Ltd. and an allocation underweight in Lumen Technologies, Inc. were among the top detractors from performance.
- The Fund’s security selection in the health services & systems and finance subsectors contributed to performance
- Allocation overweights in Rigetti Computing, Inc. and Pediatrix Medical Group, Inc. were among the top contributors to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the JPMorgan Small Cap Value Fund, the Russell 3000 Index and the Russell 2000 Value Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2000 Value Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2000 Value Index is an unmanaged index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
JSVUX-625
JPMorgan Small Cap Value Fund - Class R6
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan SMID Cap Equity Fund (Class A Shares) |
$ |
How did the Fund Perform?
The JPMorgan SMID Cap Equity Fund's Class A Shares, without a sales charge, returned 6.85% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2500 Index (the "Index") returned 9.91% for the twelve months ended June 30, 2025.
- The Fund not owning Robinhood Markets and an overweight allocation to Entegris, Inc. detracted from performance.
- The Fund’s security selection in the industrials and telecommunications sectors detracted from performance.
- The Fund’s security selection in the health care and basic materials sectors contributed to performance.
- The Fund’s overweight allocations to Performance Food Group Co. and Planet Fitness Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class A of the JPMorgan SMID Cap Equity Fund, the Russell 3000 Index and the Russell 2500 Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Investors cannot invest directly in an index. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Effective November 1, 2020, the Fund changed its investment strategies. The Fund’s past performance would have been different if the Fund were managed using the current strategies. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
PECAX-625
JPMorgan SMID Cap Equity Fund - Class A
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan SMID Cap Equity Fund (Class C Shares) |
$ |
How did the Fund Perform?
The JPMorgan SMID Cap Equity Fund's Class C Shares, without a sales charge, returned 6.34% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2500 Index (the "Index") returned 9.91% for the twelve months ended June 30, 2025.
- The Fund not owning Robinhood Markets and an overweight allocation to Entegris, Inc. detracted from performance.
- The Fund’s security selection in the industrials and telecommunications sectors detracted from performance.
- The Fund’s security selection in the health care and basic materials sectors contributed to performance.
- The Fund’s overweight allocations to Performance Food Group Co. and Planet Fitness Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $10,000 invested in Class C of the JPMorgan SMID Cap Equity Fund, the Russell 3000 Index and the Russell 2500 Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Investors cannot invest directly in an index. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Effective November 1, 2020, the Fund changed its investment strategies. The Fund’s past performance would have been different if the Fund were managed using the current strategies. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.
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 Shares reflects Class A Share's 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.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
ODMCX-625
JPMorgan SMID Cap Equity Fund - Class C
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan SMID Cap Equity Fund (Class I Shares) |
$ |
How did the Fund Perform?
The JPMorgan SMID Cap Equity Fund's Class I Shares returned 7.16% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2500 Index (the "Index") returned 9.91% for the twelve months ended June 30, 2025.
- The Fund not owning Robinhood Markets and an overweight allocation to Entegris, Inc. detracted from performance.
- The Fund’s security selection in the industrials and telecommunications sectors detracted from performance.
- The Fund’s security selection in the health care and basic materials sectors contributed to performance.
- The Fund’s overweight allocations to Performance Food Group Co. and Planet Fitness Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
The graph illustrates comparative performance for $1,000,000 invested in Class I of the JPMorgan SMID Cap Equity Fund, the Russell 3000 Index and the Russell 2500 Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Investors cannot invest directly in an index. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Effective November 1, 2020, the Fund changed its investment strategies. The Fund’s past performance would have been different if the Fund were managed using the current strategies. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
WOOPX-625
JPMorgan SMID Cap Equity Fund - Class I
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan SMID Cap Equity Fund (Class R3 Shares) |
$ |
How did the Fund Perform?
The JPMorgan SMID Cap Equity Fund's Class R3 Shares returned 6.88% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2500 Index (the "Index") returned 9.91% for the twelve months ended June 30, 2025.
- The Fund not owning Robinhood Markets and an overweight allocation to Entegris, Inc. detracted from performance.
- The Fund’s security selection in the industrials and telecommunications sectors detracted from performance.
- The Fund’s security selection in the health care and basic materials sectors contributed to performance.
- The Fund’s overweight allocations to Performance Food Group Co. and Planet Fitness Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R3 Shares prior to their inception date are based on the performance of Class A Shares. The actual returns for Class R3 Shares would have been similar to those shown because Class R3 Shares have similar expenses to those of Class A Shares.
The graph illustrates comparative performance for $10,000 invested in Class R3 of the JPMorgan SMID Cap Equity Fund, the Russell 3000 Index and the Russell 2500 Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Investors cannot invest directly in an index. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Effective November 1, 2020, the Fund changed its investment strategies. The Fund’s past performance would have been different if the Fund were managed using the current strategies. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
WOOOX-625
JPMorgan SMID Cap Equity Fund - Class R3
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan SMID Cap Equity Fund (Class R4 Shares) |
$ |
How did the Fund Perform?
The JPMorgan SMID Cap Equity Fund's Class R4 Shares returned 7.15% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2500 Index (the "Index") returned 9.91% for the twelve months ended June 30, 2025.
- The Fund not owning Robinhood Markets and an overweight allocation to Entegris, Inc. detracted from performance.
- The Fund’s security selection in the industrials and telecommunications sectors detracted from performance.
- The Fund’s security selection in the health care and basic materials sectors contributed to performance.
- The Fund’s overweight allocations to Performance Food Group Co. and Planet Fitness Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R4 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns for Class R4 Shares would have been similar to those shown for Class I Shares because Class R4 Shares have similar expenses to Class I Shares
The graph illustrates comparative performance for $10,000 invested in Class R4 of the JPMorgan SMID Cap Equity Fund, the Russell 3000 Index and the Russell 2500 Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Investors cannot invest directly in an index. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Effective November 1, 2020, the Fund changed its investment strategies. The Fund’s past performance would have been different if the Fund were managed using the current strategies. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
WOOQX-625
JPMorgan SMID Cap Equity Fund - Class R4
ANNUAL SHAREHOLDER REPORT | June 30, 2025 (Unaudited)
ANNUAL SHAREHOLDER REPORT
What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| JPMorgan SMID Cap Equity Fund (Class R6 Shares) |
$ |
How did the Fund Perform?
The JPMorgan SMID Cap Equity Fund's Class R6 Shares returned 7.40% for the twelve months ended June 30, 2025. The Russell 3000 Index returned 15.30% and the Russell 2500 Index (the "Index") returned 9.91% for the twelve months ended June 30, 2025.
- The Fund not owning Robinhood Markets and an overweight allocation to Entegris, Inc. detracted from performance.
- The Fund’s security selection in the industrials and telecommunications sectors detracted from performance.
- The Fund’s security selection in the health care and basic materials sectors contributed to performance.
- The Fund’s overweight allocations to Performance Food Group Co. and Planet Fitness Inc. contributed to performance.
Fund Performance
| AVERAGE ANNUAL TOTAL RETURNS | INCEPTION DATE |
1 YEAR | 5 YEAR | 10 YEAR | |||
| % | % | % | |||||
Returns for Class R6 Shares prior to their inception dates are based on the performance of Class I Shares. The actual returns for Class R6 Shares would have been different than those shown because Class R6Shares have different expenses than Class I Shares.
The graph illustrates comparative performance for $5,000,000 invested in Class R6 of the JPMorgan SMID Cap Equity Fund, the Russell 3000 Index and the Russell 2500 Index from June 30, 2015 to June 30, 2025. 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 Index and the Russell 2500 Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Russell 3000 Index is an unmanaged index measuring the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. The Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index. Investors cannot invest directly in an index. Investors cannot invest directly in an index. As a result of new regulatory requirements, effective July 24, 2024, the Fund's regulatory index has changed from the Index, as defined above, to the Russell 3000 Index, a broad-based securities market index. In addition to the Fund's performance, the tables in this section include performance of the new regulatory index and the Index.
Effective November 1, 2020, the Fund changed its investment strategies. The Fund’s past performance would have been different if the Fund were managed using the current strategies. Past performance is not necessarily an indication of how any class of the Fund will perform in the future.
Fund performance may reflect the waiver of the Fund’s fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemptions of Fund shares.
The returns shown are based on net asset values calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the net asset values in accordance with accounting principles generally accepted in the United States of America.
Frank Russell Company is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. Frank Russell Company is not responsible for the formatting or configuration of this material or for any inaccuracy in the adviser's presentation thereof.
KEY FUND STATISTICS
| Fund net assets (000's) | $ |
|
| Total number of portfolio holdings | ||
| Portfolio turnover rate | % | |
| Total advisory fees paid (000's) | $ |
PORTFOLIO COMPOSITION - SECTOR
(% of Total Investments)
(% of Total Investments)
Availability of Additional Information
At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund’s:
- Prospectus
- Financial information
- Fund holdings
- Proxy voting information
WOOSX-625
JPMorgan SMID Cap Equity Fund - Class R6
